The Diet passed a bill Friday to expand the types of assets that can be put in a trust and thereby encourage nonfinancial companies to enter the trust business.
The revised Trust Business Law expands the scope of what can be put in trust, ranging from money, securities and real estate to other assets, including intellectual property.
The House of Councilors unanimously endorsed the bill.
The revision marks the first major overhaul of rules and regulations in Japan's trust business since the law was created in 1922.
Aside from expanding the scope of what can be put into a trust, the revision allows nonfinancial firms to conduct limited trust operations with registration -- being tasked only with management and disposal of assets in trust.