Article 29-4Refusal of Registration

一a person falling under any of the following:

イa person that has had the registration referred to in Article 29 rescinded pursuant to the provisions of Article 52, paragraph (1), Article 53, paragraph (3), or Article 57-6, paragraph (3), has had the permission referred to in Article 60, paragraph (1) rescinded pursuant to the provisions of Article 60-8, paragraph (1), has had the permission under Article 60-14, paragraph (1) rescinded pursuant to the provisions of Article 60-8, paragraph (1) as applied mutatis mutandis pursuant to Article 60-14, paragraph (2), has been ordered to discontinue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applied mutatis mutandis pursuant to Article 63-11, paragraph (2)), has had the registration referred to in Article 66 rescinded pursuant to the provisions of Article 66-20, paragraph (1), has had the registration referred to in Article 66-27 rescinded pursuant to the provisions of Article 66-42, paragraph (1), has had the registration referred to in Article 66-50 rescinded pursuant to the provisions of Article 66-63, paragraph (1), has had the registration referred to in Article 66-71 rescinded pursuant to the provisions of Article 66-85, paragraph (1), or has had the registration referred to in Article 12 of the Act on the Provision of Financial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 intermediary business operations) rescinded pursuant to the provisions of Article 38, paragraph (1) (excluding items (ii), (iii), and (v)) of that Act, and for whom five years have not passed since the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., and for whom five years have not passed since the date of the rescission or order;

ロa person falling under any of the following:

（１）a person that, between the day on which a notice under Article 15 of the Administrative Procedure Act was given regarding the disposition of rescission of the registration referred to in Article 29 pursuant to the provisions of Article 52, paragraph (1), Article 53, paragraph (3), or Article 57-6, paragraph (3) and the day of making the disposition or deciding not to make the disposition, has made a notification under Article 50-2, paragraph (1) to the effect that the person falls under item (ii), (vi), or (vii) 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, the decision by the organ responsible for making decisions on the execution of its operations) to discontinue financial instruments business, to cause all of the business relating to financial instruments business to be succeeded to in a company split, or to transfer all of the business relating to financial instruments business), and for whom five years have not passed since the date of that notification;

（２）a person that, between the day on which a notice under Article 15 of the Administrative Procedure Act was given regarding the disposition of rescission of the permission referred to in Article 60, paragraph (1) pursuant to the provisions of Article 60-8, paragraph (1) and the day of making the disposition or deciding not to make the disposition, has discontinued on-exchange transaction services (meaning the on-exchange transaction services prescribed in Article 60, paragraph (1); hereinafter the same applies in this item, item (ii), (f)(2), and Article 38, item (viii)) and, as a result, has made a notification under Article 60-7 to the effect that the case prescribed in that Article applies, as the authorized firm for on-exchange transactions (meaning the authorized firm for on-exchange transactions prescribed in Article 60-4, paragraph (1); hereinafter the same applies in this item, item (ii), and Article 38, item (viii)) pertaining to that notification (excluding a person that, before the day on which the notice was given, had made a decision (meaning the decision by the organ responsible for making decisions on the execution of the operations of that authorized firm for on-exchange transactions) to discontinue on-exchange transaction services), and for whom five years have not passed since the date of that notification;

（３）a person that, between the day on which a notice under Article 15 of the Administrative Procedure Act was given regarding the disposition of rescission of the permission referred to in Article 60-14, paragraph (1) pursuant to the provisions of Article 60-8, paragraph (1) as applied mutatis mutandis pursuant to Article 60-14, paragraph (2) and the day of making the disposition or deciding not to make the disposition, has discontinued the business of conducting electronic over-the-counter derivatives transactions, etc. (meaning the business of conducting electronic over-the-counter derivatives transactions, etc. prescribed in Article 60-14, paragraph (1); hereinafter the same applies in this item and item (ii), (f)(3)) and, as a result, has made a notification under Article 60-7 as applied mutatis mutandis pursuant to Article 60-14, paragraph (2) to the effect that the case prescribed in that Article applies, as the business operator authorized to conduct electronic over-the-counter derivatives transactions, etc. (meaning the business operator authorized to conduct electronic over-the-counter derivatives transactions, etc. prescribed in Article 60-14, paragraph (2); hereinafter the same applies in this item and item (ii)) pertaining to that notification (excluding a person that, before the day on which the notice was given, had made a decision (meaning the decision by the organ responsible for making decisions on the execution of the operations of that business operator authorized to conduct electronic over-the-counter derivatives transactions, etc.) to discontinue the business of conducting electronic over-the-counter derivatives transactions, etc.), and for whom five years have not passed since the date of that notification;

（４）a person that, between the day on which a notice under Article 15 of the Administrative Procedure Act was given regarding the disposition of discontinuation of specially permitted services for qualified institutional investors, etc. under Article 63-5, paragraph (3) and the day of making the disposition or deciding not to make the disposition, has made a notification under Article 63-2, paragraph (2) to the effect that the person has succeeded to the position of a notifier of specially permitted services (meaning a person that has made a notification under Article 63, paragraph (2); hereinafter the same applies in this item and item (ii)) pursuant to the provisions of Article 63-2, paragraph (1), or a notification under the provisions of paragraph (3) of that Article to the effect that the person falls under item (ii) of that paragraph (in the case where the person has made a notification under paragraph (2) of that Article to the effect that the person has succeeded to the position of a notifier of specially permitted services pursuant to the provisions of paragraph (1) of that Article, the person that was the notifier of specially permitted services pertaining to that notification; and excluding a person that, before the day on which the notice was given, had made a decision (meaning, if the person is a corporation, the decision by the organ responsible for making decisions on the execution of its operations) to transfer all of the business relating to specially permitted services for qualified institutional investors, etc., to cause all of that business to be succeeded to in a company split, or to discontinue specially permitted services for qualified institutional investors, etc.), and for whom five years have not passed since the date of that notification;

（５）a person that, between the day on which a notice under Article 15 of the Administrative Procedure Act was given regarding the disposition of discontinuation of specially permitted services for qualified institutional investors, etc. under Article 63-5, paragraph (3) as applied mutatis mutandis pursuant to Article 63-3, paragraph (2) and the day of making the disposition or deciding not to make the disposition, has made a notification under Article 50-2, paragraph (1) to the effect that the person falls under item (vi) or (vii) of that paragraph, or a notification under the provisions of Article 63-2, paragraph (3) as applied mutatis mutandis pursuant to Article 63-3, paragraph (2) to the effect that the person falls under item (ii) of Article 63-2, paragraph (3) as so applied (excluding a person that, before the day on which the notice was given, had made a decision (meaning, if the person is a corporation, the decision by the organ responsible for making decisions on the execution of its operations) to cause all of the business relating to specially permitted services for qualified institutional investors, etc. to be succeeded to in a company split, to transfer all of that business, or to discontinue specially permitted services for qualified institutional investors, etc.), and for whom five years have not passed since the date of that notification;

（６）a person that, between the day on which a notice under Article 15 of the Administrative Procedure Act was given regarding the disposition of discontinuation of specially permitted services for foreign investors, etc. under Article 63-13, paragraph (3) and the day of making the disposition or deciding not to make the disposition, has made a notification under Article 63-10, paragraph (2) to the effect that the person has succeeded to the position of a notifier of specially permitted services for foreign investors, etc. (meaning a person that has made a notification under Article 63-9, paragraph (1); hereinafter the same applies in this item and item (ii)) pursuant to the provisions of Article 63-10, paragraph (1), or a notification under the provisions of paragraph (3) of that Article to the effect that the person falls under item (ii) of that paragraph (in the case where the person has made a notification under paragraph (2) of that Article to the effect that the person has succeeded to the position of a notifier of specially permitted services for foreign investors, etc. pursuant to the provisions of paragraph (1) of that Article, the person that was the notifier of specially permitted services for foreign investors, etc. pertaining to that notification; and excluding a person that, before the day on which the notice was given, had made a decision (meaning, if the person is a corporation, the decision by the organ responsible for making decisions on the execution of its operations) to transfer all of the business relating to specially permitted services for foreign investors, etc., to cause all of that business to be succeeded to in a company split, or to discontinue specially permitted services for foreign investors, etc.), and for whom five years have not passed since the date of that notification;

（７）a person that, between the day on which a notice under Article 15 of the Administrative Procedure Act was given regarding the disposition of discontinuation of specially permitted services for foreign investors, etc. under Article 63-13, paragraph (3) as applied mutatis mutandis pursuant to Article 63-11, paragraph (2) and the day of making the disposition or deciding not to make the disposition, has made a notification under Article 50-2, paragraph (1) to the effect that the person falls under item (vi) or (vii) of that paragraph, or a notification under the provisions of Article 63-10, paragraph (3) as applied mutatis mutandis pursuant to Article 63-11, paragraph (2) to the effect that the person falls under item (ii) of Article 63-10, paragraph (3) as so applied (excluding a person that, before the day on which the notice was given, had made a decision (meaning, if the person is a corporation, the decision by the organ responsible for making decisions on the execution of its operations) to cause all of the business relating to specially permitted services for foreign investors, etc. to be succeeded to in a company split, to transfer all of that business, or to discontinue specially permitted services for foreign investors, etc.), and for whom five years have not passed since the date of that notification;

（８）a person that, between the day on which a notice under Article 15 of the Administrative Procedure Act was given regarding the disposition of rescission of the registration referred to in Article 66 pursuant to the provisions of Article 66-20, paragraph (1) and the day of making the disposition or deciding not to make the disposition, has made a notification under Article 66-19, paragraph (1) to the effect that the person falls under item (i) 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, the decision by the organ responsible for making decisions on the execution of its operations) to discontinue financial instruments intermediary service, to cause all of the business relating to financial instruments intermediary service to be succeeded to in a company split, or to transfer all of the business relating to financial instruments intermediary service), and for whom five years have not passed since the date of that notification;

（９）a person that, between the day on which a notice under Article 15 of the Administrative Procedure Act was given regarding the disposition of rescission of the registration referred to in Article 66-27 pursuant to the provisions of Article 66-42, paragraph (1) and the day of making the disposition or deciding not to make the disposition, has made a notification under Article 66-40, paragraph (1) to the effect that the person falls under item (i) of that paragraph (excluding a person that, before the day on which the notice was given, had made a decision (meaning the decision by the organ responsible for making decisions on the execution of the person's operations) to discontinue credit rating services, to cause all of the business relating to credit rating services to be succeeded to in a company split, or to transfer all of the business relating to credit rating services), and for whom five years have not passed since the date of that notification;

（１０）a person that, between the day on which a notice under Article 15 of the Administrative Procedure Act was given regarding the disposition of rescission of the registration referred to in Article 66-50 pursuant to the provisions of Article 66-63, paragraph (1) and the day of making the disposition or deciding not to make the disposition, has made a notification under Article 66-61, paragraph (1) to the effect that the person falls under item (ii), (vi), or (vii) 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, the decision by the organ responsible for making decisions on the execution of its operations) to discontinue the business relating to high-speed trading, to cause all of that business to be succeeded to in a company split, or to transfer all of that business), and for whom five years have not passed since the date of that notification;

（１１）a person that, between the day on which a notice under Article 15 of the Administrative Procedure Act was given regarding the disposition of rescission of the registration referred to in Article 66-71 pursuant to the provisions of Article 66-85, paragraph (1) and the day of making the disposition or deciding not to make the disposition, has made a notification under Article 66-83, paragraph (1) to the effect that the person falls under item (ii), (vi), or (vii) 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, the decision by the organ responsible for making decisions on the execution of its operations) to discontinue investment management-related services contracting business, to cause all of the business relating to investment management-related services contracting business to be succeeded to in a company split, or to transfer all of the business relating to investment management-related services contracting business), and for whom five years have not passed since the date of that notification;

（１２）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 (12) and item (ii), (f)(12)), 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;

ハa person that has been sentenced to a fine (including an equivalent sentence under foreign laws and regulations) for violating the provisions of this Act; the Secured Bond Trust Act (Act No. 52 of 1905); the Act on Engagement in Trust Business by Financial Institutions (Act No. 43 of 1943); the Commodity Derivatives Transaction Act; the Act on Investment Trusts and Investment Corporations; the Real Estate Brokerage Act (Act No. 176 of 1952); the Act Regulating the Receipt of Contributions, the Receipt of Deposits, and Interest Rates (Act No. 195 of 1954); the Installment Sales Act (Act No. 159 of 1961); the Money Lending Business Act (Act No. 32 of 1983); the Act on Deposit Transactions (Act No. 62 of 1986); the Act on Regulation of Commodity Investment (Act No. 66 of 1991); the Act on Specified Joint Real Estate Ventures; the Act on the Securitization of Assets; the Act on Issuance, etc. of Bonds for Financial Corporations' Loan Business (Act No. 32 of 1999); the Act on the Provision of Financial Services and the Development of the Accessible Environment Thereto; the Trust Business Act (Act No. 154 of 2004); the Payment Services Act; the Act on the Promotion of Business Financing, etc. (Act No. 52 of 2024); or any other laws specified by Cabinet Order, or for violating the provisions of a foreign law or regulation that is equivalent to any of these Acts, and five years have not passed since the day on which the person finished serving the sentence or ceased to be subject to its enforcement;

ニa person that performs another business which is found to be contrary to the public interest;

ホa person falling under any of the following:

（１）a person that is found, in light of its relationship with an organized crime group prescribed in Article 2, item (ii) of the Act on Prevention of Unjust Acts by Organized Crime Group Members (Act No. 77 of 1991) or a member of an organized crime group prescribed in item (vi) of that Article, or other circumstances, to be likely to cause a loss of confidence in the financial instruments business;

（２）any other person that falls under the criteria specified by Cabinet Office Order as a person that does not have a sufficient personnel structure to perform financial instruments business in an appropriate manner.

ヘa person that is found not to have in place the necessary system for performing financial instruments business in an appropriate manner;

一の二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, 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), and Article 66-85, 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.

二if the person is a corporation, a person that has an officer, or an employee specified by Cabinet Order, who falls under any of the following:

イa person specified by Cabinet Office Order as being unable to properly perform business related to financial instruments business due to a mental or physical disorder;

ロa person that has become subject to an order to commence bankruptcy proceedings and has not obtained a restoration of rights, or a person that is treated in the same manner under foreign laws and regulations;

ハa person that has been sentenced to imprisonment or a heavier punishment (including an equivalent sentence under foreign laws and regulations), and five years have not passed since the day on which that person finished serving the sentence or ceased to be subject to its enforcement;

ニ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); 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. but has been ordered to discontinue those services; for whom five years have not passed since the date of the rescission or order;

ホ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); 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), 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. but that has been ordered to discontinue those services; for whom five years have not passed since the date of the rescission or order;

ヘa person falling under any of the following:

（１）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 of the registration under Article 29 pursuant to Article 52, paragraph (1), Article 53, paragraph (3) or Article 57-6, paragraph (3) to the day on which the disposition is made or the decision not to make the disposition is made, filed a notification under Article 50-2, paragraph (1) to the effect that it falls under any of items (ii) through (vii) of that paragraph (in the case of a notification to the effect that it falls under any of items (iii) through (v) of that paragraph, the corporation that was the financial instruments business operator 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 instruments business, to merge (limited to a merger in which a financial instruments business operator is extinguished by the merger), to dissolve, to have all of the business related to financial instruments business succeeded to by another through a company split, or to transfer all of the business related to financial instruments business), and for whom five years have not passed since the date of the notification;

（２）if, during the period from the day on which notice under Article 15 of the Administrative Procedure Act was given regarding a disposition of rescission of the permission under Article 60, paragraph (1) pursuant to Article 60-8, paragraph (1) to the day on which the disposition is made or the decision not to make the disposition is made, a notification has been filed under Article 60-7 to the effect that a case prescribed in that Article applies, a person that was an officer of the authorized firm for on-exchange transactions concerned in the notification (excluding an authorized firm for on-exchange transactions that, before the day on which the notice was given, had made a decision (meaning a decision by the organ of that authorized firm that is responsible for making decisions on the execution of its operations) to dissolve or to discontinue on-exchange transaction services), and for whom five years have not passed since the date of the notification;

（３）if, during the period from the day on which notice under Article 15 of the Administrative Procedure Act was given regarding a disposition of rescission of the permission under Article 60-14, paragraph (1) pursuant to Article 60-8, paragraph (1) as applied mutatis mutandis pursuant to Article 60-14, paragraph (2) to the day on which the disposition is made or the decision not to make the disposition is made, a notification has been filed under Article 60-7 as applied mutatis mutandis pursuant to Article 60-14, paragraph (2) to the effect that a case prescribed in that Article applies, a person that was an officer of the business operator authorized to conduct electronic over-the-counter derivatives transactions, etc. concerned in the notification (excluding a business operator that, before the day on which the notice was given, had made a decision (meaning a decision by the organ of that business operator that is responsible for making decisions on the execution of its operations) to dissolve or to discontinue business of conducting electronic over-the-counter derivatives transactions, etc.), and for whom five years have not passed since the date of the notification;

（４）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 discontinuation of specially permitted services for qualified institutional investors, etc. under Article 63-5, paragraph (3) to the day on which the disposition is made or the decision not to make the disposition is made, filed a notification under Article 63-2, paragraph (2) to the effect that it succeeded to the position of a notifier of specially permitted services pursuant to paragraph (1) of that Article, a notification under paragraph (3) of that Article to the effect that it falls under item (ii) of that paragraph, or a notification under paragraph (4) of that Article to the effect that the case prescribed in that paragraph applies (in the case of a notification under Article 63-2, paragraph (2) to the effect that it succeeded to the position of a notifier of specially permitted services pursuant to paragraph (1) of that Article or a notification under paragraph (4) of that Article to the effect that the case prescribed in that paragraph applies, the corporation that was the notifier of specially permitted services concerned in those notifications; 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 transfer all of the business related to specially permitted services for qualified institutional investors, etc., to merge (limited to a merger in which a notifier of specially permitted services is extinguished by the merger), to have all of the business related to specially permitted services for qualified institutional investors, etc. succeeded to by another through a company split, to discontinue specially permitted services for qualified institutional investors, etc., or to dissolve), and for whom five years have not passed since the date of the notification;

（５）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 discontinuation of specially permitted services for qualified institutional investors, etc. under Article 63-5, paragraph (3) as applied mutatis mutandis pursuant to Article 63-3, paragraph (2) to the day on which the disposition is made or the decision not to make the disposition is made, filed a notification under Article 50-2, paragraph (1) to the effect that it falls under any of items (iii) through (vii) of that paragraph, or a notification under Article 63-2, paragraph (3) as applied mutatis mutandis pursuant to Article 63-3, paragraph (2) to the effect that it falls under item (ii) of that paragraph (in the case of a notification under Article 50-2, paragraph (1) to the effect that it falls under any of items (iii) through (v) of that paragraph, the corporation that was the person that filed the notification under Article 63-3, paragraph (1) concerned in that 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 merge (limited to a merger in which a person that filed a notification under that paragraph is extinguished by the merger), to dissolve, to have all of the business related to specially permitted services for qualified institutional investors, etc. succeeded to by another through a company split, to transfer all of the business related to specially permitted services for qualified institutional investors, etc., or to discontinue specially permitted services for qualified institutional investors, etc.), and for whom five years have not passed since the date of the notification;

（６）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 discontinuation of specially permitted services for foreign investors, etc. under Article 63-13, paragraph (3) to the day on which the disposition is made or the decision not to make the disposition is made, filed a notification under Article 63-10, paragraph (2) to the effect that it succeeded to the position of a notifier of specially permitted services for foreign investors, etc. pursuant to paragraph (1) of that Article, a notification under paragraph (3) of that Article to the effect that it falls under item (ii) of that paragraph, or a notification under paragraph (4) of that Article to the effect that the case prescribed in that paragraph applies (in the case of a notification under Article 63-10, paragraph (2) to the effect that it succeeded to the position of a notifier of specially permitted services for foreign investors, etc. pursuant to paragraph (1) of that Article or a notification under paragraph (4) of that Article to the effect that the case prescribed in that paragraph applies, the corporation that was the notifier of specially permitted services for foreign investors, etc. concerned in those notifications; 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 transfer all of the business related to specially permitted services for foreign investors, etc., to merge (limited to a merger in which a notifier of specially permitted services for foreign investors, etc. is extinguished by the merger), to have all of the business related to specially permitted services for foreign investors, etc. succeeded to by another through a company split, to discontinue specially permitted services for foreign investors, etc., or to dissolve), and for whom five years have not passed since the date of the notification;

（７）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 discontinuation of specially permitted services for foreign investors, etc. under Article 63-13, paragraph (3) as applied mutatis mutandis pursuant to Article 63-11, paragraph (2) to the day on which the disposition is made or the decision not to make the disposition is made, filed a notification under Article 50-2, paragraph (1) to the effect that it falls under any of items (iii) through (vii) of that paragraph, or a notification under Article 63-10, paragraph (3) as applied mutatis mutandis pursuant to Article 63-11, paragraph (2) to the effect that it falls under item (ii) of that paragraph (in the case of a notification under Article 50-2, paragraph (1) to the effect that it falls under any of items (iii) through (v) of that paragraph, the corporation that was the person that filed the notification under Article 63-11, paragraph (1) concerned in that 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 merge (limited to a merger in which a person that filed a notification under that paragraph is extinguished by the merger), to dissolve, to have all of the business related to specially permitted services for foreign investors, etc. succeeded to by another through a company split, to transfer all of the business related to specially permitted services for foreign investors, etc., or to discontinue specially permitted services for foreign investors, etc.), and for whom five years have not passed since the date of the notification;

（８）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 of the registration under Article 66 pursuant to Article 66-20, 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 66-19, paragraph (1) to the effect that it falls under item (i) or any of items (iii) through (v) of that paragraph (in the case of a notification to the effect that it falls under any of items (iii) through (v) of that paragraph, the corporation that was the financial instruments intermediary service provider 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 instruments intermediary service, to have all of the business related to financial instruments intermediary service succeeded to by another through a company split, to transfer all of the business related to financial instruments intermediary service, to merge (limited to a merger in which a financial instruments intermediary service provider is extinguished by the merger), or to dissolve), and for whom five years have not passed since the date of the notification;

（９）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 of the registration under Article 66-27 pursuant to Article 66-42, 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 66-40, paragraph (1) to the effect that it falls under any of the items of that paragraph (in the case of a notification to the effect that it falls under any of items (ii) through (iv) of that paragraph, the corporation that was the credit rating agency 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 credit rating services, to have all of the business related to credit rating services succeeded to by another through a company split, to transfer all of the business related to credit rating services, to merge (limited to a merger in which a credit rating agency is extinguished by the merger), or to dissolve), and for whom five years have not passed since the date of the notification;

（１０）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 of the registration under Article 66-50 pursuant to Article 66-63, 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 66-61, paragraph (1) to the effect that it falls under any of items (ii) through (vii) of that paragraph (in the case of a notification to the effect that it falls under any of items (iii) through (v) of that paragraph, the corporation that was the high-speed trader 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 services related to high-speed trading, to merge (limited to a merger in which a high-speed trader is extinguished by the merger), to dissolve, to have all of the business related to those services succeeded to by another through a company split, or to transfer all of the business related to those services), and for whom five years have not passed since the date of the notification;

（１１）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 of the registration under Article 66-71 pursuant to Article 66-85, 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 66-83, paragraph (1) to the effect that it falls under any of items (ii) through (vii) of that paragraph (in the case of a notification to the effect that it falls under any of items (iii) through (v) of that paragraph, the corporation that was the investment management-related services contractor 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 investment management-related services contracting business, to merge (limited to a merger in which an investment management-related services contractor is extinguished by the merger), to dissolve, to have all of the business related to investment management-related services contracting business succeeded to by another through a company split, or to transfer all of the business related to investment management-related services contracting business), and for whom five years have not passed since the date of the notification;

（１２）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.

トan individual that falls under item (i), (b);

チan officer whose dismissal or removal has been ordered pursuant to the provisions of Article 52, paragraph (2), Article 60-8, paragraph (2) (including as applied mutatis mutandis pursuant to Article 60-14, paragraph (2)), Article 66-20, paragraph (2), Article 66-42, paragraph (2), Article 66-63, paragraph (2), or Article 66-85, paragraph (2), or pursuant to Article 38, paragraph (3) (excluding item (ii)) of the Act on the Provision of Financial Services and the Development of the Accessible Environment Thereto, or an officer whose dismissal or removal has been ordered 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, for whom five years have not passed since the day of the disposition; or

リa person that has been sentenced to a fine (including an equivalent sentence under foreign laws and regulations) for violating the provisions of any of the laws prescribed in item (i), (c) or the Act on Prevention of Unjust Acts by Organized Crime Group Members (excluding the provisions of Article 32-3, paragraph (7) and Article 32-11, paragraph (1) of that Act), or for violating the provisions of a foreign law or regulation that is equivalent to any of these laws, or committing a crime referred to in the Penal Code (Act No. 45 of 1907) or the Act on Punishment of Physical Violence and Other Acts (Act No. 60 of 1926), and five years have not passed since the day on which the person finished serving the sentence or ceased to be subject to its enforcement;

四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:

イa corporation whose stated capital or contributions in total are less than the amount of money that is specified by Cabinet Order as necessary and appropriate in the public interest or for the protection of investors;

ロa corporation that does not have a business office or office in Japan;

ハ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

ニ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 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;

五a person falling under any of the following and seeking to engage in type-I financial instruments business or investment management business:

イ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, limited to a person that engages in the same kind of business as type-I financial instruments 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));

ロa person whose net assets (meaning the figure arrived at when the total amount of liabilities is deducted from the total amount of assets pursuant to the provisions of Cabinet Office Order) are less than the amount of money that is specified by Cabinet Order as necessary and appropriate in the public interest or for the protection of investors;

ハ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;

ニ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 a major shareholder of the relevant holding company; the same applies in (e) and (f)):

（１）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));

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

ホa corporation (excluding a foreign corporation) that has a person falling under any of the following as a corporate major shareholder: or

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

（２）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;

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

（イ）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;

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

ヘ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;

六a person falling under any of the following if seeking to engage in type-I financial instruments business:

イa person whose ratio calculated based on the provisions of Article 46-6, paragraph (1) is less than 120 percent; or

ロa person seeking to use a trade name that another financial instruments business operator (limited to those engaged in type-I financial instruments 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;

七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).

一if a person has the authority to exercise the company's subject voting rights or the authority to give instructions on the exercise of the relevant voting rights based on a money trust contract or other contract or based on the provisions of the law:the relevant subject voting rights; and

二if a person that is related to the relevant person through a shareholding relationship, familial relationship, or other special relationship specified by Cabinet Order, holds subject voting rights in a corporation:the subject voting rights held by the person with the special relationship to the relevant person.