Reports from Japan indicate that the FSA is taking a very hard look at the way in which some alternative asset management firms operate in Japan. For a long time it has been common place for some firms to place a company in either Singapore or Hong Kong that will be presented as the asset manager and the related firm's Japan office is simply providing research. However the firm outside of Japan typically is not actually exercising discretion and is simply following instructions to trade received from its Japanese counterpart.
In the wake of the AIJ scandal, the FSA is reportedly stepping up inspections and looking at the legality of this arrangement.
There are of course a number of managers with Japanese operations that do have legitimate portfolio management conducted from overseas, but for those that have operated closer to the margin the next year may require them to change tact.