This Client Alert is an update to our client dated May 20, 2014 with respect to the proposed amendments (“Proposed Amendments”) to the regulations with respect to the “Special Business Activities for Qualified Institutional Investors” (the “Article 63 Exemption”) as set forth under Article 63 of the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended or supplemented from time to time).

Notwithstanding that the original “anticipated effective date” of the Proposed Amendments set forth on the website of the Financial Services Agency of Japan (the “Japan FSA”) was August 1, 2014, the Japan FSA has yet to confirm the final language of the Proposed Amendments or publish its answers to public comments with respect to the Proposed Amendments.