To prevent companies making false statements in disclosure documents and to maintain the integrity of the securities exchange markets, the Financial Instruments and Exchange Law (the FIEL) has established an internal control reporting system. The Japanese Diet enacted the FIEL on June 7 2006, through an amendment to the Securities and Exchange Law (the SEL). Listed companies will be required to comply with the new system at the start of their respective fiscal years beginning on or after April 1 2008. A Cabinet Order will provide specifics regarding the companies subject to the system.
April 30 2007