FFAJ Japan

In July 2005, registration requirements were enforced on FX firms and new regulations such as prohibition of unrequested solicitation have been implemented for over-the-counter transactions (please refer to “Advice to Individual Customers Who Intend to Conduct FX Transactions” for regulations, etc. on solicitation of FX transactions). FX transactions have shown significant expansion among retail investors in Japan since then. Various regulations have been reviewed by the Financial Services Agency in 2009 in order to facilitate the environment to allow investors to trade with ease and new regulations have taken effect sequentially from February 2010 to August 2011.