Promulgation and Public Comments on the Amended Cabinet Office Ordinance

The Financial Services Agency solicited comments from April 10, 2026, to May 11, 2026, on the draft Cabinet Office Ordinance partially amending the Cabinet Office Ordinance on financial instruments business and related matters. An overview of the comments received and the Financial Services Agency's views on them are provided in Appendix 1.

The amendment was prompted by a report published in September 2025 by the discussion group on supplying growth capital to startup companies and others, jointly hosted by the Japan Securities Dealers Association and the Financial Services Agency. The report recommended easing the requirements for becoming a specified investor as a measure to promote funding for startup companies and others.

The amendment was made to stimulate investment by specified investors.

The Cabinet Office Ordinance was promulgated and enforced on August 3, 2026. The specific content of the amendment is included in Appendix 2, the Cabinet Office Ordinance partially amending the Cabinet Office Ordinance on financial instruments business and related matters.

Following the amendment, Question 4 of the Q&A on financial instruments business and related matters was revised to further clarify the scope of persons who may qualify as specified investors. Details are provided in Appendix 3, an excerpt from Question 4.

As related materials, the Financial Services Agency published an overview of the comments and its views, the amended Cabinet Office Ordinance, and an excerpt from Question 4 of the Q&A. It also updated the page on information concerning specified investors.