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Japanese government agency comments to British FSA

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27 Jan 2004

Following up on our news story of yesterday: Today the Financial Services Agency of the Government of Japan (the Japanese securities regulator) has written to the UK Financial Services Authority requesting the UK government -->"to continue to allow Japanese issuers with a primary listing or a secondary listing on the LSE to use Japan GAAP as equivalent to IAS (or US GAAP)" -->.

The Japan FSA went on to say: "If Japanese issuers were required to prepare their financial statements in accordance with IAS, and not allowed to use Japan GAAP, this could discourage their financial activities within the City and other EU markets, encourage their delisting from the LSE and other EU securities exchanges, and shift the focus of Japanese financing efforts outside Japan to non-EU markets." Click for Full Text of Japanese Government Letter to UK (PDF 25k).

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