acts as a business. "Exchange, etc. of electronic payment instruments" refers to the acts listed in points (1) and (2) below, and "management of electronic payment instruments" refers to the act listed in point (3) below: purchase and sale of electronic payment instruments, or exchange of electronic payment (1) instruments with any other electronic payment instruments; intermediation, brokerage or agency services for the acts listed in point (1) above; (2) management of electronic payment instruments for any other persons (excluding those specified (3) by Cabinet Office Order as having less likelihood of lacking in protection of users taking into account the details thereof); or upon being engaged by a Funds Transfer Service Provider, agreeing with the users (limited to (4) those that have entered into a contract with such Funds Transfer Service Provider to conduct exchange transactions continuously or repeatedly) to carry out any of the following acts using an electronic data processing system on behalf of such Funds Transfer Service Provider, and increasing or decreasing the amount of receivables corresponding to the obligations with respect to exchange transactions under such agreements: (a) transferring funds under such contracts, and reducing the amount of receivables corresponding to the obligations with respect to exchange transactions equal to the amount of such funds; or (b) increasing the amount of receivables corresponding to the obligations with respect to exchange transactions equal to the amount of funds received through exchange transactions. Electronic Payment Instruments, etc. Business Operators provide purchase and sale/exchange services (point (1)), sale/exchange intermediation services (point (2)), and management services for other persons (point (3)) as actions which fall under the definition of Electronic Payment Instruments, etc. Business. Actions that Electronic Payment Instruments, etc. Business Operators are allowed to take include increasing or decreasing the amount of receivables corresponding to the obligations with respect to exchange transactions on behalf of Funds Transfer Service Providers (point (4)). For example, these include such actions as acting as an Electronic Payment Instruments, etc. Business Operator receiving remittance instructions from a user of Funds Transfer Service Provider A to a user of Funds Transfer Service Provider B; accepting such instructions on behalf of Funds Transfer Service Provider A, and reducing the amount of receivables of the user of Funds Transfer Service Provider A; or accepting instructions from the user of Funds Transfer Service Provider B to increase the amount of its receivables in the amount equal to the amount so remitted; accepting such instructions on behalf of Funds Transfer Service Provider B; and increasing the amount of receivables of the user of Funds Transfer Service Provider B. What is envisioned here is the provision of intermediation services for the increase or decrease of the amount of electronic money issued by a Funds Transfer Service Provider, but in the case of providing intermediation services relating to increases or decreases, etc. in the amount of deposit receivables against a bank, such services will fall under the definition of Electronic Payment, etc. Handling Business (Article 2(17) of the amended Banking Act), and in order to provide such services, registration under the Banking Act is required (Article 52-60-3 of the said Act). Further, a foreign Electronic Payment Instruments, etc. Business Operator (as defined in Article 2(13) of the amended PSA) with a registration equivalent to that for an Electronic Payment Instruments, etc. Business in a foreign country in accordance with Article 2(17) the law equivalent to PSA in such foreign country may not conduct Electronic Payment Instruments, etc. Business with any persons domiciled in Japan without registration in Japan (Article 63 of the said Act), and in order to do so, it is required to meet certain conditions such as establishing a business office and appointing a representative in Japan to obtain the registration (Article 62-6(1), and 62-4(1)(vi) of the said Act). 51
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