Financial Services AgencyFSA Weekly Review No.500

August 4, 2022

What’s New on the FSA Website

Week of July 22, 2022 - July 28, 2022

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

Press Conferences

July 22, 2022 Press Conference by the Minister of State for Financial Services (July 5, 2022) 

Public Comments

July 22, 2022 Publication of the draft amendments to the "Comprehensive Guidelines for Supervision of Trust Companies, etc." (provisional English title) for public consultation
<Summary>
The FSA has published the draft amendments to the "Comprehensive Guidelines for Supervision of Trust Companies, etc." (provisional English title) for public consultation.
The proposal mainly intends to expressly set forth supervisory focal points in the said Guidelines in response to the change that allows trust banks to provide crypto-assets (virtual currencies) custody services, which are currently not allowed for trust banks and which fall under the category of custodial trust business, subject to completion of the approval process for modifications to business operations by filing the Operational Method Statement anew.
Public comments will be accepted until 12:00 p.m. [noon] (JST), August 22, 2022.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/news/r4/ginkou/20220722/20220722.htmlopen new window

Press Releases

International 

July 26, 2022 Updated : International Financial Center Website

Others

July 28, 2022 Open Policy Lab Initiative
July 28, 2022 Updated：Statistics of money lending business
July 27, 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 June 2022. (Available only in Japanese).
 
Common topics across the groups were:

- TIBOR (Tokyo Interbank Offered Rate) exposure survey by JBA (Japanese Bankers Association)

- "Analysis Report on System Failures at Financial Institutions" (provisional English title)

- "Report on Results of the Survey on IT Governance of Financial Institutions" (provisional English title)

- English version of the updated Answers to Frequently Asked Questions Regarding "Guidelines for Anti-Money Laundering and Combating the Financing of Terrorism"

- Request for comments from the financial sector pertaining to the updated Answers to Frequently Asked Questions Regarding "Guidelines for Anti-Money Laundering and Combating the Financing of Terrorism"

- Initiatives for sustainable finance

- Deliverables from the G7 Finance Ministers and Central Bank Governors' Meeting held in May 2022, and

- Outcome from the international symposium titled "Transition to Net-Zero: The Role of Finance and Pathway toward a Sustainable Future."

* 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 June 2022, opinion exchange meetings were held respectively with five groups: major banks, etc.; the Regional Banks Association of Japan and the Second Association of Regional Banks; the Life Insurance Association of Japan; the General Insurance Association of Japan; and the Japan Securities Dealers Association (JSDA).

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/common/ronten/index.html#Juneopen new window
July 22, 2022 Establishment of "Human Capital Management Consortium" (provisional English title)
<Summary>
A call was made for the establishment of "Human Capital Management Consortium" (provisional English title) to share advanced practices in human capital management, discuss inter-company collaboration, and consider disclosure-effectiveness, whereby its inaugural plenary meeting will be held on August 25, 2022. The Ministry of Economy, Trade and Industry and the FSA will participate in the Consortium as observers.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/news/r4/sonota/20220725.htmlopen new window

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