-
FSA Weekly Review No.418
- December 3, 2020
What’s New on the FSA Website
Week of November 24, 2020 - November 27, 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)
November 27, 2020 | Publication of the finalized "Ordinance for Enforcement of the Act on Special Provisions of the Act on Prohibition of Private Monopolization and Maintenance of Fair Trade to Maintain Essential Services for Local Residents in Municipalities in Regard to General Passenger Ride-Sharing Motor Carrier Services and Banking Business" (provisional English law title) and the finalized amendments to the "Comprehensive Guidelines for Supervision of Small- and Medium-Sized and Regional Financial Institutions"![]() <Summary> The FSA has finalized the "Ordinance for Enforcement of the Act on Special Provisions of the Act on Prohibition of Private Monopolization and Maintenance of Fair Trade to Maintain Essential Services for Local Residents in Municipalities in Regard to General Passenger Ride-Sharing Motor Carrier Services and Banking Business" (provisional English law title)* (the Act was enacted on May 20, and promulgated on May 27, 2020) and the finalized amendments to the "Comprehensive Guidelines for Supervision of Small- and Medium-Sized and Regional Financial Institutions." The amendments mainly set forth the regulation for enforcement of the aforementioned Act, thereby adding provisions pertaining to the regulation for enforcement of the Act to the relevant applicable Cabinet Office Orders and the aforementioned Guidelines. The amendments were enforced on November 27, 2020. * The Act is under the joint jurisdiction of the Cabinet Secretariat, the FSA, and the Ministry of Land, Infrastructure, Transport and Tourism (MLIT). The Act exempts certain cases of business enhancement through mergers and/or joint management among motor carrier service providers, regional banks or others in municipalities that may conflict with the "Act on Prohibition of Private Monopolization and Maintenance of Fair Trade." Some services provided by ride-sharing motor carrier service providers and regional banks in the respective municipalities are regarded as "essential services." These essential services are the basis for the lives and economic activities of local residents as well as difficult to be replaced by other operators/providers. The existing service providers and regional banks are facing difficulties in providing "essential services" in a sustainable manner due to reasons such as declining population. |
---|---|
November 26, 2020 | Publication of the finalized "Order to Amend the Order for Enforcement of the Small and Medium-Sized Enterprise Cooperatives Act,"![]() ![]() <Summary> The FSA published the finalized "Order to Amend the Order for Enforcement of the Small and Medium-Sized Enterprise Cooperatives Act," the finalized "Cabinet Office Order to Amend the Ordinance for Enforcement of the Banking Act, etc.," and the finalized amendments to the "Comprehensive Guidelines for Supervision of Insurance Companies." The respective amendments have been made mainly in response to requests for deregulation from the financial sector and relevant industry organizations. The amendments to the Order for Enforcement of the Small and Medium-Sized Enterprise Cooperatives Act were enforced on November 27, 2020, and those to the "Ordinance for Enforcement of the Banking Act, etc." and the "Comprehensive Guidelines for Supervision of Insurance Companies" were enforced on September 30, 2020. |
Press Releases
(The following press releases are available in English)
International
November 24, 2020 | Joint EU-Japan financial regulatory forum |
---|
Others
November 27, 2020 | Updated statistics of money lending business |
---|---|
November 27, 2020 | Updated list of issuers of gift certificates in repayment procedures based on the ’Payment Services Act’ |
November 24, 2020 | Participation in the International Platform on Sustainable Finance |
(The following press releases are available in Japanese)
Councils
November 25, 2020 | Publication of the proceedings and handouts of the sixth meeting of the "Working Group on Japanese Banking System" of the Financial System Council![]() <Summary> The FSA published the proceedings and handouts of the sixth meeting of the "Working Group on Japanese Banking System" of the Financial System Council, which was held on November 25, 2020. |
---|---|
November 25, 2020 | Publication of the agenda and handouts of the second meeting of the "Study Group on Lending and Business Turnaround Practices to Support Corporate Borrowers’ Business Enhancement" (provisional English title)![]() <Summary> The FSA published the agenda and handouts of the second meeting of the "Study Group on Lending and Business Turnaround Practices to Support Corporate Borrowers’ Business Enhancement" (provisional English title) which was held on November 25, 2020. |
Banks
November 27, 2020 | Establishment of the "Support Desk for Regional Banks Mainly in Terms of Business Consolidation and Restructuring"(provisional English name)![]() <Summary> The FSA has established the "Support Desk for Regional Financial Institutions Mainly in Terms of Business Consolidation and Restructuring" (provisional English name) as a single point of contact for regional financial institutions. The Support Desk is aimed at providing support for regional financial institutions with their initiatives for strengthening their management base through business consolidation and restructuring, so that they can further contribute to the development of the regional economy. |
---|---|
November 27, 2020 | Overview of modifications to lending conditions by financial institutions![]() <Summary> The FSA published an overview of modifications to lending conditions made by financial institutions for the period from March 10 to October 31, 2020. |
November 25, 2020 | Request for financial measures to deal with the outbreak of highly pathogenic avian flu (HPAI) in Fukuoka Prefecture (The Fukuoka Local Finance Branch Bureau)![]() ![]() <Summary> The Fukuoka Local Finance Branch Bureau and The Kinki Local Finance Bureau issued the statements "Financial Measures in Response to the Report of the Subspecies of Highly Pathogenic Avian Influenza (HPAI)" to relevant financial institutions in Fukuoka Prefecture and Hyogo Prefecture, respectively. The statement requests financial institutions to cooperate with prefectural authorities and appropriately deal with HPAI-affected parties (poultry farms, processors, and trade) considering their circumstances, such as by attentively responding to the needs of business management consultation and new loans or change of loan terms. |
November 24, 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 October 1, 2019 to March 31, 2020, had been submitted to the Diet on June 19, 2020, pursuant to the "Act on Emergency Measures for the Revitalization of the Financial Functions." |
November 24, 2020 | Publication of the draft amendments to the "Points to be Taken into Account by Electronic Payment Service Providers when Applying for Registration with the FSA" (provisional English title)![]() <Summary> The FSA published the draft amendments to the "Points to be Taken into Account by Electronic Payment Service Providers when Applying for Registration with the FSA" (provisional English title) (hereinafter referred to as "Points to be Taken into Account"). The proposal mainly intends to provide technical amendments to the "Points to be Taken into Account by Electronic Payment Service Providers when Applying for Registration with the FSA" (provisional English title) and other points that are under the purview of the FSA, pertaining to the abolishment of certain procedures where financial services (including electronic payment service) users and/or financial services (including electronic payment service) providers are requested/required to affix their seals (so-called "inkan" or "hanko" in Japanese) to certain official documents. In particular, the proposal is aimed at: (1) removing descriptions pertaining to the said "seal"-requests/requirements from the aforementioned "Points to be Taken Into Account," and (2) allowing the use of applicants'/notifiers' birth names or original family names (as opposed to using their married names),* in the course of their registration application and/or certain notifications to the FSA. * While a person's original family name under the said "Points to be Taken into Account" means the surname which is originally entered or recorded in the family register or in the expunged family register pertaining to the person, the proposal intends to expressly set forth therein the cases of change in surnames due to causes such as marriage, divorce, adoption, or separation. |
Securities
November 27, 2020 | Administrative action against Createjapan Co.,Ltd. (The Kanto Local Finance Bureau)![]() <Summary> The Kanto Local Finance Bureau took an administrative action against Createjapan Co.,Ltd., ordering the improvement of its business operations pursuant to the "Financial Instruments and Exchange Act." This administrative action is based on a recommendation from the Securities and Exchange Surveillance Commission (SESC) as a result of its on-site inspection. |
---|
Insurance
November 24, 2020 | License granted to Zurich Life Preparatory Japan Co. Ltd. to conduct life insurance business![]() <Summary> The FSA granted a license to Zurich Life Preparatory Japan Co. Ltd. to conduct life insurance business pursuant to the "Insurance Business Act." |
---|
Others
November 27, 2020 | Administrative action against Otemon Audit Corporation![]() <Summary> The FSA took an administrative action against Otemon Audit Corporation,* ordering the five-month suspension of the entity's entire auditing and accounting business operations (except for clearing/liquidation operations) from November 30, 2020, to April 29, 2021. This administrative action is based on a recommendation from the Certified Public Accountants and Auditing Oversight Board as a result of their on-site monitoring, in which certain problematic conduct** by two employees (certified public accountants [CPAs]) of the said audit firm was ascertained. * This audit firm has become a juridical entity in liquidation upon its dissolution on October 27, 2020. ** In particular, two CPAs of the said audit firm involved in the audit of NIHON FORM SERVICE CO., LTD., pertaining to the entity's financial statements for the years ended September 30, 2017 and 2018, were found to have intentionally certified that the entity's false financial statements were free of material misstatement by fraud or error. In consequence, one was disbarred, and the other was suspended from practice (as a CPA) for two years. |
---|---|
November 27, 2020 | Publication of the updated "Cabinet Office Order to Amend the Ordinance for Enforcement of the Banking Act, etc." and the updated "Order to Amend the Ordinance for Enforcement of the Labor Bank Act"![]() <Summary> The FSA published the updated "Cabinet Office Order to Amend the Ordinance for Enforcement of the Banking Act, etc." and the updated "Order to Amend the Ordinance for Enforcement of the Labor Bank Act." The updates mainly pertain to technical amendments in accordance with the enforcement of the amendments to the "Act for Partially Revising Fisheries Act, etc." The updated Cabinet Office Order and the Order were enforced on December 1, 2020. |
November 27, 2020 | Publication of the "Policy Evaluation Implementation Plan for FY 2020"![]() <Summary> The FSA published its "Policy Evaluation Implementation Plan for FY 2020." To ensure objectivity and improve the quality of evaluation, the plan has been reviewed by outside experts and their inputs are reflected in the plan. The FSA will conduct policy evaluation pursuant to the plan and the results will be published in due course. |
November 27, 2020 | Updated one-stop access to the information on "Meetups on Tsumitate NISA (Dollar-Cost Averaging NISA)"![]() <Summary> The FSA updated the one-stop access pertaining to "Meetups on Tsumitate NISA (Dollar-Cost Averaging NISA)" on the subpages of the "NISA Official Promotion Webpage." The one-stop access mainly provides the background information of the meetups with its key purpose and objectives as well as the schedule information on future meetups (online meetups included). |
Site Map
- Press Releases & Public RelationsPage list Open
- Press Releases
- Press Conferences
- Official Statements
- FSA Weekly Review & ACCESS FSA
- Speeches
- For Financial Users
- Others
- Archives
- Laws & RegulationsPage list Open
- Name of Laws and Regulations(PDF)
- Recent Changes (Legislation, Ordinances, Guidelines)
- Guidelines
- Financial Instruments and Exchange Act
- Financial Monitoring Policy
- Public Comment
- No-Action Letter System
- Procedures concerning Foreign Account Management Institutions