2015 Fiscal Year Final Research Report
Regulation of Disclosure on Municipal Securities
| Project/Area Number |
25780078
|
|---|
| Research Category |
Grant-in-Aid for Young Scientists (B)
|
| Allocation Type | Multi-year Fund |
|---|
| Research Field |
Civil law
|
|---|
| Research Institution | Waseda University |
|---|
Principal Investigator |
|
|---|
| Project Period (FY) |
2013-04-01 – 2016-03-31
|
| Keywords | 地方債証券 / 金融商品取引法 / 情報開示規制 / 証券発行 / アメリカ連邦証券法 / 詐欺防止 |
|---|
| Outline of Final Research Achievements |
There are two reasons why the regulation of disclosure on municipal securities is excluded in the Financial Instruments and Exchange Act. One is the safety of municipal securities in Japan and another is the other legal regulation of disclosure on municipal securities. However, the former is basically questioned by the huge amount of debts that Japanese government and Japanese municipalities have, and the latter is not fully jusified because of the different purposes among those statutes. In the future, Japanese municipalities may issue various kinds of municipal securities not only to institutional investors, but also to public investors, then disclosure regulation as caplital markets regulation may be necessary to ensure the market integrity.
|
| Free Research Field |
資本市場法
|
