following section. 13 "Paragraph 2 Securities" means securities stipulated Article 2(2) of FIEA, major examples of which are referred in the Any of these acts in the course of business is considered to be a "Type 1 Financial Instruments Business", and the applicant must be registered as a Type 1 Financial Instruments Business (Article 2(8), Article 28(1) and Article 29 of FIEA). "Paragraph 1 Securities" include, among other things, government bonds, corporate bonds, stocks, warrants, beneficiary certificates of investment trusts (contract-type investment trusts) and investment certificates issued by investment corporations (company-type investment trusts). It is necessary to keep in mind that in order to engage in the purchase and sale of securities or any other business related to these contract-type or company-type investment trusts issued overseas, it may be necessary to register as a "Type 1 Financial Instruments Business." See also d. Type 2 Financial Instruments Business for this point. (excluding beneficiary certificates of investment trusts), membership rights of a limited partnership company (Godo-Kaisha) (including foreign companies with similar characteristics), and interests in collective investment schemes: purchase and sale of securities or market derivatives transactions; intermediation, brokerage or agency for purchase and sale of securities or market derivatives transactions; intermediation, brokerage or agency for entrustment of market derivatives transactions; secondary distribution of securities; handling of public offering, secondary distribution or private placement of securities; or public offering or private placement (self-offering) of certain types of securities such as beneficiary certificates of investment trusts managed by itself as the investment management company or interests in collective investment schemes managed by itself as the general partner of an investment trust. Any of these acts in the course of business is considered to be "Type 2 Financial Instruments Business" (Article 2(8), Article 28(2) and Article 29 of FIEA). When an Investment Management Business Operator newly issues beneficiary certificates of investment trusts or interests in collective investment schemes that it established and manages by itself (primary offering), the business operator may conduct investment solicitation by itself, including for beneficiary certificates of investment trusts, which are categorized as Paragraph 1 Securities, only with a registration as a Type 2 Financial Instruments Business (Article 28(2)(i) and Article 29 of FIEA). Even in the case of a new issuance of fund interests(primary offering), where any other parties such as distributors conduct a solicitation, it is necessary to register as a Type 1 Financial Instruments Business or a Type 2 Financial Instruments Business, depending on the type of securities transactions. In addition, when soliciting the purchase of securities which have been already issued (secondary offering), registration as a Type 1 Financial Instruments Business or a Type 2 Financial Instruments Business is required. Type 2 Financial Instruments Business d. "Type 2 Financial Instruments Business" refers to conducting any of the following activities in the course of business related to Paragraph 2 Securities13 including, among other things, trust beneficiary interests 22
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