Two employees of the Kansai Mirai Financial Group, a regional bank group headquartered in Osaka, were accused of insider trading before the inside information was released that the company would become a wholly owned subsidiary of a major financial company. The Transaction Surveillance Commission has recommended to the Financial Services Agency to order a surcharge of more than 1.9 million yen in total.
Two people, an employee in their 40s and a relative living in Hyogo Prefecture of the Kansai Mirai Financial Group, a regional bank group headquartered in Osaka, were recommended.
According to the Securities and Exchange Surveillance Commission, this employee used an account in the name of an acquaintance in October 2020, before the inside information that Kansai Mirai became a wholly owned subsidiary of financial giant "Resona Holdings" was announced. , and purchased shares of Kansai Mirai for over 4.5 million yen.
In addition, a relative who was informed of the information by the employee also bought shares in Kansai Mirai, and the two earned a combined profit of more than 1.3 million yen.
The Surveillance Committee recommended that the Financial Services Agency impose a fine of more than 1.9 million yen on the two men for insider trading prohibited by the Financial Instruments and Exchange Act.
Kansai Mirai Financial Group commented, "We sincerely apologize to everyone involved. We will take it seriously and work to further strengthen our compliance with laws and regulations to prevent recurrence."