(Provisional Translation)
May 5, 2005
Financial Services Agency, Japan

Signing of the Information Sharing Arrangement with the Securities and Futures Commission of Hong Kong

On May 5, Mr. Akira Shichijo, Senior Vice Minister for Financial Services, visited Hong Kong and met Mr. Andrew L.T. Sheng, Chairman of the Securities and Futures Commission of Hong Kong (''SFC''). During the meeting, Senior Vice Minister Shichijo, together with SFC Chairman Sheng, signed a Statement of Intent (''SOI'') concerning Cooperation, Consultation and the Exchange of Information, in order to establish a framework for the exchange of information on securities markets between the Financial Services Agency (''FSA'') and the SFC.

(Note) The signing of the SOI is based on Article 189 of the Securities and Exchange Law concerning cooperation with foreign securities regulators for enforcing foreign securities laws. The SOI was signed after the exchange of Notes Verbale (''Notes'') between the Consulate-General of Japan to the Hong Kong Special Administrative Region of the People's Republic of China (''Hong Kong SAR'') and the Government of the Hong Kong SAR.

With the internationalization of securities markets, as shown by the increased number of cross-border securities transactions, there are growing needs for major securities regulators to share information on unfair cross-border securities activities, in order to appropriately oversee securities markets.

For this purpose, we have established the framework for the exchange of information with the securities regulator of Hong Kong which oversees one of the leading securities markets in Asia, a market which is closely related to our own.

Under the framework set by the Notes and the SOI, the securities regulators of Japan and Hong Kong will exchange information regarding securities markets such as information on securities transactions upon request by each authority.

The FSA has already entered into similar information sharing frameworks with the securities regulators of the following jurisdictions.

  • China (March 1997)
  • Singapore (December 2001)
  • United States of America (May 2002)
  • Australia (September 2004)

For further information, please contact:

International Affairs Division
Deputy Director
Shintaro TANAKA
Tel: +81-(0)3-3506-6000 (ext. 3693)

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