Reuters: Regulatory News: Japan watchdog wants order against Nomura for insider cases

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Japan watchdog wants order against Nomura for insider cases Jul 31st 2012, 08:06 TOKYO, July 31 | Tue Jul 31, 2012 4:06am EDT TOKYO, July 31 (Reuters) - Japan's securities market watchdog recommended on Tuesday that Nomura Securities be given an administrative order to improve its compliance practices as punishment for its involvement in three insider trading cases dating back to 2010. The Securities and Exchange Surveillance Commission (SESC) said it had completed a special investigation of Japan's largest brokerage and found problems with its safeguards of confidential client information. The SESC's recommendation represented the lightest sanction it could seek. Japan's Financial Services Agency, which oversees the SESC, will decide on a sanction for Nomura in the coming weeks. Nomura Chief Executive Kenichi Watanabe and his top lieutenant Takumi Shibata announced their resignations last week to take responsibility for the insider trading scandal.

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