Act on the Storage of Wills in the Legal Affairs Bureau

http://www.moj.go.jp/MINJI/minji03_00051.html
On July 6, 2018, the Act on the Storage of Wills in the Legal Affairs Bureau (Law No. 73 of Heisei 20) was enacted.

The Law on the Storage of Wills in the Legal Affairs Bureau (hereinafter referred to as the “Wills Storage Act”) is the system which Legal Affairs Bureau may store autographs wills pertaining from the perspective of preventing disputes over inheritance .

Codeblue 2018,info security conference held in Tokyo, opens CFP

Codeblue 2018 is the info security conference held in Tokyo from October 29-November 2, 2018.

Conference website is here.

Codeblue 2018 opens Call For Papers here.

This year Codeblue starts Law and Policy track.I think it is quite unique and I am very proud . I hope it may be the good opportunity for Law and Policy people to gather and share their knowledge fro secure world in Tokyo.

You can enjoy Robot Restaurant and  Fugu fish also.

I hope to see you in Tokyo this autumn.

 

MtGox goes to company rehabilitation proceedings

MtGox goes to company rehabiltation proceedings.Tokyo district court issued civil revhabilitationl decision on 22 June.Bankruptcy decision is stayed till the authorisation of the revial plan approval.

Tokyo Shoko Research reported this yesterday.
Time line is follows;
Feb 28,2014 Mt.Gox applied civil revival decision
Tokyo District Court decision to Civil Rehabilitation proceedings
April 24,2014 Tokyo district court decided Bankruptcy decision

The price of Bitcoin skyrocketed during Bankruptcy procedure.
Based on Bankruptcy law section 103,credit shall be estimated based on the price of the beginning of the Bankruptcy proceedings.
It means that the price will be estimated the price on April 23,2014=483 dollars/1 bitcoin.

If the bankruptcy proceedings goes on,creditors will receive 100 percent of the estimated credit and the surplus will go to shareholder of Mt.Gox.
Under the Civil Rehabilitation proceeding,the creditors can approve the plan that is not bounded above Bankruptcy law section 103.It means that they can be paid by based on Bitcoin market price.

e-filing in Japan

Japanese Government try  to introduc e-filing in judicial procedure systems.

Cabinet Secretariat held the Research committee of Judicial Procedures.

We can read the reference documents produced to the committee.

I was surprised to see the references produced by Supreme Court.

Only four page slides were produced.And the contents were so poor that we are in despair.

At page four

 Tele conference sysytem.

Television conference system(Closed networjk for security concern)

Page five

Provosional Payment system

More than Ninety cases

Present civil procedure.

Page Seven

Future of IT civil procedure.

 Important subject

 How utulize the IT to realize the accelerated /efficient civil procedure.

Challenges to overcome

How to consider people who cannot use IT.

           How to secure information security.

Detailed challenges

That’s all!! Probably Japanese Supreme Court may be kidding.

They do not know  Japanese Court is not so high evaluated. I think they believe   Japanese Court  system is the best legal system in the world.

“A frog in the well knows not the sea”. It is a ridiculous to make a investment to such a country which lack the sense of internationality.

 

 

 

 

 

 

 

no brothers and/or sisters

(N) No there are no brothers and/or sisters

In this case, it means that there is no heir.

In the absence of an heir, an inherited property manager will be appointed and sometimes deal with its property relationship.

 

No spouse No children No ascendant Yes Brothers/sisters (Different parent)

(N) No. Share the only one parent.

As mentioned in the previous entry,

Civil Code 900 Article 4 set out

iv) if there are two or more children, lineal ascendants, or siblings, the share in the inheritance of each shall be divide : divided equally; provided that the share in inheritance of an child out of wedlock shall be one half of the share in inheritance of a child in wedlock, and the share in inheritance of a sibling who shares only one parent the share in inheritance of a sibling who shares both parentswith the decedent shall be one half of the share in inheritance of a sibling who shares both parents.

 A “sibling who shares only one parent with the decedent shall be one half of the share”.

For statutory inheritance, in this case, brothers and sisters who share only one parent will be half of brothers and sisters who share the same.

No spouse No children No ascendant Yes btothers/Sisters (same parent )

(Y) Yes. Brothers and sisters share the same their parents.

According to the Civil Code Article900 . In paragraph 4,

iv) if there are two or more children, lineal ascendants, or siblings, the share in theinheritance of each shall be divided equally; provided that the share in inheritance of an child out of wedlock shall be one half of the share in inheritance of a child in wedlock, and the share in inheritance of a sibling who shares only one parent with the decedent shall be one half of the share in inheritance of a sibling who shares both parents.

In this case, it means that brothers and sisters who share the same parents (sometimes siblings of whole blood), so the inheritance becomes even.

In addition, if brothers and sisters are dead, their children will be inherited

Only spouse is heir

(N) No. When there are no brothers and sisters

In this case, it means that there are no heirs of the first and second rank.

Only the spouse will be the heir.

Set out in Civil Law Article 890

The spouse of a decedent shall always be an heir. In this case, if there is a person to become an heir pursuant to the provisions of Article 887 or the preceding Articlethe spouse shall be of the same rank as that  person.

Next, usually you will consider the question of will.

legal Issues of Stock trading in AI era Part3

In stock trading in the AI ​​era (part 2), I mentioned the amendment of the Financial Instruments and Exchange Act to respond to specific problems. Here, I will show you an interesting cases before mentioning the detailed content of amendment.

Hokuetsu Kishu Paper Company stock price manipulation case (February 16, 2011 decision).

Market manipulation is prohibited under theFIEA Article 159  section2  (1) .

It set out that

(2) No person shall commit any of the following acts for the purpose of inducing sales and purchase of Securities, Market Transactions of Derivatives or Over-the-Counter Transactions of Derivatives (hereinafter referred to “Sales and Purchase of Securities, etc.” in this Article):

Of course,it may be  an issue about “for the purpose of inducing sales and purchase of Securities” when using the algorithms.But it is the same even if it is a transaction using an algorithm.

You can see the detils of the transaction on the website of the Stock Exchange Oversight Committee (Recommendation).

Basically algoritms are as follows;
Selling order without intent to make a deal
Buy order
Change the limit price to a price which there is no possibility of deal
Change the limit price again near the best quatation value

However, as an interpretation theory, it seems that such “marbles” are being carried out on a daily basis, and if so, the requirement for incentive purposes of “inducing sales and purchase of Securities” It seems to be argued that it will not be satisfied.

In IOSCO’s report, in Recommendation 5, “Market authorities should be monitored for new forms or types of market impediments that technological development can bring, and appropriate measures should be taken if necessary”

Also, in response to the WG report, the amendment of Financial Instruments and Exchange Act was proposed and  passed the National Assembly.

Materials related to this amendment can be accessed from this page(Japanese).

In English,AMT Law Offices’ report may be useful.

The law itself is not only responsive to high-speed transactions, but also includes

(1) introduction of fair / disclosure rules,

(2) development of legislation concerning high-speed transactions (high-speed trading of stocks, HFT) of shares, etc.,

(3) flexibility of the scope of operations of the financial instruments exchange group And so on.

Outlines are set out in the AMT paper.

Specifically, Article 2, para. 41 after the revision of the same law set out

“High frequency trading means the actions as set forth in (i) through (iii) below where the decision making concerning such actions is determined automatically through an electronic information processing system, and the information necessary for the sale/purchase of securities or the market transactions of derivatives5 based on such decision is communicated through information technology to the financial instruments exchange or any other person specified by the Cabinet Office Ordinance, with the methods to be used in order to shorten the time usually required for such communication to be specified in the Cabinet Office Ordinance (except those specified by the Cabinet Order as actions which are considered harmless for the purpose of protection of investors, considering the details of such actions):

(i) Sale/purchase of securities or market transactions of derivatives;

(ii) Entrustment of the actions described in (i); and

(iii) In addition to (ii), actions related to those described in (i) which are specified in the Cabinet Order to be equivalent to those described in (i) and (ii).”

And a registration system for traders who conduct high-speed algorithmic transactions (high-speed trading actors, 42 paragraphs) is introduced (Article 66 ss 50).

Traders are required  to take

(1) measures relating to system development and risk management

(2) measures relating to information provision to the authorities, etc.

(3) other provisions .

(1) measures relating to system development and risk management

System development (Article 66 -55)

As measures related to risk management, Proper management and operation of trading system (57),

appropriate business management system ·

Secure of property basis (58),

establishment of representatives or agents in Japan (in case of foreign corporation)

 (2)  measures relating to information provision to the authorities,

 Report  to authorities about performing high-speed transactions  & transaction strategies.

Create and save transaction records (58)

Regulatory review / inspection / business improvement order etc by the authorities etc. (58, 60, 67)

(3) As other provisions

 Prohibition of brokerage commissioned by a securities company from those who do not register at high speed, etc. Investigation by exchanges for those who conduct high-speed transactions (Article 85-5)

When introducing the WG report,there is criticism that there is a hindrance to price formation focusing on the profitability (original corporate value) of companies from medium- to long-term  view in the stock market where the share of algorithmic high-speed trading accounts for a majority.

In stock trading, there are two methods of trading.The one is “fundamental trading” which focus the profitability  of the company.The other is “technical  trading” which focus on price fluctuations themselves. The popularity of “technical  trading” is  not a problem caused by AI technology because that  existed before algorithmic trading became popular.