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Hiroshi Oda

Print publication date: 2021

Print ISBN-13: 9780198869474

Published to Oxford Scholarship Online: April 2021

DOI: 10.1093/oso/9780198869474.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 25 July 2021

The Financial Instruments and Exchange Law

The Financial Instruments and Exchange Law

Chapter:
(p.311) 13 The Financial Instruments and Exchange Law
Source:
Japanese Law
Author(s):

Hiroshi Oda

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198869474.003.0014

Japan adopted the Securities and Exchange Law in 1948, modelled on US law. While the securities market rapidly developed at the time of high economic growth, the regulatory system lagged behind the growth of the market. In the aftermath of the ‘bubble economy’, improvement of the regulatory system was sought. Following the UK ‘Big Bang’, Japan launched its financial ‘Big Bang’ in 1996/1997. There was substantial deregulation in this area. The Securities and Exchange Law was replaced by the Financial Instruments and Exchange Law in 2006. Corporate disclosure system as well as the rules on TOB (takeover bids) have been improved.

Keywords:   Securities and Exchange Law, Financial Big Bang, deregulation, Financial Instruments and Exchange Law, corporate disclosure, TOB, takeover bids

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