SESC Latest Topics No.73<March 2021>

Last Updated : March 31, 2021

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.

January 29, 2021:

Recommendation for administrative disciplinary action against i Global Asset Management Co., Ltd.open new window

<Summary>

The SESC recommended that the Prime Minister and the Commissioner of the FSA take administrative disciplinary action against i Global Asset Management Co., Ltd. (hereinafter "the Company"), an Investment Management Business Operator, an Investment Advisory and Agency Business, and a Type II Financial Instruments Business Operator.

Based on an inspection of the Company, the SESC identified that the Company had failed to engage in investment management business with the due care of a prudent manager for right holders.

December 24, 2020:

Court issuance prohibition and suspension against Wealth design Co., Ltd. and its manager.open new window

<Summary>

In response to a petition filed on November 10, 2020, by the SESC with the Tokyo District Court for an order of prohibition and suspension against Wealth design Co., Ltd. and its manager for soliciting shares in foreign collective investment schemes without statutory registration, a court order was issued as per the content of the petition.

Market Misconduct

December 22, 2020:

Filing a criminal charge of committing recommendation to purchase the shares of Don Quijote Holdings Co., Ltd.open new window

<Summary>

The SESC filed a criminal charge against a suspect with the Tokyo District Public Prosecutors Office for violation of the Financial Instruments and Exchange Act (hereinafter, “FIEA”).

The suspect was a president and chief executive officer of Don Quijote Holdings Co., Ltd. (hereinafter, “DQHD”; the company name has been Pan Pacific International Holdings Corporation since February 2019), which listed its shares on the first section of the Tokyo Stock Exchange.

Around early August 2018, in the course of duty, the suspect received the material facts that (i) the executive decision-making body of FamilyMart UNY Holdings Co., Ltd. made a decision to conduct a tender offer for DQHD shares and (ii) the executive decision-making body of DQHD made a decision to purchase shares of UNY Co., Ltd. accompanied by changes in subsidiaries.

The suspect recommended his/her acquaintance A (hereinafter, “acquaintance A”) several times to purchase DQHD shares during the month of September 2018, before the disclosure of the material facts for the purpose of enabling acquaintance A to make a profit by purchasing DQHD shares in advance.

Following the recommendation by the suspect, acquaintance A purchased a total of 76,500 DQHD shares for a total of about 430 million yen between around early September 2018 and around early October 2018 before the disclosure of the material facts, although there was no exemption clause applicable under the FIEA.

 

False Disclosure Statement

         
October 20, 2020

Recommendation for administrative monetary penalty payment order against ISHIGAKI FOODS CO., LTD. for making false statements in its disclosure documents.open new window

<Summary>

The SESC recommended that the Prime Minister and the Commissioner of the FSA impose an administrative penalty order of 6,000,000 yen against ISHIGAKI FOODS 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 Securities Report due to the consolidated subsidiary’s failure to recognize expenses in the appropriate period.

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