①For the purpose of applying the provisions of Article 134, paragraph (1) of the New Financial Instruments and Exchange Act (limited to the part pertaining to item (v)), a person who, at the time of enforcement of this Act, has obtained the license under Article 80, paragraph (1) of the Former Securities and Exchange Act is deemed, notwithstanding the provisions of Article 99 of the Supplementary Provisions, to have obtained the license under Article 80, paragraph (1) of the New Financial Instruments and Exchange Act on the day on which the person obtained that license.

②A person who, at the time of enforcement of this Act, has obtained the approval under Article 134, paragraph (1), item (v) of the Former Securities and Exchange Act is deemed to have obtained the approval under Article 134, paragraph (1), item (v) of the New Financial Instruments and Exchange Act on the effective date.

①With regard to a merger carried out by a securities exchange that concluded a merger agreement before the effective date, the provisions then in force continue to govern.

②The authorization under Article 140, paragraph (1) of the Former Securities and Exchange Act for which the provisions then in force continue to govern pursuant to the provisions of the preceding paragraph is deemed to be the authorization under Article 140, paragraph (1) of the New Financial Instruments and Exchange Act. In this case, the provisions of Article 194-4, paragraph (1) of the New Financial Instruments and Exchange Act do not apply.

A disposition made before the effective date pursuant to the provisions of Article 153 of the Former Securities and Exchange Act is deemed to be a disposition made pursuant to the provisions of Article 153 of the New Financial Instruments and Exchange Act.

A person who, at the time of enforcement of this Act, has obtained the authorization under Article 155, paragraph (1) of the Former Securities and Exchange Act is deemed to have obtained the authorization under Article 155, paragraph (1) of the New Financial Instruments and Exchange Act on the effective date. In this case, the provisions of Article 155-4, paragraph (2) and Article 194-4, paragraph (1) of the New Financial Instruments and Exchange Act do not apply.

①A person whose authorization has been rescinded pursuant to the provisions of Article 155-6 of the Former Securities and Exchange Act is deemed to have had the authorization rescinded pursuant to the provisions of Article 155-6 of the New Financial Instruments and Exchange Act on the day on which the person received that disposition.

②A person whose authorization has been rescinded, or who has been ordered to be dismissed, pursuant to the provisions of Article 155-10, paragraph (1) or (2) of the Former Securities and Exchange Act is deemed to have had the authorization rescinded, or to have been ordered to be dismissed, pursuant to the provisions of Article 155-10, paragraph (1) or (2) of the New Financial Instruments and Exchange Act on the day on which the person received that disposition.

A person who has violated the provisions of the Former Foreign Securities Firms Act or the provisions of foreign laws and regulations equivalent thereto, has been sentenced to a fine (including a sentence under foreign laws and regulations equivalent thereto), and for whom five years have not elapsed from 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 155-3, paragraph (2), item (ii) of the New Financial Instruments and Exchange Act.

The provisions of Article 155-5 of the New Financial Instruments and Exchange Act apply to the business report prescribed in that Article for the period prescribed in that Article that ends on or after the effective date, and with regard to the business report prescribed in Article 155-5 of the Former Securities and Exchange Act for the period prescribed in Article 155-5 of the Former Securities and Exchange Act that ended before the effective date, the provisions then in force continue to govern.

With regard to the application of the provisions of Article 155-6 of the New Financial Instruments and Exchange Act in the case where a person deemed to have obtained the authorization pursuant to the provisions of Article 129 of the Supplementary Provisions is a person who obtained the authorization under Article 155, paragraph (1) of the Former Securities and Exchange Act, in that Article the phrase "the items of Article 155-3, paragraph (2) at the time of it obtained the authorization referred to in Article 155, paragraph (1)" is deemed to be replaced with "the items of Article 155-3, paragraph (2) of the Securities and Exchange Act prior to the amendment by Article 3 of the Act Partially Amending the Securities and Exchange Act, etc. (Act No. 65 of 2006) at the time it obtained the authorization referred to in Article 155, paragraph (1) of that Act".

①A disposition made before the effective date pursuant to the provisions of Article 155-6 of the Former Securities and Exchange Act is deemed to be a disposition made pursuant to the provisions of Article 155-6 of the New Financial Instruments and Exchange Act.

②A disposition made before the effective date pursuant to the provisions of Article 155-10, paragraph (1) or (2) of the Former Securities and Exchange Act is deemed to be a disposition made pursuant to the provisions of Article 155-10, paragraph (1) or (2) of the New Financial Instruments and Exchange Act.

A person who, at the time of enforcement of this Act, has obtained the license under Article 156-2 of the Former Securities and Exchange Act is deemed to have obtained the license under Article 156-2 of the New Financial Instruments and Exchange Act on the effective date. In this case, the provisions of Article 156-5, paragraph (2) and Article 194-4, paragraph (1) of the New Financial Instruments and Exchange Act do not apply.

①A person who has been ordered to be dismissed pursuant to the provisions of Article 156-14, paragraph (3) of the Former Securities and Exchange Act is deemed to have been ordered to be dismissed pursuant to the provisions of Article 156-14, paragraph (3) of the New Financial Instruments and Exchange Act on the day on which the person received that disposition.

②A person whose license has been rescinded, or who has been ordered to be dismissed, pursuant to the provisions of Article 156-17, paragraph (1) or (2) of the Former Securities and Exchange Act is deemed to have had the license rescinded, or to have been ordered to be dismissed, pursuant to the provisions of Article 156-17, paragraph (1) or (2) of the New Financial Instruments and Exchange Act on the day on which the person received that disposition.

A person who, at the time of enforcement of this Act, has obtained the approval under the proviso to Article 156-6, paragraph (2) of the Former Securities and Exchange Act is deemed to have obtained the approval under the proviso to Article 156-6, paragraph (2) of the New Financial Instruments and Exchange Act on the effective date.

The provisions of Article 156-14, paragraph (2) of the New Financial Instruments and Exchange Act do not apply, until the day on which five years elapse from the effective date, to the case where a person who is an officer of a person deemed to have obtained the license pursuant to the provisions of Article 135 of the Supplementary Provisions and who, at the time of enforcement of this Act, falls under any of Article 82, paragraph (2), item (iii), (a), (b) or (e) of the New Financial Instruments and Exchange Act (excluding a person who falls under any of Article 83, paragraph (2), item (iii), (a), (b) or (e) of the Former Securities and Exchange Act) continues to fall under any of Article 82, paragraph (2), item (iii), (a), (b) or (e) of the New Financial Instruments and Exchange Act.

①A disposition made before the effective date pursuant to the provisions of Article 156-14, paragraph (3) of the Former Securities and Exchange Act is deemed to be a disposition made pursuant to the provisions of Article 156-14, paragraph (3) of the New Financial Instruments and Exchange Act.

②A disposition made before the effective date pursuant to the provisions of Article 156-16 of the Former Securities and Exchange Act is deemed to be a disposition made pursuant to the provisions of Article 156-16 of the New Financial Instruments and Exchange Act.

③A disposition made before the effective date pursuant to the provisions of Article 156-17, paragraph (1) or (2) of the Former Securities and Exchange Act is deemed to be a disposition made pursuant to the provisions of Article 156-17, paragraph (1) or (2) of the New Financial Instruments and Exchange Act.

A person who, at the time of enforcement of this Act, has obtained the license under Article 156-24, paragraph (1) of the Former Securities and Exchange Act is deemed to have obtained the license under Article 156-24, paragraph (1) of the New Financial Instruments and Exchange Act on the effective date. In this case, the provisions of Article 83, paragraph (2) of the New Financial Instruments and Exchange Act as applied mutatis mutandis pursuant to Article 156-26 of the New Financial Instruments and Exchange Act and Article 194-4, paragraph (1) of the New Financial Instruments and Exchange Act do not apply.

①A person whose license has been rescinded pursuant to the provisions of Article 148 of the Former Securities and Exchange Act as applied mutatis mutandis pursuant to Article 156-26 of the Former Securities and Exchange Act is deemed to have had the license rescinded pursuant to the provisions of Article 148 of the New Financial Instruments and Exchange Act as applied mutatis mutandis pursuant to Article 156-26 of the New Financial Instruments and Exchange Act on the day on which the person received that disposition.

②A person who has been ordered to be dismissed pursuant to the provisions of Article 156-31, paragraph (3) of the Former Securities and Exchange Act is deemed, on the day of receiving that disposition, to have been ordered to be dismissed pursuant to the provisions of Article 156-31, paragraph (3) of the New Financial Instruments and Exchange Act.

③A person whose license has been rescinded pursuant to the provisions of Article 156-32, paragraph (1) of the Former Securities and Exchange Act is deemed, on the day of receiving that disposition, to have had the license rescinded pursuant to the provisions of Article 156-32, paragraph (1) of the New Financial Instruments and Exchange Act.

The provisions of Article 156-31, paragraph (2) of the New Financial Instruments and Exchange Act do not apply, until the day on which five years have passed counting from the effective date, in the case where a person who is an officer of a person deemed to have received a license pursuant to the provisions of Article 140 of the Supplementary Provisions and who, at the time of the enforcement of this Act, falls under any of Article 82, paragraph (2), item (iii), (a), (b) or (e) of the New Financial Instruments and Exchange Act (excluding a person who falls under any of Article 83, paragraph (2), item (iii), (a), (b) or (e) of the Former Securities and Exchange Act) continues to fall under any of Article 82, paragraph (2), item (iii), (a), (b) or (e) of the New Financial Instruments and Exchange Act.

①A disposition made before the effective date pursuant to the provisions of Article 156-31, paragraph (3) of the Former Securities and Exchange Act is deemed to be a disposition made pursuant to the provisions of Article 156-31, paragraph (3) of the New Financial Instruments and Exchange Act.

②A disposition made before the effective date pursuant to the provisions of Article 156-32, paragraph (1) of the Former Securities and Exchange Act is deemed to be a disposition made pursuant to the provisions of Article 156-32, paragraph (1) of the New Financial Instruments and Exchange Act.

③A disposition made before the effective date pursuant to the provisions of Article 156-33, paragraph (1) of the Former Securities and Exchange Act is deemed to be a disposition made pursuant to the provisions of Article 156-33, paragraph (1) of the New Financial Instruments and Exchange Act.

The provisions of Article 156-35 of the New Financial Instruments and Exchange Act apply to the business report under that Article for a business year ending on or after the effective date, and with regard to the business report under Article 156-35 of the Former Securities and Exchange Act for a business year that ended before the effective date, the provisions then in force continue to govern.