(2) Major Structures Regarding the necessity of registering as a Financial Instruments Business when conducting asset a. Investment advisory business management-related businesses such as an Investment Management Business in Japan or with customers in Japan, please refer to the Guidebook for Registration of Investment Management Business and Other Financial Instruments Businesses ("FSA Guidebook"), which includes a flow chart of whether and what type of registration as a Financial Instruments Business Operator is necessary and examples of its major business schemes; the following is only an overview. A typical example is where an investment advisory company based in Japan provides its domestic or foreign clients with advice regarding investment decisions made based on analysis of values of securities or financial instruments under an investment advisory contract. In general, when a client is a domestic investor or even when an investment advisory company provides investment advice from its business base in Japan to a foreign investor located outside of Japan, it is necessary to register as an Investment Advisory and Agency Business. (Prepared based on Page 21 of the FSA Guidebook (https://www.fsa.go.jp/en/policy/marketentry/guidebook/E01.pdf#page=21）） 27
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