The provisions of Article 52, paragraph (3) of the New Securities and Exchange Act apply, with regard to a deemed registered securities company, to a document stating the capital adequacy ratio on or after April 1, 1999.

A deemed registered securities company that, at the time this Act comes into effect, has received the authorization under Article 56, paragraph (1) of the Former Securities and Exchange Act is deemed to have received, on the effective date, the authorization under Article 53, paragraph (1) of the New Securities and Exchange Act. In this case, the provisions of Article 62, paragraph (3) of the New Securities and Exchange Act do not apply.

The provisions of Article 55, paragraph (3) of the New Securities and Exchange Act apply to the abolition of securities business, a merger (limited to a merger in which the company is extinguished by the merger), dissolution for a reason other than a merger or bankruptcy, or the transfer of all or part of the business, on or after the day on which 30 days have elapsed counting from the effective date, and the provisions then in force continue to govern the abolition of securities business, a merger (limited to a merger in which the company is extinguished by the merger), dissolution for a reason other than a merger or bankruptcy, or the transfer of all or part of the business, before that day.

An act that falls under Article 35, paragraph (1), item (ii) of the Former Securities and Exchange Act committed by a deemed registered securities company before the effective date is deemed to be an act that falls under Article 56, paragraph (1), item (iii) or (v) of the New Securities and Exchange Act, and the provisions of that paragraph apply.

①The provisions of Article 56, paragraph (2) of the New Securities and Exchange Act do not apply, until the day on which five years elapse counting from the effective date, in the case where a person who is, at the time this Act comes into effect, a director or company auditor of a deemed registered securities company and who falls under any of Article 28-4, item (ix), (a) through (f) of the New Securities and Exchange Act (excluding a person who falls under any of Article 32, item (iv), (a) through (d) of the Former Securities and Exchange Act) continues to fall under any of Article 28-4, item (ix), (a) through (f) of the New Securities and Exchange Act.

②An act that falls under Article 35, paragraph (1), item (ii) of the Former Securities and Exchange Act committed before the effective date by a person who is, at the time this Act comes into effect, a director or company auditor of a deemed registered securities company is deemed to be an act that falls under Article 56, paragraph (1), item (iii) or (v) of the New Securities and Exchange Act, and the provisions of paragraph (2) of that Article apply.

①A disposition under Article 35, paragraph (1) or Article 54, paragraph (1) of the Former Securities and Exchange Act that was made before the effective date is deemed to be a disposition under Article 56, paragraph (1) of the New Securities and Exchange Act.

②A disposition under Article 35, paragraph (2) of the Former Securities and Exchange Act that was made before the effective date is deemed to be a disposition under Article 56, paragraph (2) of the New Securities and Exchange Act.

③A disposition under Article 54, paragraph (2) of the Former Securities and Exchange Act (excluding a disposition ordering the suspension of all or part of business) that was made before the effective date is deemed to be a disposition under Article 56-2, paragraph (1) of the New Securities and Exchange Act.

④A disposition under Article 54, paragraph (2) of the Former Securities and Exchange Act (limited to a disposition ordering the suspension of all or part of business) that was made before the effective date is deemed to be a disposition under Article 56-2, paragraph (2) of the New Securities and Exchange Act.

If a securities company that has received the license under Article 28 of the Former Securities and Exchange Act is dissolved or abolishes all securities business before the effective date, and by the effective date has not completed the purchase and sale of securities and other transactions, securities index, etc. futures transactions (meaning securities index, etc. futures transactions prescribed in Article 2, paragraph (14) of the Former Securities and Exchange Act; the same applies in Article 77 of the Supplementary Provisions) and the acts set forth in Article 2, paragraph (8), items (ii) and (iii) of the Former Securities and Exchange Act pertaining thereto, securities option transactions (meaning securities option transactions prescribed in Article 2, paragraph (15) of the Former Securities and Exchange Act; the same applies in Article 77 of the Supplementary Provisions) and the acts set forth in Article 2, paragraph (8), items (ii) and (iii) of the Former Securities and Exchange Act pertaining thereto, and foreign market securities futures transactions (meaning foreign market securities futures transactions prescribed in Article 2, paragraph (16) of the Former Securities and Exchange Act; the same applies in Article 77 of the Supplementary Provisions) and the acts set forth in Article 2, paragraph (8), items (ii) and (iii) of the Former Securities and Exchange Act pertaining thereto, the provisions of Article 38 of the Former Securities and Exchange Act remain in force after the effective date.

A disposition under Article 60, paragraph (1) of the Former Securities and Exchange Act that was made before the effective date is deemed to be a disposition under Article 60 of the New Securities and Exchange Act.

①A sales representative for whom a deemed registered securities company has obtained registration under Article 62, paragraph (1) of the Former Securities and Exchange Act at the time this Act comes into effect is deemed to have been registered, on the effective date, under Article 64, paragraph (1) of the New Securities and Exchange Act. In this case, the provisions of Article 62, paragraph (3) of the New Securities and Exchange Act as applied mutatis mutandis pursuant to Article 64, paragraph (6) of the New Securities and Exchange Act do not apply.

②A deemed registered securities company may, until the day on which one year elapses counting from the effective date, notwithstanding Article 64, paragraph (2) of the New Securities and Exchange Act, have a person other than a sales representative registered under paragraph (1) of that Article perform the duties of a sales representative at its business office. The same applies, where an application for registration under that paragraph has been filed for that person within that period, until the day on which notice is received that registration will be made upon that application or the day on which, after the expiry of that period, notice is received that registration will not be made upon that application.

③The register of sales representatives under Article 62, paragraph (1) of the Former Securities and Exchange Act that exists at the time this Act comes into effect is deemed to be the sales representatives register under Article 64, paragraph (1) of the New Securities and Exchange Act.

A person whose registration as a sales representative has been rescinded, or who has been ordered to suspend their duties, under Article 64-3, paragraph (1) of the Former Securities and Exchange Act is deemed, on the day on which that disposition was received, to have had their registration as a sales representative rescinded, or to have been ordered to suspend their duties, under Article 64-5, paragraph (1) of the New Securities and Exchange Act.

①The provisions of Article 64-5, paragraph (1) of the New Securities and Exchange Act (limited to item (i)) do not apply, until the day on which five years elapse counting from the effective date, in the case where a person who is deemed to have been registered pursuant to the provisions of Article 32, paragraph (1) of the Supplementary Provisions and who falls under any of Article 28-4, item (ix), (a) through (f) of the New Securities and Exchange Act at the time this Act comes into effect (excluding a person who falls under any of Article 32, item (iv), (a) through (d) of the Former Securities and Exchange Act) continues to fall under any of Article 28-4, item (ix), (a) through (f) of the New Securities and Exchange Act.

②An act that falls under Article 64-3, paragraph (1), item (ii) of the Former Securities and Exchange Act committed before the effective date by a person who is deemed to have been registered pursuant to the provisions of Article 32, paragraph (1) of the Supplementary Provisions is deemed to be an act that falls under Article 64-5, paragraph (1), item (ii) of the New Securities and Exchange Act, and the provisions of that paragraph apply.

The provisions then in force continue to govern a request for review concerning any of the following acts, before the effective date, of a securities association that does the registration work under Article 64-5, paragraph (1) of the Former Securities and Exchange Act: its inaction in connection with an application for registration under Article 62, paragraph (3) of the Former Securities and Exchange Act, its refusal of registration under Article 63, paragraph (1) of the Former Securities and Exchange Act, or its disposition under Article 64-3, paragraph (1) of the Former Securities and Exchange Act.

①A bank, trust company, or other financial institution specified by Cabinet Order that, at the time this Act comes into effect, has received the authorization under Article 65-2, paragraph (1) of the Former Securities and Exchange Act is deemed to have received, on the effective date, the registration under Article 65-2, paragraph (1) of the New Securities and Exchange Act. In this case, the provisions of Article 62, paragraph (3) of the New Securities and Exchange Act as applied mutatis mutandis pursuant to Article 65-2, paragraph (2) of the New Securities and Exchange Act do not apply.

②The provisions of Article 12, paragraphs (2) and (3) of the Supplementary Provisions apply mutatis mutandis to the registration referred to in the preceding paragraph.

③A bank, trust company, or other financial institution specified by Cabinet Order that, at the time this Act comes into effect, has received, pursuant to Article 65-2, paragraph (1) of the Former Securities and Exchange Act, the authorization under Article 28, paragraph (2), item (iii) of the Former Securities and Exchange Act as applied mutatis mutandis pursuant to Article 65-2, paragraph (2) of the Former Securities and Exchange Act is deemed to have received, on the effective date, the authorization for the business of wholesale underwriting of securities under Article 65-2, paragraph (3) of the New Securities and Exchange Act. In this case, the provisions of Article 62, paragraph (3) of the New Securities and Exchange Act as applied mutatis mutandis pursuant to Article 65-2, paragraph (4) of the New Securities and Exchange Act do not apply.

④The provisions of Article 14, paragraphs (2) and (3) of the Supplementary Provisions apply mutatis mutandis to the authorization referred to in the preceding paragraph.

⑤The provisions of Articles 15, 18, 20, 21, 26, and 27, Article 29, paragraph (1), and Articles 32 through the preceding Article of the Supplementary Provisions apply mutatis mutandis to a bank, trust company, or other financial institution specified by Cabinet Order that is deemed to have received the registration under Article 65-2, paragraph (1) of the New Securities and Exchange Act pursuant to the provisions of paragraph (1) (referred to as a "deemed registered financial institution" in paragraph (7)).

⑥A person whose authorizations of all types have been rescinded pursuant to Article 35, paragraph (1) (limited to item (ii)) of the Former Securities and Exchange Act as applied mutatis mutandis pursuant to Article 65-2, paragraph (3) of the Former Securities and Exchange Act is deemed, on the day on which that disposition was received, to have had the registration under Article 65-2, paragraph (1) of the New Securities and Exchange Act rescinded pursuant to Article 56, paragraph (1) of the New Securities and Exchange Act as applied mutatis mutandis pursuant to Article 65-2, paragraph (5) of the New Securities and Exchange Act.

⑦The provisions of Article 23 of the Supplementary Provisions apply mutatis mutandis where a deemed registered financial institution performs an act set forth in Article 2, paragraph (8), item (ii) or (iii) of the New Securities and Exchange Act pertaining to securities futures transactions in government bond securities, etc. prescribed in Article 65, paragraph (2), item (i) of the New Securities and Exchange Act, an act set forth in Article 2, paragraph (8), item (ii) or (iii) of the New Securities and Exchange Act pertaining to the transactions set forth in Article 65, paragraph (2), item (vi) of the New Securities and Exchange Act, or the act specified in item (vii) of that paragraph with regard to the transactions set forth in that item.

⑧The provisions of Article 30 of the Supplementary Provisions apply mutatis mutandis where a bank, trust company, or other financial institution specified by Cabinet Order that has received the authorization under Article 65-2, paragraph (1) of the Former Securities and Exchange Act is dissolved or abolishes the business pertaining to that authorization before the effective date.

⑨The technical replacement of terms necessary in the cases referred to in paragraphs (2), (4), (5), (7), and the preceding paragraph is specified by Cabinet Order.