Japan’s Securities and Exchange Surveillance Commission Recommends Penalties Against Moomoo, a Subsidiary of Futu Holdings

Odaily Planet Daily News: While facing strict investigations and centralized regulatory actions in China, moomoo Securities Co., Ltd., the Japanese subsidiary of Futu Holdings, has also been called out by regulators in Japan. On June 5, the Securities and Exchange Surveillance Commission (SESC) of Japan released its inspection results on moomoo Securities, identifying multiple issues including violations related to sales under Japan's tax-free small investment scheme NISA, improper client asset transfers, deficiencies in anti-money laundering checks, and problems in system risk management. The SESC has recommended that Japan's Financial Services Agency and other regulatory bodies take administrative actions against the firm. (Caixin)