It was not until 17 July 2013, after the SFC followed up on Nomura Hong Kong's 11 June report, that Nomura Hong Kong informed the SFC for the first time that the trader had engaged in inappropriate conduct. Nomura gave the SFC the preliminary report two days later. "Nomura left out highly relevant information from its first report to the SFC and then had to be chased to report properly," said Mark Steward, the SFC's executive director of enforcement. "There can be no excuses for such delays in reporting matters requiring our immediate attention. Delays, like these, contribute to misconduct and prejudice investigations. "Intermediaries must report problems to us immediately – not after internal investigation, not after legal advice has been obtained but straightaway, without leaving out any important information."