Tadahiro Matsushita, the Financial services Minister in Japan on July 3, 2012 said that it has asked 12 large security houses involved in public offering to have a look at their information control system. The minister has also told the houses to inform his ministry about the reports.
The request has come after surfacing of the scandals over insider trading in number of large public offerings in Japan. The Japan’s Securities and Exchange Surveillance Commission, since March has sought fines against a total of three investment firms in four cases. The ministry had even named the five Japanese firms and seven foreign firms.