Third in a series
In my first article about efforts being made on behalf of Japan's regulatory bodies to enhance the transparency of Japanese financial markets, my goal was to explain the meaning and value of the No-Action Letter system.
Under this system, based on a similarly named system in the United States, the Financial Services Agency (Kinyu Cho) issues letters to financial institutions that are seeking concrete answers to questions about compliance with and/or interpretation of government laws and regulations.
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