The Securities and Exchange Surveillance Commission announced recommendations for surcharge payment orders concerning insider trading using undisclosed information related to a public tender offer and market manipulation involving エコミック shares.
On 11 September 2026, the Securities and Exchange Surveillance Commission recommended that the Prime Minister and the Commissioner of the Financial Services Agency issue a surcharge payment order concerning insider trading involving アイロムグループ shares and inappropriate trading using undisclosed information related to the fact that the shares would be subject to a public tender offer. A defining feature of the case was that a person in a position to learn undisclosed information concerning the public tender offer used that information. The importance of implementing rigorous information-management measures for external parties as well was emphasised. The explanation at the linked page states that trading based on undisclosed information undermines market fairness.
A recommendation for a surcharge payment order was also issued on 15 September 2026 concerning market manipulation involving エコミック shares. Using multiple accounts, the subject carried out a series of transactions intended to push up the share price over 10 trading days, repeatedly employing multiple methods, including buy orders near the best bid, matched trades, purchasing other parties’ sell orders and market buy orders intended to influence the closing price. These actions are alleged to have created the false impression that the shares were actively traded and to have moved the market price.