Detailed Regulations
Concerning“Rules Concerning Electronic-based Application Type Electronic
Public Offering Service, etc.”(Purpose)
Article 1.
These Detailed Regulations prescribe matters that are necessary for the enforcement of Rules
Concerning Electronic-based Application Type Electronic Public Offering Service, etc.
(hereinafter referred to as the “Rules”).

(Matters to be Examined)
Article 2.
Details of the matters to be examined that are provided for in Article 29 of the Rules are as set
forth in each of the following Items.
(1) Rights, etc. that are based on partnership agreement, silent partnership agreement, limited
partnership agreement for investment or limited liability partnership agreement, and fallunder the requirements set forth in Article 2, Paragraph 2, Item 5 of FIEA (including therights that are based on foreign laws and regulations and are similar to the rights
aforementioned), as well as the rights, etc. that are membership rights in respect of generalpartnership company or limited partnership company, or membership rights in respect oflimited liability company, and fall under the requirements set forth in Article 2, Paragraph2, Item 3 of FIEA (including the membership rights in respect of foreign corporations thathave the characteristics of the rights aforementioned).
(a) Eligibility as a person procuring funds:
・ Lawfulness and sociality of the business;・ Business Operator’s management principle;・ Awareness held by the executives regarding legal compliance, risk management,etc.; and・ Whether the person falls under antisocial forces or has any relationship withantisocial forces, and the person’s mechanism for excluding relationship with
antisocial forces and the status of the operation of such mechanism.
(b) Financial conditions and business performance:
・ Status of financial conditions and financing; and・Analyses of the reasons for changes in financial conditions and businessperformance.
(c) Plan and prospects of the business:1

・ Appropriateness of the grounds on which the business plan was prepared;・ Business climate surrounding the business; and・ Profit planning and its progress.
(d) Examination concerning the risks associated with the business:
・ Analyses and assessments of the risks associated with the business.
(e) Amount of fund to be procured, and its use:
・ Appropriateness of the amount of fund to be procured and its use (their conformityto the business plan);(f) Status of existence of any interest in the relationship between Business Operator andRegular Member or Electronic Public Offering Member:・ Status of such relationship as capital ties, secondment of officers, transactions, etc.
(g) Situation of accounting (including the situation of separate management):
・ Appropriateness of accounts processing;
・ Condition of management of books, slips, etc., and condition of retention of source
documents such as receipts; and・ Whether any comment was made by an accountant (certified public accountant,person who passed the certified public accountant examination, licensed taxaccountant, audit corporation, tax accountant corporation, etc.), and if there wasany, status of dealing with such comment.
(h) If fund was procured by issuing deemed securities within the past one year, thesubsequent state of affairs:
・Amount of the fund procured and the situation of its use; and・Its conformity to the business plan.
(i) System for proper provision of information:
・Adaptability to provision of information;
・Appropriateness of provision of information regarding the risks associated withthe business; and・Status of development of internal control and its operation (limited to the casewhere external audit is to be conducted).
(j) Any other matters that are deemed necessary.
(2) Beneficial interests in trust (including the rights against foreign person that have thecharacteristics of the interests aforementioned).
(a) Eligibility for fund procurement:
・Lawfulness and sociality of the business of the asset management company and its
parent company, etc.;

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・Awareness held by the executives of the asset management company and its parentcompany, etc. regarding legal compliance, risk management, etc.; and・Whether it falls under antisocial forces or has any relationship with antisocialforces, and its mechanism for excluding relationship with antisocial forces and thestatus of the operation of such mechanism.
(b) Examination of the risks associated with the business:・Analyses and assessments of the risks associated with the business.
(c) Amount of fund to be procured, and its use:
・Appropriateness of the amount of fund to be procured and its use (their conformity
to the business plan).
(d) Status of existence of any interest in the relationship between Business Operator andRegular Member or Electronic Public Offering Member:・ Status of such relationship as capital ties, secondment of officers, transactions, etc.
(e) Situation of accounting (including the situation of separate management):
・ Appropriateness of accounts processing;
・ Condition of management of books, slips, etc., and condition of retention of source
documents such as receipts; and・ Whether any comment was made by an accountant (certified public accountant,person who passed the certified public accountant examination, licensed tax
accountant, audit corporation, tax accountant corporation, etc.), and if there wasany, status of dealing with such comment.
(f) If fund was procured by issuing deemed securities within the past one year, thesubsequent state of affairs:
・Amount of the fund procured and the situation of its use; and・Its conformity to the business plan.
(g) Status of conformity between the assets that are scheduled to be included and theinvestment policy:
・Investment policy;
・Details of the assets to be included; and・Acquisition price and the process of acquisition.
(h) Prospect of the revenue from the assets that are scheduled to be included:
・ Financial condition and business performance;・ Appropriateness of the grounds on which the profit planning was prepared; and・ Growth potential and stability.
(i) System for proper provision of information:

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・Adaptability to provision of information; and・Appropriateness of provision of information regarding objects, investment risks,etc.
(j) Any other matters that are deemed necessary.

(Report and Publication)
Article 3.
1. Each Regular Member and Electronic Public Offering Member must, when it performed
Electronic-based Application Type Electronic Public Offering Service, etc., put together
the relevant facts on a quarterly basis in the designated form and report such facts to theAssociation. The same shall apply to the Regular Member which performed handling of
Public Offering or Private Placement pursuant to the entrustment agreement provided forin Article 18 of the Rules.
2. The Association shall put together the contents of the reports received from Regular
Members and Electronic Public Offering Members pursuant to the provision of thepreceding Paragraph and regularly publish such summary.
Supplementary Provisions (May 26, 2015)
These Detailed Regulations shall become effective from the date (May 29, 2015) provided forin the main text of Article 1 of the Supplementary Provisions of the Act for Amendment of theFinancial Instruments and Exchange Act (2014, Act No. 44).
Supplementary Provisions (December 17, 2020)
This amendment shall become effective from January 1, 2021.
(Note) Amended provisions are as follows:
Deleted former Articles 3 and 4, and moved up former Article 5 so that it has become
Article 3.
This translation is solely for the convenience of those interested therein, and accordingly allquestions that may arise with regard to the meaning of the words or expressions herein shallbe dealt with in accordance with the original Japanese text.

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