The Unibanco Letters - Dual-Hatting Regulations and Global Enforcement

Securities Distribution Approach (1) Establish its own distributor Market corporate or trust-type funds => Register as Type 1 FIBO Regulations are heavy Must be a Kabushiki Kaisha (KK) or a foreign equivalent Must have a board of directors and a statutory auditor Must have a capital requirement (JPY 50M) Must have an NAV requirement (JPY 50M) Must have a capital adequacy ratio (minimum 140%) Must notify major shareholders ■ If 50 or more investors are solicitied, a securities registration statement must be filed (15-day window) ■ Regardless of making a public offering or a private placement, file a notification under the Investment Trusts and Investment Corporations Act Required to be a member of the JSDA Morgan Lewis 11

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