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Commissioner McCreevy met with Mr Yuji Yamamoto, Japanese Minister for Financial Services for an exchange of views on the recent developments in the Japanese and the EU capital markets, including the introduction of the Japanese Financial Instruments and Exchange Law (FIEL) and the EU MiFID Directive.
Minister Yamamoto explained the efforts to enhance the attractiveness of the financial and capital market in Japan as an international financial center.
Commissioner McCreevy, in this context, showed a particular interest in the potential initiatives underway, including issues of the firewalls regulation.
Commissioner McCreevy and Minister Yamamoto agreed on the necessity to enhance mutual understandings and co-operation in the area of auditing including audit oversight systems. A final goal should be to move towards mutual reliance on each others’ regulatory systems. Both parties agreed to hold a technical-level meeting before the end of this year to monitor the developments in both accounting and auditing areas.