JSDA

Annual Report 2021

Japan
Securities
Dealers
Association

Table of Contents
Preamble............................................................................................................2
For a More Active and Efficient Market................................................................... 4
Contributing to Sustainable Growth..................................................................6
For Better Self-Regulation..................................................................................8
Training Courses and Investor Education.........................................................10
International Activities.....................................................................................12
Membership.....................................................................................................16
JSDA Data.......................................................................................................19
Profile...............................................................................................................22
List of Members...............................................................................................29

Preamble 2021
JSDA’s Recent Operations
The JSDA has taken steps to address the impact
of COVID-19 in cooperation with the Japanese
authorities and the securities industry. This includes
the revision and distribution of reference materials
to help each JSDA member firm implement
COVID-19 infection prevention measures. We
have also continued to maximize the use of online
tools to facilitate communication with domestic
and international market participants. In addition,as part of its efforts to address the needs of Japan’s
aging society, the JSDA has conducted research on
how securities firms should communicate with theelderly in the COVID-19 pandemic. Moreover, as
part of its efforts to effectively promote households’
long-term asset building, the JSDA has conductedpublic relations and awareness-raising activities
related to the preferential taxation systems “NISA”
and “Tsumitate (Dollar-Cost Averaging) NISA”,
and organized calls for tax reform to improve theSince 2020, the world has been facing an

convenience of these schemes.

unprecedented situation due to the spread ofFinancial literacy is essential for asset building.

COVID-19. Restrictions on personal mobility andIn anticipation of the start of new curriculum on

disruptions to global supply chains have brought

financial literacy and education in schools in 2022,

about changes in our daily lives and the way wethe JSDA has been promoting support activities suchdo business, with far-reaching impacts on theas providing useful information and supplementaryworld’s economy and society. The Tokyo Olympic

teaching materials. Furthermore, the JSDA held

and Paralympic held in the summer of 2021 were

events to contribute to the development of the SDG

no exception, and since they were held withoutbond market in order to further deepen the role thatspectators, forcing people around the world to

the Japanese securities industry can play in achieving

watch the games at their homes. Yet, at the samethe UN Sustainable Development Goals (SDGs).

time, COVID-19 has also exemplified not only theimportance of financial stability and capital market
resilience, but also the social role that the financial
and securities markets as a whole can play to help
ameliorate some of the challenges.

Four Key Measures to Fulfill the Roleof Addressing Social Issues
The JSDA will continue to fulfill its required socialrole by focusing on the following four key measuresin order to further enhance investor trust andfunctioning of the securities markets.

2

Annual Report 2021

1. Achievement of the SDGs

more attentive to the attributes and circumstances ofCurrently, the movement toward a decarbonizedelderly customers. The JSDA will work proactively(green) society is accelerating worldwide, and theto address social issues surrounding the elderly, suchrole of sustainable finance is expected to become

as effective management and administration of assets

even more important. Accordingly, the JSDA willin preparation for the decline in cognitive ability andcontinue to support investors and issuers throughjudgment, use of agents, and smooth asset transfer

proactive use of securities firms’ intermediary

between generations.

functions. In this area, new standards for disclosure
are being considered globally, and the JSDA will

In order to successfully implement the above fourcontinue to make appropriate contributions.

measures, it is essential to develop human resourcesin the securities industry as a whole and strengthen

2. Accommodating Digital Transformation (DX)ties with domestic and overseas stakeholders. The

From the perspective of improving customer

JSDA will continue to support the efforts of theconvenience and coping with the impact of

JSDA member firms and strengthen ties with related

COVID-19, securities firms face an increasingorganizations to disseminate necessary information.

need to operate smoothly and work efficiently.

The role of financial and capital markets will become

Consequently, the JSDA will further promote theeven more important in order to overcome thetransition to paperless and digitalized processing

various social challenges facing Japan and to achieveof, and document handlings related to, securities

sustainable and inclusive economic growth. The

transactions. In addition, we support the wider

JSDA and the securities industry will do their utmost

acceptance of the Social Security and Tax Number

to help address important social issues.

System and expanding the scope of its use.
Finally, I would like to express my deepest condolences
3. Stronger Support for Asset Building

to the people who have died from COVID-19 andIn the midst of rapidly changing social environment,

to the families who have lost their loved ones, andthe JSDA believes that it is of utmost importance toextend my sympathy to those still suffering from theestablish an environment where financial products

disease. I would also like to express my appreciation

handled by the securities industry can be held withto all the front-line medical workers. It is my strong

confidence over the medium to long term andbelief that by working together and understanding

solidify households’ asset building activities. In

each other, Japan as well as other jurisdictions acrossorder to achieve these goals, the JSDA will continue

the globe can put an end to the historic battle against

to work on measures to further expand the NISACOVID-19.

system, including Dollar-Cost Averaging NISA,
promote and disseminate the system to individual
investors, and improve financial literacy among
different generations and professions according totheir respective needs.
4. Provision of Financial Services Fit for an Aging
Society
As Japan enters a super-aging society era, it is necessary
to rethink the provision of financial services that are

MORITA Toshio
Chairman and CEO

Annual Report 2021

3

For a More Active andEfficient Market
Response to COVID-19

making recommendations in its tax reform requests
for FY2021. The revision to the taxation system

In response to the spread of COVID-19, the Japanese

includes digitizing procedures to close his/her NISA

government issued a declaration of a state of emergency

to open a new NISA in another financial firm.

on April 7, 2020. Under the state of emergency, theJapanese securities industry including the JSDA
secretariat office strongly committed to limiting theemployees who come to the offices to those deemednecessary—through the utilization of tools for remote

Realizing an Environment that
Supports the Seamless Transfer of
Risk Assets between Generations

access to work streams via the internet, call centers,

In its 2021 tax reform requests to relevant authorities,

and telephone, to the extent possible. Yet, while still

the JSDA recommended a reconsideration onunder these difficult circumstances, the industry

how to assess the value of the inheritance tax for

successfully maintained the continuous and stable

listed stocks, and suggested the establishment offunctioning of the securities market without any

tax incentive schemes for inheritance taxes related

marked disruptions to its operations.

to intergenerational investment as well as tax relief

In June and December 2020, in response tomeasures to alleviate the drop in stock prices at therequests from the government, the JSDA revised

time of inheritance. In addition, the JSDA collected

the “Guidelines for Preventive Measures against

information on practices and system of asset transfers

COVID-19 in the Securities Industry”, which wasamong generations surveying the US joint accountestablished in May 2020 as a point of reference

system. The JSDA also examined how to manage

on best practices for preventive measures against

securities in the adult guardianship system.

COVID-19 for its member firms, referring to therecommendations of the Government’s Expert
Meeting on the Novel Coronavirus Diseases Control.

Promoting Individuals’ Medium- to
Long-Term Asset Building

Efforts to Integrate and Coordinate
Financial Income Taxation Systems
In July 2020, the Tokyo Commodity Exchange became
a wholly-owned subsidiary of the Japan ExchangeGroup, which led to the birth of the comprehensive

To expand the investor base and support the asset

exchange that handles a wider range of financial

building efforts of individuals, the JSDA continued

products. Accordingly, the JSDA requested that theto actively promote the NISA (the Japanese version

scope of tax calculation for net financial income/lossof the Individual Savings Account) and Tsumitate

include derivative transactions in order to create an(Dollar-Cost Averaging) NISA through a variety

environment where investors can comfortably investof media including advertisements on television,in a variety of financial instruments.

newspapers, and magazines; as well as explanationsof the scheme in its investor education activities
aimed at the younger generation/those who are
not experienced or have no interest in investment.

4

Promoting the Attractiveness ofJapan as Global Financial Center

The JSDA also endeavored to make the NISAThe JSDA attended the board meeting of theschemes permanent and more convenient to use, by“Fin City Tokyo”, an organization charged with

Annual Report 2021

promoting Tokyo as a global financial center, toof AI and big data, and also examined points ofdiscuss how to enhance the status of Tokyo as aattention in relation to the existing financial markets

leading global financial center. Furthermore, theand transaction practices so as to figure out the

JSDA submitted the tax reform requests for FY

conditions under which technology and financial

2021 to attract financial institutions and highly

innovation can contribute to further development inskilled human resources from overseas with the aim

the Japanese financial sector.

of enhancing the status of major cities in Japan as
global financial hubs and centers in Asia. To thisend, the JSDA had approached its stakeholders andelaborated on the requests, which contributed to theachievement of the reform in corporate tax, income
tax, and inheritance tax.

Enhancing Customer-Oriented
Business Conduct
In March 2017, the Japan Financial Services Agency(JFSA) released the “Principles for CustomerOriented Business Conduct”, aimed at maximizing
firms’ actions in the best interests of their customers.
Since December 2017, the JSDA has been listing
the information of the securities firms which haveboth adopted the said principles and outlined
policies in line with the principle with the list
updated on a quarterly basis. On August 2019, theKey Performance Indicators (KPIs) published by
the JFSA, which are meant to provide a comparable
reference point between firms, was added to said
information. In addition, the JSDA held lectures
related to this initiative, inviting responsible officials
at the JFSA to speak.

Research on Technology and Financial
Innovation
In September 2020, the JSDA established the “Study
Group on Technology and Financial Innovation” at
the Japan Securities Research Institute. The study
group investigated new legal issues brought about
by financial innovation such as the growing use

Annual Report 2021

5

Contributing to
Sustainable Growth
After establishing the council and three subcommittees to identify and implement actions that the
securities industry can play in light of the 17 goals of the SDGs, the JSDA has endeavored to further
its contributions to the SDGs in practical terms.
The following website describes all of the various efforts of the JSDA and the Japanese securities
industry as a whole in relation to the SDGs.
https://www.jsda.or.jp/sdgs/index.html (available only in Japanese)
Council for Promoting the SDGs in the Securities Industry
Chair: JSDA Chairperson, Members: JSDA member companies and external experts

Subcommittee on ending poverty/
starvation and protecting the global
environment
Examines specific policies to promote
the arrangement/ distribution offinancial products related to impact
investments, in order to contributeto the resolution of social challenges
through the securities business.
Examples of specific initiatives:– Unification of the name of bonds
contributing to SDGs (“SDG bonds”)– Creation of materials to deepen
understanding of those products
amongst officers and employees of
securities firms (e.g. Guidebook on
Financial Instruments Contributing to
the SDGs)

Subcommittee on promoting decent
working conditions and women’s
participation in society
Examines cross-sectional initiatives
in the industry to promote decent
working conditions and encourage
women in the work force.
Examples of specific initiatives:– Women employees network(Women’s Network for the
Securities Industry)– Seminars for management-level
officers and c-level executives– Compilation of best practices

Examines possible initiatives for the
securities industry to support thepromising growth of children, eventhose living under harsh economic
circumstances.
Examples of specific initiatives:– Seminars for c-level employees– Establishment of used bookdonation funds– Creation of platforms to facilitate
collaboration between NPOs andsecurities companies (Securities
Industry Network for SupportingChildren; Shareholders Incentives
Endowment Fund for the SDGs)

Protecting the Global Environment
and Ending Poverty

Supporting Socially Vulnerable
ChildrenIn 2018, the JSDA decided, after intensive

In April 2019, the JSDA established the “Securities

discussions in the SDG Council, to collectively term

Industry Network for Supporting Children,” abonds that contribute to the SDGs “SDG bonds” inframework that leverages the resources available to

Japan, with a view to eliminating confusion amongst

securities firms, such as the shareholders’ incentives

Japanese investors and increasing the awareness ofthat securities firms receive from being shareholders,the connection between investment and the SDGs.

towards activities that help support children. The

In order to get a sense of the market size andnetwork has been used to share information on thetrends of financial instruments that contribute tosaid available resource between member firms andthe SDGs in Japan, in November 2019, the JSDA

NGOs for those resources to be better able to bebegan compiling and publishing the issuanceprovided for children in need.

amounts of SDG bonds publicly offered in Japanon a quarterly basis.

6

Subcommittee on supporting education
for the socially vulnerable

Annual Report 2021

Finally, as with last year, the JSDA and theJapanese securities industry also participated in the“Used Book Sale Donation for Children’s Future,” aproject led by the Japanese government’s movement
to support children. As of the end of March 2021, aMoving Toward Sustainable Growththrough the Securities Businesstotal of 132,202 books were donated, amounting to

As a measure in line with the objective to contributea donation value of more than JPY3.2 million.

to the SDGs that utilizes the shareholders’ incentive
schemes, on April 1, 2019, the JSDA established thePromoting Decent Working Conditions“Shareholders Incentives Endowment Fund for the
SDGs.” Under the scheme of the said endowment

The JSDA has been promoting campaigns forfund, donations to the Shareholders Incentives

reforming work styles and empowering women in theEndowment Fund for the SDGs will be made asecurities industry, which constitutes one of its activities

possible choice for shareholders of the JSDA members

to achieve the SDGs. For example, in December

as part of their options for shareholders’ incentives.

2020 and March 2021, the JSDA virtually held the

Unexercised shareholders’ incentives could also be“Securities Next Generation Network” seminars for

donated to the said endowment fund. Furthermore,

female participants in the industry. This series ofas stockholders of listed companies, the JSDA

seminars aims to share knowledge and experience

members themselves are eligible for donating to theamong the prospective managers and managers about

endowment fund the shareholders’ incentives given

how to conduct sales activities and manage employees

to the members, which are converted into cash. The

so that the participants can vividly imagine their future

proceeds of the fund is set to be donated to entities

careers. A total of 124 participants from 39 member

selected from among the organizations recognizedfirms joined in the seminars.

to contribute to the achievement of the SDGs. The
United Nations World Food Programme (UN WFP)

Raising the Recognition of the SDGs

and Children’s Future Support Fund were selected
as the entities supported by the fund for FY2020,

The JSDA has organized events to raise theand a total of almost JPY10 million was donated torecognition of the SDGs in Japan.

the programme by 10 JSDA members. In response

In December 2020, the JSDA co-hosted ato the donation, those members received a letter

symposium with the University of Tokyo (UTokyo)of gratitude from UN WFP and Children’s Future

to consider and discuss how to make innovations

Support Fund.

for a sustainable society. The symposium introduced
contributions of academics to solving social issues* All JSDA activities related to the SDGs are available at:https://www.jsda.or.jp/en/activities/SDGs/index.html

around the world, which includes examples of startups from the academic sector. In January 2021, theJSDA also co-hosted a conference with the UTokyoon the significance of university bonds. The event
covered the social importance and role of university
bonds and the challenges of social bonds.

Annual Report 2021

7

For Better Self-Regulation
Enhancing the Unlisted Stock Market

light of the Corporate Code of Conduct. Backed
by the revision, the JSDA continued its efforts to

In November 2020, the JSDA revised the “Rules

encourage listed companies to register with theConcerning Overt-The-Counter Securities” to allow

J-IRISS. As a result, the number of companies

the solicitation of investment in OTC securities toparticipating in J-IRISS as of the end of August 2021

professional investors who are capable of assessing

reached 3,427 (88% of all listed companies).

the value of businesses. This revision aims to meetthe higher demand for unlisted securities investmentby specific investors such as venture capitalists andoverseas sovereign wealth funds.

Conducting Timely and Effective
Inspections of Member Firms

Moreover, in June 2021, an advisory committee

During fiscal 2020, the JSDA conducted its regularof the JSDA compiled a report on how to vitalize

on-sight inspections of 49 Regular Members andprimary and secondary markets for unlisted stocks.

Specified Business Members, as well as 24 Special

The recommendations in the report include theMembers. For the 11 Regular Members/Specified

introduction of the private offering of unlisted stocks

Business Members and 7 Special Member for whom

to professional investors and the improvement of thethe JSDA found matters needing verification related

equity-based crowdfunding and the shareholders’to their customer asset segregation, etc., the JSDA

community system. Based on the recommendations

conducted visits and interviews to confirm theirof this report, the JSDA plans to revise its self-

compliance status at their offices.

regulatory rules in the future.

Imposing Disciplinary Action
Preventing Insider Trading

In case of a violation of laws and regulations,

The JSDA operates the Japan Insider Regulation

including the JSDA’s self-regulatory rules, the JSDA

& Identification Support System (J-IRISS), which

imposes self-regulatory disciplinary action to prevent

aims to prevent unintended insider trading by

the recurrence of such violations. Disciplinary action

checking registered executive officers and employees

is taken against member firms as well as their salesof listed companies.

representatives.

In November 2020, the Tokyo Stock Exchange

The number of disciplinary actions taken by therevised the Securities Listing Regulations to stipulate

JSDA during fiscal 2020 is shown in the table below.

that the registration with the J-IRISS is desirable in8

Annual Report 2021

Disciplinary Actions in Fiscal 2020
Against Regular Members
Fine and Warning
Against Sales Representatives of Regular Members
Treatment as Class-1 Perpetrator of Inappropriate Acts
Revocation of Sales Representative Registration and Treatment as Class-2 Perpetrator of Inappropriate Acts
Treatment as Class-2 Perpetrator of Inappropriate Acts
Suspension of Sales Representative Business
Revocation of Sales Representative Registration
Against Sales Managers & Internal Administrators of Regular Members
Prohibition of Allocation of Sales Manager Position
Prohibition of Allocation of Internal Administrator Position
Against Sales Representatives of Special Members
Revocation of Sales Representative Registration and Treatment as Class-2 Perpetrator of Inappropriate Acts

2
1
3
1
31
1
2
1
1

Treatment as Class-2 Perpetrator of Inappropriate Acts

1

Suspension of Sales Representative Business2

Against Sales Representatives of Financial Instruments Intermediary Service Providers
Suspension of Sales Representative Business1

Note: Under the JSDA self-regulatory rule, member firms shall not hire a person treated as a Perpetrator of Inappropriate Act during the following periods:• Class-1 Perpetrator of Inappropriate Act: Indefinite period• Class-2 Perpetrator of Inappropriate Act: Five years after the disciplinary action is taken• Suspension of Sales Representative Business is an administrative disciplinary action and Prohibition of Sales Representative Business is a selfregulatory disciplinary action.

Holding Qualification Examinations
The

JSDA

holds

qualification

examinations

Special Member Class-2 Sales Representative, andSpecial Member Internal Administrator.
The

JSDA

conducts

these

qualification

for Class-1 Sales Representative, Class-2 Sales

examinations based on the syllabus, which is available

Representative, and Internal Administrator for its

to the public via the JSDA website.

member firm employees involved in the securities
business. The Class-1 and Class-2 Examinations areopen to the public to disseminate financial literacy
and securities knowledge.
The JSDA also holds qualification examinationsfor Special Member Class-1 Sales Representative,* The syllabus is available at:https://www.jsda.or.jp/en/about/major-activities/html/examinationqualification/SalesRepresentativesManual.html

The number of examinees and successful
applicants for each examination during fiscal 2020are shown in the following table.

Qualification Examinations in Fiscal 2020
Examination
Class-1 Sales Representative
Class-2 Sales Representative
Internal Administrator
Special Member Class-1 Sales Representative
Special Member Class-2 Sales Representative
Special Member Internal Administrator

Examinees
36,7308,069
17,034
5,457
11,121
1,639

Successful Applicants
22,301
4,983
14,478
2,285
5,228
1,592

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9

Training Courses andInvestor Education
Training Courses
Based on a training program drawn up annually,
the JSDA provides training courses for the executive
officers and employees of its member firms. The
JSDA also conducts additional training courses asnecessary in response to amendments of laws andregulations and institutional reforms.
The JSDA’s Major Work Plans for 2019–2020
identified “improving intermediaries’ functions andcredibility” as one of its pillars. To achieve this objective,
the JSDA focused on the following four items in its
training courses: 1) undertake initiatives to foster
customer-oriented business conduct, etc., 2) respondas necessary toward providing financial services thatare fit for an aging society, 3) undertake initiatives tocombat money laundering, and 4) find and analyze
the problems in the use of financial services. According
to these goals, the JSDA conducted a number oftraining courses, including the continuation of the
training courses focusing on ethics and compliance.
In addition, the JSDA took up new themes, such as
acquiring knowledge and improving skills to provide
useful information and advice to meet the diverse
lifestyles and needs of clients, to further enrich theseminars in a timely fashion. Finally, as an authorized
personal information protection organization, theJSDA incorporated into its curricula elements related
to the protection of personal information.
To enhance compliance procedures and internal
training systems at member firms, the JSDA
distributes training materials, including seminarDVDs, for use in internal training courses and10

Training Courses in Fiscal 2020
1. Training Courses Based on Self-regulation- Seminars for company representatives- Training seminars for executives- Joint training seminars for internal
administration supervisors and assistantsupervisors- Training seminars for internal administrators- Training seminars for sales managers- Joint training seminars for sales managers andinternal administration supervisors
2. Training Courses Focusing on Ethics andCompliance- Basic compliance seminars- Compliance practice seminars- Corporate ethics seminars- Risk management seminars- Compliance seminars for sales staff
3. Training Courses on Basic and Practical Knowledge
on Tax Systems and Financial Products- Securities business introductory seminars on
tax systems- Securities business practice seminars on tax
systems
4. Training Courses on Acquisition of Knowledge
and Improvement of Skills to Provide Useful
Information and Advice That Meets the Diverse
Lifestyles and Needs of Customers- Consultation and business succession seminars- Sales force improvement seminars
5. Training Seminars for Renewing the
Qualification of Sales Representatives

uploads its seminar videos online. During fiscal 2019,

Investor Education

officers and employees of the JSDA held 42 sessions

Disseminating and Promoting Financial Literacy

at member firms. The JSDA is also conducting

In March 2021, the JSDA produced guidebooks on

training seminars for renewing the qualification offinance and securities to support teachers in teachingsales representatives. Due to COVID-19, the JSDA

those subjects in junior high schools, considering thehas offered online training sessions instead of in-

new Curriculum Guidelines and the new guidelines-

person group training sessions at venues.

compliant textbooks.

Annual Report 2021

Further, the JSDA held a series of online lectures,the “First Time Asset Management Lectures,”in coordination with the JFSA and other relatedorganizations, for inexperienced or beginner investors
to learn the importance of life and money planningand to increase their awareness of the features offinancial products, the DC pension system, and theTsumitate (Dollar-Cost Averaging) NISA. Theseseminars were attracted 4,397 people. With respect
to school education, the JSDA dispatched its staff
as lecturers to 62 elementary schools, junior highschools, and high schools to conduct total of 124
classes as Saturday educational activities, as well as to
58 universities and their career centers to conduct a
total of 99 classes on financial literacy. Moreover, inorder to provide information on economics, finance,
securities and hands-on supplementary teachingmaterials, the JSDA holds on-demand seminars
for faculty and instructors of various junior highand high schools. In 20120, total of 1,009 people
participated in these seminars.
As part of the Securities Knowledge Proliferation
Project (JSDA, Japan Exchange Group including
Tokyo Stock Exchange and Osaka Exchange, Nagoya
Stock Exchange, Fukuoka Stock Exchange, Sapporo
Stock Exchange, Investment Trusts Association ofJapan, and Association of Nagoya Stock Exchange
Trading Participants), the JSDA distributed handson supplementary teaching materials to juniorhigh schools and high schools to support teachers
in teaching kabushiki gaisya, financial systems,
and companies’ social roles and responsibilities.
In addition, the JSDA produced video content
for inexperienced investors who are interested ininvestment and made it available on its website.
In October 2020, as in the previous year, theJSDA participated in World Investor Week (WIW),
a global campaign initiated by the IOSCO, andcreated a special website to promote awareness of
this campaign.

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11

International Activities

Throughout FY 2020, the JSDA hosted and participated in a wide range of international
activities and bolstered its reputation as a globally oriented organization.
topic stems from the increasing concerns on heavy

International Organization of
Securities Commissions (IOSCO)/
Affiliate Members Consultative
Committee (AMCC)
TheInternational

Commissions

12

Organization(IOSCO)

is

an

of

reliance on non-bank financial intermediationand vulnerabilities of the financial markets duringmarket turmoil, such as the low liquidity of MMFs
in March 2021.

Securities

internationalorganization that brings together the regulators

The IOSCO Committee 8 (C8)of the world’s securities and derivatives markets to

The IOSCO Committee 8 (C8) was established inestablish global standards. The JSDA is a member ofJune 2013 to deal with issues related to retail investors,

IOSCO’s Affiliate Members Consultative Committee

and its primary mandate is to conduct policy work

(AMCC), a forum of IOSCO’s affiliate members

on financial literacy and investor protection. The

which has more than 60 members representing

JSDA has participated as an observer in its meetings

developed and emerging securities and derivatives

since September 2014 and contributed to its projects

markets around the world.

on anti-fraud messaging, investor risk education, andAt the IOSCO Annual General Meeting inprotection of senior retail investors, among others.

December 2020, the IOSCO released a report

Recent meetings of the C8 were held in virtual

analyzing the impact of various policies and central

format in May 2020, June 2020, December 2020

banks’ interventions during market turmoil. This

and March 2021.

Annual Report 2021

As one of the major initiatives by the C8, a
global campaign, “World Investor Week (WIW),”was implemented on 4 to 10 October 2020 topromote investor protection and asset-building
based on adequate financial literacy. In 2020, theJSDA promoted this campaign with advertisements
at major train stations in Tokyo, Nagoya, and Osaka
to make more people aware of securities investment’s“Social Significance” (supporting society, economy,
and companies).

Green, Social and Sustainability Bond
Conference
On November 2020, the JSDA and the International
Capital Market Association (ICMA) co-organized theGreen, Social and Sustainability Bond Conference

Asia Securities Forum (ASF)

in a hybrid format for the fourth time to exchange

The Asia Securities Forum (ASF) was established in

information regarding the development of and1995, based on an initiative by the JSDA. The ASF’s

facilitate conversation amongst market participants

objectives are to exchange views and informationin these bond markets. This annual event in Tokyo

between the securities industries in the Asia-Pacificbegan in 2017 against the backdrop of the emergenceregion and to contribute to the development ofof market interest in sustainable finance.

securities markets and economic growth in the

The 2020 conference attracted about 500
participants, as investors’ interests in social issues

region. The JSDA has been serving as its secretariat
since its foundation.

have been growing under the social impacts of

In November 2020, the ASF’s 25th Annual

COVID-19, and the social bond market has been

General Meeting (AGM) was held in virtual

steadily expanding worldwide and in Japan.

format. In April 2020, as ASF Secretariat, the JSDA

The conference shared the understanding among

established an online forum on which ASF members

market participants and government agencies that

could share information on what each association orbond markets are becoming increasingly importantjurisdiction is doing with regard to the COVID-19

to solve social issues and enhance a more sustainable

outbreak, with a view to learning from one anothersociety. Speakers also discussed labeling, guarantees,

to undertake better measures. At the 2020 AGM,

and impact assessment on bonds contributing tomembers exchanged views on the content discussedsustainability.

on the ASF’s online forum, including changes

Notable keynote speakers at the 2020 conferencein business operations under the COVID-19,

included Mr. Masataka Miyazono, President ofrecommendations to regulators, and strengthening

Government Pension Investment Fund (GPIF),

of networks with relevant organizations. In addition,

and Dr. Sabine Mauderer, Executive Board of themembers discussed a survey result on sustainable

Deutsche Bundesbank.

finance in each ASF member jurisdiction, which the
JSDA conducted in advance.

Annual Report 2021

13

ASF Tokyo Round Table
The JSDA also organizes a training program called

International Forum for Investor
Education (IFIE)

the ASF Tokyo Round Table—which is intended for

The International Forum for Investor Education

the staff of self-regulatory organizations, securities-(IFIE) is an international platform for the providers

related associations, and regulatory authorities

of investor education and was formed in 2005 forin the Asia-Pacific region—to help a plethora of

the exchange of information and ideas among related

jurisdictions develop their securities markets andparties. As a member of the IFIE, and having served

bolster their regulatory frameworks. In March 2021,

as the Chair of IFIE from June 2017 to end 2019,considering the difficulties of inviting trainees fromthe JSDA actively participated in the operations andoverseas due to the COVID-19, the JSDA refrained

meetings of the IFIE. One of its regional Chapters,from holding the ASF Tokyo Round Table. Instead,the Asia Chapter Meeting, was held in November

the JSDA held a networking event called “ASF Tokyo

2020 in virtual format concurrently with the IFIE

Round Table Reunion” for the past participants

AGM, and was chaired by the JSDA.

in virtual format to maintain and strengthen the
networks of all the ASF members.

International Council of Securities
Associations (ICSA)The International Council of Securities Associations(ICSA) was established in 1988 based on a proposalby the JSDA, with the objective of contributing to
the sound development of the international securities
market by promoting fair and efficient transaction
practices and encouraging mutual understandingof the international securities market. ICSA
membership comprises self-regulatory organizations
and trade associations representing major securities
markets throughout the world. As of June 2021, 19
organizations are members of the ICSA. Due to theoutbreak of COVID-19, the 2021 AGM was heldin June 2021 in virtual format. The ICSA continued
to prioritize information sharing and enhancing
dialogue with relevant regulators and global bodies.

ASEAN+3 Bond Market Forum
The ASEAN+3 Bond Market Forum was launchedin September 2010 as a deliberative body forgovernments and market players under the Asian
Bond Market Initiative (ABMI) to promote thestandardization and harmonization of Asian bondmarkets. The JSDA is actively committed to this14

Annual Report 2021

forum and participated in the meeting held in virtual

should be aligned with the actual circumstances offormat in November 2020.

securities firms and outsourcing service providers fortheir effective and efficient operations.

Active Participation in Discussions on
Global/Cross Border Regulations andStandard Setting

In February 2021, the JSDA submitted comments
on IOSCO’s consultation report “Market Data in theSecondary Equity Markets,” published in December
2020. In it, the JSDA articulates structural differences

In October 2020, the JSDA submitted commentsof markets among Japan, European countries, andon IOSCO’s consultation report, “Principles on

the United States to clarify points to note in setting

Outsourcing,” published in May 2020. In it, the JSDA

international standards and guidance related toexpressed support for the overall spirit of the proposed

market data.

principles while commenting that the principles

Annual Report 2021

15

Membershipforeign securities firms. Foreign Regular Members

Association Members are categorized
into three groups:

accounted for 3.7% of regular membership.
The total number of employees of JSDA Regular
Members was about 88,000 at the end of December(1) Regular Members (268): Securities firms

2020, a decrease of about 1,000 from that of the

While 4 new members enrolled in fiscal 2020, 5

previous year. The number of offices of JSDA Regularmembers terminated their membership due toMembers at the end of March 2021 was 2,051, a

withdrawal, merger, or expulsion. Regular Members

decrease of 52 from that of the previous year.

consisted of 258 domestic securities firms and 10

Regular Members
Enrollment

Offices of Regular Members

Withdrawal, etc.*

20

Number of Regular Members
268

268

2,200

270
2,147

264

15
11

2,133

264

265

261

2,103

2,100

10

9
6

2,154

9

260

9

2,051

7
5

4

5

5

4

255
2,000

0

Mar.
2017

Mar.
2018

Mar.
2019

Mar.
2020

Mar.
2021

250

Mar.
2017

Mar.
2018

Mar.
2019

Mar.
2020

Mar.
2021

Note: Withdrawal, etc. includes termination of membership due towithdrawal, merger, and expulsion.

Employees of Regular Members

Sales Representatives of Regular Members

94,00080,00092,63492,00090,00089,942

91,26090,931

76,69676,48075,38475,39088,17088,00075,00074,13186,00070,00084,00082,00080,0000

16

65,000
Dec.
2016

Dec.
2017

Annual Report 2021

Dec.
2018

Dec.
2019

Dec.
2020

0

Dec.
2016

Dec.
2017

Dec.
2018

Dec.
2019

Dec.
2020

(3) Special Members (200): Banks, insurancecompanies, etc. conducting securities
business(2) Specified Business Members (17): Firms
only conducting specified OTC derivatives
transactions, etc., Type I Small AmountElectronic Offering Handling Business, or
brokerage, etc. for commodity-related
market derivatives transactions

During fiscal 2020, 4 institutions terminatedtheir membership (3 due to mergers, and 1 due towithdrawal), while 1 new member enrolled.

During fiscal 2020, 10 new members enrolled, and 1
member changed their category of membership.

Sales Representatives ofSpecified Business Members

Specified Business Members
Enrollment

Withdrawal, etc.*

Number of Regular Members
17

12

16

10

10

8

10

8

0

500
400
300

8

6
4
2

14
12

8
6

600

18

6

4
2

4

2

1

1

1

Mar.
2020

Mar.
2021

1
0

0

0

Mar.
2017

Mar.
2018

Mar.
2019

200
100

79

92

101

95

Dec.
2017

Dec.
2018

Dec.
2019

2
0

0

Dec.
2016

Dec.
2020

Note: Withdrawal, etc. includes termination of membership due towithdrawal and merger, and change of membership.

Annual Report 2021

17

Special Members
Enrollment

Sales Representatives of Special Members

Withdrawal, etc.*

Number of Special Members

10

380,000

212
210

8

209

210

353,904

355,968
350,104

208
6

205

4

4

2
0

3

3

206
4

203
3

2

200

1

1

1

0
Mar.
2017

Mar.
2018

Mar.
2019

Mar.
2020

Mar.
2021

340,778

340,000

333,849

204
202
200

300,000

198

0

Dec.
2016

Dec.
2017

Special Member Composition
Money market dealers 3
Government-related financials 3
Credit cooperatives 3
Securities finance companies 1
Non-life insurers 4Life insurers 9
Trust banks 11

Shinkin banks
39

Banks
127

Note: Banks in the chart above include city banks, regiounal banks, foreignbanks and other banks except trust banks and shinkin banks.

18

Annual Report 2021

Dec.
2018

Dec.
2019

Dec.
2020

JSDA Data
Balance Sheet (as of the end of March 2021)
I. AssetsofMillions of yen Thousands
U.S.dollars

Advances paidofMillions of yen Thousands
U.S.dollars

1 Current liabilities:

1 Current assets:
Cash & deposits

II. Liabilities¥370$3,340¥0$2Accounts receivable¥165$1,491

Prepayments

¥101

$908

Subtotal¥636$5,7412 Fixed assets:

Accounts payable¥227

Advances received¥30$2,050$271

Deposits received

¥31

$283
$2,424

Reserve for bonuses¥268

Lease obligations

¥40

$357

Subtotal¥596$5,3852 Fixed liabilities:(1) Special assets:Long-term accounts payable

¥21

$191

Accrued retirement benefits assets

Accrued retirement benefits for
employees¥4,654$42,036

Accrued retirement benefits for
executive officers¥230$2,076

Lease liabilities

¥51

$464

¥4,882$44,095

Buildings and accompanying facilities¥333$3,007

Fixtures and furniture

¥93

$839

Software¥126$1,139(2) Other fixed assets

Long-term loans

¥40

$360

Guarantee deposits

¥1

$12

Investment securities¥0$0

Reserve assets for stabilization ofmanagement¥1,488$13,439

Subtotal¥6,963$62,892

TOTAL ASSETS¥7,598$68,633

Notes: 1. Rate of US$1=¥110.71 used for conversion.
2. Each of total and sub-total figures may not match the onesin the relevant row or column because of rounding off.
3. Total amount of general account of members, generalaccount of special members and general account ofspecified business members are listed on the chart.

¥233$2,101

Subtotal

Asset retirement obligations¥5,189$46,869

TOTAL DEBTS¥5,785$52,254

¥0

$0

¥0

$0

III. Net Assets
1 Designated net assets:
Subtotal
2 General net assets¥1,813$16,379

Subtotal¥1,813$16,379

TOTAL NET ASSETS¥1,813$16,379

TOTAL NET ASSETS AND LIABILITIES¥7,598$68,633

Annual Report 2021

19

Revenues and Expenses Statement (Fiscal Apr. 2020 to Mar. 2021)
Revenues

ExpensesMillions of yen ofThousands
U.S. dollars

1 Revenues from business activities

Millions of yen ofThousands
U.S. dollars
1 Expenses to business activities

Specified Asset Investment Profit

¥29

$259

- Specified Asset Interest Income Profit

(¥14)

$130

- Specified Asset Dividents Income Profit

(¥14)

$129

Membership fees

¥6,560$59,252- Fixed membership fees(¥1,961)($17,715)- Floating rate membership fees(¥4,599)($41,537)

Business revenues

¥31

$283

- Training and education fees(¥13)

- Other business revenues

Operating expenses¥4,734$42,757

Administrative expenses¥2,121$19,162

Transferred expenses to other accounts¥1,005$9,080- Transferred expenses to Institute for
Securities Education & Public Relations
Special Account(¥321)($2,897)($114)- Transferred expenses to Members
General Account(¥685)($6,183)(¥19)($168)

Subtotal¥7,860$70,999

Subsidies

¥29

$260

Miscellaneous revenues

¥29

$263

- Received interest revenues

(¥1)

($5)

Expenses for specified asset purchases¥426$3,844- Miscellaneous revenues(¥29)($258)

Transferred revenues from otheraccounts

Expenses for fixed asset purchases¥598$5,397¥1,573$14,211- Transferred revenues from Special
Members General Account¥1$5(¥645)($5,830)

Expenses for lease and guarantee
deposits¥1,024$9,247- Transferred revenues from Specified
Business Members General Account(¥39)($352)- Transferred revenues from Institute for
Securities Education & Public Relations
Special Account(¥21)($189)- Transferred revenues from Members
Securities Market Activation Fund

¥43

$387

(¥165)($1,494)

Expenses for repayments of leaseobligations
Subtotal

¥43

$387

- Transferred revenues from Head Office
Relocation Fund(¥339)($3,061)- Transferred revenues from
Qualification Management Business
Integration Special Account(¥199)($1,800)

TOTAL EXPENSES¥8,927$80,633- Transferred revenues from Members
General Fund Special Account(¥85)($764)

Surplus / Deficit amount¥300$2,710- Transferred revenues from Members
Securities Market Fairness Fund(¥80)($721)

Subtotal¥8,251$74,527

Amount carried forward¥347.3$3,137.3

Revenues from specified assets¥652$5,892

Revenues from other fixed assets¥323$2,918

Revenues from reversal of lease andguarantee deposits

¥1

$5

¥976

$8,815

Revenues from financing activities¥0$0

Subtotal

¥0

$0

¥47

$427

¥9,227$83,343

2 Expenses for investment activities

Subtotal

3 Expenses for financing activities

2 Revenues from investment activities

Subtotal
3 Revenues from financing activities

Surplus from the previous fiscal year
TOTAL REVENUES

20

Annual Report 2021

Notes: 1. Rate of US$1=¥110.71 used for conversion.
2. Each of total and sub-total figures may not match the onesin the relevant row or column because of rounding off.
3. Total amount of general account of members, generalaccount of special members and general account ofspecified business members are listed on the chart.

Dispute Resolutions in Fiscal 2020
Requests for Mediation

145

Successful Settlement

103

Failure in Reaching Settlement51

Note: The amounts do not match due to cases carried over from fiscal 2019 or issues not concluded within fiscal 2020.

Consultations and Complaints in Fiscal 2020
Consultation

Total Cases of Consultation

3,283

Complaints

Complaints about Solicitation

336

Complaints about Transactions

270

Complaints about Processing

156

Other Complaints

23

Internet Transaction Survey
Number of Securities Companies Providing Internet Transactions
Total
MemberFirms

Handling Internet
Transactions(Unit: companies)

Not Handling Internet Transactions
Making
Preparations

Studying
Plans

HavingNo Plans

Mar. 31, ’19

261

77

29.5%

184

70.5%

5

1.9%

4

1.5%

175

67.0%

Sep. 30, ’19

265

85

32.1%

180

67.9%

2

0.8%

3

1.1%

175

66.0%

Mar. 31, ’20

263

85

32.3%

178

67.7%

1

0.4%

0

0.0%

177

67.3%

Sep. 30, ’20

264

88

33.3%

176

66.7%

4

1.5%

4

1.5%

168

63.6%

Mar. 31, ’21

264

89

33.7%

175

66.0%

1

0.4%

2

0.8%

172

65.0%

Number of Internet Transaction Accounts						(Unit: accounts)

Mar. 31, ’18

Sep. 30, ’18

Mar. 31, ’19

Sep. 30, ’19

Mar. 31, ’20

Sep. 30, ’20

Mar. 31, ’21

Number of
Accounts

24,936,309

25,880,369

26,934,172

28,000,190

29,577,488

31,211,617

33,469,662

Increase from
Previous Term-end

1,137,654

944,060

1,053,803

1,066,018

1,577,298

1,634,129

2,258,045

Transaction Value				(Unit: billions of yen)

Stock Transactions
Internet Transactions
Cash
Transactions(a)MarginTransactions(b)

Percentage

Transaction
Value
(c)

{(a)+(b)}/(c)Oct. ’17 to Mar. ’18

61,302.6

119,167.5

853,606.3

21.1%

Apr. ’18 to Sep. ’18

45,138.8

97,849.4

739,414.4

19.3%

Oct. ’18 to Mar. ’19

76,553.9

98,525.0

742,561.3

23.6%

Apr. ’19 to Sep. ’19

35,443.6

83,602.4

632.392.3

18.8%

Oct. ’19 to Mar. ’20

50,617.8

103,927.3

767,911.9

20.1%

Apr. ’20 to Sep. ’20

58,280.2

135,669.7

790,551.3

24.5%

Oct. ’20 to Mar. ’21

71,433.1

147,393.6

888,386.5

24.6%

Notes: 1. “Transaction Value” is total transaction value of stock brokerage transactions of all member firms during the period.
2. The statistics include the transaction value of ETFs and REITs in the transaction value of stock transactions.

Annual Report 2021

21

Profile

The Japan Securities Dealers Association (JSDA)

investors by ensuring fair securities transactions. Its

functions as a self-regulatory organization (SRO) andself-regulatory functions encompass rulemaking,as an interlocutor for the securities industry. Its legal

enforcement,

status is as a Financial Instruments Firms Association

accreditation of sales representatives, and disputeauthorized by the Prime Minister, pursuant to Article

mediation.

disciplinary

action,67-2, Paragraph 2, of the Financial Instruments and

The JSDA also provides vehicles for policy

Exchange Act. The members of the JSDA consist

dialogue among the industry, the government,of securities firms, banks, and other financial

and other related parties; conducts and promotes

institutions operating securities businesses in Japan.

investor education; and implements studies to

As a fully empowered SRO, the JSDA extensively
regulates market intermediaries, aiming to protect

22

inspection,

Annual Report 2021

further activate the market.

History
1940–1941

According to the policy of “one association per prefecture,” securities dealers associations
were established in many local districts.

May 1949

The Japan Securities Dealers Joint Association was established.

May 1968

Thirty-three local securities dealers associations were consolidated into ten associations.

July 1973

The Japan Securities Dealers Association (JSDA) was newly established with its
headquarters in Tokyo and with ten district offices (the Japan Securities Dealers Joint
Association and ten local securities dealers associations were dissolved).

July 1992

The JSDA was reorganized from a corporate juridical person under the Civil Code to an
authorized corporation under the Securities and Exchange Law.

April 1994

Financial institutions authorized to undertake securities business joined the JSDA as
special members.

February 2001

The JSDA entrusted the operation of the OTC Stock Market to JASDAQ Inc., a market
operation company.

July 2004

The JSDA adopted its new organizational structure consisting of three sectors: Selfregulation, Securities Strategic Policy, and General Affairs and Administration.

December 2004

The JSDA closed the OTC Stock Market.
JASDAQ started business as a stock exchange.

September 2007

With the implementation of the Financial Instruments and Exchange Act, the JSDA
became an Authorized Financial Instruments Firms Association.

February 2010

The JSDA entrusted the tasks of handling customers’ complaints, offering consultation,and providing mediation services to resolve disputes over securities transactions to the
Financial Instruments Mediation Assistance Center (FINMAC).

July 2011

The JSDA established the Financial Literacy & Education Support Committee within theorganization to support financial and securities education from a neutral and fair stance.

October 2018

The headquarters of the JSDA moved to Taiyo Life Insurance Nihombashi Building(2-11-2, Nihombashi, Chuo-ku , Tokyo, 103 0027).

Annual Report 2021

23

Major Roles
1. Activities as a Self-Regulatory Organization
Functions

Outline(1) Rule-making(Article 67-8, Paragraph 1, Item 10)*

Establishing self-regulatory rules applicable to member firms
such as those relating to their conduct, products, transactions
and internal control, and making these rules known(2) Monitoring and inspecting members(Article 67-8, Paragraph 1, Item 14)*

Conducting inspection and monitoring of members’ businessactivities, compliance with laws and regulations, as well asinternal control systems(3) Disciplinary actions(Article 68-2)*

Taking disciplinary actions such as reprimands, fines,
suspensions or limitations of membership, as well as expulsionsof member firms violating laws or self-regulatory rules(4) Improving the proficiency ofmembers’ officers and employees(Article 67-8, Paragraph 1, Item 9)*

Granting accreditation of securities sales representatives andemployees responsible for internal controls and raising theirproficiency through capacity building(5) Complaint handling and mediation(Article 67-8, Paragraph 1, Item 11)*

Handling complaints from investors and conducting
mediation to resolve disputes between member firms andtheir customers*** Financial Instruments and Exchange Act (Act No. 25 of 1948)** These activities are entrusted to the Financial Instruments Mediation Assistance Center (FINMAC), a certified non-profit organization

2. Activities to promote sound financial and capital markets
Functions

Outline(1) Research, study and representationof the securities market

Carrying out research and studies to further activate andsophisticate the securities business and market and, based on
the findings and results, presenting the industry’s views andproposals to the government and other related parties(2) Enhancement of public
understanding and awareness ofthe securities market

Disseminating knowledge and promoting understandingof securities transactions, markets and industry, and raisingfinancial literacy among individual investors(3) Promoting policy measures

Promoting various policy measures in close consultation
with members and relevant organizations(4) Publication of statistics

Collecting, compiling and disclosing statistical information
on transactions of stocks, bonds, investment trusts andderivatives, as well as on other market trends

3. International Activities
As globalization progresses in financial transactions and regulations, the JSDA actively participates in various
international forums and builds cooperative relationships with relevant overseas organizations. The JSDA alsoendeavors to deepen overseas investors’ and financial experts’ understanding of the Japanese economy andsecurities market and promotes Japan’s attractiveness as an investment choice as well as an effective trading venue.

24

Annual Report 2021

JSDA’s Major Work Plans for 2021-2022 (July 2021)
Investors(Individuals)

Conduct PR activities for asset
building through investment,
and contribute to further
developing tax systems, etc.

Promote asset building capable of supportingthe 100-year life
1. Promote medium- and long-term asset building• Endeavor to achieve wider use of the NISA schemes (suchas “Tsumitate NISA”) and to make these schemes
permanent and more convenient• Undertake initiatives to further develop the defined
contribution (DC) pension system• Promote asset building in the workplace
2. Promote the expansion of securities investment• Undertake initiatives toward the integration of financial
income taxation (i.e. aggregation of profits and losses
including derivatives)• Conduct training programs tailored to a diverse range ofinvestors• Conduct PR activities to increase interest in securities
investment• Conduct PR activities for asset building through stock
investment
3. Create an environment that promotes the smooth inheritanceof risk assets between generations
Spread and deepen financial and securities knowledge
1. Promote financial and securities education in schools
2. Promote financial and securities education for working adultsMarket(Infrastructure)

Strengthen financial and capital
markets’ functions andcompetitiveness including
advancing financial innovation
and Japan’s status as global
financial hub

MarketIntermediaries(Members)

Further materialize the efforts
towards the achievementof SDGs

1. Promote the proliferation of financial instruments contributing
to the SDGs (SDG bonds)
2. Promote the creation of a fulfilling workplace environment andthe empowerment of women
3. Support economically vulnerable children
4. Bolster partnerships with both Japanese and overseas parties
towards the achievement of the SDGs
MarketIntermediaries(Members)

Promote customer- oriented
business conduct and improve
market intermediaries’ functions
and credibility

1. Carry out measures to ensure customer-oriented businessconduct
2. Respond to needs to provide financial services that are fit foran aging society
3. Undertake initiatives toward promoting sustainable finance
4. Facilitate the transition to paperless and digitalized processingof, and document handling related to, securities transactions
5. Support member firms’ preventive efforts against fraudulent
access in online trading
6. Exercise effective self-regulatory functions• Make appropriate alterations to self-regulatory rules basedon changes to the financial services environment• Conduct agile and effective inspections of member firms• Continue efforts to prevent insider trading
7. Undertake initiatives for reviewing the firewall regulations,etc. from the viewpoint of the sound development of capital
market8. Undertake measures to ensure that financial products areappropriately provided through cross-sectional financial
services intermediaries
9. Respond to the revisions to the Act on the Protection of
Personal Information
Overseas

Enhance global outreachand cooperation

1. Respond to financial innovation
2. Enhance the private placement system for professional
investors
3. Enhance and publicize the unlisted stock trading system
4. Undertake initiatives for expanding and diversifying thecorporate bond market
5. Further enhance the global presence of Japan’s financial andcapital markets
6. Work toward the smooth introduction of the system forrequesting a paper copy under the electronic provision ofshareholders meeting materials
7. Undertake initiatives aimed at solidifying the acceptance andexpanding the use of the Social Security and Tax Number
System (“My Number” System)
8. Conduct the “National Survey on Securities Investment”
9. Review statistical reporting from the viewpoints of efficiency
and effectiveness1. Conduct overseas PR activities on the attractiveness andpotential of Japanese markets
2. Enhance international cooperation/collaboration, including
support for emerging markets
3. Respond to the global regulatory agenda
4. Respond to enhanced demand for English based
communication in JSDA’s operations
JSDA

Conduct measures and operations
aimed at adapting to the DX

1. Conduct operations that are adapted to the Digital
Transformation (DX) era
2. Strengthen business continuity planning (BCP) andcybersecurity measures
3. Strategically develop qualified human resources and improvestaff members’ work life balance

Annual Report 2021

25

Organizational Chart
Japan Securities Dealers Association

Sales Representative Examination Committee

Incident Confirmation Committee

Board of Auditors

General Assembly

Regular Member Auditors
Standing Auditor
Complaint Review Council
Board of Governors
Public Governors
Regular Member Governors
Special Member Governor
Chairman and CEO
Vice-Chairmen
Senior Managing Director

Financial Literacy &Education Support
Committee

Securities Strategy
Board
Securities Industry Council
Retail Business Council
Wholesale Business Council
Internet Brokers Council
Individual Investors
Support Council
District Council

General Affairs
Committee
Financial Sub-Committee

Self-regulation
Board

Code of Conduct
Committee

Disciplinary Committee
Sales Representative Disciplinary Committee
Self-regulatory Planning Sub-Committee
Equity Sub-Committee
Bonds Sub-Committee
Financial Instruments Sub-Committee

International Advisory Committee
Head Office

SDGs (Sustainable Development Goals) Promotion HQ

Fire Wall

SDGs Promotion OfficeFinancial Literacy & Education
Support HQ.

Policy Making HQ.
Planning Div.
Securities Taxation Div.
Public Relations Div.
Research Div.
International Affairs Div.

Promotion & Dissemination Div.
Investment Fraud Call Center
Financial Literacy & Education
Support Center
Member Relations HQ.

Administration HQ.

Member Relations Div
Security Policy Center
BCP Office

General Administration Div.
Personnel Div.
Capacity Building & Training Office
Accounting Div.
IT Governance Div.
System Risk Management Div.
Legal Div.

Self-regulatory Planning Div.
Personal Information Monitoring Office
J-IRISS Promotion Office
Equity Market Div.
Bonds & Financial Products Div.
Market Statistics Office
Sales Representative Examination Review Div.

Inspection HQ.
Inspection Div.1
Inspection Div.2
Inspection Management Div.
Inspection Monitoring Div.
Special Inspection Office

Qualification & Discipline HQ.

Internal Auditing Div.

District Offices

Self-regulation HQ.

Tokyo, Osaka, Nagoya, Hokkaido, Tohoku,
Hokuriku, Chugoku, Shikoku, Kyushu

Disciplinary Examination Div.
Personal Information Consultation Office
Sales Representative Examination & Registration Div.
Education & Training Div.
Global Regulation Office

As of July 1, 2021

26

Annual Report 2021

Member List of Full-time Executives (As of July 1, 2021)
Chairman and CEO

MORITA Toshio
Vice-Chairman
MORIMOTO Manabu(Chief Operating Officer for the Self-regulation Board)
Vice-Chairman & Senior Managing Director
TAKENO Mario(Chief Operating Officer for the Securities Strategy
Board)
Standing Auditor
YAMAMOTO Satoru(Independent Evaluation Officer)
Executive Directors
KIKUCHI Koji
(Chief Financial Officer (CFO), Chief Information
Officer (CIO))
SAKAI Tatsuhiro(Chief Officer for Financial Literacy & Education
Support)SHIMAMURA Masayuki(Chief Officer for Planning,Taxation & Public
Relations)
ISHIKURO Atsushi(Chief Officer for Member Relations & Chief
Regional-Relationship Officer)
Director
HISHIKAWA Isao
(Chief Officer for International Affairs & Research)
Chief Officers
MATSUMOTO Masao(Chief Officer for Rules & Regulations)
TOTSUKA Yasushi(Chief Officer for Inspection)
MORIMOTO Kenichi(Chief Officer for Qualification & Discipline)SUZUKI Masayasu(Chief Officer for Special Assignments)

Organizational Structure
1. Central Bodies
The JSDA has the following central bodies for decision-making and so forth.
General Assembly

Supreme body for making decisions

Board of Governors

Body for making decisions on items related to the JSDA’s overall
association management and for assuming responsibility for supervision

Self-regulation Board

Body entrusted by the Board of Governors with making decisions for selfregulatory business

Securities Strategy Board

Body entrusted by the Board of Governors with making decisions forbusiness strategy related to vitalizing the securities market

General Affairs Committee

Body entrusted by the Board of Governors with deliberating overall mattersabout the operation of the JSDA

Financial Literacy & Education
Support Committee

Body entrusted by the Board of Governors with deliberating the basic
policy and action plan regarding the JSDA’s activities for promoting
financial and securities knowledge among the public

Code of Conduct Committee

Body entrusted by the Board of Governors with deliberating the code of
conduct for the association members

2. District Offices
The JSDA has nine district offices throughout the nation and each district office has a District Council.
3. Affiliated Bodies
The JSDA has the Sales Representative Examination Committee, Incident Confirmation Committee, as well
as Complaint Review Council as affiliates.

Annual Report 2021

27

Self-regulatory Structure for Securities Broker-dealers
Judiciary
Authorities

FSA

Financial Services Agency

Securities and Exchange
Surveillance Commission
Delegation ofregulatory
power

Subject tosupervision

Information
sharing

Inspection of SROs

SROs

Financial Instruments
Exchanges(Stock Exchanges)- Inspection focusing on self-regulatory rules- Surveillance & monitoring of securities market

Securities Broker-dealers- Inspection focusing on
compliance with FIEA
- Market oversightBanks, insurance companies, and other financial
institutions conducting securities business

Securities-related SROs in Japan

Financial Services Agency(FSA)

Financial
Instruments
Exchanges

SRO

SRO

Exchangemembers(Securities
companies)

Securities Firms,
Registered
Financial
Institutions(banks, insurancecompanies, etc.
conducting
securities business)

Listed companies
Marketparticipants

The Investment
Trusts Association,
Japan
SRO

Investment trust
companies
Investment trust
distributors

Financial Futures
Association of
Japan
SRO

Financial futures
broker dealers

Japan Investment
Advisers
Association

Annual Report 2021

Japan Security
Token Offering
Association

SRO

SRO

SRO

Investment
advisers

Type-IIfinancial
instruments firms

Financial
instruments
firms handlingsecurities token
offering
transactions

Financial Instruments Firms Association

28

Type II Financial
Instruments Firms
Association

List of Members
List of Regular Members (As of July 1, 2021)
77 Securities Co., Ltd.

CONNECT Co., Ltd.

HC Asset Management Co., Ltd.

Aberdeen Standard Investments (Japan)
LimitedCrédit Agricole Securities Asia B.V.

Hedgefund Securities Co., Ltd.

ABN AMRO Clearing Tokyo Co., Ltd.

Credit Suisse Securities (Japan) Limited

Hibiki Securities Inc.

Crowd Securities Japan, Inc.

Hikari Securities Co., Ltd.

Daiichi Premiere Securities Co., Ltd.

Himawari Securities, Inc.

DAIKI SANGYO CO., LTD.

HIROGIN SECURITIES CO., LTD.

Daikumamoto Securities Co., Ltd.

Hirota Securities Co., Ltd.

Daiman Securities Co., Ltd.

Hokuhoku Tokai Tokyo Securites Co.,Ltd.

ACE SECURITIES CO., LTD.
AI GOLD SECURITIES CO., LTD.
Aioi Securities Co., Ltd.
Aizawa Securities Co., Ltd.
Akatsuki Securities, Inc.
AllianceBernstein Japan Ltd.
AlpacaJapan Co., Ltd.
AMP Capital Investors KK
Amundi Japan Ltd.
Ando Securities Co., Ltd.

Daisen Hinomaru Securities Co., Ltd.
Daishi Hokuetsu Securities Co., Ltd.
Daiwa Securities Co., Ltd.
DBJ Securities., Co. Ltd.
DBS Securities (Japan) Company Limited

HSBC Global Asset Management (Japan)
K.K.
HSBC Securities (Japan) Limited
Hyakugo Securities Company Limited
i SECURITIES Co., Ltd.

ANZ Securities (Japan), Ltd.

Deutsche Asset Management (Japan)
Limited

Aozora Securities Co., Ltd.

Deutsche Securities Inc.

Ark Securities Co., Ltd.

DMM.com SECURITIES Co., Ltd.

au kabucom Securities Co., Ltd.

DSB Co., Ltd.

Awa Securities Co., Ltd.

Ehime Securities Co., Ltd.

AXA INVESTMENT MANAGERS
JAPAN LTD.

Eiwa Securities Co., Ltd.

INVAST SECURITIES CO., LTD.

EVOLUTION JAPAN SECURITIESCo., Ltd.

IR Japan, Inc.

AXA Wealth Management Co., Ltd.

Isurugi Securities Co., Ltd.

Bansei Securities Co., Ltd

eWarrant Japan Securities K.K.

IwaiCosmo Securities Co., Ltd.

Banyo Securities Co., Ltd.

EZ Invest Securities Co., Ltd.

Japan Bond Trading Co., Ltd.

Barclays Securities Japan Limited

FFG Securities Co., Ltd.

Japan Private Asset Securities Inc.

BGC Shoken Kaisha Limited

FIL Securities (Japan) K.K.

Japan Securities Agents. Ltd.

BlackRock Japan Co., Ltd.

FOLIO Co., Ltd.

Japannext Co., Ltd.

Bloomberg Tradebook Japan Limited

FPG Securities Co., Ltd.

JBond Totan Securities Co., Ltd.

BNP Paribas Securities (Japan) Limited

FPL SECURITIES INC.

Jefferies (Japan) Limited

BofA Securities Japan Co., Ltd.

FUJITOMI CO., LTD.

Brown Brothers Harriman
Securities(Japan) Inc.

Futanami Securities Co., Ltd.

JPMorgan Asset Management (Japan)
LimitedBuko Securities Co., Ltd.

GCM Investments Japan K.K.

Cantor Fitzgerald Securities Japan Co., Ltd.
Canyon Capital (Japan) K.K.
Capital Partners Securities Co., Ltd.

GAM Japan Limited
GCM S1 Securities Inc.
GI Capital Management Ltd.

ICAP Totan Securities Co., Ltd.
Ichiyoshi Securities Co., Ltd.
IG Securities Limited
Imamura Securities Co., Ltd.
Interactive Brokers Securities Japan, Inc.

JPMorgan Securities Japan Co., Ltd.
Juroku Tokai Tokyo Securities Co., Ltd.
Kagawa Securities Co., Ltd.
Kimura Securities Co., Ltd.

GMO CLICK Securities, Inc.

Kiraboshi Life Design Securities Co., Ltd.
KKR Capital Markets Japan Ltd.

Central Totan Securities Co., Ltd.

Goldman Sachs Asset Management Co.,Ltd.

Kokufu Securities Co., Ltd.

Chibagin Securities

Goldman Sachs Japan Co., Ltd.

Kotobuki Securities Co., Ltd.

China International Capital Corporation(Japan) Limited

GreensLedge Asia Limited

KOYO SECURITIES CO., LTD.

Chi-X Japan Limited

Guggenheim Partners Japan, Ltd.

Kuni Umi AI Securities Co., Ltd.

Gungin Securities Co., Ltd.

Kyogin Securities Co., Ltd.

H.S.Securities Co., Ltd.

Kyokuto Securities Co., Ltd.

HACHIJUNI Securities Co., Ltd.

Kyowa Securities Co., Ltd.

Hamagin Tokai Tokyo Securities Co., Ltd.

Kyushu FG Securities, Inc.

Centrade Securities Co., Ltd.

Chugin Securities Co., Ltd.
CIBC World Markets (Japan) Inc.
Citigroup Global Markets Japan Inc.
CLSA Securities Japan Co., Ltd.

Annual Report 2021

29

Leading Securities Co., Ltd.

North Pacific Securities Co., Ltd.

SPC Securities Inc.

Leonteq Securities (Japan) Limited

OANDA Japan Inc.

LINE Securities Corporation

Okachi Securities Co., Ltd.

Standard Chartered Securities (Japan)
LimitedLiquidnet Japan Inc.
LockeHallard Securities Co., Ltd.

OKASAN NIIGATA SECURITIESCO., LTD.

Macquarie Capital Securities (Japan)
Limited.

Okasan Online Securities Co., Ltd.
OKASAN SECURITIES CO., LTD.

Madison Securities Co., Ltd.

Okayasu Securities Co., Ltd.

Maruchika Securities Co., Ltd.

Okayasu Shoji Co., Ltd.

Maruhachi Securities Co., Ltd.

OKB Securities Co., Ltd.

Marukuni Securities Co., Ltd.

Okinawa Securities Limited

Marusan Securities Co., Ltd.

One Asia Securities Co., Ltd.

Masumo Securities Co., Ltd.

Orbis Investments KK

Matsui Securities Co., Ltd.

PayPay Securities Corporation

Matsusaka Securities Co., Ltd.

Phillip Securities Japan, Ltd.

MCP Asset Management (Japan), Inc.

Pictet Asset Management (Japan) Ltd.

Mebuki Securities Co., Ltd.

Putnam Investments Securities Co., Ltd.

Meiwa Securities Co., Ltd.

PWM Japan Securities Co., Ltd.

Mirai Securities Co., Ltd.

Rakuten Securities, Inc.

MITA SECURITIES Co., Ltd.

RBC Capital Markets (Japan) Limited

Mito Securities Co., Ltd.

Retela Crea Securities Co., Ltd.

Mitoyo Securities Co., Ltd.

SAMURAI SECURITIES Co., Ltd.

Mitsubishi UFJ Alternative Investments
Co., Ltd.

Sanen Securities Co., Ltd.

Mitsubishi UFJ Morgan Stanley
Securities Co., Ltd.

Sankyo Securities Co., Ltd.

Mitsui & Co. Alternative Investments Ltd.
Mitsui Securities Co., Ltd.
Mizuho Securities Co., Ltd.
Monex, Inc.
Money Design Co., Ltd.
Money Partners Co., Ltd.
MONEY SQUARE, INC.
Morgan Stanley Investment Management(Japan) Co., Ltd.
Morgan Stanley MUFG Securities Co., Ltd.
Musashi Securities Co., Ltd.
NAB Japan Securities Limited
Nagano Securities Co., Ltd.
Naito Securities Co., Ltd.
Nanto Mahoroba Securities Co., Ltd.
Natixis Japan Securities Co., Ltd.
NatWest Markets Securities Japan Limited
New-S Securities Co., Ltd.
Nippon Institutional Securities Co., Ltd.
Nishimura Securities Co., Ltd.
Nishi-Nippon City Tokai Tokyo
Securities Co., Ltd.
Nissan Securities Co., Ltd.
Nobata Securities Co., Ltd.
Nomura Financial Products & Services,
Inc.
Nomura Securities Co., Ltd.

30

Annual Report 2021

Sanko Securities Co., Ltd.
Sasayama Securities Co., Ltd.

Starts Securities Co., Ltd.
State Street Global Advisors (Japan) Co.,Ltd.
Sterling Securities Co., Ltd.
StormHarbour Japan Ltd.
Superfund Japan Co., Ltd.
TD Securities(Japan) Co., Ltd
Teneo Partners Japan Limited
The Air’s Sea Securities Co., Ltd.
The Bank of New York Mellon Securities
Company Japan Ltd.
The Blackstone Group Japan k.k.
The Kosei Securities Co., Ltd.
The Miki Securities Co., Ltd.
The Nakahara Securities Co., Ltd.
The Tachibana Securities Co., Ltd.
Tobu Securities Co., Ltd.
Tochigin Tokai Tokyo Securities Co., Ltd.
Toho Securities Co., Ltd.
Tokai Tokyo Securities Co., Ltd.
Tokushima-Godo Securities Co., Ltd.
Tokyo Securities Transfer Agent Co., Ltd.
Tomioka Securities Co., Ltd.

Saxo Bank Securities Ltd.

TOWER INVESTMENTMANAGEMENT Co., Ltd.

SBI NEOMOBILE SECURITIES Co.,Ltd.

Toyo Securities Co., Ltd.

SBI Neotrade Securities Co., Ltd.
SBI Prime Securities Co., Ltd.
SBI SECURITIES Co., Ltd.
Scotia Securities Asia Limited
Securities Japan, Inc.
Senshu Ikeda Tokai Tokyo Securities Co.,Ltd.
Shikoku Alliance Securities Co., Ltd.
Shimadai Securities Co., Ltd.
Shin Securities Sakamoto Inc.
Shinbayashi Securities Co., Ltd.
Shinkin Securities Co., Ltd.
Shin-Ogaki Securities Co., Ltd.
Shinsei Securities Co., Ltd.
SHIZUGIN TM SECURITIES Co., Ltd.
Shizuoka Tokai Securities Co., Ltd.
Shonai Securities Co., Ltd.
Siiibo Co., Ltd.
Smartplus Ltd.
SMBC Nikko Securities Inc.
Societe Generale Securities Japan Limited
Sompo Japan DC Securities Inc.
SPARX Asset Management Co., Ltd.

Traders Securities Co., Ltd.
Tradeweb Japan K.K.
tsumiki Co., Ltd.
UBS Securities Japan Co., Ltd.
Ueda Tradition Securities Ltd.
Ueda Yagi Securities Co., Ltd.
Usuki Securities Co., Ltd.
Vantage Capital Markets Japan K.K.
WealthNavi Inc.
Wells Fargo Securities (Japan) Co., Ltd.
Yamagata Securities Co., Ltd.
Yamani Securities Co., Ltd.
Yamawa Securities Co., Ltd.
Yensai.com Co., Ltd.
YJFX, Inc.
YM Securities Co., Ltd.
Yutaka Securities Co., Ltd.
YUTAKA TRUSTY SECURITIES Co.,
Ltd.
Zukawa Securities Co., Ltd.

List of Special Members (As of July 1, 2021)
ÆON BANK, LTD.

North Pacific Bank, Ltd.

Aioi Nissay Dowa Insurance Co., Ltd.

Okayama Shinkin Bank

Aozora Bank, Ltd.

ORIX Bank Corporation

au Jibun Bank Corporation

ORIX Life Insurance Corporation

Australia and New Zealand Banking
Group Limited

PayPay Bank Corporation

Bank of America, National Association

Resona Bank, Limited

Bank of China Limited., Tokyo BranchBank of The Ryukyus, Limited
Barclays Bank PLC
BNP PARIBAS S.A.
Central Tanshi Co., Ltd.
Citibank, N.A., Tokyo Branch
Credit Agricole Corporate andInvestment Bank
Custody Bank of Japan, Ltd.
DAI-ICHI KANGYO CREDIT
COOPERATIVE

Rakuten Bank, Ltd.
Royal Bank of Canada, Tokyo Branch.
Saitama Resona Bank, Limited
San ju San Bank, Ltd.
SBI Sumishin Net Bank, Ltd.
Shinkin Central Bank
Shinsei Bank, Limited
Shinsei Trust & Banking, Ltd.
SMBC Trust Bank Ltd.
SOCIETE GENERALE
Sompo Japan Insurance Inc.

Daishi Hokuetsu Bank, Ltd.

Sony Bank Incorporated

Deutsche Bank Aktiengesellschaft

Sony Life Insurance Co., Ltd.

Development Bank of Japan Inc.

State Street Trust and Banking Company,
Limited

Fukoku Mutual Life Insurance Co.
Fukuoka Hibiki Shinkin Bank
Hiroshima Shinkin Bank
Hongkong and Shanghai Banking
Corporation Limited

Sumitomo Life Insurance Co.
Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Trust Bank, Limited
Suruga Bank Ltd.

ING Bank N.V.

The 77 Bank, Ltd.

Japan Post Bank Co., Ltd.

The Aichi Bank, Ltd.

Japan Securities Finance Co., Ltd.

THE AKITA BANK, LTD.

JPMorgan Chase Bank, N.A.

The Amagasaki Shinkin Bank

Kansai Mirai Bank, Limited

The Aomori Bank, Ltd.

kinki sangyou Credit Union

The Asahi Shinkin Bank

Kiraboshi Bank, Litd.

The Ashikaga Bank, Ltd.

Kirayaka Bank, Ltd.

The Awa Bank, Ltd.

Meiji Yasuda Life Insurance Company

THE BANK OF FUKUOKA, LTD.

MetLife Insurance K.K.

The Bank of Iwate, Ltd.

Mitsubishi UFJ Trust and Banking
Corporation

THE BANK OF KOCHI, LTD.

Mitsui Sumitomo Insurance Co., Ltd.

The Bank of Nagasaki, Ltd.

Mitsui Sumitomo Primary Life Insurance
Company Limited

The Bank of Nagoya, Ltd.

Mizuho Bank, Ltd.
Mizuho Trust & Banking Co., Ltd.
Momiji Bank, Ltd.
MUFG Bank, Ltd.
Nagano-Ken Credit Cooperative
Nara Shinkin BankNIPPON LIFE INSURANCECOMPANY
Nisshin Shinkin Bank

The Bank of Kyoto, Ltd.

The Bank of Okinawa, Ltd.
THE BANK OF SAGA LTD.
The Bank of Toyama, Ltd.
The Bank of Yokohama, Ltd.
The Banshu Shinkin BankThe Chiba Bank, Ltd.
The Chiba Kogyo Bank, Ltd.
The Chikuho Bank, Ltd.
The Chugoku Bank, Limited
The Chukyo Bank, Limited

The Dai-ichi Life Insurance Company,
Limited
THE DAITO BANK, LTD.
The Ehime Bank, Ltd.
THE FAIRST BANK OF TOYAMA,LTD.
THE FUKUHO BANK, LTD.
The Fukui Bank, Ltd.
THE FUKUOKA CHUO BANK, LTD.
THE FUKUSHIMA BANK, LTD.
The Gifu Shinkin BankThe Gunma Bank, Ltd.
The Hachijuni Bank, Ltd.
The Hekikai Shinkin Bank
The Higashi-Nippon Bank, Limited
The Higo Bank, Ltd.
The Himeji Shinkin Bank
The Hiroshima Bank, Ltd.
The Hokkaido Bank, Ltd.
The Hokkoku Bank, Ltd.
The Hokuriku Bank, Ltd.
The Hokuto Bank, Ltd.
THE HOWA BANK, LTD.
The Hyakugo Bank, Ltd.
The Hyakujushi Bank, Ltd.
THE HYOGOSHINKIN BANKThe Iyo Bank, Ltd.
The Johnan Shinkin BankTHE JOHOKU SHINKIN BANKThe Joyo Bank, Ltd.
The Juhachi - Shinwa Bank, Ltd
The Juroku Bank, Ltd.
THE KAGAWA BANK, LTD.
THE KAGOSHIMA BANK, LTD.
THE KANAGAWA BANK, LTD.
THE KANAGAWA SHINKIN BANKThe Kanazawa Shinkin BankTHE KAWASAKI SHINKIN BANKThe Keiyo Bank, Ltd.
The Kita-Nippon Bank, Ltd.
The Kitakyushu Bank, LTD.
The Kiyo Bank, Ltd.
The Kumamoto Bank, Ltd.
THE KYOTO CHUO SHINKIN
BANKTHE KYOTO SHINKIN BANKThe Master Trust Bank of Japan, Ltd.
THE MICHINOKU BANK, LTD.
The Minami-Nippon Bank, Ltd.

Annual Report 2021

31THE MINATO BANK, LTD.

The Tokyo Tanshi Co., Ltd.

The Miyazaki Bank, Ltd.

The Tono Shinkin Bank	Specified Business
Members

The Miyazaki Taiyo Bank, Ltd.

THE TOTTORI BANK, LTD(As of July 1, 2021)

The Musashino Bank, Ltd.

THE TOWA BANK, LTD.

THE NAGANO SHINKIN BANKThe Yamagata Bank, Ltd.

Angel Funding, Inc.

THE NAGANOBANK, LTD.

The Yamaguchi Bank, Ltd.

ASTEM Co., Ltd.

The Nanto Bank, Ltd.

The Yamanashi Chuo Bank, Ltd.

CAMPFIRE Startups, Inc.

THE NISHI-NIPPON CITY BANK,LTD.

The Yokohama Shinkin Bank

Clear Markets Japan, Inc.

The Nishio Shinkin Bank

Tokio Marine & Nichido Fire InsuranceCo., Ltd.

COMTEX, Ltd.

The Nomura Trust and Banking Co., Ltd.

TOKYO CITY SHINKIN BANKThe Norinchukin BankTOMATO BANK, LTD.

Ecrowd Inc.

The Norinchukin Trust & Banking Co.,Ltd.

Toyota Shinkin BankThe Ogaki Kyoritsu Bank, Ltd.

UBS AGTHE OITA BANK, LTD.
The Okazaki Shinkin BankTHE OKINAWA KAIHO BANK. LTD.
THE OME SHINKIN BANKThe Osaka City Shinkin BankTHE SAGA KYOEI BANK, LTD.
THE SAIKYO BANK, LTD.
THE SAITAMAKEN SHINKIN BANKThe San-in Godo Bank, Ltd.
The Sawayaka Shinkin BankTHE SEIBU SHINKIN BANKThe Seishin Shinkin BankTHE SENDAI BANK, LTD.
The Senshu Ikeda Bank, Ltd.
The Seto Shinkin BankTHE SHIGA BANK, LTD.
The Shikoku Bank, Ltd.
THE SHIMANE BANK, LTD.
THE SHIMIZU BANK, LTD.
THE SHIZUOKA BANK, LTD.
THE SHIZUOKACHUO BANK, LTD.
The Shoko Chukin Bank, Ltd.
THE SHONAI BANK, LTD.
The Shonan Shinkin BankThe Sugamo Shinkin BankTHE TAIKO BANK, LTD.
The Tajima Bank, Ltd.
The Tama Shinkin BankTHE TOCHIGI BANK, LTD.
The Toho Bank, Ltd.
THE TOHOKU BANK, LTD.
THE TOKUSHIMA TAISHO BANK,LTD.
THE TOKYO HIGASHI SHINKINBANKThe Tokyo Star Bank, Limited

32

Annual Report 2021

Tsukuba Bank, Ltd.
Ueda Yagi Tanshi Co., Ltd.
Yamato Shinkin Bank

Create Japan Co., Ltd.
Hoxsin Bussan Co., Ltd.
Japan Cloud Capital Inc.
Okachi & Co., Ltd.
Okato Shoji Co., Ltd.
SBI Equity Crowd Co., Ltd.
SUNWARD TRADING INC.
Totan ICAP Co., Ltd.
Tullet Prebon ETP (Japan) Ltd.
Unicorn, Inc.

JSDA Website
JSDA
https://www.jsda.or.jp/
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Back numbers of JSDA Annual Report (PDF Files) are available athttps://www.jsda.or.jp/en/about/annual-report/index.html

Japan Securities Dealers Association
2-11-2, Nihombashi, Chuo-ku, Tokyo 103-0027
Tel: +81-3-6665-6764
Contact Us: https://www.jsda.or.jp/contact/app/Contact.php?id=50