This is a draft, shown for review before publication.
A professional investor is a client listed in the Financial Instruments and Exchange Act, namely a qualified institutional investor, the State, the Bank of Japan, the Investor Protection Fund, or another corporation specified by Cabinet Office Order. When the client is a professional investor, some provisions of the Act do not apply, except in cases specified by Cabinet Office Order.
A professional investor that is a corporation specified by Cabinet Office Order can also apply to be treated as a client other than a professional investor1.
Financial Instruments and Exchange Act (in Japanese), Article 2, paragraph 31 (scope of professional investors) and Article 45 (provisions that do not apply). ↩