This article describes a comprehensive overview about the contents of Japanese Financial Instruments and Exchange Act ("FIEA") and its future task. FIEA was enacted and promulgated in June 14, 2006 as the amendment of the Securities and Exchange Act. The amendment largely consists of the following four pillars: (ⅰ) Establishing a cross-sectional legislative framework for investor protection covering financial products with strong investment characteristics (the so-called legal framework for investor services) (ⅱ) Enhancing disclosure requirements (ⅲ) Ensuring appropriate management of self-regulatory operations by exchanges (ⅳ) Strict countermeasures against unfair trading Later, on July 31, 2007, the "Cabinet Order on the Development, etc. of Relevant Cabinet Orders for Enforcement of the Act for the Amendment of the Securities and Exchange Act, etc. and the Act for the Development, etc. of Relevant Acts for Enforcement of the Act for the Amendment of the Securities and Exchange Act, etc." were approved by the Cabinet. On the same day, cabinet orders, cabinet office ordinances, etc. concerning the Financial Instruments and Exchange Act (FIEA) were published, and the FIEA, which incorporates these amendments, took effect on September 30, 2007. The contents of the Act have been amended almost year by year, reflecting the significant changes of financial market conditions for last a few years. This article provides the details of FIEA`s restrictions to financial institutions, investor protection system and its further issues to be solved in future.