Japan: demystifying article 63

Author: | Published: 17 Oct 2018

Investments made on behalf of qualified institutional investors have had a specific – and at times complex – regime since 2007

Since 2007, a large number of offshore fund managers have sought to raise capital in Japan by making self-offerings to, and conducting self-asset management activities for, Japanese investors in reliance on the exemption set forth in article 63 of the Financial Instruments and Exchange Act (FIEA). The exemption's scope and qualification requirements in both the distribution and asset management contexts need to be demystified....



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