Author: Narziyev, Otabek Sa’diyevich

Annotation: This article analyzes the Japanese experience in matters of the structure of the body authorized to regulate the capital market, its independence and organizational structure. The choice of this country for comparison is based on the recent reforms of the financial regulatory system in many countries, which are mainly aimed at adopting changes to the integrated model and the objective model. Over the last twenty years, 30 states have formed a single financial supervisory body, 23 of which have established a single regulatory body in the last decade alone. In Japan, regulatory activity can be a good example to ensure balance in the interests of several regulators and to ensure independence from other regulators (Ministry of Finance, Central Bank, Ministry of Economy, Trade and Industry) involved in regulating financial markets. The study of the Japanese experience can be a good example for countries that intend to further improve their financial regulatory structures.

Keywords: capital market, status of the regulator, financial structure, independence of the regulator.