Securities and Exchange Law

Japanese: 証券取引法 - しょうけんとりひきほう

This law (promulgated and put into effect in 1948) aims to establish a securities market for the fair issuance and trading of securities and to thoroughly protect investors. It is modeled after the US Securities Act (1933) and Securities Exchange Act (1934), and stipulates regulations on the organization and activities of securities companies, and a mediation system for disputes between securities dealers. The 1965 amendment strengthened regulations on securities companies and securities sales representatives, and the 1971 amendment opened the way for foreign securities companies to become members of stock exchanges and introduced the takeover bid system. As the securities and financial markets became more liberalized, additional and revised provisions were added, such as bond futures trading (1985), stock index futures trading, insider trading restrictions, and disclosure (1988). In 1991, in order to prevent the recurrence of the loss compensation problem, the law was amended to 1. prohibit discretionary account transactions by securities companies, 2. prohibit post-mortem loss compensation, and 3. prohibit customers from making requests for compensation. In June 1998, the Financial System Reform Act, which aimed to create a Japanese version of the Big Bang, significantly amended this law in the direction of deregulation, allowing banks themselves to sell investment trusts. In June 2006, this law was amended and combined with the Financial Futures Trading Act to form the Financial Instruments and Exchange Act (which came into force in July 2007).
→ Related topics Financial Instruments and Exchange Act | Certified Public Accountant | Securities Dealers Association | Securities Finance | Securities Exchange Council | Tokyo Stock Exchange [Stock]

Source : Heibonsha Encyclopedia About MyPedia Information

Japanese:

有価証券の発行・売買等を公正に行うための証券市場の確立，投資家保護の徹底を目的とする法律（1948年公布・施行）。米国の証券法（1933年），証券取引所法（1934年）に範をとり，証券会社等の組織・活動の規制，証券業者の紛争の仲介制度等を定めている。1965年の改正で証券会社・証券外務員の規制が強化され，1971年の改正では外国証券会社が証券取引所の会員になる道が開かれるとともにTOBの制度が取り入れられた。その後，証券・金融市場の自由化が進むなかで，債券先物取引（1985年），株価指数先物取引，インサイダー取引規制，ディスクロージャー（1988年）などの規定が追加・改正された。1991年，損失補填問題の再発防止のため，1.証券会社の一任勘定取引の禁止，2.事後の損失補填の禁止，3.顧客からの補填要求の禁止等を内容とした改正がなされた。1998年６月の〈日本版ビッグバン〉をめざす金融システム改革法により，本法も規制緩和の方向へ大幅に改正され，銀行本体も投資信託の販売ができるようになった。2006年６月，本法を改正すると同時に金融先物取引法などをあわせ，金融商品取引法が成立した（2007年７月施行）。
→関連項目金融商品取引法｜公認会計士｜証券業協会｜証券金融｜証券取引審議会｜東京証券取引所［株］

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