The government will submit bills to the Diet next year to enable electronic authorization and disclosure of financial statements, the Finance Ministry said Monday.
Following the expected legislation, the Internet-based disclosure system will be introduced in fiscal 2001, the ministry said.
The proposal was approved earlier in the day at a subcommittee of the Financial System Council, an advisory panel to the finance minister.
The new system is intended to make investors' access to corporate information easier and quicker than in the current paper-based processing system and promote efficiency in securities markets.
In the Electronic Disclosure for Investors' Network, or EDINET, financial statements will be submitted to and examined by the authorities and disclosed to the public, all electronically.