Vol. 72013 1 1 AIJ 1 AIJ AIJ AIJ AIJ 1 2 3 4 AIJ 2 1986 1986 1 21986 2007 7
2 Vol. 7 3 4 1986 1986 5 5 6 31981 1984 1986 23 3 23 3 247 502 6 22 17 26.4 19.8 5 4 18 7 12 16 10915 200737 41 AIJ 52007 7 62011 1 PE PE 2007
AIJ 3 7 2001 8 1986 1986 9 10 11 71 8200170-74 Kitamura, Y.Sudo, M.and Teranishi, J2001 9 1981 1984 10 BIS 2004p39-46 11
4 Vol. 7 AIJ AIJ AIJ 1 12 1 1 2009 AIJ 2011 6 8 70 2011 3 1458 1092 2090 600 2012 2 2012 3 94 106 AIJ 4 2012 6 19 1 1986 1991 12AIJ 4 70 2012 6 19 1
AIJ 5 13 2012 3 AIJ 4 7 1. 2. 3. 3 AIJ 14 2012 9 4 AIJ 4 1. 2. 3. 4. 3 13 AIJ WT AIJ 14 2 2012 4 24 AIJ
6 Vol. 7 2 AIJ 15 AIJ 88 22 16 17 AIJ 3 3 2 1986 1951 18 1 2 15 39 15 2 16 1 2012 4 13 3-1 17 AIJ AIJ % 2% 10% 8% 18 26 19516 4 198
AIJ 7 AIJ 1 2 200941 200942 3 19 3 CDCP 200957 19
8 Vol. 7 1995 AIJ 4 2012 3 24 AIJ 20 AIM 21 4AIJ AIJ 100 AIA Director 22 58 AIM HP 1 2012 4 13 40 20 HP 1 2012 4 13 21 9 4 2 2548
AIJ 9 AIADirector 1986 22 AIJ 80% AIJ AIJ AIA 3 AIJ 3 22 2007243-255
10 Vol. 7 23 3 5 3 24 AIJ 5 2009293 AIJ 23 1 24
AIJ 11 AIJ AIJ 25 AIJ 26 AIJ 27 AIJ AIJ 25AIJ 2012 3 27 3 262000 11 2006 27 AIJ 2012 6 18 13
12 Vol. 7 4 6 4 6 1 AIJ AIJ 1 AIA HP 2 2012 4 13 6 AIJ AIAAIJ AIM AIA
AIJ 13 AIA 644 AIJ AIA AIA AIJ
14 Vol. 7 AIJ 2002 2012 1986 AIJ 28 29 1 AIJ AIJ 1991 282012 2 25 2 29 106 84 22 84 54 34 1900 22
AIJ 15 30 4 1. 2. 3. 4. 1. 2. 3. 4. AIJ AIJ 302012 9 4 AIJ
16 Vol. 7 2008 2007 21 51 2 2006 BP 2003! BP 2010 2010 1999 & 2004 1 L2001 IBJ 2010 2006 2012 2008 2009 1 2 2005 2008 199721 2007 50 2002 2001 December-2001 2005 2004 2009 1 2 2011 2005 B. P. C.
AIJ 17 R. A. F. 21 2007 2 3 2008 1992 2011 2011 201021 2012 2009 2 4 Yukinobu Kitamura, Megumi Sudo and Juro Teranishi [2001] Towards a New Architecture for the Japanese Financial System: Participation Costs, Intermediated ownerships and Wealth Distribution, prepared for the International Conference organized by the Center for Economics Institutions(Hitotsubashi University, Institute of Economic Resaerch) and the International Monetary Fund, Designing Financial Systems in East Asia and Japan-Toward a Twenty-First century Paradigm, on September 24-25, 2001 in Tokyo, Japan. HP AIJ http://www.fsa.go.jp/news/24/syouken/20120904-2.html HP AIJ 24 3 23 http://www.fsa.go.jp/sesc/news/c_2012/2012/20120323-2.htm http://www.fsa.go.jp/sesc/news/c_2012/2012/20120323/01.pdf HP http://www.mhlw.go.jp/stf/shingi/2r9852000000an1v.html#shingi16 1 2012 4 13 AIJ 2 2012 4 24 AIJ HP 23 3 http://www.jiaa.or.jp/toukei/
18 Vol. 7 Structural study of the AIJ investment advisor Scandal Hidekazu Miyoshi* Abstract The purpose of this report is to inspect AIJ investment advisor case by reviewing investment discretional business structure (hereinafter called Business Structure ) and to suggest policy implications to prevent similar injustice in future. The Business Structure has two functions; investment advisor and custodian banking. A customer can choose different company for each function under Business Structure to seek best mix of professionals. Why this structure did not function as it was originally designed, in case of AIJ? In this analysis, it is found that there is a problem in the Business Structure of investment trust. Specifically, when the domestic brokerage firm sells foreign investment trust to domestic investor through private placement, the risk of repeating similar injustice is high. Triggered by AIJ case, it is desired that financial institutions further strengthen their information disclosure system and basic asset management function. Keywords: AIJ investment advisor scandal, Investment discretional contract, The private placement investment trust, Business structure, Pension fund, Due care of a prudent manager * Professor, Ritsumeikan University Graduate School of Management