On June 1 2008, an amendment to the Financial Instruments and Exchange Law and Cabinet Office Ordinance took effect, revising the English-Language Disclosure System. The system, adopted in December 2005 for issuers of foreign exchange traded funds (ETFs), allows some foreign issuers to provide disclosure documents in English rather than Japanese. The revisions have created a new disclosure system with reduced requirements for increased participation and scope and could have a significant effect on foreign issuers. However, although the revisions aimed to relax requirements for foreign issuers, the overall burden may not prove to be so different.
July 31 2008