The provisions of Article 31, paragraphs (1) through (3) of the New Financial Instruments and Exchange Act do not apply to a deemed registered type-II financial instruments business operator until the day on which that deemed registered type-II financial instruments business operator submits the documents prescribed in Article 147, paragraph (2) of the Supplementary Provisions pursuant to the provisions of that paragraph.

The provisions of Article 47-2 of the New Financial Instruments and Exchange Act apply to the business report under that Article for a business year ending on or after the effective date, and with regard to business years that ended before the effective date, the provisions then in force continue to govern.

The provisions of Article 47-3 of the New Financial Instruments and Exchange Act apply to the explanatory documents prescribed in that Article for a business year ending on or after the effective date, and with regard to business years that ended before the effective date, the provisions then in force continue to govern.

The provisions of Article 48-2, paragraphs (1) and (3) of the New Financial Instruments and Exchange Act apply to the business report under paragraph (1) of that Article for a business year that ends on or after the effective date, and the provisions then in force continue to govern for a business year that ended before the effective date.

①A disposition made before the effective date against a deemed registered type-II financial instruments business operator under the provisions of Article 81 of the Former Trust Business Act is deemed to be a disposition under the provisions of Article 51 of the New Financial Instruments and Exchange Act.

②A disposition under the provisions of Article 81 of the Former Trust Business Act made before the effective date against a bank, cooperative financial institution or other financial institution specified by Cabinet Order is deemed to be a disposition under the provisions of Article 51-2 of the New Financial Instruments and Exchange Act.

①An act committed by a deemed registered type-II financial instruments business operator before the effective date that falls under Article 82, paragraph (1), item (iii) of the Former Trust Business Act is deemed to be an act that falls under Article 52, paragraph (1), item (vii) of the Financial Instruments and Exchange Act, and the provisions of that paragraph apply.

②The provisions of Article 52, paragraph (2) of the New Financial Instruments and Exchange Act do not apply, until the day on which five years elapse from the effective date, in the case where a person who, at the time this Act comes into effect, is an officer of a deemed registered type-II financial instruments business operator and falls under any of Article 29-4, paragraph (1), item (ii), (a) through (g) of the New Financial Instruments and Exchange Act (excluding a person who falls under any of Article 5, paragraph (2), item (viii), (a) through (h) of the Former Trust Business Act) continues to fall under any of Article 29-4, paragraph (1), item (ii), (a) through (g) of the New Financial Instruments and Exchange Act.

③A disposition made before the effective date against a deemed registered type-II financial instruments business operator under the provisions of Article 82, paragraph (1) or (2) of the Former Trust Business Act is deemed to be a disposition under the provisions of Article 52, paragraph (1) or (2) of the New Financial Instruments and Exchange Act.

①An act falling under Article 82, paragraph (1), item (iii) of the Former Trust Business Act that was committed before the effective date by a bank, cooperative financial institution or other financial institution specified by Cabinet Order is deemed to be an act that falls under Article 52-2, paragraph (1), item (iii) of the New Financial Instruments and Exchange Act, and the provisions of that paragraph apply.

②A disposition under the provisions of Article 82, paragraph (1) or (2) of the Former Trust Business Act made before the effective date against a bank, cooperative financial institution or other financial institution specified by Cabinet Order is deemed to be a disposition under the provisions of Article 52-2, paragraph (1) or (2) of the New Financial Instruments and Exchange Act.

①For the purpose of the application of the provisions of Article 54 of the New Financial Instruments and Exchange Act, a person who, at the time this Act comes into effect, is registered under Article 67, paragraph (1) of the Former Trust Business Act (excluding a bank, cooperative financial institution or other financial institution specified by Cabinet Order) is deemed, notwithstanding the provisions of Article 147, paragraph (1) of the Supplementary Provisions, to have obtained the registration under Article 29 of the New Financial Instruments and Exchange Act on the day on which they obtained that registration.

②For the purpose of the application of the provisions of Article 54 of the New Financial Instruments and Exchange Act, a person who, at the time this Act comes into effect, is registered under Article 67, paragraph (1) of the Former Trust Business Act (limited to a bank, cooperative financial institution or other financial institution specified by Cabinet Order) is deemed, notwithstanding the provisions of Article 148, paragraph (1) of the Supplementary Provisions, to have obtained the registration under Article 33-2 of the New Financial Instruments and Exchange Act on the day on which they obtained that registration.

A public interest corporation financial instruments business association prescribed in Article 78, paragraph (2) of the Financial Instruments and Exchange Act before amendment by the provisions of Article 4 that exists at the time this Act comes into effect is deemed to be a certified financial instruments business association prescribed in Article 78, paragraph (2) of the Financial Instruments and Exchange Act after amendment by the provisions of Article 4.

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

②A part of the authority delegated to the Commissioner of the Financial Services Agency pursuant to the provisions of the preceding paragraph may be delegated 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.

A disposition, procedure or other act carried out before the enforcement of this Act under the provisions of the Former Securities and Exchange Act, the Former Investment Trust Act or the Former Trust Business Act, or orders based on them, for which the provisions of the New Financial Instruments and Exchange Act have corresponding provisions, is deemed to have been carried out under the corresponding provisions of the New Financial Instruments and Exchange Act, except as otherwise provided in these Supplementary Provisions.

The provisions then in force continue to govern the applicability of penal provisions to acts which a person has committed before this Act comes into effect (for the provisions set forth in the items of Article 1 of the Supplementary Provisions, before those provisions come into effect; hereinafter the same applies in this Article), to acts which a person commits after this Act comes into effect when the provisions then in force are to continue to govern pursuant to these Supplementary Provisions, and to acts which a person commits after this Act comes into effect when prior laws are to remain in force pursuant to these Supplementary Provisions.

①Beyond what is provided for in these Supplementary Provisions, transitional measures necessary in connection with the enforcement of this Act are specified by Cabinet Order.

②Necessary transitional measures concerning procedures relating to registration accompanying the partial amendment of the Securities and Exchange Act by the provisions of Article 3 are specified by Ministry of Justice Order.

Within five years after this Act comes into effect, the government is to review the implementation status of this Act and take the required measures based on the results of the review if it finds this to be necessary.