Finance Ministry unveils blueprint for 'Big Bang' reforms; panels outline major deregulation proposals for brokerage, banking and insurance industries

Article Abstract:

Japan's Finance Ministry announced details of a plan to deregulate the country's financial market. The deregulation package is designed to make Tokyo comparable to London and New York as an international financial mecca. The reforms, which are expected to give greater access to foreign companies, are all expected to be in place by the end of 2001. Reforms include allowing banks, brokerage houses, and insurance companies to compete against one another by March 31, 2000. Institutions will have more leeway in designing by March 31, 1999.

Commodity Contracts Dealing, Commodity contracts brokers, dealers, Commodity Brokers, Insurance Regulation, Financial Regulation & Reporting, Banking industry, Management, Insurance industry, Deregulation, Insurance law, Financial disclosure, Japan. Ministry of Finance

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Finance-sector plans win faint praise in South Korea

Article Abstract:

The South Korean government has announced plans to further ease restrictions on its financial services industry which include increasing the percentage of stocks open to foreign ownership. Most foreign bankers and brokers welcomed the plans with little optimism. They noted that reforms in other key issues such as foreign trading of stocks are more pressing than capitalization issues. Meanwhile, local bankers and brokers expressed confidence that they can remain competitive despite the anticipated entry of foreign companies.

Financial Regulation NEC, South Korea, Foreign investments, Laws, regulations and rules, Commercial law

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Japan must reassess depositor-investor protection plan

Article Abstract:

Japan's plan to utilize public funds to help bolster ailing financial institutions will prove disadvantageous to the country's long-term interests. The government's policy of helping every institution regardless of merit has already drawn local criticism from those who are concerned that overprotection will impair the competitiveness of financial firms. In view of the fact that Japan serves as the biggest creditor nation worldwide, Japanese political leaders should not focus alone on aiding weak financial institutions.

Business Aid & Regulation NEC, Finance, Column, Financial institutions, Business assistance

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