Bill for Amendment of the Financial Instruments and Exchange Act, etc. enacted
Series of reports on the 2008 amendments to the Financial Instruments and Exchange Act
July 25, 2008
Summary
◆The Bill for Amendment of the Financial Instruments and Exchange Act, etc. was enacted on 6 June.
◆Based on a December 2007 Financial System Council report, the purposes of this bill included creating new exchange markets for professionals, diversifying ETFs, revamping the regulations on firewalls between securities firms and banks, and strengthening the system of administrative monetary penalties.
◆Following the case in January 2008, when fictitious large shareholding reports were published, a system is being adopted to stop publication of disclosure documents where the authorities have issued a correction order.
◆The amendments shall come into effect from a date to be specified by a Cabinet Order, within six months (one year for the firewall regulations) from the day of promulgation.
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