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 The aim of the central securities custody and book-entry transfer system is to ensure smooth operation of the primary and secondary markets by streamlining the securities issuing process and raising the efficiency of custody and delivery of stocks and other securities. Under this system custody of securities is centralized in the depository organization, thereby replacing the physical movement of securities with book- entry transfer in the accounts at such depository organization. Furthermore, shareholders can vote and exercise other rights while their securities are held by the depository organization. Groundwork for Japan's current depository system was laid in May 1984 with the passage of the Law Concerning Central Securities Depository and Book- Entry Transfer ("The CSD Law"). The following December saw the founding of the nucleus of this new system, JASDEC. In May 1985, the Ministers of Justice and Finance officially certified JASDEC as a central securities depository, and its depository services were initiated in October 1991. Since then, JASDEC has remained Japan's sole officially authorized entity performing these functions. Upon the approval of the Financial Services Agency and the Minister of Justice, JASDEC transferred its businesses to JASDEC Inc. and JASDEC Inc. has started its businesses since Monday, June 17, 2002 as a designated CSD under the CSD Law. JASDEC Inc. is pushing toward enhancing functions of securities market by offering secure, reliable and efficient settlement infrastructure. |
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