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SESC Latest Topics No.68＜August 2020＞

Last Updated : August 31, 2020

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)

Financial Instruments Businesses etc.

April 14, 2020:	Recommendation for administrative disciplinary action against IGM Financial Group Inc. ＜Summary＞ The SESC recommended that the Prime Minister and the Commissioner of the FSA take administrative disciplinary action against IGM Financial Group Inc. (hereinafter, “the Company”), an Investment Advisor/Agency. This recommendation is based on findings in an inspection of the Company, under which the Director-General of the Kanto Local Finance Bureau identified that the Company had (i) made false statements to customers and provided misleading descriptions to customers regarding important information for solicitation to enter into financial instrument transaction contracts, and (ii) failed to establish a framework required to, and a personnel structure sufficient to, properly conduct Investment Advisory/Agency Business.

April 14, 2020:

Recommendation for administrative disciplinary action against IGM Financial Group Inc.

＜Summary＞

The SESC recommended that the Prime Minister and the Commissioner of the FSA take administrative disciplinary action against IGM Financial Group Inc. (hereinafter, “the Company”), an Investment Advisor/Agency.

This recommendation is based on findings in an inspection of the Company, under which the Director-General of the Kanto Local Finance Bureau identified that the Company had (i) made false statements to customers and provided misleading descriptions to customers regarding important information for solicitation to enter into financial instrument transaction contracts, and (ii) failed to establish a framework required to, and a personnel structure sufficient to, properly conduct Investment Advisory/Agency Business.

False Disclosure Statement

February 4, 2020:	Recommendation for administrative monetary penalty payment order for J-LEASE CO., LTD. for making false statements in its disclosure documents. <https://www.fsa.go.jp/sesc/news/c_2020/2020/20200204-1.html>　<https://www.fsa.go.jp/sesc/news/c_2020/2020/20200710-1.html> ＜Summary＞ The SESC recommended that the Prime Minister and the Commissioner of the FSA impose an administrative penalty order of 44,210,000 yen against J-LEASE CO., LTD. (hereinafter, “the Company”). Through an inspection of the Company’s disclosure statements, the SESC confirmed that the Company disclosed false statements in its Annual Security Report by understating allowances for bad debts, which are associated with the Company’s rent guarantee business.

February 4, 2020:

Recommendation for administrative monetary penalty payment order for J-LEASE CO., LTD. for making false statements in its disclosure documents.
<https://www.fsa.go.jp/sesc/news/c_2020/2020/20200204-1.html>　<https://www.fsa.go.jp/sesc/news/c_2020/2020/20200710-1.html>

＜Summary＞

The SESC recommended that the Prime Minister and the Commissioner of the FSA impose an administrative penalty order of 44,210,000 yen against J-LEASE CO., LTD. (hereinafter, “the Company”). Through an inspection of the Company’s disclosure statements, the SESC confirmed that the Company disclosed false statements in its Annual Security Report by understating allowances for bad debts, which are associated with the Company’s rent guarantee business.

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