Clifford Chance

Key Issues in English Language Disclosure in Japan – Samurai Bond Issuance under the Foreign Company Securities Registration Statement [Japanese]

4 September 2017

In December 2016, a UK financial holding company, Lloyds Banking Group plc, issued Japanese yen denominated bonds (in the aggregate principal amount of JPY6.1 billion) for the first time in Japan.  This inaugural issuance, based on the FCSRS filed in November 2016, not only was an unprecedented case where a UK issuer issued securities using the English language disclosure system, but also marked a historic step where so-called "Samurai bonds" were issued under the FCSRS for the first time ever in Japan.

This Client Briefing outlines key issues in the English language disclosure system in light of the Japanese regulator's views and policies which were revealed through this issuance, focusing separately on issues specific to UK issuers and issues common to companies using the English language disclosure in general.

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