Financial Services AgencyFSA Weekly Review No.397

June 25, 2020

What’s New on the FSA Website

Week of June 15, 2020 - June 19, 2020

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

Public Comments

(The following public comments are available in Japanese)

June 19, 2020 Publication of the finalized "Cabinet Office Order to Amend the Cabinet Office Order on Financial Instruments Business"open new window
<Summary>
The FSA has finalized the "Cabinet Office Order to Amend the Cabinet Office Order on Financial Instruments Business." In order to improve transparency in dark pool trading, the amendments mainly require financial instruments business operators to develop institutional capacity and framework to:
  1. clarify the terms and conditions of routing transaction orders to dark pools as well as information on managing routing paths and the specifics therein; and
  2. record and store information to ensure the effectiveness of price improvement in dark pool trading.
The amendments have been enforced since June 19, 2020.
June 19, 2020 Publication of the updated "Cabinet Office Order to Amend the Ordinance for Enforcement of the Banking Act, etc."open new window
<Summary>
The FSA published the updated "Cabinet Office Order to Amend the Ordinance for Enforcement of the Banking Act, etc." The updates mainly pertain to technical amendments in accordance with the enforcement of the amendments to the "Act to Partially Revise the Act on Regional Economy Vitalization Corporation of Japan." The updated Cabinet Office Order has been enforced alongside the applicable relevant Orders and other Cabinet Office Order since June 19, 2020.
June 17, 2020 Publication of the finalized amendments to the "Order for Enforcement of the Financial Instruments and Exchange Act"open new window
<Summary>
The FSA finalized the amendments to the "Order for Enforcement of the Financial Instruments and Exchange Act."
In regard to certain transactions designated pursuant to the regulatory notice designating transactions and lending/borrowing to be excluded from the transactions subject to the regulations on "Financial Instruments Obligation Assumption Business" based on the said Order for Enforcement, which are deemed to have a minor impact on Japan's capital market, the amendments* are mainly aimed at ensuring appropriate management of such designated transactions by updating the said Order for Enforcement along with other applicable relevant laws and regulations.
The amended Order for Enforcement and the applicable regulatory notice have been enforced since June 17, 2020.

Press Releases

(The following press releases are available in Japanese)

Banks

June 19, 2020 Report on measures for the resolution of failed financial institutionsopen new window
<Summary>
The FSA submitted to the National Diet a report on the measures for the resolution of failed financial institutions (the FRC report) pursuant to the "Act on Emergency Measures for the Revitalization of the Financial Functions." The report covers developments between October 1, 2019 and March 31, 2020.
June 18, 2020 Publication of statistics regarding unlawful reimbursement of deposits (as of the end of March 2020)open new window
<Summary>
The FSA published statistics regarding unlawful reimbursement of deposits caused by counterfeit and stolen cash cards, stolen deposit books, and unlawful Internet banking activities. The statistics include details of incidents and compensation made by financial institutions based on reports from the financial institutions.
June 18, 2020 Warning against a surge in unauthorized withdrawals attributable to stolen cash cards and personal information (including bank account numbers and PIN codes) by (fraudulent) third partiesopen new window
<Summary>
The FSA issued a warning against unauthorized withdrawals attributable to the use of stolen cash cards and personal information (including bank account numbers and PIN codes) by (fraudulent) third parties. To widely raise awareness of financial services users, the FSA has shared on its website gathered information on the recent scamming methods/schemes mostly used* in stealing cash cards, including prevention tips for financial service users to avoid becoming a fraud victim.

* It is reported that scammers steal cash cards with PIN codes by impersonating representatives of genuine financial institutions or public institutions such as the FSA and Police. The FSA stresses that financial institutions or public institutions will never send someone to a person's home to collect cash cards with PINs or passwords, and alerts people to beware of such fraudulent attempts, thereby encouraging people to report to (and/or consult with) the authorities (such as the Police and the FSA’s Counseling Office for Financial Services Users) whenever any hint of fraudulence is detected.

 

Others

June 19, 2020 Publication of a report entitled "Progress Report on Advanced Asset Management Business 2020" (provisional English title)open new window
<Summary>
The FSA published a report entitled "Progress Report on Advanced Asset Management Business 2020" (provisional English title). The report outlines key underlying challenges clarified through interviews with foreign asset managers and dialogues with domestic asset managers and others, as well as the expected responses thereto, based on the current state of asset management business.
June 19, 2020 Publication of the updated columns respectively entitled "Summary of Online Meetups on Tsumitate NISA (Dollar-Cost Averaging NISA)open new window" and "Consideration of Key Components of Financial Literacy for Purchasing Financial Instruments (draft)open new window" (provisional English titles) on subpages of the "NISA Official Promotion Webpage"
<Summary>
The FSA published the updated columns respectively entitled "Summary of Online Meetups on Tsumitate NISA (Dollar-Cost Averaging NISA)" (vol.3) and "Consideration of Key Components of Financial Literacy for Purchasing Financial Instruments (draft)" (vol.2) (provisional English titles) on subpages of the "NISA Official Promotion Webpage."
June 18, 2020 Summary of the eighth 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 eighth 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 FSA has provided the Networking Group members with explanations on the report titled "FAQ on Corporte Disclosure of Narrative Information in Consideration of the Impact of COVID-19 (Novel Coronavirus)open new window" (provisional English title [available only in Japanese]) published by the FSA on May 29, 2020, and on a statement entitled "PDFIOSCO Statement on Importance of Disclosure about COVID-19open new window" published by the IOSCO* on May 29, 2020, thereby sharing information on trends and developments in general shareholders meetings against the backdrop of COVID19.

* IOSCO stands for International Organization of Securities Commissions.
June 16, 2020 The 15th Consultation Meeting in Relation to the Multiple-Debt Problem and Consumer Financeopen new window
<Summary>
On June 22, 2020, the FSA and the Consumer Affairs Agency jointly held the 15th Consultation Meeting in Relation to the Multiple-Debt Problem and Consumer Finance. The consultation meeting was held to follow up the status on lenders and borrowers as part of the measures based on the "Program to Remedy the Multiple-Debt Problem."

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