The Unibanco Letters - Dual-Hatting Regulations and Global Enforcement

Regulatory Supervision and Self-Regulation Applicable regulatory and self-regulatory authorities in Japan include: - - - - - Financial Services Agency (FSA): - Established under the Prime Minister's Office with authority to: - Issue business registrations to FIBOS under the FIEA Supervise and monitor the conduct and activities of registered FIBOS Securities Exchange Surveillance Commission (SESC) - - The "independent" arm of the FSA responsible for financial market oversight (trading regulator) Conducts inspections of FIBOS and makes recommendations to the Commissioner of the FSA for sanctions, etc., where appropriate Japan Securities Dealers Association (JSDA): Self-regulatory body with oversight responsibility for Type 1 FIBOS including administration of licensing examinations and training (similar role to FINRA) Type 2 Association: Recently established industry self-regulatory body with oversight responsibility for Type 2 FIBOS Japan Investment Advisors Association (JIAA): Industry self-regulatory body with oversight responsibility for asset managers and investment advisors Japan Investment Trust Association: Industry self-regulatory body with oversight responsibility for asset managers that conduct investment trust management business Morgan Lewis 7

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