(Provisional Translation)
June 26, 2006
Financial Services Agency
Government of Japan

The Financial Services Agency of Japan and the Securities and Exchange Commission of the United States held the ''High-Level Dialogue''

1. On June 26, the Financial Services Agency of Japan (''FSA'') and the Securities and Exchange Commission of the United States (''SEC'') held their second regular high-level bilateral dialogues (''Dialogue'') in Washington D.C. The FSA Commissioner Gomi and the SEC Chairman Cox participated in the Dialogue, together with other high-level staffs from both organizations.

   • (Note) The framework of the Dialogue (Terms of Reference) was agreed upon by the FSA and the SEC in January this year, setting forth the objectives, timing and venue, participants, and agenda. The Dialogue this time is held in accordance with this terms of reference.

2. In this Dialogue, the FSA and the SEC discussed various issues, including accounting and auditing standards, corporate governance and internal controls, approaches to securities companies and other market intermediaries (including regulation of Funds), approaches to self-regulated entities and rating agencies (including supervisory approaches to exchanges against the background of the increasing cross-border integration and reorganization), approaches to facilitating technological advances in securities markets, cross-border enforcement cooperation, etc. Through the Dialogue, the two organizations deepened their mutual understanding.
3. The FSA and the SEC confirmed that they would hold the Dialogue regularly, in accordance with the terms of reference. The next Dialogue is to be held in Japan next year.