In Japan, a single firm could be dealing with 300 to 800 regulatory reports to file, says Ken Utsunomiya, senior executive in the global markets division at Mizuho Securities. “We always need to send the report by the target time or deadline already defined, and if we make a mistake, depending on the criticality or severity of reporting, we may need to resubmit it with an explanation letter, or sometimes with an apology letter,” he says. “If the quality is bad, we may face a penalty.”
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