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.

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)

 

Insurance

July 7, 2021	FSA publishes an English translation of the "Comprehensive Guidelines for Supervision of Insurance Companies"

 

Publication

July 7, 2021	FinTech Innovation Hub Report 2nd Edition

Others

July 7, 2021	The main issues raised by the FSA at opinion exchange meetings with trade associations
July 7, 2021	Stewardship Code : 309 institutional investors have signed up to the Principles for Responsible Institutional Investors as of June 30, 2021
July 7, 2021	FSA Staff Report: An analysis of the transaction network in the Japanese OTC derivatives markets
July 6, 2021	Updated list of issuers of gift certificates in repayment procedures based on the "Payment Services Act"

(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 summary of discussions of the past three meetings of the "Working Group on Integration of Taxation on Financial Income and Gains"* (provisional English title) alongside the agenda and handouts of the Working Group's second and third meetings. 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.

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.
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.

 

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.
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.