Japan FSA to Set Up Dedicated Office to Lure Foreign Fund Managers

The new office will be able to start receiving applications in English in January 2021. Pre-application consultation is available in English with immediate effect.

The FSA (Financial Services Agency) has announced it will establish a single point of contact for asset management firms and investment funds looking to set up operations in Japan.

The so-called 'Financial Market Entry Office' will handle pre-application consultation, registration, and supervision, with all communications available in English. Video conferencing will also be available in English, avoiding the need for in-person meetings.

The FSA has launched a public consultation to amend relevant regulations to allow it to accept documents in English for firms looking to set up asset management and investment advisory and agency businesses in Japan.

Through the new Office, the FSA will also promote the use of English in its supervision and inspection activities relating to newly registered foreign asset management firms.

The new Office will be established and able to start receiving applications in English in January 2021, once the new regulations will have taken effect.

Pre-application consultation is available in English with immediate effect, however, through the 'Financial Market Entry Consultation Desk', the existing contact point for all types of foreign financial business operators looking to set up in Japan.

"The [new] Office is expected to accelerate the registration process for newly entering asset management firms by helping them overcome language barriers," the FSA said. "At the same time, [Local Finance Bureaus] that are in charge of the registration process will improve their capacities to review registration applications."

"With a possible increase in the number of registered firms in mind, the FSA will increase the capacities of supervision and inspection accordingly."