| fund type | examples | type of securities under the FIEA | securities registration requirements for public offerings | disclosure requirements | |
| self-offering | third-party offering | ||||
| corporation | investment corporations (domestic) | type I | not possible | type I FIBO | yes, for funds investing >50 percent in securities (exemptions in case of private placements) |
| investment corporations (foreign) | type I | not possible | type I FIBO | ||
| KK | type I | no registration | type I FIBO | ||
| GK | type II | no registration | type II FIBO | ||
| trust | unit trusts (domestic) | type I | type II FIBO | type I FIBO | |
| unit trusts (foreign) | type I | type II FIBO | type I FIBO | ||
| partnership | partnerships under the Civil Code | type II | type II FIBO | type II FIBO | |
| silent partnerships under the Commercial Code | type II | type II FIBO | type II FIBO | ||
| limited partnerships for investment under the Limited Partnership Act for Investment | type II | type II FIBO | type II FIBO | ||
| limited liability partnership under the Limited Liability Partnership | type II | type II FIBO | type II FIBO | ||
Where interests in a fund are offered by the fund itself to Qualified Institutional Investors (QII) only, the fund does not have to register as a Financial Instruments Business Operator (FIBO) and may instead submit a comparably simply notification to the Financial Services Agency (FSA) – so-called Article 63 exemption. This exemption applies only in case of self-offerings. Thirds parties distributing units or interests in a fund are not covered by the exemption and must register as a FIBO.
You will find more information on the regulatory environment for partnership-type funds and the Article 63 exemption in our article on funds regulations in Japan.