Front Matter

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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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

Japan: IOSCO Objectives and Principles of Securities Regulation: Detailed Assessment of Implementation
Author: International Monetary Fund