Financial Instruments and Exchange Act

a person that has had the registration referred to in Article 29 rescinded pursuant to the provisions of Article 52, paragraph (1), Article 53, paragraph (3), or Article 57-6, paragraph (3), has had the permission referred to in Article 60, paragraph (1) rescinded pursuant to the provisions of Article 60-8, paragraph (1), has had the permission under Article 60-14, paragraph (1) rescinded pursuant to the provisions of Article 60-8, paragraph (1) as applied mutatis mutandis pursuant to Article 60-14, paragraph (2), has been ordered to discontinue specially permitted services for qualified institutional investors, etc. (meaning the specially permitted services for qualified institutional investors, etc. prescribed in Article 63, paragraph (2); hereinafter the same applies in this item and item (ii) of this paragraph) pursuant to the provisions of Article 63-5, paragraph (3) (including as applied mutatis mutandis pursuant to Article 63-3, paragraph (2)), has been ordered to discontinue specially permitted services for foreign investors, etc. (meaning the specially permitted services for foreign investors, etc. prescribed in Article 63-8, paragraph (1); hereinafter the same applies in this item and item (ii) of this paragraph) pursuant to the provisions of Article 63-13, paragraph (3) (including as applied mutatis mutandis pursuant to Article 63-11, paragraph (2)), has had the registration referred to in Article 66 rescinded pursuant to the provisions of Article 66-20, paragraph (1), has had the registration referred to in Article 66-27 rescinded pursuant to the provisions of Article 66-42, paragraph (1), has had the registration referred to in Article 66-50 rescinded pursuant to the provisions of Article 66-63, paragraph (1), has had the registration referred to in Article 66-71 rescinded pursuant to the provisions of Article 66-85, paragraph (1), or has been ordered to discontinue cryptoasset management-related services pursuant to the provisions of Article 66-103, paragraph (1), or has had the registration referred to in Article 12 of the Act on the Provision of Financial Services and the Development of the Accessible Environment Thereto (limited to the registration related to the type of securities, etc. intermediary business operations) rescinded pursuant to the provisions of Article 38, paragraph (1) (excluding items (ii), (iii), and (v)) of that Act, and for whom five years have not passed since the date of the rescission or order; or a person that has had a registration or permission of the same kind that it holds in a foreign country (including authorization or any other administrative disposition similar to such a registration or permission) rescinded pursuant to the provisions of the laws and regulations of that foreign country that are equivalent to this Act or the Act on the Provision of Financial Services and the Development of the Accessible Environment Thereto, or has been ordered to discontinue services of the same kind as specially permitted services for qualified institutional investors, etc. or, specially permitted services for foreign investors, etc., or cryptoasset management-related services, and for whom five years have not passed since the date of the rescission or order;

a person that, during the period from the day on which notice under Article 15 of the Administrative Procedure Act was given regarding a disposition of rescission, under Article 38, paragraph (1) (excluding items (ii), (iii) and (v)) of the Act on the Provision of Financial Services and the Developmentdiscontinuation of the Accessible Environment Thereto, of the registrationcryptoasset management-related services under Article 12 of that Act (limited to the registration related to the type of securities, etc. intermediary business operations66-103, paragraph (1) to the day on which the disposition is made or the decision not to make the disposition is made, filed a notification under Article 16, paragraph (3) of the Act on the Provision of Financial Services and the Development of the Accessible Environment Thereto66-101 to the effect that the person falls under item (iii) ii), (vi) or (vii) of that paragraphArticle (excluding a person that, before the day on which the notice was given, had made a decision (meaning, if the person is a corporation, a decision by the organ that is responsible for making decisions on the execution of its operations) to discontinue financial service intermediary business (meaning the financial service intermediary business prescribed in Article 11, paragraph (1) of that Act; the same applies in (12) and item (ii), (f)(12))cryptoasset management-related services, to have all of the business related to financial service intermediary businesscryptoasset management-related services succeeded to by another through a company split, or to transfer all of the business related to financial service intermediary businesscryptoasset management-related services), and for whom five years have not passed since the date of the notification;

a person that, during the period from the day on which notice under Article 15 of the Administrative Procedure Act was given regarding a disposition of rescission, under Article 38, paragraph (1) (excluding items (ii), (iii) and (v)) of the Act on the Provision of Financial Services and the Development of the Accessible Environment Thereto, of the registration under Article 12 of that Act (limited to the registration related to the type of securities, etc. intermediary business operations) to the day on which the disposition is made or the decision not to make the disposition is made, filed a notification under Article 16, paragraph (3) of the Act on the Provision of Financial Services and the Development of the Accessible Environment Thereto to the effect that the person falls under item (iii) of that paragraph (excluding a person that, before the day on which the notice was given, had made a decision (meaning, if the person is a corporation, a decision by the organ that is responsible for making decisions on the execution of its operations) to discontinue financial service intermediary business (meaning the financial service intermediary business prescribed in Article 11, paragraph (1) of that Act; the same applies in (13) and item (ii), (f)(13)), to have all of the business related to financial service intermediary business succeeded to by another through a company split, or to transfer all of the business related to financial service intermediary business), and for whom five years have not passed since the date of the notification;

if the person is a corporation, a person that is found not to have secured, for each of the services related to the financial instruments business subject to the application for registration, an officer (including a person that is found to have at least the same amount of authority over the corporation as a director, an executive officer or an equivalent person, irrespective of whether the person is called a counselor, an advisor or any other title; hereinafter the same applies in this item and, the following item, item (viii), (c), Article 33-5, paragraph (1), item (iii), (a), Article 52, paragraph (2), Article 52-2, paragraph (2), Article 57-20, paragraph (1), item (i) and paragraph (3), Article 63, paragraph (7), item (i), (c), Article 63-9, paragraph (6), item (ii), (g), Article 66-53, item (v), (a), Article 66-63, paragraph (2), Article 66-74, item (vii), (a) and (c), Article 66-85, paragraph (2), Article 66-94, paragraph (5), item (iii), (a) and (d), and Article 66-8566-103, paragraph (2)) or an employee who has the sufficient knowledge and experience necessary for the execution of the relevant services; provided, however, that if an applicant for registration entrusts investment management-related services to an investment management-related services contractor (limited to a person that has obtained the registration under Article 66-71 or the registration of a change under Article 66-75, paragraph (4) in order to conduct those investment management-related services), it is to be sufficient, with regard to those investment management-related services, to have secured an officer or employee who has the ability to appropriately supervise those services.

a person that, during the 30 days prior to the date of rescission or order, was the officer of a corporation, in a case in which the corporation was a financial instruments business operator but has had the registration referred to in Article 29 rescinded pursuant to the provisions of Article 52, paragraph (1), Article 53, paragraph (3), or Article 57-6, paragraph (3); in a case in which the corporation was an authorized firm for on-exchange transactions but has had the permission referred to in Article 60, paragraph (1) rescinded pursuant to the provisions of Article 60-8, paragraph (1); in a case in which a corporation that was a business operator authorized to conduct electronic over-the-counter derivatives transactions, etc. has had its permission under Article 60-14, paragraph (1) rescinded under the provisions of Article 60-8, paragraph (1) as applied mutatis mutandis pursuant to Article 60-14, paragraph (2); in a case in which the corporation was a notifier of specially permitted services but has been ordered to discontinue specially permitted services for qualified institutional investors, etc. pursuant to the provisions of Article 63-5, paragraph (3); in a case in which the corporation had given a notification under Article 63-3, paragraph (1) but has been ordered to discontinue specially permitted services for qualified institutional investors, etc. pursuant to the provisions of Article 63-5, paragraph (3) as applied mutatis mutandis pursuant to Article 63-3, paragraph (2); in a case in which the corporation was a notifier of specially permitted services for foreign investors, etc. but has been ordered as to discontinuation of specially permitted services for foreign investors, etc. pursuant to the provisions of Article 63-13, paragraph (3); in a case in which the corporation had made a notification under Article 63-11, paragraph (1) but has been ordered as to discontinuation of specially permitted services for foreign investors, etc. pursuant to the provisions of Article 63-13, paragraph (3) as applied mutatis mutandis pursuant to Article 63-11, paragraph (2); in a case in which the corporation was a financial instruments intermediary service provider but has had the registration referred to in Article 66 rescinded pursuant to the provisions of Article 66-20, paragraph (1); in a case in which the corporation was a credit rating agency but has had the registration referred to in Article 66-27 rescinded pursuant to the provisions of Article 66-42, paragraph (1); in a case in which the corporation was a high-speed trader but has had the registration referred to in Article 66-50 rescinded pursuant to the provisions of Article 66-63, paragraph (1); in a case in which the corporation was an investment management-related services contractor but has had the registration referred to in Article 66-71 rescinded pursuant to the provisions of Article 66-85, paragraph (1); in a case in which the corporation was a cryptoasset management-related service provider but has been ordered to discontinue cryptoasset management-related services pursuant to the provisions of Article 66-103, paragraph (1); or in a case in which the corporation was a financial service intermediary but has had the registration referred to in Article 12 of the Act on the Provision of Financial Services and the Development of the Accessible Environment Thereto (limited to the registration related to the type of securities, etc. intermediary business operations) rescinded pursuant to the provisions of Article 38, paragraph (1) (excluding items (ii), (iii), and (v)) of that Act; or in a case in which the corporation had obtained a registration or permission of the same kind in a foreign country pursuant to the provisions of a foreign law or regulation that is equivalent to this Act or the Act on the Provision of Financial Services and the Development of the Accessible Environment Thereto (including authorization or any other administrative disposition similar to that registration or permission; hereinafter the same applies in (d)), but has had that registration or permission of the same kind rescinded; or in a case in which the corporation had performed services of the same type as specially permitted services for qualified institutional investors, etc. or, specially permitted services for foreign investors, etc., or cryptoasset management-related services but has been ordered to discontinue those services; for whom five years have not passed since the date of the rescission or order;

an individual that was a financial instruments business operator but that has had the registration referred to in Article 29 rescinded pursuant to the provisions of Article 52, paragraph (1); an individual that was a notifier of specially permitted services but that has been ordered to discontinue specially permitted services for qualified institutional investors, etc. pursuant to the provisions of Article 63-5, paragraph (3); an individual that has given a notification under Article 63-3, paragraph (1) but that has been ordered to discontinue specially permitted services for qualified institutional investors, etc. pursuant to the provisions of Article 63-5, paragraph (3) as applied mutatis mutandis pursuant to Article 63-3, paragraph (2); an individual that was a notifier of specially permitted services for foreign investors, etc. but that has been ordered to discontinue specially permitted services for foreign investors, etc. pursuant to the provisions of Article 63-13, paragraph (3); an individual that has given a notification under Article 63-11, paragraph (1) but that has been ordered to discontinue specially permitted services for foreign investors, etc. pursuant to the provisions of Article 63-13, paragraph (3) as applied mutatis mutandis pursuant to Article 63-11, paragraph (2); an individual that was a financial instruments intermediary service provider but that has had the registration referred to in Article 66 rescinded pursuant to the provisions of Article 66-20, paragraph (1); an individual that was a high-speed trader but that has had the registration referred to in Article 66-50 rescinded pursuant to the provisions of Article 66-63, paragraph (1); an individual that was an investment management-related services contractor but that has had the registration referred to in Article 66-71 rescinded pursuant to the provisions of Article 66-85, paragraph (1); an individual that was a cryptoasset management-related service provider but that has been ordered to discontinue cryptoasset management-related services pursuant to the provisions of Article 66-103, paragraph (1); or an individual that was a financial service intermediary but that has had the registration referred to in Article 12 of the Act on the Provision of Financial Services and the Development of the Accessible Environment Thereto (limited to the registration related to the type of securities, etc. intermediary business operations) rescinded pursuant to the provisions of Article 38, paragraph (1) (excluding items (ii), (iii), and (v)) of that Act; or an individual that had obtained a registration of the same kind in a foreign country pursuant to the provisions of a foreign law or regulation that is equivalent to this Act or the Act on the Provision of Financial Services and the Development of the Accessible Environment Thereto (including permission or any other administrative disposition similar to such a registration; hereinafter the same applies in (e)) or that had obtained permission of the same kind as the permission referred to in Article 60, paragraph (1) or Article 60-14, paragraph (1) in a foreign country pursuant to the provisions of a foreign law or regulation that is equivalent to this Act (including permission or any other administrative disposition that is similar to that permission); hereinafter the same applies in (e)), but that has had that registration or permission of the same kind rescinded; or an individual that had performed services of the same type as specially permitted services for qualified institutional investors, etc. or, specially permitted services for foreign investors, etc., or cryptoasset management-related services but that has been ordered to discontinue those services; for whom five years have not passed since the date of the rescission or order;

a person that was an officer of a corporation that, during the period from the day on which notice under Article 15 of the Administrative Procedure Act was given regarding a disposition of rescission, under Article 38, paragraph (1) (excluding items (ii), (iii) and (v)) of the Act on the Provision of Financial Services and the Developmentdiscontinuation of the Accessible Environment Thereto, of the registrationcryptoasset management-related services under Article 12 of that Act (limited to the registration related to the type of securities, etc. intermediary business operations66-103, paragraph (1) to the day on which the disposition is made or the decision not to make the disposition is made, filed a notification under Article 16, paragraph (3) of the Act on the Provision of Financial Services and the Development of the Accessible Environment Thereto66-101 to the effect that it falls under item (iii) or any of items (vii) through (vii) of that paragraphArticle (in the case of a notification to the effect that it falls under any of items (viii) through (viiv) of that paragraphArticle, the corporation that was the financial cryptoasset management-related service intermediaryprovider concerned in the notification; excluding a corporation that, before the day on which the notice was given, had made a decision (meaning a decision by the organ of the corporation that is responsible for making decisions on the execution of its operations) to discontinue financial service intermediary businesscryptoasset management-related services, to have all of the business related to financial service intermediary business succeeded to by another through a company splitmerge (limited to a merger in which a cryptoasset management-related service provider is extinguished by the merger), to dissolve, to transferhave all of the business related to financial service intermediary business,cryptoasset management-related services succeeded to merge (limited toby another through a merger in which a financial service intermediary is extinguished bycompany split, or to transfer all of the merger), orbusiness related to dissolvecryptoasset management-related services), and for whom five years have not passed since the date of the notification.;

a person that was an officer of a corporation that, during the period from the day on which notice under Article 15 of the Administrative Procedure Act was given regarding a disposition of rescission, under Article 38, paragraph (1) (excluding items (ii), (iii) and (v)) of the Act on the Provision of Financial Services and the Development of the Accessible Environment Thereto, of the registration under Article 12 of that Act (limited to the registration related to the type of securities, etc. intermediary business operations) to the day on which the disposition is made or the decision not to make the disposition is made, filed a notification under Article 16, paragraph (3) of the Act on the Provision of Financial Services and the Development of the Accessible Environment Thereto to the effect that it falls under item (iii) or any of items (v) through (vii) of that paragraph (in the case of a notification to the effect that it falls under any of items (v) through (vii) of that paragraph, the corporation that was the financial service intermediary concerned in the notification; excluding a corporation that, before the day on which the notice was given, had made a decision (meaning a decision by the organ of the corporation that is responsible for making decisions on the execution of its operations) to discontinue financial service intermediary business, to have all of the business related to financial service intermediary business succeeded to by another through a company split, to transfer all of the business related to financial service intermediary business, to merge (limited to a merger in which a financial service intermediary is extinguished by the merger), or to dissolve), and for whom five years have not passed since the date of the notification.

a person falling under any of the following and seeking to engage in type-I financial instruments business, type-II financial instruments business, or investment management business, or cryptoasset trading business:

a foreign corporation that has not designated a domestic representative (limited to one responsible for business at all business offices or offices that the foreign corporation operates in Japan so as to engage in type-I financial instruments business, type-II financial instruments business or, investment management business or cryptoasset trading business); or

a person that has not joined an association (meaning an authorized financial instruments firms association or certified financial instruments business association prescribed in Article 78, paragraph (2) and limited to one whose main association members or members are persons that conduct the business which the applicant for registration seeks to conduct; hereinafter the same applies in this item and Article 33-5, paragraph (1), item (iv)) and that has not prepared internal rules (meaning rules with which that person or its officers or employees should comply) that have contents equivalent to the articles of incorporation or other rules (limited to those for ensuring fair and smooth purchase and sales and other transactions of securities or cryptoassets or ensuring fair and smooth derivatives transactions, etc. as prescribed in Article 33, paragraph (3) or for protecting investors) of the association or that has not established a system for complying with the relevant internal rules;

a person falling under any of the following and seeking to engage in type-I financial instruments business or, investment management business, or cryptoasset trading business:

a person other than a stock company (limited to one that has a board of directors, company auditors, supervisory committee, or nominating committee, etc. (meaning the nominating committee, etc. as defined in Article 2, item (xii) of the Companies Act; the same applies hereinafter)) or a corporation of the same kind as a company with a board of directors incorporated in compliance with foreign laws and regulations (if a person seeks to engage in type-I financial instruments business or cryptoasset trading business, limited to a person that engages in the same kind of business as that type-I financial instruments business or cryptoasset trading business in a foreign country in compliance with foreign laws and regulations (including a person specified by Cabinet Order as equivalent to such a person));

a person engaged in other businesscorporation (excluding a foreign corporation) that does not fall has a person falling under any of the categories of business prescribed in Article 35, paragraph (1) or business set forth in the itemsfollowing as an individual major shareholder (if the applicant is a subsidiary company of Article 35, paragraph (2), and that is found to compromise investor protection due to difficulties in managinga holding company, this includes a major shareholder of the relevant holding company; the risk of losssame applies in connection with the relevant business;(d) and (e)):

a person specified by Cabinet Office Order as being unable to properly exercise the rights of a shareholder due to a mental or physical disorder (if the person has a proxy for exercising the rights of a shareholder due to a mental or physical disorder, limited to a person whose proxy is a person specified by that Cabinet Office Order or a person falling under any of (b) through (i) of item (ii) (in the case of seeking to engage in cryptoasset trading business, a person specified by that Cabinet Office Order or a person falling under any of (b) through (i) of that item or item (viii), (c)(1) through (3)));

a person falling under any of (b) through (i) of item (ii) (in the case of seeking to engage in cryptoasset trading business, any of (b) through (i) of that item or item (viii), (c)(1) through (3));

a corporation (excluding a foreign corporation) that has a person falling under any of the following as an individual major shareholder (if the applicant is a subsidiary company of a holding company, this includes aa corporate major shareholder of the relevant holding company; the same applies in (e) and (f)):: or

a person specified by Cabinet Office Order as being unable to properly exercise the rights of a shareholder due to a mentalfalling under (a) or physical disorder (if the person has a proxy for exercising(b) of item (i) (in the rightscase of a shareholder dueseeking to a mental or physical disorder, limited to a person whose proxy is a person specified byengage in cryptoasset trading business, (a) or (b) of that Cabinet Office Orderitem or a person falling under any of (b) through (i(a) or (b) of item (iiviii));

a person falling under any who has violated the provisions of (b) through the Acts prescribed in item (i) , (c) or the provisions of item (ii).foreign laws and regulations equivalent thereto and been sentenced to a fine (including a sentence under foreign laws and regulations equivalent thereto), and for whom five years have not passed since the day on which the execution of the sentence ended or the person ceased to be subject to execution of the sentence;

a person that has, among the officers representing the corporation, a person falling under any of the following:

a person specified by Cabinet Office Order as being unable to properly exercise the rights of a shareholder due to a mental or physical disorder;

a person falling under any of (b) through (i) of item (ii) (in the case of seeking to engage in cryptoasset trading business, any of (b) through (i) of that item or item (viii), (c)(1) through (3));

a foreign corporation (excluding afor which the foreign regulatory authority (meaning the foreign corporation) regulatory authority for financial instruments defined in Article 189, paragraph (1) or any other regulatory authority specified by Cabinet Order that enforces foreign laws and regulations) has not confirmed that a person falling under any of equivalent to a major shareholder is unlikely to compromise the following as a corporate major shareholder: orsound and appropriate operation of financial instruments business;

a person falling under (a) or (b) of item (i);

a person who has violated the provisions of the Acts prescribed in item (i), (c) or the provisions of foreign laws and regulations equivalent thereto and been sentenced to a fine (including a sentence under foreign laws and regulations equivalent thereto), and for whom five years have not passed since the day on which the execution of the sentence ended or the person ceased to be subject to execution of the sentence;

a person that has, among the officers representing the corporation, a person falling under any of the following:

a person specified by Cabinet Office Order as being unable to properly exercise the rights of a shareholder due to a mental or physical disorder;

a person falling under any of (b) through (i) of item (ii).

a foreign corporation for which the foreign regulatory authority (meaning the foreign regulatory authority for financial instruments defined in Article 189, paragraph (1) or any other regulatory authority specified by Cabinet Order that enforces foreign laws and regulations) has not confirmed that a person equivalent to a major shareholder is unlikely to compromise the sound and appropriate operation of financial instruments business;

a person engaged in other business that does not fall under any of the categories of business prescribed in Article 35, paragraph (1) or business set forth in the items of Article 35, paragraph (2), and that is found to compromise investor protection due to difficulties in managing the risk of loss in connection with the relevant business, if seeking to engage in type-I financial instruments business or investment management business;

a person falling under any of the following if seeking to engage in type-I financial instruments business or cryptoasset trading business:

a person seeking to use a trade name that another financial instruments business operator (limited to those engaged in type-I financial instruments business or cryptoasset trading business; the same applies in (b)) is already using or a trade name that could give rise to the misconception that it is another financial instruments business operator;

a person falling under Article 66-53, item (vi), (b) or (c) or item (vii) if seeking to engage in high-speed trading as type-II financial instruments business (excluding the case of engaging in or seeking to engage in type-I financial instruments business or, investment management business). or cryptoasset trading business);

a person falling under any of the following if seeking to engage in cryptoasset trading business:

a person whose registration under Article 62-3 of the Payment Services Act has been rescinded pursuant to Article 62-22, paragraph (1) or (2) of that Act, or whose registration under Article 63-2 of that Act has been rescinded pursuant to Article 63-20, paragraph (1) or (2) of that Act, and for whom five years have not passed since the date of the rescission, or a person whose registration of the same kind (including a permission or any other administrative disposition similar to that registration) obtained in a foreign country pursuant to the provisions of a foreign law or regulation equivalent to that Act has been rescinded, and for whom five years have not passed since the date of the rescission;

a person that has been ordered to discontinue electronic payment instruments services (meaning the electronic payment instruments services prescribed in Article 2, paragraph (10) of the Payment Services Act; the same applies hereinafter) pursuant to Article 62-22, paragraph (1) of the Payment Services Act as applied with terms replaced pursuant to Article 62-8, paragraph (2) of that Act, and for whom five years have not passed since the date of the order, or a person that has been ordered to discontinue services of the same kind as electronic payment instruments services pursuant to the provisions of a foreign law or regulation equivalent to the Payment Services Act or the Banking Act, etc. (meaning the Banking Act, etc. prescribed in Article 2, paragraph (30) of the Payment Services Act; the same applies in (c)(2)), and for whom five years have not passed since the date of the order;

a person that has, among its officers or employees specified by Cabinet Order, a person falling under any of the following:

a person that, during the 30 days prior to the date of rescission, was the officer of a corporation, in a case in which a corporation that was an electronic payment instruments service provider (meaning the electronic payment instruments service provider prescribed in Article 2, paragraph (12) of the Payment Services Act) has had the registration referred to in Article 62-3 of that Act rescinded pursuant to the provisions of Article 62-22, paragraph (1) or (2) of that Act; in a case in which a corporation that was an electronic payment instruments intermediary service provider (meaning the electronic payment instruments intermediary service provider prescribed in Article 2, paragraph (15) of that Act; the same applies in (3)) has had the registration referred to in Article 63-2 of that Act rescinded pursuant to the provisions of Article 63-20, paragraph (1) or (2) of that Act; or in a case in which a corporation that had obtained a registration of the same kind (including a permission or any other administrative disposition similar to that registration; the same applies in (1)) in a foreign country pursuant to the provisions of a foreign law or regulation equivalent to that Act has had that registration of the same kind rescinded, and for whom five years have not passed since the date of the rescission;

a person that, during the 30 days prior to the date of the order, was the officer of a corporation, in a case in which a corporation that was an issuer prescribed in Article 62-8, paragraph (1) of the Payment Services Act that conducts electronic payment instruments services pursuant to that paragraph has been ordered to discontinue electronic payment instruments services pursuant to the provisions of Article 62-22, paragraph (1) of that Act as applied with terms replaced pursuant to Article 62-8, paragraph (2) of that Act; or in a case in which a corporation that had conducted services of the same kind as electronic payment instruments services pursuant to the provisions of a foreign law or regulation equivalent to that Act or the Banking Act, etc. has been ordered to discontinue those services, and for whom five years have not passed since the date of the order;

in a case in which an individual that was an electronic payment instruments intermediary service provider has had the registration referred to in Article 63-2 of the Payment Services Act rescinded pursuant to the provisions of Article 63-20, paragraph (1) or (2) of that Act, or in a case in which an individual that had obtained a registration of the same kind (including a permission or any other administrative disposition similar to that registration; the same applies in (3)) in a foreign country pursuant to the provisions of a foreign law or regulation equivalent to that Act has had that registration of the same kind rescinded, a person for whom five years have not passed since the date of the rescission;

if seeking to engage in cryptoasset, etc. management, a person that, in addition to those set forth in item (iv), (a), item (v), (b) and item (vi), (a), does not have a financial basis that conforms to the standards specified by Cabinet Office Order as found necessary for performing cryptoasset, etc. management properly and reliably.

The term "major shareholder" as used in item (v), (dc) through (fe) of the preceding paragraph means a person that holds voting rights (including voting rights pertaining to shares or equity interests that cannot be asserted against the issuer pursuant to Article 147, paragraph (1) or Article 148, paragraph (1) of the Act on Book-Entry Transfer of Corporate Bonds and Shares (including as applied mutatis mutandis pursuant to Article 228, paragraph (1), Article 235, paragraph (1), Article 239, paragraph (1), and Article 276, item (ii) of that Act), and excluding the voting rights that are specified by Cabinet Office Order in consideration of the manner in which they are held and other circumstances; hereinafter referred to as "subject voting rights" in paragraph (5) and Article 32, paragraphs (1) and (4)) constituting 20 percent or more (or 15 percent or more, if a fact has occurred that is specified by Cabinet Office Order as a thing that is presumed to have a material influence on decisions about the company's financial and operational policies) of voting rights held by all of the shareholders, etc. of a company.

The term "holding company" as used in paragraph (1), item (v), (dc) means a company for which the ratio of the total amount of the acquisition value (or any other value if it is so listed in the latest balance sheet) of shares or equity in subsidiary companies (limited to domestic companies) to the amount calculated by deducting the amount of assets specified by Cabinet Office Order (meaning the amount calculated pursuant to the provisions of Cabinet Office Order) from the total asset value (meaning the total monetary value of assets calculated by a method specified by Cabinet Office Order) exceeds 50 percent.

The term "subsidiary company" as used in paragraph (1), item (v), (dc) and the preceding paragraph means a second company in which a first company holds the majority of the voting rights held by all the shareholders, etc. In such a case, a second company in which a first company and one or more of its subsidiary companies hold the majority of the voting rights held by all the shareholders, etc., or in which one or more of a first company's subsidiary companies hold the majority of the voting rights held by all the shareholders, etc., is deemed to be the subsidiary company of the relevant first company.

With regard to the application of the provisions of Article 29-2, paragraph (1), item (vi) and paragraph (2), item (i) to type-I small amount electronic public offering service in cases where a person that seeks to obtain the registration set forth in Article 29 seeks to only engage in type-I small amount electronic public offering service from among type-I financial instruments business, the term "an indication of this" in Article 29-2, paragraph (1), item (vi) is deemed to be replaced with "an indication of this (in the case of only engaging in the type-I small amount electronic public offering service prescribed in Article 29-4-2, paragraph (9) from among type-I financial instruments business, including an indication of this)" and the term "item (v), (c)-2" in paragraph (2), item (i) of that Article is deemed to be replaced with "item (v), (c)-2, item (vi), (a)".

The provisions of paragraph (1), item (v), (c)-2 and item (vi), (a) of the preceding Article (including the cases where these provisions are applied mutatis mutandis pursuant to Article 31, paragraph (5)) do not apply to type-I small amount electronic public offering service in the case referred to in the preceding paragraph or in the case where a person that seeks to obtain the registration of change set forth in Article 31, paragraph (4) seeks to only engage in type-I small amount electronic public offering service from among type-I financial instruments businesses.

The provisions of Articles 46-5 and 46-6 do not apply to a type-I small amount electronic public offering service provider (excluding a person that engages in cryptoasset trading business (excluding the specially permitted cryptoasset trading services prescribed in Article 29-6, paragraph (7))).

With regard to the application of the provisions of Article 27-2, paragraph (4) (including the cases where applied mutatis mutandis pursuant to Article 27-22-2, paragraph (2)), Article 27-26, paragraph (1) and Article 66-2, paragraph (1), item (ivv), (a) in cases where a type-I small amount electronic public offering service provider engages in type-I small amount electronic public offering service, the term "type-I financial instruments business" in these provisions is deemed to be replaced with "type-I financial instruments business (excluding the type-I small amount electronic public offering service prescribed in Article 29-4-2, paragraph (9))" and the term "paragraph (4) of that Article" in Article 27-26, paragraph (1) is deemed to be replaced with "Article 28, paragraph (4)".

With regard to the application of the provisions of Article 29-2, paragraph (1), item (v) and paragraph (2), item (i) to specially permitted intermediary services for unlisted securities, etc. in cases where a person that seeks to obtain the registration set forth in Article 29 seeks to only engage in specially permitted intermediary services for unlisted securities, etc. from among type-I financial instruments business, the phrase "or investment management businesscryptoasset, etc. management, is the business category for which the person seeks registration" in paragraph (1), item (v) of that Article 29-2 is deemed to be replaced with "or investment management businesscryptoasset, etc. management, is the business category for which the person seeks registration (forin the case of engaging only in the specially permitted intermediary services for unlisted securities, etc. prescribed in Article 29-4-4, paragraph (8) from among type-I financial instruments business, including an indication that they fall the person falls under this case)" and the term "item (v), (c)-2" in paragraph (2), item (i) of that Article 29-2 is deemed to be replaced with "item (v), (c)-2, item (vi), (a)".

The provisions of Article 29-4, paragraph (1), item (v), (c)-2 and item (vi), (a) (including as applied mutatis mutandis pursuant to Article 31, paragraph (5)) do not apply to specially permitted intermediary services for unlisted securities, etc. in the case referred to in the preceding paragraph or in the case where a person that seeks to obtain the registration of change set forth in Article 31, paragraph (4) seeks to only engage in specially permitted intermediary services for unlisted securities, etc. from among type-I financial instruments business.

The provisions of Articles 46-5 and 46-6 do not apply to a specially permitted intermediary service provider for unlisted securities, etc. (excluding a person that engages in cryptoasset trading business (excluding the specially permitted cryptoasset trading services prescribed in Article 29-6, paragraph (7))).

With regard to the application of the provisions of Article 27-2, paragraph (4) (including as applied mutatis mutandis pursuant to Article 27-22-2, paragraph (2)), Article 27-26, paragraph (1) and Article 66-2, paragraph (1), item (ivv), (a) in cases where a specially permitted intermediary service provider for unlisted securities, etc. engages in specially permitted intermediary services for unlisted securities, etc., the term "type-I financial instruments business" in these provisions is deemed to be replaced with "type-I financial instruments business (excluding the specially permitted intermediary services for unlisted securities, etc. prescribed in Article 29-4-4, paragraph (8))" and the term "paragraph (4) of that Article" in Article 27-26, paragraph (1) is deemed to be replaced with "Article 28, paragraph (4)".

The term "specially permitted intermediary service provider for unlisted securities, etc." as used in paragraph (3) to the preceding paragraph means a person that has obtained the registration set forth in Article 29 or the registration of change set forth in Article 31, paragraph (4) (excluding a person that has obtained the authorization under Article 30, paragraph (1)) by stating in the written application for registration to the effect that the person falls under the case of engaging only in specially permitted intermediary services for unlisted securities, etc. from among type-I financial instruments business.

With regard to the application of the provisions of Article 29-2, paragraph (1), item (v) and Article 29-4, paragraph (1), item (v), (a) (including as applied mutatis mutandis pursuant to Article 31, paragraph (5); hereinafter the same applies in this paragraph) to an investment management business that satisfies all of the following requirements (hereinafter referred to as "investment management business for qualified investors" in this Article) in casesthe case where a person that seeks to obtain registration under Article 29 or registration of change under Article 31, paragraph (4) seeks to engage in an investment management business that satisfies all of the following requirements (hereinafter referred to as "investment management business for qualified investors" in this Article), the term "what phrase "cryptoasset, etc. management, is the business category of businessesfor which the person seeks to conductregistration" in Article 29-2, paragraph (1), item (v) is deemed to be replaced with "what cryptoasset, etc. management, is the business category of businessesfor which the person seeks to conductregistration (in the case of an engaging in, from among investment management business , the investment management business for qualified investors prescribed in Article 29-5, paragraph (1), including a statement to that effect)"; and the termsphrases "a board of directors, company auditors", and "a company with a board of directors" in Article 29-4, paragraph (1), item (v), (a) isare deemed to be replaced with "company auditors", and "a company with company auditors, a company with supervisory committee, or a company with nominating committee, etc." respectively:

With regard to the application of the provisions of Article 66-2, paragraph (1), item (iv) v), (a) to cases where a financial instruments business operator that obtained the registration under Article 29 or registration of change under Article 31, paragraph (4) for engaging in an investment management business for qualified investors engages in an investment management business for qualified investors, the phrase "investment management business" in (a) of that item is deemed to be replaced with "investment management business (excluding the investment management business for qualified investors defined in Article 29-5, paragraph (1))".

With regard to the application of the provisions of Article 29-2, paragraph (1), item (v) and paragraph (2), item (i) to specially permitted cryptoasset trading services in the case where a person that seeks to obtain registration under Article 29 seeks to engage only in the specially permitted cryptoasset trading services from among cryptoasset trading business, the phrase "cryptoasset, etc. management, is the business category for which the person seeks registration" in paragraph (1), item (v) of that Article is deemed to be replaced with "cryptoasset, etc. management, is the business category for which the person seeks registration (in the case of engaging only in the specially permitted cryptoasset trading services prescribed in Article 29-6, paragraph (7) from among cryptoasset trading business, including a statement to that effect)", and the phrase "item (v)-2" in paragraph (2), item (i) of that Article is deemed to be replaced with "item (v)-2, item (vi), (a)".

The provisions of Article 29-4, paragraph (1), item (vi), (a) (including as applied mutatis mutandis pursuant to Article 31, paragraph (5)) do not apply to specially permitted cryptoasset trading services in the case referred to in the preceding paragraph or in the case where a person that seeks to obtain the registration of change set forth in Article 31, paragraph (4) seeks to engage only in specially permitted cryptoasset trading services from among cryptoasset trading business.

A specially permitted cryptoasset trading business operator (excluding a person that engages in type-I financial instruments business (excluding the type-I small amount electronic public offering service prescribed in Article 29-4-2, paragraph (9) and the specially permitted intermediary services for unlisted securities, etc. prescribed in Article 29-4-4, paragraph (8)) or investment management business) is not required to notify the Prime Minister to the effect that it will concurrently engage in other business prescribed in paragraph (3) of Article 35-2-2, notwithstanding the provisions of paragraph (4) of that Article.

The provisions of Articles 46-5 and 46-6 do not apply to a specially permitted cryptoasset trading business operator (excluding a person that engages in type-I financial instruments business (excluding the type-I small amount electronic public offering service prescribed in Article 29-4-2, paragraph (9) and the specially permitted intermediary services for unlisted securities, etc. prescribed in Article 29-4-4, paragraph (8))).

With regard to the application of the provisions of Article 66-2, paragraph (1), item (v), (b) in the case where a specially permitted cryptoasset trading business operator engages in specially permitted cryptoasset trading services, the phrase "cryptoasset trading business" in (b) of that item is deemed to be replaced with "cryptoasset trading business (excluding the specially permitted cryptoasset trading services prescribed in Article 29-6, paragraph (7))".

The term "specially permitted cryptoasset trading business operator" as used in the preceding three paragraphs means a person that has obtained the registration under Article 29 or the registration of change set forth in Article 31, paragraph (4) by stating in the written application for registration to the effect that the person falls under the case of engaging only in specially permitted cryptoasset trading services from among cryptoasset trading business.

The term "specially permitted cryptoasset trading services" as used in paragraphs (1) and (2) and the preceding two paragraphs means engaging, as a business, in the acts set forth in Article 2, paragraph (8), item (xxi) or (xxv) (in the case of the acts set forth in item (xxi) of that paragraph, limited to those performed by a specified cryptoasset issuer with regard to the specified cryptoasset relating to that specified cryptoasset issuer), from among cryptoasset trading business.

If a particular set forth in the items of Article 29-2, paragraph (1) (excluding items (v) through (vi), item (vii), (b), item (viii), andA financial instruments business operator must notify the Prime Minister to that effect in advance where it falls under the case set forth in item (ix)) changes, the financial instruments business operator must notify the Prime Minister of this within two weeks from the day of the changei), or within two weeks from that day where it falls under the case set forth in item (ii).

when seeking to change the particulars set forth in Article 29-2, paragraph (1), item (xi), (a) (excluding the cases specified by Cabinet Office Order as those in which there is little risk of compromising the protection of investors or of impeding the proper and reliable performance of financial instruments business).

when there has been a change in the particulars set forth in the items of Article 29-2, paragraph (1) (excluding items (v) through (vi), item (vii), (b), item (viii) and item (ix)) (excluding the case where a notification has been made under the provisions of this paragraph (limited to the part pertaining to the preceding item)).

If a financial instruments business operator seeks to change a part of the business outline or business method that it has stated in the documents set forth in Article 29-2, paragraph (2), item (ii) that relates to any of the acts prescribed in paragraph (1), item (viii) or (ix) of that Article , or to cryptoasset trading business, and that is specified by Cabinet Office Order as particularly necessary in the public interest or for the protection of investors (hereinafter referred to as a "specified part of the business outline or business method" in this paragraph and Article 33-6, paragraph (3)), it must notify the Prime Minister of this in advance, and if a part of the business outline or business method other than a specified part of the business outline or business method changes, the financial instruments business operator must notify the Prime Minister of this without delay, pursuant to the provisions of Cabinet Office Order.