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The ruling Liberal Democratic Party on Thursday approved amendments to the insurance business and securities exchange laws for submission to the Diet.

But the LDP, holding a joint meeting of its financial affairs-related policymaking panels, failed to bridge gaps over proposed amendments to the certified public accountant law and decided to continue discussions Friday or thereafter, party officials said.

The proposed amendments to the CPA law include a clause that would oblige accountants to serve the interests of investors and creditors.

Some LDP members argued that such a clause does not reflect the purpose of the law, and that another clause should instead be added to make it clear that accountants work toward the development of business activity, the officials said.

The proposed insurance law amendments are designed to allow the government to extend its 400 billion yen contribution to Life Insurance Policyholders Protection Corp., a life insurers’ safety-net body, for three years. The current government pledge expires March 31.

The LDP decided not to include in the amendments a controversial proposal to enable life insurers to cut yields guaranteed to policyholders.

The securities exchange law amendments are intended to help invigorate the markets. They are due to take effect in April 2004.

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