The Unibanco Letters - Dual-Hatting Regulations and Global Enforcement

Capital-Raising Activities in Japan • There are two approaches to raising capital in Japan: (1) Securities Distribution Approach Sell funds directly to investors through distributors (2) Asset Management Approach Acquire an investment management mandate and, based on the mandate, invest in funds Depending on the type of target investors, the approach to be taken would be different => Under Japanese law, pension funds are required to manage assets by one of the following methods: (i) investing in an insurance, (ii) investing in a trust, or (iii) delegating investment authority to a DIM => If the target investors are pension funds, the asset management approach would be more appropriate Morgan Lewis 10

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