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Nomura Holdings Inc. said employees who leaked insider information on client transactions three years ago will be punished as the regulator signals an end to a crackdown that roiled the nation’s largest brokerage last year.

Nomura will take “strict action” against the two employees who gave confidential data to three asset management firms, Kenji Yamashita, a spokesman in Tokyo, said Monday, without giving details. The securities watchdog recommended fining the funds, including a unit of Nippon Life Insurance Co., for trading on the tips. JPMorgan Chase & Co. also said Monday that a former employee leaked information in 2010.

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