Article 1The terms "Specified Assets," "Special Purpose Company," "Preferred Equity," "Specified Corporate Bonds," "Special Purpose Trust," and "Fiduciary Trust Company, etc." as used in this Order mean Specified Assets, Special Purpose Company, Preferred Equity, Specified Corporate Bonds, Special Purpose Trust, and Fiduciary Trust Company, etc. as defined in Article 2 of the Act on Securitization of Assets (hereinafter referred to as the "Act"), respectively.

Article 2The employee specified by Cabinet Order as referred to in Article 4, paragraph (2), item (iii) of the Act (including the cases where applied mutatis mutandis pursuant to Article 11, paragraph (5) of the Act) and Article 70, paragraph (1), item (vi) of the Act (including the cases where applied mutatis mutandis pursuant to Article 72, paragraph (2) and Article 167, paragraph (7) of the Act) shall be the person who supervises the business of the business office(s) and any other person specified by Cabinet Office Ordinance as a person equivalent thereto.

Article 3The categories of Specified Assets specified by Cabinet Order as referred to in Article 5, paragraph (2) of the Act shall be the categories listed in the following items, and the period specified by Cabinet Order as referred to in that paragraph shall be the periods specified in said items according to said categories:

Article 4In cases where the provisions of the main clause of Article 932 of the Companies Act (Act No. 86 of 2005) are applied mutatis mutandis pursuant to the provisions of Article 22, paragraph (4) of the Act to the registration of a Special Purpose Company at the location of its branch office, the phrase "Articles 919 to 925 and Article 929" in the main clause of Article 932 of the Companies Act shall be deemed to be replaced with "Article 929 (limited to the portion pertaining to item (i)) as applied mutatis mutandis pursuant to Article 179, paragraph (1) of the Asset Securitization Act."

Article 5In cases where the provisions of Article 850, paragraph (4) of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 25, paragraph (4) of the Act to an action for pursuing the liability of an incorporator, a Director at Incorporation or a Company Auditor at Incorporation, the phrase "Article 55, Article 120, paragraph (5), Article 424 (including the cases where it is applied mutatis mutandis pursuant to Article 486, paragraph (4)), Article 462, paragraph (3) (limited to the portion pertaining to the obligations assumed for the portion not exceeding the Distributable Amount prescribed in the proviso to that paragraph), Article 464, paragraph (2) and Article 465, paragraph (2)" in Article 850, paragraph (4) of the Companies Act shall be deemed to be replaced with "Article 55 as applied mutatis mutandis pursuant to Article 25, paragraph (2) of the Asset Securitization Act."

Article 6In cases where the provisions of Article 123 of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 28, paragraph (3) of the Act to the Administrator of a Specified Equity Member Registry of a Special Purpose Company, the term "shareholder registry" in Article 123 of the Companies Act shall be deemed to be replaced with "Specified Equity Member registry."

Article 7In cases where the provisions of Article 134 of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 30, paragraph (2) of the Act to Specified Equity of a Special Purpose Company, the technical replacement of terms and phrases pertaining to said provisions of the Companies Act shall be as in the following table:

Article 8(1)In cases where the provisions of Article 142, paragraphs (1) and (2) of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 31, paragraph (1) of the Act to a Designated Purchaser, the technical replacement of terms and phrases pertaining to those provisions of the Companies Act shall be as in the following table:

(2)In cases where the provisions of Article 144, paragraph (5) of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 31, paragraph (8) of the Act to the notice to be given under the provisions of Article 142, paragraph (1) of the Companies Act as applied mutatis mutandis pursuant to Article 31, paragraph (8) of the Act, the term "number" in Article 144, paragraph (5) of the Companies Act shall be deemed to be replaced with "number of units."

Article 9In cases where the provisions of Article 154, paragraph (2) of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 32, paragraph (6) of the Act to a Registered Pledgee of Specified Equity pertaining to Specified Equity of a Special Purpose Company, the term "the preceding paragraph" in Article 154, paragraph (2) of the Companies Act shall be deemed to be replaced with "Article 32, paragraph (5) of the Asset Securitization Act."

Article 10(1)In cases where the provisions of Article 32 of the Act are applied mutatis mutandis pursuant to the provisions of Article 33, paragraph (3) of the Act to cases of placing Specified Equity in trust under the provisions of Article 33, paragraph (1) of the Act, the technical replacement of terms and phrases pertaining to the provisions of Article 32 of the Act (including the provisions of the Companies Act as applied mutatis mutandis pursuant to said provisions) shall be as in the following table:

(2)In cases where the provisions of Article 133 of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 33, paragraph (3) of the Act to cases of placing Specified Equity in trust under the provisions of Article 33, paragraph (1) of the Act, the technical replacement of terms and phrases pertaining to the provisions of Article 133 of the Companies Act shall be as in the following table:

Article 11(1)A person who intends to provide the matters prescribed in the provisions as follows by Electromagnetic Means (meaning electromagnetic means as prescribed in Article 40, paragraph (3) of the Act; the same shall apply hereinafter) (such person shall be referred to as the "Provider" in the following paragraph) shall, pursuant to the provisions of Cabinet Office Ordinance, indicate in advance the type and details of the means to be used, to the other party to whom the matters shall be provided, and obtain consent therefrom in writing or by Electromagnetic Means:

(2)When the other party set forth in the preceding paragraph states in writing or by Electromagnetic Means to the effect that he/she will not receive the provision of the matters by Electromagnetic Means, the Provider who has previously obtained consent under the provisions of the preceding paragraph shall not provide such matters to such other party by Electromagnetic Means; provided, however, that this shall not apply if said other party gives consent again under the provisions of that paragraph.

Article 12In cases where the provisions of Article 202, paragraph (1), item (i) and Article 204, paragraph (2) of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 36, paragraph (5) of the Act to Specified Equity for Subscription of a Special Purpose Company set forth in Article 36, paragraph (1) of the Act, the technical replacement of terms and phrases pertaining to those provisions of the Companies Act shall be as in the following table:

Article 13In cases where the provisions of Article 850, paragraph (4) of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 36, paragraph (10) of the Act to an action seeking payment under the provisions of Article 212, paragraph (1) of the Companies Act as applied mutatis mutandis pursuant to Article 36, paragraph (5) of the Act, and an action for pursuing the liability of the directors, etc. prescribed in Article 213, paragraph (1) of the Companies Act under the provisions of that paragraph as applied mutatis mutandis pursuant to Article 36, paragraph (5) of the Act, the phrase "Article 55, Article 120, paragraph (5), Article 424 (including the cases where it is applied mutatis mutandis pursuant to Article 486, paragraph (4)), Article 462, paragraph (3) (limited to the portion pertaining to the obligations assumed for the portion not exceeding the Distributable Amount prescribed in the proviso to that paragraph), Article 464, paragraph (2) and Article 465, paragraph (2) " in Article 850, paragraph (4) of the Companies Act shall be deemed to be replaced with "Article 94, paragraph (4) of the Asset Securitization Act."

Article 14In cases where the provisions of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 38 of the Act to the consolidation of Specified Equity of a Special Purpose Company, the technical replacement of terms and phrases pertaining to the provisions of the Companies Act shall be as in the following table:

Article 15The person other than the Special Purpose Company who is specified by Cabinet Order as referred to in Article 40, paragraph (1), item (viii) of the Act shall be any of the following persons:

Article 16In cases where the provisions of Article 180, paragraph (2) (limited to the portion pertaining to item (iii)) of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 50, paragraph (1) of the Act to the consolidation of the Preferred Equity of a Special Purpose Company, the phrase "Company with Class Shares" in that item shall be deemed to be replaced with "Special Purpose Company issuing two or more classes of Preferred Equity."

Article 17In cases where the provisions of Article 235, paragraph (1) of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 50, paragraph (3) of the Act to the cancellation and consolidation of the Preferred Equity of a Special Purpose Company, the phrase "number [of shares] equivalent to" in Article 235, paragraph (1) of the Companies Act shall be deemed to be replaced with "number of units [of shares] equivalent to."

Article 18(1)A person who intends to send a notice by Electromagnetic Means pursuant to the provisions listed as follows (such person shall be referred to as the "Sender of the Notice in the following paragraph) shall, pursuant to the provisions of Cabinet Office Ordinance, indicate in advance the type and details of the Electromagnetic Means to be used, to the other party to whom the notice shall be sent, and obtain consent therefrom in writing or by Electromagnetic Means:

(2)When the other party set forth in the preceding paragraph states in writing or by Electromagnetic Means to the effect that he/she will not receive a notice sent by Electromagnetic Means, the Sender of the Notice who has previously obtained consent under the provisions of the preceding paragraph shall not send such notice to such other party by Electromagnetic Means; provided, however, that this shall not apply if said other party gives his/her consent again under the provisions of that paragraph.

Article 19In cases where the provisions of Article 307, paragraph (3) of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 58, paragraph (2) of the Act to cases where a petition set forth in Article 58, paragraph (1) of the Act has been filed, the phrase "directors (or the directors and company auditors for a Company with Auditors)" in Article 307, paragraph (3) of the Companies Act shall be deemed to be replaced with "directors and company auditors."

Article 20In cases where the provisions of Article 937, paragraph (1) (limited to the portion pertaining to item (i), sub-item (g) 2.) of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 64, paragraph (2) of the Act to an action seeking the rescission of a resolution as set forth in Article 64, paragraph (1) of the Act, the phrase "items of Article 930, paragraph (2) " in Article 937, paragraph (1) of the Companies Act shall be deemed to be replaced with "items of Article 930, paragraph (2) as applied mutatis mutandis pursuant to Article 22, paragraph (4) of the Asset Securitization Act."

Article 21In cases where the provisions of the main clause of Article 300 of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 65, paragraph (1) of the Act to the general meeting of members set forth in Article 56, paragraph (1) of the Act (excluding a general meeting of members which adopts a Resolution for Changing the Plan as set forth in Article 152, paragraph (1) of the Act), the term "the preceding Article" in the main clause of Article 300 of the Companies Act shall be deemed to be replaced with "Article 56, paragraphs (1) and (2) of the Asset Securitization Act."

Article 22In cases where the provisions of Article 314 and Article 318 of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 65, paragraph (3) of the Act to the general meeting of members of a Special Purpose Company, the technical replacement of terms and phrases pertaining to those provisions of the Companies Act shall be as in the following table:

Article 23In cases where the provisions of Article 937, paragraph (1) (limited to the portion pertaining to item (i), sub-item (g)) of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 65, paragraph (4) of the Act to an action for declaratory judgment of the absence or invalidation of a resolution made at a general meeting of members of a Special Purpose Company or an action seeking the rescission of such a resolution, the phrase "items of Article 930, paragraph (2)" in Article 937, paragraph (1) of the Companies Act shall be deemed to be replaced with "items of Article 930, paragraph (2) as applied mutatis mutandis pursuant to Article 22, paragraph (4) of the Asset Securitization Act."

Article 24The amount specified by Cabinet Order as referred to in Article 67, paragraph (1) of the Act shall be 20 billion yen.

Article 25In cases where the provisions of Article 359, paragraph (3) of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 81, paragraph (2) of the Act to the inspector in cases where a petition set forth in Article 81, paragraph (1) of the Act has been filed and to cases where the report thereof has been made, the phrase "directors (or the directors and company auditors of a Company with Auditors)" in Article 359, paragraph (3) of the Companies Act shall be deemed to be replaced with "directors and company auditors."

Article 26In cases where the provisions of Article 357, paragraph (1) of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 85 of the Act to directors of a Special Purpose Company, the phrase "shareholders (or, for a Company with Auditors, the company auditors)" in Article 357, paragraph (1) of the Companies Act shall be deemed to be replaced with "company auditors."

Article 27In cases where the provisions of Article 375, paragraph (1) and Article 378, paragraph (1), item (i) of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 86, paragraph (2) of the Act to a company with accounting advisors, the technical replacement of terms and phrases pertaining to those provisions of the Companies Act shall be as in the following table:

Article 28In cases where the provisions of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 97, paragraph (2) of the Act to an action for pursuing the liability in a Special Purpose Company, the technical replacement of terms and phrases pertaining to the provisions of the Companies Act shall be as in the following table:

Article 29(1)In cases where the provisions of Article 64, paragraph (2) of the Act are applied mutatis mutandis pursuant to the provisions of Article 110, paragraph (4) of the Act to cases of reducing the Amount of Preferred Capital under the provisions of Article 110, paragraph (1) of the Act, the phrase "resolution set forth in the preceding paragraph" in Article 64, paragraph (2) of the Act shall be deemed to be replaced with "decision set forth in the preceding paragraph."

(2)In cases where the provisions of Article 937, paragraph (1) (limited to the portion pertaining to item (i), sub-item (g) 2.) of the Companies Act as applied mutatis mutandis pursuant to Article 64, paragraph (2) of the Act are applied mutatis mutandis pursuant to the provisions of Article 110, paragraph (4) of the Act to cases of reducing the Amount of Preferred Capital under the provisions of Article 110, paragraph (1) of the Act, the phrase "items of Article 930, paragraph (2)" in Article 937, paragraph (1) of the Companies Act shall be deemed to be replaced with "items of Article 930, paragraph (2) as applied mutatis mutandis pursuant to Article 22, paragraph (4) of the Asset Securitization Act."

Article 30In cases where the provisions of Article 836, paragraph (1) of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 112 of the Act to an action seeking the invalidation of the reduction of the Amount of Specified Capital or the Amount of Preferred Capital, the phrase "shareholder or a Shareholder at Incorporation" in Article 836, paragraph (1) of the Companies Act shall be deemed to be replaced with "member."

Article 31(1)In cases where the provisions of Article 462, paragraphs (2) and (3) of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 119, paragraph (1) of the Act to the liability of the director(s) under the provisions of Article 117 of the Act, the technical replacement of terms and phrases pertaining to those provisions of the Companies Act shall be as in the following table:

(2)In cases where the provisions of Article 463 of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 119, paragraph (1) of the Act to members of a Special Purpose Company, the technical replacement of terms and phrases pertaining to said provisions of the Companies Act shall be as in the following table:

(3)In cases where the provisions of Article 464 of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 119, paragraph (1) of the Act to the liability of the director(s) of a Special Purpose Company who has responded to the demand made under the provisions of Article 153 of the Act, the technical replacement of terms and phrases pertaining to said provisions of the Companies Act shall be as in the following table:

(4)In cases where the provisions of Article 465, paragraph (2) of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 119, paragraph (1) of the Act to the liability of the director(s) of a Special Purpose Company under Article 118 of the Act, the phrase "all shareholders" in Article 465, paragraph (2) of the Companies Act shall be deemed to be replaced with "all members."

(5)In cases where the provisions of Article 850, paragraph (4) of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 119, paragraph (2) of the Act to an action pursuing the liability of the director(s) of a Special Purpose Company as prescribed in Article 117 of the Act under the provisions of that Article and an action pursuing the liability of the director(s) of a Special Purpose Company under the provisions of Article 118 of the Act and the provisions of Article 464 of the Companies Act as applied mutatis mutandis pursuant to Article 119, paragraph (1) of the Act, the phrase "Article 55, Article 120, paragraph (5), Article 424 (including the cases where it is applied mutatis mutandis pursuant to Article 486, paragraph (4)), Article 462, paragraph (3) (limited to the portion pertaining to the obligations assumed for the portion not exceeding the Distributable Amount prescribed in the proviso to that paragraph), Article 464, paragraph (2) and Article 465, paragraph (2)" in Article 850, paragraph (4) of the Companies Act shall be deemed to be replaced with "Article 462, paragraph (3) as applied mutatis mutandis pursuant to Article 119, paragraph (1) of the Asset Securitization Act (limited to the portion pertaining to the obligations assumed for the portion not exceeding the amount prescribed in Article 114, paragraph (1) or Article 115, paragraph (3) of the Asset Securitization Act), Article 464, paragraph (2), and Article 465, paragraph (2)."

Article 32In cases where the provisions of Article 852, paragraph (3) of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 120, paragraph (6) of the Act to an action demanding the return of benefits under Article 120, paragraph (3) of the Act, the phrase "Article 849, paragraph (1)" in Article 852, paragraph (3) of the Companies Act shall be deemed to be replaced with "Article 849, paragraph (1) as applied mutatis mutandis pursuant to Article 120, paragraph (6) of the Asset Securitization Act."

Article 33The person other than the Special Purpose Company who is specified by Cabinet Order as referred to in Article 122, paragraph (1), item (xviii) of the Act shall be any of the following persons:

Article 34In cases where the provisions of Article 568, paragraph (3) of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 127, paragraph (8) of the Act to the Specified Corporate Bond Administrator, in Article 568, paragraph (3) of the Companies Act, the phrase "Article 705, paragraph (4), Article 706, paragraph (4), Article 707" shall be deemed to be replaced with "Article 707," and the phrase "Article 714, paragraphs (1) and (3), Article 718, paragraph (3), Article 732, Article 740, paragraph (1) and Article 741, paragraph (1) " shall be deemed to be replaced with "Article 714, paragraph (1) and paragraph (3)."

Article 35In cases where the provisions of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 129, paragraph (2) of the Act to Specified Corporate Bonds, etc. in cases where a Special Purpose Company issues Specified Corporate Bonds, the technical replacement of terms and phrases pertaining to the provisions of the Companies Act shall be as in the following table:

Article 36The laws and regulations specified by Cabinet Order as referred to in Article 130 of the Act shall be the Secured Corporate Bonds Act (excluding Article 23) and the Order for Enforcement of the Secured Corporate Bonds Act (Cabinet Order No. 51 of 2002), and with regard to the application of those laws and regulations concerning Specified Corporate Bonds, Specified Corporate Bond holders, Specified Corporate Bond Certificates, Specified Corporate Bond Administrators, Specified Corporate Bond registries, Specified Corporate Bond holders meetings, and representative Specified Corporate Bond holders shall be deemed to be bonds, bondholders, bond certificates, bond managers, bond registries, bondholders' meetings, and representative bondholders provided in Part IV of the Companies Act respectively.In this case, the terms and phrases listed in the middle column of the following table which are the terms used in the provisions of the laws and regulations set forth in the left-hand column of that table shall be deemed to be replaced with the terms and phrases provided in the right-hand column of that table.

Article 37In cases where the provisions of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 138, paragraph (1) of the Act to convertible Specified Corporate Bonds of a Special Purpose Company, the technical replacement of terms and phrases pertaining to the provisions of the Companies Act shall be as in the following table:

Article 38In cases where the provisions of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 147, paragraph (1) of the Act to Specified Corporate Bonds with rights to subscribe for Preferred Equity, the technical replacement of terms and phrases pertaining to the provisions of the Companies Act shall be as in the following table:

Article 39In cases where the provisions of Article 117, paragraph (6) of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 153, paragraph (4) of the Act to the Demand for Purchase of Preferred Equity made by a Preferred Equity Member of a Special Purpose Company, the phrase "to shares" in Article 117, paragraph (6) of the Companies Act shall be deemed to be replaced with "to Preferred Equity."

Article 40In cases where the provisions of Article 62 of the Act are applied mutatis mutandis pursuant to the provisions of Article 154, paragraph (6) of the Act to the resolution of approval made at the Specified Corporate Bond holders meeting set forth in Article 154, paragraph (1) of the Act, the technical replacement of terms and phrases pertaining to said provisions of the Act shall be as in the following table:

Article 41(1)In cases where a Special Purpose Company gives notice as set forth in Article 157, paragraph (1) of the Act by the means of using an electronic data processing system or information and communications technology as prescribed in Article 132, paragraph (2) of the Act as applied mutatis mutandis pursuant to Article 157, paragraph (2) of the Act, the company shall, pursuant to the provisions of Cabinet Office Ordinance, indicate in advance the type and details of the means to be used, to the relevant creditor(s) pertaining to the Special Purpose Borrowing, and obtain consent therefrom in writing or by Electromagnetic Means.

(2)When the creditor(s) pertaining to the Special Purpose Borrowing states in writing or by Electromagnetic Means to the effect that he/she will not receive the notice given by Electromagnetic Means, the Special Purpose Company which has previously obtained consent under the provisions of the preceding paragraph shall not give notice as prescribed in Article 157, paragraph (1) of the Act to such creditor(s) pertaining to the Special Purpose Borrowing by Electromagnetic Means; provided, however, that this shall not apply if said creditor(s) pertaining to the Special Purpose Borrowing gives consent again under the provisions of that paragraph.

Article 42In cases where the provisions of Article 824 and Article 825 of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 163 of the Act to the dissolution order for a Special Purpose Company and the preservation of the properties of a Special Purpose Company, the technical replacement of terms and phrases pertaining to those provisions of the Companies Act shall be as in the following table:

Article 43(1)In cases where the provisions of the Act, etc. are applied mutatis mutandis pursuant to the provisions of Article 170, paragraph (3) of the Act to the liquidator of a Liquidating Special Purpose Company, the technical replacement of terms and phrases pertaining to said provisions of the Act, etc. shall be as in the following table:

(2)In cases where the provisions of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 174, paragraph (3) of the Act to an action pursuing the liability of a liquidator in a Liquidating Special Purpose Company as prescribed in Article 97, paragraph (2) of the Act, the technical replacement of terms and phrases pertaining to said provisions of the Companies Act shall be as in the following table:

(3)In cases where the provisions of Article 495, paragraphs (1) and (2) and Article 498 of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 177, paragraph (3) of the Act to the balance sheet and administrative report set forth in Article 177, paragraph (1) of the Act as well as the annexed detailed statements thereof, the technical replacement of terms and phrases pertaining to those provisions of the Companies Act shall be as in the following table:

(4)In cases where the provisions of Article 505 and Article 506 of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 178, paragraph (4) of the Act to a Liquidating Special Purpose Company, the technical replacement of terms and phrases pertaining to those provisions of the Companies Act shall be as in the following table:

(5)In cases where the provisions of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 179, paragraph (1) of the Act to the liquidation of a Special Purpose Company, the technical replacement of terms and phrases pertaining to said provisions of the Companies Act shall be as in the following table:

Article 44In cases where the provisions of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 180, paragraph (4) of the Act to the special liquidation of a Liquidating Special Purpose Company, the technical replacement of terms and phrases pertaining to said provisions of the Companies Act shall be as in the following table:

Article 45In cases where the provisions of Article 46 (excluding paragraph (4)) and Article 64 of the Commercial Registration Act are applied mutatis mutandis pursuant to the provisions of Article 183, paragraph (1) of the Act to the registration of a Special Purpose Company, the technical replacement of terms and phrases pertaining to those provisions of the Commercial Registration Act shall be as in the following table:

Article 46Those specified by Cabinet Order as referred to in Article 198 of the Act shall be the person who supervises the business of the business office(s) and any other person specified by Cabinet Office Ordinance as a person equivalent thereto.

Article 47(1)In cases where the provisions of the Financial Instruments and Exchange Act (Act No. 25 of 1948) are applied mutatis mutandis pursuant to the provisions of Article 209, paragraph (1) of the Act to a Special Purpose Company making a Public Offering, etc. of Asset Backed Securities and to a Specified Transferrer handling the Public Offering, etc. of Asset Backed Securities, the technical replacement of terms and phrases pertaining to said provisions of the Financial Instruments and Exchange Act shall be as in the following table:

(2)In cases where the provisions of the Act are applied mutatis mutandis pursuant to the provisions of Article 209, paragraph (2) of the Act to a Specified Transferrer handling the Public Offering, etc. of Asset Backed Securities, the technical replacement of terms and phrases pertaining to said provisions of the Act shall be as in the following table:

Article 47-2(1)The matters specified by Cabinet Order as referred to in Article 37, paragraph (1), item (iii) of the Financial Instruments and Exchange Act as applied mutatis mutandis pursuant to Article 209, paragraph (1) of the Act shall be as follows:

(2)Notwithstanding the provisions of the preceding paragraph, the matters specified by Cabinet Order as referred to in Article 37, paragraph (1), item (iii) of the Financial Instruments and Exchange Act as applied mutatis mutandis pursuant to Article 209, paragraph (1) of the Act in cases where the acts prescribed in Article 37, paragraph (1) of the Financial Instruments and Exchange Act as applied mutatis mutandis pursuant to Article 209, paragraph (1) of the Act are to be carried out by way of broadcasting, using the broadcast equipment of a Private Broadcaster (meaning the Private Broadcaster defined in Article 2, item (iii)-3 of the Broadcast Act (Act No. 132 of 1950); the same shall apply in Article 72-2, paragraph (2)) or by any other means specified by Cabinet Office Ordinance as being equivalent thereto, shall be as follows:

Article 48The provisions of Article 15-22 of the Order for Enforcement of the Financial Instruments and Exchange Act (Cabinet Order No. 321 of 1965) shall apply mutatis mutandis to cases where the provisions of Article 34-2, paragraph (4) of the Financial Instruments and Exchange Act are applied mutatis mutandis pursuant to Article 37-3, paragraph (2) and Article 37-4, paragraph (2) of that Act as applied mutatis mutandis pursuant to Article 209, paragraph (1) of the Act (including the cases where applied mutatis mutandis pursuant to Article 286, paragraph (1) of the Act).

Article 49(1)In cases where the provisions of Article 212 (excluding paragraph (4)) of the Act are applied mutatis mutandis pursuant to the provisions of Article 224 of the Act to the assets which a Trust Company, etc. (meaning the Trust Company, etc. prescribed in Article 33, paragraph (1) of the Act) serving as the trustee of a Special Purpose Trust acquires from the Originator as the trust property of the Special Purpose Trust, the technical replacement of terms and phrases pertaining to said provisions of the Act shall be as in the following table:

(2)In cases where the provisions of Article 212 (excluding paragraph (4)) of the Act are applied mutatis mutandis pursuant to the provisions of Article 224 of the Act to the assets acquired or possessed by a Fiduciary Trust Company, etc. as the trust property of the Special Purpose Trust, the technical replacement of terms and phrases pertaining to said provisions of the Act shall be as in the following table:

Article 50The provisions of Article 3 shall apply mutatis mutandis to the categories of Specified Assets specified by Cabinet Order and the periods specified by Cabinet Order, as referred to in Article 226, paragraph (2) of the Act.

Article 51In cases where the provisions of Article 9, paragraphs (2) and (3) of the Act are applied mutatis mutandis pursuant to the provisions of Article 227, paragraph (2) of the Act to the Notification of Change made under the provisions of Article 227, paragraph (1) of the Act, the technical replacement of terms and phrases pertaining to those provisions of the Act shall be as in the following table:

Article 52The conditions specified by Cabinet Order as referred to in Article 230, paragraph (1), item (iv) of the Act shall be as follows:

Article 53(1)In cases where the provisions of the Trust Act are applied mutatis mutandis pursuant to the provisions of Article 236, paragraph (2) of the Act to Beneficiary Certificate holders, the term "Ordinance of the Ministry of Justice" in the Trust Act shall be deemed to be replaced with "Cabinet Office Ordinance," and the terms and phrases listed in the middle column of the following table which are used in the provisions of that Act set forth in the left-hand column of that table shall be deemed to be replaced with the terms and phrases provided in the right-hand column of that table:

(2)In cases where the provisions of Article 124, paragraph (4) of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 236, paragraph (2) of the Act to Beneficiary Certificate holders, in Article 124, paragraph (4) of the Companies Act, the term "stock company" shall be deemed to be replaced with " Fiduciary Trust Company, etc.," and the term "shares" shall be deemed to be replaced with "beneficial interests in the Special Purpose Trust."

Article 54In cases where the provisions of the Trust Act are applied mutatis mutandis pursuant to the provisions of Article 239, paragraph (1) of the Act to beneficial interests in a Special Purpose Trust, the technical replacement of terms and phrases pertaining to the provisions of the Trust Act shall be as in the following table:

Article 55(1)In cases where the provisions of Article 108 and Article 191 (excluding paragraph (5)) of the Trust Act are applied mutatis mutandis pursuant to the provisions of Article 242, paragraph (5) of the Act (including the cases where applied mutatis mutandis pursuant to Article 253 of the Act) to the calling of a Beneficiary Certificate holders meeting or calling of a Class Beneficiary Certificate holders meeting, the term "Ordinance of the Ministry of Justice" in those provisions of the Trust Act shall be deemed to be replaced with "Cabinet Office Ordinance," and the terms and phrases listed in the middle column of the following table which are used in the provisions of that Act set forth in the left-hand column of that table shall be deemed to be replaced with the terms and phrases provided in the right-hand column of that table:

(2)In cases where the provisions of Article 718, paragraphs (1) and (3) of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 242, paragraph (5) of the Act (including the cases where applied mutatis mutandis pursuant to Article 253 of the Act) to the calling of a Beneficiary Certificate holders meeting or calling of a Class Beneficiary Certificate holders meeting, the technical replacement of terms and phrases pertaining to those provisions of the Companies Act shall be as in the following table:

Article 56In cases where the provisions of Article 62 of the Act are applied mutatis mutandis pursuant to the provisions of Article 243, paragraph (3) of the Act (including the cases where applied mutatis mutandis pursuant to Article 253 of the Act) to the method for the resolution of a Beneficiary Certificate holders meeting or the method for the resolution of a Class Beneficiary Certificate holders meeting, the technical replacement of terms and phrases pertaining to said provisions of the Act shall be as in the following table:

Article 57(1)In cases where the provisions of the Trust Act are applied mutatis mutandis pursuant to the provisions of Article 245, paragraph (2) of the Act to the exercise of voting rights in writing set forth in Article 245, paragraph (1) of the Act, the term "Ordinance of the Ministry of Justice" in the Trust Act shall be deemed to be replaced with "Cabinet Office Ordinance," and the terms and phrases listed in the middle column of the following table which are used in the provisions of that Act set forth in the left-hand column of that table shall be deemed to be replaced with the terms and phrases provided in the right-hand column of that table:

(2)In cases where the provisions of Article 311, paragraphs (3) and (4) of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 245, paragraph (2) of the Act to the exercise of voting rights in writing set forth in Article 245, paragraph (1) of the Act, the technical replacement of terms and phrases pertaining to those provisions of the Companies Act shall be as in the following table:

Article 58In cases where the provisions of Article 708 of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 246, paragraph (2) of the Act to the person specified by a resolution made at a Beneficiary Certificate holders meeting as set forth in Article 246, paragraph (2) of the Act, the term "bondholder" in Article 708 of the Companies Act shall be deemed to be replaced with " Beneficiary Certificate holders."

Article 59(1)In cases where the provisions of the Trust Act are applied mutatis mutandis pursuant to the provisions of Article 249, paragraph (1) of the Act (including the cases where applied mutatis mutandis pursuant to Article 253 of the Act)to a Beneficiary Certificate holders meeting or a Class Beneficiary Certificate holders meeting, the term "Ordinance of the Ministry of Justice" in the Trust Act shall be deemed to be replaced with "Cabinet Office Ordinance," and the terms and phrases listed in the middle column of the following table which are used in the provisions of that Act set forth in the left-hand column of that table shall be deemed to be replaced with the terms and phrases provided in the right-hand column of that table:

(2)In cases where the provisions of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 249, paragraph (1) of the Act (including the cases where applied mutatis mutandis pursuant to Article 253 of the Act) to a Beneficiary Certificate holders meeting or a Class Beneficiary Certificate holders meeting, the technical replacement of terms and phrases pertaining to the provisions of the Companies Act shall be as in the following table:

Article 60In cases where the provisions of Article 63, paragraphs (1) to (3) inclusive of the Act are applied mutatis mutandis pursuant to the provisions of Article 250, paragraph (3) of the Act to cases of making a resolution in writing, the technical replacement of terms and phrases pertaining to those provisions of the Act shall be as in the following table:

Article 60-2In cases where the provisions of Article 109, paragraph (3) of the Trust Act are applied mutatis mutandis pursuant to the provisions of Article 252, paragraph (2) of the Act to a Class Beneficiary Certificate holders meeting, the phrase "items of the preceding Article" in Article 109, paragraph (3) of the Trust Act shall be deemed to be replaced with "items of the preceding Article as applied mutatis mutandis pursuant to Article 242, paragraph (5) of the Asset Securitization Act."

Article 61In cases where the provisions of the Act are applied mutatis mutandis pursuant to the provisions of Article 253 of the Act to a Class Beneficiary Certificate holders meeting, the term "Ordinance of the Ministry of Justice" in the provisions of the Act (including the provisions of the Trust Act and the Companies Act as applied mutatis mutandis pursuant to said provisions; hereinafter the same shall apply in this Article) shall be deemed to be replaced with "Cabinet Office Ordinance," and the terms and phrases listed in the middle column of the following table which are used in the provisions of the Act set forth in the left-hand column of that table shall be deemed to be replaced with the terms and phrases provided in the right-hand column of that table:

Article 61-2In cases where the provisions of Article 262 (excluding paragraph (5)) of the Trust Act are applied mutatis mutandis pursuant to the provisions of Article 257, paragraph (2) of the Act to the resignation of a Representative Beneficiary Certificate holder, the technical replacement of terms and phrases pertaining to said provisions of the Trust Act shall be as in the following table:

Article 62(1)In cases where the provisions of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 259, paragraph (1) of the Act to a Representative Beneficiary Certificate holder, the technical replacement of terms and phrases pertaining to the provisions of the Companies Act shall be as in the following table:

(2)In cases where the provisions of Article 738 of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 259, paragraph (1) of the Act to the dismissal of a Representative Beneficiary Certificate holder, the term "bondholders' meeting" in Article 738 of the Companies Act shall be deemed to be replaced with "Beneficiary Certificate holders meeting."

Article 63(1)In cases where the provisions of Article 44 and Article 85, paragraph (4) of the Trust Act are applied mutatis mutandis pursuant to the provisions of Article 260, paragraph (5) of the Act to a Specified Trust Administrator, the technical replacement of terms and phrases pertaining to those provisions of the Trust Act shall be as in the following table:

(2)In cases where the provisions of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 260, paragraph (5) of the Act to a Specified Trust Administrator, the technical replacement of terms and phrases pertaining to the provisions of the Companies Act shall be as in the following table:

Article 64In cases where the provisions of Article 442, paragraph (3) of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 264, paragraph (5) of the Act to the materials set forth in Article 264, paragraph (1) of the Act, in Article 442, paragraph (3) of the Companies Act, the term "shareholders" shall be deemed to be replaced with "Beneficiary Certificate holders," and the term "stock company" shall be deemed to be replaced with "Fiduciary Trust Company, etc."

Article 65In cases where any profits gained through the administration or disposition of Specified Assets are incorporated into Specified Assets pursuant to the provisions of Article 266 of the Act, taxes and other public charges imposed on such profits shall be excluded.

Article 66In cases where the provisions of Article 120, paragraphs (2) and (3) of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 268, paragraph (3) of the Act to the giving of benefits on the exercise of the rights of Beneficiary Certificate holders, in those provisions of the Companies Act, the phrase "Stock Company gives" shall be deemed to be replaced with "Fiduciary Trust Company, etc. gives," the phrase "Stock Company shall" shall be deemed to be replaced with " Fiduciary Trust Company, etc. shall," and the phrase "Stock Company or its Subsidiary" shall be deemed to be replaced with "Fiduciary Trust Company, etc."

Article 67In cases where the provisions of the Trust Act are applied mutatis mutandis pursuant to the provisions of Article 271, paragraph (4) of the Act (including the cases where applied mutatis mutandis pursuant to Article 272, paragraph (2) of the Act) to a demand for the purchase of beneficial interests as set forth in Article 271, paragraph (1) of the Act or a Beneficiary Certificate holders meeting in which a resolution of consent is made as set forth in Article 272, paragraph (1) of the Act, the technical replacement of terms and phrases pertaining to the provisions of the Trust Act shall be as in the following table:

Article 68In cases where the provisions of Article 269, paragraphs (3) and (4) of the Act and Article 271 of the Act (including the provisions of the Trust Act as applied mutatis mutandis pursuant to paragraph (4) of that Article) are applied mutatis mutandis pursuant to the provisions of Article 272, paragraph (2) of the Act to the Class Beneficiary Certificate holders meeting in which the resolution of consent set forth in Article 272, paragraph (1) of the Act is made, the technical replacement of terms and phrases pertaining to those provisions of the Act shall be as in the following table:

Article 68-2In cases where the provisions of Article 262 (excluding paragraph (5)) of the Trust Act are applied mutatis mutandis pursuant to the provisions of Article 274, paragraph (5) of the Act to cases of dismissing the Fiduciary Trust Company, etc. under the provisions of Article 274, paragraph (2) of the Act (including the cases where applied pursuant to paragraph (3) of that Article), the technical replacement of terms and phrases pertaining to said provisions of the Trust Act shall be as in the following table:

Article 69In cases where the provisions of Article 442, paragraph (3) of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 275, paragraph (5) of the Act to the inventory of assets and balance sheet set forth in Article 275, paragraph (1) of the Act, the term "stock company" in Article 442, paragraph (3) of the Companies Act shall be deemed to be replaced with "Fiduciary Trust Company, etc."

Article 70In cases where the provisions of Article 442, paragraph (3) of the Companies Act are applied mutatis mutandis pursuant to the provisions of Article 279, paragraph (3) of the Act to the case set forth in Article 279, paragraph (1) of the Act, the term "stock company" in Article 442, paragraph (3) of the Companies Act shall be deemed to be replaced with "Fiduciary Trust Company, etc."

Article 71In cases where the provisions of Article 200, paragraph (4) and Article 202 of the Act are applied mutatis mutandis pursuant to the provisions of Article 284, paragraph (3) of the Act to the entrustment set forth in Article 284, paragraph (1) of the Act, the technical replacement of terms and phrases pertaining to those provisions of the Act shall be as in the following table:

Article 72(1)In cases where the provisions of Article 209, paragraph (1) of the Act (including the provisions of the Financial Instruments and Exchange Act as applied mutatis mutandis pursuant to that paragraph) are applied mutatis mutandis pursuant to the provisions of Article 268, paragraph (1) of the Act to the Public Offering, etc. of Beneficiary Certificates by the Originator, the technical replacement of terms and phrases pertaining to said provisions of the Act shall be as in the following table:

(2)In cases where the provisions of Article 209, paragraph (2) of the Act (including the provisions of the Act as applied mutatis mutandis pursuant to that paragraph) are applied mutatis mutandis pursuant to the provisions of Article 286, paragraph (1) of the Act to the Public Offering, etc. of Beneficiary Certificates by the Originator, the technical replacement of terms and phrases pertaining to said provisions of the Act shall be as in the following table:

Article 72-2(1)The matters specified by Cabinet Order as referred to in Article 37, paragraph (1), item (iii) of the Financial Instruments and Exchange Act as applied mutatis mutandis pursuant to the provisions of Article 209, paragraph (1) of the Act which are applied mutatis mutandis pursuant to Article 286, paragraph (1) of the Act to the Public Offering, etc. of Beneficiary Certificates by the Originator shall be as follows:

(2)Notwithstanding the provisions of the preceding paragraph, the matters specified by Cabinet Order as referred to in Article 37, paragraph (1), item (iii) of the Financial Instruments and Exchange Act in cases where the acts prescribed in Article 37, paragraph (1) of the Financial Instruments and Exchange Act as applied mutatis mutandis pursuant to the provisions of Article 209, paragraph (1) of the Act which are applied mutatis mutandis pursuant to the provisions of Article 286, paragraph (1) of the Act to the Public Offering, etc. of Beneficiary Certificates by the Originator are to be carried out by way of broadcasting, using the broadcast equipment of a Private Broadcaster or any other means specified by Cabinet Office Ordinance as being equivalent thereto, shall be as follows:

Article 73(1)With regard to the application of the provisions of Article 97, paragraph (1) of the Real Property Registration Act (Act No. 23 of 2004) as applied mutatis mutandis pursuant to Article 35, paragraphs (1) and (2) of the Ship Registration Order (Cabinet Order No. 11 of 2005) to a Special Purpose Trust, the term "a trust administrator" in Article 97, paragraph (1), item (iii) of the Real Property Registration Act shall be deemed to be replaced with "a Representative Beneficiary Certificate holder or a Specified Trust Administrator."

(2)With regard to the application of the provisions of Article 68, paragraph (1) of the Mining Registration Order (Cabinet Order No. 15 of 1951) (including the cases where applied mutatis mutandis pursuant to Article 21 of the Order on Registration Related to Specified Mining Rights (Cabinet Order No. 382 of 1978)) to a Special Purpose Trust, the term "a trust administrator" in item (iii) of that paragraph shall be deemed to be replaced with "a Representative Beneficiary Certificate holder or a Specified Trust Administrator."

(3)With regard to the application of the provisions of Article 51, paragraph (1) of the Fishery Registration Act (Cabinet Order No. 292 of 1951) to a Special Purpose Trust, the term "a trust administrator" in item (iii) of that paragraph shall be deemed to be replaced with "a Representative Beneficiary Certificate holder or a Specified Trust Administrator."

(4)With regard to the application of the provisions of Article 97, paragraph (1) of the Real Property Registration Act as applied mutatis mutandis pursuant to Article 16, paragraph (1) of the Construction Machine Registration Order (Cabinet Order No. 305 of 1954) to a Special Purpose Trust, the term "a trust administrator" in Article 97, paragraph (1), item (iii) of the Real Property Registration Act shall be deemed to be replaced with "a Representative Beneficiary Certificate holder or a Specified Trust Administrator."

(5)With regard to the application of the provisions of Article 58, paragraph (1) of the Patent Registration Order (Cabinet Order No. 39 of 1960) (including the cases where applied mutatis mutandis pursuant to Article 7 of the Utility Model Registration Order (Cabinet Order No. 40 of 1960), Article 7 of the Design Registration Order (Cabinet Order No. 41 of 1960), and Article 10 of the Trademark Registration Order (Cabinet Order No. 42 of 1960)) to a Special Purpose Trust, the term "a trust administrator" in item (iii) of that paragraph shall be deemed to be replaced with "a Representative Beneficiary Certificate holder or a Specified Trust Administrator."

(6)With regard to the application of the provisions of Article 36, paragraph (1) of the Copyright Registration Order (Cabinet Order No. 335 of 1970) to a Special Purpose Trust, the term "a trust administrator" in item (iii) of that paragraph shall be deemed to be replaced with "a Representative Beneficiary Certificate holder or a Specified Trust Administrator."

(7)With regard to the application of the provisions of Article 55, paragraph (1) of the Cabinet Order on Registration of Layout-Design Exploitation Rights (Cabinet Order No. 326 of 1985) to a Special Purpose Trust, the term "a trust administrator" in item (iii) of that paragraph shall be deemed to be replaced with "a Representative Beneficiary Certificate holder or a Specified Trust Administrator."

(8)With regard to the application of the provisions of Article 61, paragraph (1) of the Automobile Registration Order (Cabinet Order No. 256 of 1951) to a Special Purpose Trust, the term "a trust administrator" in item (iii) of that paragraph shall be deemed to be replaced with "a Representative Beneficiary Certificate holder or a Specified Trust Administrator."

(9)With regard to the application of the provisions of Article 49, paragraph (1) of the Aircraft Registration Order (Cabinet Order No. 296 of 1953) to a Special Purpose Trust, the term "a trust administrator" in item (iii) of that paragraph shall be deemed to be replaced with "a Representative Beneficiary Certificate holder or a Specified Trust Administrator."

(10)With regard to the application of the provisions of Article 9, paragraph (2) of the Order for Enforcement of the Act on Promotion of Global Warming Countermeasures (Cabinet Order No. 143 of 1999) to a Special Purpose Trust, the term "a trust administrator" in item (v) of that paragraph shall be deemed to be replaced with "a Representative Beneficiary Certificate holder or a Specified Trust Administrator."

(11)With regard to the application of the provisions of Article 97, paragraph (1) of the Real Property Registration Act as applied mutatis mutandis pursuant to Article 18 of the Order on Registration of Mortgage on Agricultural Movables (Cabinet Order No. 25 of 2005) to a Special Purpose Trust, the term "a trust administrator" in item (iii) of that paragraph shall be deemed to be replaced with "a Representative Beneficiary Certificate holder or a Specified Trust Administrator."

Article 74(1)The provisions specified by Cabinet Order as referred to in Article 290, paragraph (2), item (i) of the Act shall be the provisions of Article 37, Article 37-3, paragraphs (1) and (2), Article 37-4, Articles 38 to 40 inclusive (with regard to Article 40, item (ii), limited to those for securing fairness in the transactions pertaining to the Public Offering, etc. of Asset Backed Securities or the handling of such Public Offering, etc.), and Article 44-3, paragraph (1) of the Financial Instruments and Exchange Act as applied mutatis mutandis pursuant to Article 209, paragraph (1) of the Act.

(2)The provisions specified by Cabinet Order as referred to in Article 290, paragraph (2), item (ii) of the Act shall be the provisions of Article 37, Article 37-3, paragraphs (1) and (2), Article 37-4, Articles 38 to 40 inclusive (with regard to Article 40, item (ii), limited to those for securing fairness in the transactions pertaining to the Public Offering, etc. of Asset Backed Securities or the handling of such Public Offering, etc.), and Article 44-3, paragraph (1) of the Financial Instruments and Exchange Act as applied mutatis mutandis pursuant to Article 209, paragraph (1) of the Act as applied mutatis mutandis pursuant to Article 286, paragraph (1) of the Act.

Article 75Within the scope of the authority delegated to the Commissioner of the Financial Services Agency pursuant to the provisions of Article 290, paragraph (1) of the Act (excluding that delegated to the Securities and Exchange Surveillance Commission (hereinafter referred to as the "Commission") pursuant to the provisions of paragraph (2) of that Article)), the authority under the provisions of Article 217, paragraph (1) of the Act (including the cases where applied mutatis mutandis pursuant to Article 209, paragraph (2) of the Act (including the cases where applied mutatis mutandis pursuant to Article 286, paragraph (2) of the Act)) shall be delegated to the Commission; provided, however that the foregoing sentence shall not preclude the Commissioner of the Financial Services Agency from exercising his/her authority to order a report or submission of materials under said provisions, or authority for inspection in cases where it is found to be an urgent necessity with regard to the public interest or protection of investors or where it is found to make a special contribution to the effective and efficient implementation of the inspection.

Article 76(1)The authority delegated to the Commissioner of the Financial Services Agency pursuant to the provisions of Article 290, paragraph (1) of the Act (excluding the authority under the provisions of Article 214 and Article 232 of the Act; referred to as the "Commissioner's Authority" in paragraph (4)) shall be delegated to the Director-General of a Local Finance Bureau who has jurisdiction over the location of the head office, principal office or domicile (hereinafter referred to as the "Head Office, etc.") of the Special Purpose Company, Fiduciary Trust Company, etc., Specified Transferrer (meaning the Specified Transferrer prescribed in Article 208, paragraph (1) of the Act; the same shall apply hereinafter) or the Originator (meaning the Originator prescribed in Article 224 of the Act; the same shall apply hereinafter) (in cases where the location is within the jurisdictional district of the Fukuoka Local Finance Branch Bureau, the Director-General of the Fukuoka Local Finance Branch Bureau); provided, however, that the foregoing sentence shall not preclude the Commissioner of the Financial Services Agency from exercising his/her authority under Article 217, paragraph (1) of the Act (including the cases where applied mutatis mutandis pursuant to Article 209, paragraph (2) of the Act (including the cases where applied mutatis mutandis pursuant to Article 286, paragraph (2) of the Act), and excluding that delegated to the Commission pursuant to the provisions of Article 290, paragraph (2) of the Act and the provisions of the preceding Article; the same shall apply in the following paragraph).

(2)The collection of reports or materials or the on-site inspection or questioning under the provisions of Article 217, paragraph (1) of the Act (hereinafter referred to as an "Inspection, etc."), which is related to a business office, office or a facility other than the Head Office, etc. (including an agency; hereinafter referred to as a "Branch Office, etc.") of a Special Purpose Company, Specified Transferrer or Originator, may be carried out by the Director-General of a Local Finance Bureau who has jurisdiction over the location of said Branch Office, etc. (in cases where the location is within the jurisdictional district of the Fukuoka Local Finance Branch Bureau, the Director-General of the Fukuoka Local Finance Branch Bureau), in addition to the Director-General of a Local Finance Bureau or the Director-General of the Fukuoka Local Finance Branch Bureau prescribed in the preceding paragraph.

(3)When the Director-General of a Local Finance Bureau or the Director-General of the Fukuoka Local Finance Branch Bureau who has carried out an Inspection, etc. of a Branch Office, etc. of a Special Purpose Company, Specified Transferrer or Originator pursuant to the provisions of the preceding paragraph finds it necessary to carry out an Inspection, etc. of the Head Office, etc. or a Branch Office(s), etc. other than said Branch Office, etc. of the Special Purpose Company, Specified Transferrer or Originator, he/she may carry out an Inspection, etc. of the Head Office, etc. or Branch Office(s), etc. other than said Branch Office, etc.

(4)The provisions of the preceding three paragraphs shall not apply to the authority within the scope of the Commissioner's Authority which is designated by the Commissioner of the Financial Services Agency.

(5)When the Commissioner of the Financial Services Agency has made the designation under the preceding paragraph, he/she shall give public notice to that effect. The same shall apply when he/she has abolished or changed such designation.

Article 77(1)Within the scope of the authority delegated to the Commissioner of the Financial Services Agency pursuant to the provisions of Article 290, paragraph (1) of the Act, the following authority shall be delegated to the Director-General of the Local Finance Bureau who has jurisdiction over the location of the Head Office, etc. of the Special Purpose Company, Specified Transferrer or Originator (in cases where the location is within the jurisdictional district of the Fukuoka Local Finance Branch Bureau, the Director-General of the Fukuoka Local Finance Branch Bureau); provided, however, that this shall not preclude the Commission from exercising such authority by itself:

(2)The authority of the Commission listed in the items of the preceding paragraph, which is related to a Branch Office, etc. of a Special Purpose Company, Specified Transferrer or Originator, may be exercised by the Director-General of a Local Finance Bureau who has jurisdiction over the location of said Branch Office, etc. (in cases where the location is within the jurisdictional district of the Fukuoka Local Finance Branch Bureau, the Director-General of the Fukuoka Local Finance Branch Bureau), in addition to the Director-General of a Local Finance Bureau or the Director-General of the Fukuoka Local Finance Branch Bureau prescribed in the preceding paragraph.

(3)When the Director-General of a Local Finance Bureau or the Director-General of the Fukuoka Local Finance Branch Bureau who has carried out an Inspection, etc. of a Branch Office, etc. of a Special Purpose Company, Specified Transferrer or Originator pursuant to the provisions of the preceding paragraph finds it necessary to carry out an Inspection, etc. of the Head Office, etc. or a Branch Office(s), etc. other than said Branch Office, etc. of the Special Purpose Company, Specified Transferrer or Originator, he/she may carry out an Inspection, etc. of the Head Office, etc. or Branch Office(s), etc. other than said Branch Office, etc.

(4)The provisions of paragraph (1) shall not apply to the authority of the Commission listed in the items of that paragraph pertaining to the person designated by the Commission. In this case, with regard to the application of the provisions of paragraph (2), the phrase "the Director-General of a Local Finance Bureau or the Director-General of the Fukuoka Local Finance Branch Bureau prescribed in the preceding paragraph" in that paragraph shall be deemed to be replaced with "the Commission."

(5)When the Commission has made the designation under the preceding paragraph, it shall give public notice to that effect. The same shall apply when it has rescinded such designation.