(The above shows the case of a corporation. In the case of an individual, procedures such as the deposit of a business 26 As of February 2021 security deposit may also be required.) of the METI as necessary for ensuring the appropriate implementation of duties related to the execution of contracts on the processing of credit card numbers, etc. (contracts specified in Article 35-17-2;) and investigations under Article 35-17-8(1) or (3) After applying to the relevant LFB or Bureau of Economy, Trade and Industry and after being registered, but prior to actually starting business, it may be necessary to join a self-regulatory organization, comply with the financial ADR system and deposit a security deposit, depending on the type of business. Self-regulatory organizations There are self-regulatory organizations for Financial Instruments Business Operators, Money Lending Business Operators, Funds Transfer Service Providers, prepaid payment instrument issuers, Financial Services Intermediary Business Operators, crypto-assets exchanges, and Electronic Payment Service Providers. See (2) Status of the Rules of Self-Regulatory Organizations below regarding whether it is necessary to join a self-regulatory organization or not. For Financial Instruments Business Operators, Money Lending Business Operators, Funds Transfer Service Providers, Financial Services Intermediary Business Operators and crypto-assets exchanges, it is also necessary to implement user complaint processing and dispute resolution measures before starting business. Designated dispute resolution organizations A Type 1 Financial Instruments Business must make use of the designated dispute resolution organization Financial Instruments Mediation Assistance Center (FINMAC), a Money Lending Business must make use of the designated dispute resolution organization Japan Financial Services Association, and an insurance business must, according to the type of business it conducts, make use of the designated dispute resolution organization Life Insurance Association of Japan or General Insurance Association of Japan; an agreement must be executed with the relevant organization before starting business. Other Financial Instruments Businesses may also use FINMAC by joining the relevant self-regulatory organization. There is no designated dispute resolution organization for Funds Transfer Services26, financial services intermediary businesses or crypto-assets exchanges, so these businesses must use a bar association, the National Consumer Affairs Center of Japan, or another dispute resolution organization. (1) Outline of Procedures after Licensing and Prior to Starting Business 67 3. Procedures Prior to Starting Business
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