①For each contract type, a professional investor (limited to one as set forth in Article 2, paragraph (31), item (iv)) may request a financial instruments business operator, etc. to treat the professional investor as a customer other than a professional investor with regard to financial instruments transaction contracts that are of the same contract type.

②Upon receiving a request under the provisions of the preceding paragraph, a financial instruments business operator, etc. must approve that request by the time it solicits the conclusion of the first financial instruments transaction contract thereafter that is of the same contract type as that to which the request pertains (hereinafter referred to as a "subject contract" in this Article) or by the time it concludes such a contract.

③Before a financial instruments business operator, etc. approves a request pursuant to the provisions of the preceding paragraph, it must deliver a document stating the following particulars to the professional investor that submitted the request under paragraph (1) (hereinafter referred to as an "applicant" in this Article):

④With the consent of the applicant and pursuant to the provisions of Cabinet Order, in lieu of delivering the document under the provisions of the preceding paragraph, a financial instruments business operator, etc. may provide the applicant with the particulars that are required to be stated in that document by means of using an electronic data processing system or by any other means using information and communications technology that Cabinet Office Order specifies. In such a case, the financial instruments business operator, etc. is deemed to have delivered the document.

⑤With regard to the application of the provisions of this Act (excluding Article 29-5, paragraph (3) and this Subsection) if a financial instruments business operator, etc. gives the approval under the provisions of paragraph (2) or delivers the document under the provisions of paragraph (3), and the applicant is a person set forth in any of the following items, the applicant is deemed to be a customer other than a professional investor:

⑥If the preceding paragraph applies to an applicant with regard to the conclusion of a subject contract (limited to one that entails the financial instruments business operator, etc. acting as an agent as provided in Article 2, paragraph (8), items (ii) through (iv), (x) and (xiii); hereinafter referred to as a "specified subject contract" in this paragraph and paragraph (8)), before the financial instruments business operator, etc. concludes a financial instruments transaction contract on behalf of the applicant based on the specified subject contract, the financial instruments business operator, etc. must notify the other financial instruments business operator, etc. with which the financial instruments transaction contract is to be concluded (hereinafter referred to as the "counterparty financial instruments business operator, etc." in the following paragraph and paragraph (8)) that the applicant is deemed to be a customer other than a professional investor in connection with the financial instruments transaction contract.

⑦If a financial instruments business operator, etc. gives a notification under the preceding paragraph, the provisions of the preceding Article do not apply to the counterparty financial instruments business operator, etc.

⑧If a financial instruments business operator, etc. that has concluded a specified subject contract gives a notification under the provisions of paragraph (6), the applicant is deemed to be a customer other than a professional investor with regard to any financial instruments transaction contract that the financial instruments business operator, etc. concludes with the counterparty financial instruments business operator, etc. on behalf of the applicant based on the specified subject contract, and the provisions of this Act (excluding Article 29-5, paragraph (3) and this Subsection) apply.

⑨If an applicant newly becomes a qualified institutional investor on or after the approval date, the provisions of paragraphs (5) through (8) do not apply to the applicant on or after the day on which the applicant becomes a qualified institutional investor.

⑩An applicant may request a financial instruments business operator, etc. to treat the applicant as a professional investor again with regard to subject contracts, at any time on or after the approval date.

⑪Before approving a request under the preceding paragraph, a financial instruments business operator, etc. must obtain the written consent of the person making that request (such person is referred to as the "person requesting reinstatement" in the following paragraph), on a document that states the day on which the request has the approval under this paragraph and any other particulars specified by Cabinet Office Order.

⑫With the agreement of the person requesting reinstatement and pursuant to the provisions of Cabinet Order, in lieu of obtaining the written consent under the preceding paragraph, a financial instruments business operator, etc. may obtain written consent by means of using an electronic data processing system or by any other means using information and communications technology that Cabinet Office Order specifies. In such a case, the financial instruments business operator, etc. is deemed to have obtained the written consent.

⑬If a financial instruments business operator, etc. gives the approval under paragraph (11), the provisions of paragraphs (5), (6), and (8) do not apply during the period from the day on which it gives the approval under paragraph (11) until the day immediately preceding the day on which it gives the new approval pursuant to paragraph (2).