This Client Alert contains a summary of the recent released proposed amendments to the various financial regulations of Japan in response to the AIJ scandal and is intended as a follow up to our Client Alert issued on September 11, 2012 regarding the actions proposed by the Financial Services Agency of Japan (“FSA”) to prevent the recurrence of the AIJ Scandal.
On October 12, 2012, the FSA released the proposed language of amendments to various Cabinet Office Ordinances (naikaku furei) and the Supervisory Guidelines (kantoku-shishin) regulating the asset management business in Japan. The proposed changes to the Cabinet Office Ordinances and Supervisory Guidelines appear to be consistent with the proposed action plan that had been previously issued by the FSA in September. The FSA is also still considering the manner by which it will implement the amendments to the various laws which were proposed in its action plan.
Please see full alert below for more information.