SESC Latest Topics No.106 ＜August 2025＞

Last Updated : August 8, 2025

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

May 30, 2025:

Recommendation for administrative monetary penalty payment orders for insider trading by four employees of THE TAISEI CORPORATION (“Company”) and a recipient of information from a firm that entered into an agreement with the Company.open new window

<Summary>
The SESC recommended that the Prime Minister and the Commissioner of the FSA issue administrative monetary penalty payment orders against four employees of the Company, “Employee 1,” “Employee 2,” “Employee 3” and “Employee 4,” and a recipient of material nonpublic information from a firm that entered into an agreement with the Company in violation of the Financial Instruments and Exchange Act.
 
As a result of its investigation, the SESC found as follows:
(ⅰ) Employee 1, Employee 2, Employee 3, and Employee 4 learned of material nonpublic information during the course of their duties and then sold the Company’s shares based on the information; and
(ⅱ) the recipient of information from the firm that entered into an agreement with the Company and learned of the information during the course of their duties sold short the Company’s shares based on the information.
 
The SESC filed administrative monetary penalties in the amounts as follows:
600,000 yen against Employee 1;
70,000 yen against Employee 2;
150,000 yen against Employee 3;
570,000 yen against Employee 4; and
1,730,000 yen against the recipient of information.
June 13, 2025: Recommendation for an administrative monetary penalty payment order against market manipulation in the shares of JAPAN Creative Platform Group Co., Ltd. (“Company”). open new window

<Summary>
 The SESC recommended that the Prime Minister and the Commissioner of the FSA issue an administrative monetary penalty payment order of 550,000 yen against an individual investor who committed market manipulation in violation of the Financial Instruments and Exchange Act.
 
As a result of its investigation, the SESC found that the individual investor committed market manipulation for the purpose of inducing the sale and purchase of securities through (1) placing purchase orders against his/her own sell orders, and (2) pushing up the share prices of the Company higher than the last commitment value by placing purchase orders at higher prices than the last commitment value.
 
Through these techniques, the individual investor intended to mislead others into believing that the sale and purchase of the securities were thriving, and to cause fluctuations in market prices in his/her favor. 
June 20, 2025:






















June 27, 2025:		 Recommendation for administrative monetary penalty payment orders against an employee (“Employee”) of a tender offeror for shares of Chilled & Frozen Logistics Holdings Co., Ltd. (“Company”), who tipped a person, and against the tippee (“Tippee”) for insider trading.open new window

<Summary>
The SESC recommended that the Prime Minister and the Commissioner of the FSA issue administrative monetary penalty payment orders against the Employee of a tender offeror of the Company and the Tippee who was tipped by the Employee in violation of the Financial Instruments and Exchange Act.
 
As a result of its investigation, the SESC found as follows:
(ⅰ) the Employee of AZ-COM MARUWA Holdings Inc. (“Tender Offeror”), who learned of material nonpublic information about a tender offer for the Company’s shares by the Tender Offeror during the course of duties, tipped the information in order for the Tippee to make profits; and
(ⅱ) the Tippee was tipped by the Employee and then purchased the Company’s shares based on the information.
 
 The SESC filed administrative monetary penalties in the amounts as follows:
(ⅰ) 680,000 yen against the Employee; and
(ⅱ) 1,360,000 yen against the Tippee.

Recommendation for administrative monetary penalty payment orders for insider trading in the shares of Yoshimura Food Holdings K.K. (“Company”) by four persons who were tipped by a contract negotiator (“Contract Negotiator”) having negotiations to enter into an agreement with the Company.open new window

<Summary>
The SESC recommended that the Prime Minister and the Commissioner of the FSA issue administrative monetary penalty payment orders against insider trading in the Company’s shares by four persons (“Tippee 1,” “Tippee 2,” “Tippee 3” and “Tippee 4”) who were tipped by the Contract Negotiator in violation of the Financial Instruments and Exchange Act.
 
As a result of its investigation, the SESC found that Tippee 1, Tippee 2, Tippee 3, and Tippee 4 were tipped by the Contract Negotiator, who had learned of material nonpublic information about changes to the shareholder structure of the subsidiary during the course of the negotiations and conclusions, and then purchased the Company’s shares based on the information.
 
The SESC filed administrative monetary penalties in the amounts as follows:
5,790,000 yen against Tippee 1;                        
1,350,000 yen against Tippee 2;
8,250,000 yen against Tippee 3; and
1,110,000 yen against Tippee 4.
   

False Disclosure Statement

Jun 10, 2025:












Jun 17, 2025:










 

Recommendation for an administrative monetary penalty payment order against Quantum Solutions CO., Ltd. for making false statements in its disclosure documents.open new window

<Summary>
The Securities and Exchange Surveillance Commission (SESC) made a recommendation that the Prime Minister and the Commissioner of the Financial Services Agency impose an administrative monetary penalty order of 6,000,000 yen against Quantum Solutions CO., Ltd. (hereinafter, “the Company”). As a result of an inspection from a disclosure-regulation perspective, the SESC recognized that the Company made false statements in the Quarterly Reports that it submitted due to improper accounting treatment. 

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

<Summary>
The Securities and Exchange Surveillance Commission (SESC) made a recommendation that the Prime Minister and the Commissioner of the Financial Services Agency impose an administrative monetary penalty order of 17,500,000 yen against TOKYO SANGYO CO., LTD. (hereinafter, “the Company”). As a result of an inspection from a disclosure-regulation perspective, the SESC recognized that the Company made false statements in the Annual Securities Report, Quarterly Reports, and Securities Registration Statement that it submitted due to improper accounting treatment. 

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