The European Union expressed concern Friday over some aspects of the revisions to Japan’s corporate law and what effect they may have on European banks and insurance companies operating in Japan, Japanese and EU officials said.

The EU said the revised corporate law, to take effect next spring, does not address the taxation aspects for foreign companies engaging in mergers and acquisitions activities with Japanese firms in Japan and thus the rules for qualified tax-neutral mergers are not applicable to them. (Source: Japan Today)