AIMA Regulatory Deep Dive Programme - Japan

Japan Regulatory Deep Dive

AIMA are hosting a programme of country-specific regulatory review sessions that cover the changes in the relevant country’s regulation and enforcement in the trailing six months and any pending or future country- specific developments that are anticipated in the next six months.

The objective of the sessions will be to present developments from the chosen country to an audience from outside the relevant country requirements, as opposed to covering requirements, guidance, and enforcement issues that solely affect asset managers that are established in that country. The sessions will be of interest to manager members who would be interested in that country because they:

Manage or sub-manage funds established in that country;
Market funds or portfolio management services in that country; or
Invest in issuers established in that country or traded in that country.

This regulatory review session will feature a speaker from Clifford Chance who will cover recent and pending developments in the Japan asset management environment. Topics will include:

Japan's New Foreign Direct Investment (FDI) Regulations Enter into Force – The practical impact on the activities of fund managers and the conditions for relying on exemptions from the pre-transaction approval requirement
"Facilitated" licensing process for non-Japanese managers – To accommodate foreign managers that have been disrupted in their foreign jurisdiction
Corporate governance - Covering the amended stewardship code and ESG issues' developments
Japan’s new regulation of security token offerings and crypto assets – Such emerging asset class would be included in funds' investment portfolio in the future
Amendment to Personal Information Protection Act – Just passed the Diet and enter into force within two years. It the scope of its extraterritorial application that foreign persons would need to be aware of
Tokyo Stock Exchange new market segments – To be implemented in April 2022
E-signing – Japanese law issues in respect of e-signing is emerging the discussion to accelerate DX