①A statement of large-volume holdings prescribed in Article 27-23, paragraph (1) of the Former Securities and Exchange Act (hereinafter in this paragraph referred to as the "former statement of large-volume holdings") that is submitted on or after the item (iv) effective date pursuant to the provisions of paragraph (1) of the preceding Article is deemed to have been submitted pursuant to the provisions of Article 27-23, paragraph (1) of the New Securities and Exchange Act; provided, however, that this does not apply if, before the submission of that former statement of large-volume holdings, a statement of large-volume holdings prescribed in Article 27-23, paragraph (1) of the New Securities and Exchange Act pertaining to the share certificates, etc. pertaining to that former statement of large-volume holdings has been submitted.

②A statement of changes prescribed in Article 27-25, paragraph (1) of the Former Securities and Exchange Act (hereinafter in this paragraph referred to as the "former statement of changes") that is submitted on or after the item (iv) effective date pursuant to the provisions of paragraph (2) of the preceding Article is deemed to have been submitted pursuant to the provisions of Article 27-25, paragraph (1) of the New Securities and Exchange Act; provided, however, that this does not apply if, before the submission of that former statement of changes, a statement of changes prescribed in Article 27-25, paragraph (1) of the New Securities and Exchange Act pertaining to the share certificates, etc. pertaining to that former statement of changes has been submitted.

③A statement of large-volume holdings pertaining to share certificates, etc. subject to special provisions prescribed in Article 27-26, paragraph (1) of the Former Securities and Exchange Act (hereinafter in this paragraph referred to as the "former statement of large-volume holdings") that is submitted on or after the item (iv) effective date pursuant to the provisions of paragraph (3) of the preceding Article is deemed to have been submitted pursuant to the provisions of Article 27-26, paragraph (1) of the New Securities and Exchange Act; provided, however, that this does not apply if, before the submission of that former statement of large-volume holdings, a statement of large-volume holdings prescribed in Article 27-23, paragraph (1) of the New Securities and Exchange Act, or a statement of large-volume holdings pertaining to share certificates, etc. subject to special provisions prescribed in Article 27-26, paragraph (1) of the New Securities and Exchange Act, pertaining to the share certificates, etc. pertaining to that former statement of large-volume holdings has been submitted.

④A statement of changes pertaining to share certificates, etc. subject to special provisions prescribed in Article 27-26, paragraph (2) of the Former Securities and Exchange Act (hereinafter in this paragraph referred to as the "former statement of changes") that is submitted on or after the item (iv) effective date pursuant to the provisions of paragraph (4) of the preceding Article is deemed to have been submitted pursuant to the provisions of Article 27-26, paragraph (2) of the New Securities and Exchange Act; provided, however, that this does not apply if, before the submission of that former statement of changes, a statement of changes prescribed in Article 27-25, paragraph (1) of the New Securities and Exchange Act, or a statement of changes pertaining to share certificates, etc. subject to special provisions prescribed in Article 27-26, paragraph (2) of the New Securities and Exchange Act, pertaining to the share certificates, etc. pertaining to that former statement of changes has been submitted.

The provisions of Article 27-26, paragraphs (4) and (5) of the New Securities and Exchange Act apply to the case of carrying out important proposal acts, etc. prescribed in paragraph (1) of that Article that are carried out after five days (not counting Sundays and other holidays specified by Cabinet Order) have elapsed from the item (iii) effective date.

The provisions of Article 27-30-2 of the New Securities and Exchange Act apply to the following reports submitted on or after the item (iv) effective date, and with regard to those submitted before the item (iv) effective date, the provisions then in force continue to govern:

The provisions of Article 4, Article 13, paragraph (1), Article 15, paragraph (1), and Article 23-13, paragraphs (1) and (3) of the Financial Instruments and Exchange Act as amended by the provisions of Article 3 (hereinafter referred to as the "New Financial Instruments and Exchange Act") apply to solicitation with a view to issuing new securities (meaning solicitation with a view to issuing new securities prescribed in Article 4, paragraph (1), item (iv) of the New Financial Instruments and Exchange Act) or solicitation with a view to delivering existing securities (meaning solicitation with a view to delivering existing securities prescribed in Article 4, paragraph (2) of the New Financial Instruments and Exchange Act) that commences on or after the effective date, and with regard to the solicitation of an offer to acquire securities set forth in the items of Article 2, paragraph (1) of the Securities and Exchange Act before its amendment by the provisions of Article 3 (hereinafter referred to as the "Former Securities and Exchange Act"), or rights set forth in the items of paragraph (2) of that Article that are deemed to be securities pursuant to the provisions of that paragraph (hereinafter referred to as "former securities"), or an offer to sell or the solicitation of an offer to purchase former securities, that commenced before the effective date, the provisions then in force continue to govern.

The provisions of Articles 24-4-2 through 24-4-6, Article 24-4-8, and Article 24-5-2 of the New Financial Instruments and Exchange Act apply from the business year commencing on or after April 1, 2008.

The provisions of Article 24-4-7 of the New Financial Instruments and Exchange Act apply from the business year commencing on or after April 1, 2008.

①A person who, at the time this Act comes into effect, is actually engaged in financial instruments business (meaning financial instruments business prescribed in Article 2, paragraph (8) of the New Financial Instruments and Exchange Act; the same applies hereinafter) with respect to new securities (meaning securities set forth in the items of Article 2, paragraph (1) of the New Financial Instruments and Exchange Act, or rights set forth in the items of paragraph (2) of that Article that are deemed to be securities pursuant to the provisions of that paragraph (excluding former securities); the same applies hereinafter) (excluding a person deemed to have received registration under Article 29 of the New Financial Instruments and Exchange Act pursuant to the provisions of paragraph (1) of the following Article, Article 147, paragraph (1), Article 159, paragraph (1), and Article 200, paragraph (1) of the Supplementary Provisions, and Article 2, paragraph (1), Article 37, paragraph (1), Article 60, paragraph (1), and Article 151, paragraph (1) of the Act on the Arrangement of Relevant Acts Incident to the Enforcement of the Act Partially Amending the Securities and Exchange Act, etc. (Act No. 66 of 2006; hereinafter referred to as the "Arrangement Act"), a former mortgage securities dealer prescribed in Article 57, paragraph (1) of the Arrangement Act, and a bank, a cooperative financial institution (meaning a cooperative financial institution prescribed in Article 2, paragraph (1) of the Act on Preferred Equity Investment by Cooperative Structured Financial Institution (Act No. 44 of 1993); the same applies hereinafter), or any other financial institution specified by Cabinet Order) may, for six months from the effective date (or, if a disposition of refusal of registration under Article 29-4, paragraph (1) of the New Financial Instruments and Exchange Act is made within that period, until the day on which that disposition is made), notwithstanding the provisions of Article 29 of the New Financial Instruments and Exchange Act, continue to engage in financial instruments business. The same applies until the day on which, in the case where that person has filed an application for registration under Article 29 of the New Financial Instruments and Exchange Act within that period, the person receives a notice that registration will be granted for that application, or receives a notice, after the lapse of that period, that registration will not be granted for that application.

②A bank, cooperative financial institution, or other financial institution specified by Cabinet Order that, at the time this Act comes into effect, is actually engaged in registered financial institution business (meaning registered financial institution business prescribed in Article 33-5, paragraph (1), item (iii) of the New Financial Instruments and Exchange Act; the same applies hereinafter) with respect to new securities (excluding a person deemed to have received registration under Article 33-2 of the New Financial Instruments and Exchange Act pursuant to the provisions of Article 54, paragraph (1), Article 148, paragraph (1), and Article 201, paragraph (1) of the Supplementary Provisions and Article 61, paragraph (1) of the Arrangement Act) may, for six months from the effective date (or, if a disposition of refusal of registration under Article 33-5, paragraph (1) of the New Financial Instruments and Exchange Act is made within that period, until the day on which that disposition is made), notwithstanding the provisions of Article 33-2 of the New Financial Instruments and Exchange Act, continue to engage in registered financial institution business. The same applies until the day on which, in the case where that person has filed an application for registration under Article 33-2 of the New Financial Instruments and Exchange Act within that period, the person receives a notice that registration will be granted for that application, or receives a notice, after the lapse of that period, that registration will not be granted for that application.

①A person who, at the time this Act comes into effect, has received registration under Article 28 of the Former Securities and Exchange Act is deemed to have received registration under Article 29 of the New Financial Instruments and Exchange Act on the effective date (limited to registration in which the financial instruments business operator (meaning a financial instruments business operator prescribed in Article 2, paragraph (9) of the New Financial Instruments and Exchange Act; the same applies hereinafter) deemed to have received that registration conducts business pertaining to the acts set forth in Article 28, paragraph (1), items (i) and (ii) and item (iii), (c) of the New Financial Instruments and Exchange Act, securities, etc. management (meaning securities, etc. management prescribed in paragraph (5) of that Article), and type-II financial instruments business (meaning type-II financial instruments business prescribed in paragraph (2) of that Article; the same applies hereinafter)). 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 deemed to have received registration under Article 29 of the New Financial Instruments and Exchange Act pursuant to the provisions of the preceding paragraph (hereinafter referred to as a "deemed registered type-I financial instruments business operator") must submit to the Prime Minister, within three months from the effective date, a document stating the particulars set forth in the items of Article 29-2, 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 have been submitted pursuant to the provisions of the preceding paragraph, the Prime Minister is to register in the financial instruments business operators register the particulars set forth in the items of Article 29-2, paragraph (1) of the New Financial Instruments and Exchange Act and the particulars set forth in Article 29-3, paragraph (1), item (ii) of the New Financial Instruments and Exchange Act that are stated in those documents.

①A person whose registration has been rescinded or who has been ordered to be dismissed pursuant to the provisions of Article 56, paragraph (1) or (2) of the Former Securities and Exchange Act is deemed, on the day on which the person received that disposition, to have had the registration rescinded or to have been ordered to be dismissed pursuant to the provisions of Article 52, paragraph (1) or (2) of the New Financial Instruments and Exchange Act.

②A person whose registration has been rescinded pursuant to the provisions of Article 56-2, paragraph (3) of the Former Securities and Exchange Act is deemed, on the day on which the person received that disposition, to have had the registration rescinded pursuant to the provisions of Article 53, paragraph (3) of the New Financial Instruments and Exchange Act.

With regard to the application of the provisions of Article 29-4, paragraph (1), item (i), (c) of the Financial Instruments and Exchange Act, a person who has violated the provisions, prior to their repeal by the provisions of Article 1 of the Arrangement Act, of the Act on Foreign Securities Firms (Act No. 5 of 1971; hereinafter referred to as the "Former Foreign Securities Firms Act"), the Act on Regulation of Securities Investment Advisory Business (Act No. 74 of 1986; hereinafter referred to as the "Former Securities Investment Advisory Business Act"), or the Financial Futures Trading Act (Act No. 77 of 1988; hereinafter referred to as the "Former Financial Futures Trading Act") (including those provisions in the case where the provisions then in force continue to govern pursuant to the provisions of Article 217 of the Arrangement Act), or the corresponding provisions of foreign laws and regulations, has been sentenced to a fine (including a sentence under foreign laws and regulations corresponding thereto), and for whom five years have not elapsed since the day on which the execution of the sentence was completed or the person ceased to be subject to the execution of the sentence, is deemed to be a person who falls under Article 29-4, paragraph (1), item (i), (c) of the Financial Instruments and Exchange Act.

A deemed registered type-I financial instruments business operator that, at the time this Act comes into effect, has received authorization under Article 29, paragraph (1) of the Former Securities and Exchange Act and is actually conducting the business set forth in item (ii) of that paragraph is deemed, as provided by Cabinet Order, to have received registration under Article 29 of the New Financial Instruments and Exchange Act on the effective date (limited to registration in which the deemed registered type-I financial instruments business operator deemed to have received that registration conducts business pertaining to the acts set forth in Article 28, paragraph (1), item (iii), (a) or (b) of the New Financial Instruments and Exchange Act). 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.