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Page 1: ~ þ= $R k : Yx k x wY 55 k ( & ñ)= ' ,R V û û ,R &: ]KPS8 R (4) ~ ¡[2017a], 1 (5) ~ ¡[2014a] (6) 3 $[2015] 7) ~ ¡[2017a] 1-1-1 2 ,üñ ? f 9L = õ< 9 4

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Page 2: ~ þ= $R k : Yx k x wY 55 k ( & ñ)= ' ,R V û û ,R &: ]KPS8 R (4) ~ ¡[2017a], 1 (5) ~ ¡[2014a] (6) 3 $[2015] 7) ~ ¡[2017a] 1-1-1 2 ,üñ ? f 9L = õ< 9 4

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Page 3: ~ þ= $R k : Yx k x wY 55 k ( & ñ)= ' ,R V û û ,R &: ]KPS8 R (4) ~ ¡[2017a], 1 (5) ~ ¡[2014a] (6) 3 $[2015] 7) ~ ¡[2017a] 1-1-1 2 ,üñ ? f 9L = õ< 9 4

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(SIB=Securities and Investment Board)

SIB

SIB

SIB(18)

1979

(19) 1987

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SIB (22) SIB(FSA=Financial Services Authority)

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FSA(Standards)

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198910 FSA

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Page 6: ~ þ= $R k : Yx k x wY 55 k ( & ñ)= ' ,R V û û ,R &: ]KPS8 R (4) ~ ¡[2017a], 1 (5) ~ ¡[2014a] (6) 3 $[2015] 7) ~ ¡[2017a] 1-1-1 2 ,üñ ? f 9L = õ< 9 4

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1-1-7

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(72) Federal Register[2016]. (73) SEC[2011]. (74) SEC[2013a]. (75) SEC[2013b]. (76) [2011a], 130

1-1-9

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(92) [2017], 10 (93) [2017], 7 (94) [2017], 7 (95)

[2016] [2016] [2015]

‘The responsibilities of the board include setting the company’s strategic aims, providing the leadership to put them into effect, supervising the management of the business and reporting to shareholders on their stewardship. The board’s actions are subject to laws, regulations and the shareholders in general meeting.’

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Page 14: ~ þ= $R k : Yx k x wY 55 k ( & ñ)= ' ,R V û û ,R &: ]KPS8 R (4) ~ ¡[2017a], 1 (5) ~ ¡[2014a] (6) 3 $[2015] 7) ~ ¡[2017a] 1-1-1 2 ,üñ ? f 9L = õ< 9 4

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[2014], [ 4 ]2,

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[2017], , 2,33 ,

[2003], , 21 2,

[2016], , 2, 92 1

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2 , 2, [2011],

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[2013], ( ) ,(http://www.fsa.go.jp/singi/stewardship/ siryou/20131018/04.pdf)

[2014a], 2 , (http:// www.fsa.go.jp /news/25/singi/20140227- 2/04.pdf)

[2014b], ( ) 2014 , (http://www. fsa.go.jp/singi/corporategovernance/siryou/ 20140930/05.pdf

[2015], “Japan’s Corporate Governance Code [Final Proposal]”,(http://www.fsa.go.jp/en/refer/ councils/corporategovernance/20150306-1/01.pdf)

[2016], (http://www.fsa.go.jp/singi/singi_kinyu/ market_wg/siryou/20160706/02.pdf)

[2017a], , ( http://www.fsa.go.jp/news/28/20170330-1/02. pdf)

[2017b], 2 , (http: //www.fsa. go.jp/news/29/singi/20170529/01.pdf)

[2016], ( 7 )2, [2000],

, 2, 2000 11 [2004],

, 2, 42 3

[2017], ( ) , 2,

[1999], , 2, 381

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= [2008], 2006 (2) , 2, 41 3

[2016], DC , 2, 2016

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[2008] , (2) , 2, 1846

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[2015], , 2, 2087

[2015], , 2, 67 7 Bando, Hiroyuki[2014], “Single Regulator or Twin Peaks – The Different Financial Regulatory Approaches by UK, Switzerland and Japan”, 150 Years Anniversary Yearbook, Swiss-Japan Chamber of Commerce Bagehot, Walter[1873], Lombard Street, Henry S. King &Co. BIS[2012a], The Kay Review of UK Equity Markets and

Long-term Decision Making, (https://www.gov.uk/ government/uploads/system/uploads/attachment _data/file/253454/bis-12-917-kay-review-of-equity- markets-final-report.pdf) BIS[2012b], The Government Response to the Kay Review, (https://www.gov.uk/government/uploads/ system/uploads/attachment_data/file/253457/ bis-12-1188-equity-markets-support-growth- response-to-kay-review.pdf) BIS[2014], Implementation of the Kay Review: Progress Report, (https://www.gov.uk/government/ uploads/system/uploads/attachment_data/ file/367070/bis-14-1157-implementation-of-the -kay-review-progress-report.pdf) Black, Julia[1997], Rules and Regulators, Clarendon Press Oxford Cameron, Rt Hon David[2009], “Bringing law and order to the financial markets”, March 24, 2009 Congress[2017], “H.R 10”, (https://www.congress.gov /115/bills/hr10/BILLS-115hr10rfs.pdf) DOL[2017], “U.S. Department of Labor extends Transition Period for Fiduciary Rule Exemptions”, (https://www. dol.gov/newsroom/releases/ebsa/ebsa20171127-0) DWP[2015a], Consultation on changes to the Investment Regulations following the Law Commission’s report ‘Fiduciary Duties of Investment Intermediaries’, (https://www.gov.uk/government/uploads/ system/uploads/attachment_data/file/407937/ Condoc_27_02_15_to_DWP.pdf) DWP[2015b], Better Workplace Pensions: Reducing regulatory burdens, minor regulation changes, and response to consultation on the investment regulations, (https://www.gov.uk/government/uploads/ system/uploads/attachment_data/file/476447/ reducing-regulatory-burdens-and-misc-regs-nov- 2015-consultation.pdf) Federal Register[2015], “Definition of the Term ‘‘Fiduciary’’ ; Conflict of Interest Rule—Retirement Investment Advice”, (https://www.gpo.gov /fdsys/pkg/FR-2015-04-20/pdf/2015-08831.pdf) Federal Register[2016], “Definition of the Term ‘‘Fiduciary’’; Conflict of Interest Rule—Retirement Investment Advice”, (https://www.gpo.gov/fdsys/pkg/FR-2016-04-08/ pdf/2016-07924.pdf)

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Federal Register[2017], “Final rule; extension of applicability date”, ( https://www.gpo.gov /fdsys/pkg/FR-2017-04-07/pdf/2017-06914.pdf) Ferran, Eilis[2010], “The Break-up of the Financial Services Authority”, Legal Studies Research Paper Series, 10/4 Frankel, Tamar[2011], Fiduciary Law, Oxford University Press FCA[2015],”Final Notice”, (https://www.fca.org.uk/ publication/final-notices/deutsche-bank-ag-2015. Pdf) FRC[2012],”The UK Stewardship Code”,( https://www. frc.org.uk/getattachment/d67933f9-ca38-4233-b603- 3d24b2f62c5f/UK-Stewardship-Code-(September- 2012).pdf) FRC[2016],”The UK Corporate Governance Code”, (https://www.frc.org.uk/getattachment/ca7e94c4- b9a9-49e2-a824-ad76a322873c/UK-Corporate- Governance-Code-April-2016.pdf) FSA[2000], “A new regulator for the new millennium, January 2000”, (http://www.fsa.gov.uk/static/pubs/ policy/p29.pdf) FSA[2009], “The Turner Review”, (http://www.fsa.gov. uk/pubs/other/turner_review.pdf) HM Treasury[2010],”Speech by the Chancellor of the Exchequer, RT Hon George Osborne MP, at Mansion House”, 16 June 2010 Keay, Andrew[2010b], “The Duty to promote the Success of the Compnay: Is it Fit for Purpose?”, University of

Leeds, Working Paper, (https://ssrn.com/ abstract= 1662411) Law Commission[2014], Fiduciary Duties of Investment Intermediaries, The Stationary Office Rawlings, Philip[2011], “All Changes: The Fall of the FSA and the Future Rise of the Bank of England”, Banking & Financial Services Policy Report, Vol. 30, No. 4 SEC[2011], “Study on Investment Advisers and Broker- Dealers”, (https://www.sec.gov/news/studies/ 2011/913studyfinal.pdf) SEC[2013a], ”Request for data and other information”, (https://www.sec.gov/rules/other/2013/34- 69013.pdf) SEC[2013b], “Recommendation of the Investor Advisory Committee Broker-Dealer Fiduciary Duty “,(https://

www.sec.gov/spotlight/investor-advisory- committee-2012/fiduciary-duty-recommendation- 2013.pdf) Taylor, Michael W.[2009], “The Road from ‘Twin Peaks’ and the Way Back”, Connecticut Insurance Law Journal, Vol. 16, Issue 1 White House[2017], “Presidential Memorandum on Fiduciary Duty Rule”, (https://www.whitehouse. gov/presidential-actions/presidential- memorandum-fiduciary-duty-rule/)

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