The Unibanco Letters - Dual-Hatting Regulations and Global Enforcement

What We Will Discuss • A little background concerning Morgan Lewis-Tokyo's investment management practice and the scope of our assistance to clients wishing to participate in the Japanese market • Overview of Japan's Securities Regulatory System as it impacts fund-related activities in Japan. - - Sources of law and regulation governing fund management and distribution Regulatory and self-regulatory bodies supervising different facets of the fund industry in Japan - Classifications of fund securities and major business registrations required to handle each type of activity • Review of general distribution rules applicable to approaching investors in Japan, including relevant investor classifications and potential exemptions, filing requirements, and types of Financial Instrument Business Operators (FIBOs) in Japan • How the Article 63 exemption can permit direct marketing of LP form fund interests to certain Japanese investors and the recent changes to this regime • Corporate forms of presence in Japan and a very high-level review of the procedures for obtaining FIBO registrations in these entities • An overview of some of the Japanese employment law considerations that arise once you establish a presence in Japan • A review of Japanese insider trading regulation and its application to fund managers trading on the Japanese market, both inside and outside Japan Morgan Lewis 3

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