Supplementary Provisions, Article 20

With regard to a person who is, at the time this Act comes into effect, actually engaged in the securities business prescribed in Article 2, paragraph (8) of the New Securities and Exchange Act in respect of new securities (excluding those that fall under former securities), the person may, notwithstanding the provisions of Article 28 of the New Securities and Exchange Act, continue to engage in that securities business for three months from the effective date (or, if a disposition refusing a license under the provisions of Article 32 of the New Securities and Exchange Act is made within that period, until the day of that disposition). The same applies, where that person has applied for the license under Article 28 of the New Securities and Exchange Act within that period, until the day on which the person receives notice that the license will be granted on that application, or the day on which the person receives, after that period has elapsed, notice that the license will not be granted on that application.