日本“證券交易所”組織法制之變革

In June 2006, the Japanese Diet approved a bill amending the Securities and Exchange Law of Japan (JSEL) and other financial laws to create the Financial Instruments and Exchange Law (FIEL). FIEL makes overall amendments to JSEL, aiming to enhance investor protection and promote the movement of individual financial assets to the securities markets by creating cross-sectoral rules for the sale and management of investment products and modernizing disclosure rules. The regulations of Stock Exchange are the most important parts in FIEL. This paper is to study the regulations of FIEL in 2006 Amendment. Firstly, it examines the development of Japan stock exchanges since 1874.Secondly, discusses regulations of FIEL in 2006 Amendment, for example the regulatory framework of Japan stock exchanges (self-regulatory organization), Corporate Governance, self-listing, limits on share ownership, the measures for public interest, and supervision of Stock Exchange Inc. Finally, it compares the difference between JSEL and R.O.C. (Taiwan) Securities Exchange Law.