Japan SEC to introduce fines for offshore funds

Wednesday, 21 December 2011 01:08 - - {{hitsCtrl.values.hits}}

TOKYO (Reuters): A Japanese financial watchdog is set to tweak regulations so foreign funds can be fined for illicit activity in the country’s markets, as it looks to crackdown on offshore entities that have until now been beyond its reach.

The Securities and Exchange Surveillance Commission, Japan’s market regulator, on Tuesday proposed changing laws so it can penalise firms not registered in Japan.

Japan’s financial authorities have been beefing up regulatory oversight on foreign funds in response to growing concerns of dubious trading ahead of public share offerings.