In response to recent high profile insider trading incidents conducted by tippees who received inside information from corporate insiders, especially in connection with public offerings made in Japan, on July 4, 2012, the Financial Services Agency of Japan (the “Japan FSA”) appointed the “Working Group on Insider Trading Regulations” (the “Working Group”) to evaluate and make recommendations regarding the future direction of the insider trading regulations in Japan.

On December 25, 2012, the Working Group publicly released its report to the Japan FSA setting forth its recommendations for amendments to the existing rules and regulations with respect to insider trading set forth in the Financial Instruments and Exchange Act of Japan (the “FIEA”).

This Client Alert is a summary of the key recommendations made by the Working Group.

Please see full alert below for more information.