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JSDA Council Bulletin (January 01, 2004)

In an effort to promptly disseminate to our members, information on critical issues in the securities sector, we have developed a Bulletin. This will be a monthly publication highlighting issues from our Council Meeting. We hope you will find this useful and we look forward to your feedback. From the Presidentís Desk
Fsc Quarterly Meeting
The FSC had proposed having quarterly meetings with the Council with the first to be held on January 21, 2004.
Immobilization Of Goj Securities
JSDA to respond to the FSCís proposed amendments to the reporting templates. It was recommended that dealers respond individually to the FSC as each dealer has different operating system capabilities.
Jcsd Fixed Income Project
The Council agreed that the JSE needs to clearly define their plans for the project. The Council was advised that the FSC Consultative Group has met to work on this issue. The Chairman will write to Mr. Wynter (FSC) on this matter.
Fsc Consultative Papers
To date the finalized guidelines on the Interim Capital Standards for Securities Dealers and Margin Requirements for Repurchase Agreements have not been received from the FSC. This will be raised at the FSC Quarterly Meeting.
Margin Committee
The Margin Committee met recently to discuss the Treatment of Securities Acquired on Margin. Three issues were identified for consideration: 1. the unreasonable timetable for implementation; 2. systemic risk associated with the proposal; and 3. the use of historical performance as a guide.
2004 Budget & Agm
The date of the AGM will be decided after the budget has been finalized.
Yield Curve Credibility
The credibility of the data for the yield curve had come under scrutiny as it was being used by members of the financial community to mark-to-market securities in their portfolio. The discussions will continue between Primary Dealers and BoJ to capture and maintain this data through a prescribed mechanism as it is generally thought that this process is best administered through an independent body.
Proposed Mutual Fund Regulations Amendments
The Council reviewed the proposed amendments and it was noted that the Mutual Funds will levy the associated risk of investment on investors. It was agreed that more time should be requested from the FSC in order to properly analyse the proposed amendments.
Retirment – Dwight Richardson
Mr. Dwight Richardson, the Associationís Treasurer, has retired from the industry and the Council. He was commended by the Council for his many years of valuable contribution to the industry.

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