| The Investment Management Business in which members are
engaged is classified into the following two sub-categories. |
| |
(1) |
Discretionary Investment Management Business: Members make
investments with the authority necessary to make investment decisions
and exercise investment discretions entrusted by their clients under a
discretionary investment management contract. |
| |
(2) |
Fund Management Business: Members manage pooled fund assets designed
to invest mainly in securities in order to help venture corporations grow
or turn around failed corporations. In case of private real estate related
funds, it is common for them to manage those assets under the discretionary
investment management contract mentioned in (1) above. |
|
| The Investment Advisory & Agency Business is classified
into the following two sub-categories: |
| |
(1) |
Investment Advisory Business: Members provide investment advice about
financial instruments such as securities to their client under an investment
advisory contract. |
| |
(2) |
Agency Business: Members act as an agent or intermediary for concluding
a discretionary investment management contract between an investment management
firm and an investor, or an investment advisory contract between an investment
advisory firm and an investor. |
| |
 |
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