# Capital Adequacy Rules for Financial Instruments Business Operators > The capital adequacy rule for financial instruments business operators requires firms engaged in Type I financial instruments business to hold enough capital to stay financially sound, under the Financial Instruments and Exchange Act. The rule is expressed as the net capital ratio, which they must keep at 120% or higher, calculated as unencumbered capital divided by the sum of three risk equivalents. Derivative transactions enter the ratio through the market risk equivalent and the counterparty risk equivalent. - URL: https://www.derivatives-compass.org/en/regulation-japan/net-capital-rule/ - Area: Regulation: Japan › Prudential Regulation - Last reviewed: 2026-10-22 - 日本語版: https://www.derivatives-compass.org/ja/regulation-japan/net-capital-rule/index.md ## Key points - The rule applies to Type I operators, and it differs from the bank capital adequacy ratio in both legal basis and formula. - Unencumbered capital is the sum of basic items and supplementary items, less deducted assets. - Futures become positions, forward foreign exchange transactions enter the net position, and options use the delta-plus or simplified method. - Falling below 140%, 120%, and 100% leads to a report, a legal breach, and a possible suspension order, in that order. - The month-end ratio is reported by the 20th of the following month. A securities firm uses the formulas in this rule when it sets limits on its derivative [positions](https://www.derivatives-compass.org/en/glossary/position/) and when it checks its [net capital ratio](https://www.derivatives-compass.org/en/glossary/capital-adequacy-ratio-fiea/) each day. ## What the rule requires The net capital ratio is a ratio that the Financial Instruments and Exchange Act (FIEA) requires of a [financial instruments business operator](https://www.derivatives-compass.org/en/glossary/financial-instruments-business-operator/) engaged in Type I financial instruments business. The operator takes the total of its capital stock, reserves, and similar items, subtracts fixed assets and similar items, and divides the result by the total amount corresponding to the risks that can arise from price changes in the securities it holds and similar events. It reports the ratio to the Prime Minister at each month-end and in other cases, and it must not let the ratio fall below 120%[^fiea-46-6]. The [Financial Services Agency (FSA)](https://www.derivatives-compass.org/en/glossary/fsa/) describes the purpose of the rule in its [supervisory guidelines](https://www.derivatives-compass.org/en/glossary/supervisory-guidelines/). An operator's business is easily affected by changes in the market, so its financial soundness must be kept even if market conditions turn suddenly and revenue falls or the value of its assets drops. To that end, the operator must hold liquid assets that can absorb losses when the various risks materialize, which means unencumbered capital[^guide-iv2]. A bank's [capital adequacy ratio](https://www.derivatives-compass.org/en/glossary/capital-ratio/) is a separate rule. It is set by a notice issued under the Banking Act, and its denominator is [risk-weighted assets](https://www.derivatives-compass.org/en/glossary/risk-weighted-assets/) (RWA). | Item | Net capital ratio under the FIEA | Bank capital adequacy ratio | | ---------------- | ----------------------------------------------------------------------------------------- | ------------------------------------------------------- | | Legal basis | Articles of the FIEA, a Cabinet Office Order, and an FSA notice | A notice issued under the Banking Act | | Covered entities | Financial instruments business operators engaged in Type I financial instruments business | Banks | | Numerator | Unencumbered capital | Capital (three ratios under the international standard) | | Denominator | The sum of three risk equivalents | Risk-weighted assets (RWA) | | Minimum level | 120% | 4.5%, 6%, and 8% under the international standard | The bank column describes the international standard, in which the minimum level is set for each type of ratio[^bank-2]. ## Legal basis and competent authority The content of the rule is set at three levels: the FIEA, the Cabinet Office Order on Financial Instruments Business, etc. (the Business Order), and a notice of the Commissioner of the FSA. | Provision | What it sets | | ---------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------- | | FIEA Article 46-6 | The definition of the ratio, reporting at each month-end and in other cases, the 120% minimum, and public inspection of the quarter-end ratio | | FIEA Article 53 | Orders to operators whose ratio is below 120%, and a business suspension order and registration revocation for a ratio below 100% | | Business Order Articles 176 to 180 | Capital, deducted assets, the types of risk equivalent, the reporting levels and deadlines, and the items to be disclosed for inspection | | FSA notice (No. 59 of 2007) | The amount of deducted assets and the standards for calculating the three risk equivalents | | Supervisory guidelines IV-2 | The points the authorities look at for the accuracy of the ratio and the response when it falls below a level (not the rule itself) | The report goes to the Commissioner of the FSA for special financial instruments business operators and similar firms, and to the director-general of the finance bureau that registered the operator, or a similar official, for all others. The Business Order calls this authority the "competent Commissioner of the FSA, etc."[^fibo-1-4]. This page uses the consolidated version of the notice that the FSA publishes. The amendments to the notice that applied from November 1, 2024, and May 1, 2025, change only the definitions article[^kokuji-amend]. This page reflects the versions published as of October 22, 2026 (the latest amendments took effect on August 12, 2026, for the FIEA and on August 3, 2026, for the Business Order). ## Who is covered The rule covers financial instruments business operators engaged in Type I financial instruments business. Conducting [OTC derivative](https://www.derivatives-compass.org/en/glossary/otc-derivative/) transactions as a business is one of the acts of Type I financial instruments business[^fiea-28]. Operators that do not engage in Type I business follow the provisions of a different subsection and are not covered by this ratio rule[^fiea-46-6]. There are two exceptions. - The ratio provisions do not apply to a Type I small-amount electronic public offering service provider or to a special intermediary business operator for unlisted securities[^fiea-exempt]. - For an operator that is a foreign corporation, the provisions apply with "capital stock" read as capital brought in, "reserves" read as reserves accumulated at its offices in Japan, and "fixed assets" read as fixed assets at its offices in Japan[^fiea-49]. A bank that is a [registered financial institution](https://www.derivatives-compass.org/en/glossary/registered-financial-institution/) has no equivalent article, because the subsection on registered financial institutions has no equivalent provision[^fiea-46-6]. The authorities must refuse the registration of a person who wants to start Type I financial instruments business if a ratio calculated by a method conforming to this formula is below 120%[^fiea-29-4]. ## Formula and numerical example The ratio can be written as follows. The numerator, unencumbered capital, is the sum of basic items and supplementary items, less the amount of deducted assets[^fibo-1-4]. $$ \text{Net capital ratio} = \frac{\text{Unencumbered capital}}{\text{Market risk equivalent} + \text{Counterparty risk equivalent} + \text{Basic risk equivalent}} \times 100\% $$ The three components are as follows. - Basic items are capital stock, share application deposits, capital surplus, retained earnings (excluding planned dividends and officer bonuses), valuation differences on available-for-sale securities (when negative), and treasury shares. - Supplementary items are other items in the net assets section, general allowance for loan losses, and long-term and short-term subordinated debt, with a limit on how much subordinated debt counts[^fibo-176]. - Deducted assets are fixed assets, deferred assets, some current assets such as advances and prepayments to customers, and some securities issued by affiliated companies[^fibo-177]. Consider a hypothetical example in which the basic items of Securities Firm X are 6.0 billion yen, deducted assets are 0.6 billion yen, and there are no supplementary items. Unencumbered capital is 5.4 billion yen. The table below shows how the equivalents grow as derivative positions increase. | Scenario | Market risk equivalent (billion yen) | Counterparty risk equivalent (billion yen) | Basic risk equivalent (billion yen) | Total (billion yen) | Ratio | | ------------------------------------------ | -----------------------------------: | -----------------------------------------: | ----------------------------------: | ------------------: | ----: | | A Normal conditions | 2.0 | 0.8 | 0.2 | 3.0 | 180% | | B Positions increased | 2.8 | 1.0 | 0.2 | 4.0 | 135% | | C Increased further | 3.6 | 1.2 | 0.2 | 5.0 | 108% | | D Increased further by a sharp market move | 4.4 | 1.4 | 0.2 | 6.0 | 90% | If positions are reduced and the equivalents fall, the ratio rises. The table holds the numerator constant, but if losses occur, retained earnings decline and the numerator becomes smaller too. ## Risk equivalents and derivative transactions There are three types of risk equivalent: market, counterparty, and basic. The Commissioner of the FSA sets how they are calculated[^fibo-178], and the notice sets the standards. Derivative transactions enter the market risk equivalent and the counterparty risk equivalent. ### Market risk equivalent The market risk equivalent is the amount corresponding to the risk that can arise from price changes and similar events in the securities, other assets, and transactions the operator holds[^fibo-178]. It is calculated by either the standardized method or the internal model method[^kokuji-3]. The standardized method adds up the equivalents for equity, interest rate, foreign exchange, commodity, and crypto-asset risk[^kokuji-4]. The internal model method requires approval from the competent Commissioner of the FSA, etc.[^kokuji-10]. Derivative transactions enter as follows. - Derivatives such as stock index or interest rate [futures](https://www.derivatives-compass.org/en/glossary/futures-contract/) and forward transactions are converted into positions in the underlying asset. The converted amount is treated as the market value and goes into the equity and interest rate risk equivalents[^kokuji-5-6]. - The difference between future receipts and future payments on forward foreign exchange transactions, and the principal of a [cross-currency swap](https://www.derivatives-compass.org/en/glossary/currency-swap/) that is not included in the spot position, go into the calculation of the net position in each currency for the foreign exchange risk equivalent[^kokuji-8]. - [Option](https://www.derivatives-compass.org/en/glossary/option/) transactions are calculated by the delta-plus method or the simplified method. In the delta-plus method, the position in the underlying asset is multiplied by [delta](https://www.derivatives-compass.org/en/glossary/delta/) to give a notional position. The equivalent for that position is calculated in the same way as for other transactions, and the risk equivalents for [gamma](https://www.derivatives-compass.org/en/glossary/gamma/) and [vega](https://www.derivatives-compass.org/en/glossary/vega/) are added to it[^kokuji-4-3]. ### Counterparty risk equivalent The counterparty risk equivalent is the amount corresponding to the risk that can arise from a counterparty's default and similar events[^fibo-178]. It is the sum, across transaction and asset categories, of the credit equivalent amount multiplied by a risk weight set by counterparty category[^kokuji-15]. For the transactions listed in the notice's table (excluding repurchase-type transactions and lending and borrowing transactions), the credit equivalent amount is the [add-on](https://www.derivatives-compass.org/en/glossary/add-on/) plus the [replacement cost](https://www.derivatives-compass.org/en/glossary/replacement-cost/) when it is positive. The add-on is calculated by multiplying the [notional amount](https://www.derivatives-compass.org/en/glossary/notional-amount/) by the factor the notice sets for the transaction category and the maturity category[^kokuji-15-1]. | Example of transaction | Counterparty risk equivalent category | How it enters the market risk equivalent | | ------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------- | ------------------------------------------------------------------------------------------------------------------ | | Interest rate swaps between different currencies, forward foreign exchange transactions, currency option transactions | Foreign exchange-related transactions | Includes transactions that enter foreign exchange risk. Options use the delta-plus method or the simplified method | | [Interest rate swap](https://www.derivatives-compass.org/en/glossary/interest-rate-swap/) transactions within the same currency, interest rate option transactions | Interest rate-related transactions | Interest rate risk | | OTC derivative transactions on shares | Equity-related transactions | Equity risk | The categories are defined in the definitions chapter of the notice[^kokuji-1]. The following rules also apply. - Under a legally valid bilateral netting agreement, replacement costs can be offset. The add-on can also be converted by a formula that uses the ratio of net to gross replacement cost[^kokuji-15-2]. - Exchange-traded transactions that require daily [mark-to-market](https://www.derivatives-compass.org/en/glossary/mark-to-market/) margin, and transactions assumed by a [central counterparty](https://www.derivatives-compass.org/en/glossary/central-counterparty/) that requires a daily [margin call](https://www.derivatives-compass.org/en/glossary/margin-call/), are excluded from the add-on and the replacement cost[^kokuji-15-n3]. - For uncleared OTC derivative transactions, [initial margin](https://www.derivatives-compass.org/en/glossary/initial-margin/) that has been posted and is held in trust or a similar arrangement can be excluded from short-term guarantee deposits[^kokuji-15-n6]. The risk weight varies with the counterparty category (government and central bank, financial institution and similar, other corporation and similar, or individual) and with whether an eligible rating exists[^kokuji-15-3]. ### Basic risk equivalent The basic risk equivalent is the amount corresponding to the risk that can arise in day-to-day business, such as errors in processing[^fibo-178]. It is one quarter of the total operating expenses for the year ending two months before the month of the calculation date, plus an amount for holding or managing crypto-assets and similar items[^kokuji-16]. Because it is derived from operating expenses, it does not change with the positions of individual derivative transactions. ## Responses by ratio level and reporting The operator reports the month-end ratio to the competent Commissioner of the FSA, etc. by the 20th of the following month[^fibo-179]. A document stating the quarter-end ratio is kept at every office for public inspection for three months, starting one month after the quarter-end date. It states the amount of unencumbered capital, the three equivalents and their total, and the ratio[^fibo-180]. The lower the ratio, the more is required. A ratio below 120% is also below 140%, so the report and the report form for each business day for a ratio below 140% continue to apply below 120%. The plan attached, however, is a recovery plan in place of the maintenance plan[^fibo-179]. Falling below 140%, and later returning from that level, are cases that require a report in addition to the month-end one. The "Fell below" rows are responses newly added when the ratio falls below that level. The "Returned to 140% or higher" row and the registration revocation row are not responses to falling below a level. | Ratio | What is required | | --------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Fell below 140% | Report to the Commissioner of the FSA at once. Submit a report form for each business day and a maintenance plan to the competent Commissioner of the FSA, etc.[^fibo-179] | | Returned to 140% or higher | Report without delay[^fibo-179] | | Fell below 120% | A breach of the law. Report with a recovery plan attached in place of the maintenance plan; the operator may also be ordered to change its business methods or take similar measures[^fibo-179][^fiea-53] | | Fell below 100% | The operator may be ordered to suspend all or part of its business for up to three months[^fiea-53] | | Suspension ordered, ratio still below 100% on the day three months after the order, and no prospect of recovery | The registration may be revoked[^fiea-53] | The orders for a ratio below 120% and a ratio below 100% are issued when the authorities find it necessary and appropriate in the public interest or for investor protection[^fiea-53]. The supervisory guidelines set out "early corrective measures" based on the ratio and then describe the supervisory response when a level is breached. When a report of a ratio below 140% comes in, the authorities check the plan and encourage voluntary improvement. If the situation continues for a long time or recurs, they request a report to understand it. For a report of a ratio below 120%, they check the recovery measures and timing, and the state of customer asset segregation and cash management[^guide-iv22]. **Figure 1: Responses by ratio level** Check the questions from the top, asking whether the ratio is below each level. The box reached at the first "no" is the response added at the level where the ratio stops. For example, a ratio below 140% but at or above 120% gets "no" at the second question and ends at the box "Added: below-140% report and plan". A ratio below 120% is also below 140%, so the duty to report and submit a report form for each business day for a ratio below 140% continues, and the plan attached becomes a recovery plan[^fibo-179]. The lower the level, the more orders there are. The reports added below 140% continue, and the plan is replaced; each level's response is as in the table just above. The report on a return to 140% or more and the cancellation of registration are outside the figure and are in the table. Consider a hypothetical example in which Securities Firm X newly enters into a cross-currency swap and a forward foreign exchange transaction. This corresponds to the move from scenario A to scenario B in the table in "Formula and numerical example". - The new transactions raise the foreign exchange risk equivalent, so the market risk equivalent goes from 2.0 billion yen to 2.8 billion yen. The same transactions raise the add-on and the positive replacement cost, so the counterparty risk equivalent goes from 0.8 billion yen to 1.0 billion yen. The basic risk equivalent is derived from operating expenses and stays at 0.2 billion yen, so the total goes from 3.0 billion yen to 4.0 billion yen. - The ratio falls from 180% (5.4 billion yen divided by 3.0 billion yen) to 135% (divided by 4.0 billion yen). It still meets the 120% level, but it is below 140%, so the firm must report to the Commissioner of the FSA at once, submit a report form for each business day, and attach a maintenance plan. - In scenario D, after a further sharp market move that takes the total to 6.0 billion yen, the ratio is 90%. It is below 100%, so the authorities can order the suspension of all or part of the business for up to three months. If a suspension is actually ordered, the ratio is still below 100% on the day three months after the order, and no recovery is expected, the registration can be revoked. ## Daily monitoring and reporting in practice A financial instruments business operator monitors the market risk equivalent and the counterparty risk equivalent every business day, by a reasonable method suited to its business. It also monitors the state of its ratio every business day[^fibo-178-2]. The daily monitoring routine is covered in [Daily Risk Management Operations](https://www.derivatives-compass.org/en/internal-operations/risk-management-operations/). If daily monitoring shows the ratio below 140%, the operator reports at once without waiting for month-end. The monthly report is the one that gives the month-end ratio by the 20th of the following month[^fibo-179]. Both are part of reporting to regulators, which is covered in [Regulatory Reporting](https://www.derivatives-compass.org/en/internal-operations/regulatory-reporting/). > **For systems professionals: Designing the daily ratio calculation** > > A system that calculates the ratio daily takes as inputs the trade positions, market values, the presence of netting agreements, and each counterparty's category and rating. It calculates the market risk equivalent and the counterparty risk equivalent for each category in the notice, adds the basic risk equivalent, and divides unencumbered capital by the total. ## What this page does not cover The specific values of the add-on factors and risk weights, the approval criteria for the internal model method, the special rules for securitization securities and crypto-assets, and the consolidated regulation of special financial instruments business operators and ultimate designated parent companies are not covered on this page. The expected exposure method for the counterparty risk equivalent, available with approval[^kokuji-15-2-ee], is also not covered. Whether an interest rate swap between different currencies also enters the interest rate risk equivalent is not covered either. [^fiea-46-6]: ["金融商品取引法"](https://laws.e-gov.go.jp/law/323AC0000000025) (Financial Instruments and Exchange Act, in Japanese; English translation: [Japanese Law Translation](https://www.japaneselawtranslation.go.jp/en/laws/view/4405)), Article 46-6, paragraphs 1, 2, and 3. The title of Subsection 1 is "Financial Instruments Business Operators Engaged in Type I financial instruments business"; registered financial institutions are in Subsection 3 (Articles 48 to 48-3). [^guide-iv2]: [FSA, "金融商品取引業者等向けの総合的な監督指針"](https://www.fsa.go.jp/common/law/guide/kinyushohin.pdf) (Comprehensive Guidelines for Supervision of Financial Instruments Business Operators, etc., in Japanese; October 2026), the opening of IV-2 (page 115, PDF page 126). [^bank-2]: [FSA, "銀行法第十四条の二の規定に基づき、銀行がその保有する資産等に照らし自己資本の充実の状況が適当であるかどうかを判断するための基準"](https://www.fsa.go.jp/policy/basel_ii/ginkou1_4.pdf) (FSA Notice No. 19 of 2006, in Japanese), Article 2 (pages 26 to 27). [^fibo-1-4]: ["金融商品取引業等に関する内閣府令"](https://laws.e-gov.go.jp/law/419M60000002052) (Cabinet Office Order on Financial Instruments Business, etc., in Japanese; English translation: [Japanese Law Translation](https://www.japaneselawtranslation.go.jp/en/laws/view/2902)), Article 1, paragraph 4, item 2 (amount of unencumbered capital) and item 4 (所管金融庁長官等, the competent Commissioner of the FSA, etc.). [^kokuji-amend]: The consolidated version of [FSA Notice No. 59 of 2007](https://www.fsa.go.jp/common/law/kokuji/20070817kin59.pdf) (金融商品取引業者の市場リスク相当額、取引先リスク相当額及び基礎的リスク相当額の算出の基準等を定める件, in Japanese), Article 1, item 4 (a) (PDF pages 1 to 2), and the comparison tables of the amending notices of [2024 (Reiwa 6)](https://www.fsa.go.jp/news/r6/shouken/20241030-2/13.pdf) and [2025 (Reiwa 7)](https://www.fsa.go.jp/news/r6/shouken/20250328/09.pdf) (Article 1, item 4 (a) only). [^fiea-28]: ["金融商品取引法"](https://laws.e-gov.go.jp/law/323AC0000000025) (Financial Instruments and Exchange Act, in Japanese), Article 28, paragraph 1, item 2. [^fiea-exempt]: ["金融商品取引法"](https://laws.e-gov.go.jp/law/323AC0000000025) (Financial Instruments and Exchange Act, in Japanese), Article 29-4-2, paragraph 6, and Article 29-4-4, paragraph 5 (第一種少額電子募集取扱業者, 非上場有価証券特例仲介等業者). [^fiea-49]: ["金融商品取引法"](https://laws.e-gov.go.jp/law/323AC0000000025) (Financial Instruments and Exchange Act, in Japanese), Article 49, paragraph 2. Article 193 of the Business Order sets the same reading for the provisions on capital and deducted assets. [^fiea-29-4]: ["金融商品取引法"](https://laws.e-gov.go.jp/law/323AC0000000025) (Financial Instruments and Exchange Act, in Japanese), Article 29-4, paragraph 1, item 6 (a). [^fibo-176]: ["金融商品取引業等に関する内閣府令"](https://laws.e-gov.go.jp/law/419M60000002052) (Cabinet Office Order on Financial Instruments Business, etc., in Japanese), Article 176, paragraph 1 (items 1 to 6 are basic items and item 7 is supplementary items), paragraphs 2 and 3. [^fibo-177]: ["金融商品取引業等に関する内閣府令"](https://laws.e-gov.go.jp/law/419M60000002052) (Cabinet Office Order on Financial Instruments Business, etc., in Japanese), Article 177, paragraph 1, items 1 to 6. [^fibo-178]: ["金融商品取引業等に関する内閣府令"](https://laws.e-gov.go.jp/law/419M60000002052) (Cabinet Office Order on Financial Instruments Business, etc., in Japanese), Article 178, paragraph 1, items 1 to 3. [^kokuji-3]: [FSA Notice No. 59 of 2007](https://www.fsa.go.jp/common/law/kokuji/20070817kin59.pdf) (in Japanese), Article 3, paragraph 1 (page 11). [^kokuji-4]: [FSA Notice No. 59 of 2007](https://www.fsa.go.jp/common/law/kokuji/20070817kin59.pdf) (in Japanese), Article 4, paragraph 1 (page 13). [^kokuji-10]: [FSA Notice No. 59 of 2007](https://www.fsa.go.jp/common/law/kokuji/20070817kin59.pdf) (in Japanese), Article 10, paragraph 1 (page 25). [^kokuji-5-6]: [FSA Notice No. 59 of 2007](https://www.fsa.go.jp/common/law/kokuji/20070817kin59.pdf) (in Japanese), the table of derivatives in Article 5, paragraph 1, and Article 6, paragraph 1 (pages 17 to 19). [^kokuji-15-2-ee]: [FSA Notice No. 59 of 2007](https://www.fsa.go.jp/common/law/kokuji/20070817kin59.pdf) (in Japanese), Article 15-2, paragraph 1 (page 47). [^kokuji-8]: [FSA Notice No. 59 of 2007](https://www.fsa.go.jp/common/law/kokuji/20070817kin59.pdf) (in Japanese), Article 8, item 1 (b) (pages 24 to 25). [^kokuji-4-3]: [FSA Notice No. 59 of 2007](https://www.fsa.go.jp/common/law/kokuji/20070817kin59.pdf) (in Japanese), Article 4, paragraphs 2 and 3 (page 13). [^kokuji-15]: [FSA Notice No. 59 of 2007](https://www.fsa.go.jp/common/law/kokuji/20070817kin59.pdf) (in Japanese), Article 15, paragraphs 1 and 3 (pages 40 and 44). [^kokuji-15-1]: [FSA Notice No. 59 of 2007](https://www.fsa.go.jp/common/law/kokuji/20070817kin59.pdf) (in Japanese), Article 15, paragraph 1, item 1 and the table (pages 40 to 41). [^kokuji-1]: [FSA Notice No. 59 of 2007](https://www.fsa.go.jp/common/law/kokuji/20070817kin59.pdf) (in Japanese), Article 1, items 48, 50, and 51 (pages 5 to 6). [^kokuji-15-2]: [FSA Notice No. 59 of 2007](https://www.fsa.go.jp/common/law/kokuji/20070817kin59.pdf) (in Japanese), Article 15, paragraph 1, item 1, note 2 to the table (page 41), and paragraph 2 (page 44). [^kokuji-15-n3]: [FSA Notice No. 59 of 2007](https://www.fsa.go.jp/common/law/kokuji/20070817kin59.pdf) (in Japanese), Article 15, paragraph 1, item 1, note 3 to the table (page 41). [^kokuji-15-n6]: [FSA Notice No. 59 of 2007](https://www.fsa.go.jp/common/law/kokuji/20070817kin59.pdf) (in Japanese), Article 15, paragraph 1, item 3, note 6 to the table (pages 42 to 43). [^kokuji-15-3]: [FSA Notice No. 59 of 2007](https://www.fsa.go.jp/common/law/kokuji/20070817kin59.pdf) (in Japanese), Article 15, paragraph 3, item 3 and the table (pages 44 to 45). [^kokuji-16]: [FSA Notice No. 59 of 2007](https://www.fsa.go.jp/common/law/kokuji/20070817kin59.pdf) (in Japanese), Article 16, paragraph 1 (page 51). [^fibo-179]: ["金融商品取引業等に関する内閣府令"](https://laws.e-gov.go.jp/law/419M60000002052) (Cabinet Office Order on Financial Instruments Business, etc., in Japanese), Article 179, paragraphs 1 to 5. [^fibo-180]: ["金融商品取引業等に関する内閣府令"](https://laws.e-gov.go.jp/law/419M60000002052) (Cabinet Office Order on Financial Instruments Business, etc., in Japanese), Article 180, paragraph 2. The inspection period is set in Article 46-6, paragraph 3, of the [FIEA](https://laws.e-gov.go.jp/law/323AC0000000025). [^fiea-53]: ["金融商品取引法"](https://laws.e-gov.go.jp/law/323AC0000000025) (Financial Instruments and Exchange Act, in Japanese), Article 53, paragraphs 1 to 3. [^guide-iv22]: [FSA, "金融商品取引業者等向けの総合的な監督指針"](https://www.fsa.go.jp/common/law/guide/kinyushohin.pdf) (Comprehensive Guidelines for Supervision of Financial Instruments Business Operators, etc., in Japanese; October 2026), IV-2-2 (pages 117 to 118, PDF pages 128 to 129). [^fibo-178-2]: ["金融商品取引業等に関する内閣府令"](https://laws.e-gov.go.jp/law/419M60000002052) (Cabinet Office Order on Financial Instruments Business, etc., in Japanese), Article 178, paragraph 2, and Article 179, paragraph 6. ## Sources - [金融商品取引法](https://laws.e-gov.go.jp/law/323AC0000000025) — e-Gov 法令検索（デジタル庁） - [金融商品取引業者等向けの総合的な監督指針](https://www.fsa.go.jp/common/law/guide/kinyushohin.pdf) — 金融庁 - [銀行法第十四条の二の規定に基づき、銀行がその保有する資産等に照らし自己資本の充実の状況が適当であるかどうかを判断するための基準](https://www.fsa.go.jp/policy/basel_ii/ginkou1_4.pdf) — 金融庁 - [金融商品取引業等に関する内閣府令](https://laws.e-gov.go.jp/law/419M60000002052) — e-Gov 法令検索（デジタル庁） - [金融商品取引業者の市場リスク相当額、取引先リスク相当額及び基礎的リスク相当額の算出の基準等を定める件](https://www.fsa.go.jp/common/law/kokuji/20070817kin59.pdf) — 金融庁 - [金融商品取引業者の市場リスク相当額、取引先リスク相当額及び基礎的リスク相当額の算出の基準等を定める件の一部を改正する件（令和 6 年）](https://www.fsa.go.jp/news/r6/shouken/20241030-2/13.pdf) — 金融庁 - [金融商品取引業者の市場リスク相当額、取引先リスク相当額及び基礎的リスク相当額の算出の基準等を定める件の一部を改正する件（令和 7 年）](https://www.fsa.go.jp/news/r6/shouken/20250328/09.pdf) — 金融庁