Past Events

Japan Tax Reform Program for 2016

Mr. Hans-Peter Musahl, Partner

Mr. Jonathan Stuart-Smith, Partner

 Mr. Kazuhiro Ebina, Partner

Financial Services Group, EY Tax Co. 

 

On December 16th  the Japanese Government released its annual Tax Reform Program (for the year 2016).  
Although the details of the tax reform will be unveiled in the bills revising the tax laws and the succeeding amended tax laws, cabinet orders and ministerial ordinances, this proposal represents a starting point to analyse possible changes within the Japanese taxation system.  
Experts from Ernst & Young will give IBA Japan members their insight on how these changes will impact the financial services industry in Japan. The presentation will cover various topics including:  

 

Update on the Japanese Income Tax amendments Changes related to Consumption Tax The 2016  Tax reform within the BEPS framework 

The new T+1 framework for JGBs: overview and what this means for firms

Mr. Masato Ui, Director, Payment and Settlement Systems Department, Bank of Japan

Mr. Nicolas Tollie, Head of Capital Markets and Japan Representative, Sia Partners KK

In the first half of 2018 the new framework to shorten JGB settlement cycle to T+1 will be implemented and, ahead of that, the necessary infrastructure is being put in place.

Mr. Ui, Director of the Payment and Settlement Systems Department at BOJ will discuss current issues related to the programme. He will set out:

Initiatives to reduce settlement risk after the Lehman crisis Shortening of the JGB settlement cycle (T+1) Challenges for cross-border transactions Development of the new BOJ-NET

In the second part of the presentation, Mr. Tollie from Sia Partners will examine the change from the users’ prospective: he will present the results of their market readiness survey, an operation model and  an infrastructure-readiness timeframe to prepare for this change. The presentation will also cover:

Special collateral repo and general collateral T+0 repo. Key challenges for market participants to comply with the JGB T+1 Working Group guidelines. guidelines. 

 

Corruption, money laundering and bribery: navigating the increasingly complex regulatory framework and being aware of key investigatory developments

Mr. William Robinson, Partner, Hong Kong

Ms. Akiko Yamakawa, Partner, Tokyo

Mr. Alexander Dmitrenko, Associate, Tokyo

Freshfields Bruckhaus Deringer

Money laundering, corruption, and human rights’ violations are at the forefront of many regulators’ and governments’ concerns. In order to mitigate the risks related to these behaviors, the authorities have put in place a range of measures, including sanctions, to limit their impact. This framework has often been inspired by US enforcement actions.

International financial institutions and multinational companies face many challenges in complying with what is now a complex regulatory environment. They need to, for example, identify indicators of money laundering and corrupt activities, and limit abuse by cartels. To do this, the companies need to have a range of robust measures in place.

The consequences to an institution of violating these regulations are significant: there can be substantial fines; the institution’s reputation can be severely damaged; and this can result in the loss of business opportunities.  

Three experts from Freshfields Bruckhaus Deringer from Hong Kong and Tokyo offices will present current regulatory trends in key areas including:

Anti-money laundering and “know your client” Anti-bribery and corruption: the U.S. Foreign Corrupt Practices Act (FCPA), UK Bribery Act, etc. Recent developments in sanctions regimes targeting Iran, Myanmar and Russia and their impact on Japanese businesses (to whom foreign banks may be providing the funding and therefore exposed).