The amended Financial Institutions Merger Act (the “Act”) was promulgated by the President on December 9, 2015. Highlights of the amendments are summarized as follows: (1) the Act now applies to financial holding companies, but no longer applies to the credit departments of farmers associations and fisherman’s associations; (2) the types of consideration allowed to be paid to shareholders of merged entities are loosened to include the shares of other entities, cash or other property, in addition to the shares of the continuing entity or of the newly established entity; and (3) modelled after the Business Mergers and Acquisitions Act, the following tax preferences are added: transferred securities are exempted from securities exchange tax and any commodities or labor service transferred are deemed as not being subject to the business tax’ amd the goodwill created as a result of the merger may be amortized over 15 years, rather than 5 years.