A person whose registration of a sales representative has been rescinded pursuant to the provisions of Article 64-5, paragraph (1) of the Former Securities and Exchange Act is deemed, on the day of receiving that disposition, to have had the registration of a sales representative rescinded pursuant to the provisions of Article 64-5, paragraph (1) of the New Financial Instruments and Exchange Act.

①The provisions of Article 64-5, paragraph (1) of the New Financial Instruments and Exchange Act (limited to the part pertaining to item (i)) do not apply, until the day on which five years have passed counting from the effective date, in the case where a person who is deemed to have received registration pursuant to the provisions of Article 50, paragraph (1) of the Supplementary Provisions and who, at the time of the enforcement of this Act, 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 28-4, paragraph (1), item (ix), (a) through (g) of the Former Securities and Exchange 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.

②An act that falls under Article 64-5, paragraph (1), item (ii) of the Former Securities and Exchange Act and that was committed before the effective date by a person who is deemed to have received registration pursuant to the provisions of Article 50, 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 Financial Instruments and Exchange Act, and the provisions of that paragraph apply.

③A disposition made before the effective date pursuant to the provisions of Article 64-5, paragraph (1) of the Former Securities and Exchange Act is deemed to be a disposition made pursuant to the provisions of Article 64-5, paragraph (1) of the New Financial Instruments and Exchange Act.

①With regard to a request for review concerning the inaction, before the effective date, of a securities dealers association (meaning the securities dealers association prescribed in Article 2, paragraph (13) of the Former Securities and Exchange Act; the same applies hereinafter) that conducts, pursuant to the provisions of Article 64-7, paragraph (1) of the Former Securities and Exchange Act, the registration work (meaning the registration work prescribed in that paragraph), in connection with an application for registration under Article 64, paragraph (1) of the Former Securities and Exchange Act, or concerning the refusal of registration under Article 64-2, paragraph (1) of the Former Securities and Exchange Act or a disposition under Article 64-5, paragraph (1) of the Former Securities and Exchange Act by that association before the effective date, the provisions then in force continue to govern.

②A disposition made before the effective date pursuant to the provisions of Article 64-7, paragraph (6) of the Former Securities and Exchange Act is deemed to be a disposition made pursuant to the provisions of Article 64-7, paragraph (7) of the New Financial Instruments and Exchange Act.

①A bank, cooperative financial institution or any other financial institution specified by Cabinet Order that, at the time of the enforcement of this Act, has received the registration under Article 65-2, paragraph (1) of the Former Securities and Exchange Act is deemed to have received the registration under Article 33-2 of the New Financial Instruments and Exchange Act on the effective date. In this case, the provisions of Article 57, paragraph (3) and Article 194-4, paragraph (1) of the New Financial Instruments and Exchange Act do not apply.

②A person who is deemed to have received the registration under Article 33-2 of the New Financial Instruments and Exchange Act pursuant to the provisions of the preceding paragraph (hereinafter referred to as a "deemed registered financial institution") must submit to the Prime Minister, within three months counting from the effective date, a document stating the particulars set forth in the items of Article 33-3, paragraph (1) of the New Financial Instruments and Exchange Act and the documents set forth in the items of paragraph (2) of that Article.

③When the documents are submitted pursuant to the provisions of the preceding paragraph, the Prime Minister is to register the particulars set forth in the items of Article 33-3, paragraph (1) of the New Financial Instruments and Exchange Act and the particulars set forth in Article 33-4, paragraph (1), item (ii) of the New Financial Instruments and Exchange Act that are stated in those documents in the financial institutions register.

A person whose registration has been rescinded pursuant to the provisions of Article 56, paragraph (1) of the Former Securities and Exchange Act as applied mutatis mutandis pursuant to Article 65-2, paragraph (5) of the Former Securities and Exchange Act is deemed, on the day of receiving that disposition, to have had the registration under Article 33-2 of the New Financial Instruments and Exchange Act rescinded pursuant to the provisions of Article 52-2, paragraph (1) of the New Financial Instruments and Exchange Act.

The provisions of Article 33-6 of the New Financial Instruments and Exchange Act do not apply to a deemed registered financial institution until the day on which that deemed registered financial institution submits the documents prescribed in Article 54, paragraph (2) of the Supplementary Provisions pursuant to the provisions of that paragraph.

In the case where a registered financial institution (meaning a registered financial institution prescribed in Article 2, paragraph (11) of the New Financial Instruments and Exchange Act) receives, for the first time after the enforcement of this Act, an application for a financial instruments transaction contract from a customer (limited to a person set forth in Article 2, paragraph (31), item (iv) of the New Financial Instruments and Exchange Act), and has, before the enforcement of this Act, notified that customer, in accordance with Article 34 of the New Financial Instruments and Exchange Act, that after the enforcement of this Act the customer will be able to make a request under Article 34-2, paragraph (1) of the New Financial Instruments and Exchange Act, the registered financial institution is deemed to have given that customer the notification prescribed in Article 34 of the New Financial Instruments and Exchange Act.

A confirmation under the proviso to Article 42-2, paragraph (3) of the Former Securities and Exchange Act as applied mutatis mutandis pursuant to Article 65-2, paragraph (6) of the Former Securities and Exchange Act, made before the effective date, is deemed to be a confirmation under the proviso to Article 39, paragraph (3) of the New Financial Instruments and Exchange Act.

An approval under the proviso to Article 45 of the Former Securities and Exchange Act as applied mutatis mutandis pursuant to Article 65-2, paragraph (5) of the Former Securities and Exchange Act, given before the effective date, is deemed to be an approval under the proviso to Article 44-3, paragraph (2) of the New Financial Instruments and Exchange Act.

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 ending on or after the effective date, and with regard to the business report under Article 49, paragraph (1) of the Former Securities and Exchange Act as applied mutatis mutandis pursuant to Article 65-2, paragraph (5) of the Former Securities and Exchange Act for a business year that ended before the effective date, the provisions then in force continue to govern.

①The provisions of Article 48-3 of the New Financial Instruments and Exchange Act apply, with regard to deemed registered financial institutions, to the accumulation of financial instruments transaction liability reserves under paragraph (1) of that Article for business years commencing on or after the effective date, and with regard to the accumulation of securities transaction liability reserves under Article 51, paragraph (1) of the Former Securities and Exchange Act as applied mutatis mutandis pursuant to Article 65-2, paragraph (7) of the Former Securities and Exchange Act for business years that commenced before the effective date, the provisions then in force continue to govern.

②The securities transaction liability reserves under Article 51, paragraph (1) of the Former Securities and Exchange Act as applied mutatis mutandis pursuant to Article 65-2, paragraph (7) of the Former Securities and Exchange Act that exist at the time of the enforcement of this Act in relation to a deemed registered financial institution, and the securities transaction liability reserves under Article 51, paragraph (1) of the Former Securities and Exchange Act as applied mutatis mutandis pursuant to Article 65-2, paragraph (7) of the Former Securities and Exchange Act in the case where the provisions then in force continue to govern pursuant to the provisions of the preceding paragraph, are deemed to have been accumulated as financial instruments transaction liability reserves under Article 48-3, paragraph (1) of the New Financial Instruments and Exchange Act.

The provisions of Article 50-2, paragraph (6) of the New Financial Instruments and Exchange Act apply to the discontinuance of registered financial institution business, a merger (limited to a merger in which the person ceases to exist by the merger), dissolution for a reason other than a merger or an order to commence bankruptcy proceedings, succession to the whole or part of the business by company split, or transfer of the whole or part of the business, on or after the day on which 30 days have passed counting from the effective date, and with regard to the discontinuance of registered financial institution business, a merger (limited to a merger in which the person ceases to exist by the merger), dissolution for a reason other than a merger or an order to commence bankruptcy proceedings, succession to the whole or part of the business by company split, or transfer of the whole or part of the business, before that day, the provisions then in force continue to govern.

①An act committed before the effective date by a deemed registered financial institution that falls under Article 56, paragraph (1), item (iii) of the Former Securities and Exchange Act as applied mutatis mutandis pursuant to Article 65-2, paragraph (5) of the Former Securities and Exchange Act 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 made before the effective date pursuant to the provisions of Article 56, paragraph (1) of the Former Securities and Exchange Act as applied mutatis mutandis pursuant to Article 65-2, paragraph (5) of the Former Securities and Exchange Act is deemed to be a disposition made pursuant to the provisions of Article 52-2, paragraph (1) of the New Financial Instruments and Exchange Act.

With regard to the application of Article 54 of the New Financial Instruments and Exchange Act, a person that has received the registration under Article 65-2, paragraph (1) of the Former Securities and Exchange Act is deemed, notwithstanding the provisions of Article 54, paragraph (1) of the Supplementary Provisions, to have received the registration under Article 33-2 of the New Financial Instruments and Exchange Act on the day on which the person received that registration.

In the case where a registered financial institution that has received the registration under Article 65-2, paragraph (1) of the Former Securities and Exchange Act has, before the effective date, dissolved or discontinued engaging as a business in the acts prescribed in the items of Article 65, paragraph (2) of the Former Securities and Exchange Act (excluding those falling under the proviso to paragraph (1) of that Article), or in the case where that registration has been rescinded pursuant to the provisions of Article 56, paragraph (1) of the Former Securities and Exchange Act as applied mutatis mutandis pursuant to Article 65-2, paragraph (5) of the Former Securities and Exchange Act, and, by the effective date, the sale and purchase or other transactions of former securities, and securities index futures transactions, etc., securities option transactions, etc., foreign market securities futures transactions, etc. and securities over-the-counter derivatives transactions, etc. have not been completed, the provisions of Article 58, paragraph (1) of the Former Securities and Exchange Act as applied mutatis mutandis pursuant to Article 65-2, paragraph (5) of the Former Securities and Exchange Act remain in force on and after the effective date.

①A sales representative for whom a deemed registered financial institution has received registration pursuant to the provisions of Article 64, paragraph (1) of the Former Securities and Exchange Act as applied mutatis mutandis pursuant to Article 65-2, paragraph (5) of the Former Securities and Exchange Act at the time of the enforcement of this Act is deemed to have been registered on the effective date pursuant to the provisions of Article 64, paragraph (1) of the New Financial Instruments and Exchange Act. In this case, the provisions of Article 64, paragraph (6) of the New Financial Instruments and Exchange Act do not apply.

②Until the day on which one year has passed counting from the effective date, a deemed registered financial institution may, notwithstanding the provisions of Article 64, paragraph (2) of the New Financial Instruments and Exchange Act, have a person other than a sales representative registered pursuant to the provisions of paragraph (1) of that Article perform the duties of a sales representative (excluding the acts set forth in the items of Article 64, paragraph (1) of the Former Securities and Exchange Act (excluding acts of brokerage with written orders (meaning the acts of brokerage with written orders prescribed in Article 33, paragraph (2) of the New Financial Instruments and Exchange Act)) and the acts set forth in the items of Article 95, paragraph (1) of the Former Financial Futures Trading Act). The same applies, where an application for registration under Article 64, paragraph (1) of the New Financial Instruments and Exchange Act has been filed in respect of that person within that period, until the day on which the person receives notice that the application will be registered or the day on which the person receives notice, after that period has elapsed, that the application will not be registered.

③The sales representatives register under the provisions of Article 64, paragraph (1) of the Former Securities and Exchange Act as applied mutatis mutandis pursuant to Article 65-2, paragraph (5) of the Former Securities and Exchange Act that exists at the time of the enforcement of this Act is deemed to be the sales representatives register under the provisions of Article 64, paragraph (1) of the New Financial Instruments and Exchange Act.

A person whose registration of a sales representative has been rescinded pursuant to the provisions of Article 64-5, paragraph (1) of the Former Securities and Exchange Act as applied mutatis mutandis pursuant to Article 65-2, paragraph (5) of the Former Securities and Exchange Act is deemed, on the day of receiving that disposition, to have had the registration of a sales representative rescinded pursuant to the provisions of Article 64-5, paragraph (1) of the New Financial Instruments and Exchange Act.

①The provisions of Article 64-5, paragraph (1) of the New Financial Instruments and Exchange Act (limited to the part pertaining to item (i)) do not apply, until the day on which five years have passed counting from the effective date, in the case where a person who is deemed to have received registration pursuant to the provisions of Article 66, paragraph (1) of the Supplementary Provisions and who, at the time of the enforcement of this Act, 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 28-4, paragraph (1), item (ix), (a) through (g) of the Former Securities and Exchange 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.

②An act that falls under Article 64-5, paragraph (1), item (ii) of the Former Securities and Exchange Act as applied mutatis mutandis pursuant to Article 65-2, paragraph (5) of the Former Securities and Exchange Act and that was committed before the effective date by a person who is deemed to have received registration pursuant to the provisions of Article 66, 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 Financial Instruments and Exchange Act, and the provisions of that paragraph apply.

③A disposition made before the effective date pursuant to the provisions of Article 64-5, paragraph (1) of the Former Securities and Exchange Act as applied mutatis mutandis pursuant to Article 65-2, paragraph (5) of the Former Securities and Exchange Act is deemed to be a disposition made pursuant to the provisions of Article 64-5, paragraph (1) of the New Financial Instruments and Exchange Act.