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 businesses, crypto-assets exchanges, Electronic Payment Service Providers, comprehensive credit purchase intermediaries, and business operators which conclude contracts to process credit card numbers, etc. Legally, joining these self-regulatory organizations is optional. However, joining these self-regulatory organizations is optional except for Type 1 Financial Instruments Businesses and Financial Instruments Business Operators engaged in Investment Management Business which are as a rule required to join the relevant self-regulatory organization. A self-regulatory organization is joined after completing registration as the relevant business type, but because the process of joining takes some time, it is advisable to begin the process of joining a self-regulatory organization while consulting with LFB, or the Bureau of Economy, Trade and Industry, in order to be able to start business soon after registration. For Financial Instruments Businesses A Financial Instruments Business that is not a member of a specified self-regulatory organization is required, as a requirement for registration, to prepare and establish internal rules and systems based on the articles of incorporation and other rules of the self-regulatory organization (Article 29-4(1)(iv)(d) of FIEA) unless it is only conducting Investment Advisory and Agency Business. Explanations and materials relating to those rules and systems will be requested during the registration procedures. For Financial Services Intermediary Businesses A Financial Services Intermediary Business Operator that is not a member of a specified self-regulatory organization is required, as a requirement for registration, to prepare and establish internal rules and systems equivalent to the articles of incorporation and other rules of the self-regulatory organization (Article 15(i)(r) of the Financial Services Act). For Crypto-Assets Exchanges Businesses A Crypto-Assets Exchange Business Operator that is not a member of a specified self-regulatory organization is required, as a requirement for registration, to prepare and establish internal rules and systems based on the articles of incorporation and other rules of the self-regulatory organization (Article 63-5(1)(vi) of PSA). For Money Lending Businesses A Money Lending Business Operator that is not a member of the Japan Financial Services Association, a self-regulatory organization, may be ordered to prepare or amend its internal rules taking into consideration the articles of incorporation, rules of business, and other rules of the Japan Financial Services Association (Article 24-6-12 of the Money Lending Business Act). (2) Status of the Rules of Self-Regulatory Organizations 68
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