Japanese regulators plan to take administrative action against moomoo Securities

According to Nikkei, Japan’s Securities and Exchange Surveillance Commission (SESC) is considering recommending that the Financial Services Agency take administrative action against moomoo Securities, the Japanese subsidiary of Futu Holdings. The company is accused of falsely marketing financial products that do not meet NISA eligibility requirements as qualifying products, exposing issues with internal compliance management. If the recommendation is adopted, the Financial Services Agency may implement measures such as a business improvement order.