What’s New on the FSA Website

Week of February 15, 2021 - February 19, 2021

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

Public Comments

(The following press releases are available in English)

February 15, 2021	Public Consultation on the Cabinet Office Order to Partially Amend the Regulation for Enforcement of the Insurance Business Act

(The following public comments are available in Japanese)

February 19, 2021	Publication of the finalized amendments to the "Guidelines for Anti-Money Laundering and Combating the Financing of Terrorism" <Summary> The FSA finalized the amendments to the "Guidelines for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)." The amendments mainly pertain to the further enhancement of the effectiveness of financial institutions’ risk management systems in respect of AML/CFT, by clarifying key issues newly identified through on-site- and off-site-monitoring conducted by the FSA. The amendments were enforced on February 19, 2021.
February 15, 2021	Publication of the finalized "Cabinet Office Order to Amend the Cabinet Office Order on Financial Instruments Business" <Summary> The FSA published the finalized "Cabinet Office Order to Amend the Cabinet Office Order on Financial Instruments Business." The amendments mainly reflect recommendations from the "Report of the Working Group on Financial Markets of the Financial System Council – Toward the Enhancement of Financial Institutions" (provisional English report title), which was published in August 2020, in regard to non-paper-based delivery of material information (related to prospectus, "document for delivery prior to conclusion of contract," and others) to financial products/services users (hereinafter referred to as "customers") prior to conclusion of contracts for the provision of financial products/services.   In particular, the amendments grant financial products/services providers the following (provided that a financial products/services provider has offered concise material information by using a "Key Information Sheet"* or the like, and has explained key contents of the "document for delivery prior to conclusion of a contract" according to the respective customers' attributes): (1) Permission to deliver prospectus to customers by electronic means,     and (2) Exemption from the requirement to deliver a "document prior to conclusion of a contract" by paper-based means (provided that the contents of the document are made available electronically for a customer's inspection). * An explanatory document that provides customers with concise and easy-to-understand information about risks and fees comparable across financial products/services.   The amendments were enforced on February 15, 2021.
February 15, 2021	Publication of the finalized "Order to Amend the Ordinance for Enforcement of the Labor Bank Act " <Summary> The FSA finalized the "Order to Amend the Ordinance for Enforcement of the Labor Bank Act." The amendments mainly reflect recommendations from the "Report of the Working Group on Financial Markets of the Financial System Council – Toward the Enhancement of Financial Institutions" (provisional English report title), which was published in August 2020, in regard to non-paper-based delivery of material information (related to prospectus, "document for delivery prior to conclusion of contract," and others) to financial products/services users (hereinafter referred to as "customers") prior to conclusion of contracts for the provision of financial products/services.   In particular, the amendments grant financial products/services providers (including labor banks and others) the following (provided that a financial products/services provider has offered concise material information by using a "Key Information Sheet"* or the like, and has explained key contents of the "document for delivery prior to conclusion of a contract" according to the respective customers' attributes): (1) Permission to deliver prospectus to customers by electronic means,     and (2) Exemption from the requirement to deliver a "document prior to conclusion of a contract" by paper-based means (provided that the contents of the document are made available electronically for a customer's inspection). * An explanatory document that provides customers with concise and easy-to-understand information about risks and fees comparable across financial products/services.   The amendments were enforced on February 15, 2021.

Press Releases

(The following press releases are available in Japanese)

Councils

February 18, 2021	Publication of the agenda and handouts of the third meeting of the "Expert Panel on Sustainable Finance" <Summary> The FSA published the agenda and handouts of the third meeting of the "Expert Panel on Sustainable Finance," which was held on February 18, 2021. The Expert Panel is composed of business, financial, and academic experts with observers of officials from pertinent ministries and agencies. The FSA (Strategy Development Division, Strategy Development and Management Bureau) serves as the secretariat.
February 18, 2021	Publication of the agenda and handouts of the sixth meeting of the "Working Group on Capital Market Regulations" (provisional English title) of the Financial System Council <Summary> The FSA published the agenda and handouts of the sixth meeting of the "Working Group on Capital Market Regulations" (provisional English title) of the Financial System Council, which was held on February 18, 2021.
February 16, 2021	Publication of the agenda and handouts of the second meeting of the "Task Force to Discuss Optimal Ways to Ensure Best Execution" of the Financial System Council <Summary> The FSA published the agenda and handouts of the second meeting of the "Task Force to Discuss Optimal Ways to Ensure Best Execution" of the Financial System Council which was held on February 16, 2021.

Banks

February 19, 2021

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 December 31, 2020.

February 15, 2021

Requests for financial measures to deal with disasters caused by the earthquake offshore Fukushima Prefecture (in 2021) (The Tohoku Local Finance Bureau) <Summary> On February 12, 2021, the Tohoku Local Finance Bureau and the Bank of Japan’s Fukushima Branch issued a statement titled "Financial Measures to Deal with Disasters Caused by the Earthquake Offshore Fukushima Prefecture (in 2021)" to the relevant financial institutions. The statement requests financial institutions in Fukushima Prefecture to appropriately deal with victims of the disaster considering their circumstances, such as by making the repayment of deposits flexible.

Publication

February 19, 2021

Publication of the updated "Financial Literacy Basics" (provisional English title) <Summary> The FSA published the updated "Financial Literacy Basics" (provisional English title) for the improvement of financial literacy and protection of financial services users. The guidebook provides basic knowledge of financial transactions, and others, for financial services users, particularly targeting working adults, college and university students, and high school students.

Others

February 18, 2021	Symposium on financial and economic education, and consumer education for high school students and teachers <Summary> The FSA announced that the Kinki Local Finance Bureau will hold a symposium on financial and economic education, and on consumer education for high school students and teachers on March 25, 2021, in collaboration with regional/local stakeholders and public and private organizations. The symposium will be a hybrid meeting to be held live at a physical venue while simultaneously accepting virtual online participation through a cloud platform, ZOOM.
February 17, 2021	Activities of the FSA's Counseling Office for Financial Services Users for the period between October 1 and December 31, 2020 <Summary> The FSA's Counseling Office for Financial Services Users offers a counseling service to respond to inquiries and comments from financial services users. Between October 1 and December 31, 2020, the counseling office received 9,793 inquiries and comments, a decrease from 10,925 cases in the previous quarter (between July 1 and September 30 2020).
February 16, 2021	Publication of the updated reference casebook of good practices on the disclosure of narrative information based on the "Principles for the Disclosure of Narrative Information" <Summary> The FSA published the updated FY 2020 edition of the reference casebook* of good practices on the disclosure of narrative information based on the "Principles Regarding the Disclosure of Narrative Information." The reference casebook has been updated by adding the following new section items with the aim of encouraging corporate initiatives toward the enhancement of corporate disclosure beyond mere compliance with regulatory formalities: -  "Corporate Management Policy, Business Environment and Issues to be Addressed, etc.," -  "Business Risks, etc.," and -  "Management Discussion and Analysis (MD&A) of Corporate Financial Position, Operating Results, and Cash Flows."   The FY 2020 edition of the reference casebook has been updated by the "Study Group for Collecting Good Practices on Corporate Disclosure of Narrative Information Based on the Principles Regarding the Disclosure of Narrative Information,"** and it shares the updated collection of favorable practices on the disclosure of narrative information   * The reference casebook has been last updated by the Study Group in November 2020. (Updates to the casebook are made as deemed necessary). ** The Study Group is to bring investors, analysts and representatives from listed companies together to update the reference casebook.