Financial Instruments and Exchange Act of Japan

In this paper we will discuss about the Financial Instruments and Exchange Act of Japan. It was introduced to control the businesses in the financial market more effectively. In addition to that, the Japan government introduced a new legislation, which abandoned and also corrected some existing acts.
The Financial Instruments and Exchange Act of Japan covers the local bonds, stocks, government bonds, interest in trusts, corporate bonds, derivatives, interests in the collective investment fund, futures etc. Some acts are corrected and some were abandoned by the new legislation introduced by the Japan government, in 2006.

The acts, which had been corrected, were the, Shinkin Bank Act, Real Estate Syndication Act, Securities and Exchange Act, Norinchukin Bank Act, Trust Banking Act; Act regarding the Sale of Financial Products etc.

On the other hand, the acts, which had been abolished, were the Financial Futures Trading Act; Act regarding the Regulation of Investment Advisory Service Relating to Securities, Foreign Securities Firms concerning Act, Act regarding the Regulation of Mortgage Business.

Objectives:

The main aim of the Financial Instruments and Exchange Act was to:

1. Define the collective investment scheme clearly broaden the meaning of derivatives.

2. Introduce a “statutory quarterly reporting system” for some listed companies.

3. Increase the maximum criminal penalties against the fraud cases, like false annual financial reports.

4. Review the regulations on large shareholding reports and tender offers.

5. Enhance the internal control over the process of financial reporting.

6. Widen the scope of the financial instruments firms.

7. Introduce some business regulations in the businesses of sales and solicitation.

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Last Updated on : 1st August 2013

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