On 28 January 2022, the Japan Fair Trade Commission published a report warning that setting offering prices for startup companies without sufficient explanation or reasonable grounds may give rise to concerns under the Japanese Anti-Monopoly Act. Given the authority’s close scrutiny of such transactions, securities companies involved in initial public offerings are strongly advised to review their offering price-setting processes, including whether sufficient discussions have been held with the startup companies, to ensure that they are not setting prices unilaterally.
Hiroaki Nagahashi is a member of the Firm's Antitrust & Competition Law group, Corporate/ M&A group and Dispute Resolution group in Tokyo. He is seasoned in the areas of M&A, competition law (including the Antimonopoly Act, among others), consumer protection law (including the False Labeling Prevention Act, Food Labeling Act and other advertising & labeling regulations, domestic and international litigation and general corporate law. He is admitted to practice in Japan and New York and certified as a Food Labeling Consultant by the Food Labeling Testing Institute.