Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Вы переходите с русскоязычного сайта Moody's на международный сайт Moody's на английском языке. Продолжить?
Больше не показывать данное сообщение
Да
Нет
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:
​​

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​​

I AGREE
Rating Action:

Moody's downgrades VW Financial Services' and VW Bank's long-term debt and deposit ratings to A1 from Aa3

06 Nov 2015

Outlook remains negative for long-term debt and developing for VW Bank's deposit ratings

Frankfurt am Main, November 06, 2015 -- Moody's Investors Service today downgraded the long-term debt ratings of Volkswagen Financial Services AG (VW FS AG), its guaranteed subsidiaries and Volkswagen Bank GmbH (VW Bank) to A1 from Aa3. Simultaneously, Moody's downgraded the long-term deposit ratings of VW Bank to A1 from Aa3. The rating outlooks for VW FS AG's and VW Bank's long-term debt remain negative and the outlook for VW Bank's long-term deposit rating remains developing. The Prime-1 short-term debt and deposit ratings of the aforementioned institutions and VW Bank's baa2 baseline credit assessment (BCA) were affirmed.

The rating agency also downgraded VW Bank's subordinate debt ratings to Baa1 from A3 and the entity's adjusted BCA to a3 from a2. The long-term Counterparty Risk Assessments (CRA) of VW Bank and VW FS AG were downgraded to Aa3(cr) from Aa2(cr) and the short-term CRAs were affirmed at Prime-1(cr).

The rating actions follow the downgrade of Volkswagen Aktiengesellschaft's (Volkswagen; the parent company of both financial institutions) ratings to A3 from A2. For further details, please refer to the press release "Moody's downgrades Volkswagen's ratings to A3/P-2; negative outlook", published 4 November 2015 (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_338169).

For a list of all affected ratings, please refer to the end of this press release.

RATINGS RATIONALE

VW BANK'S STANDALONE PROFILE AFFIRMED, BUT KNOCK-ON EFFECTS FROM VOLKSWAGEN REMAIN A RISK FACTOR

Today, Moody's affirmed the BCA of VW Bank, reflecting its flexibility to offset current headwinds for wholesale market funding by less confidence-sensitive funding channels, including deposits and asset-backed securities in its funding mix. Moody's believes Volkswagen will remain committed to protecting its captive finance subsidiaries from the financial fallout stemming from irregularities in the company's automotive business, helping to mitigate 1) future asset risks related to dealer financing and residual car values and 2) profitability pressure on Volkswagen's bank and leasing operations. Even so, a prolonged increase in funding spreads may weigh on the captives' earnings in 2016. The baa2 BCA also reflects that Moody's views the serious internal controls and governance issues at Volkswagen to be contained within the manufacturing business of Volkswagen, with only limited spill-over effect on the company's finance captives.

DOWNGRADE OF THE LONG-TERM SENIOR AND SUBORDINATED RATINGS

The downgrade to A1 of VW FS AG's long-term debt and VW Bank's long-term debt and deposit ratings as well as the downgrade to Baa1 of VW Bank's subordinated debt ratings follows the downgrade of Volkswagen's long-term issuer rating on 4 November 2015.

The financial services arm of Volkswagen is an integral part of the car manufacturer's business model; VW FS AG's core strategic role for Volkswagen is reflected in a domination and profit-and-loss transfer agreement with Volkswagen for that entity. In turn, VW Bank also operates under a profit-and-loss transfer agreement with its direct parent VW FS AG. Because of the strength of the contractual and strategic links between Volkswagen and its subsidiaries, Moody's expects both VW FS AG and VW Bank to benefit from "affiliate backing", the highest degree of affiliate support, which leads to an alignment of VW Bank's adjusted BCA with Volkswagen's long-term issuer rating.

The one-notch downgrade of VW Bank's a3 adjusted BCA results in a one-notch downgrade of the long-term debt and deposit ratings, because Moody's did not change any other components of these ratings. In particular, the rating action today assumes an unchanged very low loss-given-failure and hence a two-notch rating uplift above the a3 adjusted BCA for VW FS AG's senior unsecured debt and for VW Bank's long-term deposits and senior unsecured debt under Moody's advanced Loss Given Failure Analysis.

NEGATIVE OUTLOOK FOR LONG-TERM DEBT RATINGS AND DEVELOPING OUTLOOK FOR VW BANK'S DEPOSITS

Due to the alignment of VW Bank's adjusted BCA with Volkswagen's long-term issuer rating, the negative rating outlook for long-term debt issued by VW FS AG, its guaranteed subsidiaries and by VW Bank follows the negative outlook on the long-term issuer rating of Volkswagen.

The negative outlook on the debt instruments also captures the risk that long-term debt ratings of VW Bank and VW FS AG may be downgraded by one notch should the volume of the senior unsecured debt outstanding decline by January 2017. On this date senior debt instruments will become statutorily subordinated to deposits, as outlined in a law passed by the German Parliament on 24 September 2015.

The developing outlook on VW Bank's A1 long-term deposit ratings reflects the simultaneous downward and upward pressures on VW Bank's deposit rating. The negative pressure on VW Bank's debt ratings, which results from the negative outlook on Volkswagen's long-term issuer rating, applies equally to VW Bank's deposit rating. At the same time, the revision to the German insolvency ranking exerts upward pressure on VW Bank's deposit ratings.

WHAT COULD MOVE THE RATINGS UP/DOWN

Due to the intrinsic interlinkages of VW FS AG and VW Bank with their automotive parent, their ratings are highly dependent on the creditworthiness of Volkswagen, whose ratings have a negative outlook.

As a result, a downgrade of Volkswagen would result in a similar rating action on VW Bank's adjusted BCA, which could -- in turn -- likely lead to a downgrade of both the bank's and VW FS AG's long-term debt ratings.

The developing outlook on VW Bank's deposit ratings captures the same downside risk. The upside indicated by the developing outlook presents a mild potential for upgrade: i) in light of depositor preference over senior unsecured bonds becoming effective in Germany in January 2017 and ii) if Volkswagen's creditworthiness does not deteriorate further.

LIST OF AFFECTED RATINGS

VOLKSWAGEN FINANCIAL SERVICES AG

The following ratings (including program ratings) and rating inputs of Volkswagen Financial Services AG were downgraded:

- Senior Unsecured rating to A1 from Aa3; outlook remains negative

- Senior Unsecured MTN rating to (P)A1 from (P)Aa3

- Long-term Counterparty Risk Assessment to Aa3(cr) from Aa2(cr)

The following rating and rating input of Volkswagen Financial Services AG were affirmed:

- Prime-1 Short-term Commercial Paper rating

- Prime-1(cr) Short-term Counterparty Risk Assessment

VOLKSWAGEN BANK GMBH

The following ratings (including program ratings) and rating inputs of Volkswagen Bank GmbH were downgraded:

- Senior Unsecured ratings to A1 from Aa3; outlook remains negative

- Senior Unsecured MTN rating to (P)A1 from (P)Aa3

- Long-Term Deposit ratings to A1 from Aa3; outlook remains developing

- Subordinate Debt ratings to Baa1 from A3

- Subordinate MTN rating to (P)Baa1 from (P)A3

- Long-term Counterparty Risk Assessment to Aa3(cr) from Aa2(cr)

- Adjusted baseline credit assessment to a3 from a2

The following ratings (including program ratings) and rating inputs of Volkswagen Bank GmbH were affirmed:

- Prime-1 Short-term deposit ratings

- Prime-1 Short-term Commercial Paper rating

- (P)Prime-1 Other Short-term rating

- Prime-1(cr) Short-term Counterparty Risk Assessment

- baa2 baseline credit assessment

VOLKSWAGEN LEASING GMBH

The following ratings of Volkswagen Leasing GmbH were downgraded:

- Backed Senior Unsecured rating to A1 from Aa3; outlook remains negative

- Backed Senior Unsecured MTN rating to (P)A1 from (P)Aa3

The following program rating of Volkswagen Leasing GmbH was affirmed:

- (P)Prime-1 Backed Other Short-term rating

VOLKSWAGEN FINANCIAL SERVICES AUSTRALIA LTD

The following ratings (including program ratings) of Volkswagen Financial Services Australia Ltd were downgraded:

- Backed Senior Unsecured rating to A1 from Aa3; outlook remains negative

- Backed Senior Unsecured MTN ratings to (P)A1 from (P)Aa3

The following program rating of Volkswagen Financial Services Australia Ltd was affirmed:

- (P)Prime-1 Backed Other Short-term rating

VOLKSWAGEN FINANCIAL SERVICES JAPAN LTD.

The following ratings (including program ratings) of Volkswagen Financial Services Japan Ltd. were downgraded:

- Backed Senior Unsecured ratings to A1 from Aa3; outlook remains negative

- Backed Senior Unsecured MTN ratings to (P)A1 from (P)Aa3

The following ratings (including program ratings) of Volkswagen Financial Services Japan Ltd. were affirmed:

- Prime-1 Backed Commercial Paper rating

- (P)Prime-1 Backed Other Short-term rating

VOLKSWAGEN FINANCIAL SERVICES N.V.

The following ratings (including program ratings) of Volkswagen Financial Services N.V. were downgraded:

- Backed Senior Unsecured ratings to A1 from Aa3; outlook remains negative

- Backed Senior Unsecured MTN ratings to (P)A1 from (P)Aa3

The following ratings (including program ratings) of Volkswagen Financial Services N.V. were affirmed:

- ISINs XS0998177710, XS1072481374 and XS1107805670, representing backed Senior Unsecured bonds denominated in Turkish Lira (TRY) and rated A3, outlook remains stable

- Prime-1 Backed Commercial Paper rating

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published in March 2015. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Bernhard Held
Asst Vice President - Analyst
Financial Institutions Group
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Carola Schuler
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's downgrades VW Financial Services' and VW Bank's long-term debt and deposit ratings to A1 from Aa3
No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR  PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​​​​​​​​