Financial Services AgencyFSA Weekly Review No.388

April 16, 2020

What’s New on the FSA Website

Week of April 6, 2020 - April 10, 2020

This page contains the latest in events, developments, and updates to the FSA website.

Press Conferences

April 9, 2020 Press Conference by the Minister for Financial Services (March 31, 2020) Japanese versionopen new window
April 9, 2020 Press Conference by the Minister for Financial Services (March 24, 2020) Japanese versionopen new window
April 9, 2020 Press Conference by the Minister for Financial Services (March 16, 2020) Japanese versionopen new window

Public Comments

(The following public comments are available in Japanese)

April 10, 2020 Publication of the draft "Cabinet Office Order to Amend the Ordinance for Enforcement of the Act on Investment Trusts and Investment Corporations" and the draft amendments to the "Cabinet Office Order on Financial Instruments Business"open new window
<Summary>
The FSA has published the draft "Cabinet Office Ordinance to Amend the Ordinance for Enforcement of the Act on Investment Trusts and Investment Corporations" and the draft amendments to the "Cabinet Office Order on Financial Instruments Business." The proposal intends to introduce regulatory requirements for the liquidity risk management of open-ended funds, in line with the IOSCO's* recommendations for liquidity risk management for open-ended collective investment schemes.

* IOSCO stands for International Organization of Securities Commissions.
April 10, 2020 Publication of a draft cabinet office order to amend the "Regulation on Terminology, Forms and Preparation Methods of Consolidated Financial Statements"open new window
<Summary>
The FSA proposed a draft cabinet office order to amend the "Regulation on Terminology, Forms and Preparation Methods of Consolidated Financial Statements," following the ASBJ’s publication of accounting standards respectively for accounting policy disclosures, accounting changes and error corrections (ASBJ Statement No.24, revised in March 2020), for revenue recognition (ASBJ Statement No.29, revised in March 2020), and for disclosure of accounting estimates (ASBJ Statement No.31), along with those corresponding implementation guidances.
April 10, 2020 Publication of the draft amendments to the regulatory notice designating commodities to be stipulated under the "Financial Instruments and Exchange Act" based on the "Order for Enforcement of the Financial Instruments and Exchange Act"open new window
<Summary>
The FSA proposed the draft amendments to the regulatory notice designating commodities to be stipulated under the "Financial Instruments and Exchange Act" based on the "Order for Enforcement of the Financial Instruments and Exchange Act." The proposal aims to designate "gasoline" and "diesel" under the said Act as those subject to market derivatives transactions at so-called comprehensive exchanges.

Press Releases

(The following press releases are available in English)

International 

April 9, 2020 Presentations at the GLOPAC Fellowship Program from Visiting Fellows

 

Councils

April 8, 2020 Twelfth Meeting of the "Council for Cooperation on Financial Stability"

 

Others

April 8, 2020 Updated list of issuers of gift certificates in repayment procedures based on the "Payment Services Act"
April 7, 2020 Statement by Minister for Financial Services, on maintaining the function of the financial system and financial markets under the declaration of a state of emergency responding to the spread of COVID-19

 


(The following press releases are available in Japanese)

Others

April 10, 2020 The sixth project selected for "FinTech PoC (Proof-of-Concept) Hub"open new window
<Summary>
The FSA selected the sixth PoC project which fulfilled all requirements to provide its support through "FinTech PoC Hub." (This PoC project is related to the "Comprehensive Guidelines for Supervision of Major Banks, etc." and the "Guidelines for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)").
April 10, 2020 Summary of the second meeting of the "Networking Group on the corporate disclosure, financial reporting and audit of listed companies in Consideration of the Impact of the COVID-19 (Novel Coronavirus) Infection" (provisional English title)open new window
<Summary>
The FSA has held the second meeting of the “Networking Group on the corporate disclosure, financial reporting and audit of listed companies in Consideration of the Impact of the COVID-19 (Novel Coronavirus) Infection" (provisional English title) by way of audio-conferencing. The Networking Group members shared their current views on Japan's declaration of a state of emergency and her emergency economic stimulus package, and some members shared concerns from a great number of companies, particularly from those that end their fiscal year in March, that it will become difficult to implement corporate disclosure, financial reporting and audit of listed companies as usual due to the increasing impact of Coronavirus Disease 2019 (COVID-19).
April 9, 2020 Warning against illegal practices by payroll factoring service providers who are operating financial instruments business without proper registrationopen new window
<Summary>
The FSA issued a warning against illegal practices by payroll factoring* service providers who are operating financial instruments business without proper registration. Payroll factoring business falls within the scope of money lending business, regarding which service providers thereof are subject to registration with the FSA pursuant to the "Money Lending Business Act." The FSA urges people to NEVER accept fraudulent solicitations from non-registered payroll factoring service providers, who offer payroll factoring service and later collect unreasonable interest (at rates that are annualized at percentages from several hundred to a thousand), involving harassment, threats, and intimidation. The amount of money that could be received from such service providers is less than the wages originally paid by employers, which could put the economic conditions of the service users at serious risk.

* Payroll factoring business is financing business conducted by a financial service provider in which the financial service provider delivers money (cash) to workers (employees) of certain entities prior to their paydays in exchange for the acquisition of monetary claims (factors) held by the workers (employees) against their employers, whereby the financial service provider later collects money through the execution of the monetary claims implemented by the said workers (employees). (Please refer to the PDFdetailed reasoningopen new window for the regulatory applicability of the business in terms of the "Money Lending Business Act" [available only in Japanese]).
April 8, 2020 Warnings about entities that are operating money lending businesses without proper registrationopen new window
<Summary>
The FSA (Local Finance Bureaus) updated warnings about entities that are operating money lending businesses without proper registration. The warnings include the updated list of entities that misrepresent their registration using fictitious or stolen registration numbers.

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