The Financial Services Agency of Japan introduced amendments to the Financial Instruments and Exchange Act of Japan in relation to the "specially permitted business" registration exemption for qualified institutional investors, which came into force on 1 March 2016. This article looks at the amendments, including the limitation on eligible investors; introduction of disqualifying conditions; expansion of conduct rules; expansion of matters to be notified and documents to be submitted to the regulator or to be disclosed; impact on existing funds and newly soliciting funds, including transitional measures; enforcement and the implications for fund managers.

This article is part of the global guide to investment funds. For a full list of jurisdictional Q&As visit www.practicallaw.com/investmentfunds-guide.