Part of the Real Estate Specified Joint Enterprise Act (the "Amendment") was enacted. Although the Bill of the Amendment was not passed in the 180 in the 183 come into force within six months after promulgation. Prior to the Amendment, the implementation of a real estate specified joint enterprise by a special purpose company (an "SPC") was considered almost impossible due to the very strict licensing standards, but this Amendment will make such implementation possible notification system. More specifically, the Amendment allows "Special Operations" in cases where notification is provided under the newly established notification system, and the Special Operations meet the requirements indicated below: enterprise ("Real Estate Specified Joint Enterprise"), must be the operator of said enterprise. to a Real Estate Specified Joint Enterprise contract must be entrusted to a real estate specified joint Specified Joint Enterprise Operator"), who is licensed under the Act (an "Item 3 Enterprise Operator"), newly established by this Amendment. In general, such operator can be considered as essentially conducting the same business as an asset manager in a real estate business. Specified Joint Enterprise contract must be entrusted to a Real Estate Specified Joint Enterprise Operator, who is licensed under the Act as well as a Type II Financial Instruments Enterprise Operator under the Financial Instruments and Exchange Act (an "Item 4 Enterprise Operator," newly established by this Amendment). enterprise participant must be a special investor ("Special Investor") with specialized knowledge and experience related to real estate Joint Enterprise Act represented numerous Japanese and international clients in a broad range of financing matters, including synthetic notes, ship finance, fund formations, innovative real estate finance transactions, property acquisitions and development projects. of real estate assets, including the use of the TMK structure in development projects. He has also been involved in a wide range of international and domestic business transactions including mergers and acquisitions and general corporate matters. who came to Japan in 1999 and has lived here for most of the last 14 years. He worked in the licensing department at a Japanese publishing company and at a major law firm before joining Hayabusa Asuka Law Offices in 2011 as a foreign associate. He is involved in a wide variety of cases with international aspects. 4th Floor, Kasumigaseki Building 3-2-5 Kasumigaseki, Chiyoda-ku Tokyo, Japan 100-6004 +81 3 3595 7070 Phone +81 3 3595 7105 Fax shinji.itoh@halaw.jp ryoji.sakashita@halaw.jp andrew.hacker@halaw.jp www.halaw.jp |