What’s New on the FSA Website

Week of October15, 2021 - October 21, 2021

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

Press Conferences

October 21, 2021	Press Conference by the Minister of State for Financial Services (October 1, 2021)

Public Comments

October 21, 2021	Publication of the finalized amendments to the FSA's regulatory notice concerning the "designated IFRSs" <Summary> The FSA finalized the amendments to the regulatory notice concerning the "designated IFRSs" stipulated in the "Regulation for Terminology, Forms and Preparation of Consolidated Financial Statements." The amendments mainly define the international accounting standards that have been published through June 30, 2021, by the IASB (International Accounting Standards Board) as "designated international accounting standards" set forth under Article 93 of the Regulation on Consolidated Financial Statements. The amendments took effect on October 21, 2021. (This public comment is available in Japanese) https://www.fsa.go.jp/news/r3/sonota/20211021-2.html
October 20, 2021	Publication of the finalized regulatory notice designating certain rules based on the provision of Article 21-5, Paragraph (1) of the "Cabinet Office Order on Funds Transfer Service Providers" <Summary> The FSA published the finalized regulatory notice designating certain rules based on the provision of Article 21-5, Paragraph (1) of the "Cabinet Office Order on Funds Transfer Service Providers" (Cabinet Office Order No.4 of 2010). The amendments mainly pertains to the partial enforcement (as of May 1, 2021) of the "Act Partially Amending the Act on Sales, etc. of Financial Instruments, etc. for the Improvement of Convenience for and Protection of Financial Services Users" (provisional English law title) (Act No.50 of 2020) in respect of the "Payment Services Act." The amendments took effect on October 20, 2021. (This public comment is available in Japanese) https://www.fsa.go.jp/news/r3/sonota/20211020.html
October 15, 2021	Publication of the draft amendments to the "Comprehensive Guidelines for Supervision for Insurance Companies" <Summary> The FSA published the draft amendments to the "Comprehensive Guidelines for Supervision for Insurance Companies." When insurance companies and insurance agents engage in insurance solicitation, it is vital that they understand the intentions of their customers, and offer insurance policies that meet those intentions. The proposal intends to clarify the supervisory viewpoint that, as private insurance is a means to supplement public insurance, insurance contracts should be concluded on the basis that: a) solicitors have appropriate understanding of the public insurance system; and b) solicitors provide necessary information regarding the public insurance system to customers, thereby enabling customers to choose insurance products with the understanding of their own risks and necessary coverage. (This public comment is available in Japanese) https://www.fsa.go.jp/news/r3/hoken/20211015/20211015.html

Press Releases

Councils

October 21, 2021	FSA publishes English translation of documents of the Council of Experts Concerning the Follow-up of Japan’s Stewardship Code and Japan’s Corporate Governance Code
October 19, 2021	Fifteenth Meeting of the "Council for Cooperation on Financial Stability"
October 15, 2021	Publication of the agenda and handouts of the 12th 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 12th meeting of the "Working Group on Capital Market Regulations" (provisional English title) of the Financial System Council, which was held on October 15, 2021. The Working Group members discussed the initiatives/approaches that have been taken toward capital markets to date as well as the key issues raised therein. (This public comment is available in Japanese) https://www.fsa.go.jp/singi/singi_kinyu/market-system/siryou/20211015.html

 

Securities

October 19, 2021

Administrative action against Kabushiki Kaisha Mevius Consulting,* a notifier of specially permitted business for qualified institutional investors (SPBQII) (The Kanto Local Finance Bureau) <Summary> The Kanto Local Finance Bureau took an administrative action against Kabushiki Kaisha Mevius Consulting,* a notifier of specially permitted business for qualified institutional investors (SPBQII), ordering the abolition of the notifier’s entire SPBQII, in violation of the order to improve its business operations, thereby ordering the improvement of its business operations pursuant to the "Financial Instruments and Exchange Act." * As this corporation has no English corporate name, the Romanized version of the Japanese corporate name is stated here. (This press release is available in Japanese) https://www.fsa.go.jp/news/r3/shouken/20211019.html

 

Others

October 20, 2021	Publication of the second volume of "Unko Money Drill" (Unko Drill × FSA), an online fun drill for elementary school students to learn about money <Summary> As part of the FSA's efforts to promote financial and economic education, the FSA, in collaboration with the editorial team of the "Unko Drill" (meaning "Poop Workbook," featuring a famous "Yuru-kyara," i.e., a cute-fun cartoon mascot) series, which is popular among children and published by Bunkyosha Co., Ltd., has published the "Unko Money Drill: Money in Economy" (Unko Drill × FSA) (provisional English sub-title), an online fun drill (workbook) for elementary school students to learn about financial literacy. This is a sequel to the well-received first volume, "Unko Money Drill: Money in Daily Life" (provisional English sub-title) published in March 2021. (This press release is available in Japanese) https://www.fsa.go.jp/news/r3/sonota/20211020-2/20211020-2.html
October 20, 2021	Publication of "Progress Report on Enhancing the Asset Management Business 2021"
October 19, 2021	Exchange session between the FSA and the FISC (The Center for Financial Industry Information Systems) <Summary> On October 7, 2021, the FSA held an exchange session with the FISC (The Center for Financial Industry Information Systems), in which the FISC gave a briefing on FISC Security Guidelines on Computer Systems for Financial Institutions, whereas the FSA gave a briefing on its initiatives to strengthen the IT risk management of financial institutions, followed by an exchange of opinions. (This press release is available in Japanese) https://www.fsa.go.jp/news/r3/20211007/20211019.html
October 15, 2021	The money-lending business sector's lending/funding policies in response to the lowering age of majority (adulthood), and initiatives that have been taken so far and are to be taken in the sector (based on an overview of a questionnaire survey (FY2021) conducted by Japan Financial Services Association) <Summary> The FSA shared on its website an overview of a questionnaire survey (FY2021) conducted by Japan Financial Services Association in regard to the money-lending business sector's lending/funding policies in response to the lowering age of majority (adulthood),* as well as the initiatives/measures that have been taken so far and are to be taken thereof. * The "Act for Partial Amendments to the Civil Code" (aka "Civil Code Amendment Act") to lower the age of majority (adulthood) from the current 20 (years of age) to 18 is scheduled to be enforced in April 2022. (This press release is available in Japanese) https://www.fsa.go.jp/news/r3/kashikin/20211015/20211015.html