SEC had proposed, in principle, to amend the definition of major shareholder of the securities companies which at present is determined based on the “number of voting shares” to the “number of

The SEC has recently issued a rule revising the definitions of institutional investor, ultra-high net worth investor and high net worth investor* used for investment in financial products under

to discuss the matter with business operators.  In essence, the regulations on the establishment of high yield bonds and an appropriate investor protection mechanism include the following criteria