SESC Latest Topics No.58＜June 2019＞
Last Updated : June 28, 2019
What’s New on the SESC Website
This page contains the latest in events, developments, and updates to the SESC website.
Press Releases
(Following press release is available in Japanese)
Market Misconduct
| June 21, 2019: | Recommendation to impose an administrative penalty order on two employees of Kobe Steel, Ltd., for committing insider trading related to shares of Kobe Steel, Ltd. ＜Summary＞ The Securities and Exchange Surveillance Commission (SESC) recommended that the Prime Minister and the Commissioner of the Financial Services Agency (FSA) impose an administrative penalty order on offenders (1) and (2), who were employees of Kobe Steel, Ltd. Based on an inspection, the SESC determined that the offenders had committed insider trading by selling shares of Kobe Steel, Ltd., using insider information, in violation of the Financial Instruments and Exchange Act. 3,400,000 yen penalty on offender (1) 110,000 yen penalty on offender (2) |
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| May 31, 2019: | Recommendation to impose an administrative penalty order against an officer of a contract negotiator of UMN Pharma Inc. and against an offender who committed insider trading related to shares of UMN Pharma Inc. using the information provided from said officer of a contract negotiator of UMN Pharma Inc. ＜Summary＞ The SESC recommended that the Prime Minister and the Commissioner of the FSA impose administrative penalty orders of 1,330,000 yen against an officer of a contract negotiator of UMN Pharma Inc. (hereinafter referred to as "offender (1)"), and of 2,670,000 yen against an offender who received the information from offender (1) (hereinafter referred to as "offender (2)"). Based on an inspection, the SESC determined that offender (1) had communicated the insider information to offender (2), and that offender (2) had committed insider trading by purchasing shares of UMN Pharma Inc. using insider information in violation of the Financial Instruments and Exchange Act. |
False Disclosure Statement
| March 29, 2019: | Recommendation to impose an administrative penalty order on RS Technologies Co., Ltd., for making false statements in its disclosure documents. ＜Summary＞ The SESC recommended that the Prime Minister and the Commissioner of the FSA impose an administrative penalty order of 6,000,000 yen on RS Technologies Co., Ltd. ("the Company"). Through an inspection of the Company's disclosure statements, the SESC confirmed that the Company did not record allowances for bad debts and overstated its sales from fictitious transactions of multi-crystallized diamond powder. Also, the SESC alleged that the Company disclosed false statements in its annual security reports and quarterly reports. |
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| February 13, 2019: | Recommendation to impose an administrative penalty order on DLE Co., Ltd., for making false statements in its disclosure documents. ＜Summary＞ The SESC recommended that the Prime Minister and the Commissioner of the FSA impose an administrative penalty order of 135,400,000 yen on DLE Co., Ltd. ("the Company"). Through an inspection of the Company's disclosure documents, the SESC confirmed that the Company did not record an impairment loss of investment in capital for production and overstated its sales in the animation production and planning business. The SESC alleged that the Company disclosed false statements in its annual security reports and quarterly reports. In addition, the SESC also alleged that the Company disclosed offering disclosure documents that included false statements by the reference method. The Company solicited a public offering based on this disclosure. (Share warrants of the Company accounting for 1,628,348,400 yen and share certificates accounting for 714,000,000 yen were acquired by investors through this offering.) |
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