following section. 12 “Paragraph 1 Securities” means securities stipulated in Article 2(1) of FIEA, major examples of which are referred to in the It should be noted that persons who engage in investment advisory services (Investment Advisory Business) overseas are permitted to engage in Investment Advisory Business without registration if they offer services solely to Investment Management Business Operators and to registered financial institutions which engage in investment management business (i.e., trust banks) (Article 61(1) of FIEA). (1) Investment corporation asset management business, (2) Discretionary investment business, (3) Investment trust management business, and (4) Fund management business fall under the definition of "Investment Management Business." In order to engage in any of these acts as a business, registration as an "Investment Management Business" is required (Article 2(8)(xii), (xiv) and (xv), Article 28(4) and Article 29 of FIEA). (1) "Investment corporation asset management business" means the management of assets held by a registered investment corporation under an asset management contract. (2) "Discretionary investment business" means the management of a client's assets under a discretionary investment contract by way of investment in securities or derivatives transactions. (3) "Investment trust management business" means the management of investment trusts as an investment trust management company. (4) "Fund management business" means fund management of cash contributed by the rights holders of trust beneficiary interests (excluding beneficiary certificates of investment trusts) or collective investment schemes, where over 50% of the assets under management are invested in securities or derivatives transactions. A person who engages in a discretionary investment business overseas may engage in a discretionary investment business without registration if the person offers services solely to Investment Management Business Operators and registered financial institutions which engage in investment management business (i.e., trust banks) (Article 61(2) of FIEA). This exception may also be used in cases where the person has been registered only as an Investment Advisory and Agency Business in Japan. sale and purchase of securities or market derivatives transactions; intermediation, brokerage or agency for sale and purchase of securities or market derivatives transactions; intermediation, brokerage or agency for entrustment of sale and purchase of listed securities or market derivatives transactions; secondary distribution of securities; handling of public offering, secondary distribution or private placement of securities; over-the-counter derivatives transactions; operation of a Proprietary Trading System (PTS); underwriting of securities; or accepting deposits of cash or securities. Investment Management Business b. Type 1 Financial Instruments Business c. "Type 1 Financial Instruments Business" refers to conducting any of the following activities in the course of business related to Paragraph 1 Securities12: 21
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