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FSA Weekly Review No.448
- July 15, 2021
What’s New on the FSA Website
Week of July 2, 2021 - July 8, 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)
July 7, 2021 | Publication of the draft "Cabinet Office Order to Amend the Regulation on Terminology, Forms and Preparation Methods of Consolidated Financial Statements"![]() <Summary> The FSA proposed the draft "Cabinet Office Order to Amend the Regulation on Terminology, Forms and Preparation Methods of Consolidated Financial Statements." The proposal mainly intends to provide technical amendments to the said Regulation and others in accordance with the amendments to the ASBJ’s Implementation Guidance on an Accounting Standard for Fair Value Measurement (ASBJ Guidance No.31), which was published on June 17, 2021. |
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July 2, 2021 | Publication of the finalized amendments to the "Comprehensive Guidelines for Supervision of Major Banks, etc."![]() <Summary> The FSA finalized the amendments to the "Comprehensive Guidelines for Supervision of Major Banks, etc." The amendments mainly provide technical amendments to supervisory focal points based on the relevant and applicable laws and regulations for financial services intermediary business, in light of the probable increase of options for financial institutions to outsource their financial services operations, following the establishment of financial services intermediary business. The amendments will take effect on November 1, 2021. |
Press Releases
(The following press releases are available in English)
Banks
July 2, 2021 | FSA updated Information on COVID-19 (Novel Coronavirus) |
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Insurance
July 7, 2021 | FSA publishes an English translation of the "Comprehensive Guidelines for Supervision of Insurance Companies" |
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Publication
July 7, 2021 | FinTech Innovation Hub Report 2nd Edition |
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Others
(The following press releases are available in Japanese)
Councils
July 7, 2021 | Publication of the summary of discussions of meetings of the "Working Group on Integration of Taxation on Financial Income and Gains" (provisional English title) <Summary> The FSA published the ![]() ![]() ![]() The summary of discussions is based on meetings held three times from May through July 2021, in which the Working Group members discussed key issues, including preventive measures against tax avoidance associated with the expansion of the scope of aggregation of profits and losses due to the inclusion of derivative transactions therein. *This Working Group was established in May 2021, aimed at further seeking a way forward for the integration of financial income taxation and identifying issues to be addressed in the future by gaining a wide range of insights from stakeholders, including experts, professionals, and practitioners from the sectors of industry, finance, and academia. The FSA serves as the secretariat of the Working Group. |
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Banks
July 8, 2021 | Publication of the draft amendments to the "Comprehensive Guidelines for Supervision of Small- and Medium-Sized and Regional Financial Institutions"![]() <Summary> The FSA has published the draft amendments to the "Comprehensive Guidelines for Supervision of Small- and Medium-Sized and Regional Financial Institutions." The proposal intends to provide technical amendments to the said Guidelines, so that the FSA, the Local Finance Bureaus, and the Local Finance Branch Bureaus can jointly conduct interviews with regional banks, etc. from the stage of prior consultation on inquiries from regional banks, etc., such as: - authorization- and/or approval-related matters - applicability as to whether or not an intending business falls under the category of "other incidental business," and - general inquiries on regulatory applicability. |
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July 7, 2021 | License granted to Goldman Sachs Bank USA, Tokyo Branch to conduct banking business![]() <Summary> The FSA granted a license to Goldman Sachs Bank USA, Tokyo Branch to conduct banking business pursuant to the "Banking Act." |
July 5, 2021 | Publication of the updated "Comprehensive Guidelines for Supervision of Major Banks, etc." and other relevant and applicable Guidelines![]() <Summary> The FSA updated the "Comprehensive Guidelines for Supervision of Major Banks, etc." and other relevant and applicable Guidelines. The updates provide technical amendments to those Guidelines in response to the government-wide policy to abolish the use of fax machines for administrative operations and procedures. The updates took effect on July 5, 2021. |
Securities
July 8, 2021 | Publication of the updated "Cabinet Office Order to Amend the Cabinet Office Order on Financial Instruments Business, etc."![]() <Summary> The FSA updated the "Cabinet Office Order to Amend the Cabinet Office Order on Financial Instruments Business, etc." The updates mainly provide technical amendments pertaining to the enforcement of the "Act Partially Amending the Act on Sales, etc. of Financial Instruments for the Improvement of the Convenience for and Protection of Financial Services Users" (provisional English law title). The updated Cabinet Office Order will be enforced on November 1, 2021. |
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Others
July 8, 2021 | Warnings about entities that are operating money lending businesses without proper registration![]() <Summary> The FSA (Local Finance Bureaus) updated warnings about entities that are operating money lending businesses without proper registration. The warnings include the updated list of entities that misrepresent their registration using fictitious or stolen registration numbers. |
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July 8, 2021 | Publication of a report entitled "Progress Report on the Efficiency of Financial Intermediation" (provisional English title)![]() <Summary> The FSA published a report entitled "Progress Report on the Efficiency of Financial Intermediation" (provisional English title). The report outlines key initiatives and approaches taken during program year 2020 by the FSA and the respective Local Finance Bureaus toward the enhancement of the efficiency of financial intermediation by regional financial institutions. |
July 5, 2021 | Request for financial measures to deal with disasters caused by the heavy rain from July 1, 2021 (The Tokai Local Finance Bureau)![]() <Summary> The Tokai Local Finance Bureau alongside the Bank of Japan's Shizuoka Branch issued a statement titled "Financial Measures to Deal with Disasters Caused by the Heavy Rain from July 1, 2021" to the relevant institutions. The said statement requests financial institutions in Shizuoka prefecture* to appropriately deal with victims of the disaster considering their circumstances, such as by making the repayment of deposits flexible. * Shizuoka prefecture is currently subject to the "Disaster Relief Act." If more areas in the prefecture become subject to the said Act, financial institutions in the prefecture are requested to take measures in the same manner as above accordingly. |
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