Securities and Exchange Surveillance Commission Securities and Exchange Surveillance Commission

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Dec 13, 2013 (3 years and 9 months ago)

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Securities and Exchange
Surveillance Commission
Securities and Exchange
Surveillance Commission
Information Gathering from the general public
The SESC accepts information from the general public on suspected market misconduct as part
of its data and information collection activities. Examples include: information related to specific
stocks, such as market manipulation, insider trading and the circulation of rumors; information related
to issuing bodies, such as the inclusion of false statements in annual securities reports and
suspicious financing; information related to misconduct by financial instruments business operators;
and information related to subscriptions to suspicious financial instruments and suspicious funds.
Information is accepted via phone, fax, mail or the Internet. The information provided is used
effectively in a variety of inspections and investigations as well as daily market surveillance.
* Please note that the SESC does not accept individual requests for dispute resolution and
investigations.
˗ SESC Information Gathering
Address:3-2-1Kasumigaseki,Chiyoda-ku,Tokyo100-8922,Japan
Telephone: +81-3-3581-7868
Facsimile : +81-3-5251-2151
https://www.fsa.go.jp/sesc/english/watch
In April 2012, the SESC established the Pension Investment Hotline as a dedicated point of
contact for people to provide information on pension investment, using their real names. The hotline
is committed to collecting a broad range of information such as on suspicious investments by an
investment management business operator. In cases where particularly detailed information is
provided, support will be provided by specialists in pension fund management.
˗ SESC Pension Investment Hotline
Telephone: +81-3-3506-6627
Email:pension-hotline@fsa.go.jp
http://www.fsa.go.jp/sesc/support/pension.htm
Another dedicated point of contact has also been established for people to report public-interest
information under the Whistleblower Protection Act. Callers are also provided advice over the phone.
˗ SESC Whistle Blowing & Advice
Telephone: +81-3-3581-9854
Facsimile : +81-3-5251-2198
Email:koueki-tsuho.sesc@fsa.go.jp
http://www.fsa.go.jp/sesc/koueki/koueki.htm
˗ SESC Website:
http://www.fsa.go.jp/sesc/english/
˗ E-mail Information Service E-mail magazine
ɿ
http://www.fsa.go.jp/haishin/sesc/en/index.html
※This brochure was published in October 2012.
Ɍ
Contents
ﻴ5?@;>Eﻌ;2ﻌ@41ﻌﻱﻯ  ﻞ
ﻹ1??-31ﻌ2>;9ﻌ@41ﻌﻯ4-5>9-:  ﻟ
 ﻌﻻ>3-:5F-@5;:  ﻠ
ﻵﻵ ﻌﻻA@85:1  ﻡ
ﻵﻵﻵﻌ﻾18-@5;:?45<ﻌC5@4ﻌ182ﻙ﻾13A8-@;>Eﻌﻻ>3-:5F-@5;:? ﻡ
ﻵ"ﻌﻲA:/@5;:?  ﻢ
ﻝﻌﻹ->71@ﻌA>B1588-:/1  ﻣ
ﻌﻔﻝﻕﻌﻵ:2;>9-@5;:ﻌﻳ-@41>5:3ﻌ2>;9ﻌ@41ﻌﻼA.85/ ﻣ
ﻌﻔﻞﻕﻌﻱ?@-.85?491:@ﻌ;2ﻌ@41ﻌﻼ1:?5;:ﻌﻵ:B1?@91:@ﻌﻴ;@85:1  ﻣ
ﻌﻔﻟﻕﻌﻹ->71@ﻌﻭ:-8E?5?  ﻣ
ﻌﻔﻠﻕﻌﻹ->71@ﻌﻻB1>?534@ ﻣ
ﻞﻌﻵ:?<1/@5;:?ﻌ;2ﻌﻲ5:-:/5-8ﻌﻵ:?@>A91:@?ﻌﻮA?5:1??1? ﻤ
ﻟﻌﻵ:B1?@53-@5;:ﻌ;2ﻌﻹ->71@ﻌﻹ5?/;:0A/@ ﻥ
ﻠﻌﻰ5?/8;?A>1ﻌ@-@191:@?ﻌﻵ:?<1/@5;: ﻥ
ﻡﻌﻱ:2;>/191:@
ﻯ>595:-8ﻌﻵ:B1?@53-@5;:ﻌ-:0ﻌﻲ585:3ﻌﻯ>595:-8ﻌﻯ4->31?   ﻝﻝ
ﻢﻌﻼ;85/Eﻌﻼ>;<;?-8?  ﻝﻞ
ﻣﻌﻯ;;<1>-@5;:ﻌC5@4ﻌﻻB1>?1-?ﻌ﻾13A8-@;>? ﻝﻞ
ﻤﻌﻱ22;>@?ﻌ2;>ﻌﻻA@>1-/4ﻌ@;ﻌﻹ->71@ﻌﻼ->@5/5<-:@?ﻌ-:0ﻌﻵ:B1?@;>? ﻝﻞ
ﻭ/@5B5@51?ﻌ5:ﻌﻲ53A>1?ﻔ@-.81ﻌ-:0ﻌ?A99->Eﻕ  ﻝﻟ
ﻵ:2;>9-@5;:ﻌ﻾1/1<@5;:ﻌ5@A-@5;:  ﻝﻠ
ﻵ:@>;0A/@5;:ﻌ;2ﻌﻯ4-5>9-:ﻌ-:0ﻌﻯ;995??5;:1>?  ﻝﻡ
＀;C->0?ﻌﻱ:4-:/10ﻌﻹ->71@ﻌﻵ:@13>5@E
ﻌﻌﻌﻌﻙﻱﻯ?ﻌﻼ;85/Eﻌ@-@191:@ﻌ2;>ﻌ@41ﻌﻣ@4ﻌ＀1>9ﻙ  ﻝﻢ
ɮʀɾʐʍʄʏʄʀʎȻɼʉɿȻɠʓɾʃɼʉʂʀȻɮʐʍʑʀʄʇʇɼʉɾʀȻɞʊʈʈʄʎʎʄʊʉ
History of the SESC
History of the SESC
History of the SESC
ɍ
ﻲ;88;C5:3ﻌ-ﻌ?1>51?ﻌ;2ﻌ?;ﻙ/-8810ﻌ?1/A>5@51?ﻌ-:0ﻌ25:-:/5-8ﻌ?/-:0-8?ﻌ5:ﻌﻝﻥﻥﻝﻘﻌ5@ﻌC-?ﻌ>1=A5>10ﻌ
@4-@ﻌ@41ﻌ?1/A>5@51?ﻌ-095:5?@>-@5;:ﻌ?4;A80ﻌ.1ﻌ@>-:?2;>910ﻌ5:@;ﻌ-:ﻌ1Dﻙ<;?@ﻌ9;:5@;>5:3ﻌ
?E?@19ﻌ.-?10ﻌ;:ﻌ:;:ﻙ05?/>1@5;:->Eﻌ-/@5;:?ﻌ-:0ﻌ9;>1ﻌ@>-:?<->1:@ﻌ9->71@ﻌ>A81?ﻘﻌ-:0ﻌ@4-@ﻌ
@41ﻌ2A:/@5;:ﻌ;2ﻌ?A>B1588-:/1ﻌ;2ﻌ/;9<85-:/1ﻌC5@4ﻌ9->71@ﻌ>A81?ﻌ?4;A80ﻌ.1ﻌ?1<->-@10ﻌ2>;9ﻌ
@4-@ﻌ;2ﻌ?A<1>B5?5;:ﻌ;2ﻌ?1/A>5@51?ﻌ/;9<-:51?ﻌ-:0ﻌ;@41>ﻌ9->71@ﻌ5:@1>9105->51?ﻚ
＀41ﻌ1/A>5@51?ﻌ-:0ﻌﻱD/4-:31ﻌA>B1588-:/1ﻌﻯ;995??5;:ﻌﻔﻱﻯﻕﻌC-?ﻌ1?@-.85?410ﻌC5@45:ﻌ@41ﻌ
-9.5@ﻌ;2ﻌ@41ﻌﻹ5:5?@>Eﻌ;2ﻌﻲ5:-:/1ﻌ2;>ﻌ@41ﻌ<A><;?1ﻌ;2ﻌ1:?A>5:3ﻌ2-5>ﻌ@>-:?-/@5;:?ﻌ5:ﻌ.;@4ﻌ
?1/A>5@51?ﻌ-:0ﻌ25:-:/5-8ﻌ2A@A>1?ﻌ9->71@?ﻌ-:0ﻌ9-5:@-5:5:3ﻌ@41ﻌ/;:2501:/1ﻌ;2ﻌ5:B1?@;>?ﻌ5:ﻌ
@41?1ﻌ9->71@?ﻚ
＀41ﻌﻱﻯﻌC-?ﻌ>1-88;/-@10ﻘﻌC4581ﻌ9-5:@-5:5:3ﻌ5@?ﻌ;>3-:5F-@5;:-8ﻌ?@>A/@A>1ﻘﻌ@;ﻌ@41ﻌﻲ5:-:/5-8ﻌ
A<1>B5?;>Eﻌﻭ31:/EﻘﻌC45/4ﻌC-?ﻌ1?@-.85?410ﻌ-?ﻌ-:ﻌ1D@1>:-8ﻌ;>3-:ﻌ;2ﻌ@41ﻌﻼ>591ﻌﻹ5:5?@1>

?ﻌ
ﻻ225/1ﻚ
ﻭ?ﻌ-ﻌ>1?A8@ﻌ;2ﻌ@41ﻌ>1;>3-:5F-@5;:ﻌ;2ﻌﻶ-<-:?ﻌ /1:@>-8ﻌ95:5?@>51?ﻘﻌ@41ﻌﻱﻯﻌC-?ﻌ>1-88;/-@10ﻘﻌ
-3-5:ﻌ711<5:3ﻌ5@?ﻌ;>3-:5F-@5;:-8ﻌ?@>A/@A>1ﻌA:/4-:310ﻘﻌ@;ﻌ@41ﻌﻲ5:-:/5-8ﻌ1>B5/1?ﻌﻭ31:/Eﻘﻌ
C45/4ﻌC-?ﻌ1?@-.85?410ﻌ-?ﻌ-:ﻌ1D@1>:-8ﻌ;>3-:ﻌ;2ﻌ@41ﻌﻯ-.5:1@ﻌﻻ225/1ﻚ
＀41ﻌ-095:5?@>-@5B1ﻌ9;:1@->Eﻌ<1:-8@51?ﻌ?E?@19ﻌC-?ﻌ5:@>;0A/10ﻘﻌ-:0ﻌ@41ﻌ-A@4;>5@Eﻌ;2ﻌ
5:B1?@53-@5;:ﻌ@;ﻌ59<;?1ﻌ-095:5?@>-@5B1ﻌ9;:1@->Eﻌ<1:-8@51?ﻌC-?ﻌ01813-@10ﻌ@;ﻌ@41ﻌﻱﻯﻚ
＀41ﻌ-A@4;>5@Eﻌ@;ﻌ5:?<1/@ﻌ05?/8;?A>1ﻌ?@-@191:@?ﻌC-?ﻌ01813-@10ﻌ@;ﻌ@41ﻌﻱﻯﻘﻌ-:0ﻌ@41ﻌﻌ
-A@4;>5@Eﻌ@;ﻌ5:?<1/@ﻌ@41ﻌ25:-:/5-8ﻌ?;A:0:1??ﻘﻌ1@/ﻚﻌ;2ﻌ?1/A>5@51?ﻌ/;9<-:51?ﻌ-:0ﻌ;@41>ﻌ
9->71@ﻌ5:@1>9105->51?ﻌ-:0ﻌ@;ﻌ5:?<1/@ﻌ5:B1?@91:@ﻌ-0B5?;>Eﻌ/;9<-:51?ﻘﻌ1@/ﻚﻌC-?ﻌ-0010ﻚﻌ
＀41ﻌ;>3-:5F-@5;:-8ﻌ?@>A/@A>1ﻌC-?ﻌ@>-:?2;>910ﻌ5:@;ﻌ25B1ﻌ05B5?5;:?ﻌ2>;9ﻌ@41ﻌ<>1B5;A?ﻌ;:1ﻌ
C5@4ﻌ@C;ﻌ05B5?5;:?ﻌ-:0ﻌ@4>11ﻌ;225/1?ﻚ
＀41ﻌ-A@4;>5@Eﻌ@;ﻌ5:B1?@53-@1ﻌﻹ5?13E;7Aﻌ9->71@ﻌ9-:5<A8-@5;:ﻌ@;ﻌ59<;?1ﻌ-095:5?@>-@5B1ﻌ
9;:1@->Eﻌ<1:-8@51?ﻌC-?ﻌ-0010ﻘﻌ-:0ﻌ@41ﻌ-A@4;>5@Eﻌ@;ﻌ5:B1?@53-@1ﻌ/>595:-8ﻌ/-?1?ﻌC-?ﻌ
1D<-:010ﻚ
＀41ﻌ-A@4;>5@Eﻌ@;ﻌ5:?<1/@ﻌ2A:0?ﻘﻌ1@/ﻚﻌC-?ﻌ-0010ﻚ
＀41ﻌ-A@4;>5@Eﻌ@;ﻌ5:?<1/@ﻌ05?/8;?A>1ﻌ?@-@191:@?ﻌ>18-@5:3ﻌ@;ﻌ=A->@1>8Eﻌ?1/A>5@51?ﻌ>1<;>@?ﻌ
-:0ﻌ5:@1>:-8ﻌ/;:@>;8ﻌ>1<;>@?ﻘﻌ1@/ﻚﻌ-:0ﻌ@;ﻌ5:B1?@53-@1ﻌ=A->@1>8Eﻌ?1/A>5@51?ﻌ>1<;>@?ﻌ@;ﻌ59<;?1ﻌ
-095:5?@>-@5B1ﻌ9;:1@->Eﻌ<1:-8@51?ﻌC-?ﻌ-0010ﻚ
＀41ﻌ2;88;C5:3ﻌ-A@4;>5@EﻌC-?ﻌ-0010ﻦﻌﻔﻝﻕﻌ5:?<1/@ﻌ05?/8;?A>1ﻌ?@-@191:@?ﻌ5:ﻌ/-?1ﻌ5??A1>?ﻌ
2-5810ﻌ@;ﻌ?A.95@ﻌ;>ﻌ9-01ﻌ2-8?1ﻌ?@-@191:@?ﻌ>13->05:3ﻌ@1:01>ﻌ;221>ﻌ:;@525/-@5;:ﻌ;>ﻌ
8->31ﻙ?4->14;805:3ﻌ>1<;>@?ﻘﻌ1@/ﻚﻧﻌﻔﻞﻕﻌ5:B1?@53-@1ﻌ9->71@ﻌ9-:5<A8-@5;:ﻌA?5:3ﻌ2-710ﻌ
@>-:?-/@5;:?ﻘﻌC-?4ﻌ?-81?ﻘﻌ1@/ﻚﻌ@;ﻌ59<;?1ﻌ-095:5?@>-@5B1ﻌ9;:1@->Eﻌ<1:-8@51?ﻧﻌ-:0ﻌﻔﻟﻕﻌ2581ﻌ
<1@5@5;:?ﻌ2;>ﻌ/;A>@ﻌ5:6A:/@5;:?ﻌ-3-5:?@ﻌ-:Eﻌ95?/;:0A/@ﻌ/;995@@10ﻌ.EﻌA:>135?@1>10ﻌ1:@5@51?ﻚ
＀41ﻌ-A@4;>5@Eﻌ@;ﻌ5:?<1/@ﻌ/>105@ﻌ>-@5:3ﻌ-31:/51?ﻘﻌ1@/ﻚﻌC-?ﻌ-0010ﻚ
＀41ﻌ-A@4;>5@Eﻌ@;ﻌ5:?<1/@ﻌ3>;A<ﻌ/;9<-:51?ﻘﻌ1@/ﻚﻌ2;88;C5:3ﻌ@41ﻌ5:@>;0A/@5;:ﻌ;2ﻌ/;:?;850-@10ﻌ
>13A8-@5;:ﻌC-?ﻌ-0010ﻚﻌ
ﻲ;>91>ﻌ/5B58ﻌ<1:-8@51?ﻌ5:B1?@53-@5;:ﻌ-:0ﻌ05?/8;?A>1ﻌ0;/A91:@?ﻌ5:?<1/@5;:ﻌ05B5?5;:ﻌ05B5010ﻌ
5:@;ﻌ-095:5?@>-@5B1ﻌ9;:1@->Eﻌ<1:-8@Eﻌ05B5?5;:ﻌ-:0ﻌ05?/8;?A>1ﻌ?@-@191:@?ﻌ5:?<1/@5;:ﻌ
05B5?5;:ﻚ
＀41ﻌ-A@4;>5@Eﻌ@;ﻌ5:?<1/@ﻌ@41ﻌ;A@?501ﻌ/;88-.;>-@;>?ﻌC4;ﻌ->1ﻌ5:B;8B10ﻌ5:ﻌ@41ﻌ?A.95??5;:ﻌ;2ﻌ
0;/A91:@?ﻌ/;:@-5:5:3ﻌ2-8?1ﻌ05?/8;?A>1ﻌ?@-@191:@?ﻌ-:0ﻌ@;ﻌ5:B1?@53-@1ﻌ<;??5.81ﻌ5:?501>ﻌ
@>-05:3ﻌ/;995@@10ﻌ;:ﻌ@41ﻌ-//;A:@ﻌ;2ﻌ;@41>?ﻌ.Eﻌ<1>?;:?ﻌ;@41>ﻌ@4-:ﻌ25:-:/5-8ﻌ5:?@>A91:@?ﻌ
.A?5:1??ﻌ;<1>-@;>?ﻌ@;ﻌ59<;?1ﻌ-095:5?@>-@5B1ﻌ9;:1@->Eﻌ<1:-8@51?ﻌC-?ﻌ-0010ﻚﻌ
ﻝﻥﻥﻝﻦ
ﻶA8ﻚﻌ ﻝﻥﻥﻞﻦ
ﻶA:ﻚﻌ ﻝﻥﻥﻤﻦ
ﻶ-:ﻚﻌ ﻞﻜﻜﻝﻦ
ﻭ<>ﻚﻌ ﻞﻜﻜﻡﻦ
ﻶA8ﻚﻌ ﻞﻜﻜﻡﻦ
ﻶA8ﻚﻌ ﻞﻜﻜﻢﻦ
ﻶA8ﻚﻌ ﻞﻜﻜﻢﻦ
1<ﻚﻌ ﻞﻜﻜﻣﻦ
ﻭ<>ﻚﻌ ﻞﻜﻜﻤﻦ
ﻰ1/ﻚﻌ ﻞﻜﻜﻤﻦ
ﻭ<>ﻚﻌ ﻞﻜﻝﻜﻦ
ﻭ<>ﻚﻌ ﻞﻜﻝﻝﻦ
ﻶA8ﻚﻌ ﻞﻜﻝﻝﻦ
1<ﻚﻌ ﻞﻜﻝﻞﻦ
Message from the Chairman
Ɏ
＀41ﻌ1/A>5@51?ﻌ-:0ﻌﻱD/4-:31ﻌA>B1588-:/1ﻌﻯ;995??5;:ﻌﻔﻱﻯﻕﻌ5?ﻌ2A825885:3ﻌ5@?ﻌ95??5;:ﻌ;2ﻌ
1:?A>5:3ﻌ 5:@13>5@Eﻌ ;2ﻌ /-<5@-8ﻌ 9->71@?ﻌ -:0ﻌ <>;@1/@5:3ﻌ 5:B1?@;>?ﻚﻌ ＀45?ﻌ E1->ﻌ 5?ﻌ @41ﻌ ﻞﻝ?@ﻌE1->ﻌ
?5:/1ﻌ5@?ﻌ1?@-.85?491:@ﻌ5:ﻌﻝﻥﻥﻞﻚﻌ
ﻭ950ﻌ @41ﻌ >1?@>A/@A>5:3ﻌ ;2ﻌ 5:@1>:-@5;:-8ﻌ >13A8-@;>Eﻌ 2>-91C;>7?ﻘﻌ ﻶ-<-:1?1ﻌ 9->71@?ﻌ 4-B1ﻌ
.11:ﻌ1D<1>51:/5:3ﻌ0E:-95/ﻌ/4-:31?ﻚﻌﻲ;>ﻌ5:?@-:/1ﻘﻌ-ﻌ?1>51?ﻌ;2ﻌ-91:091:@?ﻌ4-B1ﻌ.11:ﻌ9-01ﻌ
@;ﻌ@41ﻌﻲ5:-:/5-8ﻌﻵ:?@>A91:@?ﻌ-:0ﻌﻱD/4-:31ﻌﻭ/@ﻌﻔﻲﻵﻱﻭﻕﻘﻌ-:0ﻌ5::;B-@5;:?ﻌ/;:@5:A1ﻌ@;ﻌ.1ﻌ9-01ﻌ
5:ﻌ25:-:/5-8ﻌ<>;0A/@?ﻌ-:0ﻌ@>-05:3ﻌ91@4;0?ﻚﻌﻵ:ﻌ;>01>ﻌ2;>ﻌ@41ﻌﻱﻯﻌ@;ﻌ/;:0A/@ﻌ1225/51:@ﻌ-:0ﻌ
1221/@5B1ﻌ9->71@ﻌ;B1>?534@ﻘﻌ5@ﻌ:110?ﻌ@;ﻌ>1?<;:0ﻌ-<<>;<>5-@18Eﻌ@;ﻌ@41?1ﻌ/4-:31?ﻚﻌ＀C;ﻌ2A>@41>ﻌ
5??A1?ﻌ 2;>ﻌ @41ﻌ ﻱﻯﻌ 5:ﻌ /;::1/@5;:ﻌ C5@4ﻌ @41ﻌ 5:?<1/@5;:ﻌ ;2ﻌ 25:-:/5-8ﻌ 5:?@>A91:@?ﻌ .A?5:1??ﻌ
;<1>-@;>?ﻌ->1ﻦﻌﻔﻝﻕﻌ2A>@41>ﻌ59<>;B5:3ﻌ5@?ﻌ>5?7ﻌ?1:?5@5B5@EﻌC5@4ﻌ>1?<1/@ﻌ@;ﻌ@41ﻌ05B1>?1ﻌ.A?5:1??ﻌ
@E<1?ﻌ ;2ﻌ 25:-:/5-8ﻌ 5:?@>A91:@?ﻌ .A?5:1??ﻌ ;<1>-@;>?ﻘﻌ @;ﻌ @41ﻌ /4->-/@1>5?@5/?ﻌ ;2ﻌ /A?@;91>?ﻌ
ﻔ<1>?;:-8ﻌ5:B1?@;>?ﻘﻌ/;><;>-@1ﻌ<1:?5;:?ﻘﻌ1@/ﻚﻕﻘﻌ-:0ﻌ@;ﻌ25:-:/5-8ﻌ5:?@>A91:@?ﻌ-:0ﻌ@>-:?-/@5;:?ﻌ
C45/4ﻌ->1ﻌ.1/;95:3ﻌ5:/>1-?5:38Eﻌ/;9<81Dﻌ-:0ﻌ05B1>?1ﻧﻌ-:0ﻌﻔﻞﻕﻌ?@>1:3@41:5:3ﻌ5@?ﻌ/-<-/5@Eﻌ2;>ﻌ
/;881/@5:3ﻌ-:0ﻌ-:-8EF5:3ﻌ5:2;>9-@5;:ﻌ-//;>05:38Eﻚﻌﻹ;>1;B1>ﻘﻌ@41ﻌﻱﻯﻌC588ﻌ:110ﻌ@;ﻌ/;;<1>-@1ﻌ
/8;?18EﻌC5@4ﻌ;B1>?1-?ﻌ>13A8-@;>?ﻌ5:ﻌ01-85:3ﻌC5@4ﻌ/>;??ﻙ.;>01>ﻌ@>-:?-/@5;:?ﻘﻌC45/4ﻌ->1ﻌ/;:0A/@10ﻌ
2>1=A1:@8Eﻘﻌ-:0ﻌ5@ﻌC588ﻌ:110ﻌ@;ﻌ/;:@5:A1ﻌ@;ﻌ@-71ﻌ25>9ﻌ-/@5;:ﻌ-3-5:?@ﻌA:2-5>ﻌ@>-05:3ﻌ-:0ﻌA:8-C2A8ﻌ
-/@5B5@51?ﻘﻌ1@/ﻚﻌ/;995@@10ﻌ.Eﻌ<>;21??5;:-8ﻌ5:B1?@;>?ﻌ5:ﻌﻶ-<-:ﻌ-:0ﻌ;B1>?1-?ﻚﻌ
5:/1ﻌ?;A:0ﻌ9->71@ﻌ;<1>-@5;:ﻌ>1=A5>1?ﻌ?4->10ﻌ>1/;3:5@5;:ﻌ;2ﻌ<>;.819?ﻌ-:0ﻌ/8;?1ﻌ5:2;>9-@5;:ﻌ
1D/4-:31ﻌC5@4ﻌ?182ﻙ>13A8-@;>Eﻌ;>3-:5F-@5;:?ﻘﻌ>181B-:@ﻌ-A@4;>5@51?ﻌ-:0ﻌ;>3-:5F-@5;:?ﻌ<8-E5:3ﻌ
59<;>@-:@ﻌ>;81?ﻌ5:ﻌ9->71@ﻌ2-5>:1??ﻘﻌ5:ﻌ-005@5;:ﻌ@;ﻌ2A>@41>ﻌ?@>1:3@41:5:3ﻌ5@?ﻌ/;;<1>-@5B1ﻌ>18-@5;:?45<?ﻌ
C5@4ﻌ?A/4ﻌ;>3-:5F-@5;:?ﻘﻌ@41ﻌﻱﻯﻌ-59?ﻌ@;ﻌ>15:2;>/1ﻌ5@?ﻌ05-8;3A1ﻌC5@4ﻌ9->71@ﻌ<->@5/5<-:@?ﻌ
-:0ﻌ5@?ﻌ05??195:-@5;:ﻌ;2ﻌ5:2;>9-@5;:ﻌ@;ﻌ@41ﻌ9->71@ﻚﻌ
＀41ﻌ ﻱﻯﻌ /;995@?ﻌ 5@?182ﻌ @;ﻌ <A>?A5:3ﻌ 5@?ﻌ 95??5;:ﻌ ;2ﻌ .15:3ﻌ 21->10ﻌ .Eﻌ C>;:30;1>?ﻌ -:0ﻌ
@>A?@10ﻌ.Eﻌ;>05:->Eﻌ5:B1?@;>?ﻚ
ﻻ/@;.1>ﻌﻞﻜﻝﻞ
ﻷ1:5/45ﻌﻭﻰﻻ
ﻯ4-5>9-:
1/A>5@51?ﻌ-:0ﻌﻱD/4-:31ﻌA>B1588-:/1ﻌﻯ;995??5;:
ɮʀɾʐʍʄʏʄʀʎȻɼʉɿȻɠʓɾʃɼʉʂʀȻɮʐʍʑʀʄʇʇɼʉɾʀȻɞʊʈʈʄʎʎʄʊʉ
ɏ

FSA
C h a i r ma n ﲴ Kenichi Sado
Commissionerﲴ Shinya Fukuda
Commissionerﲴ Masayuki Yoshida
Prime Minister
Appointment
ﻷ - : @ ;
ﻴ ; 7 7 - 5 0 ;
＀ ; 4 ; 7 A
＀ ; 7 - 5
ﻴ ; 7 A > 5 7 A
ﻯ 4 A 3 ; 7 A
 4 5 7 ; 7 A
ﻷ E A ? 4 A
ﻲ A 7 A ; 7 -
ﻷ 5 : 7 5
ﻻ 7 5 : - C -
Executive Bureau
ﻸ;/-8ﻌﻻ225/1ﻌ
ﻺ;@1ﻦﻌﻵ:ﻌﻶA8Eﻌﻞﻜﻜﻢﻘﻌ@41ﻌﻱﻯﻌC-?ﻌ@>-:?2;>910ﻌ2>;9ﻌ@C;ﻌ05B5?5;:?ﻌﻔ@41ﻌﻯ;;>05:-@5;:ﻌ-:0ﻌﻵ:?<1/@5;:ﻌﻰ5B5?5;:ﻌ-:0ﻌ@41ﻌﻵ:B1?@53-@5;:ﻌ
ﻰ5B5?5;:ﻕﻌ-:0ﻌ@4>11ﻌ;225/1?ﻌﻔ@41ﻌﻯ;9<85-:/1ﻌﻵ:?<1/@5;:ﻌﻻ225/1ﻘﻌ@41ﻌﻹ->71@ﻌA>B1588-:/1ﻌﻻ225/1ﻌ-:0ﻌ@41ﻌﻻ225/1ﻌ;2ﻌﻼ1:-8@51?ﻌ
ﻵ:B1?@53-@5;:ﻌ-:0ﻌﻰ5?/8;?A>1ﻌﻰ;/A91:@?ﻌﻱD-95:-@5;:ﻌA:01>ﻌ@41ﻌﻯ;;>05:-@5;:ﻌ-:0ﻌﻵ:?<1/@5;:ﻌﻰ5B5?5;:ﻕﻌ5:@;ﻌ25B1ﻌ05B5?5;:?ﻌﻔ@41ﻌ
ﻯ;;>05:-@5;:ﻌ ﻰ5B5?5;:ﻘﻌ @41ﻌ ﻹ->71@ﻌ A>B1588-:/1ﻌ ﻰ5B5?5;:ﻘﻌ @41ﻌ ﻵ:?<1/@5;:ﻌ ﻰ5B5?5;:ﻘﻌ @41ﻌ ﻯ5B58ﻌ ﻼ1:-8@51?ﻌ ﻵ:B1?@53-@5;:ﻌ -:0ﻌ
ﻰ5?/8;?A>1ﻌ ﻰ;/A91:@?ﻌ ﻵ:?<1/@5;:ﻌ ﻰ5B5?5;:ﻘﻌ -:0ﻌ @41ﻌ ﻵ:B1?@53-@5;:ﻌ ﻰ5B5?5;:ﻕﻚﻌ ﻲA>@41>9;>1ﻘﻌ 5:ﻌ ﻶA8Eﻌ ﻞﻜﻝﻝﻘﻌ @41ﻌ ﻯ5B58ﻌ ﻼ1:-8@51?ﻌ
ﻵ:B1?@53-@5;:ﻌ -:0ﻌ ﻰ5?/8;?A>1ﻌ ﻰ;/A91:@?ﻌ ﻵ:?<1/@5;:ﻌ ﻰ5B5?5;:ﻌ C-?ﻌ 05B5010ﻌ 5:@;ﻌ @C;ﻌ 05B5?5;:?ﻌ ﻔ@41ﻌ ﻭ095:5?@>-@5B1ﻌ ﻹ;:1@->Eﻌ
ﻼ1:-8@Eﻌ ﻰ5B5?5;:ﻌ -:0ﻌ @41ﻌ ﻰ5?/8;?A>1ﻌ @-@191:@?ﻌ ﻵ:?<1/@5;:ﻌ ﻰ5B5?5;:ﻕﻘﻌ 91-:5:3ﻌ @4-@ﻌ @41ﻌ ﻱﻯﻌ C-?ﻌ @>-:?2;>910ﻌ 5:@;ﻌ ?5Dﻌ
05B5?5;:?ﻚﻌﻵ:ﻌﻭA3A?@ﻌﻞﻜﻝﻝﻘﻌ@41ﻌﻻ225/1ﻌ;2ﻌﻵ:B1?@53-@5;:ﻌ2;>ﻌﻵ:@1>:-@5;:-8ﻌ＀>-:?-/@5;:?ﻌ-:0ﻌ﻾18-@10ﻌﻵ??A1?ﻌC-?ﻌ1?@-.85?410ﻌC5@45:ﻌ
@41ﻌﻭ095:5?@>-@5B1ﻌﻹ;:1@->Eﻌﻼ1:-8@Eﻌﻰ5B5?5;:ﻘﻌ@;ﻌ5:B1?@53-@1ﻌ@>-:?-/@5;:?ﻘﻌ1@/ﻚﻌ/;:0A/@10ﻌ.Eﻌ<1>?;:?ﻌ5:ﻌ2;>153:ﻌ/;A:@>51?ﻚ
Organization
Organization
＀41ﻌ ﻱﻯﻌ 5?ﻌ C5@45:ﻌ @41ﻌ ﻲ5:-:/5-8ﻌ 1>B5/1?ﻌ ﻭ31:/Eﻌ ﻔﻲﻭﻕﻘﻌ C45/4ﻌ 5?ﻌ .-?10ﻌ ;:ﻌ ﻭ>@5/81ﻌ ﻡﻠﻌ ;2ﻌ @41ﻌ ﻭ/@ﻌ 2;>ﻌ
ﻱ?@-.85?491:@ﻌ;2ﻌ@41ﻌﻯ-.5:1@ﻌﻻ225/1ﻌ-:0ﻌﻭ>@5/81ﻌﻢﻌ;2ﻌ@41ﻌﻭ/@ﻌ2;>ﻌﻱ?@-.85?491:@ﻌ;2ﻌ@41ﻌﻲ5:-:/5-8ﻌ1>B5/1?ﻌ
ﻭ31:/Eﻚﻌ＀41ﻌﻱﻯﻌ/;:?5?@?ﻌ;2ﻌ-ﻌ/4-5>9-:ﻌ-:0ﻌ@C;ﻌ/;995??5;:1>?ﻚﻌ＀41Eﻌ->1ﻌ-<<;5:@10ﻌ.Eﻌ@41ﻌﻼ>591ﻌﻹ5:5?@1>ﻌ
C5@4ﻌ@41ﻌ/;:?1:@ﻌ;2ﻌ.;@4ﻌﻴ;A?1?ﻌ-:0ﻌ9-EﻌA?1ﻌ@415>ﻌ-A@4;>5@Eﻌ5:01<1:01:@8Eﻚﻌ＀;ﻌ1:?A>1ﻌ@415>ﻌ5:01<1:01:/1ﻘﻌ
.-?5/-88Eﻘﻌ.;@4ﻌ@41ﻌ/4-5>9-:ﻌ-:0ﻌ@41ﻌ/;995??5;:1>?ﻌ9-Eﻌ:;@ﻌ.1ﻌ05?95??10ﻌ0A>5:3ﻌ@415>ﻌ@1:A>1ﻌ;2ﻌ@4>11ﻌE1->?ﻚﻌ
ﻵ:ﻌﻰ1/19.1>ﻌﻞﻜﻝﻜﻘﻌﻹ>ﻚﻌ-0;ﻌ-:0ﻌﻹ>ﻚﻌﻲA7A0-ﻌC1>1ﻌ>1-<<;5:@10ﻌ-:0ﻌﻹ>ﻚﻌ%;?450-ﻌ.13-:ﻌ45?ﻌ@1:A>1ﻌﻔﻰ1/ﻚﻌﻞﻜﻝﻜﻌ
@;ﻌﻰ1/ﻚﻌﻞﻜﻝﻟﻘﻌ@41ﻌ?1B1:@4ﻌ@1>9ﻌ;2ﻌ@41ﻌﻱﻯﻕﻚ
＀41ﻌ ﻱD1/A@5B1ﻌ ﻮA>1-Aﻘﻌ A:01>ﻌ @41ﻌ /;:@>;8ﻌ ;2ﻌ @41ﻌ ﻱﻯﻌ 5?ﻌ /;9<;?10ﻌ ;2ﻌ @41ﻌ 2;88;C5:3ﻌ ?5Dﻌ 05B5?5;:?ﻦﻌ @41ﻌ
ﻯ;;>05:-@5;:ﻌﻰ5B5?5;:ﻘﻌ@41ﻌﻹ->71@ﻌA>B1588-:/1ﻌﻰ5B5?5;:ﻘﻌ@41ﻌﻵ:?<1/@5;:ﻌﻰ5B5?5;:ﻘﻌ@41ﻌﻭ095:5?@>-@5B1ﻌﻹ;:1@->Eﻌ
ﻼ1:-8@Eﻌﻰ5B5?5;:ﻘﻌ@41ﻌﻰ5?/8;?A>1ﻌ@-@191:@?ﻌﻵ:?<1/@5;:ﻌﻰ5B5?5;:ﻘﻌ-:0ﻌ@41ﻌﻵ:B1?@53-@5;:ﻌﻰ5B5?5;:ﻚﻌﻵ:ﻌ-005@5;:ﻘﻌ
@41ﻌ ﻱﻯﻌ 4-?ﻌ ?@-22ﻌ 919.1>?ﻌ -@ﻌ @41ﻌ ﻸ;/-8ﻌ ﻲ5:-:/1ﻌ ﻮA>1-A?ﻌ 9-5:8Eﻌ 5:ﻌ /4->31ﻌ ;2ﻌ 5:?<1/@5;:?ﻌ ;2ﻌ 25:-:/5-8ﻌ
5:?@>A91:@?ﻌ.A?5:1??ﻌ;<1>-@;>?ﻌ8;/-@10ﻌ5:ﻌ@41ﻌ>135;:-8ﻌ->1-ﻚﻌﻵ:ﻌ@;@-8ﻘﻌ@41>1ﻌ->1ﻌﻣﻝﻠﻌ?@-22ﻌ919.1>?ﻌﻔ;2ﻌC45/4ﻌ
ﻟﻥﻞﻌC;>7ﻌ2;>ﻌ@41ﻌ41-0ﻌ;225/1ﻕﻌ-?ﻌ;2ﻌ25?/-8ﻌE1->ﻌﻞﻜﻝﻞﻚ
ﻲ;>ﻌ@41ﻌ<A><;?1ﻌ;2ﻌ-<<>;<>5-@1ﻌ9->71@ﻌ?A>B1588-:/1ﻘﻌ@41ﻌﻱﻯﻌ4-?ﻌ.11:ﻌ?@>1:3@41:5:3ﻌ5@?ﻌ2>-91C;>7ﻌ;2ﻌ
9->71@ﻌ?A>B1588-:/1ﻌ.Eﻌ>1/>A5@5:3ﻌ8-CE1>?ﻘﻌ/1>@52510ﻌ<A.85/ﻌ-//;A:@-:@?ﻘﻌ>1-8ﻙ1?@-@1ﻌ-<<>-5?1>?ﻘﻌ1@/ﻚ
Commission
ﻹ->71@ﻌA>B1588-:/1ﻌ
ﻰ5B5?5;:
ﻹ->71@ﻌ;B1>?534@ﻌ/;881/@5;:ﻌﻒﻌ-:-8E?5?ﻌ
;2ﻌ5:2;>9-@5;:ﻘﻌ1@/
ﻵ:?<1/@5;:ﻌﻰ5B5?5;:ﻌ
ﻰ5>1/@;>ﻌ2;>ﻌﻵ:?<1/@5;:ﻌﻹ-:-3191:@
ﻵ:?<1/@5;:ﻌ;2ﻌ25:-:/5-8ﻌ5:?@>A91:@?
.A?5:1??ﻌ;<1>-@;>?ﻘﻌ1@/ﻚ
ﻵ:B1?@53-@5;:ﻌ;2ﻌA:>135?@1>10ﻌ25>9?ﻘﻌ1@/ﻚ
ﻭ095:5?@>-@5B1ﻌﻹ;:1@->Eﻌ
ﻼ1:-8@Eﻌﻰ5B5?5;:
ﻵ:B1?@53-@5;:ﻌ;2ﻌ9->71@ﻌ95?/;:0A/@
ﻰ5?/8;?A>1ﻌ@-@191:@?ﻌ
ﻵ:?<1/@5;:ﻌﻰ5B5?5;:
ﻵ:?<1/@5;:ﻌ;2ﻌ05?/8;?A>1ﻌ?@-@191:@?
ﻵ:B1?@53-@5;:ﻌﻰ5B5?5;:
ﻵ:B1?@53-@5;:ﻌ;2ﻌ/>595:-8ﻌ/-?1?
ﻵ:?<1/@5;:?ﻌ;2ﻌ25:-:/5-8ﻌ5:?@>A91:@?ﻌ
.A?5:1??ﻌ;<1>-@;>?ﻘﻌ1@/
ﻻB1>-88ﻌ/;;>05:-@5;:ﻌ;2ﻌ@41ﻌ
ﻱD1/A@5B1ﻌﻮA>1-A
ﻯ;;>05:-@5;:ﻌﻰ5B5?5;:
ɐ

Outline
Outline
＀41ﻌﻱﻯﻌ/;:0A/@?ﻌ0-58Eﻌ9->71@ﻌ?A>B1588-:/1ﻘﻌ5:?<1/@5;:?ﻌ;2ﻌ25:-:/5-8ﻌ5:?@>A91:@?ﻌ25>9?ﻘﻌ5:B1?@53-@5;:ﻌ;2ﻌ
9->71@ﻌ95?/;:0A/@ﻘﻌ05?/8;?A>1ﻌ?@-@191:@?ﻌ5:?<1/@5;:?ﻌ-:0ﻌ/>595:-8ﻌ5:B1?@53-@5;:?ﻌ;2ﻌ?1/A>5@51?ﻌ2>-A0ﻚﻌﻵ:ﻌ/-?1?ﻌ
C41>1ﻌ 95?/;:0A/@ﻌ @4-@ﻌ 59<-5>?ﻌ @41ﻌ 2-5>:1??ﻌ ;2ﻌ @>-05:3ﻌ ->1ﻌ 2;A:0ﻌ -?ﻌ -ﻌ >1?A8@ﻌ ;2ﻌ @41?1ﻌ -/@5B5@51?ﻘﻌ 5@ﻌ 9-Eﻌ
>1/;991:0ﻌ-095:5?@>-@5B1ﻌ05?/5<85:->Eﻌ-/@5;:?ﻌ;>ﻌ2581ﻌ/>595:-8ﻌ/4->31?ﻌ@;ﻌ@41ﻌ<A.85/ﻌ<>;?1/A@;>?ﻚﻌﻔ﻾121>ﻌ@;ﻌ@41ﻌ
2;88;C5:3ﻌ<-31?ﻌ2;>ﻌ01@-58?ﻚﻌ11ﻌ@41ﻌﻱﻯ?ﻌ-/@5B5@51?ﻌ5:ﻌ253A>1?ﻌ'@-.81ﻌ;2ﻌ?A99->E)ﻌ;:ﻌﻼ-31ﻌﻝﻟﻌ2;>ﻌ@41ﻌ:A9.1>ﻌ
;2ﻌ>1/;991:0-@5;:?ﻘﻌ2585:3ﻌ/>595:-8ﻌ/4->31?ﻌ1@/ﻚﻌ@4-@ﻌ4-B1ﻌ.11:ﻌ25810ﻚﻕ

Relationship with Self-Regulatory Organizations
Relationship with Self-Regulatory Organizations
182ﻙ﻾13A8-@;>Eﻌﻻ>3-:5F-@5;:?ﻌﻔ﻾ﻻ?ﻕﻘﻌ?A/4ﻌ-?ﻌ25:-:/5-8ﻌ5:?@>A91:@?ﻌ.A?5:1??ﻌ;<1>-@;>?ﻌ-??;/5-@5;:?ﻌ-:0ﻌ
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Securities and Exchange Surveillance Commission
13 6
Activities in Figures
Activities in Figures
Table of Summary

Functions
Functions
As the “Guardian of the Market” independent from the supervisory functions of the FSA, the SESC is
playing the primary role in maintaining fair, equitable, transparent, and sound markets through exerting its
authority of daily market surveillance, inspection of financial instruments business operators, investigation of
market misconduct, disclosure statements inspection, and criminal investigation. The specific activities of the
SESC are as follows.
63
270
270
-
-
-
-
7
1,106
1,106
-
-
88
-
0
-
5
-
-
1,199
3,825
1992
to
2003
2004
2005
2006
2007
2008
2009
2010
2011
Total
11
17
17
-
-
-
-
0
113
113
-
-
27
-
0
-
0
-
-
140
674
11
39
29
9
-
1
-
5
150
111
-
39
28
-
1
-
2
2
0
183
875
13
43
28
9
5
1
-
3
150
99
-
51
27
-
1
-
6
7
1
192
1,039
10
59
28
21
10
0
-
0
187
138
2
47
32
0
1
-
1
10
2
233
1,098
13
50
18
20
12
0
0
4
191
117
1
73
25
0
0
-
5
7
0
228
1,031
(4)
(19)
(4)
(10)
(5)
(0)
(0)
(4)
(62)
(20)
(1)
(41)
(4)
(0)
(0)
-
(2)
(1)
(0)
(69)
(276)
17
74
21
43
10
0
0
4
176
90
23
63
24
1
1
-
5
9
0
216
749
8
63
18
26
19
0
2
2
148
91
6
51
28
2
1
0
1
6
0
186
691
15
45
16
18
11
0
3
1
148
85
14
49
32
6
9
4
0
2
1
202
913
157
641
441
136
62
2
5
22
2,307
1,930
45
332
307
9
14
4
23
42
4
2,710
10,619
Business year
Fiscal year
Category
Criminal charges
Recommendations
Recommendations based on
securities inspections
Recommendations to pay administrative
monetary penalty (market misconduct)
Recommendations for order
to submit revised report, etc.
Recommendations to pay administrative
monetary penalty (false statements in
disclosure statements, etc.)
Petition for a court injunction, etc., against
unregistered business operator or solicitation
without the filing of securities registration
statements
Proposals
Financial instrument businesses
operators
Registered financial institutions
Persons making notification for bussiness specially
permitted for qualified institutional investors
Financial instruments intermediaries
Self-regulatory organizations
Investment corporation
Other
Total
Market oversight
Credit rating agencies
Unit: Number of case
Note:
1. Total number of securities inspections refers to the number of cases that have been started.
2. In addition to the inspections of Type I financial instrument businesses operators (former domestic securities companies) above, Local
Finance Bureaus and other organizations conduct inspections of individual branches of those Type I financial instrument businesses operators
(former domestic securities companies) that are assigned to the SESC.
3. Up until business year 2006, "investment management firms" was "former investment trust management businesses," and "investment
advisories/agencies" was "former investment advisories."
4. Up until business year 2008, there was a "business year basis" of July to June the following year, and since fiscal year 2009, there has been
an "accounting year basis" of April to March the following year.
5. The numbers in parentheses ( ) in business year 2008 refer to the number of cases in the period (April-June 2009) which overlap with fiscal
year 2009 during the transition to the "accounting year basis."
Inspections of financial
instruments business operator
(Apr. 2011-)   New coverage of inspection (group companies, etc. following the introduction of consolidated regulation)
(Apr. 2010-)   New coverage of subjects of inspection (credit rating agencies, etc.)
(Sep. 2007-)  New coverage of inspection (funds, etc.)
(Jul. 2005-)   (Investment advisory companies, etc.)
Inspection of
securities
companies
(Jul. 2005-)   Inspection for financial soundness
Inspection for maintaining market fairness
Investigation of market
misconduct
(Dec. 2008-)  Expanded scope of investigation and administrative monetary penalties
Included in market manipulation: fictitious buying and selling of stocks, exchange of
stocks based on collusive arrangements and illegal stabilization operation trade
(Jul. 2006-)   Expanded scope of investigation and administrative monetary penalties
          (“Misegyoku,” sham order transactions)
(Apr. 2005-)   Insider trading
Market manipulation with actual trading
Spreading of rumors regarding stock markets, and fraudulent means
Inspection of disclosure
statements
(Jul. 2005-)  Securities registration statements*
          Annual securities reports*
          Semiannual securities reports*
          Extraordinary reports,* etc.
(Apr. 2008-)   Expanded scope of investigation and administrative monetary penalties
〔Quarterly securities reports,* internal control reports, etc.〕
(Dec. 2008-)  Expanded scope of investigation and administrative monetary penalties (Note 6)
* Indicates the disclosure statements subject to administrative monetary penalties
Investigation of
infringements
Investigation of infringement cases
Insider trading, market manipulation, spreading rumors, fraudulent means,
submission of false securities reports, compensation for loss, etc.
Investigation for seeking petitions for court injunctions
Investigation aimed
at petitioning
for injunction
Collection, Analysis and Examination of Information
〔 〕
Recommendations and proposals
seeking petitions
for court injunctions
Filing criminal
charges
(5)
(4)
(2)
(1)
(3)
(2)
(1)
(1)
(2)
(3)
(3)
* The SESC exercises authority based on the FIEA, the Act on Securitization of Assets (SPC Act), the Act on Investment Trusts and Investment Corporations, the Act on
Book-Entry Transfer of Company Bonds, Shares, etc., and the Act on Prevention of Transfer of Criminal Proceeds.
Note 1: The cases of added to the scope of inspection and investigation following the enforcement (on April 1, 2005, etc.) of the Act for the 2004 Amendment of the Securities and Exchange Act.
(Of disclosure statements inspection, securities registration statements and annual securities reports became subject to administrative monetary penalties on April 2005 and on December 2005, respectively.)
Note 2: The cases of added to the scope of inspection and investigation following the enforcement of the FIEA (on September 30, 2007, etc.).
Note 3: The cases of added to the scope of inspection and investigation following the enforcement (on December 12, 2008) of the Act for the 2008 Amendment of the Financial Instruments and Exchange Act.
Note 4: The cases of added to the scope of inspection and investigation following the enforcement (on April 1, 2010) of the Act for the 2009 Amendment of the Financial Instruments and Exchange Act.
Note 5: The cases of added to the scope of inspection and investigation following the enforcement (on April 1, 2011) of the Act for the 2010 Amendment of the Financial Instruments and Exchange Act.
Note 6: The following have been added to those matters subject to inspection:
・ Information pertaining to securities for professional investors
The following have been added to those matters subject to administrative monetary penalties:
・ No submission of or false statements in tender offer notifications or large-shareholding reports
・ No submission of continuous disclosure documents or those for issuance of securities (until December 2008, false disclosure statements were subject to administrative monetary penalties)

・ False statements in information pertaining to securities for professional investors
}
Securities inspections
Type I financial instrument
businesses operators
Type II financial instrument
businesses operators
Investment management firms
Investment advisories/agencies
(5)
(4)
(2)
(1)
(3)
ɒ
Market Surveillance
(1) Information Gathering from the Public
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(2) Establishment of the Pension Investment Hotline
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(3) Market Analysis
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(4) Market Oversight
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ﻵ2ﻌ@41?1ﻌ1D-95:-@5;:?ﻌ>1B1-8ﻌ-:Eﻌ?A?<5/5;A?ﻌ@>-:?-/@5;:?ﻘﻌ@41Eﻌ->1ﻌ>1<;>@10ﻌ@;ﻌ@41ﻌ>181B-:@ﻌ05B5?5;:?ﻌC5@45:ﻌ
@41ﻌﻱﻯﻌ2;>ﻌ2A>@41>ﻌ5:B1?@53-@5;:ﻚ
ﻵ:ﻌ25?/-8ﻌE1->ﻌﻞﻜﻝﻝﻘﻌ-ﻌ@;@-8ﻌ;2ﻌﻥﻝﻟﻌ@>-:?-/@5;:?ﻌC1>1ﻌ1D-95:10ﻌ.Eﻌ@41ﻌﻱﻯﻌﻔ5:/8A05:3ﻌ.Eﻌ8;/-8ﻌ25:-:/1ﻌ
.A>1-A?ﻕﻚﻌ ﻻ2ﻌ @41?1ﻘﻌ ﻣﻟﻌ C1>1ﻌ >18-@10ﻌ @;ﻌ ﻼ>5/1ﻌ ﻲ;>9-@5;:ﻘﻌ ﻤﻝﻥﻌ @;ﻌ 5:?501>ﻌ @>-05:3ﻘﻌ -:0ﻌ ﻞﻝﻌ @;ﻌ ;@41>ﻌ 9-@@1>?ﻌ
ﻔ2>-A0A81:@ﻌ91-:?ﻘﻌ1@/ﻚﻕﻚ





  


 




 

 
  
 

 
 
＀41ﻌ:A9.1>ﻌ;2ﻌ@>-:?-/@5;:?ﻌ1D-95:10ﻌ
＀;@-8
ﻼ>5/1ﻌﻲ;>9-@5;:
ﻵ:?501>ﻌ@>-05:3
ﻻ@41>ﻌ9-@@1>?ﻌﻔ2>-A0A81:@ﻌ91-:?ﻘﻌ1@/ﻚﻕ
ﻔﻮ18;Cﻘﻌ.>1-70;C:ﻌ.Eﻌ1D-95:-@5;:ﻌ5@19ﻕﻌ
ﻱﻯ
ﻸ;/-8ﻌﻲ5:-:/1ﻌﻮA>1-A?ﻌ
ﻲ%ﻞﻜﻝﻝﻌ
ﻔﻭ<>58ﻌﻞﻜﻝﻝﻌﻌﻹ->/4ﻌﻞﻜﻝﻞﻕﻌ
ﻲ%ﻞﻜﻝﻜﻌ
ﻔﻭ<>58ﻌﻞﻜﻝﻜﻌﻌﻹ->/4ﻌﻞﻜﻝﻝﻕﻌ
ɮʀɾʐʍʄʏʄʀʎȻɼʉɿȻɠʓɾʃɼʉʂʀȻɮʐʍʑʀʄʇʇɼʉɾʀȻɞʊʈʈʄʎʎʄʊʉ
ɓ
Inspections of Financial Instruments Businesses
＀41ﻌﻱﻯﻌ/;:0A/@?ﻌ5:?<1/@5;:?ﻌ;2ﻌ25:-:/5-8ﻌ5:?@>A91:@?ﻌ.A?5:1??ﻌ;<1>-@;>?ﻚ
!:01>ﻌ8-C?ﻌ?A/4ﻌ-?ﻌ@41ﻌﻲﻵﻱﻭﻘﻌ5:?<1/@5;:?ﻌ/;B1>ﻦﻌﻔ5ﻕﻌ25:-:/5-8ﻌ5:?@>A91:@?ﻌ.A?5:1??ﻌ;<1>-@;>?ﻘﻌ?A/4ﻌ-?ﻌ
?1/A>5@51?ﻌ /;9<-:51?ﻘﻌ 5:B1?@91:@ﻌ 9-:-3191:@ﻌ /;9<-:51?ﻘﻌ -:0ﻌ 5:B1?@91:@ﻌ -0B5?;>Eﻌ /;9<-:51?ﻘﻌ ﻔ55ﻕﻌ
25:-:/5-8ﻌ5:?@5@A@5;:?ﻘﻌ?A/4ﻌ-?ﻌ.-:7?ﻌ1:3-310ﻌ5:ﻌ?-81?ﻌ;2ﻌ5:B1?@91:@ﻌ@>A?@?ﻘﻌ-:0ﻌﻔ555ﻕﻌ/>105@ﻌ>-@5:3ﻌ-31:/51?ﻌ
-:0ﻌ?182ﻙ>13A8-@;>Eﻌ;>3-:5F-@5;:?ﻌ?A/4ﻌ-?ﻌ25:-:/5-8ﻌ5:?@>A91:@?ﻌ1D/4-:31?ﻚﻌ
5:/1ﻌ25?/-8ﻌE1->ﻌﻞﻜﻝﻝﻘﻌ5:?<1/@5;:?ﻌ;2ﻌ38;.-88Eﻌ-/@5B1ﻌ?1/A>5@51?ﻌ25>9?ﻌ4-B1ﻌ.11:ﻌ59<8191:@10ﻌ5:ﻌ>1?<;:?1ﻌ
@;ﻌ@41ﻌ5:@>;0A/@5;:ﻌ;2ﻌ/;:?;850-@10ﻌ>13A8-@5;:?ﻌ-:0ﻌ?A<1>B5?5;:ﻘﻌ1@/ﻚﻌ
ﻭﻌ C501ﻌ >-:31ﻌ ;2ﻌ .A?5:1??ﻌ ;<1>-@5;:?ﻌ ->1ﻌ B1>52510ﻌ @4>;A34ﻌ 5:?<1/@5;:?ﻚﻌ ﻲ;>ﻌ 1D-9<81ﻘﻌ 5:?<1/@5;:?ﻌ ;:ﻌ
?1/A>5@51?ﻌ/;9<-:51?ﻌ/;B1>ﻌ813-8ﻌ/;9<85-:/1ﻌﻔ?A/4ﻌ-?ﻌC41@41>ﻌ5:B1?@91:@ﻌ@>A?@ﻌ?;85/5@-@5;:?ﻌ@;ﻌ/A?@;91>?ﻌ
->1ﻌ0;:1ﻌ-<<>;<>5-@18Eﻘﻌ;>ﻌC41@41>ﻌ@>-:?-/@5;:?ﻌ@4-@ﻌ45:01>ﻌ2-5>ﻌ<>5/1ﻌ2;>9-@5;:ﻌ4-B1ﻌ:;@ﻌ.11:ﻌ9-01ﻕﻌ-:0ﻌ
@41ﻌ5:@1>:-8ﻌ/;:@>;8ﻌ?E?@19?ﻌ.145:0ﻌ?A/4ﻌ/;9<85-:/1ﻘﻌ-?ﻌC188ﻌ-?ﻌ25:-:/5-8ﻌ?;A:0:1??ﻘﻌ-:0ﻌ>5?7ﻌ9-:-3191:@ﻌ
?E?@19?ﻌ@;ﻌ1:?A>1ﻌ25:-:/5-8ﻌ?;A:0:1??ﻚ
ﻭ?ﻌ-ﻌ>1?A8@ﻌ;2ﻌ-:ﻌ5:?<1/@5;:ﻘﻌ@41ﻌﻱﻯﻌA>31?ﻌ@41ﻌ25:-:/5-8ﻌ5:?@>A91:@?ﻌ.A?5:1??ﻌ;<1>-@;>ﻌ@4-@ﻌ4-?ﻌ.11:ﻌ
2;A:0ﻌ @;ﻌ 4-B1ﻌ <>;.819?ﻌ @;ﻌ 9-71ﻌ 59<>;B191:@?ﻘﻌ 35B5:3ﻌ 5@ﻌ @41ﻌ 5:?<1/@5;:ﻌ >1?A8@?ﻌ :;@5/1ﻚﻌ ﻵ2ﻌ ?1>5;A?ﻌ 813-8ﻌ
B5;8-@5;:?ﻌ ->1ﻌ 2;A:0ﻘﻌ @41ﻌ ﻱﻯﻌ >1/;991:0?ﻌ @41ﻌ ﻼ>591ﻌ ﻹ5:5?@1>ﻌ -:0ﻌ @41ﻌ ﻲﻭﻌ ﻯ;995??5;:1>ﻌ @;ﻌ @-71ﻌ
-095:5?@>-@5B1ﻌ05?/5<85:->Eﻌ-/@5;:ﻌ-3-5:?@ﻌ@41ﻌ25>9ﻚ
＀41ﻌﻱﻯﻌ-8?;ﻌ2581?ﻌ<1@5@5;:?ﻌ2;>ﻌ/;A>@ﻌ5:6A:/@5;:?ﻌ-3-5:?@ﻌ?1>5;A?ﻌB5;8-@5;:?ﻌ;2ﻌ@41ﻌﻲﻵﻱﻭﻘﻌ?A/4ﻌ-?ﻌ@41ﻌ
?-81ﻌ;>ﻌ?;85/5@-@5;:ﻌ;2ﻌA:85?@10ﻌ?@;/7?ﻌ;>ﻌ2A:0?ﻌ.EﻌA:>135?@1>10ﻌ25>9?ﻘﻌ-:0ﻌ5@ﻌ/;:0A/@?ﻌ5:B1?@53-@5;:?ﻌ2;>ﻌ?A/4ﻌ
<1@5@5;:?ﻚﻌ
﻾1/1:@8Eﻘﻌ -?ﻌ -ﻌ >1?A8@ﻌ ;2ﻌ -:ﻌ 5:?<1/@5;:ﻌ ;2ﻌ -ﻌ 05?/>1@5;:->Eﻌ 5:B1?@91:@ﻌ 9-:-3191:@ﻌ .A?5:1??ﻌ ;<1>-@;>ﻘﻌ
C45/4ﻌ 4-0ﻌ .11:ﻌ 1:@>A?@10ﻌ C5@4ﻌ @41ﻌ 9-:-3191:@ﻌ ;2ﻌ /;><;>-@1ﻌ <1:?5;:ﻌ 2A:0?ﻘﻌ @41ﻌ ﻱﻯﻌ 2;A:0ﻌ @4-@ﻌ @41ﻌ
;<1>-@;>ﻌ4-0ﻌ<>;B5010ﻌ2-8?1ﻌ5:2;>9-@5;:ﻌC41:ﻌ?;85/5@5:3ﻌ/;:/8A?5;:?ﻌ;2ﻌ05?/>1@5;:->Eﻌ5:B1?@91:@ﻌ/;:@>-/@ﻌ
-:0ﻌ -8?;ﻌ 0185B1>5:3ﻌ 5:B1?@91:@ﻌ >1<;>@?ﻌ C5@4ﻌ 2-8?1ﻌ /;:@1:@?ﻌ @;ﻌ @41ﻌ /A?@;91>?ﻚﻌ ﻯ;:?1=A1:@8Eﻘﻌ @41ﻌ ﻱﻯﻌ
9-01ﻌﻌ>1/;991:0-@5;:?ﻌ@;ﻌ@-71ﻌ-095:5?@>-@5B1ﻌ-/@5;:ﻚ
＀41ﻌ ﻱﻯﻌ .1851B1?ﻌ @4-@ﻌ @41ﻌ >;81ﻌ ;2ﻌ 5:?<1/@5;:?ﻌ 5:/8A01?ﻌ 1:4-:/5:3ﻌ @41ﻌ -C->1:1??ﻌ ;2ﻌ 25:-:/5-8ﻌ
5:?@>A91:@?ﻌ.A?5:1??ﻌ;<1>-@;>?ﻌ-?ﻌ3-@1711<1>?ﻘﻌC41>1.Eﻌ@41Eﻌ->1ﻌ1D<1/@10ﻌ@;ﻌ/;:@>5.A@1ﻌ@;ﻌ1:?A>5:3ﻌ@41ﻌ
2-5>:1??ﻌ -:0ﻌ ?;A:0:1??ﻌ ;2ﻌ 25:-:/5-8ﻌ 9->71@?ﻚﻌ ﻲ;>ﻌ @45?ﻌ <A><;?1ﻘﻌ @41ﻌ ﻱﻯﻌ B1>5251?ﻌ 25:-:/5-8ﻌ 5:?@>A91:@?ﻌ
.A?5:1??ﻌ;<1>-@;>?ﻌ?E?@19?ﻌ@;ﻌ01@1/@ﻌ-:0ﻌ<>1B1:@ﻌ/A?@;91>ﻌ95?/;:0A/@ﻘﻌ?A/4ﻌ-?ﻌ5:?501>ﻌ@>-05:3ﻘﻌ9->71@ﻌ
9-:5<A8-@5;:ﻌ-:0ﻌ59<1>?;:-@5;:ﻌ@>-:?-/@5;:?ﻘﻌ-:0ﻌ@41>1.Eﻌ1:/;A>-31?ﻌ@419ﻌ@;ﻌ59<>;B1ﻌ@415>ﻌ?E?@19?ﻚﻌﻵ:ﻌ
-005@5;:ﻘﻌ5:ﻌ;>01>ﻌ@;ﻌ/;:@>5.A@1ﻌ@;ﻌ59<>;B191:@?ﻌ-:0ﻌ1:4-:/191:@ﻌ;2ﻌ/;9<85-:/1ﻌ5:ﻌ@41ﻌ25:-:/5-8ﻌ5:0A?@>Eﻘﻌ
813-8ﻌB5;8-@5;:?ﻌ2;A:0ﻌ@4>;A34ﻌ>1/1:@ﻌ5:?<1/@5;:?ﻌ4-B1ﻌ.11:ﻌ<A.85?410ﻌ1-/4ﻌ=A->@1>ﻚﻌ

ﻼ>;/10A>1?ﻌ2;>ﻌ@41ﻌ5:?<1/@5;:?ﻌ;2ﻌ25:-:/5-8ﻌ5:?@>A91:@ﻌ.A?5:1? ?ﻌ;<1>-@;>?
ﻵ:?<1/@5;:ﻌ59<8191:@-@5;:ﻌ<8-:?
ﻵ:?<1/@5;:ﻌ>1<;>@
ﻺ;@525/-@5;:ﻌ@;ﻌ@41ﻌ25>9
﻾1/;991:0-@5;:
ﻻ:ﻙ?5@1ﻌB5?5@ﻌﻔ
ﻵ:?<1/@5;:?ﻌ;:ﻌﻰ;/A91:@?ﻌ-:0ﻌ﻾1/;>0?ﻘﻌﻵ:@1>B51C?ﻘﻌ1@/ﻚﻕ
ﻵ2ﻌ9-@1>5-8ﻌB5;8-@5;:?ﻌ;2ﻌ8-C?ﻌ-:0ﻌ>13A8-@5;:?ﻌ->1ﻌ
2;A:0ﻌ5:ﻌ@41ﻌ5:?<1/@5;:ﻘﻌ@41ﻌﻱﻯﻌ>1/;991:0?ﻌ
@41ﻌﻼ>591ﻌﻹ5:5?@1>ﻌ-:0ﻌ@41ﻌﻯ;995??5;:1>ﻌ;2ﻌ@41ﻌ
ﻲﻭﻌ@;ﻌ@-71ﻌ-095:5?@>-@5B1ﻌ05?/5<85:->Eﻌ-/@5;:ﻚ
ɔ
Investigation of Market Misconduct
5:/1ﻌﻭ<>58ﻌﻞﻜﻜﻡﻘﻌ@41ﻌﻱﻯﻌ4-?ﻌ.11:ﻌ/;:0A/@5:3ﻌ5:B1?@53-@5;:?ﻌ;2ﻌ9->71@ﻌ95?/;:0A/@ﻌA:01>ﻌﻭ>@5/81ﻌﻝﻣﻣﻌ
;2ﻌ@41ﻌﻲﻵﻱﻭﻌﻚ
ﻵ:ﻌ @41ﻌ <>;/1??ﻌ ;2ﻌ 5:B1?@53-@5;:?ﻘﻌ @41ﻌ ﻱﻯﻌ /;:0A/@?ﻌ 5:@1>B51C?ﻌ ;>ﻌ ;:ﻙ?5@1ﻌ 5:?<1/@5;:?ﻌ ;2ﻌ <1>?;:?ﻌ
/;:/1>:10ﻌC5@4ﻌ-ﻌ/-?1ﻌ;>ﻌC5@:1??1?ﻌ-3-5:?@ﻌ?A/4ﻌ9->71@ﻌ95?/;:0A/@ﻌ2;>ﻌ<;??5.81ﻌB5;8-@5;:ﻌ;2ﻌ@41ﻌ?<>1-05:3ﻌ
;2ﻌ>A9;>?ﻌ>13->05:3ﻌ?@;/7ﻌ9->71@?ﻘﻌ2>-A0A81:@ﻌ91-:?ﻘﻌ9->71@ﻌ9-:5<A8-@5;:ﻌ-:0ﻌ5:?501>ﻌ@>-05:3ﻚﻌ＀41ﻌﻱﻯﻌ
-8?;ﻌ-/@5B18Eﻌ5:B1?@53-@1?ﻌ<;??5.81ﻌ2>-A0A81:@ﻌ@>-05:3ﻌ/;:0A/@10ﻌ.Eﻌ<>;21??5;:-8ﻌ5:B1?@;>?ﻌ.;@4ﻌ5:ﻌﻶ-<-:ﻌ-:0ﻌ
;B1>?1-?ﻌA?5:3ﻌ/>;??ﻙ.;>01>ﻌ@>-:?-/@5;:?ﻚ
ﻵ:ﻌ /-?1?ﻌ C41>1ﻌ B5;8-@5;:?ﻌ ->1ﻌ >1B1-810ﻘﻌ @41ﻌ ﻱﻯﻌ 9-71?ﻌ -ﻌ >1/;991:0-@5;:ﻌ .-?10ﻌ ;:ﻌ @41ﻌ >1?A8@ﻌ ;2ﻌ
5:B1?@53-@5;:?ﻌ@;ﻌ@41ﻌﻼ>591ﻌﻹ5:5?@1>ﻌ-:0ﻌ@41ﻌﻯ;995??5;:1>ﻌ;2ﻌ@41ﻌﻲﻭﻌ2;>ﻌ@41ﻌ5??A-:/1ﻌ;2ﻌ-:ﻌ;>01>ﻌ@;ﻌ<-Eﻌ
-095:5?@>-@5B1ﻌ9;:1@->Eﻌ<1:-8@51?ﻚ

Disclosure Statements Inspection
5:/1ﻌﻶA8Eﻌﻞﻜﻜﻡﻘﻌ@41ﻌﻱﻯﻌ4-?ﻌ/;:0A/@10ﻌ@41ﻌ5:?<1/@5;:ﻌ;2ﻌ05?/8;?A>1ﻌ?@-@191:@?ﻌA:01>ﻌﻭ>@5/81ﻌﻞﻢﻌ;2ﻌ
@41ﻌ ﻲﻵﻱﻭﻘﻌ C45/4ﻌ /1:@>-85F10ﻌ @41ﻌ 5:?<1/@5;:ﻌ -A@4;>5@Eﻌ @;ﻌ @41ﻌ ﻱﻯﻌ 5:ﻌ ;>01>ﻌ @;ﻌ 1:4-:/1ﻌ @41ﻌ 9->71@ﻌ
?A>B1588-:/1ﻌ2A:/@5;:ﻚ
ﻵ:ﻌ @41ﻌ <>;/1??ﻌ ;2ﻌ @41ﻌ 5:?<1/@5;:ﻘﻌ @41ﻌ ﻱﻯﻌ 9-Eﻌ >1=A1?@ﻌ @41ﻌ ?A.95@@1>?ﻌ ;2ﻌ 05?/8;?A>1ﻌ ?@-@191:@?ﻌ @;ﻌ
?A.95@ﻌ >181B-:@ﻌ >1<;>@?ﻌ C41:ﻌ 5@ﻌ 0119?ﻌ 5@ﻌ :1/1??->Eﻌ -:0ﻌ -<<>;<>5-@1ﻌ 2;>ﻌ @41ﻌ <A.85/ﻌ 5:@1>1?@?ﻌ -:0ﻌ @41ﻌ
<>;@1/@5;:ﻌ;2ﻌ5:B1?@;>?ﻌ@;ﻌ0;ﻌ?;ﻚ
ﻭ?ﻌ-ﻌ>1?A8@ﻌ;2ﻌ?A/4ﻌ5:?<1/@5;:?ﻘﻌC41:ﻌ9-@1>5-8ﻌ95??@-@191:@?ﻌ->1ﻌ2;A:0ﻌ5:ﻌ@41ﻌ05?/8;?A>1ﻌ?@-@191:@?ﻘﻌ
@41ﻌﻱﻯﻌ9-71?ﻌ-ﻌ>1/;991:0-@5;:ﻌ@;ﻌ@41ﻌﻼ>591ﻌﻹ5:5?@1>ﻌ-:0ﻌ@41ﻌﻲﻭﻌﻯ;995??5;:1>ﻌ@;ﻌ5??A1ﻌ-:ﻌ;>01>ﻌ@;ﻌ
59<;?1ﻌ-095:5?@>-@5B1ﻌ9;:1@->Eﻌ<1:-8@51?ﻌ;:ﻌ@41ﻌ?A.95@@1>ﻚﻌﻵ:ﻌ-005@5;:ﻘﻌ@41ﻌﻱﻯﻌ>1/;991:0?ﻌ@41ﻌﻼ>591ﻌ
ﻹ5:5?@1>ﻌ-:0ﻌ@41ﻌﻲﻭﻌﻯ;995??5;:1>ﻌ@;ﻌ5??A1ﻌ-:ﻌ;>01>ﻌ@;ﻌ?A.95@ﻌ-91:010ﻌ05?/8;?A>1ﻌ?@-@191:@?ﻌ52ﻌ@41ﻌ
?A.95@@1>ﻌ4-?ﻌ:;@ﻌ?A.95@@10ﻌ?A/4ﻌ?@-@191:@?ﻚﻌ#5@4ﻌ>13->0ﻌ@;ﻌ<A.85/ﻌ;221>5:3?ﻌ;2ﻌ?1/A>5@51?ﻌ@4-@ﻌ2-5810ﻌ@;ﻌ
2581ﻌ?1/A>5@51?ﻌ>135?@>-@5;:ﻌ?@-@191:@?ﻘﻌC41>1ﻌ:1/1??->Eﻘﻌ@41ﻌﻱﻯﻌ/-:ﻌ2581ﻌ-ﻌ<1@5@5;:ﻌ2;>ﻌ-ﻌ/;A>@ﻌ5:6A:/@5;:ﻌ
A:01>ﻌﻌﻭ>@5/81ﻌﻝﻥﻞﻌ;2ﻌ@41ﻌﻲﻵﻱﻭﻘﻌ5:ﻌ-005@5;:ﻌ@;ﻌ9-75:3ﻌ-ﻌ>1/;991:0-@5;:ﻌ@;ﻌ5??A1ﻌ-:ﻌ;>01>ﻌ;2ﻌ@41ﻌ<1:-8@51?ﻌ
;>ﻌ2585:3ﻌ/>595:-8ﻌ/4->31?ﻚ

<Administrative Monetary Penalty System>
ﻵ:ﻌﻭ<>58ﻌﻞﻜﻜﻡﻘﻌ-:ﻌ-095:5?@>-@5B1ﻌ9;:1@->Eﻌ<1:-8@51?ﻌ?E?@19ﻌC-?ﻌ5:@>;0A/10ﻌ-?ﻌ-:ﻌ-095:5?@>-@5B1ﻌ91-?A>1ﻌ
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<->@5/5<-:@?ﻌ@;ﻌ.1ﻌ?182ﻙ05?/5<85:10ﻘﻌ@41ﻌﻯ-?1.;;7ﻌ;:ﻌ@41ﻌﻭ095:5?@>-@5B1ﻌﻹ;:1@->Eﻌﻼ1:-8@51?ﻌA:01>ﻌ@41ﻌﻲﻵﻱﻭﻌ
5?ﻌ<A.85?410ﻌ1-/4ﻌE1->ﻌﻔ@41ﻌ8-@1?@ﻌ105@5;:ﻌC-?ﻌ<A.85?410ﻌ5:ﻌﻶA8Eﻌﻞﻜﻝﻞﻕﻚ
ﻌ＀41ﻌ.-?5/ﻌ/;:/1<@ﻌ;2ﻌ@41ﻌ-095:5?@ >-@5B1ﻌ9;:1@->Eﻌ<1:-8@Eﻌ?E?@19
ʻ Publication of the Casebook on the Administrative Monetary Penalties under the FIEAʼ
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ﻔϼﻕﻰ1/5?5;:ﻌ<>;<;?-8
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ﻔϹﻕ﻾1/;991:0-@5;:
ɡ Ȼ ɮ Ȼ ɜ
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ﻔϻﻕ＀>5-8
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ﻻ221:01>
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-095:5?@>-@5B1ﻌ9;:1@->Eﻌ<1:-8@51?ﻌ2;>ﻌﻝﻡﻌ/-?1?ﻌ;2ﻌ5:?501>ﻌ@>-05:3ﻘﻌﻟﻌ/-?1?ﻌ;2ﻌ9->71@ﻌ9-:5<A8-@5;:ﻘﻌ-:0ﻌﻝﻝﻌ
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＀41ﻌ9-5:ﻌ>1/;991:0-@5;:ﻌ/-?1?ﻌ-?ﻌ;2ﻌﻭA3A?@ﻌﻞﻜﻝﻞﻌ->1ﻌ-?ﻌ2;88;C?ﻚ
ʪ Recent example cases of recommendation based on investigations of market
misconduct or disclosure statements inspectionsʫ
ɮʀɾʐʍʄʏʄʀʎȻɼʉɿȻɠʓɾʃɼʉʂʀȻɮʐʍʑʀʄʇʇɼʉɾʀȻɞʊʈʈʄʎʎʄʊʉ
ɮʀɾʐʍʄʏʄʀʎȻɼʉɿȻɠʓɾʃɼʉʂʀȻɮʐʍʑʀʄʇʇɼʉɾʀȻɞʊʈʈʄʎʎʄʊʉ
ɜɿʈʄʉʄʎʏʍɼʏʄʑʀȻɨʊʉʀʏɼʍʔȻɫʀʉɼʇʏʔȻɟʄʑʄʎʄʊʉȻ
ɟʄʎɾʇʊʎʐʍʀȻɮʏɼʏʀʈʀʉʏʎȻɤʉʎʋʀɾʏʄʊʉȻɟʄʑʄʎʄʊʉ
ﻭ<>ﻚﻌ ﻞﻜﻝﻝﻌ ﻯ-?1?ﻌ ;2ﻌ <A.85/ﻌ ;221>5:3ﻌ ;2ﻌ /;><;>-@1ﻌ .;:0?ﻌ C5@4;A@ﻌ 2585:3ﻌ ?1/A>5@51?ﻌ >135?@>-@5;:ﻌ
?@-@191:@?ﻌ.Eﻌ#;>80ﻌ﻾1?;A>/1ﻌﻯ;99A:5/-@5;:ﻌﻯ;ﻚﻘﻌﻸ@0ﻚ

ﻝﻌ
ﻺ;Bﻚﻌ ﻞﻜﻝﻝﻌ ﻯ-?1ﻌ;2ﻌ9->71@ﻌ9-:5<A8-@5;:ﻌ>18-@10ﻌ@;ﻌ@41ﻌ?4->1?ﻌ;2ﻌ＀>-B181>ﻌﻯ;ﻚﻘﻌﻸ@0ﻚ


ﻲ1.ﻚﻌ ﻞﻜﻝﻞﻌ ﻯ-?1ﻌ;2ﻌ5:?501>ﻌ@>-05:3ﻌ.Eﻌ-:ﻌ-0B5?;>ﻌ-@ﻌ＀-7-35ﻌ1/A>5@51?ﻌﻯ;ﻚﻘﻌﻸ@0ﻚ


ﻭ<>ﻚﻌ ﻞﻜﻝﻞﻌ ﻯ-?1ﻌ;2ﻌ2-8?1ﻌ?@-@191:@?ﻌ5:ﻌ-::A-8ﻌ?1/A>5@51?ﻌ>1<;>@?ﻘﻌ1@/ﻚﻌ;2ﻌﻻ8E9<A?ﻌﻯ;><;>-@5;:


ﻶA:ﻚﻌ ﻞﻜﻝﻞﻌ ﻯ-?1ﻌ;2ﻌ5:?501>ﻌ@>-05:3ﻌ.Eﻌﻲ5>?@ﻌﻺ1Cﻌ%;>7ﻌ1/A>5@51?ﻌﻸﻚﻸﻚﻯﻚﻌ;:ﻌ8->31ﻌ<A.85/ﻌ;221>5:3ﻌ;2ﻌ:1Cﻌ
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>135?@>-@5;:ﻌ?@-@191:@?ﻚﻌ

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-//;A:@?ﻚﻌ

ﻟﻦﻌ ＀41ﻌ /-?1ﻌ ;2ﻌ -ﻌ >1/;991:0-@5;:ﻌ -3-5:?@ﻌ 5:?501>ﻌ @>-05:3ﻘﻌ /;995@@10ﻌ .Eﻌ -:ﻌ -0B5?;>ﻌ C4;ﻌ C-?ﻌ 5:ﻌ -ﻌ <;?5@5;:ﻌ @;ﻌ
>1/15B1ﻌ 59<;>@-:@ﻌ 5:2;>9-@5;:ﻌ >18-@10ﻌ @;ﻌ @41ﻌ 9-:-3191:@ﻌ ;2ﻌ -ﻌ ?1/A>5@51?ﻌ /;9<-:Eﻘﻌ C45/4ﻌ C-?ﻌ .-?10ﻌ ;:ﻌ
5:2;>9-@5;:ﻌ-/=A5>10ﻌ5:ﻌ@41ﻌ/;A>?1ﻌ;2ﻌ45?ﻌ0A@51?ﻚﻌ

ﻠﻦﻌﻭ:ﻌ5:@1>:-@5;:-88Eﻌ>1/;3:5F10ﻌ/-?1ﻌ-:0ﻌ@41ﻌ25>?@ﻌ/-?1ﻌC41>1ﻌ.;@4ﻌ-ﻌ<1:-8@Eﻌ;>01>ﻌ-:0ﻌ/>595:-8ﻌ/4->31ﻌC1>1ﻌ
9-01ﻚ

ﻡﻦﻌ＀41ﻌ25>?@ﻌ/-?1ﻌ;2ﻌ-ﻌ>1/;991:0-@5;:ﻌ9-01ﻌ5:ﻌ/;;<1>-@5;:ﻌC5@4ﻌ@41ﻌ!ﻚﻚﻌ1/A>5@51?ﻌ-:0ﻌﻱD/4-:31ﻌﻯ;995??5;:ﻌ
2;>ﻌ5:?501>ﻌ@>-05:3ﻌ
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;:ﻌ-ﻌ8->31ﻌ<A.85/ﻌ;221>5:3ﻌ;2ﻌ:1Cﻌ?4->1?ﻌ/;995@@10ﻌ.Eﻌ-ﻌ<>;21??5;:-8ﻌ5:B1?@;>ﻚﻌ
ɌɌ
Enforcement – Criminal Investigation and Filing Criminal Charges
ﻵ:ﻌ;>01>ﻌ@4-@ﻌ@41ﻌ25:-:/5-8ﻌ-:0ﻌ/-<5@-8ﻌ9->71@?ﻌC;>7ﻌ<>;<1>8Eﻘﻌ5@ﻌ5?ﻌ59<;>@-:@ﻌ2;>ﻌ@41ﻌﻱﻯﻌ@;ﻌ911@ﻌ@41ﻌ
1D<1/@-@5;:?ﻌ-:0ﻌ3-5:ﻌ@41ﻌ@>A?@ﻌ;2ﻌ5:B1?@;>?ﻚﻌ＀4A?ﻘﻌ@41ﻌ5:B1?@53-@;>?ﻌA:01>ﻌ@41ﻌﻱﻯﻌ/;:?@-:@8Eﻌ9;:5@;>?ﻌ
@41ﻌ@>-01?ﻌ5:ﻌ@41ﻌ9->71@?ﻌ-:0ﻌ9-EﻌA@585F1ﻌ5@?ﻌ<;C1>ﻌ@;ﻌ5:B1?@53-@1ﻌ/-?1?ﻌC5@4ﻌ@41ﻌ:;:ﻙ/;9<A8?;>Eﻌ-:0ﻌ@41ﻌ
/;9<A8?;>Eﻌ<>;/1??ﻘﻌ1?<1/5-88Eﻌ2;>ﻌ25:05:3ﻌ;221:/1?ﻌ?A/4ﻌ-?ﻌ95?81-05:3ﻌ25:-:/5-8ﻌ?@-@191:@?ﻘﻌ9-:5<A8-@5;:ﻌ
;2ﻌ9->71@ﻌ<>5/1ﻘﻌ-:0ﻌ5:?501>ﻌ@>-05:3ﻚﻌﻌ
﻾13->05:3ﻌ @41ﻌ 5:B1?@53-@5;:ﻌ <>;/1??ﻘﻌ @41ﻌ :;:ﻙ/;9<A8?;>Eﻌ -/@5;:?ﻘﻌ ?A/4ﻌ -?ﻌ =A1?@5;:5:3ﻌ ?A?<1/@?ﻌ -:0ﻌﻌ
5:?<1/@5:3ﻌ@415>ﻌ0;/A91:@?ﻘﻌ-:0ﻌ->@5/81?ﻌ->1ﻌ0125:10ﻌ5:ﻌ?1/@5;:ﻌﻞﻝﻜﻌ;2ﻌ@41ﻌﻲﻵﻱﻭﻌ-:0ﻌ@41ﻌ/;9<A8?;>Eﻌ-/@5;:?ﻘﻌ
?A/4ﻌ-?ﻌB5?5@ﻌ-:0ﻌ?1->/4ﻌ@41ﻌ<>195?1?ﻌ-:0ﻌ?15FA>1ﻌ@41ﻌ;.61/@?ﻌC5@4ﻌC->>-:@ﻌ->1ﻌ0125:10ﻌ5:ﻌ?1/@5;:ﻌﻞﻝﻝﻌ;2ﻌ
@41ﻌﻲﻵﻱﻭﻚﻌ!:01>ﻌ@41?1ﻌ?1/@5;:?ﻘﻌ5:B1?@53-@;>?ﻌ/-:ﻌ0;ﻌ@41?1ﻌ-/@5;:?ﻌ@;ﻌ25:0ﻌ@41ﻌ<>;;2ﻌ;2ﻌB5;8-@5;:?ﻘﻌ-:0ﻌC41:ﻌ
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ﻔ/ﻚ2ﻚﻌ?1/@5;:ﻌﻞﻞﻢﻌ;2ﻌ@41ﻌﻲﻵﻱﻭﻕﻚ

ﻲ53A>1ﻌﻺ;ﻚﻌﻌﻌ＀41ﻌ<>;/1??ﻌ;2ﻌ5:B 1?@53-@5;:ﻌﻔ/>595:-8ﻌ/-?1?ﻕ
˗ Remarkable cases filed with public prosecutors (From August 2011 to July 2012)
ﻭA3ﻚﻌ ﻞﻜﻝﻝﻌ ﻲ>-A0A81:@ﻌ?/4191ﻌ;221:/1?ﻌ5:ﻌC45/4ﻌﻺ1?@-31ﻌﻯ;ﻚﻘﻌﻸ@0ﻚﻌ;B1>1?@59-@10ﻌ:;:ﻙ/-?4ﻌ-??1@?ﻌ5:ﻌ/-<5@-8ﻌ
-:0ﻌ>181-?10ﻌ@41ﻌ95?81-05:3ﻌ5:2;>9-@5;:ﻚ
ﻭA3ﻚﻌ ﻞﻜﻝﻝﻌ ﻻ221:/1?ﻌ5:ﻌC45/4ﻌ@41ﻌ?@;/7ﻌ<>5/1?ﻌC1>1ﻌ9-:5<A8-@10ﻌ.Eﻌﻹ5?13E;7Aﻘﻌ?4-9ﻌ;>01>ﻌ;2ﻌ-ﻌ0-Eﻙ@>-01>ﻌ
5:ﻌﻲA7A;7-ﻚ
ﻹ->ﻚﻌ ﻞﻜﻝﻞﻌﻌ ﻻ221:/1?ﻌ5:ﻌC45/4ﻌﻻ8E9<A?ﻌﻯ;><;>-@5;:ﻌ>181-?10ﻌ95?81-05:3ﻌ25:-:/5-8ﻌ?@-@191:@?ﻌ2;>ﻌ9;>1ﻌ@4-:ﻌ25B1ﻌ
E1->?ﻌC5@4ﻌ?A<<;>@ﻌ2>;9ﻌ;A@?501>?ﻚﻌ
ﻹ->ﻚﻌ ﻞﻜﻝﻞﻌ ﻲ>-A0A81:@ﻌ?/4191ﻌ;221:/1?ﻌ5:ﻌC45/4ﻌﻯ18->@19ﻌ＀1/4:;8;3Eﻌﻵ:/ﻚﻌ1D1/A@10ﻌ9-85/5;A?ﻌ2A:0ﻌ@>-:?21>ﻌ
-:0ﻌ>181-?10ﻌ95?81-05:3ﻌ5:2;>9-@5;:ﻚﻌ
ﻶA8ﻚﻌ ﻞﻜﻝﻞﻌﻌ ﻲ>-A0A81:@ﻌ?/4191ﻌ;221:/1?ﻌ5:ﻌC45/4ﻌﻭﻵﻶﻌﻵ:B1?@91:@ﻌﻭ0B5?;>?ﻌﻯ;ﻚﻘﻌﻸ@0ﻚﻌ/;:/1-810ﻌ@>-05:3ﻌ8;??1?ﻌ5:ﻌ
;>01>ﻌ@;ﻌ/;:/8A01ﻌ-ﻌ05?/>1@5;:->Eﻌ5:B1?@91:@ﻌ/;:@>-/@ﻚﻌ
ﻶA8ﻚﻌ ﻞﻜﻝﻞﻌ ﻵ:?501>ﻌ@>-05:3ﻌ;221:/1ﻌ5:ﻌC45/4ﻌ-:ﻌ1D1/A@5B1ﻌ;225/5-8ﻌ;2ﻌ-ﻌ.53ﻌ?1/A>5@51?ﻌ/;9<-:EﻌC-?ﻌ5:B;8B10ﻚﻌ
ﻯ;881/@5;:ﻌ;2ﻌ5:2;>9-@5;:ﻘﻌ>18-@10ﻌ0;/A91:@?ﻌ-:0ﻌ9-@1>5-8?ﻌ;2ﻌ@41ﻌ?A?<1/@?
ﻺ;:ﻙ/;9<A8?;>Eﻌ-/@5;:?ﻌﻔ=A1?@5;:5:3ﻌ@41ﻌ?A?<1/@?ﻘﻌ5:?<1/@5:3ﻌ@41ﻌ;.61/@?ﻕ
ﻯ;9<A8?;>Eﻌ-/@5;:?ﻌﻔB5?5@ﻌ-:0ﻌ?1->/4ﻌ@41ﻌ<>195?1?ﻘﻌ?15FA>1ﻌ@41ﻌ;.61/@?ﻌC5@4ﻌC->>-:@ﻕ
ﻲ585:3ﻌ;221:/1?ﻌC5@4ﻌ<>;?1/A@;>
ﻼ>;?1/A@5;:
ɮʀɾʐʍʄʏʄʀʎȻɼʉɿȻɠʓɾʃɼʉʂʀȻɮʐʍʑʀʄʇʇɼʉɾʀȻɞʊʈʈʄʎʎʄʊʉ
Ɍɍ
Policy Proposals
＀;ﻌ1:?A>1ﻌ9->71@ﻌ5:@13>5@Eﻌ-:0ﻌ<>;@1/@ﻌ5:B1?@;>?ﻘﻌC41>1ﻌ:1/1??->Eﻘﻌ@41ﻌﻱﻯﻌ/-:ﻌ?A.95@ﻌ<;85/Eﻌ<>;<;?-8?ﻌ
@;ﻌ@41ﻌﻼ>591ﻌﻹ5:5?@1>ﻘﻌ@41ﻌﻯ;995??5;:1>ﻌ;2ﻌ@41ﻌﻲﻭﻌ;>ﻌ@41ﻌﻹ5:5?@1>ﻌ;2ﻌﻲ5:-:/1ﻘﻌ.-?10ﻌ;:ﻌ@41ﻌ>1?A8@?ﻌ;2ﻌ@41ﻌ
9->71@ﻌ?A>B1588-:/1ﻘﻌ5:/8A05:3ﻌ5:?<1/@5;:?ﻌ;>ﻌ5:B1?@53-@5;:?ﻌ;2ﻌ/>595:-8ﻌ;221:/1?ﻚ
＀41ﻌ ﻱﻯﻌ /-:ﻌ ?A.95@ﻌ <;85/Eﻌ <>;<;?-8?ﻌ -2@1>ﻌ @41ﻌ ﻱﻯﻌ /;9<>141:?5B18Eﻌ -:-8EF1?ﻌ @41ﻌ >1?A8@?ﻌ ;2ﻌ
5:?<1/@5;:?ﻌ-:0ﻌ5:B1?@53-@5;:?ﻚﻌ#41:ﻌ/A>>1:@ﻌ8-C?ﻛ>13A8-@5;:?ﻌ;>ﻌ?182ﻙ>13A8-@5:3ﻌ>A81?ﻌ;:ﻌ?1/A>5@51?ﻌ@>-05:3ﻌ
->1ﻌ 2;A:0ﻌ @;ﻌ .1ﻌ 5:?A225/51:@ﻘﻌ @41ﻌ ﻱﻯﻌ /-:ﻌ <>;<;?1ﻌ >1B51C5:3ﻌ ?A/4ﻌ 8-C?ﻛ>13A8-@5;:?ﻌ ;>ﻌ >A81?ﻘﻌ <>1?1:@5:3ﻌ
?<1/525/ﻌ2-/@?ﻌ-:0ﻌ<>;.819?ﻌ5:ﻌ@4;?1ﻌ>13A8-@5;:?ﻚ
ﻵ:ﻌ25?/-8ﻌE1->ﻌﻞﻜﻝﻝﻘﻌ@41ﻌﻱﻯﻌ9-01ﻌ-ﻌ<;85/Eﻌ<>;<;?-8ﻌ@;ﻌ@41ﻌ1221/@ﻌ@4-@ﻌ5@ﻌ-8?;ﻌ:11010ﻌ@;ﻌ.1ﻌ-88;C10ﻌ@;ﻌ
59<;?1ﻌ <1:-8@51?ﻌ 5:ﻌ /-?1?ﻌ C41>1ﻌ -ﻌ <1>?;:ﻘﻌ C4;ﻌ 0;1?ﻌ :;@ﻌ 2-88ﻌ A:01>ﻌ @41ﻌ /-@13;>Eﻌ ;2ﻌ 25:-:/5-8ﻌ 5:?@>A91:@?ﻌ
.A?5:1??ﻌ;<1>-@;>?ﻘﻌ>1/15B1?ﻌ/;9<1:?-@5;:ﻌ2;>ﻌ/;:0A/@5:3ﻌA:2-5>ﻌ@>-05:3ﻌ;:ﻌ-//;A:@?ﻌ;2ﻌ;@41>?ﻚﻌ＀41ﻌ<>;<;?-8ﻌ
C-?ﻌ>1281/@10ﻌ5:ﻌ@41ﻌﻲﻵﻱﻭﻘﻌ-:0ﻌ/;:@>5.A@10ﻌ@;ﻌ@41ﻌ1?@-.85?491:@ﻌ;2ﻌ9->71@ﻌ>A81?ﻌ.-?10ﻌ;:ﻌ@41ﻌ>1-85@Eﻌ;2ﻌ@41ﻌ
25:-:/5-8ﻌ-:0ﻌ/-<5@-8ﻌ9->71@?ﻚ

Cooperation with Overseas Regulators
#5@4ﻌ@41ﻌ<>;3>1??ﻌ;2ﻌ38;.-85F-@5;:ﻌ;2ﻌ25:-:/5-8ﻌ-:0ﻌ/-<5@-8ﻌ9->71@?ﻘﻌ-:0ﻌ@41ﻌ>1/1:@ﻌ5:/>1-?1ﻌ5:ﻌ/>;??ﻙ.;>01>ﻌ
@>-:?-/@5;:?ﻘﻌ5@ﻌ5?ﻌ5:05?<1:?-.81ﻌ@;ﻌ?@>1:3@41:ﻌ5:@1>:-@5;:-8ﻌ/;;<1>-@5;:ﻌ5:ﻌ;B1>?534@ﻌ;2ﻌ9->71@ﻌ95?/;:0A/@ﻚ
＀41ﻌ ﻱﻯﻌ /;:@>5.A@1?ﻌ @;ﻌ 05?/A??5;:?ﻌ ;:ﻌ 9->71@ﻌ ?A>B1588-:/1ﻌ 5:ﻌ 5:@1>:-@5;:-8ﻌ 2;>A9?ﻌ ?A/4ﻌ -?ﻌ @41ﻌ
ﻵ:@1>:-@5;:-8ﻌ ﻻ>3-:5F-@5;:ﻌ ;2ﻌ 1/A>5@51?ﻌ ﻯ;995??5;:?ﻌ ﻔﻵﻻﻯﻻﻕﻚﻌ ﻵ:ﻌ -005@5;:ﻘﻌ @41ﻌ ﻱﻯﻌ /;;<1>-@1?ﻌ C5@4ﻌ
;B1>?1-?ﻌ >13A8-@;>?ﻌ @4>;A34ﻌ ﻵﻻﻯﻻﻌ ﻹA8@58-@1>-8ﻌ ﻹ19;>-:0A9ﻌ ;2ﻌ !:01>?@-:05:3ﻌ -:0ﻌ @4>;A34ﻌ .58-@1>-8ﻌ
5:2;>9-@5;:ﻌ 1D/4-:31ﻌ 2>-91C;>7?ﻌ 5:ﻌ ;>01>ﻌ @;ﻌ <>1/8A01ﻌ -:Eﻌ >13A8-@;>Eﻌ8;;<4;81?ﻌ 5:ﻌ 9->71@ﻌ ?A>B1588-:/1ﻚﻌ ﻵ:ﻌ
1<@19.1>ﻌﻞﻜﻝﻝﻘﻌ@41ﻌﻱﻯ?ﻌ-/@5B1ﻌ<>;B5?5;:ﻌ;2ﻌ5:2;>9-@5;:ﻌ>1?A8@10ﻌ5:ﻌ@41ﻌ05?/5<85:->Eﻌ-/@5;:ﻌ.Eﻌ1/A>5@51?ﻌ
-:0ﻌﻲA@A>1?ﻌﻯ;995??5;:ﻌﻔﻲﻯﻕﻌ;2ﻌﻴ;:3ﻌﻷ;:3ﻌ2;>ﻌ2>-A0A81:@ﻌ/>;??ﻌ.;->01>ﻌ@>-05:3ﻌC45/4ﻌ;//A>>10ﻌ5:ﻌ@41ﻌ
ﻶ-<-:1?1ﻌ9->71@ﻚ
#5@4ﻌ >1?<1/@ﻌ @;ﻌ 5:?<1/@5;:?ﻌ 2;>ﻌ 2;>153:ﻙ;C:10ﻌ 25:-:/5-8ﻌ 5:?@5@A@5;:?ﻌ -:0ﻌ ﻶ-<-:1?1ﻌ 25:-:/5-8ﻌ 5:?@5@A@5;:?ﻌ
C45/4ﻌ4;80ﻌ;B1>?1-?ﻌ;225/1?ﻘﻌ@41ﻌﻱﻯﻌ?4->1?ﻌ:1/1??->Eﻌ5:2;>9-@5;:ﻌC5@4ﻌ;B1>?1-?ﻌ>13A8-@;>?ﻚﻌﻹ;>1;B1>ﻘﻌ@41ﻌ
ﻱﻯﻌ <->@5/5<-@1?ﻌ 5:ﻌ ?A<1>B5?;>Eﻌ /;88131?ﻌ C45/4ﻌ ->1ﻌ 1?@-.85?410ﻌ 2;>ﻌ 8->31ﻌ -:0ﻌ 38;.-8ﻌ -/@5B1ﻌ 25:-:/5-8ﻌ
5:?@5@A@5;:?ﻚﻌ＀41ﻌﻱﻯﻌ5?ﻌC;>75:3ﻌ;:ﻌ1:4-:/5:3ﻌ/;;<1>-@5;:ﻌC5@4ﻌ;B1>?1-?ﻌ>13A8-@;>?ﻚ

Efforts for Outreach to Market Participants and Investors
ﻮ-?10ﻌ;:ﻌ@41ﻌﻲﻭﻌﻱ?@-.85?491:@ﻌﻸ-Cﻘﻌ@41ﻌﻱﻯﻌ<A.85?41?ﻌ-:ﻌﻭ::A-8ﻌ﻾1<;>@ﻌ-:0ﻌ<;?@10ﻌ5@ﻌ;:ﻌ@41ﻌC1.?5@1ﻌ
1B1>EﻌE1->ﻌ?5:/1ﻌ5@?ﻌ1?@-.85?491:@ﻌ5:ﻌﻝﻥﻥﻞﻚﻌ
ﻭ?ﻌ<->@ﻌ;2ﻌ5@?ﻌ0185B1>Eﻌ;2ﻌ5:2;>9-@5;:ﻌ2;>ﻌ1:4-:/10ﻌ9->71@ﻌ5:@13>5@Eﻘﻌ@41ﻌﻱﻯﻌ4;80?ﻌ05-8;3A1?ﻌ-:0ﻌ81/@A>1?ﻌ
2;>ﻌ 9->71@ﻌ 3-@1711<1>?ﻌ ?A/4ﻌ -?ﻌ 25:-:/5-8ﻌ 5:?@>A91:@?ﻌ .A?5:1??ﻌ ;<1>-@;>?ﻘﻌ ?182ﻙ>13A8-@;>Eﻌ ;>3-:5F-@5;:?ﻘﻌ
/1>@52510ﻌ<A.85/ﻌ-//;A:@-:@?ﻌ-:0ﻌ-@@;>:1E?ﻘﻌ-?ﻌC188ﻌ-?ﻌ2;>ﻌ1D1/A@5B1?ﻌ-:0ﻌ-A05@;>?ﻌ;2ﻌ85?@10ﻌ/;9<-:51?ﻚﻌ＀41ﻌ
ﻱﻯﻌ-8?;ﻌ4;80?ﻌ?195:->?ﻌ2;>ﻌA:01>3>-0A-@1ﻌ-:0ﻌ<;?@3>-0A-@1ﻌ?@A01:@?ﻚﻌ＀4>;A34ﻌ@41ﻌC1.?5@1ﻌ-:0ﻌ1ﻙ9-58ﻌ
9-3-F5:1ﻘﻌ@41ﻌﻱﻯﻌ5?ﻌ-8?;ﻌC;>75:3ﻌ@;ﻌ<>;B501ﻌ5:2;>9-@5;:ﻌ;:ﻌ@41ﻌ?5@A-@5;:ﻌ;2ﻌ5@?ﻌ-/@5B5@51?ﻌ;:ﻌ-ﻌ@5918Eﻌ.-?5?ﻚ

ɌɎ
Activities in Figures
Activities in Figures
ɯɼɽʇʀȻʊʁȻɮʐʈʈɼʍʔ
63
270
270
-
-
-
-
7
1,106
1,106
-
-
88
-
0
-
5
-
-
1,199
3,825
1992
to
2003
2004
2005
2006
2007
2008
2009
2010
2011
Total
11
17
17
-
-
-
-
0
113
113
-
-
27
-
0
-
0
-
-
140
674
11
39
29
9
-
1
-
5
150
111
-
39
28
-
1
-
2
2
0
183
875
13
43
28
9
5
1
-
3
150
99
-
51
27
-
1
-
6
7
1
192
1,039
10
59
28
21
10
0
-
0
187
138
2
47
32
0
1
-
1
10
2
233
1,098
13
50
18
20
12
0
0
4
191
117
1
73
25
0
0
-
5
7
0
228
1,031
(4)
(19)
(4)
(10)
(5)
(0)
(0)
(4)
(62)
(20)
(1)
(41)
(4)
(0)
(0)
-
(2)
(1)
(0)
(69)
(276)
17
74
21
43
10
0
0
4
176
90
23
63
24
1
1
-
5
9
0
216
749
8
63
18
26
19
0
2
2
148
91
6
51
28
2
1
0
1
6
0
186
691
15
45
16
18
11
0
3
1
148
85
14
49
32
6
9
4
0
2
1
202
913
157
641
441
136
62
2
5
22
2,307
1,930
45
332
307
9
14
4
23
42
4
2,710
10,619
Business year
Fiscal year
Category
Criminal charges
Recommendations
Recommendations based on
securities inspections
Recommendations to pay administrative
monetary penalty (market misconduct)
Recommendations for order
to submit revised report, etc.
Recommendations to pay administrative
monetary penalty (false statements in
disclosure statements, etc.)
Petition for a court injunction, etc., against
unregistered business operator or solicitation
without the filing of securities registration
statements
Proposals
Financial instrument businesses
operators
Registered financial institutions
Persons making notification for bussiness specially
permitted for qualified institutional investors
Financial instruments intermediaries
Self-regulatory organizations
Investment corporation
Other
Total
Market oversight
Credit rating agencies
Unit: Number of case
Note:
1. Total number of securities inspections refers to the number of cases that have been started.
2. In addition to the inspections of Type I financial instrument businesses operators (former domestic securities companies) above, Local
Finance Bureaus and other organizations conduct inspections of individual branches of those Type I financial instrument businesses operators
(former domestic securities companies) that are assigned to the SESC.
3. Up until business year 2006, "investment management firms" was "former investment trust management businesses," and "investment
advisories/agencies" was "former investment advisories."
4. Up until business year 2008, there was a "business year basis" of July to June the following year, and since fiscal year 2009, there has been
an "accounting year basis" of April to March the following year.
5. The numbers in parentheses ( ) in business year 2008 refer to the number of cases in the period (April-June 2009) which overlap with fiscal
year 2009 during the transition to the "accounting year basis."
Securities inspections
Type I financial instrument
businesses operators
Type II financial instrument
businesses operators
Investment management firms
Investment advisories/agencies
ɮʀɾʐʍʄʏʄʀʎȻɼʉɿȻɠʓɾʃɼʉʂʀȻɮʐʍʑʀʄʇʇɼʉɾʀȻɞʊʈʈʄʎʎʄʊʉ
Ɍɏ
!:5@ﻦﻌﻺA9.1>ﻌ;2ﻌ/-?1?
ﻵ:ﻌ>1/1:@ﻌE1->?ﻘﻌ@41ﻌﻱﻯﻌ4-?ﻌ>1/15B10ﻌ-:ﻌ5:/>1-?5:3ﻌ:A9.1>ﻌ;2ﻌ>1<;>@?ﻌ;2ﻌ<1;<81ﻌ<>1@1:05:3ﻌ@;ﻌ.1ﻌ2>;9ﻌ@41ﻌﻲﻭﻘﻌ
@41ﻌﻱﻯﻘﻌ;>ﻌ-:ﻌ;>3-:5F-@5;:ﻌ?1195:38Eﻌ>18-@10ﻌ@;ﻌ@41ﻌﻲﻭﻌ;>ﻌ@41ﻌﻱﻯﻘﻌ;>ﻌ;2ﻌ<1;<81ﻌ/8-595:3ﻌ@;ﻌ.1ﻌ-ﻌ?@-22ﻌ919.1>ﻌ;2ﻌ
@41ﻌﻱﻯﻌﻔA?5:3ﻌ-/@A-8ﻌ:-91?ﻌ;2ﻌ05B5?5;:?ﻌ-:0ﻌ<1>?;::18ﻕﻘﻌC4;ﻌ?@-@1ﻌ@4-@ﻦ
ﻴ1ﻛ?41ﻌ5?ﻌ0;5:3ﻌ>1?1->/4ﻌ;:ﻌ@41ﻌ0-9-31?ﻌ2>;9ﻌ<>5B-@1ﻌ1=A5@51?ﻌ -:0ﻌ@4-@ﻌ@41ﻌ<>5B-@1ﻌ1=A5@51?ﻌ;C:10ﻌ.Eﻌ@41ﻌ/-88ﻌ
>1/15B1>ﻌ5?ﻌ3A->-:@110ﻌ@;ﻌ.1ﻌ85?@10ﻌ-:0ﻘﻌ@4A?ﻘﻌ?-21ﻚﻌﻭ>;A:0ﻌ@41ﻌ?-91ﻌ@591ﻘﻌ?;91;:1ﻌ/-885:3ﻌ459ﻛ41>?182ﻌ-:ﻌ5??A1>ﻌ;2ﻌ
<>5B-@1ﻌ1=A5@51?ﻌ?4;C?ﻌA<ﻌ-:0ﻌ?A331?@?ﻌ-:ﻌ-005@5;:-8ﻌ<A>/4-?1ﻌ;2ﻌ@41ﻌ<>5B-@1ﻌ1=A5@51?ﻚ
ﻻ>ﻦ
＀41ﻌ/-88ﻌ>1/15B1>ﻌ5?ﻌ-ﻌB5/@59ﻌ;2ﻌ<>5B-@1ﻌ1=A5@51?ﻌ5:B1?@91:@ﻌ- :0ﻘﻌ@41>12;>1ﻘﻌ@41ﻌ/-881>ﻌC588ﻌ:13;@5-@1ﻌC5@4ﻌ@41ﻌ
/;9<-:Eﻌ2;>ﻌ.AE.-/7ﻌ5:ﻌ1D/4-:31ﻌ2;>ﻌ211?ﻌ;>ﻌ>1C->0?ﻚ
ﻺ;@1ﻦﻌ1D-9<81?ﻌ;2ﻌ:-91?ﻌ?1195:38Eﻌ>18-@10ﻌ@;ﻌ@41ﻌﻱﻯﻦ
1/A>5@51?ﻌ A>B1588-:/1ﻌ ﻯ;995??5;:ﻘﻌ ﻺﻼﻻﻌ 1/A>5@51?ﻌ A>B1588-:/1ﻌ ﻯ;995??5;:ﻘﻌ 1/A>5@51?ﻌ -:0ﻌ ﻱD/4-:31ﻌ ﻭA05@ﻌ
ﻯ;995??5;:ﻘﻌ1/A>5@51?ﻌ-:0ﻌﻱD/4-:31ﻌA>B1588-:/1ﻌﻭ??;/5-@5;:ﻘﻌ1@/ﻚﻌ
ﻼ81-?1ﻌ.1ﻌB1>Eﻌ/->12A8ﻌ;2ﻌ?A?<5/5;A?ﻌ/-88?ﻌ?A/4ﻌ-?ﻌ@41ﻌ-.;B1ﻚﻌ@-22ﻌ;2ﻌ@41ﻌﻲﻭﻌ-:0ﻌ@41ﻌﻱﻯﻌ:1B1>ﻌ/-88ﻌ@;ﻌ91:@5;:ﻌ
C41:ﻌ<>5B-@1ﻌ1=A5@51?ﻌC588ﻌ.1ﻌ85?@10ﻘﻌ;>ﻌ@;ﻌ:13;@5-@1ﻌ@415>ﻌ<A>/4-?1ﻚﻌ＀41EﻌC588ﻌ-8?;ﻌ:1B1>ﻌ/;:@-/@ﻌ<1;<81ﻌ5:05B50A-88Eﻌ@;ﻌ
<>;B501ﻌ5:2;>9-@5;:ﻌ;:ﻌ@41ﻌ/>105.585@Eﻌ;2ﻌ-ﻌ/;9<-:Eﻚﻌﻺ;>ﻌC588ﻌ?A/4ﻌ;<1>-@5;:?ﻌ.1ﻌ;A@?;A>/10ﻚ
ﻵ2ﻌE;Aﻌ4-B1ﻌ>1/15B10ﻌ?A/4ﻌ-ﻌ/-88ﻘﻌ<81-?1ﻌ/;:@-/@ﻌ@41ﻌﻲﻭﻌﻯ;A:?185:3ﻌﻻ225/1ﻌ2;>ﻌﻲ5:-:/5-8ﻌ1>B5/1?ﻌ!?1>?ﻌ;>ﻌ@41ﻌ
ﻱﻯﻓ?ﻌ5:2;>9-@5;:ﻌ/;881/@;>ﻌ-:0ﻌ<>;B501ﻌ@419ﻌC5@4ﻌE;A>ﻌ5:2;>9-@5;:ﻘﻌ-:0ﻌ-8?;ﻌ>1<;>@ﻌ@41ﻌ5:/501:@ﻌ@;ﻌ-ﻌ<;85/1ﻌ?@-@5;:ﻌ
:1->ﻌE;Aﻚ
Information Reception Situation
Information Reception Situation
ﻔﻺ;@1ﻌﻝﻕﻌﻮA?5:1??ﻌE1->ﻌ.-?5?ﻌﻔﻶA8Eﻌ@;ﻌﻶA:1ﻌ@41ﻌ2;88;C5:3ﻌE1->ﻕﻌA:@58ﻌﻮ%ﻞﻜﻜﻤﻚﻌﻎﻭ//;A:@5:3ﻌE1->ﻌ.-?5?ﻎﻌﻔﻭ<>58ﻌ@;ﻌﻹ->/4ﻌ@41ﻌ2;88;C5:3ﻌE1->ﻕﻌ?5:/1ﻌﻲ%ﻞﻜﻜﻥﻚ
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Be alert for malicious phone calls pretending to be from the FSA or the SESC!
Warnings about private equities, etc.
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Ɍɐ
ﻺ;@1ﻦﻌ＀41ﻌ@C;ﻌ1885<?1?ﻌ/>;??5:3ﻌ1-/4ﻌ;@41>ﻌ?E9.;85F1ﻌ@41ﻌ?1/A> 5@51?ﻌ9->71@?ﻌ-:0ﻌ25:-:/5-8ﻌ2A@A>1?ﻌ
9->71@?ﻘﻌ C45/4ﻌ ->1ﻌ .;@4ﻌ ?A.61/@ﻌ @;ﻌ ;A>ﻌ ?A>B1588-:/1ﻧﻌ @41ﻌ /;;<1>-@5;:ﻌ .1@C11:ﻌ @41ﻌ ﻱﻯﻌ -:0ﻌ
;@41>ﻌ0;91?@5/ﻌ-A@4;>5@51?ﻌ/;:/1>:10ﻧﻌ-:0ﻘﻌC4-@?ﻌ9;>1ﻘﻌ;A>ﻌ>18-@5;:?45<ﻌC5@4ﻌ5:B1?@;>?ﻚ
ﻭ:0ﻌ@41ﻌ?8;3-:ﻌ2;>ﻌ5:B1?@;>?ﻘﻌC5@4ﻌ5:B1?@;>?ﻌ>1<>1?1:@?ﻌ@41ﻌ<>5:/5<81ﻌ<;?5@5;:ﻌ;2ﻌ@41ﻌﻱﻯﻘﻌ
C45/4ﻌC-?ﻌ1?@-.85?410ﻌ@;ﻌ<>;@1/@ﻌ5:B1?@;>?ﻌ-:0ﻌ>1?<1/@ﻌ5@?ﻌ>18-@5;:?45<ﻌC5@4ﻌ@419ﻚﻌ
ﻸ;3;ﻌ;2ﻌ1/A>5@51?ﻌ-:0ﻌﻱD/4-:31ﻌA>B1588-:/1ﻌﻯ;995??5;:
ɞʃɼʄʍʈɼʉȻȻɦʀʉʄɾʃʄȻɮɜɟɪ
ɞʊʈʈʄʎʎʄʊʉʀʍȻȻɨɼʎɼʔʐʆʄȻɴɪɮɣɤɟɜȻ
Introduction of Chairman and Commissioners
Introduction of Chairman and Commissioners
ﻷ1:5/45ﻌﻭﻰﻻﻌC-?ﻌ-<<;5:@10ﻌﻯ4-5>9-:ﻌ;2ﻌ@41ﻌﻱﻯﻌ5:ﻌ
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41ﻌ?1>B10ﻌ-?ﻌ?A<1>5:@1:05:3ﻌ<A.85/ﻌ<>;?1/A@;>ﻌ;2ﻌ@41ﻌ
-<<;>;ﻌﻴ534ﻌﻼA.85/ﻌﻼ>;?1/A@;>?ﻌﻻ225/1ﻌﻔﻞﻜﻜﻡﻞﻜﻜﻢﻕﻌ
-:0ﻌ ?A<1>5:@1:05:3ﻌ <A.85/ﻌ <>;?1/A@;>ﻌ ;2ﻌ @41ﻌ ﻲA7A;7-ﻌ
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ﻹ-?-EA75ﻌ %ﻻﻴﻵﻰﻭﻌ C-?ﻌ -<<;5:@10ﻌ ﻯ;995??5;:1>ﻌ ;2ﻌ
@41ﻌﻱﻯﻌ5:ﻌﻰ1/19.1>ﻌﻞﻜﻝﻜﻚﻌﻮ12;>1ﻌ.15:3ﻌ-<<;5:@10ﻌ@;ﻌ
@41ﻌ ﻯ;995??5;:ﻘﻌ 41ﻌ ?1>B10ﻌ -?ﻌ -ﻌ ﻭ0B5?;>ﻘﻌ ﻺ-3-?459-ﻌ
ﻻ4:;ﻌﻒﻌ＀?A:19-@?Aﻌﻸ-Cﻌﻲ5>9ﻌﻚ
ɞʊʈʈʄʎʎʄʊʉʀʍȻȻɮʃʄʉʔɼȻɡɰɦɰɟɜ
ɮʀɾʐʍʄʏʄʀʎȻɼʉɿȻɠʓɾʃɼʉʂʀȻɮʐʍʑʀʄʇʇɼʉɾʀȻɞʊʈʈʄʎʎʄʊʉ
Ɍɑ
＀41ﻌ ﻱﻯﻌ 1:@1>10ﻌ @41ﻌ ﻣ@4ﻌ @1>9ﻌ ?5:/1ﻌ 5@?ﻌ 1?@-.85?491:@ﻌ 5:ﻌ ﻝﻥﻥﻞﻚﻌ ＀41ﻌ ﻱﻯﻌ
-::;A:/1?ﻌ 5@?ﻌ ﻼ;85/Eﻌ @-@191:@ﻌ 1B1>Eﻌ @4>11ﻌ E1->?ﻚﻌ ＀45?ﻌ 8-@1?@ﻌ ?@-@191:@ﻌ C-?ﻌ
9-01ﻌ<A.85/ﻌ;:ﻌﻶ-:A->Eﻌﻝﻤﻘﻌﻞﻜﻝﻝﻚ
ﻖﻌﻱﻯﻌﻯ4-5>9-:ﻌﻷ1:5/45ﻌ-0;ﻌ-:0ﻌﻯ;995??5;:1>?ﻌ45:E-ﻌﻲA7A0-ﻌ-:0ﻌﻹ-?-EA75ﻌ%;?450-ﻌC1>1ﻌ
-<<;5:@10ﻌ-:0ﻌ?@->@10ﻌ@415>ﻌ:1CﻌﻟﻙE1->ﻌ@1>9ﻌ;:ﻌﻰ1/19.1>ﻌﻝﻟﻘﻌﻞﻜﻝﻜ
Towards Enhanced Market Integrity
 SESC’s Policy Statement for the 7th Term


Ɍɒ
＀41ﻌ1/A>5@51?ﻌ-:0ﻌﻱD/4-:31ﻌA>B1588-:/1ﻌﻯ;995??5;:ﻌﻔﻱﻯﻕﻌ5?ﻌ/;995@@10ﻌ@;ﻌ<A>?A5:3ﻌ@41ﻌ2;88;C5:3ﻌ
95??5;:ﻦ
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To ensure integrity of capital markets, and
͓șș
To protect investors
＀41ﻌﻶ-<-:1?1ﻌ/-<5@-8ﻌ9->71@?ﻌ4-B1ﻌ.11:ﻌ1D<1>51:/5:3ﻌ0E:-95/ﻌ/4-:31?ﻚﻌﻌﻳ8;.-8ﻌ122;>@?ﻌ@;ﻌ>1.A580ﻌ
@41ﻌ 5:@1>:-@5;:-8ﻌ >13A8-@;>Eﻌ 2>-91C;>7?ﻌ ->1ﻌ ;:3;5:3ﻌ .-?10ﻌ A<;:ﻌ 81??;:?ﻌ 81->:10ﻌ 2>;9ﻌ @41ﻌ 38;.-8ﻌ
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<;85/Eﻌ05>1/@5;:?ﻚ
(1) Market oversight with prompt and strategic actions
@>-@135/ﻌA?1ﻌ;2ﻌ;A>ﻌ>13A8-@;>Eﻌ@;;8?ﻌﻔ1ﻚ3ﻚﻌ9->71@ﻌ?A>B1588-:/1ﻘﻌ5:?<1/@5;:ﻌ;2ﻌ?1/A>5@51?ﻌ25>9?ﻌ-:0ﻌ
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(2) Outreach activities for enhanced market integrity
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2;>ﻌ9->71@ﻌ5:@13>5@E
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(3) Response to the globalization of markets
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1. Mission
1. Mission
2. Policy Directions
2. Policy Directions
ɮʀɾʐʍʄʏʄʀʎȻɼʉɿȻɠʓɾʃɼʉʂʀȻɮʐʍʑʀʄʇʇɼʉɾʀȻɞʊʈʈʄʎʎʄʊʉ
3. Policy Priorities
Ɍɓ
3. Policy Priorities
＀41ﻌ ﻱﻯﻌ 5?ﻌ 01@1>95:10ﻌ @;ﻌ ?@>-@135/-88Eﻌ 9;.585F1ﻌ 5@?ﻌ >13A8-@;>Eﻌ @;;8?ﻌ -:0ﻌ >1?;A>/1?ﻌ C5@4ﻌ
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(1) Comprehensive and proactive market surveillance
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(2)

Strict actions to market misconduct and false disclosure statements
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(3) Timely and efficient inspections and investigations in response to disclosure violations
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(4) Enhanced use of administrative monetary penalty system
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(5) Efficient and effective inspections corresponding to the characteristics of firms
to be inspected
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(6) Enhanced cooperation with SROs
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Information Gathering from the general public
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˗ SESC Information Gathering
ﻭ00>1??ﻦﻟﻙﻞﻙﻝﻷ-?A953-?175ﻘﻯ45E;0-ﻙ7Aﻘ＀;7E;ﻝﻜﻜﻙﻤﻥﻞﻞﻘﻶ-<-:
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˗ SESC Pension Investment Hotline
＀181<4;:1ﻦﻌﻗﻤﻝﻙﻟﻙﻟﻡﻜﻢﻙﻢﻢﻞﻣ
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˗ SESC Whistle Blowing & Advice
＀181<4;:1ﻦﻌﻗﻤﻝﻙﻟﻙﻟﻡﻤﻝﻙﻥﻤﻡﻠ
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4@@<ﻦﻛﻛCCCﻚ2?-ﻚ3;ﻚ6<ﻛ?1?/ﻛ7;A175ﻛ7;A175ﻚ4@9
˗ SESC Website:
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˗ E-mail Information Service E-mail magazine
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