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Article 65-5Exclusion from Application

第六十五条の五（適用除外）

Notwithstanding the provisions of Article 29, a trust company (excluding a management-type trust company as prescribed in ; the same applies in the following paragraph and paragraph (5)), a foreign trust company (excluding a management-type foreign trust company as prescribed in ; the same applies in the following paragraph and paragraph (5)), or a person registered as referred to in may perform the following acts in the course of its business in connection with the rights set forth in Article 2, paragraph (2), item (i) or (ii) (referred to as the "purchase and sale, etc. of a beneficial interest in a trust" in the following paragraph):

第二十九条の規定にかかわらず、信託会社（に規定する管理型信託会社を除く。次項及び第五項において同じ。）、外国信託会社（に規定する管理型外国信託会社を除く。次項及び第五項において同じ。）又はの登録を受けた者は、第二条第二項第一号又は第二号に掲げる権利についての次に掲げる行為（次項において「信託受益権の売買等」という。）を業として行うことができる。

a purchase and sale (except one that falls under the category of a derivatives transaction), or agency or intermediation for a purchase and sale; and

売買（デリバティブ取引に該当するものを除く。）又はその代理若しくは媒介

the acts set forth in Article 2, paragraph (8), item (viii) or (ix).

第二条第八項第八号又は第九号に掲げる行為

If a trust company, a foreign trust company, or a person registered as referred to in makes a purchase and sale, etc. of a beneficial interest in a trust in the course of its business pursuant to the provisions of the preceding paragraph, it is deemed to be a financial instruments business operator, and the provisions of Articles 34 through 34-5; Article 36-2, paragraphs (1) and (2) (but only if a person registered as referred to in makes a purchase and sale, etc. of a beneficial interest in a trust in the course of its business); Article 36-3; Article 37 (excluding paragraph (1), item (ii)); Article 37-2; Article 37-3 (excluding paragraph (1), item (ii)); Article 37-4; Article 37-6; Article 38 (excluding item (vii)); Article 39 (excluding paragraphs (4) and (6)); Article 40; Article 40-4; Article 40-5; Article 45, items (i) and (ii); Articles 47 through 47-3; Article 51; Article 52, paragraphs (1) and (2); Article 56-2, paragraph (1); Article 190; and Article 194-5, paragraph (2), and the provisions of Chapters VIII and VIII-2 connected with these provisions apply. In this case, in Article 52, paragraph (1), the phrase "any of the following items" is deemed to be replaced with "item (vii) or (x)" and the phrase "rescind its Article 29 registration, rescind its Article 30, paragraph (1) authorization, or order the suspension of all or part of business during a fixed period of no longer than six months" is deemed to be replaced with "order the suspension of all or part of business during a fixed period of no longer than six months"; and in paragraph (2) of that Article, the phrase "is discovered to have fallen under the cases under any of (a) through (i) of at the time of obtaining the registration referred to in Article 29, or comes to fall under the cases under any of item (vii) or items (ix) through (xi) of the preceding paragraph" is deemed to be replaced with "or comes to fall under the cases under item (vii) or (x) of the preceding paragraph".

信託会社、外国信託会社又はの登録を受けた者が前項の規定により信託受益権の売買等を業として行う場合においては、これらの者を金融商品取引業者とみなして、第三十四条から第三十四条の五まで、第三十六条の二第一項及び第二項（の登録を受けた者が信託受益権の売買等を業として行う場合に限る。）、第三十六条の三、第三十七条（第一項第二号を除く。）、第三十七条の二、第三十七条の三（第一項第二号を除く。）、第三十七条の四、第三十七条の六、第三十八条（第七号を除く。）、第三十九条（第四項及び第六項を除く。）、第四十条、第四十条の四、第四十条の五、第四十五条第一号及び第二号、第四十七条から第四十七条の三まで、第五十一条、第五十二条第一項及び第二項、第五十六条の二第一項、第百九十条並びに第百九十四条の五第二項の規定並びにこれらの規定に係る第八章及び第八章の二の規定を適用する。この場合において、第五十二条第一項中「次の各号のいずれか」とあるのは「第七号又は第十号」と、「当該金融商品取引業者の第二十九条の登録を取り消し、第三十条第一項の認可を取り消し、又は六月以内の期間を定めて」とあるのは「六月以内の期間を定めて」と、同条第二項中「第二十九条の登録当時既にイからリまでのいずれかに該当していたことが判明したとき、又は前項第七号若しくは第九号から第十一号までのいずれか」とあるのは「又は前項第七号若しくは第十号」とする。

The provisions of Article 29 do not apply if the Japan Housing Finance Agency, Independent Administrative Agency (referred to as the "agency" in the following paragraph) is sells rights indicated on the securities set forth in Article 2, paragraph (1), item (xiv) or the securities set forth in Article 2, paragraph (1), item (xvii) (limited to ones that have the nature of the securities set forth in item (xiv) of that paragraph) or sells rights set forth in Article 2, paragraph (2), item (i) or (ii), pursuant to (referred to as the "sells a beneficial interest in a trust" in the following paragraph).

独立行政法人住宅金融支援機構（次項において「機構」という。）が、の規定による第二条第一項第十四号に掲げる有価証券若しくは同項第十七号に掲げる有価証券（同項第十四号に掲げる有価証券の性質を有するものに限る。）に表示される権利又は同条第二項第一号若しくは第二号に掲げる権利の販売（次項において「信託受益権の販売」という。）を行う場合には、第二十九条の規定は、適用しない。

If the agency conducts the sale of a beneficial interest in a trust, the agency is deemed to be a financial instruments business operator, and the provisions of Articles 34 through 34-5; Article 37 (excluding paragraph (1), item (ii)); Article 37-3 (excluding paragraph (1), item (ii)); Article 37-4; Article 37-6; Article 38 (excluding item (vii)); Article 39 (excluding paragraphs (4) and (6)); Article 40; Article 40-4; Article 40-5; and Article 45, items (i) and (ii), and the provisions of Chapters VIII and VIII-2 connected with these provisions apply.

機構が信託受益権の販売を行う場合においては、機構を金融商品取引業者とみなして、第三十四条から第三十四条の五まで、第三十七条（第一項第二号を除く。）、第三十七条の三（第一項第二号を除く。）、第三十七条の四、第三十七条の六、第三十八条（第七号を除く。）、第三十九条（第四項及び第六項を除く。）、第四十条、第四十条の四、第四十条の五並びに第四十五条第一号及び第二号の規定並びにこれらの規定に係る第八章及び第八章の二の規定を適用する。

The provisions of this Chapter do not apply if a trust company, foreign trust company, person registered as referred to in , person that has made a notification under , or person registered as referred to in performs an act set forth in Article 2, paragraph (8), item (xiv) or (xv) (limited to one that it conducts while holding the money or other assets referred to in these provisions as trust property).

この章の規定は、信託会社、外国信託会社、の登録を受けた者、の規定による届出をした者又はの登録を受けた者が第二条第八項第十四号又は第十五号に掲げる行為（これらの規定の金銭その他の財産を信託財産として所有して行うものに限る。）を行う場合には、適用しない。

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