According to the comprehensive guidebook on registration procedures for investment management business published by the Financial Services Agency (July 2025 revised edition), this document aims to reduce the burden of entry into Japan's domestic financial market for highly specialized asset managers and facilitate smooth new entry of financial instruments business operators. This guidebook was published in response to the "Growth Strategy Follow-up" (decided by the Cabinet in June 2019), which included "creation of guidebooks to support registration applications for financial businesses" as a policy measure.
The main content of the guidebook includes clear explanations of major business schemes related to financial instruments business and the necessity and types of registration, using flowcharts and diagrams for easy understanding. It clarifies the required registration types for each case, including investment advisory services, investment management services (investment discretionary services, fund management), intermediary services with investment management companies and investment advisory companies, solicitation and sales of third-party funds, and establishment of representative offices by foreign investment management companies.
Regarding registration procedures, the guidebook provides detailed explanations of the entire process from preliminary consultations to registration applications and joining self-regulatory organizations. It comprehensively covers all requirements stipulated in the Financial Instruments and Exchange Act and supervisory guidelines, including human composition requirements, capital and net assets requirements, and business operation system establishment status. The latest system revisions are also reflected, including relaxation of human composition requirements for investment management business and enabling full delegation of management authority based on the Asset Management Nation Realization Plan (December 2023).
The guidebook also provides detailed explanations of the Special Business for Overseas Investors and Transitional Period Special Business newly established in November 2021, describing the overview and requirements of the simple notification-based entry system. Additionally, it includes comprehensive supplementary explanations on financial instruments business categories, major exemptions, and investor classifications under the Financial Instruments and Exchange Act.
The article indicates that this guidebook serves as an important tool for improving transparency in registration procedures and reducing entry barriers for business operators considering asset management business in Japan.