Financial Services AgencyFSA Weekly Review No.471

January 7, 2022

What’s New on the FSA Website

Week of December 17, 2021 - December 23, 2021

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

Public Comments

December 22, 2021 Publication of the draft amendments to the "Guidelines for Personal Information Protection in the Financial Sector" and the "Practical Guidelines for Security Policies Regarding the Personal Information Protection in the Financial Sector" (provisional English titles for both guidelines)
<Summary>
The FSA and the PPC (Personal Information Protection Commission) proposed the draft amendments to the "Guidelines for Personal Information Protection in the Financial Sector" and the "Practical Guidelines for Security Policies Regarding the Personal Information Protection in the Financial Sector" (provisional English titles for both Guidelines).

The proposal mainly intends to expressly set forth in the said Guidelines items regarding information provision of personal data to a foreign-domiciled third party in terms of security, confidentiality, and/or integrity, mandatory reporting of information leakage, and others.

(The original press release is available in Japanese at the following URL.)
https://www.fsa.go.jp/news/r3/sonota/20211222/20211222.html
December 17, 2021 Publication of the draft "Cabinet Office Order to Amend the Ordinance for Enforcement of the Shinkin Bank Act, etc."
<Summary>
The FSA published the draft "Cabinet Office Order to Amend the Ordinance for Enforcement of the Shinkin Bank Act, etc."

In accordance with the amendments made to the Auditing Standards on November 6, 2020, the proposal mainly intends to expressly set forth that a financial auditor shall include in the financial audit report as to whether or not there are any matters to be reported regarding material differences between the contents of the business report and the contents of the financial statements or the knowledge obtained by the financial auditor in the course of the audit, and if there are any significant matters to be reported, the nature of the details thereof.*
 

* This shall not apply when the financial auditor does not express an opinion on the financial statements.


(The original press release is available in Japanese at the following URL.)
https://www.fsa.go.jp/news/r3/kyokin/20211217/20211217.htmlopen new window

Press Releases

Publication

December 22, 2021 Publication of the FSA Annual Report for program year 2020 (July 2020 - June 2021)"
<Summary>
The FSA published the FSA Annual Report for program year 2020 (July 2020 - June 2021). It covers the FSA's overall policies including its mission, organization, and measures including amendments of regulations and supervisory actions. (Available only in Japanese).

(The original press release is available in Japanese at the following URL.)
https://www.fsa.go.jp/common/paper/2020/index.htmlopen new window
 

 

Councils

December 23, 2021 Publication of the agenda and handouts of the 18th meeting of the "Sub-Committee on the Certified Public Accountants System" of the Financial System Council
<Summary>
The FSA published the agenda and handouts of the 18th meeting of the "Sub-Committee on the Certified Public Accountants System" of the Financial System Council, which was held on December 24, 2021.

(The original press release is available in Japanese at the following URL.)
https://www.fsa.go.jp/singi/singi_kinyu/kounin/siryou/20211224.htmlopen new window
December 23, 2021 Publication of the agenda and handouts of the first meeting of the "Sub-Working Group on Impact Indicators for Social Projects" (provisional English title), comprising representatives from the Cabinet Office and relevant ministries and agencies
<Summary>
 The FSA published the agenda and handouts of the first meeting of the "Sub-Working Group* on Impact Indicators for Social Projects" (provisional English title), comprising representatives from the Cabinet Office and relevant ministries and agencies, which was held on December 21, 2021.
 

*   Establishment of the sub-working group under the "Working Group on Social Bonds"** (provisional English title) was announced on December 14, 2021.

** "Working Group on Social Bonds" was established under the "Expert Panel on Sustainable Finance" (provisional English title) in March 2021 to discuss the formulation of practical guidelines for social bonds in response to requests from economic and other organizations.


(The original press release is available in Japanese at the following URL.)
 https://www.fsa.go.jp/singi/social_impact/siryou/20211221.htmlopen new window
December 17, 2021 Publication of the agenda and handouts of the fourth meeting of the "Working Group on Payment Services" (provisional English title) of the Financial System Council
<Summary>
The FSA published the agenda and handouts of the fourth meeting of the "Working Group on Payment Services" (provisional English title) of the Financial System Council, which was held on December 17, 2021.

(The original press release is available in Japanese at the following URL.)
https://www.fsa.go.jp/singi/singi_kinyu/shikinkessai_wg/shiryou
/shikinkessai_wg4.htmlopen new window

 

Banks

December 17, 2021 License granted to UI Bank Co.,Ltd., a subsidiary of Tokyo Kiraboshi Financial Group, Inc., to conduct banking business
<Summary>
The FSA granted a license to UI Bank Co.,Ltd., a subsidiary of Tokyo Kiraboshi Financial Group, Inc., to conduct banking business pursuant to the "Banking Act."

(The original press release is available in Japanese at the following URL.)
https://www.fsa.go.jp/news/r3/ginkou/20211217-2/20211217-2.htmlopen new window

 

Securities

December 17, 2021 Administrative penalty charge against an individual (retail investor) for market manipulation regarding stocks of gumi Inc.
<Summary>
On December 16, 2021, the FSA issued orders to impose an administrative penalty charge against an individual (retail investor) for market manipulation regarding stocks of gumi Inc.

(The original press release is available in Japanese at the following URL.)
https://www.fsa.go.jp/news/r3/shouken/20211217.htmlopen new window
December 17, 2021 Publication of the updated regulatory notice concerning the designation of related corporations of credit rating agencies (group-based designation concerning explanatory items of unregistered credit ratings)
<Summary>
The FSA published the updated regulatory notice concerning the designation of related corporations of credit rating agencies (group-based designation concerning explanatory items of unregistered credit ratings) as the validity of the current regulatory notice with the same name expired at the end of December 2021, whereby the FSA updated the list of designated credit rating agencies (unregistered credit rating agencies which belong to the same group of registered credit rating agencies and fulfill the requirements). The duty of securities companies to explain certain matters to their customers is partially alleviated when securities companies use credit ratings provided by the credit rating agencies that are on the said list.
The updated list is valid from January 1, 2022 to December 31, 2023.

(The original press release is available in Japanese at the following URL.)
https://www.fsa.go.jp/news/r3/shouken/20211217/20211217_groupshitei.htmlopen new window

 

Insurance

December 17, 2021 Overview of financial results of major insurance companies as of September 30, 2021



Others

December 22, 2021 Updated list of entities that are operating financial instruments businesses without proper registration (The Kanto Local Finance Bureau)
<Summary>

The FSA and the Kanto Local Finance Bureau issued warnings to entities that are operating financial instruments businesses without proper registration. (See the updated list of Excelforeign-based entitiesopen new window).


(The original press release is available in Japanese at the following URL.)
https://www.fsa.go.jp/ordinary/chuui/mutouroku.htmlopen new window
December 21, 2021 JFSA initiatives in AML/CFT/CPF in response to FATF Fourth Round Mutual Evaluation Report (MER)
December 21, 2021 Publication of the FY 2021 edition of the reference casebook of good practices on the disclosure of narrative information, mainly in terms of corporate sustainability
<Summary>
The FSA has been publishing a series of reference casebooks of good practices on the disclosure of narrative information to encourage the disclosure of enhanced corporate narrative information that contributes to constructive dialogue between investors and corporations. Following the final updates to FY 2020 edition of the reference casebook in March 2020, the FSA has newly published the FY 2021 edition of the reference casebook of good practices on the disclosure of narrative information, mainly in terms of corporate sustainability.*

The FY 2021 edition of the reference casebook has been compiled 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 latest collection of favorable practices on the disclosure of narrative information mainly in terms of corporate sustainability. (Updates to the casebook are made as deemed necessary).
 

*   Corporate disclosure of sustainability information is a key corporate disclosure element that has been gaining focus and interest in society lately. Relevant initiatives to enhance corporate disclosure of sustainability information are encouraged through amendments to the Corporate Governance Code and other measures.

** The Study Group is to bring investors, analysts and representatives from listed companies together to update the reference casebook.


(The original press release is available in Japanese at the following URL.)
https://www.fsa.go.jp/news/r3/singi/20211221.htmlopen new window
December 20, 2021 Stewardship Code : 320 institutional investors have signed up to the Principles for Responsible Institutional Investors as of November 30, 2021
December 17, 2021 Report on measures for the resolution of failed financial institutions
<Summary>
The FSA submitted to the National Diet a report on measures for the resolution of failed financial institutions pursuant to the "Act on Emergency Measures for the Revitalization of the Financial Functions." The report covers developments between April 1 and September 30, 2021.

(The original press release is available in Japanese at the following URL.)
https://www.fsa.go.jp/news/r3/ginkou/20211217/20211217.htmlopen new window
December 17, 2021 Request statement to funds transfer service providers to take appropriate response to system failures, etc.
<Summary>
In response to the recent series of system failures that have occurred among funds transfer service providers, the FSA issued a request statement to funds transfer service providers to take appropriate response, mainly in terms of the following:

(1)to reconfirm (ensure) the appropriateness of the information system risk management system and information management system, and

(2)to reconfirm (ensure) the appropriateness of the emergency preparedness/contingency plan in the event of a system failure, etc., and to offer polite and attentive services to users in the event of a system failure, etc.


(The original press release is available in Japanese at the following URL.)
https://www.fsa.go.jp/news/r3/kinyu/20211217/20211217.htmlopen new window
December 17, 2021 Warning against fraudulent financial scams by entities involving the name of the FSA
<Summary>
The FSA issued a warning particularly against fraudulent financial scams by entities involving the name of the FSA.

The FSA stresses that none of its officials, including executive officials, will ever be involved in providing funds or executing loans, and that it alerts people to beware of such fraudulent attempts, thereby encouraging people to report to (and/or consult with) the authorities (such as the Police and the FSA’s Counseling Office for Financial Services Users) whenever any hint of fraudulence is detected.

(The original press release is available in Japanese at the following URL.)
https://www.fsa.go.jp/news/28/sonota/20160805-1.htmlopen new window
December 17, 2021 Financial Industry-Wide Cybersecurity Exercise (Delta Wall Ⅵ)

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