May 30, 2008
Financial Services Agency

FSA statement following completion of the public consultation process on the
English-Language Disclosure System

On March 12, 2008, the Financial Services Agency (FSA) published a draft Cabinet Office Ordinance and draft Guidelines for the purpose of revising the current Cabinet Office Ordinance on the English-Language Disclosure System, and invited comments on the proposed Cabinet Office Ordinance and the Guidelines until April 14, 2008.

As a result, we received a total of 38 responses from seven entities. The FSA appreciates the respondents and others for their consideration of the proposed measures.

The revised Cabinet Office Ordinance was promulgated today, May 30, 2008, and the Cabinet Order that prescribes the effective date of the revamped English-Language Disclosure System for foreign issuers other than those of foreign ETFs (exchange-traded funds) was promulgated on May 28. Accordingly, the revised Cabinet Office Ordinance will take effect on June 1, 2008.

Details of the responses and the FSA's conclusions are already available in Japaneseopen new window, and English translation will also be posted in due course.

Widening the scope of disclosure in English is referred to in the Plan for Strengthening the Competitiveness of Japan's Financial and Capital Markets, which was issued on December 21, 2007. The FSA is committed to implementing measures incorporated in the Plan in a timely manner, with a view to constructing the markets of high quality that are attractive internationally.


Financial Services Agency
Telephone: +81-(0)3-3506-6000 (main)
Corporate Accounting and Disclosure Division (ext. 2766)

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