* SESC recommends $4,000 fine for Nippon Life's asset
* Two other Japanese, one Singapore asset managers also
* Fines for alleged insider trading linked to Inpex, Nippon
Sheet Glass share offerings
TOKYO, Dec 2 Japan's securities regulator will
recommend $89,500 in fines for Nissay Asset Management and three
other asset management firms for alleged insider trading
involving two public share offerings.
The Securities and Exchange Surveillance Commission has
recommended a series of penalties for alleged insider trading
since March 2012 following trading activity it deemed suspicious
related to a string of offerings conducted in 2010.
The SESC on Monday said it will recommend the Financial
Services Agency penalise Nissay, Stats Investment Management and
Finno Wave Investments for trading linked to the 2010 offering
of energy company Inpex Corp.
Nissay is an asset management arm of Nippon Life Insurance
Co, Japan's top life insurer by assets.
The SESC also said it will recommend penalising
Singapore-based MAM Pte Ltd for trading linked to the 2010
offering of Nippon Sheet Glass Co Ltd.
The SESC has recommended fines of 8.04 million yen ($78,500)
for MAM, 410,000 yen for Nissay Asset, 540,000 yen for Finno
Wave, and 170,000 yen for Stats. The FSA, which imposes the
fines, rarely disagrees with the SESC's recommendations.
Nissay in a statement said it will cooperate with the SESC
and continue its own investigation.
A representative at MAM declined to comment on the matter.
Representatives at Stats and Finno Wave were not available for
Nomura Securities, a unit of Nomura Holdings Inc,
in a statement said the SESC had determined Nissay, Stats and
Finno Wave obtained information from Nomura, which underwrote
The country's top brokerage by revenue said its employees
were involved, and reiterated a statement made last year that it
will improve internal controls to prevent similar incidents
A Nomura spokesman said the company will punish two
employees involved in the case.
The Japanese unit of JPMorgan Chase & Co, which
underwrote Nippon Sheet Glass' offering, said in a statement
that its former employees was involved in the case. The firm
said it will strengthen internal controls to prevent a
recurrence of such activity.