New Regulatory Framework for Financial Brokers and Amended Regulations on Money Transfer Services

Author: Atsushi Sakai (Co-author)

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Publisher: Nagashima Ohno & Tsunematsu

Journal / Book: NO&T Japan Legal Update No.24 (June, 2020)

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*Please note that this newsletter is for informational purposes only and does not constitute legal advice. In addition, it is based on information as of its date of publication and does not reflect information after such date. In particular, please also note that preliminary reports in this newsletter may differ from current interpretations and practice depending on the nature of the report.

I. Introduction
On June 5, 2020, the Diet passed a bill to amend (Amendment), among others, the Act on Sales, etc. of Financial Instruments (ASFI) and the Payment Services Act (PSA) for the purposes of: (i) introducing a new regulatory framework for the brokerage of financial products; and (ii) revising the current regulatory framework for payment and settlement. The Amendment was promulgated on June 12, 2020 and will enter into force within one and a half years from the date of promulgation.

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