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