FSA Weekly Review No.504 September 8, 2022

FSA Weekly Review No.504: September 8, 2022

What’s New on the FSA Website

Week of August 26, 2022 - September 1, 2022

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

Public Comments

August 31, 2022	Publication of the "Cabinet Office Order to Amend the Cabinet Office Order Specifying the Form of Identification Card that Needs to be Carried by an Official of the Financial Services Agency, etc., in Conducting Inspection" <Summary> The FSA published the "Cabinet Office Order to Amend the Cabinet Office Order Specifying the Form of Identification Card that Needs to be Carried by an Official of the Financial Services Agency, etc., in Conducting Inspection." The amendments to the Cabinet Office Order mainly pertain to technical amendments in conjunction with the partial enforcement of the "Act Partially Amending the Act on Securing Compensation for Automobile Accidents and the Act on Special Accounts" (Act No. 65 of 2022). As the amendments pertain to the arrangement of the provisions necessary in accordance with establishment, amendment or repeal of other laws and regulations, the amendments were enforced on September 1, 2022, without implementation of public consultation, pursuant to the "Administrative Procedure Act." The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/ginkou/20220831/20220831.html
August 31, 2022	Public Consultation on Partial Amendment for Regulatory Notice Specifying the Documents Based on Article 2 (1) of the Cabinet Office Order on Financial Instruments Business, etc.

August 31, 2022

Publication of the "Cabinet Office Order to Amend the Cabinet Office Order Specifying the Form of Identification Card that Needs to be Carried by an Official of the Financial Services Agency, etc., in Conducting Inspection"
<Summary>
The FSA published the "Cabinet Office Order to Amend the Cabinet Office Order Specifying the Form of Identification Card that Needs to be Carried by an Official of the Financial Services Agency, etc., in Conducting Inspection."
The amendments to the Cabinet Office Order mainly pertain to technical amendments in conjunction with the partial enforcement of the "Act Partially Amending the Act on Securing Compensation for Automobile Accidents and the Act on Special Accounts" (Act No. 65 of 2022).
As the amendments pertain to the arrangement of the provisions necessary in accordance with establishment, amendment or repeal of other laws and regulations, the amendments were enforced on September 1, 2022, without implementation of public consultation, pursuant to the "Administrative Procedure Act."

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/news/r4/ginkou/20220831/20220831.html open new window

August 31, 2022

Public Consultation on Partial Amendment for Regulatory Notice Specifying the Documents Based on Article 2 (1) of the Cabinet Office Order on Financial Instruments Business, etc.

Press Releases

Policies

August 31, 2022	Publication of the request for budget, organization and staff for FY 2023 <Summary> The FSA published an overview of the request for budget, organization and staff for FY 2023. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/common/budget/yosan/5youkyuu.html
August 31, 2022	Publication of the expenditure budget request for FY 2023 <Summary> The FSA published the expenditure budget request for FY 2023. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/common/budget/yosan/5youkyuu-2.html
August 31, 2022	Publication of the FSA's FY 2023 request for tax revisions <Summary> The FSA published the FY 2023 request for tax revisions. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/sonota/20220831.html

Banks

August 26 and 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 July 31, 2022. *The majority of the data reflects the data until July 31, 2022, whereas the data of cooperative financial institutions reflects the data until June 30, 2022. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/ordinary/coronavirus202001/kashitsuke/20200430.html
August 30, 2022	Report on the measures for the resolution of failed financial institutions <Summary> The FSA submitted to the National Diet a report on the measures for the resolution of failed financial institutions (the FRC report) pursuant to the "Act on Emergency Measures for the Revitalization of the Financial Functions." The report covers developments between October 1, 2021, and March 31, 2022. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/ginkou/20220830/220830.html
August 26, 2022	The FSA publishes the status of loans held by all banks as of the end of March 2022, based on the Financial Reconstruction Act
August 26, 2022	Release of “Pilot Scenario Analysis Exercise on Climate-Related Risks Based on Common Scenarios”

Insurance

September 1, 2022	Administrative action against Pets Best Japan Co., Ltd. (The Kanto Local Finance Bureau) <Summary> Further to the respective administrative actions taken against Pets Best Japan Co., Ltd. by the Kanto Local Finance Bureau in June and August 2022, as of September 1, 2022, the said Bureau took administrative action against Pets Best Japan Co., Ltd., ordering the administration of business and property by the receivers and receiver representatives of the said insurer pursuant to Article 241, paragraph (1) of the "Insurance Business Act,". The main reasons for the above administrative action are the following: the insurer's inability to secure the source of payment of insurance claims; difficulty in resolving the delay in payment of insurance claims and other benefits; and a high possibility that the insurer will be unable to make timely and appropriate payment of insurance claims and other benefits in the future. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/hoken/20220901.html
August 31, 2022	Updated one-stop access* to relevant information on prudential policies, including an economic value-based solvency regulatory framework (mainly for insurance companies) <Summary> The FSA has updated the one-stop access* to the relevant information on prudential policies, including an economic value-based solvency regulatory framework (mainly for insurance companies). The updates mainly pertain to the specifications and templates for field tests scheduled in FY 2022 that are to be implemented for all insurers to review economic value-based valuation and supervision methodologies. * The one-stop access mainly shares information pertaining to the FSA's "Advisory Council on Economic Value-Based Framework," field test results in respect of economic value-based assessment and monitoring methodologies, and survey reports (outsourced to external parties). The Advisory Council was established to seek directions for the future introduction of an economic value-based solvency framework for insurance companies in Japan, while also taking into account global developments on the matter. The Advisory Council consists of academics and practitioners with relevant expertise and perspectives. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/policy/economic_value-based_solvency/index.html

September 1, 2022

Administrative action against Pets Best Japan Co., Ltd. (The Kanto Local Finance Bureau)
<Summary>
Further to the respective administrative actions taken against Pets Best Japan Co., Ltd. by the Kanto Local Finance Bureau in June and August 2022, as of September 1, 2022, the said Bureau took administrative action against Pets Best Japan Co., Ltd., ordering the administration of business and property by the receivers and receiver representatives of the said insurer pursuant to Article 241, paragraph (1) of the "Insurance Business Act,".

The main reasons for the above administrative action are the following: the insurer's inability to secure the source of payment of insurance claims; difficulty in resolving the delay in payment of insurance claims and other benefits; and a high possibility that the insurer will be unable to make timely and appropriate payment of insurance claims and other benefits in the future.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/news/r4/hoken/20220901.html open new window

August 31, 2022

Updated one-stop access* to relevant information on prudential policies, including an economic value-based solvency regulatory framework (mainly for insurance companies)
<Summary>
The FSA has updated the one-stop access* to the relevant information on prudential policies, including an economic value-based solvency regulatory framework (mainly for insurance companies).
The updates mainly pertain to the specifications and templates for field tests scheduled in FY 2022 that are to be implemented for all insurers to review economic value-based valuation and supervision methodologies.

* The one-stop access mainly shares information pertaining to the FSA's "Advisory Council on Economic Value-Based Framework,"** field test results in respect of economic value-based assessment and monitoring methodologies, and survey reports (outsourced to external parties).

** The Advisory Council was established to seek directions for the future introduction of an economic value-based solvency framework for insurance companies in Japan, while also taking into account global developments on the matter. The Advisory Council consists of academics and practitioners with relevant expertise and perspectives.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/policy/economic_value-based_solvency/index.html open new window

Others

September 1, 2022	Approval of the plan for new business activities for Meiwa-machi Chamber of Commerce and Industry* <Summary> The FSA announced that the Prime Minister and the Minister of Economy, Trade and Industry approved and published the plan for new business activities for Meiwa-machi Chamber of Commerce and Industry* based on the "Act on Strengthening Industrial Competitiveness." *As this entity has no English entity name, the Romanized version of the Japanese entity name is stated here. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/sonota/20220901/20220901.html
September 1, 2022	Launch of "AI Chatbot" <Summary> The FSA's Counseling Office for Financial Services Users has decided to introduce "AI Chatbot" from September 1, 2022, in which AI (artificial intelligence) will respond to common online inquiries (frequently asked questions) about financial administration and general financial services, aimed at enhancing financial services users' convenience. "AI Chatbot" is accessible by clicking on the icon that appears in the lower right corner of the screen of the FSA's web portal, and selecting or typing in a query. (Queries are available only in Japanese). The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/sonota/20220901.html
September 1, 2022	2022 campaign for multiple-debt problem consultation and the updated one-stop access to the campaign information <Summary> Consultation counters at the respective local governments have furthered development based on the "Program to Remedy the Multiple-Debt Problem" which was decided in April 2007 by the Headquarters for the multiple-debt problems in the Cabinet Office (headed by the State Minister in Charge of Financial Affairs). Meanwhile, the FSA has been cooperating with Local Finance Bureaus, local governments, and related organizations to run an annual campaign for multiple-debt problem consultation based on the said Program. The annual campaign is mainly aimed at enhancing the public awareness of the consultation counters and encouraging potential multiple debtors to seek advice from professionals at the consultation counters. The 2022 annual campaign has been scheduled from September 1 through December 31, 2022, wherein free of charge consultation services are provided nationwide and publicity activities are held to encourage the potential multiple debtors to come to the consultation counters. In this regard, the FSA updated its subpage which provides one-stop access to the information of 2022 annual campaign for multiple-debt problem consultation. Among various approaches and efforts taken by the FSA and relevant parties during the campaign, the subpage particularly highlights the schedule-information on temporary consultation sessions held (and to be held) during the campaign by professionals respectively from bar associations, shiho-shoshi lawyer’s associations, local finance bureaus, and prefectures, as well as information on permanent points of contact for consultations. The original press release is available in Japanese at the following URLs. https://www.fsa.go.jp/policy/kashikin/soudankai2022.html https://www.fsa.go.jp/policy/kashikin/campaign/campaign2022.html
August 30, 2022	Updated statistics of money lending business
August 29, 2022	Termination of the pre-existing (old) e-filing system (using the "e-Gov" system) to accept applications and notifications for administrative procedures within the purview of the FSA, due to the shift to the new e-filing system <Summary> Currently, the FSA has two e-filing (electronic filing) systems (called "Financial Services Agency Electronic Application and Notification System(s)") to accept applications and notifications for administrative procedures within the purview of the FSA. One is the pre-existing (old) e-filing system by logging in from the "e-Gov"* system, which has been in operation since 2014, and the other is the newly launched cloud service-based e-filing system, which has been in operation since June 30, 2021. On August 29, 2022, the FSA issued an announcement (available only in Japanese) to the relevant financial associations to inform their member financial institutions and so forth that the pre-existing (old) e-filing system using the "e-Gov" system will no longer be available from 5:45 p.m., October, 14, 2022, and that the filing of applications and notifications (within the purview of the FSA) will be accepted solely through the said new e-filing system. The FSA requests financial associations, etc. to ensure timely dissemination of the information on the termination of the old e-filing system to their member financial institutions. The "e-Gov" system itself will remain available for e-filings that are within the purview of ministries and agencies other than the FSA. *"e-Gov" is a comprehensive e-government portal. "e-Gov" enables e-filings of applications and notifications for administrative procedures to be carried out using computer terminals via the Internet. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/sonota/20220829/20220829.html
August 26, 2022	New web form for individual registration to REVICareer and the FSA's new web portal site for human resource intermediation to encourage matching of human resources for regional corporate management <Summary> The FSA has been promoting the project* for matching human resources for regional corporate management to create a new inflow of professionals from major corporations to small- and medium-sized enterprises through the human resource intermediary functions of regional financial institutions, thereby encouraging professionals with expertise at major corporations to play an active role in the respective regions. In this regard, the FSA launched a new web portal site for human resource intermediary services, which publicizes initiatives and reference materials aimed at enhancing the human resource intermediary functions of financial institutions, followed by the launch of "Human Resource Concierge Desk" to accept consultative inquiries/requests from regional financial institutions. *In conjunction with this project, REVIC (Regional Economy Vitalization Corporation of Japan) has been developing a human resources platform called "REVICareer" since October 2021. "REVICareer" is designed to match employees of major companies seeking to work for regional companies with regional financial institutions that have identified the need to hire management personnel from small and medium-sized companies. "REVICareer" now has a registration web-form for individual employees and officers of major companies. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/sonota/20220826/20220826.html

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