The over-the-counter traded securities register prescribed in Article 75, paragraph (1) of the Former Securities and Exchange Act that exists at the time this Act comes into effect is deemed to be the over-the-counter traded securities register prescribed in Article 75, paragraph (1) of the New Securities and Exchange Act.

A securities association that, at the time this Act comes into effect, has received the authorization under Article 76, paragraph (1) of the Former Securities and Exchange Act and has established the rules prescribed in that paragraph is deemed to have received, on the effective date, the authorization under Article 76, paragraph (1) of the New Securities and Exchange Act with regard to those rules. In this case, the provisions of paragraph (2) of that Article do not apply.

The provisions of Article 79-8, paragraph (5) of the New Securities and Exchange Act do not apply, until the day on which five years elapse counting from the effective date, in the case where a person who is, at the time this Act comes into effect, an officer of a securities association and who falls under any of Article 28-4, item (ix), (a) through (f) of the New Securities and Exchange Act (excluding a person who falls under any of Article 32, item (iv), (a) through (d) of the Former Securities and Exchange Act) continues to fall under any of Article 28-4, item (ix), (a) through (f) of the New Securities and Exchange Act.

①A securities company (meaning a securities company prescribed in Article 2, paragraph (9) of the Former Securities and Exchange Act; the same applies in Article 43, paragraph (1) of the Supplementary Provisions) or foreign securities company (meaning a foreign securities company prescribed in Article 2, item (ii) of the Act on Foreign Securities Firms prior to amendment by the provisions of Article 3 (hereinafter referred to as the "Former Foreign Securities Firms Act"); the same applies in Article 43, paragraph (1) of the Supplementary Provisions) that intends to become a founder or member of an investor protection fund prescribed in Article 79-21 of the New Securities and Exchange Act (hereinafter referred to as a "fund") may, even before the effective date, in accordance with the provisions of Articles 79-22, 79-23, 79-25, 79-26, 79-27, paragraph (1), 79-29, paragraphs (2) through (8), 79-30, 79-32, 79-34, 79-35, 79-37, 79-38, 79-42, 79-51, and 79-65 of the New Securities and Exchange Act and Article 5 of the Supplementary Provisions of the New Securities and Exchange Act, prepare the articles of incorporation, hold an organizational meeting, and perform other acts necessary for the establishment of the fund, acts necessary for joining the fund, and acts necessary for the operation of business in the business year that includes the day of establishment of the fund.

②A founder of a fund may, even before the effective date, in accordance with the provisions of Articles 79-30 and 79-31 of the New Securities and Exchange Act and Article 9 of the Supplementary Provisions of the New Securities and Exchange Act, apply for authorization of the establishment of the fund and, for the fund, for authorization of the budget and financial plan for the business year that includes the day of establishment of the fund, and obtain the authorization of the Minister of Finance. In this case, the authorizations take effect from the effective date.

①With regard to a deemed registered securities company or deemed registered foreign securities company (meaning a deemed registered foreign securities company prescribed in Article 59, paragraph (2) of the Supplementary Provisions; the same applies in the following paragraph) for which, at the time this Act comes into effect, the commencement of reorganization proceedings has been decided and those reorganization proceedings have not been terminated, the provisions of Articles 79-26 and 79-27, paragraph (1) of the New Securities and Exchange Act do not apply.

②Of the deemed registered securities companies or deemed registered foreign securities companies prescribed in the preceding paragraph, with regard to those found to have returned to normal in the state of their business and assets after the enforcement of this Act and designated by the Financial Reconstruction Commission, the provisions of Articles 79-26 and 79-27, paragraph (1) of the New Securities and Exchange Act apply from the day of that designation.

①The incorporated foundation Deposited Securities Compensation Fund established on August 1, 1969 (hereinafter referred to as the "Deposited Securities Compensation Fund" in this Article) may, until the day specified by Cabinet Order, make an offer to the founders of the fund or to the fund that all business conducted by that Deposited Securities Compensation Fund and all assets and liabilities it holds be succeeded to by the fund.

②When an offer under the preceding paragraph has been made, if the founders of the fund or the fund intend to accept that offer, they must obtain its approval at the organizational meeting or general meeting of the fund.

③When a resolution of approval has been made by the organizational meeting or general meeting under the preceding paragraph, the founders of the fund or the fund must without delay apply for the authorization of the Minister of Finance.

④When the authorization under the preceding paragraph is given, the business conducted by the Deposited Securities Compensation Fund and the assets and liabilities it holds are to be succeeded to by the fund pertaining to that authorization (hereinafter referred to as the "authorized fund" in this Article and the following Article) on the day of establishment of the authorized fund (or, if that day is before the day on which that authorization was received, the day on which the authorization was received), and the Deposited Securities Compensation Fund is to be dissolved at that time. In this case, the provisions concerning the dissolution and liquidation of a juridical person in any other law or regulation do not apply.

⑤The registration of the dissolution in the case where the Deposited Securities Compensation Fund has been dissolved pursuant to the provisions of the preceding paragraph is specified by Cabinet Order.

⑥Notwithstanding Article 79-49 of the New Securities and Exchange Act, an authorized fund may carry out the business of the Deposited Securities Compensation Fund that it has succeeded to pursuant to the provisions of paragraph (4) (referred to as the "succeeded services" in the following paragraph).

⑦In the case where an authorized fund carries out, among the succeeded services, services specified by Cabinet Office Order and Ministry of Finance Order as services similar to the services set forth in Article 79-49, item (i) of the New Securities and Exchange Act, those services are deemed to be services set forth in that item, and the provisions of Articles 79-63, 79-72, and 208, item (xi) of the New Securities and Exchange Act apply.

①Until the day specified by Cabinet Order, the fund may, notwithstanding Article 79-49 of the New Securities and Exchange Act, with regard to the lending of funds made before the effective date to a securities company or foreign securities company in respect of which any of the following events has occurred, that are specified by Cabinet Office Order and Ministry of Finance Order as found to contribute to the protection of investors, acquire the claims pertaining to those loans from the person who made them:

②The Prime Minister and the Minister of Finance may request an authorized fund to acquire claims pursuant to the provisions of the preceding paragraph.

③The acquisition of claims pursuant to the provisions of paragraph (1) may not be carried out without a resolution of the general meeting of the fund.

④When the president of the fund intends to submit to the general meeting a proposal pertaining to the acquisition of claims pursuant to the provisions of paragraph (1), the president must in advance hear the opinion of the governing board prescribed in Article 79-45, paragraph (1) of the New Securities and Exchange Act.

⑤In the case where the fund carries out services pertaining to the acquisition of claims pursuant to the provisions of paragraph (1), those services are deemed to be services set forth in Article 79-49, item (ii) of the New Securities and Exchange Act, and the provisions of Articles 79-63, 79-72, and 208, item (xi) of the New Securities and Exchange Act apply.

With regard to a person that, at the time this Act comes into effect, uses the words "investor protection fund" in its name, the provisions of Article 79-23, paragraph (2) of the New Securities and Exchange Act do not apply until the day on which six months elapse counting from the effective date.

The provisions of Article 98, paragraph (5) of the New Securities and Exchange Act do not apply, until the day on which five years have elapsed counting from the effective date, in the case where a person who is an officer of a securities exchange and who, at the time this Act comes into force, falls under any of Article 28-4, item (ix), (a) through (f) of the New Securities and Exchange Act (excluding a person who falls under any of Article 32, item (iv), (a) through (d) of the Former Securities and Exchange Act) continues to fall under any of Article 28-4, item (ix), (a) through (f) of the New Securities and Exchange Act.

The provisions of Article 108-3 of the New Securities and Exchange Act apply to securities futures transactions, etc. prescribed in paragraph (1) of that Article that are contracted on or after the effective date, and the provisions then in force continue to govern securities futures transactions, etc. prescribed in that paragraph that were contracted before the effective date.

①A securities exchange that, at the time this Act comes into force, has received the approval under Article 110, paragraph (1) of the Former Securities and Exchange Act and lists securities prescribed in Article 110, paragraph (1) of the New Securities and Exchange Act or securities, etc. prescribed in paragraph (2) of that Article is deemed, on the effective date, to have made the notification under paragraph (1) of that Article for those securities, or to have received the approval under paragraph (2) of that Article for those securities, etc.; in this case, the provisions of paragraph (3) of that Article do not apply.

②A securities exchange that, at the time this Act comes into force, lists national government bonds, municipal bonds, foreign national government bonds, or securities specified by Cabinet Order prescribed in the main clause of Article 120 of the Former Securities and Exchange Act (excluding the standardized instruments prescribed in the proviso to that Article; hereinafter in this paragraph referred to as "national government bond certificates, etc.") is deemed, on the effective date, to have made the notification under Article 110, paragraph (1) of the New Securities and Exchange Act for those national government bond certificates, etc.; in this case, the provisions of Article 110, paragraph (3) of the New Securities and Exchange Act do not apply.

A person who, at the time this Act comes into force, has received the license under Article 156-3, paragraph (1) of the Former Securities and Exchange Act is deemed, on the effective date, to have received the license under Article 156-3, paragraph (1) of the New Securities and Exchange Act; in this case, the provisions of Article 156-5 and Article 194-4, paragraph (1) of the New Securities and Exchange Act do not apply.