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Beginning in October 2008, the First Subcommittee of the Sectional Committee on Financial System of the Financial System Council held five sessions of deliberations on ways to build market infrastructures that are fair and transparent and provide a high level of diversity and convenience.
The deliberations focused on the following issues, from the standpoint of strengthening the competitiveness of Japan's financial and capital markets, while giving due consideration to the global market turmoil caused by the U.S. subprime mortgage problem:
(i) A framework for regulation of credit rating agencies;
(ii) Alliances among financial instruments and commodity exchanges; and
(iii) Review of the disclosure systems.
As for the review of the disclosure systems, the Disclosure Working Group set up under the Subcommittee held deliberations from the experts' viewpoints.
Based on these deliberations, the Subcommittee put together and published today a report, "Toward Building Reliable and Vibrant Markets." The Disclosure Working Group also put together a report, "On the Review of the Disclosure Systems."
- Report by the Disclosure Working Group, First Subcommittee of the Sectional Committee on Financial System of the Financial System Council: On the Review of the Disclosure Systems (Available in Japanese)