employee falls under any of the categories listed in (8) above Deposit of a security deposit, etc. Financial Services Intermediary Business Operators are required to deposit a security deposit prior to commencing their Financial Services Intermediary Business for the purpose of ensuring that they have adequate financial resources to comply with compensation obligations to clients (Article 22 of the Financial Services Act). The amount of the security deposit is as follows (Article 26 of the Financial Services Act Enforcement Order). For the first fiscal year: 10 million yen (1) For subsequent fiscal years: 10 million yen + 5% of commissions, rewards, and other consideration (2) received in the preceding fiscal year. In the case where a liability insurance agreement satisfying the requirements set forth in cabinet orders has been executed with a non-life insurance company, etc. with the approval of the competent authority, a part of the deposit obligation amount is exempt from the deposit obligation in accordance with the amount of the insurance proceeds (Article 23(1) and (3) of the Financial Services Act, Article 29(1) of the Financial Services Act Enforcement Order). This is because financial resources to perform compensation obligations have been ensured to the extent covered by the non-life insurance company, etc. Further, Financial Services Intermediary Business Operators are in principle prohibited from receiving money or other property from customers (Article 27 of the Financial Services Act). The reason for this restriction is that Financial Services Intermediary Business Operators are limited to intermediation, and the need to receive a customer's property for that purpose is low (see the Financial System Council Working Group Report of December 20, 2019, pp. 25-26), and further that there is a need to prevent the risk of investors incurring losses due to embezzlement, etc. e. In order to conduct Electronic Payment Services, registration with the Director-General of the relevant Local Finance (Branch) Bureau is required under the Banking Act (Article 52-61-2 of the Banking Act). There are no restrictions on who can register, and both Japanese corporations and individuals can apply. A foreign corporation may register if it has a place of business or office in Japan by applying to the Director-General of the LFB with jurisdiction over its principle place of business in Japan (or the Director-General of the Kanto LFB if it has no place of business in Japan). Outline of registration procedures The applicant must submit 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 for Electronic Payment Services 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 52-61-4 of the Banking Act). Electronic Payment Services 64
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