PANews, June 19 – According to a report by Nikkei, Japan’s Financial Services Agency has issued a partial business suspension order to the foreign-owned online brokerage moomoo Securities, suspending the solicitation and acceptance of new customer accounts from June 19 to September 18. At the same time, a business improvement order was issued, requiring the firm to strengthen internal management, clarify the attribution of responsibilities including those of management, and formulate a recurrence prevention plan. The Financial Services Agency pointed out that moomoo Securities had falsely claimed to customers that certain products not eligible under the NISA (Nippon Individual Savings Account) small-investment tax exemption scheme were NISA-eligible, suspected of violating the Financial Instruments and Exchange Act’s prohibition on false statements. In addition, the company had long failed to adequately verify and report suspicious transactions, and multiple deficiencies were also found in internal controls such as cybersecurity.