FSA’s Proposal to Prevent the Recurrence of the AIJ Scandal and the Results of the Second Survey

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On September 4, 2012, the Financial Services Agency of Japan (“FSA”) published its proposal of measures to prevent the recurrence of the AIJ scandal while providing the opportunity to the public to provide their opinions regarding such measures by October 4, 2012. In addition to the foregoing, the FSA also published the interim results of the second survey that the FSA commenced this April regarding certain discretionary investment management companies (“DIMs”) selected by the FSA in accordance with the first survey.

FSA’s Proposal to Prevent the Recurrence of the AIJ Scandal -

Different from the normal protocol, the FSA published its proposals without a specific draft of the relevant regulations. The absence of this draft of the regulations may be due to the significant FSA concerns regarding the AIJ scandal and the FSA’s wish to consider as many ideas as possible prior to preparing a draft of the regulations.

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Topics:  Asset Management, Financial Services Authority, Penalties

Published In: Administrative Agency Updates, Business Torts Updates, Criminal Law Updates, Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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