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On Monday, November 6, Tokyo Stock Exchange, Inc. (TSE) invited
Chief Regulatory Officers (CROs) of major exchanges and self-regulatory
organizations from all around the world to participate in the CRO
International Symposium held at the Hotel Okura. The Symposium attracted
over 700 participants consisting of a wide range of parties involved
in the securities market, such as market participants, listed companies,
regulatory authorities, and academics.
On the following day, the Chief Regulatory Officers (CRO) Conference
was held at the hotel with the attendance of CROs from leading exchanges
and self-regulatory organizations around the world.
Significance of Holding the Symposium and Conference
In recent years, the environment surrounding self-regulation at the world's securities exchanges is changing dramatically against a backdrop of advancements in IT technology and financial engineering, as well as investment methods that are rapidly becoming more diverse and complex. Also, in light of global exchange realignment and other developments, there is a growing need for discussion on the topic of self-regulation by exchanges and self-regulatory organizations.
The purposes of this International Symposium and Assembly are as follows: first, to promote international information exchange, mutual understanding and cooperation amongst the world's major exchanges and self-regulatory organizations. The second purpose is to reaffirm the importance of the role that self-regulation of exchanges plays in developing a sound market and to share a common awareness of the issues. Finally, the third purpose is to provide an opportunity for a wide range of market players from securities markets both domestic and abroad to deepen their understanding of issues such as global trends in self-regulation.
This was the first international conference in the world to bring together this many CROs of major exchanges and self-regulatory organizations from around the world. The TSE believes that the Symposium and Conference acted as an impetus for these market-related parties from both Japan and abroad to envision the shape that securities market regulation will take in the future.
Outline of CRO Symposium
On
behalf of the hosts of the symposium, Taizo Nishimuro, the President
and CEO of the TSE, delivered the welcoming address on recent changes
in the environment surrounding exchanges, and the importance of the
role that self-regulation of securities exchanges plays.Later on, in Session 1 entitled "Global Trends in Self-Regulation", Richard G. Ketchum, the
CEO of New York Stock Exchange (NYSE) Regulation, gave a keynote speech
on efforts going on at the NYSE for strengthening self-regulatory
functions. Following Mr. Ketchum, Hirofumi Gomi, the commissioner
of the Financial Services Agency, also made a keynote speech on creating
reliable securities markets from the standpoint of an administrative
authority. 
In
the panel discussion "On the International Realignment of Exchanges
and Related Trends in Self-regulation", there was an exchange
of opinions among panelists with Professor Etsuro Kuronuma of Waseda
University, Waseda Law School, as a moderator. The panelists were
Richard G. Ketchum, the CEO of NYSE Regulation, Daniel M. Sibears,
the Executive Vice President and Deputy Member Regulation of the
National Association of Securities Dealers, Roger Muller, the General
Counsel of Deutsche Boerse, Eric Mayne, the Group Executive of the
Australian Stock Exchange, Young Ho Lee, the chairman of the Market
Oversight Commission of Korea Exchange, and Eisuke Nagatomo, the
Managing Director and CRO of the TSE, each of whom made a presentation
before the discussion began.
After a coffee break, in Session 2 entitled "The Role that Exchanges Play in the Corporate Governance of Listed Companies", Professor Simon Learmount of the University of Cambridge gave a lecture on the theme of international trends in corporate governance at listed companies. Following Professor Learmount, Nobuo Tateishi, the Executive Advisor of OMRON Corporation, delivered a keynote speech on efforts made by listed companies for enhancing the functions of corporate governance. Although not on the original schedule, as he agreed with the thrust of the program, Economic Secretary of the British Treasury Ed Balls participated in the symposium on very short notice. Mr. Balls gave a lecture on the current status of the UK securities market and the need for building a cooperative framework on a global scale.
In the panel discussion on the theme of "Stakeholder Activity
in Listed Company Corporate Governance and the Role Played by Exchanges",
panelists exchanged views with Shigeru Nakajima, a lawyer from the
Nakajima Transactional Law Office, as a moderator. The panel members
were Mr. Ketchum, Professor Learmount, Tsuguoki (Aki) Fujinuma,
the Chairman and President of the Japanese Institute of Certified
Public Accountants, Yuji Kage, the Managing Director of Pension
Fund Association, and Mr. Nagatomo, each of whom made a presentation
before the discussion.
After all the programs of the symposium ended, a cocktail party
was held as a chance for deeper social interaction among the participants.
After President Nishimuro proposed a toast, everybody attending
the party enjoyed chatting with each other and mingling in a lively
atmosphere.
Outline of CRO Conference Tokyo Assembly
The CRO Conference Tokyo Assembly was held on November 7, 2006
with Mr. 
Nagatomo
facilitating the proceedings. Many presentations and exchanges of
opinions were held at the assembly, focusing on the efforts made
in self-regulation by exchanges around the world and also in the
corporate governance of listed companies. Specifically, the following
three themes were deliberated at the conference: first was global
discussions in exchange self-regulation and efforts currently going
at each exchange in strengthening such. The second theme was about
the roles that exchanges play in enhancing the corporate governance
of listed companies. Finally, the third theme was on global cooperation
in the area of self-regulation. The CROs participating from the
world's leading exchanges and other attendees had very lively discussions
and exchanges of opinions on each theme, making this conference
very meaningful.
2006 CRO Conference Tokyo Assembly Joint Communique
At the closing of this CRO Conference Tokyo Assembly, the two-day
discussions were summarized and a joint communique was issued as
below.
| 2006 CRO Conference Tokyo Assembly Joint Communique |
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| Program |
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