Bloomberg reports that Japan's Securities and Exchange Surveillance Commission and Yokohama city prosecutors are investigating former SMBC Nikko executive Hiroyoshi Yoshioka, 50, and three other people, the financial watchdog said in a statement.
Japanese regulators are cracking down on insider tradingafter recent disclosures of leaked information have eroded confidence in the nation’s capital markets. Nomura Holdings, the country’s largest brokerage, this month acknowledged its employees’ role in providing confidential data ahead of share sales that the investment bank managed in 2010.
'We are very sorry and we take very seriously that our former executive was arrested', SMBC Nikko President Eiji Watanabe said at a news conference in Tokyo Monday. 'This should never happen'.
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