Foreign Exchange and Foreign Trade Control Law. Copyright Roderick Seeman

CHAPTER II AUTHORIZED FOREIGN EXCHANGE BANKS AND MONEY EXCHANGERS

Article 10 (Authorization, etc., for dealing in foreign exchange business)

1.Any bank which intends to engage in the foreign exchange business shall set out its offices where it will engage in such business (including those Japanese banking juridical persons which have business offices in foreign countries. Hereinafter the same), and the scope of such business, and shall obtain an authorization therefor from the Minister of Finance.

2. The Minister of Finance shall not give an authorization under the provisions of the preceding Paragraph when he deems that the applicant bank will have difficulty in securing sufficient international credence, or that it lacks staff members capable to carry out foreign exchange transactions.

3. Any bank having obtained an authorization under Paragraph 1 must obtain a license of the Minister of Finance for the new establishment of an office which deals in foreign exchange business, or when there has been a change in the substance of its foreign exchange business.

4. Any bank having obtained an authorization under Paragraph 1 shall give a prior notice to the Minister of Finance before it changes the name or location of any of its offices which engage in the foreign exchange business, or when it stops its foreign exchange business at all or part of its offices.