Details lost in Japanese investment law rush

Poor consultation mars Japan''s introduction of a badly needed, modern code for investment advisors.

Japan's government is preparing legislation to take to the Diet this year that should streamline the country's's myriad of outdated investment management regulations. Industry representatives welcome the initiatives, but are concerned that the government's lack of consultation means the final version may be botched or contain surprises.

The Financial System Council, which advises the prime minister, first mooted the Investment Services Law in 2004. The law's basic outline was agreed last year to take Japan's patchwork of laws covering the sale of financial products and create a new, streamlined framework.

The Investment Services Law is an important step toward the government's goal of adopting a regulatory system...

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