1981 BANKING LAW. COPYRIGHT RODERICK H. SEEMAN

CHAPTER 7 BRANCHES OF FOREIGN BANKS

Article 47 (Licenses, etc. of the Branches of Foreign Banks)

1. When parties who conduct banking business in foreign countries in accordance with the laws and regulations of foreign nations (excluding banks, etc. Hereinafter referred to as "foreign banks") are going to establish a branch or representative office in Japan and conduct banking business in Japan, the said foreign bank, in accordance with the Ordinance of the Ministry of Finance, must receive the license of the Minister of Finance of Article 4, Paragraph 1 for each branch of representative office and designate the representative of the said branch or representative office.

2. When a foreign bank has received the license of the Minister of Finance of Article 4, Paragraph 1, based on the provisions of the previous paragraph, the branch or representative office related to the said license shall be regarded as a bank, the representative of the said branch or representative office which is regarded as a bank (hereinafter referred to as "foreign bank branch") shall be regarded as a director of the said foreign bank branch and the provisions of this Law shall apply. However, the provisions of Article 5; Article 6; Article 13 Paragraphs 2 and 4; Article 14, Paragraph 2; Article 16-2; Article 16-4; Article 17-2; Article 22; Article 23; Article 24, Paragraphs 2 through 5; Article 25; Paragraphs 2 and 5; Article 30, Paragraph 1; Article 32, Article 33, Article 37, Paragraph 1, Items 2 & 3; Article 39; Article 40; Article 41, Item 3; Article 43, Article 44 and Article 53, Items 2 & 4 are excluded.

3. Technical rereadings in cases of the Special Cases Concerning the License of the Ministry of Finance of Article 4, Paragraph 1 for Foreign Banks and where the provisions of this Law apply to foreign bank branches, and other necessary matters concerning the application of the provisions of this Law to foreign banks shall be as determined by Cabinet Order.