On September 30 2008, parts of the new Trust Law regarding declarations of trust (trusts under which an entity acts as both the trustor and the trustee (jiko-shintaku)) took effect. Under Japan's previous Trust Law, the dominant view was that a declaration of trust was not allowed, but the new Trust Law explicitly states that a declaration of trust is allowed if certain criteria apply. Declarations of trust could have a big impact on certain types of business transactions, including securitisations.
September 30 2008