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ARTICLE · 12 NOVEMBER 2020

Japan Introduces Temporary Exemption For Foreign Fund Managers

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The Japanese Financial Services Agency released a new regulation allowing foreign fund managers and securities brokers to transfer their operations to Japan

United StatesFinance and Banking
Makiko Ushijima
Makiko Ushijima
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The Japanese Financial Services Agency released a new regulation allowing foreign fund managers and securities brokers to transfer their operations to Japan temporarily and without registration in certain emergency situations. The regulation targets managers and brokers seeking to move their operations following the introduction of Hong Kong's new national security law.

On July 22, 2020, Japan's Financial Services Agency ("FSA") implemented an amendment to a Cabinet Order regarding the Financial Instruments and Exchange Act ("FIEA"). The amendment introduces a temporary exemption from registration requirements under the FIEA for foreign fund managers and securities brokers in certain emergency situations. Managers and brokers who face difficulties while attempting to continue operations overseas can operate in Japan following expedited approval from the FSA. This amendment was adopted by the Japanese government primarily to encourage managers and brokers affected by

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