Financial Services AgencyFSA Weekly Review No.494

June 23, 2022

What’s New on the FSA Website

Week of June 10, 2022 - June 16, 2022

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

Public Comments

June 16, 2022 Publication of the finalized amendments to the regulatory notice designating recipients of provided information where the provision of information constitutes high-speed trading after public consultation
<Summary>
The FSA has published the finalized amendments to the regulatory notice designating recipients (destination) of provided information where the provision of information constitutes high-speed trading after public consultation.
The amendments add Osaka Digital Exchange Co., Ltd. to the list of recipients of provided information where the provision of information constitutes high-speed trading, pursuant to the provisions of Article 26 (1) of the "Cabinet Office Order on Definitions under Article 2 of the Financial Instruments and Exchange Act."
The amendments took effect on June 17, 2022. 

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/news/r3/shouken/20220616/20220616.htmlopen new window
June 16, 2022 Publication of the updated regulatory notice designating an electronic data processing system pursuant to the provisions of Article 6-2, paragraph (2) of the "Order for Enforcement of the Financial Instruments and Exchange Act"
<Summary>
The FSA has published the updated regulatory notice designating an electronic data processing system pursuant to the provisions of Article 6-2, paragraph (2) of the "Order for Enforcement of the Financial Instruments and Exchange Act."
The updated regulatory notice adds transactions of listed securities in the proprietary trading system operated by Osaka Digital Exchange Co., Ltd. to the transactions exempted from the application of the so-called 5% rule for tender offers (Article 27-2, Paragraph 1, Item 1 of the said Act), and to provide other relevant and applicable amendments. The updated regulatory notice took effect on June 16, 2022.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/news/r3/shouken/20220616-2/20220616-2.htmlopen new window

Press Releases

International 

June 14, 2022 Updated : International Financial Center Website
June 14, 2022 Summary of Results of the FSA-sponsored International Symposium “Transition to Net-Zero: The Role of Finance and Pathway toward a Sustainable Future” 
June 10, 2022 The first Meeting of the UK-Japan Financial Regulatory Forum and Exchange of Letters on Co-operation in the area of Financial Regulation with HMT

Publication

June 15, 2022 PDFFSA publishes English translation of monthly magazine, Access FSA No.222

Councils

June 13, 2022 Publication of a summary of discussions of the "Working Group on Corporate Disclosure" (FY 2021) of the Financial System Council
<Summary>
The FSA published a summary of discussions of the past nine meetings of "Working Group on Corporate Disclosure" (FY 2021) of the Financial System," which were held to review and discuss favorable methods of corporate disclosure from September 2021 through May 2022.
The summary of discussions was compiled by the working group as a report entitled, PDF"Report of Working Group on Corporate Disclosure (FY 2021) – Toward the Creation of a Capital Market That Will Contribute to Medium- and Long-Term Enhancement in Corporate Value" (provisional English title)open new window [the report is only available in Japanese].*
The report will hereafter be presented at the general meeting of the Financial System Council and the meeting of the Sectional Committee on Financial System.
*PDFAn abridged versionopen new window is also available (only in Japanese).

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/singi/singi_kinyu/tosin/20220613.htmlopen new window
June 13, 2022 Publication of the agenda and handouts of the 62nd Meeting of the Financial Service ADR (Alternative Dispute Resolution) Liaison Group 
<Summary>
The FSA published the agenda and handouts of the 62nd Meeting of the Financial Service ADR Liaison Group, which was held on June 13, 2022.
The liason group members discussed the operational status of the respective designated dispute resolution organizations in FY2021, as well as the challenges of resolving complaints and disputes in business sectors where there are no designated dispute resolution organizations.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/singi/singi_trouble/siryou/20220613.htmlopen new window
June 10, 2022 Stewardship Code : 322 institutional investors have signed up to the Principles for Responsible Institutional Investors as of May 31, 2022 

Banks

June 10, 2022 Joint meeting of Directors-General of the Local Finance Bureaus and Directors of the Regional Bureaus of Economy, Trade and Industry
<Summary>
On June 9, 2022, following the previous meeting held on March 28, 2022open new window, 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/20220610.htmlopen new window

Insurance

June 13, 2022 Approval of a business adaptation plan for Sony Life Insurance Company, Ltd.
<Summary>
The FSA approved and published a business adaptation plan for Sony Life Insurance Company, Ltd. based on the "Industrial Competitiveness Enhancement Act." The implementation period of the adaptation plan will be from June 2022 to March 2027.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/news/r3/hoken/20220613/20220613.htmlopen new window
June 10, 2022 Administrative action against Pets Best Japan Co., Ltd., (The Kanto Local Finance Bureau)
<Summary>
The Kanto Local Finance Bureau took an administrative action against Pets Best Japan Co., Ltd., ordering the suspension of the entity's small amount and short term insurance business operations in regard to services associated with the solicitation and conclusion of new policies and the renewal of policies (except for certain services that are exempted from suspension of operations by the FSA from a customer-protection perspective), from June 11, 2022, to August 10, 2022, and the improvement of its business operations pursuant to the "Insurance Business Act." This administrative action is based on the findings from the mandatory reports filed by Pets Best Japan Co., Ltd. in response to the FSA's order to submit a report pertaining to the conduct of its business.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/news/r3/hoken/20220610.htmlopen new window

Others

June 16, 2022 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 business without proper registration. (See the updated list of ExcelJapan-based entities新しいウィンドウで開きます*).
* This list also includes the warned non-registered entities with untraceable/unidentified addresses.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/ordinary/chuui/mutouroku.htmlopen new window
June 15, 2022 Warning against fake/fraudulent websites claiming to represent the FSA
<Summary>
While the existence of fake/fraudulent websites claiming to represent the FSA is confirmed, the FSA has alerted the public to be aware of computer virus infection risks and other relevant risks when accessing fake/fraudulent websites that imitate the FSA's website. The FSA stresses that its official URL is https://www.fsa.go.jp/en/, and urges the public to ensure that they access the correct, official website.
Meanwhile, the existence of fake/fraudulent websites displaying the same content as genuine websites of Japanese government agencies, public organizations such as local governments, companies, and associations has also been confirmed, whereby National center of Incident readiness and Strategy for Cybersecurity (NISC) under the Chief Cabinet, has issued a PDFwarningopen new window on its website. The FSA also urges the public to check the updated information on NISC.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/news/r3/sonota/20220615.htmlopen new window
June 13, 2022 Updated list of issuers of gift certificates in repayment procedures based on the "Payment Services Act"
June 10, 2022 Publication of the main issues raised by the FSA at opinion exchange meetings with the relevant associations in the financial sector
<Summary>
The FSA has published the main issues raised by the FSA at opinion exchange meetings* held with the relevant associations in the financial sector in May 2022. (Available only in Japanese).
 
Common topics across the groups were:
  • The updated answers to frequently asked questions regarding "Guidelines for Anti-Money Laundering and Combating the Financing of Terrorism"
  • Promotion of obtaining and utilizing "my number card" to financial services users 

Other notable issues discussed by most but not all groups were:
  • Ensuring the facilitation of financing for corporate borrowers in response to the government's decision to implement comprehensive emergency measures to address soaring crude oil prices and other commodity prices
  • Further initiatives and approaches to be taken based on "Basic Perspectives of 'Guidelines for Personal Guarantee Provided by Business Owners' in the Event of the Closure of a Business" (provisional English title)
 

* To enhance the transparency of its administration and to share its awareness of issues in the financial sector in a timely manner, the FSA publishes every month the main issues raised by the FSA at opinion exchange meetings with the relevant associations** in the financial sector. Opinion exchange meetings are held with the respective associations on a regular basis.

** In May 2022, opinion exchange meetings were held respectively with six groups: major banks, etc.; the Regional Banks Association of Japan and the Second Association of Regional Banks; the National Association of Shinkin Banks; Community Bank Shinyo Kumiai (National Central Society of Credit Cooperatives); Japan Financial Services Association; and the labor banks sector.



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

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