Article 3A person may not engage in trust business unless licensed by the Prime Minister.

Article 4(1)A person seeking to be licensed as referred to in the preceding Article must submit a written application to the Prime Minister giving the following information:

(2)The following documents must accompany the written application referred to in the preceding paragraph:

(3)The operational method statement referred to in item (iii) of the preceding paragraph must give the following information:

Article 5(1)If an application is filed for licensing as referred to in Article 3, the Prime Minister must examine whether the person filing the application (referred to as the "applicant" in the following paragraph) conforms to the following criteria:

(2)If an applicant falls under a category referred to in one of the following items, or if the written application referred to in paragraph (1) of the preceding Article or an accompanying document set forth in one of the items of paragraph (2) of that Article gives false statements or omits a material fact, the Prime Minister must not license the applicant:

(3)The amount that Cabinet Order prescribes which is referred to in item (ii) of the preceding paragraph must not be less than one hundred million yen.

(4)The amount of net assets referred to in paragraph (2), item (iii) is to be calculated pursuant to the provisions of Cabinet Office Order.

(5)The term "major shareholder", as used in in paragraph (2), items (ix) and (x), means a person that holds a number of voting rights (this includes voting rights in respect of shares that cannot be asserted against the issuer pursuant to the provisions of Article 147, paragraph (1) or Article 148, paragraph (1) of the Act on Book-Entry Transfer of Corporate Bonds and Shares (Act No. 75 of 2001), and excludes voting rights that Cabinet Office Order prescribes in consideration of the manner in which they are held and other circumstances; hereinafter referred to as "subject voting rights" in this Article and Article 17, paragraph (1)) which constitutes 20 percent or more (or 15 percent or more, if a factual circumstance exists that is prescribed by Cabinet Office Order as something that is presumed to materially influence decisions about the company's financial and operational policies) of all shareholders' or investors' voting rights in the company (if it is a stock company, this excludes voting rights in respect of shares that do not allow voting rights to be exercised with regard to all matters that can be resolved at a shareholders meeting, but includes voting rights in respect of shares that are deemed to have voting rights pursuant to the provisions of Article 879, paragraph (3) of the Companies Act; the same applies hereinafter).

(6)The term "subsidiary company", as used in paragraph (2), item (ix), means a company in which another company holds the majority of all shareholders' voting rights. In this case, if a first company and one or more of its subsidiary companies hold the majority of all shareholders' voting rights in a second company, or if one or more of a first company's subsidiary companies hold the majority of all shareholders' voting rights in a second company, the second company is deemed to be the subsidiary company of the first company.

(7)To apply the provisions of paragraph (5) to a case as set forth in one of the following items, the person in question is deemed to hold the subject voting rights prescribed in the relevant item:

(8)On finding that it is necessary to do so in light of the criteria for examination under the provisions of paragraph (1), the Prime Minister, within the scope of that necessity, may attach conditions to the licensing referred to in Article 3 or make changes thereto.

Article 6A trust company (other than a custodial trust company) must have the authorization of the Prime Minister to reduce the amount of its stated capital.

Article 7(1)Notwithstanding the provisions of Article 3, a person that has been registered by the Prime Minister may engage in custodial trust business.

(2)The registration referred to in the preceding paragraph has a valid period of three years from the date of registration.

(3)A person seeking to continue to engage in custodial trust business after the expiration of a registration's validity must apply for a registration renewal within the period prescribed by Cabinet Order.

(4)Once a registration is renewed as referred to in the preceding paragraph, it has a valid period of three years which begins on the day after the expiration of the previous registration's validity.

(5)A person seeking to have a registration renewed as referred to in paragraph (3) must pay a fee for this pursuant to the provisions of Cabinet Order.

(6)If an application is filed to renew a registration as referred to in paragraph (3) but no disposition is reached on the application by the last day of the registration's validity, the existing registration remains valid even after its expiration until the disposition is reached.

Article 8(1)A person seeking registration as referred to in paragraph (1) of the preceding Article (or seeking to renew a registration as referred to in paragraph (3) of that Article; the same applies in Article 10, paragraph (1), Article 45, paragraph (1), item (iii), and Article 91, item (iii)) (referred to as the "applicant" in Article 10, paragraph (1)) must submit a written application to the Prime Minister giving the following information:

(2)The following documents must accompany the written application referred to in the preceding paragraph:

(3)The operational method statement referred to in item (iii) of the preceding paragraph must give the following information:

Article 9(1)When an application is filed for registration as referred to Article 7, paragraph (1), the Prime Minister, if not refusing to register the applicant pursuant to the provisions of paragraph (1) of the following Article, must register the following information in the custodial trust companies register:

(2)The Prime Minister must make the custodial trust companies register available for public inspection.

Article 10(1)If an applicant falls under a category referred to in one of the following items, or if the written application referred to in Article 8, paragraph (1) or an accompanying document set forth in one of the items of paragraph (2) of that Article gives false statements or omits a material fact, the Prime Minister must refuse to register the applicant:

(2)The amount of net assets as referred to in item (iii) of the preceding paragraph is to be calculated pursuant to the provisions of Cabinet Office Order.

Article 11(1)A trust company must place a business security deposit on deposit with the closest official depository to its head office.

(2)The amount of the business security deposit referred to in the preceding paragraph is the amount that Cabinet Order prescribes in consideration of the contents of trust services and the necessity of protecting the beneficiaries.

(3)If a trust company concludes a contract indicating that the required business security deposit will be deposited with an official depository on its behalf at the order of the Prime Minister and notifies the Prime Minister of this pursuant to the provisions of Cabinet Order, it is permissible for the trust company not to deposit all or part of the business security deposit referred to in paragraph (1), in the amount that the contract stipulates will be deposited on its behalf (hereinafter referred to as the "contract amount" in this Article) during the period that the contract is in effect.

(4)On finding that it is necessary to do so for the protection of the beneficiaries, the Prime Minister may order a party that has concluded a contract as referred to in the preceding paragraph with a trust company, or that trust company itself, to deposit all or part of the contract amount with an official depository.

(5)A trust company must not begin trust services until it has placed the business security deposit referred to in paragraph (1) on deposit (or concluded a contract as referred to in paragraph (3)) and has notified the Prime Minister of this.

(6)The beneficiary of a trust has the right to have its claims arising in connection with the trust settled out of the business security deposit of the trust company that is the trustee of that trust in preference over other creditors.

(7)The necessary particulars to allow for execution of the right referred to in the preceding paragraph are specified by Cabinet Order.

(8)If the amount of a business security deposit (or the contract amount; the same applies in paragraph (10)) comes to fall short of the amount that Cabinet Order prescribes which is referred to in paragraph (2), the trust company must deposit the shortfall (or conclude a contract as referred to in paragraph (3)) within three weeks from the day that Cabinet Office Order prescribes, and notify the Prime Minister of this without delay.

(9)Japanese government bond certificates, municipal bond certificates, and other securities that Cabinet Office Order prescribes (including book-entry bonds as prescribed in Article 278, paragraph (1) of the Act on the Book-Entry Transfer of Corporate Bonds and Shares) may be used to cover a business security deposit that is placed on deposit pursuant to the provisions of paragraph (1) or the preceding paragraph.

(10)If an Article 7, paragraph (3) renewal of registration is not effected; if Article (3) licensing is rescinded pursuant to the provisions of Article 44, paragraph (1); if an Article 7, paragraph (1) registration is rescinded pursuant to the provisions of Article 45, paragraph (1); or if Article 3 licensing or an Article 7, paragraph (1) registration loses its validity pursuant to the provisions of Article 46, paragraph (1); and either the trust property is fully transferred to a new trustee or fully assigned to the person in which the rights to the trust property vest, or the amount of the business security deposit comes to exceed the amount that Cabinet Order prescribes which is referred to in paragraph (2), all or part of the business security deposit that has been placed on deposit pursuant to the provisions of paragraph (1), (4), or (8) may be refunded pursuant to the provisions of Cabinet Order.

(11)Beyond what is prescribed in each of the preceding paragraphs, Cabinet Office Order and Ministry of Justice Order provide for the necessary particulars in connection with business security deposits.

Article 12(1)If there is a change involving information set forth in one of the items of Article 4, paragraph (1), within two weeks from the date of the change a trust company (other than a custodial trust company) must notify the Prime Minister of this.

(2)If there is a change involving information set forth in one of the items of Article 8, paragraph (1), a custodial trust company must notify the Prime Minister of this within two weeks from the date of the change.

(3)On receipt of a notification as referred to in the preceding paragraph, the Prime Minister must register this in the custodial trust companies register.

Article 13(1)A trust company (other than a custodial trust company) must have the authorization of the Prime Minister to change its operational method statement.

(2)Before changing its operational method statement, a custodial trust company must first notify the Prime Minister of this.

Article 14(1)A trust company must use the characters "信託" [pronounced "shintaku" and with a literal meaning of "trust"] in its trade name.

(2)A person that is not a trust company must not use any character in its name or trade name that is likely to cause it to be mistaken for a trust company; provided, however, that this does not apply to a person licensed as referred to in Article 3 of the Secured Bonds Trust Act or authorized as referred to in Article 1, paragraph (1) of the Act on Financial Institutions' Provision of Trust Services.

Article 15A trust company must not allow another person to engage in trust business using its name.

Article 16(1)A director (or an executive officer, in a company with nominating committee, etc.) that is involved in the day-to-day operations of a trust company must have the approval of the Prime Minister to also be involved in the day-to-day operations of another company or to engaged in business.

(2)The proviso to Article 331, paragraph (2) (including as applied mutatis mutandis pursuant to Article 335, paragraph (1) of the Companies Act), the provisions of Article 332, paragraph (2) (including as applied mutatis mutandis pursuant to Article 334, paragraph (1) of that Act), Article 336, paragraph (2), and the proviso to Article 402, paragraph (5) of that Act do not apply to trust companies.

Article 17(1)A person that becomes a major shareholder in a trust company (meaning a major shareholder as prescribed in Article 5, paragraph (5); the same applies hereinafter) must submit a statement of holdings in subject voting rights to the Prime Minister, giving the subject voting right holding rate (meaning the rate arrived at when the number of subject voting rights held by the person that holds them is divided by the number representing all shareholders' voting rights in the trust company), the purpose of the holdings, and the information prescribed by Cabinet Office Order without delay.

(2)A document in which the major shareholder swears that it does not fall under Article 5, paragraph (2), items (ix) and (x) and the documents that Cabinet Office Order prescribes must accompany the statement of holdings in subject voting rights referred to in the preceding paragraph.

Article 18If a major shareholder in a trust company falls under one of the categories in Article 5, paragraph (2), item (ix), (a) or (b) or item (x), (a), (b), or (c), the Prime Minister may order the major shareholder to take measures so that it will cease to be a major shareholder in the trust company, or to take any other necessary measures within a fixed period of no longer than three months.

Article 19If it ceases to be a major shareholder in that trust company, a major shareholder in a trust company must notify the Prime Minister of this without delay.

Article 20The provisions of the preceding three Articles apply mutatis mutandis to the shareholders or investors of a holding company that has a trust company as its subsidiary company (meaning a subsidiary company as prescribed in Article 5, paragraph (6); the same applies hereinafter except in Article 51).

Article 21(1)In addition to trust business, a trust company may engage in trust agreement agency services, operations for the purchase and sale, etc. of beneficial interests in trusts, and property management services (but only those though which it manages property of the same kind as the trust property stated in its operational method statement (meaning an operational method statement as referred to in Article 4, paragraph (2), item (iii) or Article 8, paragraph (2), item (iii)) in the same way as the way that it manages the trust property stated therein).

(2)In addition to operations in which it engages pursuant to the provisions of the preceding paragraph, a trust company, with the approval of the Prime Minister, may engage in operations that are unlikely to interfere with its proper and reliable engagement in its trust services, and which are related to those trust services.

(3)If a trust company seeks the approval referred to in the preceding paragraph, it must submit a written application to the Prime Minister accompanied by a document giving the details and mechanisms of the operations in which it will engage as well as the reasons for engaging in those operations.

(4)A trust company must have the approval of the Prime Minister to change the details or mechanisms of operations in which it is engaged pursuant to the provisions of paragraph (2).

(5)A trust company may not engage in other operations beyond those in which it engages pursuant to the provisions of paragraphs (1) and (2).

(6)If a written application for Article 3 licensing or Article 7, paragraph (1) registration states that the applicant will engage in operations other than those in which it will engage pursuant to paragraph (1), and the applicant is so licensed or registered, the applicant is deemed to have obtained the approval referred to in paragraph (2) to engage in those operations.

Article 22(1)A trust company may entrust a third party with part of its trust services as regards trust property that has been placed in trust with it only if all of the following requirements are fulfilled:

(2)To apply the provisions of Article 28 and Article 29 (excluding paragraph (3)) and the provisions of Chapter VII that are relevant to those provisions if a trust company entrusts a third party with its trust services, the phrase "trust company" in those provisions is deemed to be replaced with "trust company (or a person that the trust company has entrusted with trust services)".

(3)The provisions of the preceding two paragraphs (excluding paragraph (1), item (ii)) do not apply if a third party is entrusted with the following operations:

Article 23(1)A trust company is liable to compensate for damage that a beneficiary incurs from services that a person entrusted with trust services carries out as entrusted; provided, however, that this does not apply if a trust company exercises due care in selecting the person with which to entrust the services and endeavors to prevent the damages that the beneficiary incurs from the services that the person so entrusted carries out as entrusted.

(2)The preceding paragraph does not apply if a trust company entrusts a third party as set forth in one the following items with trust services (for item (i) or (ii), this is limited to a third party constituting a person that Cabinet Order prescribes as being closely related to the settlor through shareholdings or a personal relationship and that does not fall under the category of a person that Cabinet Order prescribes as being closely related to the trustee); provided, however, that this does not apply if the trust company knows the party it entrusts with the services to be unsuitable or untrustworthy or learns that the party it has entrusted with the services is not performing the trust services with which it has been entrusted appropriately, and neglects to notify the beneficiary of this (or neglects to notify the trust manager or beneficiary's agent, if the beneficiary has one at that time; the same applies in item (iii) of this paragraph, Article 29-3 and Article 51, paragraph (1), item (v)), neglects to terminate the entrustment of the party it has entrusted with the services, or neglects to take any other necessary measures:

Article 23-2(1)A trust company must take the measures that the relevant of the following items prescribes for the category of cases set forth in the item:

(2)If a trust company has taken measures to conclude a basic contract for the implementation of dispute resolution procedures pursuant to the provisions of the preceding paragraph, it must publicize the trade name or name of the designated dispute resolution organization that is the other party to the basic contract for the Implementation of dispute resolution procedures.

(3)The provisions of paragraph (1) do not apply during the period that the relevant of the following items prescribes for the category of case set forth in the item:

Article 24(1)A trust company must not engage in the following conduct (other than the conduct set forth in item (v), if it accepts a trust under a specific trust agreement as prescribed in the following Article) in connection with the acceptance of trusts:

(2)A trust company must accept a trust that is appropriate in light of the settlor's knowledge and experience, the state of the settlor's assets and the purpose for which the trust agreement is concluded, and engage in operations in a way that does not fail to protect the settlor.

Article 24-2The provisions of Chapter III, Section 1, Subsection 5 of the Financial Instruments and Exchange Act (Professional Investors) (excluding Article 34-2, paragraphs (6) through (8) (Cases In Which a Professional Investor Is Deemed to Be a Customer Other Than a Professional Investor) and Article 34-3, paragraphs (5) and (6) (When a Customer Other than a Professional Investor Is a Corporation and That Corporation Is Deemed to Be a Professional Investor)), the provisions of Chapter III, Section 2, Subsection 1 of that Act (General Rules) (excluding Article 35 through Article 36-4 (Scope of Services for Persons Engaged in Type I Financial Instruments Business or Investment Management Business; Scope of Concurrent Business by Persons Only Engaged in Type II Financial Instruments Business or Investment Advisory and Agency Business; Establishment of an Operational Control System; Duty of Sincerity to Customers; Posting of Signs; Prohibition on Name Lending; Prohibition on Corporate Bond Management), Article 37, paragraph (1), item (ii) (Regulation of Advertising), Article 37-2 (Obligation to Clarify the Conditions of Transactions in Advance), Article 37-3, paragraph (1), items (ii) through (iv) and (vi) and 37-3, paragraph (3) (Delivery of Documents Prior to the Conclusion of a Contract), Article 37-4 (Delivery of Documents upon the Conclusion of a Contract), Article 37-5 (Delivery of Documents in Connection with the Receipt of a Security Deposit), Article 37-7 (Obligation to Conclude a Contract with a Designated Dispute Resolution Organization), Article 38, items (i), (ii), (vii) and (viii) and Article 38-2 (Prohibited Acts), Article 39, paragraph (1), Article 39, paragraph (2), item (ii), Article 39, paragraphs (3) and (5) through (7) (Prohibition on Compensation of Loss), Article 40, item (i) (The Principle of Suitability), and Article 40-2 through Article 40-7 (Best Execution Policy; Prohibition of Purchase and Sale If Separate Management Is Not Ensured; Prohibition of Public Offerings If Money Has Been Diverted; Restrictions on the Purchase and Sale of Securities for Professional Investors; Obligation to Notify in Connection with Securities for Professional Investors, Prohibition on Bucketing, Obligation to Use Electronic Data Processing Systems for Over-the-Counter Derivatives Transactions)), and the provisions of Article 45 (Miscellaneous Provisions) of that Act (excluding items (iii) and (iv)) apply mutatis mutandis to acceptance by a trust company of a trust under a trust agreement (meaning a trust agreement that Cabinet Office Order prescribes as one under which there is a risk that trust principal will be lost due to fluctuations in the money rate, the value of currencies, quotations on a financial instruments market (meaning a financial instruments market as prescribed in Article 2, paragraph (14) of that Act), or any other indicator; hereinafter referred to as a "specific trust agreement"). This being the case, the phrase "financial instruments transaction contract" in these provisions is deemed to be replaced with "specific trust agreement"; the phrase "financial instruments business" in these provisions is deemed to be replaced with "operations for concluding specific trust agreements"; the phrase "the performance of an act that constitutes a financial instruments transaction" in these provisions (excluding Article 34 of that Act) is deemed to be replaced with "the conclusion of specific trust agreements"; the phrase "for a contract for the financial instruments business operator, etc. to perform an act that constitutes a financial instruments transaction (meaning an act as set forth in the items of Article 2, paragraph (8); the same applies hereinafter) with the customer as the other party or on behalf of the customer" in Article 34 of that Act is deemed to be replaced with "for a specific trust agreement as prescribed in Article 24-2 of the Trust Business Act"; the phrase "the trade name or name and address" in Article 37-3, paragraph (1), item (i) of the Financial Instruments and Exchange Act is deemed to be replaced with "the address"; the phrase "Article 37-4, paragraph (1)" in Article 37-6, paragraph (1) of that Act is deemed to be replaced with "Article 26, paragraph (1) of the Trust Business Act"; the term "Purchase and Sale or Other Transaction of Securities, etc." in Article 39, paragraph (2), item (i) of the Financial Instruments and Exchange Act is deemed to be replaced with "conclusion of specific trust agreements", and the phrase "promise referred to in item (i) of the preceding paragraph" in that item is deemed to be replaced with "promise to cover losses or supplement profits (meaning covering for losses or supplementing profits as prescribed in Article 24, paragraph (1), item (iv) of the Trust Business Act; the same applies in item (iii))"; the term "purchase and sale or other transaction of securities, etc." in Article 39, paragraph (2), item (iii) of the Financial Instruments and Exchange Act is deemed to be replaced with "conclusion of specific trust agreements", and the phrase "that is provided as referred to in item (iii) of the preceding paragraph" in that item is deemed to be replaced with "to cover losses or supplement profits"; the term "problematic conduct" in Article 39, paragraph (4) of that Act is deemed to be replaced with "problematic conduct for which the trust company should be held liable"; and beyond this, Cabinet Order provides for the necessary technical replacement of terms.

Article 25Before accepting a trust under a trust agreement, a trust company must first give the settlor its trade name and explain the information set forth in paragraph (1), items (iii) through (xvi) of the following Article (if the company accepts a trust under a specific trust agreement, this excludes an explanation of the information set forth in those items); provided, however, that this does not apply if Cabinet Office Order prescribes it to be a case in which the company's not doing so does not compromise the protection of the settlor.

Article 26(1)Once a trust company accepts a trust under a trust agreement, it must deliver a document giving the following information to the settlor without delay; provided, however, that this does not apply if Cabinet Office Order prescribes it to be a case in which even a failure to deliver the document to the settlor will not compromise the protection of the settlor:

(2)In lieu of delivering the document referred to in the preceding paragraph, a trust company may provide the settlor with the information that is required to be given in the document by electronic or magnetic means (meaning by using an electronic data processing system or employing other information and communications technology in the manner that Cabinet Office Order prescribes; the same applies hereinafter), with the consent of the settlor, pursuant to the provisions of Cabinet Order. In doing so, the trust company is deemed to have delivered that document.

(3)Unless otherwise prescribed by Cabinet Office Order, the accounting period for the trust property which is referred to in paragraph (1), item (xiii) may not exceed one year.

Article 27(1)A trust company must prepare a report on the status of trust property that has been placed in trust with it for each of the trust property's accounting periods (or for each of the periods shorter than the relevant accounting period which Cabinet Office Order prescribes, if the acts of trust specify a shorter period or if Cabinet Office Order otherwise prescribes it to be a case in which a shorter period is clearly in line with the beneficiaries' interests), and deliver it to the beneficiaries of the trust property; provided, however, that this does not apply if Cabinet Office Order prescribes it to be a case in which even the failure to deliver the relevant report to the beneficiaries will not compromise the protection of the beneficiaries.

(2)The provisions of paragraph (2) of the preceding Article apply mutatis mutandis to the delivery of a report to the beneficiaries on the status of trust property referred to in the preceding paragraph.

Article 28(1)A trust company must work resolutely on behalf of the beneficiary in carrying out trust services and other operations in accordance with the main purpose of the trust.

(2)A trust company must carry out trust services with the due care of a prudent manager, in accordance with the main purpose of the trust.

(3)A trust company, pursuant to the provisions of Cabinet Office Order and based on the provisions of Article 34 of the Trust Act, must develop a system for managing the property that has been placed in trust with it as trust property, its own property, and property that has been placed in trust with it as the trust property of other trusts in a segregated manner, and must develop other systems to avoid damage being done to trust property and to prevent the trust business from losing credibility.

Article 29(1)A trust company must not engage in the following conduct with regard to trust property that has been placed in trust with it:

(2)A trust company must not enter into a transaction as follows unless the acts of trust provide for the trust company to conduct a transaction as follows and give an overview of the transaction in question; or unless the trust company discloses the material facts of the transaction in question to the beneficiaries and gains their assent in advance, either in writing or by electronic or magnetic means (or gains the assent of the trust manager or beneficiary's agent, if a beneficiary has one at that time) (unless the act of trust provides that the trust company may not conduct the transaction in question), and Cabinet Office Order prescribes it to be a case in which conducting the transaction will not compromise the protection of the beneficiaries:

(3)If a trust company enters into a transaction as referred to in one of the items of the preceding paragraph, it must prepare a document giving the status of the transaction during the relevant accounting period for each of the trust property's accounting periods, and must deliver this document to the beneficiary of the trust property; provided, however, that this does not apply if Cabinet Office Order prescribes it to be a case in which even a failure to deliver the document to the beneficiary will not compromise the protection of the beneficiary.

(4)The provisions of Article 26, paragraph (2) apply mutatis mutandis to the delivery of a document as referred to in the preceding paragraph to the beneficiary.

Article 29-2(1)If a trust company seeks to make any material modification to a trust (meaning a modification to a trust in terms of a particular set forth in one of the items of Article 103, paragraph (1) of the Trust Act) or consolidate or split a trust (hereinafter referred to as a "material modification or other change to a trust" in this Article), it must issue public notice of the following information pursuant to the provisions of Cabinet Office Order or give notice to each beneficiary (or to the trust manager or beneficiary's agent, if a beneficiary has one at that time; hereinafter the same applies in this Article), unless the modification or other change is not in conflict with the purpose of the trust and is clearly in line with the beneficiaries' interests, or unless it is a case as Cabinet Office Order prescribes:

(2)The time frame referred to in item (ii) of the preceding paragraph may not be less than one month.

(3)If the number of beneficial interests in the trust that the beneficiaries objecting within the time frame referred to in paragraph (1), item (ii) hold exceeds half of the total number of beneficial interests in the trust (or, if the conditions of each beneficial interest are not the same, and the price of the beneficial interests in the trust that those beneficiaries hold exceeded half of the total price of beneficial interests in the trust as of the time of the public notice or notice pursuant to the provisions of that paragraph or if the case is as Cabinet Office Order prescribes), a material modification or other change to a trust referred to in paragraph (1) may not be made.

(4)The provisions of the preceding three paragraphs do not apply if one of the following items applies:

(5)Pursuant to the provisions of trust agreements that a trust company concludes between itself and a large number of settlors under a single set of general conditions of trust, the trusts subject to those general conditions of trust are deemed to be a single trust and the provisions of each of the preceding paragraphs apply.

Article 29-3When seeking to reach the agreement prescribed in Article 48, paragraph (5) of the Trust Act (including as applied mutatis mutandis pursuant to Article 54, paragraph (4) of that Act) with a beneficiary, a trust company must explain the scope of the expenses, etc. (meaning expenses, etc. prescribed in Article 48, paragraph (1) of that Act) or trust fees for which it may be reimbursed based on that agreement, the scope of expenses or trust fees that it may be paid in advance based on that agreement, and other information that Cabinet Office Order prescribes.

Article 30To apply the provisions of Article 14 of the Trust Act, if a trust company registers a transfer as referred to in Article 3 of the Act on Japanese Government Bonds (Act No. 34 of 1906) or makes the registration that Cabinet Office Order or Ministry of Finance Order prescribes for registered JGBs (meaning Japanese government bonds registered pursuant to the provisions of Article 2, paragraph (2) of that Act) that it holds as trust property, and in the registration it clearly indicates, pursuant to the provisions of Cabinet Office Order or Ministry of Finance Order, that the registered JGBs are trust property, the registration is deemed to be the registration of a trust.

Article 31(1)A trust company may offset a claim ascribable to trust property whose obligor is a clearing organization (meaning a financial instruments clearing organization or foreign financial instruments clearing organization as prescribed in Article 2, paragraph (29) of the Financial Instruments and Exchange Act; hereinafter the same applies in this paragraph) (but only if the clearing organization has become the obligor due to the assumption of a debt, etc. (meaning to take over, novate, or in any other way bear an obligation as a part of financial instruments debt assumption services, etc. as prescribed in Article 156-3, paragraph (1), item (vi) of that Act; hereinafter the same applies in this paragraph)) against a debt ascribable to other trust property (but only a debt that the trust company has incurred as consideration for the clearing organization's assumption of a debt, etc.); provided, however, that this does not apply if otherwise provided for in the acts of trust.

(2)If a trust company that offsets a claim against a debt pursuant to the provisions of the preceding paragraph causes any damage to the trust property in the set-off, it is liable to compensate for those damages.

Article 32The business year of a trust company is from April 1 of a given year to March 31 of the next year.

Article 33A trust company must prepare a business report for each business year and submit it to the Prime Minister within three months from the end of the business year.

Article 34(1)Each business year, a trust company must prepare an explanatory document giving the information that Cabinet Office Order prescribes as pertinent to the state of its operations and assets, and must keep copies of this at all of its business offices and make them available for public inspection during the one-year period following the day calculated as marking the end of the period that Cabinet Office Order prescribes after the end of the business year.

(2)The explanatory document prescribed in the preceding paragraph may be prepared in the form of an electronic or magnetic record (meaning a record as prescribed by Cabinet Office Order which is used in computerized data processing and which is created in electronic form, magnetic form, or any other form that cannot be perceived by the human senses; the same applies hereinafter).

(3)If the explanatory document prescribed in paragraph (1) is prepared in the form of an electronic or magnetic record, a trust company may take what Cabinet Office Order prescribes as measures to put the data forming the content of that document into a format that allows a large, non-exclusive audience to gain access to it through electronic or magnetic means at its business offices. In doing so, it is deemed to have made the explanatory document prescribed in that paragraph available for public inspection.

Article 35The provisions of Article 433 of the Companies Act do not apply to the accounting books of a Trust Company (other than a custodial trust company; hereinafter the same applies in this Article through Article 39) and materials related to them (but only those connected with trust property).

Article 36(1)A merger to which trust companies constitute all or part of the parties is invalid without the authorization of the Prime Minister.

(2)A trust company seeking the authorization referred to in the preceding paragraph must submit a written application to the Prime Minister giving the information set forth in the items of Article 4, paragraph (1) with regard to the stock company surviving the merger or the stock company incorporated in the merger (referred to as the "post-merger trust company" in paragraph (4)).

(3)The merger agreement and the documents that Cabinet Office Order prescribes must accompany the written application referred to in the preceding paragraph.

(4)When an application is filed for the authorization referred to in paragraph (1), the Prime Minister must examine whether the post-merger trust company conforms to the criteria set forth in the items of Article 5, paragraph (1).In this case, if the post-merger trust company falls under one of the conditions set forth in the items of Article 5, paragraph (2), or if the written application referred to in paragraph (2) or an accompanying document referred to in the preceding paragraph gives false statements or omits a material fact, the Prime Minister must not authorize the merger.

(5)A stock company incorporated in a merger under the authorization referred to in paragraph (1) is deemed to have been licensed by the Prime Minister as referred to in Article 3 at the time of its formation.

Article 37(1)An incorporation-type company split that a trust company implements in order to have the newly incorporated stock company assume all of its trust business (referred to as "incorporation-type company split" in the following paragraph and paragraph (5)) is invalid without the authorization of the Prime Minister.

(2)A trust company seeking the authorization referred to in the preceding paragraph must submit a written application to the Prime Minister giving the information set forth in the items of Article 4, paragraph (1) with regard to the stock company to be incorporated in the incorporation-type company split (referred to as the "incorporated company" in paragraph (4)).

(3)A company split plan and the documents that Cabinet Office Order prescribes must accompany the written application referred to in the preceding paragraph.

(4)When an application is filed for the authorization referred to in paragraph (1), the Prime Minister must examine whether the incorporated company conforms to the criteria set forth in the items of Article 5, paragraph (1).In this case, if the incorporated company falls under one of the conditions set forth in the items of Article 5, paragraph (2), or if the written application referred to in paragraph (2) or an accompanying document referred to in the preceding paragraph gives a false statement or omits a material fact, the Prime Minister must not authorize the split.

(5)A stock company incorporated in an incorporation-type company split with the authorization referred to in paragraph (1) is deemed to have been licensed by the Prime Minister as referred to in Article 3 at the time of its formation.

Article 38(1)An absorption-type company split that a trust company implements in order to have another stock company assume all or part of its trust business (referred to as an "absorption-type company split" in the following paragraph and paragraph (5)) is invalid without the authorization of the Prime Minister; provided, however, that this does not apply to an absorption-type company split in which it causes another stock company to assume only custodial trust business.

(2)A trust company seeking the authorization referred to in the preceding paragraph must submit a written application to the Prime Minister giving the following information with regard to the stock company assuming all or part of the trust business in the absorption-type company split (hereinafter referred to as the "succeeding company" in this Article):

(3)A company split plan and the documents that Cabinet Office Order prescribes must accompany the written application referred to in the preceding paragraph.

(4)When an application is filed for the authorization referred to in paragraph (1), the Prime Minister must examine whether the succeeding company conforms to the criteria set forth in the items of Article 5, paragraph (1).In this case, if the succeeding company falls under one of the conditions set forth in the items of Article 5, paragraph (2), or if the written application referred to in paragraph (2) or an accompanying document referred to in the preceding paragraph gives a false statement or omits a material fact, the Prime Minister must not authorize the split.

(5)A stock company that assumes all of a person's trust business in an absorption-type company split with the authorization referred to in paragraph (1) is deemed to have been licensed by the Prime Minister as referred to in Article 3 at the time it assumes it.

Article 39(1)A trust company's full or partial transfer of its trust business to another trust company (referred to as a "business transfer" in the following paragraph) is invalid without the authorization of the Prime Minister; provided, however, that this does not apply to a business transfer in which only custodial trust business is transferred.

(2)A trust company seeking the authorization referred to in the preceding paragraph must submit a written application to the Prime Minister giving the following information with regard to the trust company acquiring all or part of the trust business in the business transfer (hereinafter referred to as the "acquiring company" in this Article):

(3)A business transfer agreement and the documents that Cabinet Office Order prescribes must accompany the written application referred to in the preceding paragraph.

(4)When an application is filed for the authorization referred to in paragraph (1), the Prime Minister must examine whether the acquiring company conforms to the criteria set forth in the items of Article 5, paragraph (1).In this case, if the acquiring company falls under one of the conditions set forth in the items of Article 5, paragraph (2), or if the written application referred to in paragraph (2) or an accompanying document referred to in the preceding paragraph gives a false statement or omits a material fact, the Prime Minister must not authorize the transfer.

(5)The provisions of each of the preceding paragraphs apply mutatis mutandis to a trust company's full or partial transfer of its trust business to a foreign trust company.In this case, the phrases set forth in the middle column of the following table in the provisions set forth in the left-hand column of that table are deemed to be replaced with the phrases set forth in the right-hand column of that table.

Article 40(1)The trust company surviving a merger or the trust company incorporated in a merger assumes the rights and obligations that the trust company disappearing in the merger held in connection with its operations, based on the authorization of the Prime Minister or any other exercise of authority by the Prime Minister.

(2)The provisions of the preceding paragraph apply mutatis mutandis to a trust company assuming the whole of a person's trust business in a company split.

Article 41(1)if it comes to fall under one of the following items, a trust company must notify the Prime Minister of this without delay:

(2)If a trust company comes to fall under one of the following items, the person specified in the item must notify the Prime Minister of this without delay:

(3)A trust company must issue public notice and post a notice at all of its business offices in a place easily seen by the public, pursuant to the provisions of Cabinet Office Order, by 30 days prior to discontinuing its trust business, effecting a merger (but only a merger in which the trust company will disappear), dissolving due to any reason other than a merger or the commencement of bankruptcy proceedings, having a person assume all or part of its trust business due to a company split, or transferring all or part of its trust business.

(4)Having issued the public notice referred to in the preceding paragraph, a trust company must notify the Prime Minister of this immediately.

(5)Having been registered pursuant to Article 7, paragraph (1) or Article 52, paragraph (1), a trust company (other than a custodial trust company; hereinafter the same applies in this paragraph) must issue public notice of this and post a notice indicating the same at all of its business offices in a place easily seen by the public without delay and pursuant to the provisions of Cabinet Office Order; and having been registered pursuant to Article 52, paragraph (1), a custodial trust company must issue public notice of this and post a notice indicating the same at all of its business offices in a place easily seen by the public without delay and pursuant to the provisions of Cabinet Office Order.

(6)The provisions of Article 940, paragraph (1) (excluding item (ii)) and 940, paragraph (3) (Public Notice Period for Electronic Public Notices) of the Companies Act apply mutatis mutandis if a trust company issues a public notice pursuant to the provisions of this Act or any other Act (other than public notice under the provisions of the Companies Act) as an electronic public notice; and beyond this, Cabinet Order provides for the necessary technical replacement of terms.

Article 42(1)On finding that it is necessary to do so in order to ensure a trust company's sound and appropriate administration of trust services, the Prime Minister may order the trust company, a person that conducts transactions with the trust company in connection with its operations, or a holding company that has that trust company as its subsidiary company to give a report or submit materials that should serve as a reference with regard to the operations or assets of the trust company, or may have the relevant officials enter the business office or other facility of the trust company or the business office or office of the holding company that has that trust company as its subsidiary company, ask questions about the state of its operations or assets, and inspect its books and documents and any other articles.

(2)On finding that it is particularly necessary to do so in order to ensure a trust company's sound and appropriate administration of trust services, the Prime Minister, within the scope of that necessity, may order the major shareholders of the trust company or the major shareholders of a holding company that has that trust company as a subsidiary company to submit the notifications referred to in Article 17 through Article 19, to take the measures referred to in those Articles, or to give reports or submit materials that should serve as a reference with regard to the operations or assets of the trust company, or may have the relevant officials enter the business offices or offices of those major shareholders, ask questions about notifications and measures as referred to in Article 17 through Article 19 and the state of the trust company's operations and assets, and inspect the documents and other articles of those major shareholders.

(3)On finding that it is particularly necessary to do so in order to ensure a trust company's sound and appropriate administration of trust services, the Prime Minister, within the scope of that necessity, may order a person that the trust company has entrusted with its operations (or a person entrusted with those operations by the person that the trust company has entrusted with them (this includes entrustment at the second or higher degree of separation from the original entrustment); hereinafter the same applies in this paragraph and the following paragraph) to give reports or submit materials that should serve as a reference with regard to the operations or assets of the trust company, and may have the relevant officials enter the facility of a person that the trust company has entrusted with its operations, ask questions about the state of the trust company's operations and assets, and inspect its books and documents and other articles.

(4)A person that a trust company entrusts with its operations as referred to in the preceding paragraph may refuse to give a report or submit materials, to be questioned, or to undergo an inspection as referred to in the provisions of that paragraph if it has a legitimate reason to do so.

(5)An official carrying out an on-site inspection pursuant to the provisions of paragraphs (1) through (3) must carry identification and present it to the persons concerned.

(6)The authority for an on-site inspection under the provisions of paragraphs (1) through (3) must not be interpreted as having been accorded for the purpose of a criminal investigation.

Article 43On finding that it is necessary to do so in order to ensure a trust company's sound and appropriate administration of trust services in light of the state of that trust company's operations or assets, the Prime Minister, within the scope of that necessity, may order the trust company to change the contents of its operational method statement, to make a deposit of assets, or to otherwise take measures that are necessary for improving the state of its operations or assets.

Article 44(1)If a trust company (other than a custodial trust company; hereinafter the same applies in this Article) falls under one of the following items, the Prime Minister may rescind its Article 3 licensing or may order the suspension of all or part of its operations during a fixed period of no longer than six months:

(2)If the director, executive officer, accounting advisor, or company auditor of a trust company comes to fall under one of clauses (a) through (h) of Article 5, paragraph (2), item (viii) or engages in conduct that falls under item (v) or (vi) of the preceding paragraph, the Prime Minister may order the trust company to dismiss that director, executive officer, accounting advisor, or company auditor.

Article 45(1)If a custodial trust company falls under one of the following items, the Prime Minister may rescind its Article 7, paragraph (1) registration or may order the suspension of all or part of its operations during a fixed period of no longer than six months:

(2)If the director, executive officer, accounting advisor, or company auditor of a custodial trust company comes to fall under one of clauses (a) through (h) of Article 5, paragraph (2), item (viii) or engages in conduct that falls under item (iv) of the preceding paragraph, the Prime Minister may order the custodial trust company to dismiss that director, executive officer, accounting advisor, or company auditor.

Article 46(1)A trust company's Article 3 licensing or Article 7, paragraph (1) registration ceases to be valid if the trust company comes to fall under one of the items of Article 41, paragraph (2).

(2)A trust company's Article 3 licensing ceases to be valid if the trust company (other than a custodial trust company) is registered as referred to in Article 7, paragraph (1) or Article 52, paragraph (1).

(3)A custodial trust company's Article 7, paragraph (1) registration ceases to be valid if the custodial trust company is licensed as referred to in Article 3 or is registered as referred to in Article 52, paragraph (1).

Article 47If the Prime Minister does not make an Article 7, paragraph (3) registration renewal or rescinds an Article 7, paragraph (1) registration pursuant to the provisions of Article 45, paragraph (1); or if an Article 7, paragraph (1) registration ceases to be valid pursuant to the provisions of paragraph (1) or (3) of the preceding Article, the Prime Minister must delete that registration.

Article 48The Prime Minister must issue public notice on rescinding an Article 3 license pursuant to the provisions of Article 44, paragraph (1); rescinding an Article 7, paragraph (1) registration pursuant to the provisions of Article 45, paragraph (1); or ordering a full or partial operational suspension pursuant to the provisions of Article 44, paragraph (1) or Article 45, paragraph (1).

Article 49(1)To apply Article 58, paragraph (4) of the Trust Act (including as applied mutatis mutandis pursuant to Article 70 of that Act) if the Prime Minister does not make an Article 7, paragraph (3) registration renewal; rescinds Article 3 licensing pursuant to the provisions of Article 44, paragraph (1); or rescinds an Article 7, paragraph (1) registration pursuant to the provisions of Article 45, paragraph (1), the phrase "settlor or beneficiary" in Article 58, paragraph (4) of the Trust Act (including as applied mutatis mutandis pursuant to Article 70 of that Act) is deemed to be replaced with "settlor or beneficiary or the Prime Minister".

(2)To apply Article 62, paragraphs (2) and (4) and Article 63, paragraph (1) of the Trust Act in a case as referred to in the preceding paragraph, the phrase "interested party" in those provisions is deemed to be replaced with "interested party or the Prime Minister".

(3)In a case as referred to in paragraph (1), a trustee that was formerly a trust company is deemed to be a trust company until the court dismisses the trustee that was formerly the trust company.

Article 50(1)The court may ask for the opinion of the Prime Minister or request that the Prime Minister undertake an inspection or investigation in liquidation proceedings, bankruptcy proceedings, rehabilitation proceedings, reorganization proceedings, or recognition assistance proceedings for a trust company.

(2)On finding that it is necessary to do so, the Prime Minister may state an opinion to the court in the proceedings prescribed in the preceding paragraph.

(3)The provisions of Article 42, paragraphs (1), (5), and (6) apply mutatis mutandis if the Prime Minister is requested by the court to undertake an inspection or investigation pursuant to the provisions of paragraph (1).

Article 50-2(1)A person seeking to place property in trust in the way set forth in Article 3, item (iii) of the Trust Act must be registered by the Prime Minister if it is a case that Cabinet Order prescribes as one in which it is possible for many persons (meaning persons of at least the number that Cabinet Order prescribes; the same applies in paragraph (10)) to acquire a beneficial interest in the trust; provided, however, that this does not apply if it is a case that Cabinet Order prescribes as one in which the placement of property into the trust will not compromise the protection of the trust's beneficiaries.

(2)The provisions of Article 7, paragraphs (2) through (6) apply mutatis mutandis to the registration referred to in the preceding paragraph.

(3)A person seeking paragraph (1) registration (or an Article 7, paragraph (3) registration renewal as applied mutatis mutandis pursuant to the preceding paragraph; the same applies in paragraph (6), as well as in Article 45, paragraph (1), item (iii) and Article 91, item (iii) as applied following the deemed replacement of terms pursuant to the provisions of paragraph (12)) (referred to as the "applicant" in paragraph (6)) must submit a written application to the Prime Minister giving the following information:

(4)The following documents must accompany the written application referred to in the preceding paragraph:

(5)The document referred to in item (iii) of the preceding paragraph must give the following information:

(6)If an applicant falls under a category referred to in one of the following items or if the written application referred to in paragraph (3) or an accompanying document set forth in one of the items of paragraph (4) gives false statements or omits a material fact, the Prime Minister must refuse to register the applicant:

(7)The amount of net assets referred to in item (iii) of the preceding paragraph is to be calculated pursuant to the provisions of Cabinet Office Order.

(8)When an application is filed for registration as referred to in paragraph (1), the Prime Minister, if not refusing to register the applicant pursuant to the provisions of paragraph (6), must register the following information in the register of self-declared trusts:

(9)The Prime Minister must make the register of self-declared trusts available for public inspection.

(10)If a person registered as referred to in paragraph (1) places property in trust in the way set forth in Article 3, item (iii) of the Trust Act (but only in a case that Cabinet Order prescribes as one in which it is possible for many persons to acquire a beneficial interest in the trust), that person must have a person other than itself that Cabinet Order prescribes inspect the state of the assets that form the trust property and other particulars of those assets, pursuant to the provisions of Cabinet Office Order.

(11)A person registered as referred to in paragraph (1) must ensure that its engagement in the other operations in which it engages does not compromise its proper and reliable undertaking of the trust processes referred to in that paragraph, pursuant to the provisions of Cabinet Office Order.

(12)If a person places property into trust as referred to in paragraph (1) based on the registration referred to in that paragraph, the person registered as referred to in paragraph (1) is deemed to be a trust company (or a custodial trust company, as regards Article 12, paragraphs (2) and (3), Article 13, paragraph (2), Article 45, and Article 47) and the provisions of Article 11 (other than the part that deals with the rescission and loss of validity of the licensing referred to in paragraph (10)), Article 12, paragraphs (2) and (3), Article 13, paragraph (2), Article 15, Article 22 through Article 23-2, Article 24, paragraph (1) (but only the part that involves items (iii) and (iv) (other than the part of those provisions that deals with the settlor)), Article 27 through Article 29, Article 29-2 (other than paragraph (5)), Article 29-3 through Article 31, Article 33, Article 34, Article 40, Article 41 (other than paragraph (5)), Article 42, Article 43, Article 45 (other than paragraph (1), item (ii)), Article 46, paragraph (1) (other than the part that deals with the loss of validity of licensing), Article 47, Article 48 (other than the part that deals with the rescission of licensing), Article 49 (other than the part that deals with the rescission of licensing), and the preceding Article, and the provisions of Chapter VII that are relevant to those provisions apply.In this case, the phrase "trust services" and "trust business" in those provisions are deemed to be replaced with "processes connected with the trust that will be established in the way that is set forth in Article 3, item (iii) of the Trust Act"; the phrase "Article 7, paragraph (1) registration " in those provisions is deemed to be replaced with "Article 50-2, paragraph (1) registration"; and beyond this, the words set forth in the right-hand column of the following table are deemed to stand in place of the words set forth in the middle column of that table in the provisions set forth in the left-hand column thereof.

Article 51(1)The provisions of Article 3 and the preceding Article do not apply to acceptance of a trust under all of the following conditions:

(2)A person that will accept a trust as referred to in the preceding paragraph must first notify the Prime Minister of this.

(3)In addition to the trust agreement for the trust in question, documents that Cabinet Office Order prescribes as evidencing that the trust falls under all of the conditions set forth in the items of paragraph (1) must accompany the notification referred to in the preceding paragraph.

(4)If a trust as referred to in paragraph (1) ceases to fall under one of the conditions set forth in the items of that paragraph, the Prime Minister may order the trustee of the trust referred to in that paragraph to take measures that will cause it to cease to be the trustee or to take other necessary measures within a fixed period of no longer than three months.

(5)On ceasing to be the trustee of a trust as referred to in that paragraph or on learning that the trust referred to in that paragraph has ceased to fall under one of the conditions set forth in the items of that paragraph, the trustee of a trust as referred to in paragraph (1) must notify the Prime Minister of this without delay.

(6)On finding that it is particularly necessary to do so in order to confirm the status of a trust under paragraph (1), the Prime Minister, within the scope of that necessity, may order the settlor, trustee, or beneficiary of the trust referred to in that paragraph to file the notification referred to in paragraph (2) or the preceding paragraph or to give reports or submit materials that should serve as reference with regard to the measures referred to in paragraph (4); and may have the relevant officials enter the business office, office, or other facility of the trustee; ask questions about the notification referred to in paragraph (2) or the preceding paragraph and the measures referred to in paragraph (4); and inspect the trustee's documents and other articles (but only those that it is necessary to inspect in connection with the notification referred to in paragraph (2) or the preceding paragraph or the measures referred to in paragraph (4)).

(7)The provisions of Article 42, paragraph (5) and (6) apply mutatis mutandis to an inspection under the provisions of the preceding paragraph.

(8)The beneficiary of a trust as referred to in paragraph (1) must not engage in the following conduct:

(9)It is prohibited for a financial instruments business operator (meaning a financial instruments business operator as prescribed in Article 2, paragraph (9) of the Financial Instruments and Exchange Act, and including a person deemed to be a financial instruments business operator pursuant to the provisions of Article 65-5, paragraph (2) of that Act) or registered financial institution (meaning a registered financial institution as prescribed in Article 2, paragraph (11) of that Act, and including a person deemed to be a registered financial institution pursuant to the provisions of Article 2, paragraph (4) of the Act on Financial Institutions' Provision of Trust Services) to sell a beneficial interest in a trust as referred to in paragraph (1) to a person not belonging to the same corporate group as the trustee, or to act as agent or intermediary for such a sale.

(10)The term "subsidiary company", as used in paragraph (1), item (i), means a company in which another company holds the majority of all shareholders' or all equity investors' voting rights. In this case, if a first company and one or more of its subsidiary companies hold the majority of all shareholders' or all equity investors' voting rights in a second company, or if one or more of a first company's subsidiary companies holds the majority of all shareholders' or all equity investors' voting rights in a second company, the second company is deemed to be the subsidiary company of the first company.

Article 52(1)The provisions of Article 3 do not apply if a person that has the approval of the Minister of Education, Culture, Sports, Science and Technology and the Minister of Economy, Trade and Industry on a plan to implement a specified university technology transfer project (meaning a specified university technology transfer project as prescribed in Article 2, paragraph (1) of the Act to Promote Technology Transfer from Universities to the Private Sector (Act No. 52 of 1998); hereinafter the same applies in this Article) pursuant to the provisions of Article 4, paragraph (1) of that Act (referred to as the "approved firm" in paragraph (3)) accepts a trust as a specified university technology transfer project after having being registered by the Prime Minister (hereinafter referred to as "acceptance of a trust that falls under the category of a specified university technology transfer project" in this Article).

(2)The provisions of Article 8 (other than paragraph (1), item (iv)), Article 9, and Article 10 (other than paragraph (1), item (ii)) apply mutatis mutandis to the registration referred to in the preceding paragraph.In this case, the words set forth in the right-hand column of the following table are deemed to stand in place of the words set forth in the middle column of that table in the provisions set forth in the left-hand column thereof.

(3)If an approved firm accepts a trust after having been registered as referred to in paragraph (1), the approved firm is deemed to be a trust company (or a custodial trust company, as regards Article 12, paragraphs (2) and (3), Article 13, paragraph (2), Article 45, Article 46, paragraph (3), and Article 47) and the provisions of Article 11 (other than the parts that deal with the paragraph (10) non-renewal of a registration and rescission and loss of validity of licensing), Article 12, paragraphs (2) and (3), Article 13, paragraph (2), Article 21 through Article 24, Article 25 through Article 29-3, Article 33, Article 34, Article 41 (excluding paragraph (5)), Article 42 (excluding paragraph (2)), Article 43, Article 45, Article 46 (other than the part that involves loss of validity of licensing), Article 47 (other than the parts that deal with the non-renewal of a registration), Article 48 (other than the parts that deal with rescission of licensing), Article 49 (other than the parts that deal with the non-renewal of a registration and rescission of licensing), and Article 50, as well as the provisions of Chapter VII that are relevant to those provisions apply.In this case, the words set forth in the right-hand column of the following table are deemed to stand in place of the words set forth in the middle column of that table in the provisions set forth in the left-hand column thereof.

Article 67(1)A person may not engage in trust agreement agency services unless registered by the Prime Minister.

(2)A person engaged in trust agreement agency services must engage in trust agreement agency services for a trust company or a foreign trust company (hereinafter referred to as the "principal trust company") as entrusted by that trust company or foreign trust company.

Article 68(1)A person seeking to be registered as referred to in paragraph (1) of the preceding Article (referred to as the "applicant" in Article 70) must submit a written application to the Prime Minister giving the following information:

(2)The following documents must accompany the written application referred to in the preceding paragraph:

(3)The information that is required to be included in an operational method statement as referred to in item (ii) of the preceding paragraph is the information that Cabinet Office Order prescribes.

Article 69(1)When an application is filed for registration as referred to in Article 67, paragraph (1), the Prime Minister, if not refusing to register the applicant pursuant to the provisions of the following Article, must register the following information in the trust agreement agents register:

(2)The Prime Minister must make the trust agreement agents register available for public inspection.

Article 70If an applicant falls under a category referred to in one of the following items, or if the written application referred to in Article 68, paragraph (1) or an accompanying document set forth in one of the items of paragraph (2) of that Article gives false statements or omits a material fact, the Prime Minister must refuse to register the applicant:

Article 71(1)If there is a change involving information set forth in the items of Article 68, paragraph (1), within 30 days from the date of the change, a trust agreement agent must notify the Prime Minister of this.

(2)Having received a notification as referred to in the preceding paragraph, the Prime Minister must register this in the trust agreement agents register.

(3)If it changes its operational method statement as referred to in Article 68, paragraph (2), item (ii), a trust agreement agent must notify the Prime Minister of this without delay.

Article 72(1)A trust agreement agent must post a sign in the format that Cabinet Office Order prescribes at all of the business offices and offices at which it engages in trust agreement agency services, in a place easily visible to the public.

(2)A person other than a trust agreement agent must not post a sign as referred to in the preceding paragraph or any sign similar thereto.

Article 73A trust agreement agent must not allow another person to engage in trust agreement agency services using its name.

Article 74Before acting as an agent (but only as the agent of a trust company or foreign trust company; hereinafter the same applies in this Chapter) or intermediary to conclude a trust agreement, a trust agreement agent must first make the following information clear to the customer:

Article 75If a trust agreement agent has property deposited with it by a customer as part of its actions as an agent or intermediary to conclude a trust agreement, it must manage that property separately from its own property and separately from property deposited with it in connection with the conclusion of other trust agreements.

Article 76The provisions of Article 24 and Article 25 apply mutatis mutandis to actions that a trust agreement agent takes as an agent or intermediary to conclude a trust agreement.In this case, the phrase "the following conduct (other than the conduct set forth in item (v), if it accepts a trust under a specific trust agreement as prescribed in the following Article)" in Article 24, paragraph (1) is deemed to be replaced with "the following conduct"; the phrase "of the following Article (if the company accepts a trust under a specific trust agreement, this excludes an explanation of the information set forth in those items)" in Article 25 is deemed to be replaced with "of the following Article"; and the phrase "its trade name" in the same provisions is deemed to be replaced with "the trade name of the trustee".

Article 77(1)A trust agreement agent must prepare a report on its services as a trust agreement agent for each business year and submit it to the Prime Minister within three months from the end of the business year.

(2)The Prime Minister must make reports on persons' services as trust agreement agents as referred to in the preceding paragraph available for public inspection, excluding information likely to compromise a secret of the settlor or beneficiary and information likely to place the trust agreement agent at an unreasonable disadvantage in the performance of its services.

Article 78(1)A trust agreement agent must keep copies of the explanatory documents that the principal trust company prepares for each of its business years pursuant to the provisions of Article 34, paragraph (1) at all of the business offices and offices at which it engages in trust agreement agency services, and must make these available for public inspection.

(2)If an explanatory document as prescribed in the preceding paragraph is prepared in the form of an electronic or magnetic record, a trust agreement agent may take what Cabinet Office Order prescribes as measures to put the data forming the content of that explanatory document into a format that allows a large, non-exclusive audience to gain access to it through electronic or magnetic means at all of the business offices or offices at which it engages in trust agreement agency services. In doing so, it is deemed to have made the explanatory documents prescribed in that paragraph available for public inspection.

Article 79If a trust agreement agent comes to fall under one of the following items, the person prescribed in that item must notify the Prime Minister of this within thirty days from that date:

Article 80(1)On finding that it is necessary to do so in order to ensure a trust agreement agent's sound and appropriate administration of services as a trust agreement agent, the Prime Minister may order the trust agreement agent or a person that conducts transactions with the trust agreement agent in connection with its operations to give reports or submit materials that should serve as a reference with regard to the operations of the trust agreement agent, and may have the relevant officials enter a business office or office of the trust agreement agent, ask questions about the state of its operations, and inspect its books and documents and other articles.

(2)An official carrying out an on-site inspection pursuant to the provisions of the preceding paragraph must carry identification and present it to the persons concerned.

(3)The authority for an on-site inspection under the provisions of paragraph (1) must not be interpreted as having been accorded for the purpose of a criminal investigation.

Article 81On finding that it is necessary to do so in order to ensure a trust agreement agent's sound and appropriate administration of services as a trust agreement agent in light of the state of those services, the Prime Minister, within the scope of that necessity, may order the trust agreement agent to change its operational method statement or to otherwise take measures that are necessary for improving the administration of its services.

Article 82(1)If a trust agreement agent falls under one of the following items, the Prime Minister may rescind the trust agreement agent's Article 67, paragraph (1) registration or may order the suspension of all or part of its services during a fixed period of no longer than six months:

(2)If the officer of a trust agreement agent comes to fall under one of clauses (a) through (h) of Article 5, paragraph (2), item (viii), or engages in conduct that falls under item (iii) of the preceding paragraph, the Prime Minister may order the trust agreement agent to dismiss that officer.

Article 83A trust agreement agent's Article 67, paragraph (1) registration ceases to be valid if the agent comes to fall under one of the items of Article 79 or if all entrustment agreements it has concluded with principal trust companies have been terminated.

Article 84If the Prime Minister rescinds an Article 67, paragraph (1) registration pursuant to the provisions of Article 82, paragraph (1) or if an Article 67, paragraph (1) registration has ceased to be valid pursuant to the provisions of the preceding Article, the Prime Minister must delete that registration.

Article 85The principal trust company of a trust agreement agent is liable to compensate for damage that a customer incurs from the actions that a trust agreement agent takes as agent or intermediary to conclude a trust agreement; provided, however, that this does not apply if the principal trust company exercises due care in entrustment with the trust agreement agent and endeavors to prevent the damages that the customer incurs from the actions that a trust agreement agent takes as agent or intermediary to conclude a trust agreement.

Article 85-2(1)Prime Minister may, at the application of a person satisfying the following requirements, designate that person to conduct complaint and dispute services:

(2)A person seeking to file an application as referred to in the preceding paragraph must first explain the content of the operational rules to trust companies and similar persons and hear their opinions to see whether they object to the content (and hear the reason for any objection that there is) and prepare a document giving the results, pursuant to the provisions of Cabinet Office Order.

(3)Before granting a designation under paragraph (1), the Prime Minister must first consult with the Minister of Justice as to whether the relevant person satisfies the requirements set forth in items (v) through (vii) of that paragraph (but only the part that deals with the operations of dispute resolution procedures; with regard to the requirement set forth in item (vii), this means only as it pertains to the criteria set forth in the items of Article 85-7, paragraph (4) and the items of paragraph (5) of that Article).

(4)Having granted a designation under paragraph (1), the Prime Minister must issue public notice of the trade name or name and the location of the principal business office or office of the designated dispute resolution organization, as well as the day on which the Prime Minister granted the designation.

Article 85-3(1)A person seeking the designation under paragraph (1) of the preceding Article must submit a written application for designation to the Prime Minister giving the following information:

(2)The following documents must accompany the written application for designation referred to in the preceding paragraph:

(3)In a case as referred to in the preceding paragraph, if the articles of incorporation, inventory of assets, or balance sheet has been prepared as an electronic or magnetic record, the electronic or magnetic record may accompany the application in lieu of the paper documents.

Article 85-4(1)It is prohibited for a dispute resolution mediator (meaning a dispute resolution mediator appointed pursuant to Article 85-13, paragraph (2); the same applies in the following paragraph, paragraph (2) of the following Article and Article 85-7, paragraphs (2) and (4)), the officer or employee of a designated dispute resolution organization, or a person that used to hold the relevant position to divulge confidential information learned during the course of complaint and dispute services to another person, or to use that information in pursuit of its own interest.

(2)In terms of the application of the Penal Code and other penal provisions, dispute resolution mediators and the officers and employees of designated dispute resolution organizations engaged in complaint and dispute services are deemed to be officials engaged in public service pursuant to laws and regulations.

Article 85-5(1)A designated dispute resolution organization is to engage in complaint and dispute services pursuant to the provisions of this Act and the operational rules.

(2)A designated dispute resolution organization (or a dispute resolution mediator) may receive dues, fees, or any other remuneration for engaging in complaint and dispute services, pursuant to a basic contract for the implementation of dispute resolution procedures or any other contract it has with a member trust company or similar person (meaning a trust company or similar person with which it has concluded a basic contract for the implementation of dispute resolution procedures; hereinafter the same applies in this Chapter) that is party to a complaint or dispute or with a customer thereof that is party to a complaint or dispute (hereinafter, to simplify, these persons are referred to as the "parties" in this Chapter) or with a person other than the parties.

Article 85-6A designated dispute resolution organization must not entrust a person other than another designated dispute resolution organization or a person with a designation under the provisions of other laws which Cabinet Order prescribes as being for operations equivalent to complaint and dispute services (referred to as an "entrusted dispute resolution organization" in Article 85-13, paragraphs (4) and (5)) with the operations of complaint processing procedures or dispute resolution procedures.

Article 85-7(1)A designated dispute resolution organization must prescribe the following particulars in its operational rules:

(2)The following particulars must be among the content of the basic contract for the implementation of dispute resolution procedures referred to in item (i) of the preceding paragraph:

(3)Operational rules respecting the particulars of the conclusion of a basic contract for the implementation of dispute resolution procedures referred to in paragraph (1), item (ii) must stipulate that a designated dispute resolution organization in receipt of an offer to conclude a basic contract for the implementation of dispute resolution procedures from a trust company or similar person must not refuse that offer unless the trust company or similar person is expected to be unreliable in its performance of the obligations under the basic contract for the implementation of dispute resolution procedures or of any other obligations connected with the implementation of complaint and dispute services.

(4)Operational rules respecting the particulars set forth in paragraph (1), item (iii) must conform to the following criteria:

(5)Operational rules respecting the particulars set forth in paragraph (1), items (iv) and (v) must conform to the following criteria:

(6)The term "special conciliation proposal" as used in paragraph (2), item (v) means a settlement proposal that, except in the following cases, the member trust company or similar person must accept:

(7)Changes to the operational rules are invalid without the authorization of the Prime Minister.

(8)Before granting the authorization under the preceding paragraph, the Prime Minister must first consult with the Minister of Justice as to whether the operational rules subject to authorization under the preceding paragraph conform to the criteria set forth in the items of paragraph (4) and the items of paragraph (5) (but only the part dealing with the operations of dispute resolution procedures).

Article 85-8(1)If the obligations that a member trust company or similar person bears pursuant to a basic contract for the implementation of dispute resolution procedures are breached and, on hearing the opinion of the member trust company or similar person, the designated dispute resolution organization finds there to be no legitimate reason for the breach, the designated dispute resolution organization must disclose the trade name or name of the member trust company or similar person and the fact of the breach to the public, as well as reporting this to the Prime Minister, without delay.

(2)A designated dispute resolution organization must endeavor to provide information, consultation, and other support to member trust companies and similar persons and to other persons, in order to preemptively prevent complaints involving trust business subject to dispute resolution procedures and disputes involving trust business subject to dispute resolution procedures, and in order to facilitate the processing of complaints involving trust business subject to dispute resolution procedures and the resolution of disputes involving trust business subject to dispute resolution procedures.

Article 85-9A designated dispute resolution organization must not allow the member, etc. of an organized crime group (meaning a member of an organized crime group as defined in Article 2, item (vi) of the Act to Prevent Illegal Activities by Members of Organized Crime Groups (hereinafter referred to as a "member of an organized crime group" in this Article) or a person that has not yet gone five years without being a member of an organized crime group) to engage in complaint and dispute services, nor may it employ the relevant person as an assistant in complaint and dispute services.

Article 85-10A designated dispute resolution organization must not subject any particular member trust company or similar person to unfairly differential treatment.

Article 85-11Beyond the preparation and filing under Article 85-13, paragraph (9), a designated dispute resolution organization must prepare and keep on file records of its complaint and dispute services pursuant to the provisions of Cabinet Office Order.

Article 85-12If the customer of a member trust company or similar person files a request to resolve a complaint involving trust business subject to dispute resolution procedures, in addition to complying with any request for a consultation about this, providing the customer with the necessary advice, and investigating the circumstances of the complaint involving the trust business subject to dispute resolution procedures, the designated dispute resolution organization must notify the member trust company or similar person of the substance and content of the complaint involving the trust business subject to dispute resolution procedures, and ask the member trust company or similar person to process the complaint expeditiously.

Article 85-13(1)A party to a complaint may file a request for dispute resolution procedures with the designated dispute resolution organization with which the member trust company or similar person has concluded a basic contract for the implementation of dispute resolution procedures, for the purpose of resolving a dispute involving trust business subject to dispute resolution procedures which concerns the member trust company or similar person.

(2)On receipt of a request as referred to in the preceding paragraph, a designated dispute resolution organization is to appoint dispute resolution mediators.

(3)Dispute resolution mediators are to be appointed from among persons of the highest moral character that fall under one of the following items (excluding any person that has an interest in a party connected with the request referred to in paragraph (1)).In this case, at least one of the dispute resolution mediators must be a person falling under item (i) or (iii) (or under item (i), (iii), or (iv), if the request pertains to a dispute provided for in Article 3, paragraph (1), item (vii) of the Judicial Scriveners Act):

(4)A designated dispute resolution organization is to send the request referred to in paragraph (1) into dispute resolution procedures by the dispute resolution mediators appointed pursuant to paragraph (2) (hereinafter, to simplify, each of these persons is referred to as a "dispute resolution mediator" in this Article and paragraph (1) of the following Article); provided, however, that if the dispute resolution mediators find that it is not appropriate to carry out dispute resolution procedures due to the finding that the customer of the member trust company or similar person that is a party to the request has sufficient ability to properly resolve the dispute involving trust business subject to dispute resolution procedures or due to any other grounds, or if the dispute resolution mediators find that the party has filed the request referred to in paragraph (1) for unjust purposes and without due cause, they are not to implement dispute resolution procedures; and if the dispute resolution mediators find it appropriate to send the request into procedures equivalent to dispute resolution procedures at an entrusted dispute resolution organization, the designated dispute resolution organization is to entrust an entrusted dispute resolution organization with the operations of dispute resolution procedures.

(5)If the dispute resolution mediators decide not to implement dispute resolution procedures pursuant to the proviso to the preceding paragraph, or if they decide to entrust an entrusted dispute resolution organization with the operations, the designated dispute resolution organization must notify the person filing the request referred to in paragraph (1), indicating that they have done so and giving the reasons therefor.

(6)A dispute resolution mediator may hear the opinions of the parties and persons of reference, ask them to submit written reports, ask the parties to submit books and documents and other articles that should serve as a reference, prepare a settlement proposal and recommend that the parties accept it, or implement a special conciliation (meaning presenting a special conciliation proposal as prescribed in Article 85-7, paragraph (6)).

(7)Dispute resolution procedures are not open to the public; provided, however, that the dispute resolution mediators may allow the attendance of a person they find to be appropriate, with the consent of the parties.

(8)Prior to the initiation of dispute resolution procedures and pursuant to the provisions of Cabinet Office Order, a designated dispute resolution organization must deliver a paper document giving the following information, or provide an electronic or magnetic record in which that information has been recorded, to the customer of the member trust company or similar person that is a party to the dispute, and give an explanation of the same:

(9)A designated dispute resolution organization must prepare and keep on file a dispute resolution procedures record giving the following information with regard to the dispute resolution procedures it implements, pursuant to the provisions of Cabinet Office Order:

Article 85-14(1)If dispute resolution mediators terminate the dispute resolution procedures on the grounds that there is no prospect of reaching a settlement between the parties to a dispute involving trust business subject to dispute resolution procedures through dispute resolution procedures, and the party to the dispute involving trust business subject to dispute resolution procedures that filed the request for dispute resolution procedures files an action on a claim that was subject to the dispute resolution procedures within one month from the day on which that party receives notice of the termination, the action is deemed to have been filed at the time that the claim was filed in the dispute resolution procedures, in terms of the postponement of completion of prescription.

(2)The provisions of the preceding paragraph also apply if the discontinuation of complaint and dispute services by a designated dispute resolution organization is authorized pursuant to Article 85-23, paragraph (1) or if the designation under Article 85-2, paragraph (1) is rescinded pursuant to Article 85-24, paragraph (1) and there is a dispute involving trust business subject to dispute resolution procedures for which dispute resolution procedures has been implemented as of the day of authorization or rescission, and the party to the dispute involving the trust business subject to dispute resolution procedures that has filed the request for dispute resolution procedures files an action on a claim that was subject to the dispute resolution procedures within one month from the day on which the party receives the notice under Article 85-23, paragraph (3) or Article 85-24, paragraph (3), or within one month from the day on which the party learns of the authorization or rescission, whichever comes earlier.

Article 85-15(1)If litigation in a dispute involving trust business subject to dispute resolution procedures is pending between the parties to the dispute, and if any of the following grounds exist and the parties to the dispute file a joint petition, the court in charge of the case may decide to suspend court proceedings for a fixed period of no longer than four months:

(2)The court in charge of the case may rescind the decision referred to in the preceding paragraph at any time.

(3)No appeal may be entered against a decision dismissing a petition referred to in paragraph (1) or a decision rescinding a decision referred to in paragraph (1) pursuant to the provisions of the preceding paragraph.

Article 85-16A designated dispute resolution organization must make the register of member trust companies and similar persons available for public inspection.

Article 85-17A person that is not a designated dispute resolution organization (other than a person designated as under Article 156-39, paragraph (1) of the Financial Instruments and Exchange Act or any other person that Cabinet Order prescribes as being similar thereto) must not use a character in its name or trade name which could give rise to the misconception that it is a designated dispute resolution organization.

Article 85-18(1)If there is a change involving information set forth in one of the items of Article 85-3, paragraph (1), a designated dispute resolution organization must notify the Prime Minister of this.

(2)The Prime Minister must issue public notice on receiving a notification pursuant to the provisions of the preceding paragraph of a change in the trade name or name of a designated dispute resolution organization or in the location of its principal business office or office.

Article 85-19If it falls under one of the following items, a designated dispute resolution organization must notify the Prime Minister of this pursuant to the provisions of Cabinet Office Order:

Article 85-20(1)Each business year, a designated dispute resolution organization must prepare a report on complaint and dispute services for that business year and submit it to the Prime Minister.

(2)Cabinet Office Order provides for the information required to be given in the report referred to in the preceding paragraph, the submission date, and other necessary particulars.

Article 85-21(1)On finding that it is necessary to do so in order for complaint and dispute services to be performed fairly and appropriately, the Prime Minister may order a designated dispute resolution organization to give reports or submit materials relevant to its operations; and may have the relevant officials enter the business office, office, or any other facilities of the designated dispute resolution organization; ask questions about the state of its operations; and inspect its books and documents and other articles.

(2)On finding that it is particularly necessary to do so in order for complaint and dispute services to be performed fairly and appropriately, the Prime Minister, within the scope of that necessity, may order a designated dispute resolution organization's member trust company or similar person or the person that a designated dispute resolution organization has entrusted with its operations to give reports or submit materials that should serve as a reference with regard to the designated dispute resolution organization's operations; and may have the relevant officials enter the business office, office, or other facilities of the relevant persons; ask questions about the state of the designated dispute resolution organization's operations; and inspect its books and documents and other articles.

(3)An official carrying out an on-site inspection pursuant to the provisions of the preceding paragraph must carry identification and present it to the persons concerned.

(4)The authority for an on-site inspection under the provisions of paragraphs (1) and (2) must not be interpreted as having been accorded for the purpose of a criminal investigation.

Article 85-22(1)On finding that it is necessary to do so in connection with a designated dispute resolution organization's administration of complaint and dispute services in order to ensure the fair and appropriate performance of complaint and dispute services, the Prime Minister, within the scope of that necessity, may order the designated dispute resolution organization to take the measures that are necessary for improving the administration of its services.

(2)If a designated dispute resolution organization falls under one of the following items, the Prime Minister must first consult with the Minister of Justice before issuing the order under the preceding paragraph:

Article 85-23(1)A designated dispute resolution organization must have the authorization of the Prime Minister to suspend (excluding suspension on the grounds prescribed in the following paragraph) or discontinue all or part of its complaint and dispute services.

(2)A designated dispute resolution organization must notify the Prime Minister immediately on suspending all or part of its complaint and dispute services due to a natural disaster or for any other compelling reason, indicating that it has done so and giving the reason. The same applies when the designated dispute resolution organization recommences all or a part of complaint and dispute services so suspended.

(3)A designated dispute resolution organization that obtains the authorization for suspension or discontinuation under paragraph (1) or that implements the suspension referred to in the preceding paragraph must notify any party for which complaint processing procedures or dispute resolution procedures have been implemented as of the day of the suspension or discontinuation (if the designated dispute resolution organization has been entrusted with operations by another designated dispute resolution organization or by a person that has obtained a designation under the provisions of other laws which Cabinet Order prescribes as being for operations equivalent to complaint and dispute services (hereinafter collectively referred to as an "entrusting dispute resolution organization" in this paragraph), this includes procedures for processing complaints or procedures for resolving disputes for the entrusting dispute resolution organization that has so entrusted it; the same applies in paragraph (3) of the following Article), the member trust companies and similar persons that are not parties, and other designated dispute resolution organizations, of the suspension or discontinuation, within two weeks from the day of the suspension or discontinuation. The same applies if the designated dispute resolution organization recommences all or part of the complaint and dispute services so suspended.

Article 85-24(1)If a designated dispute resolution organization falls under one of the following items, the Prime Minister may rescind the designation under Article 85-2, paragraph (1) or order the suspension of all or part of its operations during a fixed period of no longer than six months:

(2)If a designated dispute resolution organization falls under one of the following items, the Prime Minister must first consult with the Minister of Justice before issuing a disposition or order under the preceding paragraph:

(3)A person subject to a disposition rescinding a designation under Article 85-2, paragraph (1) or an order to suspend all or a part of its operations pursuant to the provisions of paragraph (1) must notify any party for which complaint processing procedures or dispute resolution procedures have been implemented as of the day of the disposition or order, member trust companies and similar persons that are not parties, and other designated dispute resolution organizations, that it is subject to the disposition or order, within two weeks from the day of the disposition or order.

(4)The Prime Minister must issue public notice on rescinding a designation under Article 85-2, paragraph (1) pursuant to the provisions of paragraph (1).