[Japan Securities and Exchange Surveillance Commission Applies for Injunction Against Three Unregistered Companies] According to CoinPost, the Japan Securities and Exchange Surveillance Commission (SEC) filed an application with the Tokyo District Court on November 10, requesting a cease and desist order against three unregistered companies engaged in financial product trading: 4CAPITAL MANAGEMENT, Shibata Research Institute, and Ando Research Institute, along with their three representatives. The SEC alleges that the three companies sold "Evolution" and "S&P 500 Index" products established by an insurance institution under the US ITA Group, raising approximately 4.9 billion yen from at least 2,141 general investors between February 2021 and February 2026. An investigation by the Kanto Finance Bureau revealed that the three companies described "Evolution" as investing in ETFs that invest in Bitcoin spot, and marketed "S&P 500 Index" as a "principal-protected" product with a 160% return on principal if held for 20 years. The SEC pointed out that these products did not guarantee investment returns. Ando Research Institute also unregisteredly sold private bonds to a limited number of investors through an agency network including Shibata Research Institute, raising approximately 2.5 billion yen from at least 402 individuals. Of this, Shibata Research Institute's portion consisted of 132 individuals and approximately 800 million yen. The Supervisory Committee stated that this application does not prohibit refunds to customers, but cautioned that unregistered operators may use funds from other customers for refunds.