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The Financial Services Agency appears likely to turn down investment fund operator Yoshiaki Murakami’s application for approval to acquire a stake of more than 20 percent in Osaka Securities Exchange Co., sources said Monday.

This is because the FSA intends to grant a hearing to Murakami later this week, a move usually taken when the financial industry watchdog considers such an application inappropriate, they said.

The Securities and Exchange Law requires a general shareholder to secure approval from the FSA to acquire a stake of more than 20 percent in a stock exchange, which is considered a public institution.

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