Since the fall of 2020, Japan’s International Financial City Initiative policy (IFC Policy) has reshaped the regulatory landscape for the asset management industry by introducing a series of dynamic legislative and regulatory changes to incentivize foreign asset managers to go to Japan. In addition, although most of the IFC Policy initiatives are targeted at new managers, the Financial Services Agency of Japan has indicated its willingness to consider offering English-language supervision opportunities to existing managers. In a guest article, Tsuguhito Omagari and Yuki Sako, partner and counsel, respectively, at K&L Gates, provide an overview of certain regulatory changes under the IFC Policy and analyze what those changes would mean for PE managers. Specifically, the article considers the implications of the new English-language registration and supervision program; parameters of the two new registration exemptions; and features of the financial incentive program. For coverage of previous trends in Asia, see “K&L Gates Program Discusses the Ins and Outs of Global Fundraising for Fund Managers: The Asia-Pacific Region (Part Two of Two)” (Jun. 28, 2018).