On July 28, 2010, the Japanese Securities and Exchange Surveillance Commission ("SESC") released its decision in the Meyer Asset Management Limited ("Meyer") case, which potentially has far reaching implications for many players in the Japanese financial community, particularly for international financial intermediaries interacting with Japan resident investors. This decision sends a strong signal to the financial community about the need to ensure that its solicitation, distribution and capital raising activities in the domestic market fall within the scope and limits of their registrations in Japan.

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