The Japan Financial Services Agency has proposed a hard law amendment that will provide an additional environmental, social, and governance (ESG) information source for asset managers investing in Japanese listed companies,...more
The Working Group Committee of Japan's Financial Services Agency has recommended a new exemption system for fund managers who manage overseas investors' funds, with fewer restrictions on eligible investors. On December 23,...more
The Japanese Financial Services Agency released a new regulation allowing foreign fund managers and securities brokers to transfer their operations to Japan temporarily and without registration in certain emergency...more
This alert provides a summary of the announcement (Announcement) issued by the Kanto Local Finance Bureau (KLFB) at the beginning of August 2020. Responding to the Japanese government’s “Report concerning Promotion of...more
Subordinate regulations under the Financial Instruments and Exchange Act, Act No. 25 of 1948, as amended (FIEA), were amended on July 22 to allow foreign business operators to temporarily conduct business in Japan upon...more
On June 5, 2020, the Diet adopted amendments to the Act on Sales, Etc. of Financial Instruments that introduce, among other things, a system for the registration of one-stop intermediary service providers of financial...more
In March 2019, the Financial Services Agency of Japan (FSA) proposed amendments to the Payment Services Act (PSA) and the Financial Instruments and Exchange Act (FIEA) to strengthen the protections for investors in crypto...more
This is the first in a series of alerts from Morgan Lewis’s investment management team in Tokyo that summarize how the coronavirus (COVID-19) global pandemic impacts investment fund-related businesses in Japan. ...more
On May 31, 2019, the National Diet, the Japanese national legislature, passed an amendment bill to the Payment Services Act (the “PSA”) and the Financial Instruments and Exchange Act (the “FIEA”), which was promulgated on...more
Finance - Amendment to the Payment Services Act Tightens Regulation of Crypto Assets - The Payment Services Act ("PSA") and the Financial Instruments and Exchange Act ("FIEA") were amended on May 31, 2019...more
The Japanese Financial Services Agency (“FSA”), Japan’s primary financial regulator, announced on March 15, 2019, that it was submitting a bill to the Diet to amend both the Payment Services Act (the “PSA”) and the Financial...more
The Situation: The Financial Services Agency of Japan ("FSA") has released a statement on initial coin offerings ("ICOs"). It clarifies the regulatory position of ICOs under Japanese law and also highlights potential risks to...more
On May 17, 2017, the Japanese Diet passed an amendment bill (the “2017 Amendment”) to the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948) (the “FIEA”). The 2017 Amendment includes new regulation on...more
The amendment to the Financial Instruments and Exchange Act ("Amended FIEA") was enacted on May 17, 2017, and promulgated on May 24, 2017. The Amended FIEA will come into force no later than one year from the date of...more
Following the Basel Committee on Banking Supervision and the International Organization of Securities Commissions' March 18, 2015, release of revisions to the framework for margin requirements for non-centrally cleared...more
Centuries ago, a classic tactic to manipulate prices in the Amsterdam Stock Exchange was to spread false rumors that incoming trading companies’ ships were full of furs and diamonds, in attempt to run up prices. Back then,...more
GPs that operate limited partnerships based on the exemption under Article 63 of the FIEA and have recently completed a renewal filing around the end of the grace period (August 31, 2016) are required to prepare Form 20-2...more
Existing Article 63 Exemption Operators will be subject to new obligations and duties starting March 1, 2016. Beginning March 1, 2016, the amendments to the exemption concerning the Special Business Activities for...more