Nomura to be fined ¥300 million by industry group for insider trading

Kyodo

The Japan Securities Dealers Association said Tuesday it will impose a fine of ¥300 million on Nomura Securities Co. for its inability to prevent insider trading.

The association said it is one of the biggest penalties it has ever imposed.

Nomura officials were found earlier this yer to have leaked insider information to customers, including Chuo Mitsui Asset Trust and Banking Co., about public share offerings planned by Inpex Corp., Mizuho Financial Group Inc. and Tokyo Electric Power Co.

In July, Nomura Holdings Inc. Chief Executive Officer Kenichi Watanabe stepped down to take responsibility for a series of information leaks.

The Financial Services Agency ordered Nomura, Japan’s largest brokerage, in August to improve its internal managerial controls to prevent a recurrence of similar activity.