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SESC Latest Topics No.69＜September 2020＞

Last Updated : September 30, 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)

Market Misconduct

September 11, 2020:	Recommendation for administrative monetary penalty payment orders against two offenders who committed insider trading related to shares of KITAGAWA INDUSTRIES CO., LTD. ＜Summary＞ The SESC recommended that the Prime Minister and the Commissioner of the FSA issue an administrative monetary penalty order to offender (1), who received insider information from an officer of a tender offeror of KITAGAWA INDUSTRIES CO., LTD. (hereinafter, “the Company”), and to offender (2), who received insider information from a contractor of a tender offeror of the Company. Based on an inspection, the SESC determined that offender (1) and offender (2) had committed insider trading by purchasing shares of the Company, using insider information, in violation of the Financial Instruments and Exchange Act. 2,350,000 yen penalty against offender (1) 2,380,000 yen penalty against offender (2)
September 11, 2020:	Recommendation for administrative monetary penalty payment order against an offender who committed market manipulation related to shares of Saikaya Department Store Co., Ltd. ＜Summary＞ The SESC recommended that the Prime Minister and the Commissioner of the FSA issue an administrative monetary penalty order of 13,340,000 yen to an offender who committed market manipulation in violation of the Financial Instruments and Exchange Act. Based on an inspection, the SESC identified that the offender had committed market manipulation for the purpose of stabilizing the prices of shares of Saikaya Department Store Co., Ltd. (hereinafter, “the Company”) above the delisting standard specified by the Tokyo Stock Exchange by placing a large amount of purchase orders at higher prices than the contracted prices, thereby preventing a decline of the Company's share prices. Through these techniques, the offender intended to stabilize prices of financial instruments listed on Tokyo Stock Exchange.

September 11, 2020:

Recommendation for administrative monetary penalty payment orders against two offenders who committed insider trading related to shares of KITAGAWA INDUSTRIES CO., LTD.

＜Summary＞

The SESC recommended that the Prime Minister and the Commissioner of the FSA issue an administrative monetary penalty order to offender (1), who received insider information from an officer of a tender offeror of KITAGAWA INDUSTRIES CO., LTD. (hereinafter, “the Company”), and to offender (2), who received insider information from a contractor of a tender offeror of the Company.

Based on an inspection, the SESC determined that offender (1) and offender (2) had committed insider trading by purchasing shares of the Company, using insider information, in violation of the Financial Instruments and Exchange Act.

2,350,000 yen penalty against offender (1)
2,380,000 yen penalty against offender (2)

September 11, 2020:

Recommendation for administrative monetary penalty payment order against an offender who committed market manipulation related to shares of Saikaya Department Store Co., Ltd.

＜Summary＞

The SESC recommended that the Prime Minister and the Commissioner of the FSA issue an administrative monetary penalty order of 13,340,000 yen to an offender who committed market manipulation in violation of the Financial Instruments and Exchange Act.

Based on an inspection, the SESC identified that the offender had committed market manipulation for the purpose of stabilizing the prices of shares of Saikaya Department Store Co., Ltd. (hereinafter, “the Company”) above the delisting standard specified by the Tokyo Stock Exchange by placing a large amount of purchase orders at higher prices than the contracted prices, thereby preventing a decline of the Company's share prices.

Through these techniques, the offender intended to stabilize prices of financial instruments listed on Tokyo Stock Exchange.

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