The two pillars of the Securitization Forum of Japanfs activities are: (i) the discussion and consideration of issues on securitization in Expert Committees, Subcommittees, and Working Groups (WGs) created for each field or subject of interest; and (ii) training courses and seminars to disseminate knowledge pertaining to securitization.
An Expert Committee, Subcommittee, or Working Group (WG) is created for each field or subject of interest, where issues on securitization are discussed and considered.
Activities of these Expert Committees, Subcommittees, and Working Groups (WGs) are open to the members of the Forum. Members may, upon request, sit in on the proceedings of any Expert Committee, Subcommittee, or Working Group(WG) to understand the substance and process of each discussion and consideration so that they can deepen their knowledge.
As part of the Forumfs policy recommendation efforts, each Expert Committee, Subcommittee, and Working Group may compile their discussions and considerations to submit a public comment or an opinion with respect to a publicized legislative bill.
[Outline of the Organization of Expert Committees, Sub-committees, and Working Groups]
The Committee has been organized to consider and discuss the entire financial business-related legal framework relevant to securitization, and to provide advice on the direction to be taken and guidelines to be made by the SFJ with respect to legal frameworks.
The Subcommittee has been organized to consider trust-related legal frameworks, such as the Trust Act and the Trust Business Act.
The Subcommittee has been organized to consider the effects on securitization of the revision of the Securities and Exchange Act and the reform of the Securities and Exchange Act into the Financial Instruments and Exchange Act.
The Subcommittee has been organized to consider the availability of electronically registered monetary claims (currently, electronically recorded monetary claims) in the securitization field, and make proposals with respect to the supposed manner of use of such claims.
The Working Group has been organized to consider the entire legal framework relating to securitization.
The Working Group has been organized to consider issues and systems to be maintained with a view to the activation of emissions rights trading.
The Committee has been organized to consider cross-sectional issues on accounting and taxation with respect to securitization.
The Subcommittee has been organized to consider issues inherent in the accounting system with respect to securitization.
The Subcommittee has been organized to consider issues inherent in the taxation system with respect to securitization.
The Committee has been organized to consider market-related issues regarding securitization, with the common awareness of the market players regarding both the necessity and direction to take for the establishment and maintenance of a securitization market.
The Subcommittee has been organized to deepen the understanding and discussions of market participants with respect to important matters and issues to be promptly responded to relating to market practices and the infrastructure of securitization.
The Working Group has been organized to consider different approaches with respect to managing risks inherent in securitization products and rating evaluations, and facilitate mutual understanding between the rating agencies and the market participants.
The Working Group has been organized to facilitate mutual understanding and sharing of issues among the market participants with respect to the disclosure of adequate information as required for securitization products.
The Working Group has been organized to consider the roles and responsibilities of the parties relating to trusts and the adequacy of trust agreements.
The Working Group has been organized to coordinate and discuss issues on ABCP/ABL and to discuss these products as banking business utilizing securitization techniques from the legal, accounting, and infrastructure viewpoints.
The Working Group has been organized to consider the regulation of rating agencies, as market participants, in response to discussions on the reform of the rating system.
The Subcommittee has been organized to consider issues that are difficult for each individual firm to resolve by its own efforts, on the premise that specific actions (such as a proposal for system reform) should be implemented, in order to enlarge the size of the pie of the securitization market.
The Working Group has been organized to deepen the understanding of securitization markets and market participants, through interpretations of and discussions on the substance of the Basel II Accord (securitization-related matters, in particular), to establish environments that allow appropriate investment decision-making, and to revitalize slumping securitization markets.
| * | The organizational status as of May 2009. Additional Working Group(s) may be created when necessary. Some Subcommittees and Working Groups in a particular field or subject of interest are in recess. |
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The Securitization Forum of Japan offers gPractice Seminarsh for officers and employees of member companies to add to their practical knowledge in securitization, and gBasic Training Coursesh for newly hired or transferred employees to allow them to acquire a basic knowledge of securitization.
