The Financial Instruments and Exchange Law, that amended the Securities and Exchange Law, established on June 7, 2006. It regulates a wide range of financial instruments/services and provides an investor protection/broker-dealer regulation by unifying many laws, because it referred to the UK's Financial Services and Markets Act 2000. It will cause a big impact on financial market regulations in the future, for the reason that it is providing new regulations (e.g., comprehensive definition and new disclosure scheme according to the definition). But it is not clear that the law perfectly corresponds to the new financial instruments/services, especially Structured Bonds (e.g., Exchangeable Bonds, Moving Strike Convertible Bonds). For example, whether the disclosure about EB is limited to the originator or also applies to the other corporations. In addition, many other problems about Structured Bonds (e.g., limits of government ordinance/scope of disclosure/relation with corporate law) remain. However the Financial Instruments and Exchange Law is regarded as a step forward an establishment of the Japanese Financial Services Law. Therefore, I consider that those problems should be settled in the future.