May 29, 1992
TO: BOARD OF GOVERNORS NO. 39-92
INTERNATIONAL MEMBERS NO. 12-92
RE: REVISED GUIDELINES FOR LICENSING INVESTMENT TRUST MANAGEMENT
COMPANIES IN JAPAN
__________________________________________________________
The Institute has received the attached copy of Japan’s
newly revised guidelines for licensing investment trust managers,
showing a side-by-side comparison of the revised guidelines
versus the previous version.
As expected, among other things the new guidelines a)
reduce the minimal capital requirement for an applicant from 500
million yen to 300 million yen, b) eliminate the minimum staffing
requirement, c) permit joint venture investment trust management
companies and d) allow back office functions to be delegated to a
third party. (See Memorandum to Board of Governors No. 35-92 and
International Members No. 11-92 dated May 18, 1992 and Memorandum
to Board of Governors No. 26-92 and International Members No.
10-92 dated April 24, 1992.)
We will keep you informed of developments.
Angela C. Goelzer
Assistant Counsel - International
Attachment