amounts, such as a bank or trust
company; and
the project participants.
the Ministry of Land, Infrastructure
and Transport, the Amendment aims to
activate the local economy and provide
relief against asset deflation, certain
measures (such as permitting special
purpose entities which meet certain
requirements to carry out a bankruptcy
remoteness type of Real Estate
Specified Joint Enterprise), through the
introduction and promotion of private
funds into the earthquake resistance
of buildings and/or the renovation of
aging real estate. The press release also
states that due to this Amendment, it
is estimated that in 10 years after this
amendment, new investments of about 5
trillion yen will be made, a ripple effect
in terms of production of about 8 trillion
yen will occur, and a job creation effect
for about 440,000 people will also occur.
In addition to the requirements to the
Special Operations, further requirements
are described in the press release by
Transport as set out below:
Operator entrusted with operations from
Special Operators
Enterprise must obtain permission
from the competent minister.
Enterprise Operator under the
Financial Instruments and Exchange
Act.
addition to the current regulations,
there are new regulations such as
prohibitions against self-dealing,
subcontracting works which were
already entrusted. In the event of a
violation of these regulations, the
competent minister may issue any
instructions and/or disposal orders,
a business suspension order and/or
an order cancelling a permission that
had been granted for an enterprise.
Enterprises of Real Estate Specified
Joint Enterprise Operators
Real Estate Specified Joint Enterprise
Specified Joint Enterprise Operators):
among the officers of an Operator, the
enterprise activities of the Operator
are controlled by organized crime
group members etc., and other such
facts would be considered reasons for
the disqualification of a permission of
such Operator
Estate Specified Joint Enterprise
contracts and subcontractors shall
be added as subjects of orders for
the collection of reports and site
inspections, etc.
inspection of documents to/by
enterprise participants, soliciting
contracts of a Real Estate Specified
Joint Enterprise, and reports to
administrative authority etc. are to be
strengthened.
Asuka Law Offices for further details
about the Amendment.