Press Conference by the Minister for Financial Services

(Excerpt)

17 May, 2002

Commissioner Mori will today sign the Statement of Intent (SOI) with the U.S. Securities Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The SOI is part of the Information Sharing Arrangement regarding the exchange of information on securities and securities derivatives matters, and will be supported by diplomatic Notes Verbale between the governments to be exchanged today. The arrangement is similar to those with China and Singapore, enabling the exchange of information between the authorities to combat illegal cross-border transactions in today's border-less world.

Q.

Does the FSA have similar arrangements with other countries?

A.

No, except for the three countries I just mentioned. We hope that the arrangement with the U.S., which has the world's largest markets, will serve as a basis for future discussions with other foreign authorities, and will facilitate smooth conclusion of similar arrangements with them.