PROFESSIONAL INVESTOR SYSTEM

Professional Investor System

We determine the deadline for the Professional Investor System stipulated by the Financial Instruments and Exchange Law as follows.

Deadline(Note 1) : October 31 every year

The Financial Instruments and Exchange Law establishes the Professional Investor System which classifies customers into "Professional Investor" and "General Investor".
A customer who is a "Professional Investor" shall be exempted from a part of the restrictions (e.g. Duty to deliver documents prior to execution of an agreement) imposed on financial instruments firms like us. (Note 2)
Customers who apply to (2) and (3) of the table below are allowed to shift between "Professional Investor" and "General Investor" by filing a request at us. (Note 3)

<Professional>

Professional
Investor
(1)Professional Investor Not allowed to shift to general investor Japanese Government,Bank of Japan, Qualified Institutional Investors
(2)Professional Investor Allowed to shift to general investor Listed companies,Financial Instruments firms,etc. Business corporations with capital of 500 million yen and more,etc.
General
Investor
(3)General Investor Allowed to shift to professional investor Corporations other than (1) and (2) above Individuals who meet certain requirements
(4)General Investor Not allowed to shift to professional investor Not allowed to shift to professional investor
Note 1:
This deadline is the one stipulated in No.2 Section 3, Article 34-2 and No.2 Section 2, Article 34-3 of the Financial Instruments and Exchange Act.
Note 2:
A customer who is a "Professional Investor" shall be exempted from the rules stipulated in the Article 45 of the Financial Instruments and Exchange Act.
Note 3:
Shift between "Professional Investor" and "General Investor" shall be approved when we accept a customer´s request after a prescribed procedure.Shift shall be approved by each "Type of Agreement" stipulated in the Article 53 of the Cabinet Office Regulations regarding the Financial Instruments and Exchange Act.

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