New regulatory terrain
SUPPLEMENT - THE 2007 GUIDE TO REAL ESTATE - June 01, 2007
Mori Hamada & Matsumoto
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The Securities and Exchange Law (the SEL) of Japan will soon be amended and renamed the Financial Instruments and Exchange Law (the FIEL). The FIEL provides an entirely new regulatory framework and will impact private investment funds targeting Japanese real estate in that trust beneficial interests (commonly used in real estate transactions) will now be deemed to be securities and various activities involved in establishing or managing those funds will become subject to registration requirements.
Draft cabinet orders, ministry ordinances and guidelines under the FIEL were made available for public comment on April 13 2007. The final cabinet orders, ordinances and guidelines, which should reflect public comments, together with certain views of the Financial Services Agency (the FSA), should be made public in late June or early July 2007. The FIEL legislation is expected to come into effect in September 2007. This article is based on the draft cabinet order,...
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