Japan's securities industry watchdog has called for the Financial Services Agency to slap a fine on US brokerage house First New York Securities for alleged insider trading. This is the first time the Securities and Exchange Surveillance Commission (SESC) has recommended an overseas financial institution be fined over alleged insider trading tied to stock offerings.
It is the third time since March that the SESC has called for a fine in a case of insider trading linked to stock offerings managed by Japan's biggest brokerage Nomura Securities, whose internal controls are the focus of an ongoing investigation. Late Friday the SESC called for the financial authority to impose a penalty of 14.68 million yen ($184,000) on New York Securities for trading Tokyo Electric Power shares based on inside information regarding a 2010 share offering.
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