Financial Services AgencyFSA Weekly Review No.479

March 3, 2022

What’s New on the FSA Website

Week of February 18, 2022 - February 24, 2022

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

Public Comments

February 22, 2022 Publication of the draft "Cabinet Office Order to Amend the Ordinance for Enforcement of the Insurance Business Act" for public consultation
<Summary>
The FSA has published the draft "Cabinet Office Order to Amend the Ordinance for Enforcement of the Insurance Business Act" (hereinafter referred to as the "proposal") for public consultation.
The proposal mainly intends to provide amendments to the said Ordinance for Enforcement and other relevant and applicable Cabinet Office Orders and Comprehensive Guidelines for Supervision, in accordance with the partial enforcement of the "Act Partially Amending the Banking Act, etc., Aimed at Revitalizing the Japanese Economy and Fostering the Enhancement of Regional Banks' Sustainability of Business Models" (Act No.46 of May 26, 2021)* (provisional English law title). In particular, the proposal intends to expressly set forth that cooling-off requests from customers (policyholders) can also be processed/handled through electromagnetic records (data) in addition to the pertinent paper-based means.
Public comments will be accepted until 5:00 p.m. (JST), March 24, 2022.
 

* This Act comes into force as of the day specified by Cabinet Order within a period not exceeding one year from the date of promulgation.


(The original press release is available in Japanese at the following URL.)
https://www.fsa.go.jp/news/r3/shouken/20220222/20220222.htmlopen new window
February 22, 2022 Publication of the draft amendments to the regulatory notice designating the rules of Financial Instruments Firms Associations based on the provision of Article 142, paragraph (1) of the "Cabinet Office Order on Financial Instruments Business, etc.," for public consultation
<Summary>
The FSA has published the draft amendments to the regulatory notice designating the rules of Financial Instruments Firms Associations based on the provision of Article 142, paragraph (1) of the "Cabinet Office Order on Financial Instruments Business, etc.," for public consultation.
The proposal mainly intends to add the self-regulatory rules set forth by Japan Security Token Offering Association to the rules of Financial Instruments Business Association designated by the FSA.
Public comments will be accepted until 5:00 p.m. (JST), March 24, 2022.

(The original press release is available in Japanese at the following URL.)
https://www.fsa.go.jp/news/r3/shouken/20220222-2/20220222-2.htmlopen new window
February 18, 2022 Publication of the draft amendments to the "Comprehensive Guidelines for Supervision for Insurance Companies [Separate Volume] (Supervisory Guidelines for Small-Claims and Short-Term Insurance Businesses Operators)" for public consultation 
<Summary>
The FSA has published the draft amendments (hereinafter referred to as the "proposal") to the "Comprehensive Guidelines for Supervision for Insurance Companies [Separate Volume] (Supervisory Guidelines for Small-Claims and Short-Term Insurance Businesses Operators)" for public consultation.
The PDFproposal open new window(old and new comparison chart is available only in Japanese) mainly intends to simplify administrative proceedings within the Local Finance Bureaus.
Public comments will be accepted until 05:00 p.m. (JST), March 21, 2022. 

(The original press release is available in Japanese at the following URL.)
https://www.fsa.go.jp/news/r3/hoken/20220218/20220218.htmlopen new window

Press Releases

International 

February 22, 2022 Updated : International Financial Center Websiteopen new window

 

Publication

February 22, 2022 PDFFSA publishes English translation of monthly magazine, Access FSA No.220

 

Banks

February 21, 2022 Approval of the business adaptation plan for The Musashino Bank, Ltd.
<Summary>
The FSA approved and published the business adaptation plan for The Musashino Bank, Ltd. based on the "Industrial Competitiveness Enhancement Act."

(The original press release is available in Japanese at the following URL.)
https://www.fsa.go.jp/news/r3/ginkou/20220221/20220221.htmlopen new window
February 18, 2022 Overview of modifications to lending conditions by cooperative 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 December 31, 2021.
 
(The original press release is available in Japanese at the following URL.)
https://www.fsa.go.jp/ordinary/coronavirus202001/kashitsuke/20200430.htmlopen new window

 

Others

February 24, 2022 Warning with respect to the recent developments that call for enhancements to cybersecurity measures
<Summary>
On February 23, 2022, the FSA requested the relevant associations in the financial sector to widely alert their members (i.e. financial institutions) to take measures listed below to enhance cybersecurity measures against the increasing potential risk of cyber-attacks, thereby urging them to promptly report to the FSA and/or the Local Finance Bureaus in the event of a cyber-attack.
 

1. Measures to mitigate cyber risk:

-　Measures for stricter authentication by avoiding the use of simple passwords, reviewing control of access rights, applying multi-factor authentication and removing unnecessary accounts

-　Measures to manage information assets, including IoT devices. Particularly, measures to promptly apply security patches

-　Measures to raise awareness that staff or individuals within an organization should not open attached files or click URLs inadvertently, and promptly report and communicate relevant matters

2. Measures to ensure early detection of cyber-incidents:

-　Checking logs, such as those of servers

-　Reviewing measures for monitoring and analysis, and checking access control

3. Measures for appropriate response and recovery in the event of a cyber-incident:

-　Reviewing the state of data back-up and processes and procedures for recovery in the event of a loss of data


(The original press release is available in Japanese at the following URL.)
https://www.fsa.go.jp/news/r3/cyber/0224oshirase.htmlopen new window
February 22, 2022 Updated : Preparation for permanent cessation of LIBOR
February 18, 2022 Publication of "Policy Approaches for Enhancing Cybersecurity in the Financial Sector (Version 3.0)"
<Summary>
The FSA published "Policy Approaches for Enhancing Cybersecurity in the Financial Sector (Version 3.0)" to address new issues and challenges in ensuring cybersecurity posed by growing cyber threats, such as increasing cyber-attacks including sophisticated ransomware attacks and other threats in cyberspace.
 

Version 3.0 focuses on the following five areas:

1.Enhancements to on-site inspections, monitoring activities and cybersecurity exercises

2.Preparedness for emerging risks associated with new types of financial services (e.g. cashless payment services) and third-party/supply chain risk (e.g. cloud services)

3.Organization/corporate-wide efforts to enhance cybersecurity

4.Strengthening of collaboration with relevant organizations, such as the National center of Incident readiness and Strategy for Cybersecurity, National Police Agency, Public Security Intelligence Agency, Financials ISAC Japan, foreign supervisory and regulatory authorities

5.Economic security


(The original press release is available in Japanese at the following URL.)
https://www.fsa.go.jp/news/r3/cyber/torikumi2022.htmlopen new window

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