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 In July 2005、registration requirements were enforced on FX firms and new regulations such as prohibition of unrequested solicitation have been implemented for over-the-counter transactions (please refer to "Advice to Individual Customers Who Intend to Conduct FX Transactions" for regulations, etc. on solicitation of FX transactions). FX transactions have shown significant expansion among retail investors in Japan since then. Various regulations have been reviewed by the Financial Services Agency in 2009 in order to facilitate the environment to allow investors to trade with ease and new regulations have taken effect sequentially from February 2010 to August 2010. The summary of such new regulations are explained as follows:

1.Regulations on Separately Controlled Customer Money Trust

 As from February 1, 2010 ※1, an FX firm, etc. is required to keep margins deposited by customers by means of depositing as money trust with trust banks, etc.

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2.Regulations on Loss-Cut Rules

 As from February 1, 2010 ※2, all FX firms are required to implement, and comply with, loss-cut rules.

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3.Regulations on Leverage

 As from August 1, 2010, FX firms are required to collect the amount of margins from each customer at least 2%, as from August 1, 2011 at least 4% of the trading amount in conducting FX transactions with customers.

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※1 and ※2 Effective as from the commencement of business in the case of a firm commencing FX business newly on or after August 1, 2009.