A disposition made before the effective date pursuant to the provisions of Article 79-37, paragraph (5) of the Former Securities and Exchange Act is deemed to be a disposition made pursuant to the provisions of Article 79-37, paragraph (5) of the New Financial Instruments and Exchange Act.

The provisions of Articles 79-52 through 79-58 of the New Financial Instruments and Exchange Act apply to payments to general customers by a financial instruments business operator pertaining to a certification made on or after the effective date under Article 79-54 of the New Financial Instruments and Exchange Act (referred to as a "new distressed financial instruments business operator" in the following Article), and with regard to payments to general customers by a securities company pertaining to a certification made before the effective date under Article 79-54 of the Former Securities and Exchange Act (referred to as a "former distressed securities company" in the following Article), the provisions then in force continue to govern.

The provisions of Articles 79-52, 79-53 and 79-59 of the New Financial Instruments and Exchange Act apply to loans of funds to a financial instruments business operator (excluding a new distressed financial instruments business operator) that is the subject of a notice given on or after the effective date under Article 79-53, paragraph (1) or paragraphs (3) through (5) of the New Financial Instruments and Exchange Act, or to the agent of the beneficiary of a trust (meaning the agent of the beneficiary of a trust prescribed in Article 43-2, paragraph (2) of the New Financial Instruments and Exchange Act) of the financial instruments business operator that is the subject of that notice, and with regard to loans of funds to a securities company (excluding a former distressed securities company) that is the subject of a notice given before the effective date under Article 79-53, paragraph (1) or paragraphs (3) through (5) of the Former Securities and Exchange Act, or to the agent of the beneficiary of a trust (meaning the agent of the beneficiary of a trust prescribed in Article 47, paragraph (3) of the Former Securities and Exchange Act) of the securities company that is the subject of that notice, the provisions then in force continue to govern.

The provisions of Articles 79-52, 79-53 and 79-60 of the New Financial Instruments and Exchange Act apply to judicial or non-judicial acts performed on or after the effective date in order to preserve the fulfillment of a claim held against a financial instruments business operator that is the subject of a notice under Article 79-53, paragraph (1) or paragraphs (3) through (5) of the New Financial Instruments and Exchange Act, and with regard to judicial or non-judicial acts performed before the effective date in order to preserve the fulfillment of a claim held against a securities company that is the subject of a notice under Article 79-53, paragraph (1) or paragraphs (3) through (5) of the Former Securities and Exchange Act, the provisions then in force continue to govern.

In the case where a budget and financial plan for a business year commencing on or after the effective date are submitted pursuant to the provisions of Article 79-69 of the New Financial Instruments and Exchange Act, the submission of that budget and financial plan is to be made, even before the effective date, in accordance with the provisions of that Article.

①The provisions of Article 79-70, paragraph (1) of the New Financial Instruments and Exchange Act apply to the financial statements, etc. under that paragraph for a business year ending on or after the effective date, and with regard to the financial statements, etc. under Article 79-70, paragraph (1) 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.

②The provisions of Article 79-70, paragraph (3) of the New Financial Instruments and Exchange Act apply to the financial statements, etc. prescribed in that paragraph for a business year ending on or after the effective date, and with regard to the financial statements, etc. under Article 79-70, paragraph (3) 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.

①A disposition made before the effective date pursuant to the provisions of Article 79-75 of the Former Securities and Exchange Act is deemed to be a disposition made pursuant to the provisions of Article 79-75 of the New Financial Instruments and Exchange Act.

②A disposition made before the effective date pursuant to the provisions of Article 79-76 of the Former Securities and Exchange Act is deemed to be a disposition made pursuant to the provisions of Article 79-76 of the New Financial Instruments and Exchange Act.

A person that, at the time of the enforcement of this Act, has received the license under Article 80, paragraph (1) of the Former Securities and Exchange Act is deemed to have received the license under Article 80, paragraph (1) of the New Financial Instruments and Exchange Act on the effective date. In this case, the provisions of Article 83, paragraph (2) 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 is deemed, on the day of receiving that disposition, to have had the license rescinded pursuant to the provisions of Article 148 of the New Financial Instruments and Exchange Act.

②A person who has been ordered to be dismissed pursuant to the provisions of Article 150 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 150, paragraph (1) of the New Financial Instruments and Exchange Act.

③A person who, before the effective date, received a disposition under the provisions of Article 152, paragraph (1) of the Former Securities and Exchange Act is deemed, on the day of receiving that disposition, to have received a disposition under the provisions of Article 152, paragraph (1) of the New Financial Instruments and Exchange Act.

A person that, at the time of the enforcement of this Act, has received the authorization under the proviso to Article 87-2-2, paragraph (1) of the Former Securities and Exchange Act is deemed to have received the authorization under the proviso to Article 87-3, paragraph (1) of the New Financial Instruments and Exchange Act on the effective date. In this case, the provisions of Article 85-4, paragraph (2) of the New Financial Instruments and Exchange Act as applied mutatis mutandis pursuant to Article 87-4 of the New Financial Instruments and Exchange Act do not apply.

A securities membership corporation (meaning a securities membership corporation prescribed in Article 2, paragraph (15) of the Former Securities and Exchange Act) that, at the time of the enforcement of this Act, has been registered is deemed to have been registered, on the effective date, as a financial instruments membership corporation (meaning a financial instruments membership corporation prescribed in Article 2, paragraph (15) of the New Financial Instruments and Exchange Act).

The register of securities membership corporations under the provisions of Article 89-8, paragraph (2) of the Former Securities and Exchange Act that exists at the time of the enforcement of this Act is deemed to be the register of financial instruments membership corporations under the provisions of Article 89-7, paragraph (2) of the New Financial Instruments and Exchange Act.

The provisions of Article 98, paragraph (5) 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 financial instruments membership corporation deemed to have received a license pursuant to the provisions of Article 99 of the Supplementary Provisions and who, at the time of the enforcement of this Act, falls under any of Article 29-4, paragraph (1), item (ii), (a) through (g) of the New Financial Instruments and Exchange Act (excluding a person who falls under any of Article 28-4, paragraph (1), item (ix), (a) through (g) of the Former Securities and Exchange Act) continues to fall under any of Article 29-4, paragraph (1), item (ii), (a) through (g) of the New Financial Instruments and Exchange Act.

①With regard to the entity conversion prescribed in Article 101 of the Former Securities and Exchange Act for which an entity conversion plan was drawn up before the effective date and was decided by resolution of the general meeting, the provisions then in force continue to govern.

②The authorization under Article 101-11, paragraph (1) of the Former Securities and Exchange Act in the case where the provisions then in force continue to govern pursuant to the provisions of the preceding paragraph is deemed to be the authorization under Article 101-17, paragraph (1) of the New Financial Instruments and Exchange Act.

A statement of holding subject voting rights submitted before the effective date pursuant to the provisions of Article 103-2, paragraph (1) of the Former Securities and Exchange Act by a person who, at the time of the enforcement of this Act, is a holder of subject voting rights (meaning the holder of subject voting rights prescribed in Article 103-3, paragraph (1) of the New Financial Instruments and Exchange Act) in an incorporated financial instruments exchange deemed to have received a license pursuant to the provisions of Article 99 of the Supplementary Provisions (hereinafter referred to as a "deemed licensed incorporated exchange") is deemed to have been submitted on the effective date pursuant to the provisions of Article 103-3, paragraph (1) of the New Financial Instruments and Exchange Act.

The provisions of Article 98, paragraph (5) of the New Financial Instruments and Exchange Act as applied mutatis mutandis pursuant to Article 105-2 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 deemed licensed incorporated exchange and who, at the time of the enforcement of this Act, falls under any of Article 29-4, paragraph (1), item (ii), (a) through (g) of the New Financial Instruments and Exchange Act (excluding a person who falls under any of Article 28-4, paragraph (1), item (ix), (a) through (g) of the Former Securities and Exchange Act) continues to fall under any of Article 29-4, paragraph (1), item (ii), (a) through (g) of the New Financial Instruments and Exchange Act.

①A local government or other person specified by Cabinet Order (referred to as a "qualified major shareholder" in the following paragraph and Article 110 of the Supplementary Provisions) that, at the time of the enforcement of this Act, has received the authorization under Article 106-3, paragraph (1) or the proviso to paragraph (4) of the Former Securities and Exchange Act is deemed to have received the authorization under Article 106-3, paragraph (1) of the New Financial Instruments and Exchange Act on the effective date. In this case, the provisions of Article 85-4, paragraph (2) of the New Financial Instruments and Exchange Act as applied mutatis mutandis pursuant to Article 106-5 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.

②A person (excluding a qualified major shareholder) that, at the time of the enforcement of this Act, has received the authorization under Article 106-3, paragraph (1) or the proviso to paragraph (4) of the Former Securities and Exchange Act must, within three months from the effective date, take the measures necessary to become the holder of subject voting rights (meaning the subject voting rights prescribed in Article 103-2, paragraph (1) of the New Financial Instruments and Exchange Act; the same applies hereinafter) in a number less than the threshold holding ratio (meaning the threshold holding ratio prescribed in Article 103-2, paragraph (1) of the New Financial Instruments and Exchange Act; the same applies hereinafter) of the deemed licensed incorporated exchange.

①A person whose authorization has been rescinded pursuant to the provisions of Article 106-7, paragraph (1) of the Former Securities and Exchange Act is deemed, on the day of receiving that disposition, to have had the authorization rescinded pursuant to the provisions of Article 106-7, paragraph (1) of the New Financial Instruments and Exchange Act.

②A disposition made before the effective date pursuant to the provisions of Article 106-7, paragraph (1) of the Former Securities and Exchange Act is deemed to be a disposition made pursuant to the provisions of Article 106-7, paragraph (1) of the New Financial Instruments and Exchange Act.

With regard to the application of Article 106-8, paragraph (1) of the New Financial Instruments and Exchange Act (limited to the part pertaining to item (i)), a person (limited to a qualified major shareholder) that, at the time of the enforcement of this Act, has received the authorization under Article 106-3, paragraph (1) or the proviso to paragraph (4) of the Former Securities and Exchange Act is deemed, notwithstanding the provisions of Article 108, paragraph (1) of the Supplementary Provisions, to have received the authorization under Article 106-3, paragraph (1) of the New Financial Instruments and Exchange Act on the day of receiving that authorization.

A person that, at the time of the enforcement of this Act, has received the authorization under Article 106-10, paragraph (1) or the proviso to paragraph (3) of the Former Securities and Exchange Act is deemed to have received the authorization under Article 106-10, paragraph (1) or the proviso to paragraph (3) of the New Financial Instruments and Exchange Act on the effective date. In this case, the provisions of Article 85-4, paragraph (2) of the New Financial Instruments and Exchange Act as applied mutatis mutandis pursuant to Article 106-13 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 authorization has been rescinded pursuant to the provisions of Article 106-26 of the Former Securities and Exchange Act is deemed, on the day of receiving that disposition, to have had the authorization rescinded pursuant to the provisions of Article 106-26 of the New Financial Instruments and Exchange Act.

②A person whose authorization has been rescinded or who has been ordered to be dismissed pursuant to the provisions of Article 106-28, paragraph (1) or (2) of the Former Securities and Exchange Act is deemed, on the day of receiving that disposition, to have had the authorization rescinded or to have been ordered to be dismissed pursuant to the provisions of Article 106-28, paragraph (1) or (2) of the New Financial Instruments and Exchange Act.