Operational Rules
Established on September 25, 1967
Revised on December 20, 1968
Revised on January 30, 1969
Revised on January 16, 1970
Revised on April 10, 1970
Revised on October 30, 1970
Revised on July 16, 1971
Revised on May 19, 1972
Revised on November 17, 1972
Revised on January 27, 1984
Revised on October 21, 1988
Revised on March 17, 1994
Revised on December 28, 1994
Revised on December 15, 1995
Revised on November 7, 1997
Revised on February 20, 1998
Revised on March 10, 1998
Revised on November 27, 1998
Revised on April 16, 1999
Revised on November 17, 2000
Revised on March 17, 2003
Revised on March 18, 2005
Revised on December 16, 2005
Revised on February 16, 2007
Revised on September 21, 2007
Revised on March 21, 2008
Revised on June 20, 2008
Revised on September 16, 2009
Revised on June 16, 2011
Revised on June 14, 2012
Revised on April 20, 2017
Revised on June 10, 2021

Chapter 1

Article 1.

General Provisions

PurposeThe purpose of these Rules is to stipulate the business methods stipulated in each item of Article 4, Paragraph 1of the Articles of Incorporation of The Investment Trusts Association, Japan (hereinafter referred to as the“Association”)among the business of the Certified Financial Instruments Business Associations stipulated in
Article 78, paragraph (2) and Article 78-2 of the Financial Instruments and Exchange Act (Act No. 25 of 1948;
hereinafter referred to as the “FIEA”).

Chapter 2
Article 2.

Business Stipulated in Article 4, Paragraph 1, Item 1 of Articles of Incorporation
Business, etc.

The Association shall provide guidance, recommendations, and other business to have Full Members (meaning
Full Members stipulated in Article 7, Paragraph 1, Item 1 of the Articles of Incorporation; the same shall apply
hereinafter) and Financial Instruments Intermediary Service Providers (meaning financial instrumentsintermediary service providers stipulated in Article 4, Paragraph 1, Item 1 of the Articles of Incorporation; thesame shall apply hereinafter) observe the provisions of the FIEA, the Act on Investment Trusts and Investment

Corporations (Act No. 198 of 1951; hereinafter referred to as the “Investment Trust Act”)and other laws andregulations, the Articles of Incorporation, and other rules of the Association (including resolutions of the boardof directors; the same shall apply hereinafter).

Article 3.

Grasp of Status of Compliance of Members

1. The Association shall, through conducting questionnaire surveys for Full Members and Financial
Instruments Intermediary Service Providers, examining their daily business, and other activities, endeavor to
grasp the status of compliance (hereinafter referred to as the “Status of Compliance”)of Full Members andFinancial Instruments Intermediary Service Providers with the provisions of the FIEA, the Investment Trust
Act, and other laws and regulations, or the Articles of Incorporation and other rules of the Association(hereinafter referred to as the “Laws and Regulations, etc.”).
2. If the Association has obtained any information, etc. on the Status of Compliance of a Full Member or a
Financial Instruments Intermediary Service Provider, the Association shall endeavor to grasp the actual
status by holding hearings, etc. with the Full Member, as necessary.
3. If it is deemed difficult to grasp the actual status thereof by the methods stipulated in the preceding paragraph,
the Association shall, as necessary, request the submission of materials or an explanation in writing or orally
stipulated in Article 14 of the Articles of Incorporation, or conduct a member investigation stipulated in
Article 15 of the Articles of Incorporation.
4. If a member investigation is conducted pursuant to the preceding paragraph, such investigation shall be
conducted according to the methods stipulated in Article 9, Paragraph 2.

Article 4.

Guidance, etc.

1. If the Association finds that the Status of Compliance of a Full Member and a Financial Instruments
Intermediary Service Provider is inappropriate, the Association shall, as necessary, provide necessary
guidance and recommendations to the Member in order to improve the Status of Compliance.
2. The procedures for providing recommendations pursuant to the preceding paragraph shall be stipulated in theRules on Dispositions, etc. of Members (hereinafter referred to as the “Rules on Dispositions of Members“).
3. If the Association provides guidance or recommendations to a Full Member, the Association shall request theFull Member to submit a written report on the formulation of a business improvement plan and the status ofits implementation in order to improve the Status of Compliance, as necessary.

Article 5.

Business for Improving Compliance

In order to improve the status of compliance, etc. of Full Members and Financial Instruments Intermediary
Service Providers with the FIEA, the Investment Trust Act, and other laws and regulations, the Association
shall conduct the following business:(1) Implementation of training, seminars, etc. for officers and employees of Full Members and Financial
Instruments Intermediary Service Providers;(2) Dissemination of cases of violations of the Laws and Regulations, etc. by Full Members and Financial
Instruments Intermediary Service Providers; and(3) Any other business deemed necessary by the Association.

Chapter 3
Article 6.

Business Stipulated in Article 4, Paragraph 1, Item 2 of Articles of Incorporation
Business, etc.

With regard to the financial instruments business, etc. (including business pertaining to the investment trust
managed without instructions from the settlor; the same shall apply hereinafter) conducted by Full Members
and Financial Instruments Intermediary Service Providers, the Association shall conduct the member
investigation, guidance, recommendations, and other business necessary for appropriateness of asset
management, etc. and public offerings and private placements, etc. of beneficiary certificates (including thebook-entry transfer beneficial interest in an investment trust; the same shall apply hereinafter), and ensuring theprotection of investors.

Article 7.

Grasp of Status of Business Operations of Members

1. With regard to the financial instruments business, etc. conducted by Full Members and Financial Instruments
Intermediary Service Providers, the Association shall endeavor to grasp the status of business operations of
the asset management and the public offering or private placement of beneficiary certificates of Full
Members and Financial Instruments Intermediary Service Providers through conducting questionnaire
surveys for Full Members and examining their daily business.
2. If the Association has obtained information, etc. on the status of business operations such as the asset
management and the public offering or private placement of beneficiary certificates by a Full Member and a
Financial Instruments Intermediary Service Provider, the Association shall endeavor to grasp the actual
status thereof by holding hearings, etc. with the Full Member, as necessary.
3. If it is deemed difficult to grasp the actual status thereof by the methods stipulated in the preceding paragraph,
the Association shall, if necessary, request the submission of materials or an explanation in writing or orally
pursuant to Article 14 of the Articles of Incorporation, or conduct a member investigation stipulated in
Article 15 of the Articles of Incorporation.
4. If conducting a member investigation pursuant to the preceding paragraph, the Association shall conduct
such investigation according to the methods stipulated in Article 9, Paragraph 2.

Article 8.

Guidance, etc.

1. If the Association finds that the status of business operations such as the asset management and the public
offering or private placement, etc. of beneficiary certificates by a Full Member and a Financial Instruments
Intermediary Service Provider is inappropriate and that a situation is deemed necessary to protect investors,
the Association shall, as necessary, provide necessary guidance or recommendations to the Full Member inorder to ensure the appropriateness of the business operations.
2. The procedures for providing recommendations pursuant to the preceding paragraph shall be stipulated in theRules on Dispositions of Members.
3. If the Association provides guidance or recommendations to a Full Member, the Association shall request, as
necessary, the Full Member to submit a written report on the formulation of a business improvement planand the status of its implementation in order to ensure the appropriateness of the asset management, etc.

Chapter 4
Article 9.

Business Stipulated in Article 4, Paragraph 1, Item 3 of Articles of Incorporation
Member Investigation

1. The Association shall conduct a member investigation of a Full Member and a Financial Instruments
Intermediary Service Provider with regard to compliance with the FIEA, the Investment Trust Act, orders
based thereon, dispositions based thereon, the Articles of Incorporation and other rules of the Association(including resolutions of the board of directors), the basic terms and conditions of the investment trust, or the
Certificate of Incorporation of the investment corporation (hereinafter referred to as the “Laws andRegulations, etc.”), or the principle of good faith in transactions.
2. The member investigation stipulated in the preceding paragraph shall be conducted by any of the following
methods:(a) On-site investigation;(b) Investigation in writing;(c) Investigation by hearing; or(d) Other investigations by methods deemed appropriate by the Association.

Article 10.

Member Investigation Rules

Necessary matters for the implementation of the member investigation stipulated in the preceding Article shallbe stipulated in the Rules on Member Investigation.

Article 11.

Measures for Results of Member Investigation

1. If the Association has found the fact of a violation of the Laws and Regulations, etc. by the relevant Full
Member as a result of conducting a member investigation pursuant to Article 9, the Association shallappropriately respond to the violation in accordance with the Articles of Incorporation or the Rules on
Dispositions of Members, as necessary.
2. Procedures for making a disposition based on the Articles of Incorporation or taking other measures against
the relevant Full Member shall be stipulated in the Rules on Dispositions of Members.

Chapter 5
Article 12.

Business Stipulated in Article 4, Paragraph 1, Item 4 of Articles of Incorporation
Resolution of Complaints

1. The Association shall conduct the business for resolving complaints from investors concerning the businessof the financial instruments business, etc. pertaining to investment trusts and investment corporations
conducted by Full Members and Financial Instruments Intermediary Service Providers (hereinafter referred
to as the “Complaint Resolution Business”).
2. The Complaint Resolution Business stipulated in the preceding paragraph may be entrusted pursuant to theprovisions of Article 78-8, paragraph (1) of the FIEA.

3. Necessary matters for the Complaint Resolution Business shall be stipulated in the Rules on Entrustment of
Business, etc. for Resolution of Complaints and Disputes (hereinafter referred to as the “Rules on Resolutionof Complaints, etc.”).

Chapter 6
Article 13.

Business Stipulated in Article 4, Paragraph 1, Item 5 of Articles of Incorporation
Mediation for Dispute Resolution

1. If there is a dispute concerning the business of the financial instruments business, etc. pertaining toinvestment trusts and investment corporations conducted by Full Members and Financial Instruments
Intermediary Service Providers, the Association shall conduct the business pertaining to the mediation(hereinafter referred to as the “Mediation Business”)in order to resolve the dispute.
2. The Mediation Business stipulated in the preceding paragraph may be entrusted pursuant to the provision of
Article 78-8, paragraph (1) of the FIEA.
3. Necessary matters for the Mediation Business shall be stipulated in the Rules on Resolution of Complaints,
etc.

Article 14.

Entrustment of Complaint Resolution Business and Mediation Business

1. If the Complaint Resolution Business and the Mediation Business are entrusted to a third party pursuant to
the provisions of Article 12, Paragraph 2 and Article 13, Paragraph 2, the Association shall entrust suchbusiness to a person with sufficient financial basis and personnel structure to perform such businessproperly.
2. In entrusting the business pursuant to the preceding paragraph, the Association shall conclude a contract
necessary for entrusting such business such as a letter of agreement.

Chapter 7
Article 15.

Business Stipulated in Article 4, Paragraph 1, Item 6 of Articles of Incorporation
Establishment, Amendment, or Abolition of Rules

1. The Association shall establish, amend, or abolish rules (including resolutions of the board of directors)andconduct other business necessary for the appropriateness of the financial instruments business, etc. pertaining
to investment trusts and investment corporations conducted by Full Members and Financial Instruments
Intermediary Service Providers.
2. The establishment, amendment, or abolition of the rules stipulated in the preceding paragraph shall be madeby a resolution of the board of directors.

Chapter 8
Article 16.

Business Stipulated in Article 4, Paragraph 1, Item 7 of Articles of Incorporation
Business of Accredited Personal Information Protection Organization

1. The Association shall conduct the following business concerning the handling of personal information
pertaining to the financial instruments business conducted by Full Members and Financial Instruments

Intermediary Service Providers as an accredited personal information protection organization who havereceived an accreditation pursuant to Article 47, paragraph (1) of the Act on the Protection of Personal
Information (Act No. 57 of 2003):(1) Handling of complaints concerning the handling of personal information by Full Members and Financial
Instruments Intermediary Service Providers;(2) Preparation and publication of the Personal Information Protection Guidelines;(3) Guidance, recommendations, and other measures necessary to ensure compliance with the Personal
Information Protection Guidelines;(4) Provision of information to Full Members and Financial Instruments Intermediary Service Providers on
matters that contribute to ensure the proper handling of personal information;(5) Training, etc. for officers and employees of Full Members and Financial Instruments Intermediary
Service Providers in order to ensure the proper handling of personal information;(6) Publication of the name of the Full Member;(7) Liaison and coordination with relevant organizations; and(8) In addition to what is listed in the preceding items, matters necessary for ensuring the proper handling of
personal information by Full Members and Financial Instruments Intermediary Service Providers.
2. With regard to the business pertaining to the handling of complaints concerning the handling of personal
information by Full Members and Financial Instruments Intermediary Service Providers listed in Item 1 ofthe preceding paragraph, the Association shall conduct such business based on the Rules on Handling ofComplaints concerning Handling of Personal Information by Full Members and Financial Instruments
Intermediary Service Providers separately stipulated.

Chapter 9
Article 17.

Business Stipulated in Article 4, Paragraph 1, Item 8 of Articles of Incorporation
Enlightenment and Dissemination of Investment Trusts, etc.

1. The Association shall endeavor to promote the sound development of investment trusts and investment
corporations and to protect investors through activities related to the enlightenment and dissemination ofknowledge concerning investment trusts and investment corporations.
2. In order to enlighten and disseminate knowledge concerning investment trusts and investment corporations,
the Association shall conduct the following business:(1) Business concerning the issuance of various publications pertaining to investment trusts or investment
corporations;(2) Business concerning the holding of lectures, seminars, etc.; and(3) Other business concerning the enlightenment and dissemination of knowledge of investment trusts andinvestment corporations.

Chapter 10

Business Stipulated in Article 4, Paragraph 1, Item 13 of Articles of Incorporation

Article 17-2.

Registration Work of Sales Representatives

The Association shall conduct the registration work of sales representatives stipulated in Article 4, Paragraph 1,
Item 13 of the Articles of Incorporation in accordance with the rules separately stipulated. Other Business

Chapter 11
Article 18.

Other Business
Other Business

The Association shall, in order to achieve its purpose, conduct the following business:(1) Preparation and publication of statistics, etc. concerning investment trusts and investment corporations;(2) Internal and external investigation, research, and international exchanges concerning investment trusts
and investment corporations;(3) Communication and coordination of opinions among Full Members and with financial instruments
business associations, and other relevant organizations, etc.;(4) Proposals, requests, and communications to relevant government agencies and other relevantorganizations; and(5) In addition to what is listed in the preceding items, publicity activities for investors and other businessnecessary for achieving the purpose of the Association.

Chapter 12
Article 19.

Organizations, etc. of Association
Committee

1. The Association shall establish a committee for the smooth performance of the business of the Association.
2. The structure, operation, etc. of the committee stipulated in the preceding paragraph shall be stipulated in theRules on Establishment of Committee separately stipulated.
3. In addition to the committees stipulated in the Rules on Establishment of Committee, the Association may, as
necessary, establish extraordinary committees by a resolution of the board of directors.

Article 20.

Secretariat Organization

The organization, division of affairs, authority, etc. of the Secretariat of the Association shall be governed byinternal rules separately stipulated.

Article 21.

Accounting

1. The accounting procedures of the Association shall be conducted in accordance with laws and regulations,
the Articles of Incorporation of the Association, and the Rules on Accounting Procedures separately
stipulated, as well as in accordance with the Accounting Standards for Public Interest Corporations and otheraccounting standards generally accepted as fair and appropriate.
2. The Association shall conduct the accounting procedures in accordance with the Rules on Accounting
Procedures separately stipulated.
3. The Association shall conduct an audit of the accounting of the Association by a certified public accountant.

Chapter 13
Article 22.

OthersEstablishment of System for Protection of Personal Information

The Association shall, in order to prevent the leakage, loss, or damage of personal information handled in orderto perform its business, establish rules concerning the safety management of personal information, thereby
establishing an appropriate management system.
The Association shall not use information on race, creed, family origin, domicile, etc. or other special
non-public information concerning individuals handled for the performance of its business (meaning
unpublished information that has come to its knowledge in the course of its business)for purposes other thanensuring the appropriate operation of the Association’s business or for other purposes deemed necessary.

Article 23.

Securities Transactions by Officers and Employees of Association

1. The Association’s officers (limited to full-time officers; the same shall apply hereinafter) and employees(including non-regular employees; the same shall apply hereinafter)shall not sell or purchase securities basedon trends in the management of the trust property, etc. or non-public information pertaining to issuing
companies obtained in the course of their business, or other special information obtained in the course of
their duties, or solely for the purpose of pursuing speculative profits, by making use of their professional
status.
2. If any officer or employee of the Association commits any of the acts listed in the preceding paragraph, theAssociation shall take strict measures against the relevant person who commits such act.

Article 24.

Confidentiality, etc.

No officer of the Association, committee member or employee of any committee, etc., or any person who wasformerly in the position thereof shall divulge or misappropriate any secret that he/she has come to know in thecourse of performing his/her duties to others without justifiable grounds.

Supplementary Provision
The provisions shall come into force on October 1, 1967.

Supplementary Provision
Amendments to the provisions shall come into force on December 25, 1968.

Supplementary Provision
Amendments to the provisions shall come into force on February 10, 1969.

Supplementary Provision
The amended provisions of Article 5 and Article 6 shall come into force on February 1, 1970.

Supplementary Provision
The amended provisions of Article 5 and Article 7 shall come into force on April 10, 1970.

Supplementary Provision
The amended provisions of Article 5 and Article 10 shall come into force on October 1, 1970.

Supplementary Provision
The amended provisions of Article 5 shall come into force on August 25, 1971.

Supplementary Provision
The amended provisions of Article 5 shall come into force on May 17, 1972.

Supplementary Provision
The amended provisions shall come into force on December 1, 1972.

Supplementary Provision
The amended provisions of Article 2 shall come into force on January 27, 1984.

Supplementary Provision
The amended provisions of Article 3, Article 14, and Article 16 shall come into force on October 26, 1988.

Supplementary Provision
The amended provisions shall come into force on March 17, 1994.

Supplementary Provision
The amended provisions of Article 2, Article 2-2, Article 2-3, Article 3, and Article 10-2 shall come into force
on January 1, 1995.

Supplementary Provisions
1. The amended provisions shall come into force on January 1, 1996.
2. In cases where an entrusting party has come to appoint a discretionary investment company’s (meaning theinvestment advisor stipulated in Article 2-3, Paragraph 2 after the amendment; hereinafter the same shallapply in this paragraph)officer (meaning an officer stipulated in that paragraph)or employee as an officer or
employee of the entrusting party, or has come to use a business office used by a discretionary investmentcompany, if the discretionary investment company is a discretionary investment company actually
established under the laws and regulations of a foreign country at the time of the enforcement of the

provisions, the term “using (limited to the cases where it is deemed that the business of a discretionary
investment company is substantially operated as a result thereof)” in that paragraph shall be deemed to be
replaced with “In cases where it is deemed that the business of a discretionary investment company issubstantially operated as a result of using, instructions on transactions that would harm the interests ofbeneficiaries pertaining to the trust property in order to promote the interests of customers pertaining to thediscretionary investment contract concluded by the discretionary investment company.”

Supplementary Provision
The amended provisions of Article 10 and Article 10-2 shall come into force on December 1, 1997.

Supplementary Provision
The amended provisions of Article 13 shall come into force on March 23, 1998.

Supplementary Provision
The amended provisions of Article 8 shall come into force on March 24, 1998.

Supplementary Provisions
This amendment shall come into force on December 1, 1998.
* The amended provisions, etc. are as follows:(1) Article 1, Article 3, Article 4, Article 5, Article 6, Article 7, Article 10, Article 11, and Article 12 have been
amended.
(2) Articles 2 through 3, Articles 5 and 6 have been deleted, Article 4 has been changed to Article 3, Article 7
and Article 8 have been advanced to three Articles, respectively, replaced with Article 4 and Article 5, andArticle 2 has been newly established.
(3) Article 9, Article 10-2, and Article 13 have been deleted, Articles 10 through 12 and Articles 14 through 16
have been advanced to four Articles respectively, replaced with Article 6 through Article 12, and Article 9
has been newly established.

Supplementary Provisions
The amended provisions shall come into force on April 21, 1999; provided, however, that the provisions ofArticle 13, Paragraph 2 after the amendment shall apply to the investment report pertaining to the trust property
for which the fiscal year end will arrive on or after January 1, 2000.

Supplementary Provision
The amended provisions shall come into force on November 30, 2000.

Supplementary Provision
The amended provisions shall come into force on June 1, 2003.

Supplementary ProvisionThis amendment shall come into force on April 1, 2005.

Supplementary ProvisionThis amendment shall come into force on January 31, 2006.

Supplementary ProvisionThis amendment shall come into force on March 8, 2007.

Supplementary ProvisionThis amendment shall come into force on the date on which the approval of the competent government agency
is obtained for the Articles of Incorporation (September 30, 2007).

Supplementary Provisions
1.

This amendment shall come into force on the date on which the approval of the competent government
agency is obtained (March 31, 2008).

2.

Ensuring Proper Handling of Personal Information by Members (Resolution of the Board of Directors ofApril 27, 2005) shall be abolished as of the date of the approval of the competent government agency
pertaining to the amendment of the Operational Rules (March 31, 2008).

Supplementary ProvisionThis amendment shall come into force on October 1, 2008; provided, however, that the amendment of Article
10 shall come into force on the date on which the approval of the competent government agency is obtained(July 25, 2008).

Supplementary Provisions
1.

This amendment shall come into force on the date separately stipulated by the board of directors(December 17, 2009) upon the approval of the competent government agency.

2.

At the time of enforcement of this amendment, complaints that have actually been filed with the
Association pursuant to the provisions of the Complaint Resolution Rules pursuant to the provisions ofArticle 12, Paragraph 2 prior to the amendment shall be handled by the Association until they are resolved.

3.

At the time of the enforcement of this amendment, with regard to mediation that has actually been filedwith the Association pursuant to the provisions of the Complaint Resolution Rules pursuant to theprovisions of Article 13, paragraph 2 prior to the amendment, the provisions then in force shall remain
applicable until the conclusion of the case pertaining to such mediation.

Supplementary Provisions
This amendment shall come into force on the date of registration of establishment of a general corporation
stipulated in Article 106, Paragraph 1 as applied mutatis mutandis by replacing certain terms pursuant to Article

121, Paragraph 1 of the Act on Arrangement of Relevant Acts Incidental to Enforcement of the Act on General
Incorporated Associations and General Incorporated Foundations and the Act on Authorization of Public
Interest Incorporated Associations and Public Interest Incorporated Foundations.
*These Supplementary Provisions were amended by the amendment of June 14, 2012.

Supplementary Provisions
This amendment shall come into force on the date of registration of establishment of a general corporation
stipulated in Article 106, Paragraph 1 as applied mutatis mutandis by replacing certain terms pursuant to Article
121, Paragraph 1 of the Act on Arrangement of Relevant Acts Incidental to Enforcement of the Act on General
Incorporated Associations and General Incorporated Foundations and the Act on Authorization of Public
Interest Incorporated Associations and Public Interest Incorporated Foundations (January 4, 2013).

Supplementary ProvisionThis amendment shall come into force on May 30, 2017 with the approval of the competent government
agency.

Supplementary ProvisionThis amendment shall come into force on the date of the approval of the competent government agency (July 1,2021).