Publication of Draft Revisions to VCRHs

On July 31, 2026, the Financial Services Agency published draft revisions to “Venture Capitals: Recommendations and Hopes” (VCRHs).

VCRHs were formulated on October 17, 2024, and state that follow-up and revisions will be considered as necessary in light of changes in market conditions and perspectives on practices surrounding venture capital and desirable approaches.

The draft revisions are positioned as an initiative to examine the policy at the fourth meeting of the Expert Panel on Venture Capital and make necessary revisions in accordance with it.

Comments must include the submitter’s name or organization name, occupation or industry, contact information such as an address, telephone number, and email address, and the reasons for the comment, and must be submitted by mail or online. Comments by telephone will not be accepted.

The submitter’s name or organization name will be disclosed together with the content of the comment if a disclosure request or similar request is made. Those wishing to remain anonymous should state this at the beginning of their comment. Descriptions from which a specific individual could be identified or that could infringe on the legitimate interests of corporations or other entities may be redacted when disclosed.

Personal information such as the telephone number provided will be used to contact and verify details when a comment contains unclear points, and to confirm the position from which the submitter is expressing the comment. Individual responses to comments will not be provided, and the specific content of the draft revisions is presented in a separate document.