Annual Report2023

Contents
Focal Points of “JSDA’s Major Work Plans”............................................................. 1
Current Activities...................................................................................................... 2
Snapshot of the Market and Industry....................................................................... 2
Message from the Chairman.................................................................................... 4
Self-regulatory Activities........................................................................................... 7
Activities as a Trade Association.............................................................................. 8Contributing to Sustainable Growth....................................................................... 10
Investor Education.................................................................................................. 12
Capacity Building................................................................................................... 13
International Activities............................................................................................ 14
Organization Chart.................................................................................................. 16
JSDA Websites....................................................................................................... 17

Focal Points of “JSDA’s Major Work Plans”—Initiatives toward Addressing Social Issues—

July 3rd, 2023

—Following up last year’s tangible progress in critical initiatives such as new NISA,
Organization for Promotion of Financial and Economic Education,and digitalizing document delivery to customers—

Stronger Support for Asset Building

Achievement of the SDGs

• Undertake initiatives for the smooth introduction,
implementation, and sound development of the
new NISA system• Fully support the establishment of theOrganization for Promotion of Financial andEconomic Education• Foster collaboration with the Japanese Bankers
Association (JBA) to improve financial literacy• Undertake initiatives to reform the defined
contribution (DC) pension system (Corporate
DC, iDeCo)• Execute action plans under the “Declaration
on Promoting Sustainable Finance”• Undertake initiatives aimed at expandingtransition finance in the capital market• Follow/Support the GX Economy Transition
Bonds to be issued by the government• Create a fulfilling work environment andbolster diversity—Reinforce the Trend “from Savings to
Investment”—

Fostering Start-ups—Promote Sustainable Finance—

HR Development

Accommodating Digital
Transformation (DX)

• Undertake initiatives to develop
to Carry Out the Actions•
and publicize the secondary×market for JSDA Shares andInvestment trusts for Professionals Enhancing Collaboration with•
(J-Ships)
Stakeholders• Foster an environment to facilitate
inside/outside Japan
provision of risk money to start-ups•• Smoothly implement improvement
measures for the IPO price•setting process

Proceed with initiatives to makedigital document delivery tocustomers the primary method
Properly respond to utilizationof financial innovation in the
securities market
Support securities firms’ efforts toimprove cybersecurity readiness
Deliberate on expanding theuse of the Social Security
and Tax Number System (“MyNumber” System)

Provision of Financial Services Fit foran Aging Society

Setting up Compliance
Consultation Desk

• Foster more attentive financial services
appropriate for elderly customers• Deliberate on appropriate practices forinvestment, asset management as well astransactions through agents, preparing forcustomers’ possible cognitive/judgmental
impairment• Smoothly inherit financial assets between
generations• Enrich the contents in the “Booklet on Elderly
Customers”• Enhance support to association members withregards to compliance issues, including setting
up a consultation desk
• Undertake initiatives to review and streamline/
enhance self-regulations on compliance matters

Toward Further Enhancement of Investor Trust and Functioning of Securities Markets

JSDA Annual Report 2023

1

Current Activities
Dec. 2022
JSDA holds the Conference for
Promoting Women’s Activities in
the Securities Industry  p.13

Jul. 2022
JSDA conducts a survey
on DX for individual
investors  p.9

Jul. 2022
JSDA publishes the
Declaration on Promoting
Sustainable Finance  p.10

Mar. 2023
JSDA co-hosts the 12th Japan Securities
Summit in New York with SIFMA p.14

Feb. 2023
JSDA co-hosts NISA Day
Commemorative Event with
JPX and JITA  p.12

Jun. 2023
JSDA makes new rule toallow unlisted stocks to
be traded on PTS
 p.7

Snapshot of the Market and Industry
Number of Members

Household Financial Assets(As of the end of March 2023)(As of the end of June 2023)

273
Specified Business Members
12
Special Members
201
Regular Members*1*2*3*1 Securities firms*2 Firms only conducting specified OTC derivatives
transactions, etc., Type I Small Amount Electronic
Offering Handling Business, or brokerage, etc. forcommodity-related market derivatives transactions*3 Banks, insurance companies, etc. conducting securities
business

Regular Members’ Employees(As of the end of June 2023)

Amount of Issues of SDG Bonds$14.1 trillion

Others 2.9%

+1.1%

Insurance andpension reserves

26.2%

Cash and deposits

54.2%

4.4%

Bonds 1.3%

Number of NISA Accounts(As of the end of March 2023)

Others

2.2%

Green
bonds
24.0%

Sustainability-linked
bonds
7.6%
Sustainability
bonds
18.7%

Social bonds
39.3%$33.8 billion

Stocks and other equities

11.0%(As of the end of March 2023)

Transition-linked bonds
2.0%
Transition bonds
6.2%

from theprevious year

Investment trusts

Jan. 2024
New NISA starts
 p.8

Amount of Contribution to
the “Shareholders Incentives
Endowment Fund for the SDGs”+56.2%
from theprevious year

Electricity Use
in the Securities Industry(As of the end of March 2023)(As of the end of March 2023)

Sales
representatives

Back-office staff

71,39015,743–2.1%
from theprevious year

–0.1%
from theprevious year

NISA accounts

10.9 million+3.3%
from theprevious year

Tsumitate NISA accounts		

7.8 million+33.4%

from theprevious year

$216,529+28.2%

from theprevious year

247,239 MWh–3.5%
from theprevious year

Notes: 1. Rate of US$1=¥ 144.99 used for conversion.
2. For more details and other data, see JSDA’s statistics webpage and Factbook.
2

JSDA Annual Report 2023

JSDA Annual Report 2023

3

Message from the Chairman
The “New Form of Capitalism” promoted

Organization for Promotion of Financial

by the Kishida administration aims toand Economic Education, including

promote reforms in work style andbuild a sustainable and inclusive society

the development of its operational

diversity in the securities industry, andby turning efforts to solve social issues

structure, in cooperation with all parties

support children in economically difficult

into an engine of growth, and to create aconcerned, and strengthen our approachcircumstances.

“virtuous circle of growth and distribution”

in cooperation with the Japanese Bankers

in which broad-based growth andAssociation to improve financial literacy.

appropriate distribution are mutually

In addition, with an eye on the 2024

beneficial.

With regard to the provision of information

will advocate the reform of definedby securities companies at the time ofAsset-based Income Plan” and thecontribution pension plans (corporate DC

concluding contracts, the direction of being“Startup Development Five-Year Plan,”and iDeCo) to all parties concerned.

able to freely choose between written

which include measures to fundamentally

Chairman and CEO

Promotion of Digital Transformation(DX)

fiscal review of public pensions, we

As part of these efforts, the “Doubling

MORITA Toshio

In addition, we will continue to further

documents and digital means was indicatedexpand and make permanent the NISA

Fostering Start-ups

as well as the establishment of the

In July 2022, the JSDA established theServices Agency. Going forward, we will

Organization for Promotion of Financial

JSDA Shares and Investment trusts forcooperate with various parties concernedand Economic Education, were formulatedProfessionals (J-Ships) for facilitating

toward the realization of the measures.

and steady progress has been seen

professional investors’ investment in

toward their realization.

unlisted stocks. In addition, we are making

take necessary measures for tokenizedefforts to facilitate trading of securities forsecurities utilizing blockchain technology

Under these government initiatives,at a meeting supervised by the Financial

In addition, we will examine andJapan Securities Dealers Association

the Japanese securities industry will

professional investors on the Proprietaryfrom the viewpoint of investor protection

was established in July 1973 for the

make every effort to address the following

Trading System (PTS).

and sound development of the market, as

purpose of ensuring fair and smoothissues in order to reinforce the trend “fromtrading in the securities market, soundsavings to investment” in a sound anddevelopment of the securities industry,

significant manner, to further enhance

Promotion of Green Transformation(GX) and Achievement of the SDGs

and protection of investors. JSDA will

investor confidence, and to strengthen the

Under the “Declaration on Promoting

for cyber security measures to securities

continue to work together with thefunctions of the securities market.

Sustainable Finance” issued in Julyfirms, taking into account efforts by the2022, we will strengthen cooperation andgovernment.

securities market and contribute towell as promote research and studies on
financial innovation.
Furthermore, we will provide support

the further growth of the JapaneseStronger Support for Asset Building

economy through the promotion of asset

First, we will work for the smoothsuch as the International Capital Markets

formation by securities investment andintroduction, implementation, and sound

Association (ICMA) in order to promote

Provision of Financial Services Fit
for an Aging Society

the development of a sound and vibrantpromotion of the new NISA system to be

Green Transformation (GX). We will also

With the aging of Japan’s population, thesecurities market, while appropriately

launched in January 2024.

advocate tax benefits for investments

JSDA has been examining how asset

in green bonds and other sustainable

management and proxy transactions

financial products.

should be conducted to prepare for the

responding to the changing domestic
and international environment.
4

JSDA Annual Report 2023

In addition, we will provide full support
and cooperation to the newly establishedcollaboration with related organizations

JSDA Annual Report 2023

5

Self-regulatory Activities
decline in cognitive and decision-making

Japan Exchange Group, the International

As a fully empowered self-regulatory

abilities of elderly people, and is also

Capital market Association (ICMA),

organization (SRO), the JSDA extensivelyof startups in Japan are relatively small

researching successful examples of suchand other related parties in London,

regulates market intermediaries,

compared to those in major developed

transactions in the United States. Since

UK in March 2024. We will continue toaiming to protect investors by ensuring

countries, which is often pointed out as

this is an extremely important issue, we will

implement the dissemination of information

fair securities transactions. Its self-

a leading cause of fewer innovations.

continue to work on it so that we can pave

about the Japanese market overseas.

regulatory functions encompass

For the startups that plan to invest in

rulemaking, enforcement, inspection,

further growth at a later stage, there areThis is an overview of the main initiatives

disciplinary action, registration of sales

companies that make drastic investmentsthat the JSDA will be pursuing in the

representatives, and dispute mediation.

prior to listing to increase their corporate

years ahead.

Matters related to self-regulation arevalue before going public. However,

the way as soon as possible.

Efforts to Realize Vibrant Financial
Capital Markets

On another front, the number and scale

In order to contribute to the improvement

There is a Japanese proverb that says,

discussed and decided at the Self-

it has been pointed out that there areof the functioning of the capital market,“When making a statue of Buddha, put theregulation Board, which consists ofcases where companies are forced to list

we revised the rules regarding public

soul into it.”representatives of Regular Member andearly due to the existence of exit needs

Special Member firms as well as thoseby founders, investors in startups, andrepresenting public interest.

others. Activating secondary trading ofofferings for the use of funds for mergers

This saying shows the idea that if you

and acquisitions in February 2023. Going

do not put the soul into it, it is just wood

forward, in order to improve the liquidity ofor stone when you make a statue ofthe corporate bond market, we will take

Buddha. In other words, it implies the factmeasures to accelerate the timing of thethat the finishing touches are the mostannouncement of transaction information

important part.

on newly issued bonds.

Thanks to the government efforts, theTunlisted stocks will also encourage primary
he JSDA has established self-regulatory

trading, and the need for such earlyrules and guidelines to protect investors

listings will weaken, allowing them to growin the area of complex structured bonds.
In the more than 10 years since thesignificantly over time before listing.
In response to this situation, with regard

Japanese securities industry has maderegulatory framework was changed in

to trading of unlisted securities on the

Securities Summit was held in New Yorkconsiderable progress in recent years

2010, there have been significant changes

Proprietary Trading System (PTS), the JSDA

in cooperation with the Securities Industry

in the development of the frameworkin the environment, such as the expansion

discussed necessary matters from theand Financial Markets Association (SIFMA)(Buddha statue), such as making NISA

of Association Members who deal withperspectives of product appropriatenessand other related parties, which was thepermanent and newly establishing thecomplex structured bonds, etc., theexamination, timely provision of information,

first time in four years due to the COVID-19

Organization for Promotion of Financial anddiversification of product features, and thepricing information, and investor protection.

pandemic. In the conference, keynote

Economic Education.

emergence of sales methods that were

In June 2023, the JSDA enacted the new

In March 2023, the 12th Japan

speeches and panel discussions were

Now it is our turn and we will exhaust

not expected at that time. In July 2023,“Rules Concerning Trading of Unlisted

held to introduce the Japanese economy

every effort to put the spirit of the securities

in light of these circumstances, the JSDA

Securities on Proprietary Trading System”

and market outlook as well as measuresindustry into the framework.

revised “Rules Concerning Solicitation

for the purpose of ensuring fair and smoothto revitalize the Japanese economy andfor Investments and Management oftrading of unlisted securities on proprietary

market, and to promote the attractiveness

Customers, Etc. by Association Members”

trading systems, thereby contributingof Japan as an investment destination andand related guidelines in order to realize

to investor protection and the sounda business hub. The next Japan Securities

appropriate solicitation of sales of complex

development of secondary markets for

Summit will be held in cooperation with thestructured bonds, etc. to customers.

unlisted securities.

6

JSDA Annual Report 2023

JSDA Annual Report 2023

7

Activities as a Trade Association
As a trade association serving as anby the government in November outlined

However, such digitalization requires

interlocutor to enhance dialogue, theseveral directions, including the permanent

figuring out areas suitable for digitalization

document delivery to customers under

JSDA relays the industry’s opinions to

expansion of the NISA system and otherconsidering legal requirements andthe Financial Instruments and Exchange

the government and other related parties,

fundamental enhancements, and reform

operations. To support this understanding,

Act (FIEA) in order to provide basic data

promotes investor education to expandof the iDeCo system. The 2023 tax reformin September 2021, we conducted afor the realization of the digitalization. We

the base of knowledgeable investors,

made the NISA program permanent, madesurvey on the status of digitalization atwill continue to lobby the government

produces policy recommendations

the tax-exempt holding period indefinite,

our regular member firms and shared theauthorities so that, in principle,

for further activating the market, andand increased the maximum investment

results among them so that they could

communication documents delivered

upgrades the attractiveness andamount at the end.

grasp the image of how to promote

to clients, which currently must bedigitalization within their companies.

delivered on paper, can be delivered in an

potential of the Japanese market to
global and domestic investors.
Representatives of Regular Members

In February 2023, in light of theformulation of the “Doubling Asset-

In July 2022, the JSDA conducted abased Income Plan” and measuressurvey of individual investors regarding

exchange their views and maketo fundamentally expand and makedecisions on JSDA’s activities as apermanent the NISA, we held the “NISA

trade association at the Securities

Day Commemorative Event—Toward

Strategy Board.

Doubling Asset-based Income” together

J

Investment Trusts Association, Japan,

society in terms of longevity, and its

inviting experts and celebrities fromcitizens will need to secure sufficientvarious positions in government and theassets for their retirement. Under thesepublic and private sectors to speak, as

circumstances, the role of the securities

well as providing archived videos relatedindustry in matching investors’ needs forto the event. We will continue our efforts

asset building with companies’ needs

to promote and educate the public about

for financing has become increasingly

the new NISA system, which will start inimportant. In order to promote the trend

January 2024.

“from savings to investment,” in July 2022

In addition, due to the impact of

the JSDA compiled “Toward Increasing

COVID-19, online communication has

Asset Income of the Middle Class

become more common, and digitalization—Proposal for Doubling Asset-based

has been progressing in various fields. In

Income Plan—” and proposed drastic

the securities industry, there is a need to

expansion of asset formation support

digitalize procedures related to securities

systems such as NISAs and definedtransactions to enhance the convenience

contribution pensions. The “Doublingfor customers and operational efficiency

Asset-based Income Plan” formulated

for securities firms.

8

JSDA Annual Report 2023

electronic format.

Table: New NISA System
Framework for
Dollar Cost Averaging
Investment

with Japan Exchange Group and theapan has become the world’s leading

their views on the digitalization of

Can beused
togetherFramework forLong-term Investment

Maximum annual
investment
amount

1.2 million yen

2.4 million yen

Taxexempt period

Unlimited

Unlimited

Maximum total
tax-exempt
amount18 million yen (both frameworks together)
12 million yen (included)

Account
opening period

Unlimited

Unlimited

Taxexempt products

Qualified investment trusts suitable
for long-term cumulative anddiversified investment

Listed stocks, investment trusts,
ETFs, and REITs

Eligible persons(account holders)

Individuals 18 or older

Individuals 18 or older

JSDA Annual Report 2023

9

Contributing to Sustainable Growth
The JSDA contributes to achieving the
Sustainable Development Goals (SDGs),
a set of international development goals
adopted by the United Nations, under
the JSDA’s Declaration in Support ofT

he JSDA has endeavored to practicallyfurther its contributions to SDGs bytaking various measures in cooperation
with all related parties.
In October 2021, the JSDA establishedthe SDGs. To navigate this journey, thethe “Advisory Board for the Securities

JSDA has one council and three sub-Industry to Achieve Carbon Neutrality”

committees in which experts in this field

to discuss the role the securities industry

deliberate and suggest sustainability-

should play in the future to achieve

related initiatives.

carbon neutrality. In response to theSome of the initiatives are for theParis Agreement adopted in 2015, in

JSDA to implement on a daily and annual

October 2020, the Japanese government

basis. For example, the JSDA defined

declared its intent to reduce greenhouseand uses the term “SDG bonds,” bonds

gas emissions to net-zero by 2050. To

which contribute to the SDGs, to raise

this end, we believe that the securities

market professionals in getting morecarbon neutrality. In December 2021, thepublic awareness of such bonds. Also,

industry has an extremely important rolefamiliar with and practically knowledgeable

JSDA established the ASF Study Groupafter establishing the “Shareholders

as the intermediary for the markets where

about how to achieve carbon neutrality.

on Transition Finance under the Asia

Incentives Endowment Fund for theJapanese companies raise funds toWhen it comes to the transition to a

Securities Forum, which is a body for

SDGs” to support organizations working

achieve net-zero emissions.

net-zero business, necessary efforts vary

information exchange and cross-borderdepending on the sectors. For this reason,cooperation across the Asia-Pacific region.

Also, the JSDA has strived to assist

market professionals in the transition toto tackle social problems in 2019, we

In July 2022, the JSDA published theoffer donations to such organizations“Declaration on Promoting Sustainable

the Japanese ministries have developed(For further details on ASF, please referannually, making use of shareholder

Finance” to further accelerate theroadmaps that carbon-intensive industries

to the “International Activities” section

incentives (gifts granted to shareholders).

realization of a sustainable society and thecan refer to when making transition

on p.14.) The study group, aiming at

The following website describes all ofachievement of carbon neutrality throughstrategies. Against this backdrop, thesharing and exchanging information within

the various efforts of the JSDA and thethe securities industry. The declaration

JSDA held a “Roadmap Study Session

member institutions, follows initiatives

Japanese securities industry as a wholedescribes the basic approach as well as

for Promoting Transition Finance”

on transition finance in the Asian region

in relation to the SDGs.

specific policies and measures to promotesupported by the Ministry of Economy,

including ASEAN.

sustainable finance.

Trade and Industry (METI) and the Ministry

Japanese Securities Industry Supports SDGs

 https://www.jsda.or.jp/sdgs/index.html(available only in Japanese)

10

JSDA Annual Report 2023

Furthermore, the JSDA has co-hostedof Land, Infrastructure, Transport andthe annual Sustainable Bond Conference,

Tourism (MLIT) to help a wide range of

which is a conference on sustainable

market participants involved in suchfinance, with the International Capitalfinance enhance their understanding ofMarket Association (ICMA) to offer market

the significance of such finance and theparticipants opportunities to deepen theircontents of the roadmap.

understanding of sustainability-related

The JSDA also supports Asian

topics and business practices.

JSDA Annual Report 2023

11

Investor Education

I

nvestor education remains vitally

free that they can utilize for their classes.

important, especially for novice investors

In addition, due to the growing demand forand those interested in investments. Many

Capacity BuildingIn the rapidly changing and diversified

December 2022, we held the “Conference

world, it is pivotal for employees andfor Promoting Women’s Activities in thelecturers, we offered in-person and online

managers in securities firms to acquire

Securities Industry” to consider what

people have realized the importance of

seminars at 160 elementary, junior high,a broader knowledge base than before.

we can do to encourage women in theasset formulation, facing unprecedented

and high schools in FY2022.

For example, whereas they need tosecurities industry to be more active fromuncertainty and anxiety due to longevity,

At the same time, we promote

be familiar with financial products andvarious perspectives, such as fostering thepension payment, rising consumer prices,

initiatives for enhancing financial literacy

compliance, their knowledge should also

mindset of women themselves, balancing

and so on. Under these circumstances,of the public. To this end, “Toushi-kun,”cover sustainability-related topics so thatlife and work, and company initiatives.

it is our mission to foster knowledge andthe mascot character of the Securities

each person can play a significant role asunderstanding of the financial markets andKnowledge Dissemination Project (seean intermediary between investors andHub” in April 2022 to enable securities

products for individuals of all backgrounds

p.17 for more about him), appeared in

the ESG markets, thereby contributing

firms to provide on-demand videos so

in Japan.

many places and guided individuals to theto addressing environmental and socialthat their employees and managers can

problems.

meet their needs to gain the necessary

The JSDA launched the “JSDA Training

The JSDA supports junior and senior

long-term diversified investment world. For

high school teachers in offering financial

example, the JSDA developed an online

Keeping these points in mind, the JSDA

knowledge in a timely manner, and enable

and economic classes to their students.

teaching material, “Toushi-kun and Timedraws up and updates a capacity-building

them to take classes whenever necessary

In particular, the importance of financial

Travel!—Let’s Experience Asset Building”

plan annually.

by compiling a library of videos provided in

education in school has increased(launched in February 2022), that allows

because financial literacy, such as on

users to simulate investment with thethe topics of compliance and ethics, as

Furthermore, we have createdfinancial products and asset building, has

past price movements in the markets. In

we believe that such knowledge should

communities for the employees andbeen included in the revised curriculum

May 2023, “Toushi-kun and Time Travel!”be the foundation for the employees andmanagers in the Japanese securities

guidelines for junior high schools since

was awarded by the National Institute on

managers from a self-regulatory point ofindustry to meet each other, share a

2021, and high schools since 2022. For

Consumer Education, a public interest

view. We are also developing seminars

mutual understanding, and enhance their

example, we have provided a sample

incorporated foundation established byon how to offer financial services in an

motivation for work.

financial and economic education

the government. In addition to Toushi-kun,

aging society so that securities firms

For instance, we held networking

curriculum and supplementary teaching“First Time Asset Management Lectures”

can appropriately respond to elderly

events for HR managers with the aim ofmaterials and held relevant seminars

for beginners of investment were held

customers.

supporting them to enhance diversity

for teachers. We have also offered

online and in various places. A YouTube

game-based learning programs, such as

channel with the same title is also

those regulatory topics. In fact, we havecompanies. Another example is the“Financial Quest” and “Stock Learningavailable. Moreover, the JSDA collaborated

offered our program to meet the various

hosting of online exchange meetings forGame,” by which students can enjoy thewith the Japanese Bankers Associationneeds of securities firms. For example,

young employees working at securities

contents and naturally acquire financial

to hold seminars for teachers andour program covers digital transformationcompanies to exchange information andliteracy. Also, we developed “Financial

workplaces, and dispatched lecturers.

(DX), cyber security, sustainable finance,

boost motivation.

Our training seminars traditionally coverMoreover, our scope is not limited toand Economic Navi,” a portal site where

improvement of working practices,teachers can obtain supplementarybolstering of diversity and the futurematerials, videos, manga, and so on forbusiness models of securities firms. In

12

JSDA Annual Report 2023

the past.

and transform working practices at their

JSDA Annual Report 2023

13

International Activities
The JSDA actively participates ininternational conferences and exchanges

On March 1, 2023, the JSDA and theself-regulatory organizations, securities-

to enable foreign companies seeking toSecurities Industry and Financial

related associations, and regulatory

provide English-language customer service

information to deepen relationships with

Markets Association (SIFMA) co-organizedauthorities in the Asia-Pacific region—toin Japan to enter the Japanese market

overseas organizations related to thethe 12th “Japan Securities Summit” inhelp a plethora of jurisdictions develop

more easily.

securities industry.

New York to promote Japanese markets,their securities markets and bolster their

Furthermore, the JSDA submits

mainly targeting institutional investors.

regulatory frameworks. This program

opinions on a wide range of international

number of international forums including

Due to COVID-19, it has been almost four

was also postponed after 2019 due totopics that could influence the Japanesethe International Organization ofyears since the event was held in London

COVID-19, but has been resumed insecurities industry.

Securities Commissions (IOSCO) andin 2019. The half-day event covered a

December 2023.

the International Council of Securities

wide range of topics and included a guest

Aside from the events, we haveon the ISSB’s exposure draft IFRS S1

Associations (ICSA).

The JSDA is now involved in a

For example, we submitted comments

video speech from Prime Minister Kishida,long been involved in activities to“General Requirements for Disclosure

Information on the ICSA’s activities

a keynote speech on the latest initiatives

enhance the global presence of Japan’sof Sustainability-related Financial

can be found at the following website.

shaping the Japanese market, a panel

securities markets.

Information,” IFRS S2 “Climate-related

https://icsa.global/

discussion on an overview of the progress

In recent years, the JapaneseDisclosures,” OECD’s “Crypto-AssetIn addition, the JSDA serves as theof the New Form of Capitalism Realization

government authorities have accelerated

Reporting Framework and Amendments

secretariat of the Asia Securities Forum

Plan, including the Start-up Development

efforts to strengthen Japan’s function

to the Common Reporting Standard,” and(ASF), which functions as a forum for

Five-year Plan and the Doubling of Asset-

as a global financial center by creating a

IOSCO’s “Report on Retail Distribution andthe exchange of views and information

based Incomes Plan, and a presentation

more welcoming environment to foreign

Digitalization Consultation Report.”

among the securities industry in the Asia-

on the Japanese stock market and JPX

financial institutions and professionals,

Pacific region, and supports activities

initiatives. 200 participants attended thesuch as through the Financial Market

the following website.

that contribute to the development of

event, exemplifying the growing interest

Entry Office and legal reforms allowing

https://www.jsda.or.jp/en/activities/

securities markets and economic growthin the Japanese economy and markets

business registration application in English.

comments/

in the region. More information on theamong industry professionals.

In light of this trend, we expanded our

ASF’s activities can be found at thefollowing website.
https://www.asiasecuritiesforum.org/

International
Council of Securities
Associations (ICSA) https://icsa.global/

An overview of the event can be viewed
on YouTube.

Detailed information can be found at

English-language business support
services by making the documents

The JSDA also organizes a training

required for membership in the JSDA

program called the ASF Tokyo Roundavailable in English and established a

Table—which is intended for the staff ofdedicated contact point in January 2022

Asia Securities Forum (ASF) https://www.
asiasecuritiesforum.org/

12th Japan Securities
Summit (March 1, 2023, NY) https://www.youtube.com/
watch?v=IAI2u0Oiuos

JSDA Comments https://www.jsda.or.jp/en/
activities/comments/

 VIDEO

14

JSDA Annual Report 2023

JSDA Annual Report 2023

15

Organization Chart

JSDA Websites

The JSDA functions as a self-regulatory organization (SRO) and as an interlocutor forthe securities industry. Its legal status is as a Financial Instruments Firms Association
authorized by the Prime Minister, pursuant to Article 67-2, Paragraph 2, of the Financial

 JSDA (English Website)
https://www.jsda.or.jp/en/

Instruments and Exchange Act. The members of the JSDA consist of securities firms,
banks, and other financial institutions operating securities businesses in Japan.

Japan Securities Dealers
Association

Sales Representative
Examination Committee

Board of Auditors

General Assembly

Regular Member
Auditors
Standing Auditor

Board ofGovernors
Public Governors
Regular Member
Governors
Special Member
Governor
Chairman and CEO
Vice-Chairmen
Senior Managing
Director

Incident Confirmation Committee

Complaint Review Council

Financial
Literacy &Education
SupportCommittee

GeneralAffairs
Committee
Financial Sub-Committee

16

JSDA Annual Report 2023

 JSDA (Facebook)https://www.facebook.com/JSDA.PR JSDA (YouTube)
https://www.youtube.com/@JSDAmovie Back Numbers of JSDA Annual Reporthttps://www.jsda.or.jp/en/about/annual-report/ Procedures Concerning Requests to Disclosure of Qualificationof Sales Representatives
https://www.jsda.or.jp/en/personal-information/html/procedures.html
Securities
Strategy
Board

Self-regulation
Board

Code of
Conduct
Committee

Securities Industry Council

Disciplinary Committee

Retail Business Council

Sales Representative Disciplinary Committee

Wholesale BusinessCouncil

Self-regulatory Planning Sub-Committee

Internet Brokers Council

Bonds Sub-Committee

Individual Investors
Support Council

Financial Instruments Sub-Committee

 Support Desk for Joining JSDA
https://www.jsda.or.jp/en/about/how-to-join/

Equity Sub-Committee

District Council

International Advisory Committee
Head Office JSDA (X (Twitter))
https://twitter.com/JSDAofficial

As of July, 2023

Toushi-kun
He was created as the mascot character for “Securities Investment
Day” to make securities investments as accessible as possible for the
public regardless of their investment experience or financial knowledge.
Coincidentally, “toushi” means investment and “ushi” means cow, ox, orbull in Japanese. With the hope for bull markets in Japan, the adorable
bull appears as a flag bearer for the shift from saving to investment invarious events.
JSDA Annual Report 2023

17

Japan Securities Dealers Association
2-11-2, Nihombashi, Chuo-ku, Tokyo 103-0027
Tel: +81-3-6665-6764
Contact Us: https://www.jsda.or.jp/contact/app/Contact.php?id=50