Front Matter Page
© 2012 International Monetary Fund
August 2012
IMF Country Report No. 12/230
Japan: IOSCO Objectives and Principles of Securities Regulation—Detailed Assessment of Implementation
This paper was prepared based on the information available at the time it was completed in August, 2012. The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of Japan or the Executive Board of the IMF.
The policy of publication of staff reports and other documents by the IMF allows for the deletion of market-sensitive information.
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Washington, D.C.
Front Matter Page
Financial Sector Assessment Program
Japan
IOSCO Objectives and Principles of Securities Regulation
Detailed Assessment of Implementation
August 2012
International Monetary Fund
Monetary and Capital Markets Department
Contents
Glossary
I. Summary
II. Introduction
III. Information and Methodology Used for the Assessment
IV. Institutional Structure
V. Basic Legal Framework for Market Participants
VI. Market Structure
VII. Preconditions for effective securities regulation
VIII. Main Findings
IX. Detailed Assessment of IOSCO Principles
Tables
1. Summary Implementation of the IOSCO Principles—Detailed Assessments
2. Recommended Action Plan to Improve Implementation of the IOSCO Principles
3. Detailed Assessment of the Implementation of the IOSCO Principles
Glossary
| ADR | Alternative Dispute Resolution |
| ASBJ | Accounting Standards Board of Japan |
| BAC | Business Accounting Council |
| BOJ | Bank of Japan |
| CIS | Collective Investment Schemes |
| CPA | Certified Public Accountant |
| CPAA | Certified Public Accountant Act |
| CPAAOB | Certified Public Accounting and Auditing Oversight Board |
| DICJ | Deposit Insurance Corporation of Japan |
| FIBO | Financial Instruments Business Operator |
| FIEA | Financial Instruments Exchange Act |
| GAAP | Generally Accepted Accounting Principles |
| IMBO | Investment Management Business Operator |
| IOSCO | International Organization of Securities Commissions |
| ITAJ | Investment Trust Association of Japan |
| ITIC | Investment Trust and Investment Corporations Act |
| JSDA | Japan Securities Dealers Association |
| JSIAA | Japan Securities Investment Advisers Association |
| OSBM | Office of Securities Business Monitoring |
| OSE | Osaka Stock Exchange |
| OTC | Over the counter |
| MoF | Minister of Finance |
| MoFS | Minister of Financial Services |
| MoU | Memorandum of Understanding |
| MMoU | IOSCO Multilateral Memorandum of Understanding |
| NAV | Net Asset Value |
| PM | Prime Minister |
| PTS | Proprietary Trading System |
| SESC | Securities Exchange and Surveillance Commission |
| SRO | Self Regulatory Organization |
| TSE | Tokyo Stock Exchange |
| Type II FIA | Type II Financial Instruments Association |