Reuters: Regulatory News: UPDATE 1-Japan eyes fine on First New York for insider trading -Nikkei

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UPDATE 1-Japan eyes fine on First New York for insider trading -Nikkei Jun 8th 2012, 05:51 Fri Jun 8, 2012 1:51am EDT TOKYO, June 8 (Reuters) - Japan's securities regulator will recommend a fine of 10 million yen ($125,700) be imposed on First New York Securities for insider trading on a 2010 share issue by Tokyo Electric Power Co, the Nikkei newspaper reported on Friday. The penalty is the first against an overseas fund since the Securities and Exchange Surveillance Commission (SESC) launched a probe in 2010 to stamp out insider trading ahead of public share offerings, the Nikkei said. It would also mark the third time Nomura Holdings has been linked to an insider trading case as part of the probe. Nomura was the lead underwriter on the Tokyo Electric offering and tipped off First New York Securities through a consultant, the Nikkei reported. New York Securities could not be reached for comment. A Nomura spokeswoman said the broker continued to cooperate with the SESC in its investigation. Frist New York is a proprietary trading firm based in New York.

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