Act on the Securitization of Assets

    Japan

    Act on the Securitization of Assets

    The Japanese Act on the Securitization of Assets (only available in Japanese here) (‘the Act’) regulates the facilitation of investment by general investors by establishing a system for implementing asset securitisation through specified purpose companies and trusts, as well as by protecting the purchasers of different types of securities issued. In particular, the Act regulates the crime of bribery by directors, as well as a board member and similar persons, among other things. 

    Last Updated: July 30, 2019


  • Requirements

    According to the Act, under section 308, if the representative of a corporation or an agent, employee or other worker or individual in connection with the business, as well as an incorporator of a specified purpose company, a director at an incorporation or company accounting advisor, that solicits or agrees to an economic benefit in connection with their duties may be subject to the following punishments:  

    • up to five years imprisonment with required labour; or  
    • a fine of up to JPY 5 million. 

    Moreover, the Act outlines under section 309, that a board member or similar person could be subject to up to five years imprisonment with required labour; or a fine of up to JPY 5 million if they accede to an unlawful request and/or accepts an economic benefit including through:  

    • speaking or exercising a voting right at a general meeting of members, specified bondholder meeting, or creditors meeting of a specified purpose company;  
    • or as outlined under the Companies Act (‘the Companies Act’);  
    • for filing an action as prescribed under this act or the Companies Act; and 
    • for exercising a right as beneficiary certificate holder, among other things.   
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