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On July 24, 2026, Japan's Financial Services Agency (FSA) opened a public consultation on proposed amendments to cabinet office ordinances relating to definitions under the Financial Instruments and Exchange Act (FIEA). The FSA seeks feedback on three key regulatory amendments designed to support domestic financial market development and startup internationalisation. The first amendment relaxes regulations governing corporate bond solicitation by group companies. Where group company solicitation of bonds can be considered equivalent to solicitation by the issuing company, it will be excluded from the definition of financial instruments business. This change aims to promote efficient group management from a corporate perspective. The second amendment eases investment management regulations for overseas venture fund (VF) connections. To facilitate domestic startup expansion abroad, the FSA proposes relaxing requirements for foreign fund exemptions when domestic VFs invest in overseas VFs. The third amendment clarifies that rights displayed on depositary receipts constitute securities even when physical certificates are not issued, with corresponding updates to securities registration statement formats. The consultation period closes on August 24, 2026, at 5:00pm Japan Standard Time. Responses can be submitted by post to the FSA's Market Division, Planning and Markets Bureau, or via the e-Gov website. Respondents must provide their name, occupation, contact information, and reasoning. Individual responses will not be provided, though comments may be disclosed upon request, with personal and commercially sensitive information redacted. Following the consultation period, the FSA will proceed through required procedures before publication and implementation of the amended ordinances.