Application Procedures for Admission as a Foreign Indirect Participant in the JGB Book-Entry System (Invalid)
June 1, 2001
Bank of Japan
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Upon receiving an application from an entity seeking admission as a foreign indirect participant in the JGB book-entry system (hereafter referred to as a "F.I.P."), the Bank of Japan (hereafter "the Bank") determines whether the applicant satisfies the requirements set out in the"Requirements for Admission as a Participant in the JGB Book-Entry System," and grants admission as a F.I.P. if the applicant has satisfied the requirements.
Those who apply for admission as a F.I.P. should follow the procedures below.
- Submission of the Application Form
An entity seeking admission as a F.I.P. should complete the Application Form1 (see Attachment 1) accurately and submit it to the Bank's Operations Department prior to submission of a letter of intent (see 2. below). The Bank may ask the applicant for additional information regarding the application.
- Applications using the form distributed at the Briefing Session held on March 7, 2001, will only be accepted if it is submitted to the Bank before September 30, 2001.
- Submission of the Letter of Intent
When the Bank has received and determined an application, the Bank will notify the applicant and request submission of a letter of intent. The letter of intent should be in such form as the Bank specifies and should be signed by the representative of the applicant.
- Submission of Representations
When the Bank has approved an applicant as a F.I.P., the Bank will issue a letter of approval and send the "Regulations concerning the JGB Book-entry System" and other rules and regulations to the applicant.
The Bank will specify the date on which the admission as a F.I.P. takes effect (date of approval) in the letter of approval. The applicant is required to submit the documents listed below before the date of approval.
In submitting the documents, the applicant must follow the instructions from the Bank.
After consultation with the applicant, the Bank may add certain conditions to the approval as it deems necessary, depending on the type of business and the financial condition of the applicant.
Documents that the applicant should submit to the Bank before the date of approval as F.I.P.
- Representations (See Attachment 2. Note that the Japanese text is the authentic text and an applicant must submit the Japanese text of the Representations signed by the representative of the applicant)
- Legal Opinion in respect of the validity of the contents of the Representations2,3
- A notarial deed certificate or other equivalent documents to certify the title and signature of the representative of the applicant
- 2 See Attachment 3 for an example of Legal Opinion in respect of the validity of the contents of the Representations.
- 3 See Attachment 4 for reasons for requiring submission of a Legal Opinion in respect of the validity of the contents of the Representations.
Inquiries should be made to:
Planning and Coordination Division
Bank of Japan