August 26, 2008

TSE Pres. Saito Calls for Improved Securities Taxation System

Tokyo, Aug. 26 (Jiji Press)--The government and the ruling coalition should present concrete proposals for securities taxation reform if they truly want to promote a shift from savings to investments, Tokyo Stock Exchange Group Inc. President Atsushi Saito said Tuesday.

Securities-related taxes will be one of the focal points in tax reforms for fiscal 2009.

Speaking at a press conference, Saito also said that the securities taxation system should be simple.

Discussing China's Asia Media Co. , which will be delisted from the TSE Mothers section for startup firms on Sept. 20, Saito said the exchange will improve its screening process for approving the listing of foreign firms.

But he emphasized that there would be no change in the TSE's current drive to attract more companies from China and the rest of the world to list their stocks on the Tokyo exchange.

Elsewhere, Saito said the TSE plans to introduce stricter information disclosure rules for listed companies by the end of this year. The new rules come in the wake of the bankruptcy of real estate developer Urban Corp. , which was criticized for not providing sufficient information about a capital increase plan.END

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