March 19, 2008
Financial Services Agency
The FSA Publishes Frequently Asked Questions Regarding
the Notification Requirements for Foreign Audit Firms, etc.
The revised Certified Public Accountants Act, etc., which were passed by the Diet in June 2007, introduced, among other things, the Notification Requirements for Foreign Audit Firms, etc.
On September 28, 2007, the Financial Services Agency (FSA) published the proposed Cabinet Orders and Cabinet Office Ordinances necessary to implement the revised Certified Public Accountants Act, etc. At that time, the entirety of the proposed Cabinet Orders and the Cabinet Office Ordinances were posted for to public consultation in the Japanese language on the FSA's website.
In addition, on October 16, 2007, English translation of the provisions of the proposed Cabinet Office Ordinance pertaining to the notification requirements for foreign audit firms, etc. and relevant documents were also published on the FSA's website for further public consultation.
As a result of the public consultation in the English language, the FSA received approximately 120 comments from nine organizations. The FSA appreciates those who took the time to examine the proposed provisions for responding to the consultation.
Taking into account the comments received, the FSA hereby publishes the "Frequently Asked Questions (FAQ) Regarding the Notification Requirements for Foreign Audit Firms, etc." The FAQ aims not only to respond to the comments received by the FSA, but also to provide a comprehensive picture of the newly introduced Notification Requirements for Foreign Audit Firms, etc. It also includes English translation of the final texts of the Cabinet Office Ordinance and its forms, as well as the relevant provisions of the Certified Public Accountants Act, etc.
The finalized Cabinet Office Ordinance, entitled "the Cabinet Office Ordinance Regarding Notification Requirements for Foreign Audit Firms, etc.", was promulgated on 14 March, 2008, and will become effective on April 1, 2008, concurrently with the Certified Public Accountants Act.
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