Public Comment on Proposed ETF Rule Amendments

On July 28, 2026, the Financial Services Agency finalized and published a draft Cabinet Office ordinance amending the Order for Enforcement of the Act on Investment Trusts and Investment Corporations. The document explains the outline of the amendment, its effective date, and how to submit comments.

The proposal would establish provisions allowing the portion corresponding to constituent securities in a physical-contribution ETF for which the ETF applicant’s ownership exceeds 30% to be contributed in cash. Specific details are provided in the accompanying document.

Comments must include the submitter’s name or organization name, occupation or industry, contact information, and reasons, and must be submitted by mail or through e-Gov. Comments by telephone will not be accepted. If a disclosure request or similar request is made, the submitter’s name may be disclosed together with the comment’s contents; those wishing to remain anonymous may state this at the beginning. Descriptions that could identify an individual, or could harm the rights, competitive position, or other legitimate interests of a corporation or other entity, may be redacted when disclosed.

The telephone number and other contact information provided will be used to contact and confirm details with the submitter and to confirm the submitter’s position. No individual responses will be provided to submitted comments. The responsible office is the Market Division of the Planning and Market Bureau, and telephone inquiries are accepted on weekdays from 10:00 a.m. to 5:00 p.m. After the public comment period ends, the amendment is scheduled to be promulgated and enforced following the necessary procedures.