SESC Latest Topics No.112＜September 2026＞

Last Updated: September 17, 2026

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.

June 2,
2026: 

Recommendation Based on Inspection Results for Do Luck Asset Management Incorporatedopen new window

<Summary>
As a result of an inspection of Do Luck Asset Management Incorporated (a Type II Financial Instruments Business Operator and an Investment Advisory and Agency Business Operator; hereinafter the “Company”) conducted by the Kanto Local Finance Bureau, the following issues were identified: (i) the Company failed to secure officers or employees with the knowledge and experience necessary to conduct its financial instruments business properly and failed to establish the systems necessary for the proper conduct of that business; and (ii) the Company engaged in inspection evasion.

Therefore, on June 2, 2026, the SESC recommended that the Prime Minister and the Commissioner of the FSA take administrative actions.
Specifically, officers other than the representative director were not substantively involved in management, and the Company failed to properly oversee sales activities conducted by persons who were not employed by the Company, with the result that it was unable to ascertain the actual state of sales activities at its business offices. Furthermore, during on-site inspections of its business offices, the Company materially obstructed the inspection by, among other things, refusing to submit business-related materials.
It was found that the Company’s management and internal control systems were not functioning, that no framework had been established to deter or prevent violations of laws and regulations, and that the Company had failed to secure the necessary personnel and establish an appropriate organizational structure for the proper conduct of its financial instruments business.
June 5,
2026:		 Recommendation Based on Inspection Results for Moomoo Securities Japan Co., Ltd.open new window

<Summary>
As a result of an inspection of Moomoo Securities Japan Co., Ltd. (a Type I Financial Instruments Business Operator; hereinafter referred to as the “Company”) conducted by the SESC, it was found that there were issues involving business operations that were problematic from the perspective of investor protection.

Therefore, on June 5, 2026, the SESC recommended that the Prime Minister and the Commissioner of the FSA take administrative actions.

Specifically, with regard to the conclusion of contracts for U.S.-listed exchange-traded funds and U.S.-listed exchange-traded notes, the Company represented on online trading order screens accessible to customers through its website or application that those products were eligible for the tax-exempt small investment scheme (Nippon Individual Savings Account; hereinafter referred to as “NISA”), despite the fact that they fell within the exclusion criteria for eligible NISA products (for example, investment trusts that distribute dividends monthly or use derivatives for purposes other than hedging). As a result, the Company’s operations relating to registration and other services concerning NISA-eligible products were found to be inappropriate.

In addition, the Company uniformly refused to accept customers’ requests to transfer out domestically listed shares and to transfer publicly offered investment trusts in or out, and it failed to examine and determine, among other things, whether customers whose applications to open accounts had been rejected were involved in suspicious transactions.

Furthermore, although the Company’s management had recognized issues in its system risk management framework, it failed to provide timely and appropriate instructions to address them. As a result, the Company’s management of the electronic data processing systems used in its Financial Instruments Business was found to be inadequate, including deficiencies in its system risk management framework, such as cybersecurity.

These issues were found to have been caused by deficiencies in the Company’s governance and internal control frameworks, including management’s failure to take the measures necessary to ensure compliance with applicable laws and regulations, such as establishing and properly administering internal rules, as well as the internal control departments’ insufficient understanding of those laws and regulations.
 
June 12,
2026:		 Recommendation for an administrative monetary penalty payment order against ENECHANGE 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 91,495,000 yen against ENECHANGE 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 its Quarterly Report and Securities Registration Statement that it submitted due to improper accounting treatment by the Company and the Company's consolidated subsidiary.
 
June 26,
2026:		 Recommendation for an administrative monetary penalty payment order against I-ne CO., LTD. for making statements which lack significant matters in its disclosure document and against one of its directors for making statements which lack significant matters in a prospectus relating to a secondary offering of shares of the Company owned by the director.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 I-ne CO., LTD. (hereinafter, “the Company”) and 42,050,000 yen against one of its directors.

As a result of an inspection from a disclosure-regulation perspective, the SESC recognized that the Company submitted an Annual Securities Report that lacked significant matters required to be stated because it failed to include note disclosures of related party transactions with a company over which a major shareholder and a director of the Company exercised significant influence over financial and business decision-making.

The SESC also recognized that an officer of the Company was involved in the preparation of a Prospectus that incorporated by reference an Annual Securities Report that lacked significant matters required to be stated, despite knowing that the Prospectus lacked significant matters required to be stated therein, and sold shares of the Company owned by the officer through the secondary offering made pursuant to the Prospectus.
 

Market Misconduct

June 5,
2026:

Recommendation for an administrative monetary penalty payment order for insider trading in the shares of GOODSPEED CO., LTD. (“the Company”) by a person (“the Tippee”) who received the information from an officer of the 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 6,560,000 yen against the Tippee for insider trading in the Company’s shares in violation of the Financial Instruments and Exchange Act.
 
As a result of its investigation, the SESC found that the Tippee had received material nonpublic information from an officer of the Company, who had learned, in the course of his or her duties, of a tender offer for the Company’s shares by the tender offeror, and that the Tippee then purchased the Company’s shares on the basis of that information.

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