Article 194-7Delegation of Authority to the Commissioner of the Financial Services Agency

①The Prime Minister is to delegate the authority under this Act to the Commissioner of the Financial Services Agency (excluding the authority specified by Cabinet Order).

②Among the authority delegated to the Commissioner of the Financial Services Agency pursuant to the provisions of the preceding paragraph, the Commissioner is to delegate the following authority to the Securities and Exchange Surveillance Commission (hereinafter referred to as the "Commission" in this Article and the following Article); provided, however, that this does not preclude the Commissioner of the Financial Services Agency from personally exercising the authority to give an order to submit reports or materials:

③The Commissioner of the Financial Services Agency may, pursuant to the provisions of Cabinet Order, delegate to the Commission, of the authority delegated pursuant to paragraph (1) (excluding that delegated to the Commission pursuant to the preceding paragraph), the authority under the provisions of Article 26 (including as applied mutatis mutandis pursuant to Article 27); Article 27-22, paragraph (1) (including as applied mutatis mutandis pursuant to Article 27-22-2, paragraph (2)), and paragraphs (2) and (3) of Article 27-22 (including as applied mutatis mutandis pursuant to Article 27-22-2, paragraph (2)); Article 27-30; Article 27-35; Article 27-37; Article 56-2, paragraph (1) (including as applied mutatis mutandis pursuant to Article 65-3, paragraph (3)); Article 56-2, paragraphs (2) through (4); Article 57-10, paragraph (1); Article 57-23; Article 57-26, paragraph (2); Article 60-11 (including as applied mutatis mutandis pursuant to Article 60-12, paragraph (3) (including as applied mutatis mutandis pursuant to Article 60-14, paragraph (2)) and Article 60-14, paragraph (2)); Article 63-6 (including as applied mutatis mutandis pursuant to Article 63-3, paragraph (2)); Article 63-14 (including as applied mutatis mutandis pursuant to Article 63-11, paragraph (2)); Article 66-22; Article 66-45, paragraph (1); Article 66-67; Article 66-88; Article 75; Article 79-4; Article 79-77; Article 103-4; Article 106-6, paragraph (1) (including as applied mutatis mutandis pursuant to paragraph (2) of that Article); Article 106-16; Article 106-20, paragraph (1) (including as applied mutatis mutandis pursuant to paragraph (2) of that Article); Article 106-27 (including as applied mutatis mutandis pursuant to Article 109); Article 151 (including as applied mutatis mutandis pursuant to Article 153-4); Article 155-9; Article 156-5-4; Article 156-5-8; Article 156-15; Article 156-20-12; Article 156-34; Article 156-58; Article 156-80; Article 156-89; Article 192-2; and Article 193-2, paragraph (6).

④Among the authority delegated to the Commissioner of the Financial Services Agency pursuant to the provisions of paragraph (1) (other than authority delegated to the Commission pursuant to the preceding two paragraphs), the Commissioner is to delegate the following authority to the Commission; provided, however, that this does not preclude the Commissioner of the Financial Services Agency from personally exercising that authority:

⑤If the Commission exercises authority delegated to it pursuant to the provisions of the preceding two paragraphs, it is to promptly report the results of this to the Commissioner of the Financial Services Agency.

⑥The Commissioner of the Financial Services Agency may delegate a part of the authority delegated to them pursuant to the provisions of paragraph (1) (other than authority delegated to the Commission pursuant to the provisions of paragraphs (2) through (4)) to the Director-General of a Local Finance Bureau or the Director-General of a Local Finance Branch Bureau, pursuant to the provisions of Cabinet Order.

⑦The Commission may delegate a part of the authority delegated to it pursuant to the provisions of paragraphs (2) through (4) to the Director-General of a Local Finance Bureau or the Director-General of a Local Finance Branch Bureau, pursuant to the provisions of Cabinet Order.

⑧The Commission guides and supervises the affairs related to the authority that is delegated to the Director-General of the Local Finance Bureau or the Director-General of the Local Finance Branch Bureau pursuant to the provisions of the preceding paragraph.