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TOKYO (Reuters) – Japan has high hopes that it will attract more international institutions after a global financial watchdog forum opened its permanent home in Tokyo on Monday.
Tokyo was once Asia’s dominant financial hub but its status has been eroded by the rise of Singapore and Hong Kong due to Japan’s sluggish economic growth, language barriers and legal obstacles.
Majority - Organizations - Offices - Europe - America
While an overwhelming majority of international financial organizations have head offices either in Europe or America, none had such an office in Tokyo.
That’s no longer the case after the International Forum of Independent Audit Regulators (IFIAR) opened a permanent secretariat in the Japanese capital, thanks in part to strong lobbying by Kiyotaka Sasaki, the top bureaucrat at the securities watchdog arm of Japan’s Financial Services Agency (FSA).
IFIAR - Version - Committees - Basel - Committee
The IFIAR is the auditor version of international regulatory committees, such as the Basel Committee on Banking Supervision (BCBS)...
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