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Japan as an “International Financial Center Open to the World”: Introduction of the Specially Permitted Business for Foreign Investors, etc., and the Specially Permitted Business during Transition Period Exemptions

Recently, Japan declared intent to establish itself as an international financial center open to the world. To this end, it is promoting various policies that encourage the participation of overseas asset managers in the Japanese market. Based on these policies, a number of measures have been implemented (particularly by Japan’s Financial Services Agency; “FSA”) to promote the entry of overseas asset managers and to generally enhance Japan’s asset management industry. Noteworthy efforts have been made to improve the tax system (including clarification of the tax treatment of carried interest) as well as to introduce English registration and financial administration procedures (including a ‘one-stop’ service-platform for such purposes).  In this Newsletter, we would like to provide an overview of the recently introduced “Specially Permitted Business for Foreign Investors, etc.” (the “SPBFI”) and the “Specially Permitted Business during Transition Period” (the “SPBTP”) exemptions, which aim to simplify the procedures for entering...To read the full article, please see the PDF file

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Finance Law Newsletter (January 6,2022) (233 KB / 3 pages) Download PDF [234 KB]


河俣 芳治

Yoshiharu has extensive experience in various areas of international and domestic investment fundraising, including private equity, venture capital, mezzanine, infrastructure, real estate, and commodity funds, and is regularly consulted by top-ranked US and UK law firms for advice on Japanese regulatory matters. He frequently advises financial institutions and major companies, including banks, insurance companies, and private/government pension funds on their investments in international and domestic alternative funds in a timely and flexible manner. He also worked at the New York office of a Japanese mega bank (MUFG Bank) as a secondee, and has expertise in compliance-related matters relating to financial institutions.

下田 顕寛

Akihiro has deep knowledge and extensive experience in a wide range of financial transactions and financial regulations, especially on a variety of investment funds, venture finance and compliance-related matters for financial institutions, including support for market entry and other innovative challenges such as FinTech business.

His transaction practice covers asset management business (including venture funds, PE funds, infrastructure funds and hedge funds), venture finance, project finance, real estate finance, and a various types of financial transactions.

Also, in the financial regulatory area, with his experience from a secondment to the Japanese Financial Service Agency where he was engaged mainly in assisting asset managers and FinTech businesses, he regularly provides flexible and creative solutions to traditional financial institutions such as banks, securities companies and asset managers, start-ups aiming to launch new financial business and foreign financial companies accessing the Japanese financial market.