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38 Va. J. Int'l L. 191 (1997-1998)
Regulatory Frameworks for Pooled Investment Funds: A Comparison of Japan and the United States

handle is hein.journals/vajint38 and id is 203 raw text is: Regulatory Frameworks for Pooled Investment Funds: A Comparison of Japan and the United States YOSHIKI SHIMADA, SHINJI ITOH,' AND HIKARU KAIEDA INTRODUCrION This article is intended to introduce U.S. attorneys to the Japa- nese regulatory framework applicable to pooled investment funds and the legal issues that should be taken into consideration when a U.S. asset management company engages in the securities invest- ment trust management business in Japan through the formation of Japanese securities investment trusts organized under the laws of Japan or through the offering in Japan of securities issued by investment funds established under the laws of a country other than Japan (foreign fund securities). Securities investment trusts are the Japanese analogue to mu- tual funds sold in the United States. They are increasingly being viewed by Japanese investors as important alternative investment products. The Japanese Government has recently proposed cer- tain significant changes to the legal framework applicable to secu- rities investment trusts. These changes are part of the larger Big * Partner, New York office of Brown & Wood LLP. A.B., Phi Beta Kappa, Cornell University, 1982; J.D., Harvard Law School, 1985. ** Japanese attorney-at-law, Foreign Associate, New York office of Brown & Wood LLP, 1995, and Associate, Tomotsune Kimura & Mitomi in Tokyo. B.A., Waseda Uni- versity, 1987; LL.M., Cornell Law School, 1995. *** Japanese attorney-at-law, Foreign Associate, New York office of Brown & Wood LLP, 1996, and Associate, Hamada & Matsumoto in Tokyo. B.A. (Private Law) 1987, B.A. (Public Law) 1989, University of Tokyo; LLM., New York University School of Law, 1996. 1. Interview with investment bankers in the U.S. who have requested anonymity (Mar. 1997).

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