Ernfred Olsen Co-Chair	Thomas Clark Co-Chair	Yukio Yoshimura Vice Chair

2008 Committee Description
Follows industry developments, serves as a clearinghouse for information to Committee members and the Committee leadership, and participates in advocacy regarding issues of interest to our members. Works with local industry groups, other international financial services organizations such as the IBA, and in particular with the Financial Attache’s office at the U.S. Embassy, representatives of the Departments of Commerce, Treasury and State, and the USTR, to ensure that issues of common concern are raised through a variety of the most effective channels with Japanese regulators and the government. In conjunction with the Financial Services Forum, participates in quarterly meetings with the FSA to exchange ideas and address issues faced by our members.  Also reaches out directly to regulators such as the FSA and METI, and has made presentations to legislative Subcommittees on issues of importance to the banking and nonbanking finance sectors.

2008 Committee Objectives

• Provide a forum for members to pursue their respective advocacy objectives and network with other members with similar objectives.
• Participate in briefings to U.S. government officials on issues of concern to ACCJ members, including matters relevant to the negotiation, implementation, and monitoring of trade agreements, and encourage appropriate involvement by such officials to promote identified issues in bilateral discussions with Japanese regulators.
• Reach out to related domestic Japanese industry groups to forge a dialogue on matters related to the regulatory and legislative agenda.
• Sponsor public forums and exchanges, often bringing together policy experts from Japan and the US, as well as other countries, to promote sensible regulatory policies and sharing of global best practices in the financial services sector.
• Recommend and facilitate changes in the financial markets in Japan that will enable new products and services, open new distribution channels, promote enhanced efficiency and risk management, increase regulatory transparency and fairness, and protect consumers of financial products and services from questionable market practices.

2008 Achievements
Advocacy

• Viewpoints outstanding during the year:  Ensure that the Scheduled Review of the Money Lending Business Law is Conducted by a Qualified Independent Policy Research Organization;  Maximize the Effectiveness of the Law on the Registration of Security Interests in Movables and Claims; Modernize the Installment Sales Law;  Promote Competitiveness of Japanese Financial Markets by Modifying the Information Sharing and Double-Hatting Restrictions that are included in Existing Firewall Regulations;  Tax Reform for Enhanced Financial Competitiveness and Sustainable Economic Growth 
  
• Extensively participated in Public Comment process throughout the year, including:   

                o    to METI on Amendments to the Installment Sales Law                                       
                o    in progress on comments to Postal Privatization Commission on new business      application of Japan Post Bank (“Yucho”) 

• Diet Doorknock Participation in Tokyo
• Presentations made to regulators (METI, FSA), and legislators throughout the year on issues affecting our members, including leading discussion at a quarterly FSA/Financial Service Forum meeting.
• Contributed extensively to the US-Japan Regulatory Reform Requests and Sub-Cabinet Dialogue requests, through our Embassy liaison Mateo Ayala.
  
• Participated in the Financial Services Forum quarterly meetings with the FSA, including being the main presenters at one of these meetings
• Commenced dialogue with other Asia regional Amchams to identify common themes across the Asia region, and consider possible joint activities to promote coherent  advocacy positions, and efficiently leverage regional advocacy best practices.