SESC Latest Topics No.109 ＜January 2026＞

Recommendation for administrative monetary penalty payment order for insider trading in shares of TOYODA GOSEI Co., Ltd. (“Company”) by an employee (“Employee”) of a firm that entered into an agreement with the Company. 

<Summary>
The SESC recommended that the Prime Minister and the Commissioner of the FSA issue an administrative monetary penalty payment order of 580,000 yen against the Employee for insider trading in violation of the Financial Instruments and Exchange Act.
 
As a result of its investigation, the SESC found that the Employee, in the course of the execution of the outsourcing agreement, learned of material nonpublic information about the Company’s acquisition of treasury shares, distribution of surplus, and revision of earnings forecasts, and purchased the Company’s shares based on the information.

Recommendation for an administrative monetary penalty payment order against Kushim, Inc. for making false statements in its disclosure documents. 

<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 FISCO Ltd. for making false statements in its disclosure documents. 

<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 15,000,000 yen against FISCO 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 Reports and Quarterly Reports that it submitted due to improper accounting treatment by the Company and the Company's consolidated subsidiary.