FSA Weekly Review No.507 September 30, 2022

FSA Weekly Review No.507: September 30, 2022

What’s New on the FSA Website

Week of September 16, 2022 - September 22, 2022

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

Public Comments

September 22, 2022	Publication of the draft "regulatory notice partially amending the measures to be taken with a parent company of a financial instruments business operator, etc. whose parent company is a foreign company, to ensure the continuous implementation of business operations in line with the business management structure that is required to be developed by the person/entity designated by the FSA, pursuant to Article 70-2(6) of the Cabinet Office Order on the Financial Instruments Business, etc." (provisional English title) for public consultation <Summary> The FSA published the draft "regulatory notice partially amending the measures to be taken with a parent company of a financial instruments business operator, etc. whose parent company is a foreign company, to ensure the continuous implementation of business operations in line with the business management structure required to be developed by the person/entity designated by the FSA, pursuant to Article 70-2(6) of the Cabinet Office Order on the Financial Instruments Business, etc." (provisional English title) for public consultation. The proposal is mainly intended to provide amendments in conjunction with the TLAC (Total Loss-Absorbing Capacity) framework for foreign securities companies. Public comments will be accepted until 12:00 p.m. [noon] (JST), October 24, 2022. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/shouken/20220922/20220922.html

September 22, 2022

Publication of the draft "regulatory notice partially amending the measures to be taken with a parent company of a financial instruments business operator, etc. whose parent company is a foreign company, to ensure the continuous implementation of business operations in line with the business management structure that is required to be developed by the person/entity designated by the FSA, pursuant to Article 70-2(6) of the Cabinet Office Order on the Financial Instruments Business, etc." (provisional English title) for public consultation
<Summary>
The FSA published the draft "regulatory notice partially amending the measures to be taken with a parent company of a financial instruments business operator, etc. whose parent company is a foreign company, to ensure the continuous implementation of business operations in line with the business management structure required to be developed by the person/entity designated by the FSA, pursuant to Article 70-2(6) of the Cabinet Office Order on the Financial Instruments Business, etc." (provisional English title) for public consultation.
The proposal is mainly intended to provide amendments in conjunction with the TLAC (Total Loss-Absorbing Capacity) framework for foreign securities companies.

Public comments will be accepted until 12:00 p.m. [noon] (JST), October 24, 2022.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/news/r4/shouken/20220922/20220922.html open new window

Press Releases

Councils

September 22, 2022	Publication of the agenda and handouts of the first meeting of the "Customer-Oriented Business Conduct Task Force" (provisional English title) <Summary> The FSA published the agenda and handouts of the first meeting of the "Customer-Oriented Business Conduct Task Force"* (provisional English title), which was held on September 26, 2022. The task force secretariat (the FSA) gave a briefing on the implementation status of the customer-oriented business conduct in the financial sector, followed by a discussion. The task force members discussed the following key topics: - An interim summary report of "Working Group on Capital Market Regulations" (provisional English title) and the current status of household asset building - The status of progress in customer-oriented business conduct in the financial sector, and - The financial literacy enhancement across Japan * This task force was launched by "Working Group on Capital Market Regulations" (provisional English title) of the Financial System Council to further discuss matters related to the customer-oriented business conduct. The FSA serves as the secretariat of both the task force and the working group. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/singi/singi_kinyu/kokyakuhoni_tf/siryou/20220926.html
September 22, 2022	Appointment of the Business Accounting Council's committee members <Summary> The Business Accounting Council’s committee members were appointed by the FSA's Commissioner. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/singi/20220922-2.html
September 16, 2022	Publication of the agenda and handouts of the 14th meeting of the "Expert Panel on Sustainable Finance" <Summary> The FSA published the agenda and handouts of the 14th meeting of the "Expert Panel on Sustainable Finance," which was held online on September 20, 2022. The secretariat of the expert panel gave a briefing on the following, whereby the expert panel members discussed the respective key topics thereof. - JFSA Strategic Priorities July 2022-June 2023 - Establishment of the Working Group on Financial Institutions' Efforts towards the Decarbonization of the Economy - Establishment of the Working Group on Impact Investment, and - Human resources development for professionals. *The Expert Panel is composed of business, financial, and academic experts 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/sustainable_finance/siryou/20220920.html

Banks

April 28, 2022	Warning against the surge in online banking fraud <Summary> The FSA issued a warning against online banking fraud arising from SMS (short message services)/email phishing attacks that surged in late August and through September 2022. To widely raise awareness of financial services users, the FSA, in collaboration with the National Police Agency, has shared on its website and twitter account about the scamming methods used by offenders in money-transfer scams targeting online financial services users, urging financial services users to take precautions, such as not opening unknown SMS messages and so forth. The FSA also urges financial services users to report to (and/or consult with) the authorities (such as the police or the FSA's Counseling Office for Financial Services Users), or the contact point of the Japanese Bank Association whenever any sign of fraudulence is detected. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/ordinary/internet-bank_2.html
September 22, 2022	Publication of the implementation reports of the Business Strengthening Plans and the relevant plans filed by financial institutions (as of March 2022) <Summary> The FSA published the implementation reports of the Business Strengthening Plans and the relevant plans filed by financial institutions (as of March 2022) pursuant to the "Act on Special Measures for Strengthening Financial Functions." The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/ginkou/20220922/20220922-1.html
September 22, 2022	Approval of the Business Strengthening Plans of financial institutions <Summary> The FSA approved as appropriate the Business Strengthening Plans newly filed by the following financial institutions that were financed through a state capitalization, pursuant to the "Act on Special Measures for Strengthening Financial Functions." - THE HOWA BANK, LTD. - The Tsukuba Bank, Ltd. - The Tohoku Bank, Ltd. In addition, the FSA published the Business Strengthening Plans and the Business Management Enhancement Guidance Plans filed on June 30, 2022, by the following shinkumi banks. - Tokyo Kosei Shinkumi Bank (The Shinkumi Federation Bank) - Yokohama Kogin Shinkumi Bank (The Shinkumi Federation Bank) The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/ginkou/20220922/20220922-2.html
September 22, 2022	Publication of the implementation report in regard to the "fund-grant system" filed by THE FUKUHO BANK, LTD. (as of March 2022) <Summary> The FSA published the implementation report in regard to the "fund-grant system" filed by THE FUKUHO BANK, LTD. (as of March 2022) pursuant to the "Act on Special Measures for Strengthening Financial Functions." The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/ginkou/20220922/20220922-4.html
September 22, 2022	Approval of the implementation plan filed by The Aichi Bank, Ltd. and The Chukyo Bank, Limited, in regard to the application for the "fund-grant system" pursuant to the "Act on Special Measures for Strengthening Financial Functions" <Summary> Upon receipt of the "implementation plan" from The Aichi Bank, Ltd. and The Chukyo Bank, Limited, in regard to the application for the "fund-grant system" pursuant to the "Act on Special Measures for Strengthening Financial Functions," the FSA approved the plan as appropriate after conducting a review and assessment from the perspective of the sustainability of providing core financial services to their services users. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/ginkou/20220922/20220922-5.html
September 22, 2022	Authorization granted to The Aichi Bank, Ltd. and The Chukyo Bank, Limited to become a bank holding company by having a bank as its subsidiary <Summary> The FSA granted authorization to The Aichi Bank, Ltd. and The Chukyo Bank, Limited to become a bank holding company, namely, Aichi 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/20220922/20220922-6.html
September 22, 2022	Publication of the outlines of proceedings of the 29th meeting as well as the minutes of the 24th meeting of the Examination Board on Strengthening of Financial Functions <Summary> The FSA published the outlines of proceedings of the 29th meeting as well as the minutes of the 24th meeting of the Examination Board on Strengthening of Financial Functions pursuant to Article 8 and 9 of the Operational Rules for the Board, respectively. The original press releases are available in Japanese at the following URLs. https://www.fsa.go.jp/singi/soff/gijiyoshi/20220901.html https://www.fsa.go.jp/news/r4/ginkou/20220922/20220922-3.html
September 20, 2022	Request for financial measures to deal with disasters caused by Typhoon No.14, 2022 (The Kyushu Local Finance Bureau, the Fukuoka Local Finance Branch Bureau, the Chugoku Local Finance Bureau, and the Shikoku Local Finance Bureau) <Summary> The following Local Finance Bureaus alongside the competent Branches of the Bank of Japan issued statements titled "Financial Measures to Deal with Disasters Caused by the Typhoon No.14, 2022" (available only in Japanese) to the relevant financial institutions: - The Kyushu Local Finance Bureau alongside Oita, Kumamoto, and Kagoshima Branches of the Bank of Japan (Statement issued as of September 20, 2022) - The Fukuoka Local Finance Branch Bureau alongside the Kitakyushu, Fukuoka, and Nagasaki Branches of the Bank of Japan (Statement issued as of August 20, 2022) - The Chugoku Local Finance Bureau alongside the Bank of Japan's Shimonoseki Branch (Statement issued as of August 20, 2022) - The Shikoku Local Finance Bureau alongside the Bank of Japan's Kochi Branch (Statement issued as of August 20, 2022) The said statements request financial institutions in Kagoshima, Kumamoto, Miyazaki, Oita, Fukuoka, Nagasaki, Saga, Kochi, and Yamaguchi prefectures* to appropriately deal with victims of the disaster considering their circumstances, such as by making the repayment of deposits flexible. * Matters related to financial measures in Kagoshima, Kumamoto, Miyazaki, and Oita prefectures are within the purview of the Kyushu Local Finance Bureau; those in Fukuoka, Nagasaki, and Saga prefectures are within the purview of the Fukuoka Local Finance Branch Bureau; those in Kochi Prefecture are within the purview of the Shikoku Local Finance Bureau; and those in Yamaguchi Prefecture are within the purview of the Chugoku Local Finance Bureau. Disaster-affected areas in those nine prefectures are currently subject to the "Disaster Relief Act." If more areas in the prefectures become subject to the said Act, financial institutions in the prefectures will be requested to take measures in the same manner as above accordingly. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/ginkou/20220920.html

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