SESC Latest Topics No.46«June 2018»

Recommendation to impose an administrative penalty order against an offender who committed market manipulation related to shares of Hinokiya HOLDINGS Co., Ltd.

«Summary»

The SESC recommended that the Prime Minister and the Commissioner of the FSA impose an administrative penalty order of 210,000 yen against an offender who committed market manipulation in violation of the Financial Instruments and Exchange Act.
Based on an inspection, the SESC determined that the offender had committed market manipulation through bolstering shares of Hinokiya HOLDINGS Co., Ltd. by opposing his/her own purchase and sale orders at higher prices than the contracted prices for the purpose of inducing the sale and purchase of securities.
Through this technique, the offender intended to mislead other persons into believing that the sale and purchase of the securities were thriving and to cause fluctuations in market prices in his/her favor.