However, a foreign investment management company is not required to register if: (Prepared based on Page 30 of the FSA Guidebook （https://www.fsa.go.jp/en/policy/marketentry/guidebook/E01.pdf#page=30）) (1) an entity engaged in discretionary investment business overseas conducts business for which the targets in Japan are only Investment Management Business Operators and trust banks (Article 61(2) of FIEA), (2) a partnership-type fund is managed by a foreign investment management company and accepts investments in Japan only from Investment Management Business Operators and trust banks (Article 61(3) of FIEA), (3) a partnership-type fund is a foreign-based fund and its Japanese investors are fewer than 10 Qualified Institutional Investors or Special Business Notifiers of Specially Permitted Business for Qualified Institutional Investors, etc., and the amount of investment by Japanese investors does not exceed one-third of the total amount invested for the fund (Article 16(1)(xiii) of the Definitions Order), (4) a notification of Specially Permitted Business for Qualified Institutional Investors, etc. (fund-management) has been made with respect to foreign-based partnership-type fund (Article 63 of FIEA), or (5) a notification of Specially Permitted Businesses for Overseas Investors, etc. (Article 63-8 of FIEA) or Transitional Period Specially Permitted Business (Article 3-3(1) of the Supplemental Provisions of FIEA) has been made. In addition, in principle, when soliciting domestic investors for acquisition of interests in a fund (partnership-type, trust-type, or company-type), it is necessary to register as a Type 1 or Type 2 Financial Instruments Business Operator according to the type of the security. Registration is not required in certain cases including, but not limited to, the following cases. Please also refer to d. Solicitation or sales of funds established by other investment management companies (1) When solicitation for investment is entrusted to a distributor which is a Type 1 or Type 2 Financial Instruments Business Operator, depending on the type of security (Article 16(1)(i) of the Definitions Order). 29
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