Updated on 2022/12/08

写真a

 
IWAHARA, Shinsaku
 
Affiliation
Faculty of Law, School of Law
Job title
Professor

Concurrent Post

  • Faculty of Law   Graduate School of Law

  • Faculty of Law   Waseda Law School

  • Faculty of Political Science and Economics   School of Political Science and Economics

Degree

  • 博士

 

Research Projects

  • Political Mechanism of Corporate Law Reform

    Project Year :

    2015.04
    -
    2019.03
     

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    Firstly, we confirmed the general usefulness of "issue salience" concept on analysis of political process of law reform, and we apply the concept to corporation law reforms in Japan. Secondly, based on this analysis, we interviewed former Ministly of Justice staffs who were involved in corporation law reform held in 1981 and 1990 and got information on reform process, especially on move of actors who joined the reform process.We also made some research on other corporation law reforms, based on their own interests

  • Study of governance of Financial institution groups

    Project Year :

    2015.04
    -
    2018.03
     

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    First, the financial holding company(FHC) scheme has been widely used in Japan, because the FHC which can only deal with management of companies included in the FHC group can be the balancer of the interest of each group company from the view point of the interest of the group itself. Second, the board of directors of the FHC shall employ the monitoring model, namely, more than half of directors shall be independent directors, and the board of directors shall concentrate on deciding the management policy and monitoring and supervising the management. Third, the board of directors of the FHC shall monitor and supervise the management of all the FHC group companies. On the other hand, the subsidiary bank or insurance company of the FHC need not employ the complex governance structure required by the Banking Act or the Insurance Business Act

  • Law and Historical Morphology of Credit

    Project Year :

    2008.04
    -
    2013.03
     

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    Each of Specialists, not only of Modern Europe and America but also of Ancient Greece and Rome and Islamic world and pre-modern China and pre-modern Japan, collectively brought each historical analysis upon credit, mortgage, finance into a collision with accompanying various legal frameworks. And a mutual and acute discussion was held in a comparative perspective. So that it has become evident a limit of the precedent point of view which both theories have in common, of the actual problems of credit in the world and of the history of finance. This might suggest a new direction of constructing the fundamental theory of credit, but at most this remains unaccomplished, a fortiori a feedback process to each field of history waits us

  • Study on current trends in shipping industry and their influences upon maritime law

    Project Year :

    2002
    -
    2005
     

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    In this project it is intended that current problems of maritime law are researched in terms of transformation of shipping industry where the globalization is deeply progressed through wide spread of flag of convenience and strong competition in global market. Maritime law relates to a lot of aspects of shipping activities, for example, contracts of carriage of goods by sea, marine accident including environmental pollution, finance for shipbuilding and international trade, marine insurance and so on. Analysis of influences of changes of structures of shipping industry and practices upon such aspects is indispensable to modernization of maritime law. This study group analyzed changes of practices in each aspect and their economic backgrounds. Based upon such analysis members of the group tried to propose not only national but also international legislative solutions. Particularly they are strongly expected to contribute to the modernization of Japanese Commercial Code in a few years by the research results of this projects.

  • Corporation Law in Transnational Aspects

    Project Year :

    1998
    -
    2000
     

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    The purpose of this project is a comprehensive research of all the issues concerning the application of the Japanese Corporation Law to transnational affairs.
    The issues must be examined in two parts. The first is a choice-of-law problem : which country's law is to be applied to the affairs concerning corporation law ? The second is a constructive problem of substantive law : for example, whether the term "corporation" in the Japanese Corporation Law includes a "foreign corporation", if Japanese law is to be applied? Concerning the first problem, in addition to choice-of-law view points, examinations must be made from public-law view points (for example, extra-territorial application of public law) in some circumstances.
    Important legislative issues of the Japanese Corporation Law concerning foreign corporations include : (1) ambiguity of the provision dealing with quasi-foreign corporations, (2) defects of the provisions concerning foreign corporations (for example, insufficient disclosure of their financial statements), (3) ambiguity of treatment of foreign corporations in bondholders' meetings, mergers etc., (4) requirement of recognized legal entities.
    Most of the Corporation Law issues brought about by Japanese corporations' transnational activities can be solved adequately by the existing Corporation Law.

  • Study of Legal Problems of Derivatives and Other New Financial Products

    Project Year :

    1995
    -
    1997
     

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    This project intends to analyze the legal problems concerning the innovative financial products such as derivatives. Derivatives products are, because of their special characteristics, giving rise to complicated problems in many fields of law, such as civil- and commercial law, banking Law, securities law, tax law. Members of the project investigated law and practices of derivatives in Japan and foreign countries comprehensively, and presented the possible solutions under the existing Japanese legal system. Furthermore they tried to describe the new legislative measures that are required for the sound developments of the derivatives in Japan. Subjects taken up under the project are, for instance, treatment of derivatives transacions under the bankruptcy proceeding, and distinction derivatives from insurance or wager in the field of private law. In the fields of banking law and securities regulation, regulation on the OTC-derivatives and risk management system in the financial institutions concerning the derivatives are main topics. Some members of the project reported on the results of the reserch at the sympojium of the Japanese Society of Law of Finance in October 1998, and they also contributed greatly to the recent amendments of the Banking Act and the Securities Transaction Act.

  • ビジネス・プランニングの研究

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    会社法と租税法とを総合的に視野に入れ,かつ,企業がある目的を達成しようとしたときにどのような法的手段があるかという戦略法務的な思考を体得するための「ビジネス・プランニング」のケ-スブックの作成が,本研究の課題である。本年度は,昨年度に引続き,ケ-スブックの設例に適当な材料を得るために実務家へのインタビュ-を行うとともに,設例の作成,関連設問の作成,関連教材の収集を行った。その結果,予定するケ-スブックの各章について,仮想設例を中心に構成した,第一次の試案のようなものが,一通りできあがった。ただ,今後,内容をさらに検討して,洗練された設例等に仕上げねばならない。また、平成2年4月に国会に上程される商法・有限会社法の改正法案の内容が,従来いわれていたよりも小幅な改正を内容とするものになったこと,消費税の今後の取扱いが不明であること等,ケ-スブックの内容に係る点で外部環境に変化があり,今後の帰趨もさだかでないことから,ケ-スブック刊行までには,なおしばらく時間を要する。ケ-スブックの構成は、次のようなものになる予定である。第1章 新規事業への進出(a)分社(b)買収(c)合併第2章 資金調達第3章 利益処分第4章 企業承

  • A Legislative Study on modernizing the law of business transactions

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    Comparing with the corporate law, our law of business transactions is clearly out of date. If we look at the legislative situations of other developed or even some developing countries, we can find their laws of business transactions have been quite modernized. We cannot understand the reasons why our legislators are so slow to modernize our law of business transactions.We strongly believe our law of business transactions should be modernized in near future. Because it is very inconvenient and difficult for business people to predict precise legal outcomes of their business conducts under the present out-of-dated legal rules. Furthermore, the present rules are not friendly to consumers because of the too much strong principle of freedom of contract.Therefore, we intensively have made research works on modernizing our law of business transactions for four years. As the result of our works, we offer several proposals in order to modernize the present legal rules

  • A study of method for dealing with financial institution insolvencies

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    First, bank insolvencies should be dealt with by method of purchases and assumptiones. In order to do that, we need to provide variety of way of supporting rescuing financial institutions and to introduce loss sharing schemes. And it is desirable that deposit or fund transfer creditors to the bank should have preferences over other creditors of the bank.Second, insurance company insolvencies should be dealt with not by administrative procedures under the Insurance Business Law but by judicial procedures under the Special Reorganization Procedure for Financial Institutions Law.Third, we should make it possible that banks may rescue insolvent co-operative societies for agriculture.Four, we need to extend functions of the fund for the protection of investors in order to deal with securities company insolvencies

  • Impact on Corporation Law made by International Unification of Accounting Standards

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    International unification of accounting standards owing to establishment of International Accounting Standards by IASB has a large impact on Japanese corporation law in two aspects. One is how its provisions concerning accounting should be amended in harmony with the international movements. The other is how it should cope with the changes of business conducts of companies brought about by the new accounting standards.Concerning the first point, we published several articles on the recent amendments of Japanese corporation law with regard to capital reserves and limitations on sources of dividends. The most important issue in the fixture is the Accounting Standard of Share-based Payment. Our conclusions on the issue are as follows. If Japanese corporation law is amended in harmony with the Exposure Draft on Share-based Payment of IASB, it must introduce the new idea which has not existed in Japan that the corporation may issue stock purchase/subscription warrants in exchange for services. There would be no serious problems in publicly-held corporations, if services are permitted as consideration for shares. However, some abuses might occur in the case of closely-held corporations which do not disclose any financial statements. Since there is a risk of overvaluation in services which have no market prices, the possibility should not be excluded that the corporation law requires the special resolution of shareholders meeting in case the corporations accept services as consideration of shares. Since services may be provided for a period of time, such amendment of corporation law is needed that payment by installment to stock purchase/subscription warrants is permitted. The principle of labor law that the wages shall always be paid in cash must be abolished.Concerning the second point, the most serious problem to Japanese corporations was so-called "legend" of the financial statements written in English in 2001. However, the auditor system and the new type of corporation (corporation with committees) have become the most important issue after the Enron scandal in autumn of 2001. The Accounting Standard of Impairment of Assets which is to be applied in Japan from 2005 has a great influence on he conducts of business of Japanese corporations by giving rise to a great number of M&A and restructuring activities today

  • Recent Deregulation on Insurance Business and Legal Problems

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    In this research project we analyzed current legal problems in the field of insurance business that is facing to the strong deregulation recently. The analysis covers both insurance contract law and insurance supervision law. The main result of the research is "Insurance Law" published in March 2005 by Tomonobu Yamashita, the head investigator. In the part of the introduction the definition and scope of the insurance is dealt with. This problem is important because the relation between insurance and other financial transactions, particularly financial and insurance derivatives, becoming unclear through the deregulation of the financial service businesses. In the part of the insurance contract and law, the future legislation on the insurance contract is discussed from the viewpoint of the comparison with recent legislations in European cotmtries and United States. Also the influences of the current legislation in the field of general civil law such as the Consumer Contracts Law etc. on the insurance contract are analyzed. The regulation of the insurance intermediaries is another focal point of the research. Investigators researched also other current legal problems and published articles

  • Financial Systems Reforms and Law

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    Our research has made clear the following points. First, we need to legislate investors protection law which covers all kinds of financial transactions, including banking, securities, insurance and new financial transactions such as financial derivatives and which implements the suitability rule and the trustee liability rule more concretely etc. This legislative proposal has been partially realized by the enactment of the Financial Products Transaction Law of 2006. Second, we have conducted research on problems concerning settlements in financial markets and on conflicts of interests problems in financial markets and have made clear the concrete contents of legislation which we need to implement. Third, legislative defects of investment schemes in Japan have been detected by our research and how we should interpret the present financial laws and what kinds of legislation should be implemented has been made clear by our research. Fourth, we have made clear the risk management and governance problems which have been derived by developments of financial conglomerate formations and how we should legislate to deal with these problems. Fifth, we have made clear the needs and directions of legislation of financial supervision laws

  • Consumer Credit Law from Private,Regulatory and Market Law Perspective

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Specific Research

  • 金融機関グループにおけるガバナンスの研究

    2015  

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     本研究においては、金融機関グループのあるべきガバナンス体制の検討を行った。その結果、金融機関グループにおいて主に金融持株会社形態が採られているのは、同形態を採ることによってグループ全体の利益を図る経営が行われやすいためであること、そのような金融持株会社の機能を発揮するためには、金融持株会社の取締役会はグループ全体の経営の監督を行うべきであり、取締役会の在り方としてモニタリング・モデルを採用し、独立取締役が経営者の監督をしっかりできる体制を確立する必要があること、等を明らかにすることができた。

  • 自己株式の貸株等の新しい金融取引の会社法・金融商品取引法・金融法上の諸問題

    2013  

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     本研究は、自己株式の貸株や Credit Default Swap (CDS) 等の新しい金融取引の会社法、金融商品取引法、金融監督法、取引法上の諸問題を検討するものである。本研究の中心は、自己株式の貸株を利用した green shoe option 取引にあり、海外におけるその取引と、それを我が国に導入しようとする取引計画につき、証券会社や法律事務所等にヒアリングを行うフィールド・リサーチや、文献・資料による調査を行った。また、ドイツの関連論文や判例等を中心に、アメリカ等を含む海外文献・資料の調査も行った。 これらの調査を基に、まず貸株取引の実態の解明に努めた。取引を利用目的に従って分類し、その中から法的に問題のあるものを取り上げて検討することにした。貸株については、担保目的等の取引手段として貸株が利用される場合や、買収防衛目的等で株式を購入することなく会社の議決権を入手するため等に行われる戦略的手段としての貸株に問題があり、CDSについては投機目的での利用が問題となることを明らかにした。 貸株は、会社法的にも金融商品取引法的にも様々な問題を抱えている。本研究においては、第一にその法律構成を明らかにし、株式の消費貸借または再売買予約付売買と構成した。第二に、貸株等の有価証券貸借の形で担保に供した場合の効力を明らかにした。第三に、貸株に関するインサイダー取引規制や、借受者・貸付者の開示における届出義務、公開買付規制の適用の有無等につき検討し、原則としては脱法的に用いられない限りこれらの規制の適用はないという結論に至った。第四に、貸株を用いて株式の経済的な利益の帰属主体を議決権行使者から切り離す empty voting という問題等を検討した。その結果、アメリカではSECの規則で一定範囲で株式の実質的な所有者に議決権を行使させており、ドイツにおいても一定の場合に借株者による議決権行使を否定する解釈が主張されており、我が国でもそのような立法論的・解釈論的工夫が必要であることを示した。 本研究において特に力を入れて検討したのは、自己株式を貸株して行われる green shoe option と呼ばれる取引の会社法的な問題である。自己株式を貸株することが会社法199条1項に定める自己株式の「処分」に当たり、募集株式発行等の会社法規制の適用を受けるかを検討した。自己株式の「処分」に原則として該当すると考えたうえで、借株者に株式の所有権は移転するが、「特に有利な金額」による自己株式の「処分」には当たらないとするためには、取引開始時に借株者が貸株される自己株式の時価相当額を担保として提供する必要があると考えるべきことを明らかにした。また、「処分」時の公示に工夫が必要なこと、種類株式発行規制は及ばないこと、自己株式の貸借期間満了時に借株を返還することに自己株式取得規制が及ばないこと、等を明らかにすることができた。 この他、投機目的のCDSにつき、刑法の賭博罪の適用がありうるのか、金融監督法上はいかなる手当が必要なのか、清算機関の設置強制の必要性等についても検討を行った。

  • リーマン後の新たなタイプの金融危機に対応する包括的金融法制の検討

    2013  

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    本研究は、2008年のリーマン・ブラザースの破綻をきっかけとする世界的な金融危機の反省に立って、新たな包括的金融規制の在り方を探るものである。具体的には以下のような研究成果を挙げた。 リーマン危機が発生した原因や危機が拡大したメカニズム等につき、経済学や金融論における研究をフォローし、それらの専門家である慶応大学の池尾和人教授や日本総研の翁百合理事等と研究交流を行った。その結果、この危機の背後には、経済のグローバル化の進展、それに伴う新興国の発展と先進国経済の低迷、国際的な経常収支のアンバランスとそれに伴う世界的な過剰流動性の発生、証券化や市場型金融等の新たな金融手法や金融の在り方の進展に法制整備が十分に対応できなかったこと、等の根本的問題があることを明らかにすることができた。 世界的にはG20の合意に基づきFSB(金融安定理事会)が、「金融機関の実効的な破綻処理の枠組みの主要な特性」という各国の立法指針の文書を策定する等、国際的な金融危機対応の制度作りが進んでいる。本研究においてはこれらの動きをフォローし、我が国における具体的な法制整備の在り方を提示した。 このような国際的な動きを踏まえ、新たなタイプの金融危機に対応するために、アメリカがドッド・フランク法を立法したのを始め、世界各国で立法がされている。本助成の受給者は、すでにドッド・フランク法を研究して論文を発表していた(岩原紳作「金融危機と金融規制ーーアメリカのドッド・フランク法を中心に」『前田重行先生古期記念・企業法・金融法の新潮流』(商事法務、2013年)393-425頁)。しかしその段階ではドッド・フランク法に基づく規則等はまだ十分に制定されておらず、同法の具体的内容は固まっていなかった。本研究においては最近制定された同法の規則等を研究し、その他、イギリス、ドイツ等の立法も研究して、この問題に対する世界の最新の立法状況を明らかにし、そこから我が国における立法のあるべき姿を検討した。ドッド・フランク法については、同法のToo Big To Fail の問題に対する規制はあまり有効でないが、デリバティブやヘッジ・ファンドに関する規制等は、批判はあるが我が国の参考になりうること等を示すことができた。 我が国においても平成25年の預金保険法・銀行法等の改正により、新たなタイプの金融危機に対する一定の対応がなされた。本研究においてはこの法改正の意義と将来に残された課題の研究を行った。具体的には、銀行に限らず幅広い金融機関をカバーする金融危機を生じさせかねない金融機関の破綻の危機に対する予防や事後処理につき、公的資金の投入を含めた措置を定めたこと等は評価される一方、このスキームの対象にノンバンクやファンド等が含まれていないこと、新たな市場型金融の担い手の健全性確保のための手当が不十分であることが、ドッド・フランク法等に比べても問題を残していること等を明らかにし、今後の立法課題を提示することができた。

 

Syllabus

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