Japan's Financial Services Agency has published for consultation a draft partial revision to its Comprehensive Supervision Guidelines for Financial Instruments Traders to encourage investment managers to take appropriate measures on liquidity risk management for public investment trusts. The proposed update follows recommendations and implementation guidance on liquidity risk management for collective investment schemes issued by the International Organization of Securities Commissions on May 7. The revision forms part of a broader domestic response that also includes the Asset Management Association's consultation on related changes to its Regulations on the Management of Investment Trusts. The agency directs stakeholders to the attached comparison table for the specific supervisory guideline amendments. Comments are due by 17:00 on June 8. The revised guidelines will be applied after the consultation closes and the necessary procedures have been completed.

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