The FSA published for public consultation a draft Cabinet Office Ordinance for the purpose of revising the current Cabinet Office Ordinances on the English-Language Disclosure System. The effective date of the English-Language Disclosure System for foreign issuers other than issuers of foreign ETFs will be specified by a Cabinet Order once the Cabinet Office Ordinance is finalized, and the revised rules will be applicable to Foreign Company Reports submitted on and after the same date.
The English-Language Disclosure System was brought into force on December 1, 2005 exclusively for issuers of foreign exchange traded funds, with the effctive date for other foreign issuers to be set by March 31, 2009.
The proposed revisions to the Cabinet Office Ordinances aim to relax the requirements for the application of the English-Language Disclosure System and reduce the requirements on foreign issuers for documents in Japanese in the interests of promoting the utilization of the English-Language Disclosure System. In addition, the FSA has released draft guidelines for the English-Language Disclosure System. The Guidelines provide instructions for creating a Japanese-language summary of the Foreign Company Report, which is required as a supplement to the Foreign Company Report.
The full text of the proposed Cabinet Office Ordinance and the draft Guidelines are available in Japanese on the FSA website.
Deadline for comments is 14 April 2008.
Press release
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© Graham Bishop
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