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Japan Market Profile

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Japan Market Profile JJaappaann MMaarrkkeett PPrrooffiillee The information contained herein has been derived from several sources believed to be reliable at the time of publication. Although having made every effort to ensure the accuracy of the contents, The Bank of Tokyo-Mitsubishi UFJ, Ltd. does not assume any liability for losses either direct or consequential caused by the use of this information. Table of Contents 1. Market Information - Japan.......................................................................................................................... 1 - Japan Market Summary & Highlights...................................................................................................... 1 2. Subcustodian Information - BTMU............................................................................................................... 4 -BTMU Profile............................................................................................................................................ 4 -Sub custodian financials .......................................................................................................................... 4 -Web-based Service.................................................................................................................................. 5 -Insurance.................................................................................................................................................. 5 -BTMU compliance and audit.................................................................................................................... 5 3. Market Instruments ...................................................................................................................................... 7 -Stock exchanges...................................................................................................................................... 7 -Clearing House ........................................................................................................................................ 8 -Regulators................................................................................................................................................ 9 -Investor Protection Funds ........................................................................................................................ 9 4. Central Depositories .................................................................................................................................. 10 -JASDEC ................................................................................................................................................. 10 -BOJ ........................................................................................................................................................ 11 5. Qualifications of Account Management Institutions................................................................................... 13 Outline of Qualifications for investing Japanese securities.....................................................................13 6. Securities Settlements ............................................................................................................................... 15 -Trade Settlements.................................................................................................................................. 15 -Reporting................................................................................................................................................ 17 -Buy-in procedures .................................................................................................................................. 17 -Turnaround trading................................................................................................................................. 17 7. Registration................................................................................................................................................ 18 -Registration ............................................................................................................................................ 18 -Book entry JGB ...................................................................................................................................... 18 8. Regulations and Restrictions..................................................................................................................... 19 -Foreign Ownership Restrictions, Limits & Disclosure Requirements..................................................... 19 -Substantial Shareholding Reporting (5% rule)....................................................................................... 20 -Direct Inward Investment Restriction ..................................................................................................... 20 -Restrictions on short selling of stocks.................................................................................................... 21 -Anti-Money Laundering and Anti-Terrorist Finaning ..............................................................................21 9. Corporate Action & Taxation...................................................................................................................... 22 -Entitlement: ............................................................................................................................................ 22 -Information source: ................................................................................................................................ 22 -Response Monitoring for Voluntary Corporate Action Events ............................................................... 22 -Event details........................................................................................................................................... 22 -Taxation.................................................................................................................................................. 25 10. Cash Clearing ............................................................................................................................................ 31 -Currency................................................................................................................................................. 31 -Cash Clearing Systems (External Payment).......................................................................................... 31 -Market Practice ...................................................................................................................................... 31 11. Notification on Risks and Fees for our Custody Services.......................................................................... 32 The information contained herein has been derived from several sources believed to be reliable at the time of publication. Although having made every effort to ensure the accuracy of the contents, The Bank of Tokyo-Mitsubishi UFJ, Ltd. does not assume any liability for losses either direct or consequential caused by the use of this information. 1. Market Information - Japan - Japan Market Summary & Highlights Settlement Cycle T+3 (negotiable) * *T+2 settlement for JGB was introduced in April 2012, but non-resident transactions are exempt. Cash Japanese Yen (JPY) Local Time 9 hours ahead of GMT Regulators Japanese Financial Services Agency (JFSA) Bank of Japan (BOJ) Depositories Japan Securities Depository Center (JASDEC) for stocks, CB, corporate bonds, and ETF, Sukuk Bank of Japan (BOJ) for JGB Clearing & Safekeeping JASDEC DVP Clearing Corporation (JDCC) Japan Securities Clearing Corporation (JSCC) Japan Government Bond Clearing Corporation (JGBCC) Market Restrictions For details, Please see 8. Regulations & Restrictions. ⋅ Foreign Ownership Limitation Restriction ⋅ Substantial Shareholding Reporting (5% rule) ⋅ Direct Inward Investment Restriction ⋅ Restrictions on short selling of stocks Recent Market Reform Fiscal Year 2013 Tax Reform FY 2013 Tax Reform has passed the Diet. Below are the highlights of the proposal which will affect non-resident investors. 1. Abolishment of the current preferential tax treatment on dividends/capital gains derived from listed shares Tax rate for dividends and capital gains on listed shares has been 7% (7.147% including reconstruction tax) since 2003 which will be raised to the statutory rate 15% (15.315% including reconstruction tax) from January 2014(applicable only to stocks whose dividends are paid on or after Jan 6, 2014) 2. Simplified procedure to apply DTT rate for dividends on listed stocks Simplified procedure to apply DTT rate for dividends on listed stocks was established. This will be effective only in the case the procedure for withholding agent for dividends on listed stocks shall apply (i.e. the custodian or Account Management Institution(AMI) who handles both payment of dividends and withhold tax is regarded as “withholding agent”). 3. Permanent tax exemption of interest income, etc. derived from book-entry transfer corporate bonds held by non-residents As of April 1st, 2013, Japanese Bond Income Tax Exemption Scheme (JBIEM) on tax exemption of interest income, etc. derived from book-entry transfer corporate bonds became permanent and beneficial owner (BO) can continue to benefit from JBIEM on positions that qualify 4. Tax exemption of interest income, etc. derived from the following bonds will be limited to those issued by the end of March, 2016
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