Financial Reform in Japan Update #2: Crackdown on Unlicensed Securities Distribution Activities and Additional Qualifications for Investment Advisory and Agency Business

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This Client Alert is the second in a series of alerts concerning amendments (the "Amendments") to the Financial Instruments and Exchange Law ("FIEL") of Japan promulgated on May 25, 2011.

This alert concerns provisions of the Amendments that more strictly regulate the distribution of securities by persons or entities other than financial instruments business firms ("FIB Firms") holding appropriate business registrations with the Kanto Local Finance Bureau ("KFB") (a part of the Ministry of Finance under authority delegated by the Financial Services Agency of Japan ("FSA")).

Among other things, the provisions render certain transactions improperly marketed to Japan resident investors by unregistered persons or entities void. They also prohibit certain advertisements and solicitations by unregistered entities and they impose more severe penalties on unregistered persons or entities for engaging in securities distributions.

This alert also briefly discusses the parts of the Amendments concerning the more stringent operating requirements on registered FIB Firms engaging in investment advisory and agency business ("IAA Business").

Please see full alert below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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