By-laws Concerning Rules on Registration, etc. of Sales Representatives
Established on June 10, 2021

Article 1.

Purpose

These By-laws provide for matters necessary for the enforcement of the Rules on Registration, etc. of Sales
Representatives (hereinafter referred to as the “Rules”).

Article 2.

Matters to Be Stated in Registry

The matters to be specified in the By-laws prescribed in Article 3 of the Rules shall be as follows:(1) Trade name or name of the member applying for the registration and the name of its representative;(2) The following matters regarding the Sales Representative pertaining to the application for registration:(a) Name, date of birth, and gender;(b) Trade name or name of the Financial Instruments Intermediary Service Provider and the name of
its representative;(c) Distinction of officers or employees;(d) Date of passing Class-1 or Class-2 Sales Representative Qualification Exam pursuant to the Rules
Concerning Qualification Examination for Sales Representatives, etc., established by the Japan
Securities Dealers Association;(e) Whether the person enrolled in sales representative recertification training conducted by the Japan
Securities Dealers Association, and if so, the date of completion for the sales representative
recertification training course most recently enrolled in;(f)

Whether the person has performed the duties of a Sales Representative, and if so, the trade nameor name of the Financial Instruments Business Operator or Registered Financial Institution(hereinafter referred to as the “Financial Instruments Business Operator, etc.”) or the Financial
Instruments Intermediary Service Provider to which the person belonged and the period in whichsuch duties were performed;(g) If a disposition was imposed for the suspension of the duties of a Sales Representative pursuant to
the provisions of Article 64-5, Paragraph 1 of the Financial Instruments and Exchange Act (Act No.
25 of 1948; hereinafter referred to as the “FIEA”) as applied mutatis mutandis pursuant to Article
66-25 of the FIEA and the provisions of Article 14, Paragraph 1 of the Rules, the date, reason andduration of such disposition;(h) Whether the person engaged in the Financial Instruments Intermediary Service, and if so, theperiod during which such person has engaged in these services.

Article 3.

Procedures for Registration Application, etc.

The applicant for the registration prescribed in Article 9 of the Rules shall be the Full Member Representative.

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Article 4.

Procedures for Hearings, etc.

1. When conducting the hearing prescribed in Article 12, Paragraph 2 of the Rules, the Association shall notify
the Full Member Representative in writing stating the date, location, and outline of the hearing.
2. When conducting the hearing prescribed in Article 14, Paragraph 2 of the Rules, the Association shall notify
the Financial Instruments Intermediary Service Provider in writing through the Full Member stating the dateand location of the hearing and the content of the anticipated adverse disposition, and the necessary mattersshall be provided for in the Rules on Dispositions of Members and Sales Representatives of Financial
Instruments Intermediary Service Providers, etc.

Article 5.

Form of Application, etc. for Registration

1. Notification under Article 9 and the provisions of each item of Article 13, Paragraph 1 of the Rules shall be
as set forth in the following items:(1) Application for Registration of Sales Representatives prescribed in Article 9 of the Rules;

Attached

Form No. 1(2) For cases falling under Article 13, Paragraph 1, Item 1 of the Rules:

Attached Form No. 2(3) For cases falling under Article 13, Paragraph 1, Item 2 of the Rules:

Attached Form No. 3(4) For cases falling under Article 13, Paragraph 1, Item 3 of the Rules:

Attached Form No. 4

2. When submitting the application for registration of Sales Representatives pertaining to Item 1 of thepreceding paragraph, a document in which the Sales Representative and the member who made theapplication for registration pledges that the Sales Representative in the application for registration does not
fall under any of the items of Article 64-2, Paragraph 1 of the FEIA as applied mutatis mutandis pursuant to
Article 66-25 of the FEIA (documents stipulated in the By-laws prescribed in Article 9, Paragraph 2 of theRules) shall be affixed using Attached Form 5.

Article 6.

Special Provisions for Qualification Renewal Training

The persons provided for in the By-laws prescribed in the proviso to Article 20, Paragraphs 1 or 2 of the Rules
shall be the persons set forth in the following items:(1) A person who has, within 2 years prior to the first day of the period stipulated in Article 20, Paragraphs
1 or 2 of the Rules, passed the qualification exam conducted by the Japan Securities Dealers
Association or has completed a sales representative recertification training course conducted by the
Association;(2) A person whose enrollment in a recertification training course is deemed difficult by the Association
due to unavoidable circumstances (This may be subject to certain conditions as deemed necessary by
the Association.).

Supplementary Provision
These By-laws shall come into effect on the date of approval (July 1, 2021) by the competent government
agency for amendments to the Articles of Incorporation.

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Attached Form No. 1

Application Date MM/DD/YYYY

To: Chairperson of the Investment Trusts Association, Japan(Trade Name or Name)(Representative)

Application for Registration of Sales Representative

As I would like to obtain registration for a Sales Representative, I hereby apply for registration inaccordance with the provision in Article 3 of the Rules on Registration, etc. of Sales
Representatives as shown in the attachment.

(Attachment: Application for Registration of Sales Representative)–3–

(Attachment to Attached Form No. 1)

Application for Registration of Sales Representative

No.

Application
Date(Mandatory)

Member No. Last Name
(Mandatory)(Mandatory)

Last NameFirst NameFirst Name
(Kana)(Kana)(Mandatory)(Mandatory)(Mandatory)

Gender(Mandatory)

Remarks on
Distinction of
Sales
Qualification
Officers or Representative Accredit
Obtainment(Mandatory)
Employees
Qualification
ation
Procedure(Mandatory)
Exam

Date of Birth(Mandatory)

1
2

NumberSales
Representative
NumberMember No.

Intermediary
Service
Provider’s
Number

From

To

1
2

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Date ofDate of
Qualification Reason Qualification
Renewal(Accreditation)
Training(Mandatory)

Name ofIntermediary
Service
ProviderIntermediary
Representative
Sales
Service
Record ofof Intermediary Represent
Provider’sDisposition
Service Provider ative
NumberAttached Form No. 2

Application Date MM/DD/YYYY

To: Chairperson of the Investment Trusts Association, Japan(Trade Name or Name)(Representative)

Notification of Change of Registered Matters for Sales Representatives

I hereby notify the following change(s) as stated in the Attachment pursuant to the provisions ofParagraph 1 of Article 13 of the Rules on Registration, etc. of Sales Representatives.

(Attachment: Notification of Change of Registered Matters for Sales Representatives)–5–

(Attachment to Attached Form No. 2)

Notification of Change of Registered Matters for Sales Representatives

No.

Application
Date(Mandatory)

Member No.

Last Name(Mandatory)(Mandatory)

Last Name(Kana)(Mandatory)

First Name
(Mandatory)

First Name
(Kana)(Mandatory)

GenderDate of Birth(Mandatory)(Mandatory)

Distinction of
Officers or
Employees(Mandatory)

1
2

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Name ofIntermediary
Intermediary Service Service Provider’s
ProviderNumberRepresentative ofIntermediary
Service Provider

Changed Items

Before Change

After Change

–7–Attached Form No. 3

Application Date YYYY/MM/DD

To: Chairperson of the Investment Trusts Association, Japan(Trade Name or Name)(Representative)

Notification of Disqualification of Registered Sales Representatives

Since it has been found that the person specified in the Attachment falls under the provisions of Article
29-4, Paragraph 1, Item 2 (a) through (g) of the FIEA, I hereby notify thereof in accordance with theprovisions of Article 13, Paragraph 1of the Rules on Registration, etc. of Sales Representatives.

(Attachment: Notification of Disqualification)–7–

(Attachment to Attached Form No. 3)

Notification of Disqualification of Registered Sales Representatives

Application
Member No.
No.
Date(Mandatory)(Mandatory)

Last Name(Mandatory)

Last Name(Kana)(Mandatory)

First Name
(Mandatory)

First Name
(Kana)(Mandatory)

GenderDate of Birth(Mandatory)(Mandatory)

Distinction of
Officers or
Employees(Mandatory)

1
2

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Name ofIntermediary
Service Provider

Intermediary
Representative
Service Provider’s of Intermediary Disqualification
NumberService Provider

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Attached Form No. 4

Application Date MM/DD/YYYY

To: Chairperson of the Investment Trusts Association, Japan(Trade Name or Name)(Representative)

Notification of Discontinuance of Duties of Registered Sales Representative

Since the person specified in the Attachment ceases to perform the duties of a Sales Representative, I
hereby notify thereof in accordance with the provisions of Article 13, Paragraph 1 of the Rules on
Registration, etc. of Sales Representatives.

(Attachment: Notification of Discontinuance of Duties)–9–

(Attachment to Attached Form No. 4)

Notification of Discontinuance of Duties of Registered Sales Representative

No.

Application Date(Mandatory)

Member No.

Last Name(Mandatory)(Mandatory)

Last Name(Kana)(Mandatory)

First Name
(Mandatory)

First Name
(Kana)(Mandatory)

GenderDate of Birth(Mandatory)(Mandatory)

1
2

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Distinction ofName of
Officers orIntermediary
Employees Service Provider(Mandatory)

Intermediary
Service
Provider’s
NumberRepresentative
Cancellationof Intermediary
Date
Service Provider

Reason forCancellation

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Attached Form No.5
Written Pledge
Date: MM/DD/YYYY(Sales Representative)

Name
Date of Birth(Registration Applicant)Location
Trade Name or Name
Name of Representative

We, hereby, pledge that the Sales Representative

does not fall under any of the categories of

persons listed below:
1. An adult ward or a person under curatorship or a person who is treated the same as such a person under the laws and regulations of a foreignstate;
2. A person that has become subject to an order to commence bankruptcy proceedings and has not obtained a restoration of rights, or a person thatis treated in the same manner under foreign laws and regulations;
3. A person who has been sentenced to imprisonment or a severer punishment (including an equivalent punishment under the laws and regulationsof a foreign state), if 5 years have not yet passed since the date on which that person finished serving the sentence or ceased to be subject to its
enforcement;
4. A person that, during the 30 days prior to the date of rescission, was the officer of a corporation, in a case in which a corporation was a Financial
Instruments Business Operator but has had the registration referred to in Article 29 of the Financial Instruments and Exchange Act (hereinafterreferred to as the “FIEA”) rescinded pursuant to the provisions of Article 52, Paragraph 1, Article 53, Paragraph 3, or Article 57-6, Paragraph 3of the FIEA; in a case in which a corporation was an Authorized Firm for On-Exchange Transactions prescribed in Article 60-4, Paragraph 1 of
the FIEA but has had the permission referred to in Article 60, Paragraph 1 of the FIEA rescinded pursuant to the provisions of Article 60-8,
Paragraph 1 of the FIEA; in a case in which a corporation was a Financial Instruments Intermediary Service Provider but has had the registrationreferred to in Article 66 of the FIEA rescinded pursuant to the provisions of Article 66-20, Paragraph 1 of the FIEA; in a case in which a
corporation was a credit rating agency but has had its registration referred to in Article 66-27 of the FIEA rescind pursuant to the provisions ofArticle 66-42, Paragraph 1 of the FIEA; and in a case in which the corporation had obtained registration or permission of the same kind in aforeign state pursuant to the provisions of a foreign law or regulation that is equivalent to the FIEA (including authorization or any otheradministrative disposition similar to such registration or permission), but has had that registration or permission rescinded; if 5 years have not yet
passed since the date of the rescission;
5. An individual who was a Financial Instruments Business Operator but has had the registration referred to in Article 29 of the FIEA rescindedpursuant to the provisions of Article 52, Paragraph 1 of the FIEA; or an individual who was a Financial Instruments Intermediary Service
Provider but has had the registration referred to in Article 66 of the FIEA rescinded pursuant to the provisions of Article 66-20, Paragraph 1 of
the FIEA; or an individual that had obtained registration of the same kind in a foreign state under the provisions of a foreign law and regulationequivalent to the FIEA (including permission or any other administrative disposition similar to such registration) or that had obtained permissionof the same kind as the permission referred to in Article 60, Paragraph 1 of the FIEA (including permission or any other administrative
disposition that is similar to such permission) but has had that registration or permission of the same kind rescinded; if 5 years have not yet
passed since the date of the rescission;
6. A person falling under the category of an officer who has been dismissed or removed under Article 52, Paragraph 2, Article 60-8, Paragraph 2,
Article 66-20, Paragraph 2, or Article 66-42, Paragraph 2 of the FIEA; or an officer whose dismissal or removal has been ordered in a foreignstate pursuant to the provisions of a foreign law or regulation that is equivalent to the FIEA, if 5 years have not yet passed since the date of thedisposition;
7. A person who has been sentenced to a fine (including an equivalent sentence under a foreign law or regulation) for violating the provisions of the
FIEA, the Secured Bond Trust Act, the Act on Engagement in Trust Business by Financial Institutions, the Commodity Derivatives Transaction
Act, the Act on Investment Trusts and Investment Corporations, the Real Estate Brokerage Act, Act Regulating the Receipt of Contributions, theReceipt of Deposits, and Interest Rates, the Installment Sales Act, the Money Lending Business Act, the Act on Deposit Transaction Agreements
for Specified Commodities, the Act on Regulation of Commodity Investment, the Act on Specified Joint Real Estate Ventures, the Act on
Securitization of Assets, the Act on Issuance, etc. of Bonds for Financial Corporations’ Loan Business, the Trust Business Act, the Patent Act,
the Utility Model Act, the Design Act, the Trademark Act, the Copyright Act, the Act on the Circuit Layout of a Semiconductor Integrated
Circuits, the Act on Special Measures for the Reorganization Proceedings of Financial Institutions, the Plant Variety Protection and Seed Act, theCivil Rehabilitation Act, the Act on Recognition of and Assistance for Foreign Insolvency Proceedings, the Act on General Incorporated
Associations and General Incorporated Foundations, the Act on Authorization of Public Interest Incorporated Associations and Public Interest
Incorporated Foundations, the Corporate Reorganization Act, the Bankruptcy Act, the Companies Act, or the Act on Prevention of Unjust Acts
by Organized Crime Group Members (excluding the provisions of Article 32, Paragraph 2, Item 7 of the same Act) or for violating the provisionsof a foreign law or regulation that is equivalent to any of these Acts, or for committing any offense under the Penal Code or the Act on
Punishment of Physical Violence and Others, if 5 years have not yet passed since the date on which that person finished serving the sentence orceased to be subject to its enforcement;
8. A person that has had a registration as Sales Representative rescinded pursuant to the provisions of Article 64-5, Paragraph 1 of the FIEA if 5
years have not yet passed since the date of the rescission;
9. A person registered as being a Sales Representative affiliated with a Financial Instruments Business Operator, Registered Financial Institution,
or Financial Instruments Intermediary Service Provider;
10. A person who has been registered pursuant to the provisions of Article 66 of the FIEA.
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