Resources

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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