Article 65-5Exclusion from Application

①Notwithstanding the provisions of Article 29, a trust company (excluding a management-type trust company as prescribed in Article 2, paragraph (4) of the Trust Business Act; the same applies in the following paragraph and paragraph (5)), a foreign trust company (excluding a management-type foreign trust company as prescribed in Article 2, paragraph (7) of that Act; the same applies in the following paragraph and paragraph (5)), or a person registered as referred to in Article 50-2, paragraph (1) of that Act 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):

②If a trust company, a foreign trust company, or a person registered as referred to in Article 50-2, paragraph (1) of the Trust Business Act 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 Article 50-2, paragraph (1) of the Trust Business Act 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 that item 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".

③The 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 Article 22 of the Act on the Japan Housing Finance Agency, Independent Administrative Agency (Act No. 82 of 2005) (referred to as the "sells a beneficial interest in a trust" in the following paragraph).

⑤The provisions of this Chapter do not apply if a trust company, foreign trust company, person registered as referred to in Article 50-2, paragraph (1) of the Trust Business Act, person that has made a notification under Article 51, paragraph (2) of that Act, or person registered as referred to in Article 52, paragraph (1) of that Act 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).