Japan’s securities watchdog decided to close a three-month investigation into Nomura Securities brokerage firm, concluding that there was no evidence the company broke any securities law, even if the regulator found “several” more cases than the initial three employees who may have leaked information to clients.

The Securities and Exchange Surveillance Commission (SESC) also mentioned in its final report that it recommended the Financial Service Agency (FSA) to take measures against Nomura, for poor brokerage standards compliance, but it did not specify how the penalty should look like.

This means Nomura could get away with only a warning to “improve” its operations, analysts say. A decision by the FSA could be announced within a month.

Nomura reacted with a statement in which says that it takes “the SESC’s recommendation seriously and will further enhance and reinforce our internal control structure to regain the trust of the public.”

Nomura has previously admitted it was the source of leaks of information before planned public offerings by energy firm Inpex, Mizuho Financial Group and Tokyo Electric Power.

Japan plans to strengthen the regulations over insider trading, in response to criticism that standards are too low.