Vanguard Investments Japan of Tokyo, the Japanese subsidiary of The Vanguard Group of Malvern, Pa., has received a broker-dealer license from the Kanto Local Finance Bureau. The company has also obtained membership in the Japan Securities Dealers Association, Vanguard Investments Japan has announced.

Vanguard applied early last year for the license, the issuing of which follows a process very similar to that in the U.S., according to Brian Mattes, a spokesperson for Vanguard.

Vanguard announced plans to begin offering mutual funds in Japan last July, the company said. It has introduced two funds so far and is planning additional funds. The Vanguard Small-Cap Index Fund and the Vanguard Wellesley Income Fund are offered via an Internet-based online brokerage, Monex of Tokyo. It offers Vanguard funds with no sales loads or commissions, according to the fund company. Monex also offers funds from local Japanese companies as well as from other international firms, according to Mattes.

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