July 14, 2008
Financial Services Agency

FSA publishes its responses to public comments and conclusions 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 on 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 took effect on June 1, 2008.

Details of the responses and the FSA's conclusions are now available in English

Widening the scope of disclosure in English is referred to in the Better Market Initiative (BMI; formerly called 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 BMI in a timely manner, with a view to constructing the markets of high quality that are attractive internationally.