Resources

JFMC and GFMA send letter to IOSCO Cross-Border Task Force

Given the global nature of today’s markets, cross-border regulatory developments need to be conducted in a coordinated and efficient manner.  Well regulated and stable finanical markets will play an important role in economic and business recovery.  But there have been a number of recent examples of extraterritorial regulation from one country having a detrimental impact on this efficiency.

IBA Japan Statement on restrictions on the re-entry into Japan of non-Japanese nationals during the COVID-19 Pandemic

The International Bankers Association of Japan (IBAJ) represents 53 major non-Japanese global banking groups operating in Japan. We work closely with the Japanese financial authorities such as the Ministry of Finance, the Bank of Japan, and the Financial Services Agency. We also collaborate with the self-regulatory organizations including the Japan Securities Dealers Association and the Tokyo Stock Exchange in addition to other trade organizations such as the Japanese Bankers Association. IBAJ was founded over 35 years ago.

IBA Japan welcomes the draft of Japan’s new Corporate Governance Code

The International Bankers Association of Japan (IBA Japan) welcomes the draft of Japan’s Corporate Governance Code (‘Code’), which sets out guiding principles for Japanese corporate issuers. The Code, together with the recently adopted Stewardship Code, provides a framework which should provide both the domestic and international investment community with important information and evidence of corporate behaviours that will help them in their investment decision making.

Full document attached.

A government appointed panel sets out Japan’s progress in developing its financial and capital markets

The goal of the Panel is to vitalise the Japanese economy, promote business and develop the Tokyo market into a leading international financial centre by 2020.  A wide range of measures have been made including regulatory and structural changes to help support this aim and the report also highlights some further issues which need to be tackled.

http://www.fsa.go.jp/en/refer/councils/vitalizing/20150721/01.pdf    

Letter to IOSCO and BCBS setting out how current margin settlement requirements will negatively disadvantage Japan and Asian markets because of time zone differences

The Japan Financial Markets Council (JFMC) and the International Swaps and Derivatives Association (ISDA) sent a letter to IOSCO and BCBS pointing out how the current margin settlement requirements for uncleared swaps will disadvantage Japan and Asian markets because they are in a different time zone. The T+1 requirement will place an additional burden on market participants in the Asia-Pacific region including their access to types of collateral which may result in higher overall funding costs.

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