I hereby promulgate the Law for Partial Amendments to the Securities and Exchanges Law.
Signed:HIROHITO, Seal of the Emperor
This fourth day of the eighth month of the twenty-fifth year of Showa (August 4, 1950)
Prime Minister YOSHIDA Shigeru
Law for Partial Amendments to the Securities and Exchanges Law
The Securities and Exchanges Law (Law No.25 of 1948) shall be partially amended as follows:
In Article 28 paragraph 3 item 2, "statement on the amount of asset as prescribed in Article 31 item 10 which is prepared in such a from as may be set forth in Securities and Exchanges Regulation and" shall be added next to "of Article 31, and" .
The following one Article shall be added next to Article 30:
Article 30-(2). No securities dealer shall be permitted to engage in securities business in the main or other business offices or agencies not registered in accordance with the provision of Article 29 (including cases where it applies mutatis mutandis in Article 32 paragraph 4).
In Article 31 item 3 and item 3-(2), "the provisions of this Law" shall be amended as "the provisions of Article 39 paragraph 2, Article 40 paragraph 3, Article 57 paragraph 1 or Article 59" ;and the following two items shall be added to the same Article:
9 Any company whose capital is less than such an amount as the Securities and Exchanges Commission may prescribe in Securities and Exchanges Commission Regulation as necessary and appropriate in the public interest or for the protection of investors.
10 Any individual whose asset calculated by such a method as may be prescribed in Securities and Exchanges Commission Regulation is less than such an amount as the Securities and Exchanges Commission may prescribe in Securities and Exchanges Commission Regulation as necessary and appropriate for the public interest or for the protection of investors.
In Article 36, "Article 31" shall be amended as "Article 31 (including cases where it applies mutatis mutandis in Article 32 paragraph 4)" , "registration" shall be amended as "registration or the amendment of registration" , and "the applicant" shall be amended as "the applicant or the person who has filed the amendment of registration" .
In Article 39 paragraph 1, "items 3-(2) to 8" shall be amended as "items 3-(2) to 10" .
In Article 41 paragraph 2, "local bonds, bonds issued by a juridical person under special laws or corporate bonds and debentures" shall be added next to "national bonds" .
Article 54 paragraph 1 item 5-(2) shall be made item 5-(3) of the same Article, and the following one item shall be added next to item 5 of the same Article:
5-(2). When the amount of asset as prescribed in Article 31 item 10 becomes less than such amount as may be prescribed by Securities and Exchanges Commission Regulation pursuant to the provisions of the same item.
The following one item shall be added to Article 111 paragraph 3:
4 Such other documents as the Securities and Exchanges Commission may designate by Securities and Exchanges Commission Regulation as necessary and appropriate for the public interest or for the protection of investors.
Article 171 paragraph 4 shall be deleted.
The following one item shall be added next to Article 200 item 3:
3-(2). One who has engaged in securities business in violation of the provision of Article 30-(2).
Supplementary Provisions:
1. This Law shall come into force as from the day of its promulgation.
2. The provision of Article 39 paragraph 1 of the Securities and Exchanges Law (only the part relating to the amended provisions of Article 31 items 9 and 10) shall not apply to any person who is a securities dealer at the time of enforcement of this Law, for a period of two (2) years from the day of its promulgation.
Attorney-General OHASHI Takeo
Minister of Finance IKEDA Hayato
Prime Minister YOSHIDA Shigeru