Schedule for Reforming the Securities Market
+-------------------------------------------------------------------------------+-------------+-------------+-------------+-------------+-------------+
| | FY1997 | FY1998 | FY1999 | FY2000 | FY2001 |
+-------------------------------------------------------------------------------+-------------+-------------+-------------+-------------+-------------+
| I. Investment Vehicles (Attractive investment instruments) | | | | | |
|-------------------------------------------------------------------------------|-------------|-------------|-------------|-------------|-------------|
|(1) Diversity of the types of bonds |-------------|-------------| | | |
|(2) Diversity of derivatives products |-------------|-------------| | | |
|(3) Developing Investment Trust Products | | | | | |
| <1> Introduction of the Cash Management Account |-------------| | | | |
| <2> OTC sales of investment trusts products by banks |-------------|-------------| | | |
| <3> Private placement of investment trusts | |-------------| | | |
| <4> Investment company type funds | |-------------| | | |
|(4) Review of the Definition of Securities |-------------|-------------|-------------|----------> | |
|(5) Enhancement of corporate vitality and efficient use of capital |-------------|-------------| | | |
+-------------------------------------------------------------------------------+-------------+-------------+-------------+-------------+-------------+
| II. Markets (An efficient and trusted framework for transactions) | | | | | |
|-------------------------------------------------------------------------------|-------------|-------------|-------------|-------------|-------------|
|(1) Improvement of transaction system in Stock Exchange |-------------|-------------| | | |
|(2) Improvement of the OTC (JASDAQ) market system |-------------|-------------| | | |
|(3) Deregulation of the solicitation by the securities firms of the unlisted, |-------------| | | | |
| unregistered stocks | | | | | |
|(4) Improvement of of the share lending maeket |-------------|-------------| | | |
|(5) Improvement of the clearing ans settlement system for securities |-------------|-------------|-------------|----------> | |
|(6) Strengthening inspection, surveillance and enforcement system |-------------|-------------|-------------|----------> | |
|(7) Strengthening Disclosure |-------------|-------------|-------------|----------> | |
+-------------------------------------------------------------------------------+-------------+-------------+-------------+-------------+-------------+
| III.Financial Intermediaries (Diverse investment service to meet client needs)| | | | | |
|-------------------------------------------------------------------------------|-------------|-------------|-------------|-------------|-------------|
|(1) Deregulating Brokerage Commissions | |-------------|-------------| | |
|(2) DIverse activity by intermediaries |-------------|-------------| | | |
|(3) Employing holding company structure |-------------|-------------| | | |
|(4) Strengthning asset management services |-------------|-------------| | | |
|(5) Enhancing the monitoring system of the soundness of securities companies |-------------|-------------| | | |
|(6) Entry regulations of the securities companies | | | | | |
| <1> Licensing System reform | |-------------| | | |
| <2> Enhancing mutual entry into banking, securities and trust business |-------------|-------------|-------------| | |
|(7) Investor protection related to exits of intermediaries from the market | | | | | |
| <1> Strict separation of client assets from securities companies' own assets |-------------|-------------| | | |
| <2> Enhancing the securities Deposit Compensation Fund scheme | |-------------| | | |
+-------------------------------------------------------------------------------+-------------+-------------+-------------+-------------+-------------+
| Review of the taxation related to securities | |-------------|-------------| | |
| Shift to the new administrative regime | |-------------| | | |
+-------------------------------------------------------------------------------+-------------+-------------+-------------+-------------+-------------+
[Next Page]
[Table of Contents]