Japan's FSA cracks down on lapses by foreign firms

The two firms are the latest in a long line of foreign banks to be accused of wrongdoing by the FSA, creating an environment of significant regulatory and legal risk in the nation. Some banks themselves have also admitted that operational risk failures, including management difficulties, have contributed to problems in the Japanese market.

At Crédit Lyonnais, the FSA found the firm had conducted non-securities businesses such as intermediation of credit derivatives transactions, swap

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