what is a qii specially permitted business?
In principle, a person who will engage in businesses (1) soliciting investors to invest in an investment fund and/or (2) managing an investment fund, must be registered as a Financial Instruments Business Operator by the FSA.
Specially Permitted Businesses for Qualified Institutional Investor ("SPBQII") (Tekikaku Kikan Toshika-to Tokurei Gyomu) is permitted for a fund operator which fulfills certain requirements under the Financial Instruments and Exchange Act of Japan including filing of notification documents with the Kanto Local Financial Bureau (“KLFB”) even if it is not registered as a Financial Instruments Business Operator.
Such fund operator permitted to engage in SPBQII may (1) solicit, as a (prospective) general partner of a limited partnership, investors to invest in an investment fund which is composed of one or more Qualified Institutional Investors ("QII(s)") and less than 50 investors who are not QIIs ("Qualified Investment Fund"), and/or (2) manage Qualified Investment Fund. We have been permitted to engage in SPBQII since 2010 when we first filed the notification documents with the KLFB.