Japan's FSA to require cross-shareholding info-report

NEW YORK, July 4 (Reuters) - Japan's Financial Services Agency has decided to require listed companies to disclose detailed information on cross-shareholding arrangements with other listed companies, starting as early as this fiscal year, according to the Nikkei business report.

Under the new rules, companies will have to provide such information as the outstanding amounts of shares they hold under cross-ownership arrangements and the reasons for such ownership, the Nikkei reported on its website, citing sources familiar with the matter.

The FSA plans to unveil a draft revision to the Financial Instruments and Exchange Law as early as the fall, hoping to see the change take effect in fiscal 2009 or 2010, according to the report.

It added that under the plan, listed companies would be required to disclose information on their cross-shareholdings in annual corporate securities reports as well as quarterly reports.