Public-private initiatives to support new entrants of emerging asset managers (Japanese EMP)
Overview
The Government of Japan published "Policy Plan for Promoting Japan as a Leading Asset Management Center" on December 13th, 2023.
As a part of the plan for reforming Japan’s asset management sector, the government developed the Emerging Managers Program (Japanese version of EMP) to facilitate the supply of funds to emerging asset management companies in cooperation with the public and private sectors.
The government and the FSA have been taking the following policy measures as below for this program.
Policy Measures
- Recent initiatives are summarized below.
Progress of the Japanese EMP (Available in Japanese)NEW
- The FSA publishes the examples of initiatives taken by financial institutions related to emerging managers.
- The list of EMP initiatives by financial institutions (Available in Japanese)NEW
- The Investment Trusts Association, Japan, and The Japan Investment Advisers Association publishes a list of emerging asset managers (entry list).
- The publication of EMP Entry list by the two associations (Available in Japanese)
- To promote new entry of firms into the asset management sector, the government eased regulations to allow asset managers to outsource middle- and back-office operations and to entrust all asset management mandates to a business entity whose quality of services has been appropriately ensured (Effective on May 1st, 2025).
Overview of deregulation for promoting new entries of asset management companies (Available in Japanese)
- It is written in the Asset Owner Principles, “it is important not to exclude emerging managers simply because they have only a few years of experience.”
Asset Owner Principles
(Cabinet Secretariat website)
- The Asset Management Forum was established on October 3rd, 2024, during “Japan Weeks.“ At the 1st annual meeting held on the same day, discussions were held on reforming Japan's asset management sector, including the promotion of emerging managers.
- Asset Management Forum
(External website)
- Asset Management Forum
- “Asset Owner and Venture Capital Meetup,” an event to deepen mutual awareness and promote networking between asset owners and venture capitals, was held on February 6th, 2025. It was jointly hosted by the FSA, the METI, and the JVCA.
- Asset Owner and Venture Capital Meetup (Available in Japanese)
- Japan Investment Corporation (JIC) invests in and supports the establishment of emerging funds including private equity, venture capital, and engagement funds.
JIC Press Release on December 18,2024 (partially excerpted, available in Japanese)NEW
- Contact
-
Financial Markets Division, Policy and Markets Bureau, Financial Services Agency
Tel +81-(0)3-3506-6000 (Ex. 3621, 2356)
Site Map
- Press Releases & Public RelationsPage list Open
- Press Releases
- Press Conferences
- Official Statements
- FSA Weekly Review & ACCESS FSA
- Speeches
- For Financial Users
- Others
- Archives
- Laws & RegulationsPage list Open
- Name of Laws and Regulations(PDF)
- Recent Changes (Legislation, Ordinances, Guidelines)
- Guidelines
- Financial Instruments and Exchange Act
- Financial Monitoring Policy
- Public Comment
- No-Action Letter System
- Procedures concerning Foreign Account Management Institutions