EU-Japan Centre for Industrial Cooperation: Monthly Japanese Policy and Regulatory Developments News

Noriya advises national and international clients from various industries, with a focus on multi-national data protection law projects, such as drafting policy, data transfer agreements and out-sourcing agreements, IT compliance questions, and data breach issues. Since he has experience working with local counsel in more than 80 jurisdictions, he has in depth knowledge of the similarities and differences among data protection laws in many jurisdictions. He can provide his advice taking into account the difference of Japanese laws and other main data protection laws such as the GDPR, CCPA, and PIPL (China).

He served as Director for Foreign Direct Investment Issues at the Ministry of Finance of Japan for three years from 2019 to 2022. During his tenure, he was the chief architect and strategist of the amendment of the FEFTA in 2020, where the threshold for prior mandatory notification for the acquisition of listed company shares by foreign investors was lowered from 10% to 1%. After the enactment of the amendment, he was in charge of reviewing the scope of designated business for the mandatory notification (addition of pharmaceuticals and medical equipment for communicable diseases, and critical mineral resource-related industries), strengthening the operation of screening and post-transaction monitoring, and strengthening cooperation in investment screening with relevant authorities of like-minded countries, including CFIUS of the U.S. He was also engaged in the planning and drafting of the revision of the FEFTA in 2022 (related to crypto assets) and the prohibition of new investment in Russia in response to Russia’s invasion of Ukraine.

He is the co-author of a section-by-section commentary on FDI screening under the FEFTA (“Sho-kai Gaitame-hou, Inward Direct Investment and Specified Acquisition Edition” (Shoji Homu, June 2021). He was also a speaker at webinars on FDI screening for government officials of member countries organized by the Organization for Economic Cooperation and Development (OECD).

May 2021 – Webinar on Transparency, Predictability and Accountability for investment screening mechanisms
May 2022 – Regulatory proportionality of investment screening mechanisms

Currently based in Frankfurt, Yumiko has worked on various cross-border transactions and research projects for multinational corporations and governments. Her main practice areas are corporate/M&A, competition/antitrust, and litigation.

In addition to Tokyo, she studied and worked in various cities, including Washington, D.C., New York, London, Düsseldorf, and Frankfurt. Through such experiences, she has developed insights into various legal systems, business practices, and cultural differences, and also built a rich network with local business associations and local counsels. By leveraging such insights, she supports Japanese companies in expanding their business abroad and multinational companies in expanding their business into Japan.

Whereas her main practice area is corporate matters, she is actively engaged in various projects related to sustainability/ESGs. She completed related trainings such as FASID/Ministry of Foreign Affairs’ “International Aid Programme (certificate)” and Oxford’s Saïd Business School’s “Leading Sustainable Corporation Programme (certificate),” and has advised on various pro bono matters for international organizations and NGOs. She has insights into recent developments of legislations related to supply chain due diligence for human rights and the environment.

She has contributed to ESG practice area as well utilizing her experiences advising both public and private sectors