The Formation and Transformation of Securities Law in Japan: From the Bubble to the Big Bang

Abstract

1. History and traditional structure of Japan financial regulation: from at 6. 2. Self-regulatory bodies: from at 24. 3. Private law and explosion of litigations. At 34 et seq. 4. Duty not to mislead: at 39 et seq. 5. Duty not to solicit unsuitable claim: at 45 et seq. 5.1 "As discussed earlier, the public law imposes a duty on brokers to solicit only suitable transactions based on SEL Section 43, and the JSDA's Rules of Fair Practice, as well as earlier ordinances and circulars. n213 As a result, the cases almost uniformly set out a duty of care that includes a component based on the suitability doctrine. Nonetheless, a trend similar to that found in the misrepresentation cases is evident in that suitability issues are merged into the duty to explain." At 45. 5.2 The japanese court seemd to weave unsuitability claims into the duty to explain. At 48. \ 5.3 The duty to explain. From at 52. 5.3.1 It was held to be an objective standard. At 56. 6. New development: 6.1 Financial Product Sale Act, at 67 et seq. 6.2 The consumer contract act, at 73 et seq. 6.3 But there was a degree of regulatory passivity in Japan. At 85.