What’s New on the FSA Website

Week of May 28, 2021 - June 3, 2021

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 2, 2021

Publication of the finalized "Cabinet Orders, Cabinet Office Orders and Others Pertaining to the 2020 Revision of the Act on Sales, etc. of Financial Instruments" <Summary> The FSA published the finalized the "Cabinet Orders, Cabinet Office Orders and Others Pertaining to the 2020 Revision of the Act on Sales, etc. of Financial Instruments." The Cabinet Office Orders, Cabinet Office Orders and Others introduce the regulatory framework for financial services intermediary business, and will be enforced on November 1, 2021.

May 28, 2021

Publication of the draft "Cabinet Orders, Cabinet Office Orders and Others Pertaining to the 2021 Revision of the Act on Special Measures for Strengthening Financial Functions" <Summary> The FSA proposed the draft "Cabinet Orders, Cabinet Office Orders, and Others Pertaining to the 2021 Revision of the Act on Special Measures for Strengthening Financial Functions." The proposal mainly pertains to the partial enforcement of the Act aimed at revitalizing the Japanese economy and fostering the enhancement of regional banks’ sustainability of business models (Act No. 46, 2021), particularly in regard to the "Act on Special Measures for Strengthening Financial Functions."

 

Press Releases

(The following press releases are available in English)
Publication

June 3, 2021	FSA publishes English translation of monthly magazine, Access FSA No.213

Others

May 31, 2021	Updated statistics of money lending business

(The following press releases are available in Japanese)

Councils

June 3, 2021	Publication of the agenda and handouts of the third meeting of the "Working Group on Social Bonds" <Summary> The FSA published the agenda and handouts of the third meeting of the "Working Group on Social Bonds" which was held on June 3, 2021.
June 2, 2021	Publication of the report of the "Task Force to Discuss Optimal Ways to Ensure Best Execution" of the Financial System Council <Summary> The FSA published the report of the "Task Force to Discuss Optimal Ways to Ensure Best Execution" of the Financial System Council, based on its meetings which were held four times from December 2020 through May 2021.
May 28, 2021	Publication of the agenda and handouts of the seventh meeting of the "Expert Panel on Sustainable Finance" <Summary> The FSA published the agenda and handouts of the seventh meeting of the "Expert Panel on Sustainable Finance," which was held online on May 28, 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.

 

Banks

June 3, 2021

Publication of the questionnaire survey results on the implementation status of financial intermediary initiatives taken by the respective financial institutions <Summary> The FSA published the questionnaire survey results on the implementation status of financial intermediary initiatives taken by the respective financial institutions, mainly in terms of providing managerial support (inclusive of lending) to corporate clients (business owners) without overly relying on personal guarantees. The survey was aimed at checking the status of progress for the said initiatives taken by the respective financial institutions, following the application of special provisions* set forth under the "Guidelines for Personal Guarantee Provided by Business Owners" in April 2020 and the FSA's publication of the list of KPIs** (key performance indicators) for financial institutions in October 2020.   * Special provisions particularly set forth that financial institutions, in principle, should refrain from requesting personal guarantees from former owners or successors of businesses.   ** On September 9, 2019, the FSA set forth the KPIs (key performance indicators) to objectively reflect the efficiency of financial intermediation. Ever since then, the FSA has required financial institutions to publish their respective KPI results on their websites in the hope that they fully commit to providing managerial support (inclusive of lending) to small and medium-sized enterprises for the improvement of their business feasibility and productivity, without overly relying on collateral and personal guarantees.

May 28, 2021

Overview of modifications to lending conditions by financial institutions <Summary> The FSA published an overview of modifications to lending conditions made by cooperative financial institutions for the period from March 10, 2020, to April 30, 2021. * The majority of the data reflects the data until April 30, 2021, whereas the data of cooperative financial institutions reflects the data until March 31, 2021.

Others

May 31, 2021	Publication of the FSA's revised disaster management operation plan <Summary> The FSA has published its revised disaster management operation plan,* pursuant to the "Basic Act on Disaster Management." *The plan is available only in Japanese.
May 31, 2021	Announcement for the commencement of the "Financial Services Agency Electronic Application and Notification System" <Summary> The FSA announced the commencement of the "FSA Electronic Application and Notification System," which will officially become available from June 30, 2021. The announcement requests financial associations, etc. to ensure timely dissemination of the information on the commencement of the system to their member financial institutions to enable them to take necessary procedures for the use of the system.
May 31, 2021	Deadline set for financial institutions to upgrade their risk management systems in line with the requirements set forth in the "Guidelines for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)" <Summary> Given the fact that three years have passed since the publication of the "Guidelines for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT),"* and that financial institutions have gained a greater awareness of the need to improve their risk management systems, the FSA has requested financial institutions via the respective relevant financial associations and others to further upgrade/improve their risk management systems by complying with the requirements set forth in the Guidelines by March 2024.   * The Guidelines were finalized through public consultation and enforced on February 19, 2021. (The Guidelines are currently available only in Japanese).
May 28, 2021	Warning issued to Bybit Fintech Limited that is operating crypto-asset (virtual currency) exchange businesses without proper registration <Summary> The FSA issued a warning to Bybit Fintech Limited that is operating crypto-asset (virtual currency) exchange businesses without proper registration in violation of the "Payment Services Act."
May 28, 2021	The fourth project selected for "Enterprise System and Frontrunner Support-Hub" <Summary> The FSA accepted an application from The Bank of Yokohama, Ltd. as the fourth project which fulfilled all requirements for the FSA to provide its support through "Enterprise System and Frontrunner Support-Hub." The Bank intends to establish a platform (online data linkage platform) to link the systems of its outsourced services and its sales/marketing with the accounting system, and treat this part as a "strategic domain" to achieve flexible and low-cost optional functionalities, whereas the accounting system will be treated as a "non-strategic domain" convertible to an open system to curb costs, in which optional functionalities will be carefully selected to control additional costs.
May 28, 2021	FAQ on financial services users' identity verification that can be completed online by financial institutions based on the "Act on Prevention of Transfer of Criminal Proceeds" <Summary> The FSA has published the FAQ on financial services users' identity verification that can be completed online by financial institutions based on the "Act on Prevention of Transfer of Criminal Proceeds" in order to promote digitalization and dissemination of non-face-to-face (virtual) financial services within financial institutions in response to the impact of COVID-19.