Chairman's Comment on the Financial Instruments and Exchange Law

On June 7, the Financial Instruments and Exchange Law was passed by the Diet. JBA released the Chairman's comments on the Law as follows on the same day.

Ten years have passed since the Japanese Big Bang initiative was launched. During this period, many financial deregulations and market reform measures have been implemented, resulting in diversified financial products and an expanded scope of financial product dealers. In response to these developments reinforcing the rules and regulations for protecting users has become urgent.

The Financial Instruments and Exchange Law was enacted today amidst the shift from savings to investments among consumers. The Law stipulates general rules for protecting individuals with regards to a variety of financial investment products. The Law has provided a timely and important institutional framework for ensuring the co-existence/co-prosperity of users and financial product dealers, that is, the safety/security of individuals and sound development of financial product dealers.

JBA will take necessary measures to enforce the Law so that each bank can properly comply with the aim of the Law. We hope that concerned parties consider securing the convenience and protection of individuals in drafting the cabinet/ministerial ordinances and other details.