Japan Financial Services Agency updates adjudication trial docket including March 12 hearing for Wilco Holdings disclosure case

The Japan Financial Services Agency published an updated list of adjudication (trial) proceedings as of January 23, Reiwa 8, summarising the current status of ongoing and concluded cases involving market manipulation, insider trading and alleged false statements in securities reports. The update shows one case concluded, several matters proceeding without a hearing following written admissions, and two cases continuing with hearings to be scheduled or held. The concluded matter relates to alleged market manipulation in a non-equity stock of Taiheiyo Metals Co., Ltd. (Reiwa 5 (Judgment) 17). Ongoing proceedings include an insider trading case involving overseas residents who received communications from employees of negotiators in contract talks with Demae-kan Co., Ltd. (Reiwa 6 (Judgment) 27), with the first trial date to be specified later. In cases involving Toyoda Gosei Co., Ltd. (Reiwa 7 (Judgment) 21), Kusim Co., Ltd. (Reiwa 7 (Judgment) 22), FISCO Co., Ltd. (Reiwa 7 (Judgment) 23) and EPS Holdings Co., Ltd. tender offer-related insider transactions (Reiwa 7 (Judgment) 24), the agency notes the trial date will not be held because respondents submitted written replies admitting the facts of the violations. For the Wilco Holdings Co., Ltd. securities reporting case (Reiwa 7 (Judgment) 25), the first trial date is set for Thursday, March 12, Reiwa 8 at 14:00. The agency notes that trial dates may be changed or cancelled, including where a respondent submits an acknowledgment of the violation, and that dates will be announced one week in advance; hearings are in principle public, with attendance subject to a lottery if demand is high.