Japan's Financial Services Agency posted yesterday two documents explaining the country's New Legislative Framework for Investor Protection -- "Financial Instruments and Exchange Law." The 16-page pamphlet summarizes the changes to Japan's laws. Changes are being made to the definition of securities, the scope of derivative transactions, disclosure rules, tender offer rules and various other significant provisions.
The changes represent a comprehensive revision to Japan's laws. Four laws will be abolished and consolidated in the new Financial Instruments and Exchange Law; these are the Financial Futures Trading Law, the Law Concerning Foreign Securities Firms, the Law Concerning the Regulation of Investment Advisory Services Relating to Securities, and the Law Concerning the Regulation of Morgage Business. Eighty-nine other laws will be amended and, in some ways, consolidated into the new law.
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