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Introduction of a New Security Clearance System

—Enactment of the Act on the Protection and Use of Critical Economic Security Information—

The Act on the Protection and Use of Critical Economic Security Information (the “Act”), which introduces a new security clearance system,  was passed through Diet deliberations on May 10, 2024. The Act is scheduled to come into effect on a date to be specified by a Cabinet Order within a period not exceeding one year from now, and the details of the system are expected to be specified by operational standards and Cabinet Orders to be established in the future.  This newsletter explains noteworthy points for companies that may receive information subject to the Act’s protection, to the extent available at enactment. The Act was developed through the “Final Summary Report”  published by the “Expert Council on Security Clearance Systems...To read the full article, please see the PDF file

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桜田 雄紀

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

北條 孝佳

He mainly handles cyber security. As a cyber security analyst at the National Police Agency, he had been engaged in investigations and research, such as analysis of cyber attacks, for over 10 years.
He advises companies on cases involving crisis management, scandals, and various cyber incidents. Recently, he has handled many security incidents within companies, including ransomware, personal data breaches, and internal crimes.