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In the past decade or so, the Japanese financial regulations have changed from "before-the-fact" type regulation (which means the government's practice of using licensing and approval processes to ensure that businesses operate in accordance with government policy) to "after-the-fact" type regulation (which means the idea of simplifying licensing/approval processes and relying more on enforcement of laws by judicial or semi-judicial process). With such change in the governmental policy on financial regulations, the Financial Instruments & Exchange Law was enacted and the Banking Act, the Money Lending Business Act, other related laws and regulations, have been drastically amended. Also, the new Trust Act was enacted and the Trust Business Act was thoroughly amended to allow the trust companies to use the trusts more flexibly in various types of the financial transactions.
From the perspective of cross-border finance, the BIS regulation has been strengthened, and there has been an increase in the number of issues which require the financial institutions to respond such as regulations on money laundering and on protection of customers of financial institutions. Moreover, the number of lawsuits in which the financial institution is counterparty has increased.
On the other hand, new financial instruments such as securitization and liquidation of assets, non-recourse loan and electronic monetary claim have been introduced and are used increasingly, in addition to traditional financial instruments such as mortgage backed loan, corporate loan and discount on notes. New types of the collaterals such as collaterals on collective property and intellectual property are starting to be used.
In the area of the cross-border finance, the Japanese companies and financial institutions have mainly dealt with, or entered into business partnership with, the US or European financial institutions. However, the Japanese companies are expected to become more active in entering into financial transactions with the financial institutions in Asia such as China and India in the future where there has been remarkable economic growth and with the Islamic financial institutions supported by "petrodollar".
Furthermore, from the perspective of the clients of the financial institutions, their purpose of raising funds has become diversified, which includes funds for leveraged buyout (LBO), management buyout (MBO) and loan for revitalization of distressed companies.
In order to respond to the changes in the legal system and regulations, the introduction of new financial instruments, the diversification of participants in the financial market and the diversification of purposes of use of funds, it is necessary for the attorneys not only to become specialized in the specific practice areas but also to work together with the attorneys having the expertise in other practice areas. In addition, in order to meet the demands arising from globalization, there will be more cases in which the Japanese attorneys will be jointly retained by the clients with foreign attorneys.
City-Yuwa Partners not only has attorneys who specialize in practice areas such as securitization, non-recourse loan, acquisition finance (LBO/MBO) and mezzanine finance, it also provides comprehensive legal services in which such attorneys work together with its intellectual property practice group, attorneys specializing in business revitalization and bankruptcy and attorneys specializing in litigation and dispute resolution. In order to meet the global demands, City-Yuwa is closely working with distinguished law firms in various jurisdictions around the world.
For details of each practice area, please see the descriptions of practice areas in the City-Yuwa website.
- December 3, 2010 - Izuru Goto authored an article "The Effect against a Third Party of Assignment of Future Receivables", which appeared in the December 2010 issue of NBL No. 942, published by Shoji-Homu.
- Corporate and Commercial
- Finance, Securities and Insurance
- Mergers and Acquisitions
- Real Estate
- Bankruptcy and Restructuring
- Intellectual Property and Information Technology
- Labor and Employment
- Antitrust and Competition