The FSA recently announced on its website that its proposal to amend relevant Cabinet Orders to further permit the use of English documents in some registration applications came into effect on March 29, following a public consultation period in January/February. This amendment covers foreign securities firms that newly enter Japan (under certain requirements) and wish to apply for a Type I securities license.
FIA Japan President and Legal & Compliance Committee Chair Ohashi lauded the move, saying: “We applaud the latest move by the FSA to further ease the entry of new overseas players in the Japanese financial markets. The first time English documentation was allowed by the regulator (without the need for a Japanese translation) was in relation to the High-Speed Trader (HST) registration process a few year back and FIA Japan was very much involved in the discussions with the FSA that helped pave the way for such positive outcome for the industry.”