December 26, 2011
Japan’s FSA to Add 32 Officials to Tighten Bank, Rule Oversight
Japan’s Financial Services Agency said it will hire 32 officials to help tighten oversight of illegal trading at securities firms and other regulations as it boosts its headcount and budget for next year.
The regulator plans to increase its net headcount to 1,548 people in 2012, the most in at least in five years, as its budget grows by 4.1 percent to 23.1 billion yen ($296 million), the agency said in an e-mailed statement.
The FSA penalized at least 35 financial institutions this year, including Citigroup Inc. and UBS AG, for breaching Japanese securities rules, according to its website. The additional staff will help the FSA improve oversight and participate in global regulatory changes as the debt crisis in Europe widens, the agency said.
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