In view to the financial crises, the FSA strengthened its co-operation with foreign supervisory authorities and established supervisory colleges comprised of major relevant foreign authorities to large financial institutions based in Japan.
The report describes the progress made to improve the quality of financial regulation and supervision in order to enhance its effectiveness, efficiency, consistency and transparency.
The FSA has been implementing measures on the following five areas of focus:
Ø Enhancing dialogue with financial institutions and other relevant parties, for example by increasing opportunities for exchange of views with the financial industry, including foreign business organizations.
Ø Enhancing dissemination of information, through active use of lectures, speeches, interviews, and contribution of articles. Dissemination of information in English has also been enhanced, including on the FSA website.
Ø Strengthening co-operation with foreign authorities, including by contribution to international debate on the sub-prime mortgage problem at international fora, and by strengthened multilateral and bilateral framework for co-operation.
Ø Enhancing research functions for prompt recognition of market developments, exemplified by the establishment of the Office for Supervisory Policy, Financial Market and Risk Analysis in July 2008 in order to promote further advancement of risk analysis.
Ø Redoubling efforts for human resource development, including through provision of intensive staff training as well as recruitment of experts and personnel exchanges with the private sector.
The FSA notes that it needs to deepen discussions with financial institutions about the Principles and improve the predictability of regulatory actions by enhancing its framework for hearings to identify their points of question regarding the interpretations of laws and regulations.
Press release
Second progress report
© FSA Japan
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