This client alert is an update to our June 10, 2013 Client Alert, “Amendment Bill to Improve the Reliability and Stability of the Financial System of Japan” (the “June 10 Alert”).
On June 12, 2013, the Japan Diet approved and enacted the proposed bill containing various amendments designed to improve the reliability and stability of the financial system of Japan (the “Amendment Bill”). The substance of the Amendment Bill approved by the Japan Diet is unchanged from the proposed amendments noted in our June 10 Alert.
Now that the Amendment Bill has been enacted, the language of the Amendment Bill must be made available to the public through publication in the Official Gazette (kampo) and such publication must be completed within 30 days from the date of enactment (i.e. June 12, 2013). As of the date of this client alert, no publication has been made.
After the Amendment Bill has been published, work will commence on the preparation of amendments to the subordinate regulations including the cabinet order (seirei) and cabinet office ordinances (naikakufurei) required as a result of the passage of the Amendment Bill. It is anticipated that these regulations will be published for public comment within the period prior to the effective date of the Amendment Bill which provides for varying effective dates for each section of the Amendment Bill (e.g. between 20 days and 18 months from the date of publication). Thus, affected parties can expect to review draft regulations once they are available over the next 18 months.
The Investment Management Group of Bingham McCutchen Murase, Sakai Mimura Aizawa - Foreign Law Joint Enterprise will continue to monitor the status of the publication of the Amendment Bill and corresponding cabinet order and cabinet ordinances and will update this alert as further information becomes available.
If you have any questions or would like more information on the issues discussed in this LawFlash, please contact any of the following Morgan Lewis lawyers:Wells-Christopher