Multiplex illegal transaction in securities market - sham financing

2014 Fiscal Year Final Research Report

• Project/Area Number: 24730091
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Multi-year Fund
• Research Field: Civil law
• Research Institution: Kansai University
• Principal Investigator: UEDA Shinji 関西大学, 法学部, 教授 (00359770)
• Project Period (FY): 2012-04-01 – 2015-03-31
• Keywords: 不公正ファイナンス / 偽計 / market abuse

Outline of Final Research Achievements

This study is intended to target the so-called sham financing. Specifically, this study deals with (1) the interpretation over the "fraudulent means" of the Financial Instruments and Exchange Act (Act No. 25 of 1948) Article 158 and (2) institutional issues of securities market. To accomplish these problems, I went a foreign business trip during the study period. In particular, a visit to the Max Planck Institute for Comparative and International Private Law in Germany became very useful for this study.
Then, I have published a study (dealing with sham financing) about the case of Painthouse. In the study, I not only pointed out the problems of the ruling, but also showed the personal opinion about the interpretation of "fraudulent means".
In addition, I had the opportunity to report the cases over the disposal of delisting that stock exchange ordered. I have examined the listing rules of the stock exchange in the study.

Free Research Field

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