How Japan’s insider trading regime has changed deals

Author: Ashley Lee | Published: 14 Aug 2014

Japan’s year-old insider trading regulations have caused major changes in both M&A and capital markets transactions according to counsel in the country.

A series of insider trading scandals and leaks prompted Japan to introduce amendments to its insider trading regulations in June last year.

While the regulations were intended to bring the country’s insider trading policy in line with those internationally, they actually became stricter than global standards.

Last year counsel were especially concerned with the regulator’s focus on someone’s intent for receiving confidential confirmation.

In the year since the rules were promulgated, the regulator has clarified a few points. But they have changed how deals are executed in both capital markets and corporate transactions.

KEY TAKEAWAYS

 Japan introduced a stricter regime for...