Financial Services AgencyFSA Weekly Review No.481

March 17, 2022

What’s New on the FSA Website

Week of March 4, 2022 - March 10, 2022

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

Press Releases

International 

 
March 10, 2022 Announcements Pertaining to Global Money Week 2022
March 4, 2022 “FIN/SUM 2022”

 

Banks

March 10, 2022 Approval of the business adaptation plan for THE KYOTO CHUO SHINKIN BANK
<Summary>
The FSA approved and published the business adaptation plan for THE KYOTO CHUO SHINKIN BANK 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/20220310/20220310.htmlopen new window
March 7 and 8, 2022 Publication of the agenda and handouts of the opinion exchange meeting on the facilitation of financing for corporate borrowers during the fiscal-year-end season and further beyond, and requests for the facilitation of financing for corporate borrowers during the fiscal-year-end season and further beyond
<Summary>
Against the backdrop of the heightened economic uncertainty in light of socioeconomic circumstances due to the prolonged two-year impact of COVID-19, the current situation in Ukraine, and rising crude oil prices, businesses are still facing difficult cash flow conditions with tight borrowing constraints, especially given the increasing demand for operating funds and other resources toward the fiscal-year-end season.
In response to such circumstances, on March 7, 2022, the FSA held a meeting with government officials and representatives from various financial associations to exchange views on facilitating financing to small- and medium-sized enterprises, and other business entities, whereby the FSA published the agenda and handouts of the meeting.
In this regard, on March 8, 2022, the FSA requested the relevant financial associations, the Regional Economy Vitalization Corporation of Japan, and the Organization for Small & Medium Enterprises and Regional Innovation, JAPAN, to continue to facilitate financing for corporate borrowers, by providing an attentive and swift response to the needs of the respective business entities, so that they will not have to face serious liquidity constraints.

The original press releases are available in Japanese at the following URLs.
https://www.fsa.go.jp/news/r3/ginkou/20220307.htmlopen new window
https://www.fsa.go.jp/news/r3/ginkou/20220308.htmlopen new window
March 4, 2022 Publication of "Guidelines for Business Revitalization, etc. of Small- and Medium-sized Enterprises " and " Revitalization Package for Small- and Medium-Sized Enterprises" (provisional English titles)
<Summary>
The FSA published "Guidelines for Business Revitalization, etc. of Small- and Medium-sized Enterprises" compiled by the study group on the said guidelines and "Revitalization Package for Small- and Medium-Sized Enterprises" (provisional English titles), compiled by the METI (Ministry of Economy, Trade and Industry), the FSA, and the MOF (Ministry of Finance).
The Guidelines clarify the roles to be played by small- and medium-sized enterprises(SMEs) and financial institutions at the respective stages of "normal times" and "emergencies," present basic perspectives on business revitalization, etc., and establish new rules for a private liquidation procedure, namely, "Private Liquidation Procedure for Business Revitalization, etc. of Small- and Medium-sized Enterprises" (provisional English title), to facilitate swifter engagement by SMEs in business revitalization, and so forth.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/news/r3/ginkou/20220304.htmlopen new window
March 4, 2022 Publication of "Basic Perspectives of 'Guidelines for Personal Guarantee Provided by Business Owners' in the Event of the Closure of a Business" (provisional English title)
<Summary>
The FSA published "Basic Perspectives of 'Guidelines for Personal Guarantee Provided by Business Owners' in the Event of the Closure of a Business" (provisional English title) compiled by the study group on the said guidelines. The basic perspective clarifies the intent of the current "Guidelines for Personal Guarantee Provided by Business Owners" by focusing on cases where SMEs (small- and medium-sized enterprises) close their businesses, while taking into account the need to ensure managerial discipline of SMEs.
The basic perspectives of the guidelines are expected to serve as an aid to the understanding of principal obligors (debtors)/guarantors, applicable obligees (creditors), and professionals/practitioners involved in the liquidation of guarantee obligations, whereas the guidelines are expected to be widely utilized by SMEs, managers, and financial institutions, thereby contributing to the development of the overall Japanese economy.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/news/r3/ginkou/20220304-2.htmlopen new window 

 

Insurance

March 7, 2022 Publication of the outline of proceedings and handouts of the fourth meeting of the "Council of Experts on Determination of Fire Insurance Premium Rates Based on Exposure to Water Damage Risks (Including Climate Hazard Risks)" (provisional English title)
<Summary>
The FSA published the outline of proceedings and handouts of the fourth meeting of the "Council of Experts on Determination of Fire Insurance Premium Rates Based on Exposure to Water Damage Risks (Including Climate Hazard Risks)" (provisional English title), which was held on February 7, 2022.
The council members gave a briefing on the outline of the compiled draft summary of discussions of meetings held so far, followed by questions and an exchange of opinions.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/singi/suisai/gijiyousi/20220207.htmlopen new window 
 


Others

March 10, 2022 Administrative action against GRACE TECHNOLOGY, INC., ordering the submission of amendment reports for securities reports and other reports
<Summary>
The Kanto Local Finance Bureau took an administrative action against GRACE TECHNOLOGY, INC. for making false statements in its securities reports and other reports, ordering the submission of amendment reports for the annual securities report and nine other reports pertaining to the quarterly accounting period from April 1, 2017, to March 31, 2018, filed by the said entity, pursuant to the "Financial Instruments and Exchange Act."
This administrative action was taken in response to the recommendation dated February 22, 2022, from the Securities and Exchange Surveillance Commission for an administrative action against the said entity.
Details of the administrative action are available (only in Japanese) on the PDFsubpageopen new window of the Kanto Local Finance Bureau's website.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/news/r3/shouken/20220310.htmlopen new window     
March 9, 2022 Stewardship Code : 321 institutional investors have signed up to the Principles for Responsible Institutional Investors as of February 28, 2022 
March 8, 2022 Updated list of issuers of gift certificates in repayment procedures based on the ’Payment Services Act’                     
March 4, 2022 Publication of "Typical Practices of Key Audit Matters (KAM) and Key Points for Description" (provisional English title)
<Summary>
The FSA has published "Typical Practices of Key Audit Matters (KAM) and Key Points for Description" (provisional English title). The paper was compiled based on discussions with stakeholders regarding contents and trends of KAM, with an aim to further instill and widely disseminate KAM practices. 

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/news/r3/sonota/20220304-2/20220304-2.htmlopen new window      
March 4, 2022 Submission of a bill to partially amend the "Payment Services Act" to establish a stable and efficient payment services system to the 208th ordinary Diet session
<Summary>
The FSA submitted to the 208th ordinary Diet session a bill to partially amend the "Payment Services Act" to establish a stable and efficient payment services system. The bill is aimed at providing the following measures to respond to the shift to digitalization in finance:

(1)　Introduction of a regulatory framework for issuers and intermediaries to handle so-called stablecoins;

(2)　Introduction of a regulatory framework for entities that provide transaction monitoring and transaction filtering for payment transactions on a large scale; and

(3)　Development of rules/provisions to impose the obligation to identify customers, and other obligations on issuers of high-value electronic transferable prepaid payment instruments.


The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/common/diet/index.html#diet208open new window      

 

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