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FSA Weekly Review No.484
- April 7, 2022
What’s New on the FSA Website
Week of March 25, 2022 - March 31, 2022
This page contains the latest in events, developments, and updates to the FSA website.
Press Conferences
Public Comments
March 31, 2022 | Publication of the "Cabinet Order Partially Amending the Order for Enforcement of the Insurance Business Act" <Summary> The FSA published the "Cabinet Order Partially Amending the Order for Enforcement of the Insurance Business Act." In response to the enforcement of the "Act Partially Amending the Insurance Business Act," in which the deadline for the government subsidies to the Life Insurance Policyholders Protection Corporation has been extended to the end of March 2027, the Cabinet Order provides amendments to the entities eligible for government subsidies measures designated in the Order for Enforcement. The Cabinet Order was enforced on March 31, 2022. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r3/hoken/20220331.html ![]() |
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March 31, 2022 | Publication of the finalized "Cabinet Office Order to Amend the Ordinance for Enforcement of the Act on Investment Trusts and Investment Corporations" after public consultation <Summary> The FSA has published the finalized "Cabinet Office Order to Amend the Ordinance for Enforcement of the Act on Investment Trusts and Investment Corporations" after public consultation. The finalized Cabinet Office Order mainly provides amendments to the said Ordinance for Enforcement and other relevant and applicable rules, in accordance with the enforcement of the "Act Partially Amending the Electricity Business Act, etc. to Establish a Resilient and Sustainable Electricity Supply System" (Act No.49 of June 12, 2020) (provisional English law title). The finalized Cabinet Office Order was enforced on April 1, 2022 The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r3/shouken/20220331/20220331.html ![]() |
March 31, 2022 | 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. While the Comprehensive Guidelines and other relevant and applicable guidelines set forth the response policy for financial institutions with headquarters, branches, and so forth located in areas designated as areas under intensified measures against earthquake disasters pursuant to the "Act on Special Measures Concerning Countermeasures for Large-Scale Earthquakes" (Act No. 73 of 1978) and to other relevant and applicable laws and regulations, the updates mainly reflect the Nankai Trough Guidelines,* which stipulate that the government will provide guiding principles on measures to be taken by financial institutions. The updates took effect on March 31, 2022. *Nankai Trough Guidelines were formulated by the Cabinet Office [in charge of disaster prevention] on March 29, 2019, based on the enforcement of the amendments (as of November 2013) to the "Act on Special Measures concerning Advancement of Countermeasures against Disasters of Tonankai and Nankai Earthquakes" to include Tokai Earthquakes in Nankai Trough Earthquakes. The said amendments (as of November 2013) were made in response to the Japanese Government's decision to carry out a study based on the assumption that a huge earthquake and tsunami can occur in a wide area along the Nankai Trough, not limited to the Tokai region. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r3/sonota/20220331.html ![]() |
March 29, 2022 | Finalization of Cabinet Office Order to Partially Amend Cabinet Office Order on Financial Instruments Business, etc. |
March 25, 2022 | Publication of the draft amendments to the "Comprehensive Guidelines for Supervision of Major Banks, etc." for public consultation <Summary> The FSA proposed the draft amendments to the "Comprehensive Guidelines for Supervision of Major Banks, etc." for public consultation. Following the assessment methodology for identifying G-SIBs (Global Systemically Important Banks) revised by the BCBS (Basel Committee on Banking Supervision), the proposal intends to reflect the revisions on the assessment methodology for identifying D-SIBs (Domestic Systemically Important Banks) in Japan, thereby providing corresponding amendments to the said comprehensive guidelines and other relevant and applicable guidelines. Public comments will be accepted until 5:00 p.m. (JST), April 28, 2022. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r3/ginkou/20220325.html ![]() |
March 25, 2022 | Publication of the finalized amendments to the regulatory notices pertaining to leverage ratio requirements, and to the regulatory notice pertaining to the disclosure form for G-SIB assessment (Pillar 3) after public consultation <Summary> The FSA finalized the amendments to the regulatory notices pertaining to leverage ratio requirements and to the regulatory notice pertaining to the disclosure form for G-SIB assessment (Pillar 3) after public consultation. The amendments mainly pertain to the following: (1)To take another two-year temporal measure (until the end of March 2024) for excluding the outstanding balance of financial institutions' current accounts at the Bank of Japan (BOJ) from the calculation of the leverage ratio exposures, and (2)To amend the disclosure form for G-SIB assessment in the capital adequacy ratio regulations (Pillar III) in accordance with international standards. In this regard, the FSA announced its plan that the effective date to implement the finalized Basel III framework for internationally active banks or financial institutions that use internal model-based approaches for measuring risks shall be set forth from the end of March 2024. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r3/ginkou/20220325-2.html ![]() |
Press Releases
International
March 31, 2022 | Updated : International Financial Center Website |
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March 29, 2022 | Updated : The Financial Market Entry Office |
March 25, 2022 | FSA and European Commission (DG FISMA) adopted the regulatory cooperation framework established under Annex 8-A of the EU-Japan Economic Partnership Agreement |
March 25, 2022 | 2023 IAIS Annual General Meeting to be held in Japan <Summary> The FSA announced that the 2023 IAIS (International Association of Insurance Supervisors) Annual General Meeting will take place in Tokyo, Japan in November 2023. The IAIS Annual General Meeting is a decision-making body consisting of all IAIS members. It is held together with the Annual Conference, which is a forum for IAIS members and stakeholders to discuss key supervisory issues for the insurance sector. The original press release is available in Japanese at the following URL: https://www.fsa.go.jp/inter/iai/20220325/20220325.html ![]() |
Councils
March 31, 2022 | Publication of an outline of proceedings and handouts of the fifth 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), and the publication of a summary of discussions of the past meetings <Summary> The FSA published an outline of proceedings and handouts of the fifth 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 March 8, 2022. The secretariat (i.e. the FSA) of the council presented a revised outline of the draft summary of discussions of the previous meeting, which was endorsed by the council members. The secretariat subsequently presented the draft summary of discussions of the past five council meetings, whereby the council members endorsed it for official publication. In this regard, the FSA published the finalized ![]() ![]() ![]() ![]() * Council meetings were held from June 2021 through March 2022, in which the council members mainly discussed favorable ways to subdivide fire insurance premium rates in accordance with water damage risks and points to consider where non-life insurers and others implement relevant initiatives thereof. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/singi/suisai/gijiyousi/20220308.html ![]() https://www.fsa.go.jp/news/r3/singi/20220331.html ![]() |
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March 28, 2022 | Publication of the agenda and handouts of the 16th 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 16th meeting of the "Working Group on Capital Market Regulations" (provisional English title) of the Financial System Council, which was held on March 29, 2022. The working group members discussed key issues pertaining to "appropriate sales solicitation and advice, and enhancement of information provision to customers" and "ensuring product governance and upgrading of asset management business" under the theme of ensuring customer-oriented business conduct and of improving financial services. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/singi/singi_kinyu/market-system/siryou/20220329.html ![]() |
March 25, 2022 | Publication of the agenda and handouts of the third meeting of the "Technical Committee for ESG Rating and Data Providers, etc." <Summary> The FSA published the agenda and handouts of the third meeting of the "Technical Committee for ESG Rating and Data Providers, etc.,"* which was held on March 18, 2022. The committee conducted a hearing from two investment management firms and one corporate entity pertaining to their approaches to and practices of ESG rating and data provision, as well as to the roles of investors and companies. * This Technical Committee has been established under the "Expert Panel on Sustainable Finance" to aggregate a wide range of information on green bonds, etc., as well as ESG (Environmental Social and Governance) rating and data providers. The Committee is composed of practitioners, market participants, and academics who are involved in ESG assessment and data provision, along with observers of officials from pertinent ministries and agencies. The FSA (Strategy Development Division, Strategy Development and Management Bureau) serves as the secretariat. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/singi/esg_hyouka/siryou/20220323.html ![]() |
Banks
March 31, 2022 | Overview of modifications to lending conditions by financial institutions <Summary> The FSA published an overview of modifications to lending conditions made by financial institutions for the period from March 10, 2020 to February 28, 2022. * The majority of the data reflects the data until February 28, 2022, whereas the data of cooperative financial institutions reflects the data until December 31, 2021. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/ordinary/coronavirus202001/kashitsuke/20200430.html ![]() |
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March 31, 2022 | Summary of Results of the Third Survey on the Use of LIBOR |
March 31, 2022 | Updated : Preparation for permanent cessation of LIBOR |
March 29, 2022 | Publication of statistics regarding unlawful reimbursement of deposits (as of the end of December 2021) <Summary> The FSA published statistics regarding unlawful reimbursement of deposits caused by counterfeit and stolen cash cards, stolen deposit books, and unlawful Internet banking activities. The statistics include details of incidents and compensation made by financial institutions based on reports from the financial institutions. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r3/ginkou/20220329.html ![]() |
March 29, 2022 | Approval of an application by JAPAN POST BANK Co., Ltd. <Summary> The FSA and the Ministry of Internal Affairs and Communications approved an application by JAPAN POST BANK Co., Ltd. in terms of its businesses, pursuant to the "Postal Service Privatization Act." (Newly approved business pertains to intermediary services for conclusion of a discretionary investment contract). The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r3/yuusei/20220329.html ![]() |
March 25, 2022 | KPIs (key performance indicators) to reflect the efficiency of financial intermediation by financial institutions (including major banks and regional banks) <Summary> From the perspective of ensuring "visualization" of the efficiency of financial intermediation by financial institutions (including major banks and regional banks), the FSA published the list of KPIs (key performance indicators)* for financial institutions which reflect their respective performances in terms of the efficiency of financial intermediation. The list also contains website addresses of the respective financial institutions publicizing their initiatives taken for financial intermediation. * On September 9, 2019, the FSA set forth the KPIs (key performance indicators) to objectively reflect the efficiency of financial intermediation. Ever since then, the FSA has required financial institutions to publish their respective KPI results on their websites in the hope that they fully commit to providing managerial support (inclusive of lending) to small and medium-sized enterprises for the improvement of their business feasibility and productivity, without overly relying on collateral and personal guarantees. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r3/ginkou/20220325/20220325.html ![]() |
Securities
March 28, 2022 | Updated : Guidebook for Registration of Investment Management Business and Other Financial Instruments Businesses |
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March 25, 2022 | Points that need to be addressed in a securities report (FY 2022 and thereafter) and securities report review from FY 2022 onwards <Summary> The FSA published points that need to be addressed in a securities report from FY 2022 onwards as follows: 1) Points related to the newly applied disclosure regulations 2) Points related to the results of the securities report review of the prior year Also, the FSA is to conduct securities report review for the reports submitted in FY 2022 and thereafter. The main three pillars of the review are: ・ the review on the application of the newly applied regulations; ・ the review on the implementation of key priority themes; and ・ the review by utilizing information from disclosure, media, and retail investors. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r3/sonota/20220325.html ![]() |
Insurance
March 30, 2022 | Approval of a business adaptation plan for TAIYO LIFE INSURANCE COMPANY <Summary> The FSA approved and published a business adaptation plan for TAIYO LIFE INSURANCE COMPANY that mainly pertains to the carbon-neutral initiatives that are to be taken by the said entity based on the "Industrial Competitiveness Enhancement Act." Business entities that are granted approval may receive a tax credit, which will in turn support their initiatives. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r3/hoken/20220330/20220330.html ![]() |
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Others
March 31, 2022 | Publication of a report on trends in high-speed trading activities <Summary> The FSA has published a report on trends in high-speed trading activities including the number of orders placed by high-speed traders and trading values thereof. The updates reflect the activities from October to December 2021. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r2/sonota/20210630/20210630.html ![]() |
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March 30, 2022 | Publication of the updated Answers to Frequently Asked Questions Regarding "Guidelines for Anti-Money Laundering and Combating the Financing of Terrorism" <Summary> The FSA has published the updated Answers to Frequently Asked Questions Regarding ![]() The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r3/202203_amlcft_faq/202203_amlcft_faq.html ![]() |
March 30, 2022 | Updated statistics of money lending business |
March 29, 2022 | Joint meeting of Directors-General of the Local Finance Bureaus and Directors of the Regional Bureaus of Economy, Trade and Industry <Summary> On March 28, 2022, the FSA held a joint online meeting of Directors-General of the Local Finance Bureaus and Directors of the Regional Bureaus of Economy, Trade and Industry, with the aim of further strengthening cooperation between the Local Finance Bureaus responsible for financial administration and the Regional Bureaus of Economy, Trade and Industry responsible for the administration of small and medium-sized enterprises (SMEs), thereby providing more attentive support to business entities in each region. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r3/ginkou/20220328.html ![]() |
March 28, 2022 | Publication of an outsourced survey report identifying and analyzing trends of sustainable finance in ASEAN countries <Summary> The FSA has published the results of an ![]() ![]() *The survey report is available only in Japanese. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/common/about/research/20220328/20220328.html ![]() |
March 28, 2022 | The FSA's initiatives for the reduction of food loss as well as food donation through the effective use of a portion of the government's emergency food reserves <Summary> From the perspective of reducing food loss and supporting people in need, the FSA has been engaging in food donation to food bank (hunger-relief) organizations and other outreach groups since August 2021, by making effective use of a portion of food reserves (mainly non-perishable foods, such as canned goods) that are originally kept for disaster-relief/emergency by the government. The FSA has called for applications for its third offering of a portion of its emergency food reserves, subsequent to the second offering made in November 2021. (The offering is for residents in Japan). The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/choutatu/choutatu_j/choutatsu_saigaisyokuhin.html ![]() |
March 25, 2022 | The FSA's new web portal site for Regional Banking Summit (Re:ing/SUM) <Summary> The FSA launched a new web portal site for the information on Regional Banking Summit (Re:ing/SUM). Archive videos for the sessions held for RE:ing/SUM (FY 2021) are currently available through its archive streaming service. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r3/ginkou/20220125/20220125.html#archive ![]() |
March 25, 2022 | Publication of the updated FY 2021 edition of the reference casebook of good practices on the disclosure of narrative information <Summary> Following the publication of the FY 2021 edition of the reference casebook* in February 2022, the FSA published the updated FY 2021 edition by adding good practices on the following section items: - Audit Status, and - Remuneration of Officers. *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. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r3/singi/20220325.html ![]() |
March 25, 2022 | Request for financial measures to deal with the outbreak of highly pathogenic avian flu (HPAI) in Miyagi Prefecture (The Tohoku Local Finance Bureau) <Summary> The Tohoku Local Finance Bureau issued a statement "Financial Measures in Response to the Report of the Subspecies of Highly Pathogenic Avian Influenza (HPAI)" to relevant financial institutions in Miyagi Prefecture on March 25, 2022. The statement requests financial institutions to cooperate with prefectural authorities and appropriately deal with HPAI-affected parties (poultry farms, processors, and trade) considering their circumstances, such as by attentively responding to the needs of business management consultation and new loans or the changing of loan terms. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r3/ginkou/20220325-3.html ![]() |
March 25, 2022 | Publication of the PoC test results of the sixth project for "FinTech PoC (Proof-of-Concept) Hub" <Summary> From the perspective of further acceleration of challenges toward financial innovation utilizing FinTech, on September 21, 2017, the FSA has launched "FinTech PoC (Proof-of-Concept) Hub" to eliminate the hesitation and concern that FinTech firms and financial institutions are inclined to have in conducting unprecedented tests. Since its launch, the Hub has selected eight PoC projects so far, in which the Hub has offered support by forming special working teams for the respective projects in cooperation with other relevant authorities as necessary. In the meantime, the sixth project (selected on April 10, 2020) has finalized its PoC test and the FSA has accordingly published its PoC test results. The sixth project is related to the "Comprehensive Guidelines for Supervision of Major Banks, etc." and the "Guidelines for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)." The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r3/sonota/20220325/20220325.html ![]() |
March 25, 2022 | Warning with respect to the recent developments that call for enhancements to cybersecurity measures at financial institutions <Summary> On March 24, 2022, the FSA urged financial institutions, with the leadership of their senior management, to deepen their awareness of the threat of cyberattacks, and to ensure that the following measures indicated in the FSA's alerts issued on February 23 and March 1 are taken: (1) Measures to mitigate cyber-risk (2) Measures for early detection of cyber incidents, and (3) Measures for appropriate response and recovery in the event of a cyber-incident. Moreover, the FSA reminded financial institutions of promptly reporting to the FSA or the Local Finance Bureaus in the event of a cyber-attack. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r3/cyber/0324oshirase.html ![]() |
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