JAPAN: SESC finds breach of Japan major shareholdings rules

Thursday June 5 2014

The Japanese Securities and Exchange Surveillance Commission has made a recommendation to the prime minister and the commissioner of the Financial Services Agency in relation to a shareholder for a breach of the Japan major shareholdings rules.

A Large-Volume Holder of shares of SANEI submitted to the Director-General of the Kanto Local Finance Bureau a change report on the holding ratio of shares (“Change Report”) containing false statements on material issues, as stipulated under Article 172-8 of FIEA. The issues concerned incorrect calculation of holdings, which led to the reporting of smaller shareholdings than those actually held.

A fine of up to 410,000 yen could be imposed on the Large-Volume Holder for the breach.

Click on the above link for the press release.