A division of the Japan Financial Services Agency.

http://www.fsa.go.jp/sesc/english/index.htm

The Securities and Exchange Surveillance Commission (SESC) is a Japanese commission which comes under the authority of the Japan Financial Services Agency. It is responsible for ensuring fair transactions in both securities and financial futures markets.

The SESC conducts daily market surveillance, inspections of financial instruments firms, administrative monetary penalties investigations, disclosure statements inspections and criminal investigations into securities fraud. In cases where misconduct that impair the fairness of trading are found as the results of these activities, it may recommend administrative disciplinary actions or file formal complaints to the public prosecutors. The SESC does not have the power to punish those who violate the law or regulations. Instead, it reports its findings to the cabinet, prosecutors, and the Financial Services Agency with recommendations.

SESC Pamphlet (PDF)

http://en.wikipedia.org/wiki/Securities_and_Exchange_Surveillance_Commission