Acceptance of the public opinions has been finished.Thank you for your cooperation.

March 26,2004
Financial Services Agency

Questionnaire Survey on Disclosure of Foreign Securities in English Language in the Japanese Market

The Financial Services Agency (FSA) has commissioned the Financial System Council to deliberate ''Disclosure in English language of disclosure documents'' in consideration of the report by the First Subcommittee of the Financial System Council titled ''Towards a Financial System led by Market Functions'' dated December 24, 2003. Currently, foreign companies (including foreign governments, foreign investment trusts, etc.) are required to submit disclosure documents such as Prospectus and Securities Report in Japanese language under the Japanese Securities and Exchange Law. The objective of this Questionnaire is whether to allow the submission of these disclosure documents in English language in the Japanese market.

We have decided to seek opinions broadly from investors and foreign companies about whether to allow foreign companies to submit disclosure documents in English language. Data of these opinions will be used as reference materials in the deliberation process by the Financial System Council. Your cooperation will be deeply appreciated.

Please answer each question in the questionnaire (the form is downloadable here: Questionnaire (Word format) (PDF format)), and send back the form to us by e-mail or fax by 5:00 p.m. Friday April 9, 2004 (JST).

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Please be advised of the following when sending the completed questionnaire. Your reply to this questionnaire will be used only for the purpose of this survey and will not be used for any other purposes. In addition, no individual respondents or company name will be disclosed when making the results of this survey public. Please acknowledge that we may need to contact you if we have any queries in the process of summarizing the results.

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Questionnaire	For investors	(MS Word format)	(PDF format)
	For foreign companies	(MS Word format)	(PDF format)

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