Supplementary Provisions, Article 48

①A person who, at the time of enforcement of this Act, is conducting business relating to the act set forth in Article 2, paragraph (8), item (xv) of the New Financial Instruments and Exchange Act with respect to a right set forth in Article 2, paragraph (2), item (v) or (vi) of the New Financial Instruments and Exchange Act (excluding specially permitted services for qualified institutional investors, etc. (meaning the specially permitted services for qualified institutional investors, etc. prescribed in Article 63, paragraph (2) of the New Financial Instruments and Exchange Act; the same applies hereinafter) relating to the act set forth in Article 63, paragraph (1), item (ii) of the New Financial Instruments and Exchange Act) (excluding a person deemed to have obtained the registration under Article 29 of the New Financial Instruments and Exchange Act pursuant to Article 159, paragraph (1) of the Supplementary Provisions and Article 41 of the Arrangement Act) may, until that business (limited to that relating to a right for which solicitation of an offer to acquire was commenced before the effective date; hereinafter referred to as "special investment management services" in this Article) ends, continue to conduct special investment management services, notwithstanding the provisions of Article 29 of the New Financial Instruments and Exchange Act.

③In the case where, pursuant to the provisions of paragraph (1), the person referred to in the preceding paragraph continues to engage in special investment management services, the notification under the provisions of the preceding paragraph is deemed to be a notification under the provisions of Article 63, paragraph (2) of the Financial Instruments and Exchange Act, the person who made the notification under the provisions of the preceding paragraph is deemed to be a notifier of specially permitted services, and the provisions of Article 63, paragraphs (5) through (8) and (11), Article 63-2, Articles 63-4 through 63-7, Article 63-9, paragraph (6), Article 65-2, Article 65-4, Article 188, and Article 194-7, paragraphs (2) and (3) of the Financial Instruments and Exchange Act, and the provisions of Chapter VIII and Chapter VIII-2 of that Act pertaining to those provisions, apply; in this case, the phrase "specially permitted services for qualified institutional investors, etc." in these provisions is deemed to be replaced with "special investment management services prescribed in Article 48, paragraph (1) of the Supplementary Provisions of the Act Partially Amending the Securities and Exchange Act, etc. (Act No. 65 of 2006)", and any other necessary technical replacement of terms is specified by Cabinet Order.

④A financial instruments business operator, etc. that engages in special investment management services under the application of the provisions of paragraph (1) (excluding a person that has received the registration under Article 29 of the New Financial Instruments and Exchange Act (limited to a registration whose recipient financial instruments business operator engages in investment management business)) must notify the Prime Minister to that effect within three months counting from the effective date, pursuant to Cabinet Office Order.

⑤In the case where a financial instruments business operator, etc. continues to engage in special investment management services pursuant to the provisions of paragraph (1), the notification under the provisions of the preceding paragraph is deemed to be a notification under Article 63-3, paragraph (1) of the Financial Instruments and Exchange Act, and the provisions of Article 63, paragraphs (5), (6) and (8), Article 63-2, paragraph (3), and Articles 63-4 through 63-6 of that Act as applied mutatis mutandis pursuant to Article 63-3, paragraph (2) of the Financial Instruments and Exchange Act, and the provisions of Article 63-3, paragraph (3) of that Act (limited to the part pertaining to item (ii)), Article 63-7, Article 65-2, Article 65-4, Article 188, and Article 194-7, paragraphs (2) and (3) of that Act, and the provisions of Chapter VIII of that Act pertaining to those provisions, apply; in this case, the phrase "specially permitted services for qualified institutional investors, etc." in these provisions is deemed to be replaced with "special investment management services prescribed in Article 48, paragraph (1) of the Supplementary Provisions of the Act Partially Amending the Securities and Exchange Act, etc. (Act No. 65 of 2006)", and any other necessary technical replacement of terms is specified by Cabinet Order.

⑥A notifier of specially permitted services that engages in special investment management services under the application of the provisions of paragraph (1) must notify the Prime Minister to that effect within three months counting from the effective date, pursuant to Cabinet Office Order.

⑦In the case where, pursuant to the provisions of paragraph (1), a notifier of specially permitted services continues to engage in special investment management services, the notification under the provisions of the preceding paragraph is deemed to be a notification under Article 63, paragraph (2) of the Financial Instruments and Exchange Act, and the provisions of paragraphs (5) through (8) and (11) of that Article, Article 63-2, Articles 63-4 through 63-7, Article 63-9, paragraph (6), Article 65-2, Article 65-4, Article 188, and Article 194-7, paragraphs (2) and (3) of that Act, and the provisions of Chapter VIII and Chapter VIII-2 of that Act pertaining to those provisions, apply; in this case, the phrase "specially permitted services for qualified institutional investors, etc." in these provisions is deemed to be replaced with "special investment management services prescribed in Article 48, paragraph (1) of the Supplementary Provisions of the Act Partially Amending the Securities and Exchange Act, etc. (Act No. 65 of 2006)", and any other necessary technical replacement of terms is specified by Cabinet Order.