+-------------------------------------------------------------------------------+-------------+-------------+-------------+-------------+-------------+ | | FY1997 | FY1998 | FY1999 | FY2000 | FY2001 | +-------------------------------------------------------------------------------+-------------+-------------+-------------+-------------+-------------+ | I. Investment Vehicles (Attractive investment instruments) | | | | | | |-------------------------------------------------------------------------------|-------------|-------------|-------------|-------------|-------------| |(1) Diversity of the types of bonds |-------------|-------------| | | | |(2) Diversity of derivatives products |-------------|-------------| | | | |(3) Developing Investment Trust Products | | | | | | | <1> Introduction of the Cash Management Account |-------------| | | | | | <2> OTC sales of investment trusts products by banks |-------------|-------------| | | | | <3> Private placement of investment trusts | |-------------| | | | | <4> Investment company type funds | |-------------| | | | |(4) Review of the Definition of Securities |-------------|-------------|-------------|----------> | | |(5) Enhancement of corporate vitality and efficient use of capital |-------------|-------------| | | | +-------------------------------------------------------------------------------+-------------+-------------+-------------+-------------+-------------+ | II. Markets (An efficient and trusted framework for transactions) | | | | | | |-------------------------------------------------------------------------------|-------------|-------------|-------------|-------------|-------------| |(1) Improvement of transaction system in Stock Exchange |-------------|-------------| | | | |(2) Improvement of the OTC (JASDAQ) market system |-------------|-------------| | | | |(3) Deregulation of the solicitation by the securities firms of the unlisted, |-------------| | | | | | unregistered stocks | | | | | | |(4) Improvement of of the share lending maeket |-------------|-------------| | | | |(5) Improvement of the clearing ans settlement system for securities |-------------|-------------|-------------|----------> | | |(6) Strengthening inspection, surveillance and enforcement system |-------------|-------------|-------------|----------> | | |(7) Strengthening Disclosure |-------------|-------------|-------------|----------> | | +-------------------------------------------------------------------------------+-------------+-------------+-------------+-------------+-------------+ | III.Financial Intermediaries (Diverse investment service to meet client needs)| | | | | | |-------------------------------------------------------------------------------|-------------|-------------|-------------|-------------|-------------| |(1) Deregulating Brokerage Commissions | |-------------|-------------| | | |(2) DIverse activity by intermediaries |-------------|-------------| | | | |(3) Employing holding company structure |-------------|-------------| | | | |(4) Strengthning asset management services |-------------|-------------| | | | |(5) Enhancing the monitoring system of the soundness of securities companies |-------------|-------------| | | | |(6) Entry regulations of the securities companies | | | | | | | <1> Licensing System reform | |-------------| | | | | <2> Enhancing mutual entry into banking, securities and trust business |-------------|-------------|-------------| | | |(7) Investor protection related to exits of intermediaries from the market | | | | | | | <1> Strict separation of client assets from securities companies' own assets |-------------|-------------| | | | | <2> Enhancing the securities Deposit Compensation Fund scheme | |-------------| | | | +-------------------------------------------------------------------------------+-------------+-------------+-------------+-------------+-------------+ | Review of the taxation related to securities | |-------------|-------------| | | | Shift to the new administrative regime | |-------------| | | | +-------------------------------------------------------------------------------+-------------+-------------+-------------+-------------+-------------+