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FSA Weekly Review No.506 - September 26, 2022
What’s New on the FSA Website
Week of September 9, 2022 - September 15, 2022
This page contains the latest in events, developments, and updates to the FSA website.
Press Conferences
Public Comments
| September 14, 2022 | Publication of the draft amendments to "Comprehensive Guidelines for Supervision of Insurance Companies" and to "Comprehensive Guidelines for Supervision of Authorized Specified-Insurers" (provisional English title) for public consultation <Summary> The FSA published the draft amendments to "Comprehensive Guidelines for Supervision of Insurance Companies" and to "Comprehensive Guidelines for Supervision of Authorized Specified-Insurers" (provisional English title) for public consultation. The proposal is mainly intended to ensure that corporate initiatives to improve accessibility for customers with disabilities are permanently instilled in the insurance business sector. Public comments will be accepted until 5:00 p.m. (JST), October 14, 2022. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/hoken/20220914-2/20220914-2.html  |
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| September 12, 2022 | Publication of the finalized "Cabinet Office Order to Amend the Cabinet Office Order on Definitions Under Article 2 of the Financial Instruments and Exchange Act" after public consultation <Summary> In response to the proposition made by the SESC (Securities and Exchange Surveillance Commission) regarding the solicitation of offers to acquire (corporate) membership rights "by limited liability companies," the FSA finalized the "Cabinet Office Order to Amend the Cabinet Office Order on Definitions Under Article 2 of the Financial Instruments and Exchange Act" after public consultation. In particular, the finalized Cabinet Office Order provides amendments to the provisions on the issuer of corporate membership rights from the perspective of ensuring the appropriateness of the solicitation of acquisitions of membership rights by employees of limited liability companies, and so forth. The finalized Cabinet Office Order will be enforced on October 3, 2022. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/shouken/20220912/20220912.html |
| September 12, 2022 | Publication of the "Guidelines for Creating, Recordkeeping and Reporting of Transaction Information specified in Article 4(1) of the Cabinet Office Order on the Regulation of Over-the-Counter Derivatives, etc. (Draft)" - Open for Public Comments |
| September 9, 2022 | Publication of the draft amendments to the regulatory notice pertaining to Pillar 1 and Pillar 3 requirements of capital adequacy alongside the draft amendments to the "Comprehensive Guidelines for Supervision of Major Banks, etc." and other relevant and applicable regulatory notices and guidelines for public consultation <Summary> The FSA proposed the draft amendments to the "regulatory notice pertaining to Pillar 1 and Pillar 3 requirements of capital adequacy" alongside the draft amendments to the "Comprehensive Guidelines for Supervision of Major Banks, etc." and other relevant and applicable regulatory notices and guidelines for public consultation. The proposal is mainly aimed at providing further amendments to the regulatory notice for certain business types (banks and bank holding companies) promulgated in April 2022 for the implementation of the finalized Basel III,* thereby providing corresponding amendments to the aforementioned comprehensive guidelines as well as other relevant and applicable regulatory notices and guidelines. Public comments will be accepted until 5:00 p.m. (JST), October 11, 2022. *The finalized Basel III framework refers to a consolidated package of the "Basel III framework" (December 2017) and the "market risk capital framework (minimum capital requirements for market risk)" (January 2019).The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/ginkou/20220909.html |
| September 9, 2022 | Publication of the draft "regulatory notice designating the criteria for indicating the status of soundness of corporate management in regard to large exposures, etc., which is set forth by the highest designated parent company as the criteria for judging the soundness in the management of such highest designated parent company and its subsidiary companies, etc." (provisional English title), alongside the draft "Cabinet Office Order to Amend the Regulation for Enforcement of the Banking Act, etc." for public consultation <Summary> The FSA published the draft "regulatory notice designating the criteria for indicating the status of soundness of corporate management in regard to large exposures, etc., which is set forth by the highest designated parent company as the criteria for judging the soundness in the management of such highest designated parent company and its subsidiary companies, etc." (provisional English title), alongside the draft "Cabinet Office Order to Amend the Regulation for Enforcement of the Banking Act, etc." for public consultation. The proposal is intended to make necessary amendments, etc., mainly in regard to the Large Exposures (LEX) Framework as follows. - Introduction of the LEX Framework to the highest designated parent company group - Development of the calculation method for exposures in trading accounts of banks, etc., and - Other relevant and applicable matters. Public comments will be accepted until 12:00 p.m. [noon] (JST), October 10, 2022. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/shouken/20220909/20220909.html |
Press Releases
Councils
| September 9, 2022 | Publication of the agenda and handouts of the 20th 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 20th meeting of the "Working Group on Capital Market Regulations" (provisional English title) of the Financial System Council, which was held on September 12, 2022. The working group members discussed specific measures to be taken in accordance with "Interim Summary Report of Working Group on Capital Market Regulations" (provisional English title) published in June 2022. They decided to launch a "Customer-Oriented Business Conduct Task Force"* (provisional English title) to further discuss matters related to the promotion of the sharing of economic growth benefits to households. *The first meeting of the Task Force was held on September 26, 2022. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp//singi/singi_kinyu/market-system/siryou/20220912.html |
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Banks
| September 15, 2022 | Approval of the business restructuring plans for certain financial institutions <Summary> The FSA approved and published the business restructuring plans for the following financial institutions based on the "Industrial Competitiveness Enhancement Act." (1) THE IYO BANK, Ltd. (2) The Chugoku Bank, Limited (3) THE SHIZUOKA BANK, LTD. The original press releases are available in Japanese at the following URLs. https://www.fsa.go.jp/news/r4/ginkou/20220915/20220915-1-1.html  https://www.fsa.go.jp/news/r4/ginkou/20220915/20220915-2-2.html https://www.fsa.go.jp/news/r4/ginkou/20220915/20220915-3-2.html |
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| September 15, 2022 | Authorization granted to THE SHIZUOKA BANK, LTD. to become a bank holding company by having a bank as its subsidiary <Summary> The FSA granted authorization to THE SHIZUOKA BANK, LTD. to become a bank holding company, namely, Shizuoka Financial Group, Inc., by having a bank as its subsidiary, pursuant to the "Banking Act." The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/ginkou/20220915/20220915-3-1.html |
| September 15, 2022 | Authorization granted to The Chugoku Bank, Limited to become a bank holding company by having a bank as its subsidiary <Summary> The FSA granted authorization to The Chugoku Bank, Limited to become a bank holding company, namely, Chugin Financial Group, Inc., by having a bank as its subsidiary, pursuant to the "Banking Act." The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/ginkou/20220915/20220915-2-1.html |
| September 15, 2022 | Authorization granted to THE IYO BANK, Ltd. to become a bank holding company by having a bank as its subsidiary <Summary> The FSA granted authorization to THE IYO BANK, Ltd. to become a bank holding company, namely, Iyogin Holdings, Inc., by having a bank as its subsidiary, pursuant to the "Banking Act." The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/ginkou/20220915/20220915-1-2.html |
| September 9, 2022 | Publication of the results of the questionnaire survey on financial institutions' service introduction of deposits/savings and/or trusts to support the statutory (adult) guardianship system (so-called guardianship system support deposits/savings/trusts) <Summary> The FSA published the results of the questionnaire survey on financial institutions' service introduction of deposits/savings and/or trusts to support the statutory (adult) guardianship system (so-called guardianship system support deposits/savings/trusts). The survey results reflect the data compiled as of March 31, 2022. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/ginkou/20220909/20220909.html |
Securities
| September 12, 2022 | Administrative penalty charge against Atlantic Trading London Limited for market manipulation regarding long-term JGB (Japanese Government Bond) futures <Summary> On September 9, 2022, the FSA issued an order to impose an administrative penalty charge against Atlantic Trading London Limited for market manipulation regarding long-term JGB (Japanese Government Bond) futures, in violation of the "Financial Instruments and Exchange Act." The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/shouken/20220909-3.html |
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Insurance
| September 15, 2022 | Administrative action against YourSide SSI Co., Ltd. (The Chugokuo Local Finance Bureau) <Summary> The Chugoku Local Finance Bureau took administrative action against YourSide SSI Co., Ltd. pursuant to the "Insurance Business Act," 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 Chugoku Local Finance Bureau from a customer-protection perspective), from September 16, 2022, to March 15, 2023, thereby ordering the improvement of the entity's business operations. * The suspension of business operations will be lifted if a fundamental review of the business management structure is carried out and the status of the review is confirmed by a statutory report to be filed by the entity based on the business improvement order. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/hoken/20220915.html |
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| September 14, 2022 | Publication of the draft amendments to "Comprehensive Guidelines for Supervision of Insurance Companies" and to "Comprehensive Guidelines for Supervision of Authorized Specified-Insurers" (provisional English title) for public consultation <Summary> The FSA published the draft amendments to "Comprehensive Guidelines for Supervision of Insurance Companies" and to "Comprehensive Guidelines for Supervision of Authorized Specified-Insurers" (provisional English title) for public consultation. The proposal is mainly intended to ensure that corporate initiatives to improve accessibility for customers with disabilities are permanently instilled in the insurance business sector. Public comments will be accepted until 5:00 p.m. (JST), October 14, 2022. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/hoken/20220914-2/20220914-2.html |
| September 14, 2022 | Results of the survey on insurance companies' efforts/initiatives taken to ensure that accessibility services are offered to their customers with disabilities <Summary> The FSA published the results of the survey on insurance companies' efforts/initiatives taken to ensure accessibility for their customers with disabilities (as of March 31, 2022). The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/hoken/20220914/20220914.html |
Others
| September 15, 2022 | Updated list of issuers of gift certificates in repayment procedures based on the "Payment Services Act" |
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| September 14, 2022 | Contribution of “JFSA's approach to climate-related financial risk management” to the Eurofi Magazine |
| September 14, 2022 | Contribution of “Three major policy perspectives for financial regulators regarding crypto-assets” to the Eurofi Magazine |
| September 9, 2022 | Stewardship Code : 322 institutional investors have signed up to the Principles for Responsible Institutional Investors as of August 31, 2022 |
| September 9, 2022 | Publication of the list of financial institutions satisfying the certain fill-in requirements of the designated reporting format pertaining to the status of their initiatives and efforts that have been taken so far and are to be taken based on the "Principles for Customer-Oriented Business Conduct" (as of the end of June 2022), and the publication of an analysis report on the common KPIs comparable across investment trust distributors reported by the respective financial institutions on the said list (as of the end of March 2022) <Summary> The FSA updated the list of financial institutions satisfying the certain fill-in requirements of the designated reporting format pertaining to the status of their initiatives and efforts that have been taken so far and are to be taken based on the "Principles for Customer-Oriented Business Conduct" as of the end of June 2022, in order to visualize financial institutions' initiatives and efforts. The FSA aims at encouraging financial institutions to further visualize their customer-oriented business conduct by requesting them to meet the fill-in requirements of the format to report their initiatives and efforts based on the said Principles. The FSA also published an updated trend analysis report on the common KPIs comparable across investment trust distributors reported by the respective financial institutions as of the end of March 2022. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/kokyakuhoni/20220909/fd_20220909.html |
| September 9, 2022 | Activities of the FSA's Counseling Office for Financial Services Users for the period between April 1 and June 30, 2022 <Summary> The FSA's Counseling Office for Financial Services Users offers a counseling service to respond to inquiries and comments from financial services users. Between April 1 and June 30, 2022, the counseling office received 11,197 inquiries and comments, remaining roughly flat from 11,046 cases in the previous quarter (between January 1 and March 31, 2022). The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/soudan/2022soudan04-06/2022_04-06.html |
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