Press Conference by SUZUKI Shunichi, Minister of Finance and Minister of State for Financial Services

(Excerpt)

(Friday, November 24, 2023, 8:40 am to 8:48 am)

[Opening remarks:]

Minister)

On Monday, November 20, the Act submitted by the Financial Services Agency (FSA), which had been under review since the previous ordinary Diet session, was passed and established. 
Among the major amendments to this Act, regarding measures to enhance financial and economic education, the Preparation Office is established today at the FSA to prepare for the establishment of the Organization for the Promotion of Financial and Economic Education next spring towards full-scale operation in summer. We will work closely with related organizations to accelerate relevant efforts.
With regard to the quarterly disclosure of listed companies, which is reviewed under this Act, the quarterly report under laws and regulations will be abolished on April 1 next year, and it will be integrated into the financial results report required by exchanges. The FSA will continue to work with relevant parties, including exchanges, listed companies, and audit corporations, to ensure the smooth implementation of the new system.
We will improve the convenience and protection of financial service customers and revitalize the financial and capital markets by steadily operating the Act, including these efforts.

[Questions and answers:]

Q.

Regarding BIGMOTOR, please let us know if there has been any progress regarding the disposition of its insurance agency's registration due to its fraudulent claims.

A.

Today, Friday November 24, the FSA is planning to take administrative action against BIGMOTOR to revoke its registration as a non-life insurance agent effective on Thursday, November 30, based on the Insurance Business Act. BIGMOTOR had previously submitted a written statement saying that it had no objection to the disposition, and did not attend the hearing scheduled on Tuesday November 21, based on the Administrative Procedures Act.
Regarding the details, the office in charge will give an explanation about it after today's administrative action is issued.