Outline of registration and authorization procedures The registration procedure for Funds Transfer Service is effected by submitting the statutorily required application form, with the necessary documents attached to the Director-General of the Local Finance (Branch) Bureau. The application will be reviewed, and registration as a Funds Transfer Service will be granted unless there are grounds to refuse registration, or there is a material false statement or material omission in the application form or the attached documents (Article 39(1) of PSA). The authorization of a business implementation plan for Type 1 Funds Transfer Services requires submitting the statutorily required application form, and business implementation plan with reference documents attached, to the Director-General of the Local Finance (Branch) Bureau. The registration and authorization applications can be made at the same time. Grounds for refusal of registration (Article 40(1) of PSA) The applicant is: (1) A person other than a Japanese stock company or a Foreign Funds Transfer Service Provider which has a place of business in Japan; (2) In the case of a Foreign Funds Transfer Service Provider, a corporation that does not have a representative in Japan (representative must be a person who is domiciled in Japan); (3) A corporation that lacks the sufficient financial foundation that is necessary for performing Funds Transfer Services appropriately and with certainty; (4) A corporation that has not established a system that is necessary for performing Funds Transfer Services appropriately and with certainty; (5) A corporation that has not established a system that is necessary for ensuring compliance with the provisions of Chapter 3 of PSA; (6) A corporation that intends to use a trade name that is identical to one currently used by another Funds Transfer Service Provider or that may be misidentified as another Funds Transfer Service Provider; (7) A corporation whose registration, etc. for the Funds Transfer Service has been revoked in the past five years, or whose registration, etc. of the same kind has been revoked by foreign laws and regulations equivalent to PSA, etc.; (8) A corporation that has been sentenced to a fine or an equivalent foreign punishment for violating PSA, etc. or equivalent foreign laws and regulations, in either case in the past five years; (9) A corporation whose other business is found to be against the public interest; or (10) A corporation whose directors, company auditors, or accounting advisors (including representative persons in Japan in the case of a Foreign Funds Transfer Service Provider) have received any specified administrative penalty, punishment or other sanction in the past. 60
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