Annual Report2022

Contents
Focal Points of “JSDA’s Major Work Plans”.........................................................................1
Message from the Chairman..............................................................................................2
Current Activities...............................................................................................................4
Snapshot of the Market and Industry.................................................................................4
Self-regulatory Activities....................................................................................................6
Activities as a Trade Association.........................................................................................8
Contributing to Sustainable Growth..................................................................................10
Investor Education...........................................................................................................12
Capacity Building.............................................................................................................13
International Activities......................................................................................................14
Organization Chart...........................................................................................................16
JSDA Websites.................................................................................................................17

Focal Points of “JSDA’s Major Work Plans”—Initiatives toward Addressing Social Issues—

July 1, 2022

Stronger Support for Asset Building

Achievement of the SDGs

• Take initiatives for fundamental expansionof the NISA
• Take initiatives to improve the defined contribution(DC) pension system (Corporate DC, iDeCo)• Take initiatives to improve financial literacy
grouping by generation and occupation (Promotecollaboration with the Japanese Bankers
Association (JBA))• Promote sustainable finance• Enhance interactions and information exchangeon transition finance among stakeholders in Asia
• Deliberate on contributing to the phased
development of the GX League• Further promote diversity, including women’s
active participation—Contribution to the Doubling
Asset-based Incomes Plan——Accelerate Green
Transformation (GX)—HR Development

to Carry Out the Actions
×
Enhancing Collaboration with

Fostering Start-ups• Work toward consolidating the
primary and secondary markets
for unlisted stocks• Facilitate risk money supply tostart-ups• Bring measures into effectto improve the IPO pricesetting process

Stakeholders

inside/outside Japan×
Proactive proposals and initiatives forthe realization ofa New Formof Capitalism
Provision of Financial Services
Fit for an Aging Society• Deliberate on more attentive financial
services appropriate for elderly
customers• Conduct studies on the ways for asset
management and utilization of agents’transactions in cases of cognitive
decline or impaired judgment• Smoothly inherit financial assets
between generations

Accommodating Digital
Transformation (DX)• Further promote paperlessand digitalized procedures insecurities transactions• Deliberate on promoting
securities firms’ smooth
adaption to DX• Properly respond to progressin financial innovation• Provide support forcybersecurity measures atsecurities firms• Deliberate on expanding theuse of the Social Security
and Tax Number System (“MyNumber” System)

Toward Further Enhancement of Investor Trust and Functioningof Securities Markets
JSDA Annual Report 2022

1

Message from the Chairman
Amid the COVID-19 pandemic, Japan has
made steady progress toward the recovery ofdaily life, continuing its economic and social
activities. On the other hand, we encounteredanother wave of global uncertainty in the midstof Russia’s invasion of Ukraine, which resulted
in the fragmentation of global logistics andturmoil in the commodity market.
Global uncertainty is accelerating many
emerging activities and trends. Particularly,
technological innovations in fields such as
digitalization, sustainability, AI and gene
editing, which have the potential to change
the world in the future significantly, seemto be moving swiftly and drastically. In
this era of VUCA (Volatility, Uncertainty,
Complexity and Ambiguity), we must further
refine our industry because direct financecan play a pivotal role in accelerating thesetechnological innovations.
With these backgrounds, the Japan
Securities Dealers Association will work on thefollowing major initiatives.

Supporting Asset Building
We will work to support individuals in building
their financial assets through conducting PR &educational activities and making tax systems
more attractive, which includes financial
education support for schools, collaboration
with the Japanese Bankers Association(JBA) under the MOU, lobbying activities on
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JSDA Annual Report 2022

NISA system and the defined contribution
pension system.

Fostering Start-ups
Fostering start-ups is a key driver to giving
momentum for growth to the sluggish
Japanese economy and solving social
problems. For this reason, the JSDA will
review and develop the primary and secondary
markets for unlisted stocks, request tax reform
to promote the supply of funds for their growth,and implement improvement measures forsetting public offering prices.

Accelerating the Green
Transformation (GX)
The process of formulating international
standards for sustainability reporting iscurrently in full swing, which will move on to
discussions on domestic standards in Japan
as well. The JSDA will compile the views of
the Japanese securities industry on thesestandards both in Japan and overseas. On
another front, we will exchange information
on transition finance and cooperate with thesecurities industries in the Asia-Pacific region
through the Asia Securities Forum (ASF).

Accelerating Digital
Transformation (DX)We will take necessary measures for tokenized
securities from the viewpoint of investor

protection and the sound development of
the market. Also, it is pivotal to deliberate
countermeasures against cyberattacks tomaintain customers’ confidence in their online
asset management while further promoting
paperless and digitalization.

Providing Financial Services in
Response to an Aging Society
The JSDA will implement necessary measures
to provide financial services more suitable toelderly customers depending on their status
and attributes. Also, our initiatives will include
figuring out best practices on how to treat
elderly customers and how to support theirtransactions through agents and smooth asset
inheritance between generations.
Above are the major initiatives we are working
on with a sense of speed in the year ahead.
To effectively implement these initiatives,
it is essential to promote capacity building
programs for all the personnel in the securities
industry and cooperate with domestic andoverseas stakeholders.
Notably, a tailwind is blowing in our
industry. The “Grand Design and Action Plan
for New Capitalism” approved by the Kishidaadministration in June 2022 incorporates
the “Doubling Asset-based Incomes Plan,”which fully mobilizes policies, including thefundamental expansion of NISA and the creationof a new mechanism to guide people’s deposits
into investment. The securities industry, as
the leader of the capital markets, will actively
propose to the government how to realize
doubling asset income and the new capitalism.
With this momentum, the JSDA,
cooperating with relevant organizations inJapan and overseas, is willing to contributeto solving social problems by realizing vibrantfinancial and capital markets that support
the Japanese economy and developing an
investment environment that is even morereliable for investors.
Last but not least, I would like to express
my deepest sympathy to those suffering fromCOVID-19 and the Russian invasion of Ukraine.

MORITA Toshio
Chairman and CEO
JSDA Annual Report 20223

Current Activities
Oct. 2021
JSDA establishes Advisory Board for
the Securities Industry to Achieve
Carbon Neutrality  p.10

May 2021
JSDA revises guidelines ontransactions with elderly
customers  p.7

Nov. 2021
JSDA co-hosts the Green and Social
Bond Conference with ICMA
 p.11

Sep. 2021
JSDA conducts a survey
on DX
 p.9

Feb. 2022
JSDA publishes report on IPO process p.7

Dec. 2021
Number of accounts for Tsumitate
NISA exceeds 5.1 million
 p.12Mar. 2022
JSDA co-hosts the Asia’s ESG
event with FT Live p.14

Feb. 2022
JSDA co-hosts the Japan
Promotional Event with FT Live p.14

Snapshot of the Market and Industry
Number of Members

Household Financial Assets (As of the end of 2021)(As of the end of 2021)

Regular Members*1
Specified Business Members*2
Special Members*3$14.6 billion

Others 2.8%

+2.4%

Insurance andpension reserves

273
13
200

Amount of Issues of SDG Bonds (As of the end of 2021)

from the previous year

26.9%

Cash and deposits

54.3%

Investment trusts

4.5%*1 Securities firms*2 Firms only conducting specified OTC derivatives transactions, etc.,
Type I Small Amount Electronic Offering Handling Business, or
brokerage, etc. for commodity-related market derivatives transactions*3 Banks, insurance companies, etc. conducting securities business

Stocks and other equities

10.5%

Regular Members’ Employees

Number of NISA(As of the end of 2021)(As of the end of 2021)

Bonds 1.3%

Amount of Contribution to the“Shareholders Incentives Endowment
Fund for the SDGs”

Transition bonds

0.6%

Green & Sustainabilitylinked bonds 0.5%

Sustainability-linked
bonds
3.7%
Sustainability
bonds
17.7%

Green bonds
37.4%
Social bonds
39.7%$21.4 billion+35.9%
from the previous year

Electricity Use
in the Securities Industry(As of the end of March 2021)(As of the end of March 2022)

Sales representatives

72,456NISA accounts–2.3%
from the previous year

Back-office staff

14,750124 million+2.2%
from the previous year

Tsumitate NISA accounts		

+5.1%
from the previous year

5.1 million+71.4%$179,203

25,687 GWh–6.6%
from the previous year

from the previous year

Note: 1. Rate of US$1=¥136.68 used for conversion.
2. For more details and other data, see JSDA’s statistics webpage and Factbook.
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JSDA Annual Report 2022

JSDA Annual Report 20225

Self-regulatory Activities
As a fully empowered SRO, the JSDA
extensively regulates market intermediaries,
aiming to protect investors by ensuring fairsecurities transactions. Its self-regulatory
functions encompass rulemaking,enforcement, inspection, disciplinary action,
registration of sales representatives, anddispute mediation. Matters related to selfregulation are discussed and decided at
the Self-regulation Board, which consistsof representatives of Regular Member andSpecial Member firms as well as those
representing public interest.

T

he number and scale of startups inJapan are relatively small compared tothose in major developed countries, which isoften pointed out as a leading cause of fewer
innovations.
With this background, the government’s
Growth Strategy in 2021 emphasized thenecessity to improve the financing environment
for startups, including the IPO system’s reform.
All IPOs in Japan go through the book-building
process to determine their initial offering price.
However, one challenge for the startups wasthat the funds raised through the IPOs turned
out unexpectedly small, often with initialoffering prices lower than prices first traded on
the markets.
In September 2021, in response to thissituation, we initiated our efforts to grasp the6

JSDA Annual Report 2022

current business practices of the IPO process
and figure out the necessity to reform thesystem. Then, in February 2022, we compiled
the outcomes into a report and published itwith recommendations to review the system.
Examples of the proposals are as follows,
among which we plan to incorporate (2) and(3) into our self-regulatory rules.
(1) Encouraging lead underwriters to set
provisional terms more flexibly,(2) Allowing IPO prices to be set higher
than those set in provisional terms wheninvestor demand is strong, and(3) Shortening the IPO process from one
month to 21 days to reduce the risk ofprice volatility.
On another front, Japan’s super-aging society
requires securities firms to offer financial
services more tailored to elderly customers,
including supporting them in passing on

their financial assets to the next generation,
managing their financial assets, andconducting proxy transactions in preparation
for the impairment in cognitive and decisionmaking abilities.
In May 2021, in light of the settings,
we revised the guidelines, which stipulate
obligations for the JSDA member firms to
set internal rules about how to treat elderly
customers. The revisions include allowing
more flexible definitions of customers,
products and transaction procedures that theguidelines should be applied to, consideringthat the relevant status and cognitive abilityof customers are diverse in reality. Also, therevision clarified the necessity to follow up withthe customers to assess their change in status
and cognitive ability. We also interviewed
several JSDA member firms on the status of
their relevant efforts and shared the resultswith all the member firms for their futurereference.
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Activities as a Trade Association
As a trade association serving as aninterlocutor to enhance dialogue, theJSDA relays the industry’s opinions to thegovernment and other related parties,
promotes investor education to expand
the base of knowledgeable investors,
produces policy recommendations for further
activating the market and upgrades theattractiveness and potential of the Japanesemarket to global and domestic investors.
Representatives of Regular Members
exchange their views and make decisions on
JSDA’s activities as a trade association at the
Securities Strategy Board.

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JSDA Annual Report 2022

Japan has become the world’s leading
society in terms of longevity, and its
citizens will need to secure sufficient assets fortheir retirement. Under these circumstances,
the role of the securities industry in matchinginvestors’ needs for asset building withcompanies’ needs for financing has become
increasingly important.
To fulfill this role, we have been conducting
activities to raise the public awareness of“NISA” and “Tsumitate (Dollar-Cost Averaging)
NISA,” preferential taxation systems that
effectively promote long-term asset building
for households. In September 2021, we
produced a series of videos featuring popular
YouTubers who are well known among theyouth, explaining not only the attractivenessof investment and the preferential taxation
systems, but also what investors will
experience if they open accounts with thesecurities firms. In March 2022, we produced
web content featuring Olympic medalists, on
which the chairman of the JSDA conversedwith them over second careers and asset
building. NISA and Tsumitate NISA are timelimited programs that will eventually end.
We will continue requesting the government
authorities to make these systems permanent
in order to contribute to the stable asset
building of the Japanese citizens.
In addition, due to the impact of COVID19, online communication has become
more common, and digitalization has been
progressing in various fields. In the securities
industry, there is a need to digitalize
procedures related to securities transactions
to enhance the convenience for customers andoperational efficiency for securities firms.
However, such digitalization requires
figuring out areas suitable for digitalizationconsidering legal requirements and operations.
To support this understanding, in September
2021, we conducted a survey on the status
of digitalization at our regular member firms
and shared the results among them so thatthey could grasp the image of how to promote
digitalization within their companies.
In addition, while there remained
documents legally required to submit in apaper format, we kept lobbying activities andsuccessfully gained permission to submit someof them digitally. We will continue to lobby thegovernment authorities so that, in principle,
communication documents delivered to clients,
which currently must be delivered on paper,
can be delivered in an electronic format.

Table: Comparison of NISA and Tsumitate NISA

Terms of investments
Maximum annual investment
Investment options

NISA

Tsumitate NISA

5 years

20 years¥1,200,000(≈$9,000)¥400,000(≈$3,000)

Listed stocks, funds,
ETFs, REITs

Mutual funds

Note: It is not possible to contribute to both a NISA and a Tsumitate NISA during the same calendar year.

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Contributing to Sustainable Growth
The JSDA contributes to achieving the
Sustainable Development Goals (SDGs),
a set of international development goals
adopted by the United Nations, under the
JSDA’s Declaration in Support of the SDGs.
To navigate this journey, the JSDA has one
council and three sub-committees in which
experts in this field deliberate and suggest
sustainability-related initiatives.
Some of the initiatives are for the JSDA
to implement on a daily and annual basis.
For example, the JSDA defined and uses theterm “SDG bonds,” bonds which contributeto the SDGs, to raise public awareness ofsuch bonds. Also, after establishing the“Shareholders Incentives Endowment Fundfor the SDGs” to support organizations
working to tackle social problems in 2019,
we offer donations to such organizations
annually, making use of shareholder
incentives (gifts granted to shareholders).
The following website describes all of thevarious efforts of the JSDA and the Japanese
securities industry as a whole in relation to
the SDGs.

The JSDA has endeavored to practicallyfurther its contributions to the SDGs bytaking various measures in cooperation with all
related parties.
In October 2021, the JSDA established the“Advisory Board for the Securities Industry to
Achieve Carbon Neutrality” to discuss the role
the securities industry should play in the future
to achieve carbon neutrality. In response to theParis Agreement adopted in 2015, in October
2020, the Japanese government declared its
intent to reduce greenhouse gas emissions
to net-zero by 2050. To this end, we believethat the securities industry has an extremely
important role as the intermediary for themarkets where Japanese companies raise
funds to achieve net-zero emissions.
Also, the JSDA has strived to assist market
professionals in getting more familiar withand practically knowledgeable about how toachieve carbon neutrality. When it comes totransition to a net-zero business, necessary
efforts vary depending on the sectors. For
this reason, the Japanese ministries havedeveloped roadmaps that carbon-intensive
industries can refer to when making transition

 https://www.jsda.or.jp/sdgs/index.html(available only in Japanese)

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JSDA Annual Report 2022

strategies. Against this backdrop, the JSDA
held a “Roadmap Study Session for Promoting
Transition Finance” supported by the Ministryof Economy, Trade and Industry (METI) and theMinistry of Land, Infrastructure, Transport andTourism (MLIT) to help a wide range of market
participants involved in such finance enhancetheir understanding of the significance of suchfinance and the contents of the roadmap.
Furthermore, the JSDA has co-hosted theGreen and Social Bond Conference, which
is an annual conference on sustainablefinance, with the International Capital Market
Association (ICMA) to offer market participants
opportunities to deepen their understandingof sustainability-related topics and businesspractices. In November 2021, we organized
it in a virtual format for the fifth time with afocus on achieving a decarbonized society andsolving social challenges. The 2021 conference
attracted about 600 participants and shared
the understanding of the latest topics, such as
updates of relevant guidelines from METI and
ICMA and case studies of issuing SDG bonds
in Japan and other countries.

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Investor Education

I

nvestor education remains vitally important,especially for novice investors and thoseinterested in investments. As is often thecase in other countries, many people opened
investment accounts during the pandemic. In
fact, the latest data reveals that the number
of “Tsumitate NISA” exceeded 5.1 million
accounts as of the end of December 2021,
which was over double compared to thenumber as of March 2020, the time that the
WHO declared COVID-19 to be a pandemic.
This fact indicates that many people haverealized the importance of asset formulation,facing unprecedented uncertainty and anxiety,not only due to COVID-19 but also the life
longevity, pension payment, rising consumer
prices, wage decrease and so on.
Under these circumstances, it is our
mission to foster knowledge and understandingof the financial markets and products forindividuals with all backgrounds in Japan.
The JSDA supports junior and seniorhigh school teachers in offering financial
and economic classes to their students. For
example, we have provided a sample financial
and economic education curriculum andsupplementary teaching materials and held
relevant seminars for the teachers. We also
have offered game-based learning programs,
such as “Financial Quest” and “Stock LearningGame,” by which the students can enjoy
the contents and naturally acquire financial

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JSDA Annual Report 2022

literacy. In May 2021, “Financial Quest” wasawarded by the National Institute on Consumer
Education, a public interest incorporated
foundation established by the government.
Also, we developed “Financial and Economic
Navi,” the portal site where the teachers
can obtain supplementary materials, videos,manga, and so on for free that they can utilize
for their classes.
At the same time, we promote raisingpublic awareness of knowledge about
securities investment. To this end, “Toushikun,” the mascot character of the Securities
Knowledge Dissemination Project (see p.17 formore on him), appeared in many places andguided individuals to the long-term diversified
investment world. For example, the JSDA
developed an online teaching material, “Toushikun and Time Travel! - Let’s Experience Asset
Building” (launched in February 2022), thatallows them to simulate investment with thepast price movements in the markets. In
addition to Toushi-kun, the JSDA’s young staff
and lecturers from securities firms also visit
companies and universities to provide financial
educational opportunities.

Capacity BuildingIn the rapidly changing and diversified world,
it is pivotal for employees and managers
in securities firms to acquire a broader
knowledge base than before. For example,
whereas they need to be familiar with financial
products and compliance, their knowledge
should also cover sustainability-related topics
so that each person can play a significant
role as an intermediary between investors
and the ESG markets, thereby contributing toaddressing environmental and social problems.
Keeping these points in mind, the JSDA
draws up and updates a capacity-building planannually.
Our training seminars traditionally cover
the topics of compliance and ethics, as we
believe that such knowledge should be thefoundation for the employees and managers
from a self-regulatory point of view. Also,
we are developing seminars on how to offer
financial services in an aging society so that
securities firms can appropriately respond toelderly customers.
Moreover, our scope is not limited to thoseregulatory topics. In fact, we have offered
our program to meet the various needs of
securities firms. For example, our program
covers cyber security, sustainable finance, theWhistleblower Protection Act, women’s active
participation in the workplace, and the futurebusiness model of securities firms. Also, theJSDA launched the JSDA Training Hub, on

which securities firms can access on-demand
videos so that their employees and managers
can meet their needs to gain the necessary
knowledge in a timely manner.
Furthermore, we have created communities
for the employees and managers in theJapanese securities industry to meet eachother, share a mutual understanding andenhance their motivation for work.
For instance, we held networking events for
HR managers with the aim of supporting themto enhance diversity and transform working
practices at their companies. Another example
is the Network of the Next Generation in the
Securities Industry, which is for managers andto-be managers to share knowledge on how towork and manage in the Japanese securities
industry.

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International Activities
The JSDA actively participates ininternational conferences and exchanges
information to deepen relationships withoverseas organizations related to thesecurities industry.
The JSDA is now involved in a numberof international forums including theInternational Organization of Securities
Commissions (IOSCO) and International
Council of Securities Associations (ICSA).
Information on the ICSA’s activities can befound at the following website.
https://icsa.global/
In addition, the JSDA serves as thesecretariat of the Asia Securities Forum(ASF), which functions as a forum for theexchange of views and information among
the securities industry in the Asia Pacificregion, and leads activities that contributeto the development of securities markets
and economic growth in the region. Moreinformation on the ASF’s activities can befound at the following website.
https://www.asiasecuritiesforum.org/

 https://www.
asiasecuritiesforum.org/

14

JSDA Annual Report 2022T

he continuing uncertainty caused by
COVID-19 forced us to conduct many of
our international activities virtually.
Until 2019, we had held the “Japan
Securities Summit” every year in global
financial centers such as London and New
York to promote Japan’s attractiveness as aninvestment destination and business location
to foreign investors and market players. In
recent years under the pandemic, we havealternatively co-hosted webinars with the
Financial Times Live. In February 2022,
the webinar attracted an audience of morethan 450 people. Topics include corporate
governance codes, measures to promote
disclosure in English, positive changes in
ESG-based dialogue, initiatives, and disclosureof Japanese companies, and expectations forfurther development of the Japanese market.
A summary of the webinar was published as apromotional article in the Financial Times andthe full video can be viewed on YouTube.
We also collaborated with the Financial
Times Live and held a webinar in March 2022
on “What Asia should do to achieve a Net Zero
Society.” https://www.jsda.or.jp/about/international/files/20220322_
JPSummary.pdf

Through discussions with prominent
ESG and Asian market experts, the webinar
provided an opportunity for over 350
participants to recognize that sustainable
practices including transition finance insecurities markets are an important common
theme in Asia to move toward a decarbonizedsociety. The full version of this webinar canalso be viewed on YouTube.
Aside from the events, we have long been
involved in activities to enhance the global
presence of Japan’s securities markets.
In recent years, the Japanese government
authorities have accelerated efforts tostrengthen Japan’s function as a global
financial center by creating a more welcoming
environment to foreign financial institutions
and professionals, such as through the
Financial Market Entry Office and legal reforms
allowing business registration application in
English. In light of this trend, we are working
on expanding our English-language businesssupport services by making the documents
required for membership in the JSDA available
in English and establishing a dedicatedcontact point in January 2022 to enable https://www.youtube.com/
watch?v=0le7KdUkd7Q
 VIDEO

foreign companies seeking to provide Englishlanguage customer service in Japan to enter
the Japanese market more easily.
Furthermore, the JSDA submits opinions on
a wide range of international topics that could
influence the Japanese securities industry.
For example, our internal discussion is goingon regarding “General Requirements forDisclosure of Sustainability-related Financial
Information” and “Climate-related Disclosures”
proposed by the IFRS Foundation. Also, we
submitted comments on the Financial Stability
Board (FSB)’s “Policy Proposals for Enhancing
Resilience of Money Market Funds (MMFs),”
IOSCO’s “Recommendations on SustainabilityRelated Practices, Policies, Procedures,and Disclosures in Asset Management”
and “Distribution and Digitalisation to Retail
Investors,” and OECD’s “Crypto-Asset
Reporting Framework and amendments to the
Common Reporting Standard.”
Detailed information can be found at thefollowing website.
https://www.jsda.or.jp/en/activities/comments/
index.html

 https://www.youtube.com/
watch?v=P3p67TRfZqg
 VIDEO

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15

Organization Chart
The JSDA functions as a self-regulatory organization (SRO) and as an interlocutor for the securities
industry. Its legal status is as a Financial Instruments Firms Association authorized by the Prime
Minister, pursuant to Article 67-2, Paragraph 2, of the Financial Instruments and Exchange Act. The
members of the JSDA consist of securities firms, banks, and other financial institutions operating
securities businesses in Japan.
Sales Representative
Examination Committee

Japan Securities Dealers Association

Board of Auditors

General Assembly

Regular Member
Auditors
Standing Auditor

Incident Confirmation Committee

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
SupportCommittee

GeneralAffairs
Committee
Financial Sub-Committee

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

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 Office16

JSDA Annual Report 2022

As of July 1, 2022

JSDA Websites
 JSDA
https://www.jsda.or.jp/
 JSDA (English website)
https://www.jsda.or.jp/en/index.html
 JSDA (Twitter)
https://twitter.com/JSDAofficial
 JSDA (Facebook)https://www.facebook.com/JSDA.PR JSDA (YouTube)
https://www.youtube.com/user/JSDAmovie Back numbers of JSDA Annual Report (PDF Files) are available athttps://www.jsda.or.jp/en/about/annual-report/index.html
 Procedures concerning requests to disclosure of qualification of sales representatives
https://www.jsda.or.jp/en/personal-information/html/procedures.html
 Support Desk for Joining JSDA
https://www.jsda.or.jp/en/about/how-to-join/index.html

Toushi-kun
He was created as the mascot character for “Securities Investment Day” to makesecurities investments as accessible as possible for the public regardless of theirinvestment experience or financial knowledge. Coincidentally, “toushi” means investment
and “ushi” means cow, ox, or bull in Japanese. With the hope for bull markets in Japan,
the adorable bull appears as a flag bearer for the shift from saving to investment invarious events.
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17

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