A key advisory panel to the government has completed a report on legislative recommendations for clauses in an envisioned comprehensive law to govern sales methods for high-risk investment tools.
The recommendations for the legislation, tentatively called the Investment Services Law, were compiled by a subcommittee of the Financial System Council, which advises Prime Minister Junichiro Koizumi.
Hideki Kanda, subcommittee chairman and a University of Tokyo professor, told a news conference Thursday, "We hope that our recommendations will be written into the law to give Japan a legal infrastructure that lays the foundation for the nation's financial services sector to develop."
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