FSA Weekly Review No.393 May 28, 2020

FSA Weekly Review No.393: May 28, 2020

What’s New on the FSA Website

Week of May 18, 2020 - May 22, 2020

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

Press Releases

(The following press releases are available in English)

Securities

May 22, 2020	The main issues raised by the FSA at opinion exchange meetings with trade associations

Publication

May 22, 2020	Publication of Final Report for “Study on Impact Investing Activities in Listed Equity”

Others

May 19, 2020	FSA updated Information on COVID-19 (Novel Coronavirus)

(The following press releases are available in Japanese)

Banks

May 22, 2020	Publication of the updated reference casebook containing a collection of financial institutions' favorable practices taken against Coronavirus Disease 2019 (COVID-19) <Summary> The FSA has published the updated reference casebook containing a collection of financial institutions' favorable practices taken against Coronavirus Disease 2019 (COVID-19), following its first publication on March 27, 2020 (which was consecutively updated on April 20 and on May 22, 2020). The casebook contains a collection of financial institutions' favorable practices to the FSA's request to the institutions to cooperate with relevant parties and deal with COVID-19-affected parties through business management consultations and new loans or changes of loan terms appropriate to the parties' individual circumstances.
May 19, 2020	Outline of the "Report on the Measures for the resolution of failed financial institutions" delivered by the Minister of State for Financial Services, ASO Taro in the Committee on Financial Affairs of the House of Representatives <Summary> The Minister of State for Financial Services, ASO Taro, delivered an outline of the "Report on the Measures for the resolution of failed financial institutions" in the Committee on Financial Affairs of the House of Representatives. The report, addressing the semiannual period extending from April 1, to September 30, 2019, had been submitted to the Diet on December 10, 2019, pursuant to the "Act on Emergency Measures for the Revitalization of the Financial Functions."

May 22, 2020

Publication of the updated reference casebook containing a collection of financial institutions' favorable practices taken against Coronavirus Disease 2019 (COVID-19) open new window

<Summary>
The FSA has published the updated reference casebook containing a collection of financial institutions' favorable practices taken against Coronavirus Disease 2019 (COVID-19), following its first publication on March 27, 2020 (which was consecutively updated on April 20 and on May 22, 2020). The casebook contains a collection of financial institutions' favorable practices to the FSA's request to the institutions to cooperate with relevant parties and deal with COVID-19-affected parties through business management consultations and new loans or changes of loan terms appropriate to the parties' individual circumstances.

May 19, 2020

Outline of the "Report on the Measures for the resolution of failed financial institutions" delivered by the Minister of State for Financial Services, ASO Taro in the Committee on Financial Affairs of the House of Representatives open new window

<Summary>
The Minister of State for Financial Services, ASO Taro, delivered an outline of the "Report on the Measures for the resolution of failed financial institutions" in the Committee on Financial Affairs of the House of Representatives. The report, addressing the semiannual period extending from April 1, to September 30, 2019, had been submitted to the Diet on December 10, 2019, pursuant to the "Act on Emergency Measures for the Revitalization of the Financial Functions."

Others

May 22, 2020	Publication of the updated "Order to Amend the Ordinance for Enforcement of the Labor Bank Act," alongside the "Order to Amend the Order on Credit Business Conducted by Agricultural Cooperatives or Federation of Agricultural Cooperatives," and the "Order to Amend the Ordinance for Enforcement of the Shoko Chukin Bank Limited Act Relevant to the Ministry of Economy, Trade and Industry, the Ministry of Finance and the Cabinet Office" <Summary> The FSA updated the "Order to Amend the Ordinance for Enforcement of the Labor Bank Act," alongside the "Order to Amend the Order on Credit Business Conducted by Agricultural Cooperatives or Federation of Agricultural Cooperatives," and the "Order to Amend the Ordinance for Enforcement of the Shoko Chukin Bank Limited Act Relevant to the Ministry of Economy, Trade and Industry, the Ministry of Finance and the Cabinet Office." While an electronic settlement agent (electronic payment settlement service provider) must conclude a contract with a financial institution* (such as a labor bank) to engage in electronic settlement services pursuant to the regulation for electronic settlement agents (under the "Labor Bank Act"), a grace period until May 31, 2020, is granted for the conclusion of contracts on the provision of reference system services (such as with respect to household account book apps (applications) and accounting services). Amid the widespread impact of coronavirus disease 2019 (COVID-19), due to which a nationwide state of emergency over COVID-19 has been declared, it is deemed that parties (such as an electronic settlement agent and a labor bank) who have been mutually intending to conclude a bilateral contract may not be able to do so by the statutory due date. In response to such circumstances, the updates to the Orders mentioned above extend the grace period until September 30, 2020, for those who have been mutually intending to conclude a bilateral contract but unable to meet by the original statutory due date, May 31, 2020 due to the impact of COVID-19. The updated Orders have been enforced since May 22, 2020. * "Financial institution" refers to a labor bank under the "Labor Bank Act," an agricultural cooperative under the "Agricultural Cooperatives Act," a cooperative under the "Act on Financial Businesses by Cooperatives," the Shoko Chukin Bank under the "Shoko Chukin Bank Limited Act" or others under any other applicable laws and regulations.

May 22, 2020

Publication of the updated "Order to Amend the Ordinance for Enforcement of the Labor Bank Act," alongside the "Order to Amend the Order on Credit Business Conducted by Agricultural Cooperatives or Federation of Agricultural Cooperatives," and the "Order to Amend the Ordinance for Enforcement of the Shoko Chukin Bank Limited Act Relevant to the Ministry of Economy, Trade and Industry, the Ministry of Finance and the Cabinet Office" open new window

<Summary>
The FSA updated the "Order to Amend the Ordinance for Enforcement of the Labor Bank Act," alongside the "Order to Amend the Order on Credit Business Conducted by Agricultural Cooperatives or Federation of Agricultural Cooperatives," and the "Order to Amend the Ordinance for Enforcement of the Shoko Chukin Bank Limited Act Relevant to the Ministry of Economy, Trade and Industry, the Ministry of Finance and the Cabinet Office."
While an electronic settlement agent (electronic payment settlement service provider) must conclude a contract with a financial institution* (such as a labor bank) to engage in electronic settlement services pursuant to the regulation for electronic settlement agents (under the "Labor Bank Act"), a grace period until May 31, 2020, is granted for the conclusion of contracts on the provision of reference system services (such as with respect to household account book apps (applications) and accounting services). Amid the widespread impact of coronavirus disease 2019 (COVID-19), due to which a nationwide state of emergency over COVID-19 has been declared, it is deemed that parties (such as an electronic settlement agent and a labor bank) who have been mutually intending to conclude a bilateral contract may not be able to do so by the statutory due date. In response to such circumstances, the updates to the Orders mentioned above extend the grace period until September 30, 2020, for those who have been mutually intending to conclude a bilateral contract but unable to meet by the original statutory due date, May 31, 2020 due to the impact of COVID-19.
The updated Orders have been enforced since May 22, 2020.

* "Financial institution" refers to a labor bank under the "Labor Bank Act," an agricultural cooperative under the "Agricultural Cooperatives Act," a cooperative under the "Act on Financial Businesses by Cooperatives," the Shoko Chukin Bank under the "Shoko Chukin Bank Limited Act" or others under any other applicable laws and regulations.

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