Article 31Period of Validity of Licenses

①The period of validity of the license as provided for in Article 23, paragraph (1) (or a renewed period of validity, if the period of validity of the license has been renewed pursuant to the provisions of the following paragraph) must be a period of not less than three years from the date of the granting of that license (or from the day after the date of the expiration of the period prior to renewal, if the period of validity of the license has been renewed pursuant to the provisions of the following paragraph) as specified by Cabinet Order based on consideration of the capabilities and track record relating to conducting the supervising business.

②A person that seeks to continue conducting the supervising business under the license (or under the amended license, if permission has been granted for a change under paragraph (1) of the following Article or a change has been made to the license of specified supervising business pursuant to the provisions of Article 37, paragraph (2)) after the expiration of the period of validity of that license as prescribed in the preceding paragraph (hereinafter referred to as "period of validity of the license" in this Article) must obtain a renewal of the period of validity of that license.

③If an application for renewal of the period of validity of the license has been made and the competent ministers find that the application does not conform to one of the items of paragraph (1) of Article 25, the competent ministers must not renew the period of validity of the license.

④A person that wishes to renew the period of validity of the license must pay the fee provided for by order of the competent ministry based on consideration of the actual costs.

⑤The provisions of Article 23, paragraphs (2) through (5), Article 24, Article 25, paragraph (2) and paragraph (3), Article 26 (excluding item (ii), item (iii) and item (v), (d) and (e)) and Article 29 apply mutatis mutandis to the renewal of the period of validity of the license.