The Ministry of Finance of Japan issued a business improvement administrative order to Credit Suisse Asset Management Japan on Friday due to breaches of securities investment trust law, the firm said in official statement released later on the same day.

The Ministry said the firm found many defects in order forms it had to file, while not reporting it to the ministry and appropriate offices for two years or more.

The ministry ordered the firm to scrutinize its filing procedure in detail and submit an improvement program including firmer safety measures for its internal audit system and compliance program due Oct. 23.

CSAM's Isamu Kajino, a corporate communicator, said, we will respond sincerely to the administrative disposition and continue to strengthen inner management activities, adding that the disposition will have no impact on its business operation or customer services.