FSA Weekly Review No.509 October 14, 2022

FSA Weekly Review No.509: October 14, 2022

What’s New on the FSA Website

Week of September 30, 2022 - October 6, 2022

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

Public Comments

October 5, 2022	Publication of the draft applicable cabinet office orders and others pertaining to the 2022 revision of the "Payment Services Act" (in regard to prepaid payment instruments) for public consultation <Summary> The FSA proposed the draft applicable cabinet office orders and others pertaining to the 2022 revision of the "Payment Services Act" (in regard to prepaid payment instruments) for public consultation. The proposal is mainly aimed at providing specific details of the draft amendments to the cabinet office orders and others pertaining to the said Act (in regard to prepaid payment instruments) to the incumbent financial business operators in advance of the promulgation of other applicable cabinet orders and relevant matters, thereby contributing to their preparation for compliance with the 2022 revision of the said Act. Public comments will be accepted until 12:00 p.m. [noon] (JST), November 7, 2022. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/sonota/20221005/20221005.html

October 5, 2022

Publication of the draft applicable cabinet office orders and others pertaining to the 2022 revision of the "Payment Services Act" (in regard to prepaid payment instruments) for public consultation
<Summary>
The FSA proposed the draft applicable cabinet office orders and others pertaining to the 2022 revision of the "Payment Services Act" (in regard to prepaid payment instruments) for public consultation.
The proposal is mainly aimed at providing specific details of the draft amendments to the cabinet office orders and others pertaining to the said Act (in regard to prepaid payment instruments) to the incumbent financial business operators in advance of the promulgation of other applicable cabinet orders and relevant matters, thereby contributing to their preparation for compliance with the 2022 revision of the said Act.
Public comments will be accepted until 12:00 p.m. [noon] (JST), November 7, 2022.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/news/r4/sonota/20221005/20221005.html open new window

Press Releases

Councils

October 4, 2022	Publication of the agenda and handouts of the first meeting of the "Working Group on Corporate Disclosure" (FY 2022) of the Financial System Council <Summary> The FSA published the agenda and handouts of the first meeting of the "Working Group on Corporate Disclosure" (FY 2022) of the Financial System Council, which was held on October 5, 2022. The working group secretariat (i.e. the FSA) gave a briefing on the topic of the frequency and timing of information disclosure, including quarterly disclosure, followed by a discussion. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/singi/singi_kinyu/disclose_wg/siryou/20221005.html
October 4, 2022	Publication of the agenda and handouts of the seventh meeting of the "Study Group on Digital- and Decentralized-Finance" (provisional English title) <Summary> The FSA published the agenda and handouts of the seventh meeting of the "Study Group on Digital- and Decentralized-Finance" (provisional English title) which was held on October 4, 2022. The Study Group members discussed the recent trends utilizing distributed ledger technology and other applicable technologies, taking into account the so-called Web 3.0 as a key concept, with an overall perspective, including the financial sector's role and stance thereof. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/singi/digital/siryou/20221004.html

October 4, 2022

Publication of the agenda and handouts of the first meeting of the "Working Group on Corporate Disclosure" (FY 2022) of the Financial System Council
<Summary>
The FSA published the agenda and handouts of the first meeting of the "Working Group on Corporate Disclosure" (FY 2022) of the Financial System Council, which was held on October 5, 2022. The working group secretariat (i.e. the FSA) gave a briefing on the topic of the frequency and timing of information disclosure, including quarterly disclosure, followed by a discussion.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/singi/singi_kinyu/disclose_wg/siryou/20221005.html open new window

October 4, 2022

Publication of the agenda and handouts of the seventh meeting of the "Study Group on Digital- and Decentralized-Finance" (provisional English title)
<Summary>
The FSA published the agenda and handouts of the seventh meeting of the "Study Group on Digital- and Decentralized-Finance" (provisional English title) which was held on October 4, 2022.
The Study Group members discussed the recent trends utilizing distributed ledger technology and other applicable technologies, taking into account the so-called Web 3.0 as a key concept, with an overall perspective, including the financial sector's role and stance thereof.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/singi/digital/siryou/20221004.html open new window

Banks

October 5, 2022	Approval of the business adaptation plan for The Johnan Shinkin Bank <Summary> The FSA approved and published the business adaptation plan for The Johnan Shinkin Bank, based on the "Industrial Competitiveness Enhancement Act." The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/ginkou/20221005/20221005.html
October 4, 2022	KPIs (key performance indicators) to reflect the efficiency of financial intermediation by financial institutions (including major banks and regional banks) in terms of providing support (inclusive of lending) to small and medium-sized enterprises for the improvement of their business feasibility and productivity, without overly relying on collateral and personal guarantees <Summary> From the perspective of ensuring "visualization" of the efficiency of financial intermediation by financial institutions (including major banks and regional banks), the FSA published the list of KPIs (key performance indicators)* for financial institutions, which reflect their respective performances in terms of the efficiency of financial intermediation. The list also contains the website addresses of the respective financial institutions publicizing their initiatives taken for financial intermediation. * On September 9, 2019, the FSA set forth the KPIs (key performance indicators) to objectively reflect the efficiency of financial intermediation. Ever since then, the FSA has required financial institutions to publish their respective KPI results on their websites in the hope that they fully commit to providing managerial support (inclusive of lending) to small and medium-sized enterprises for the improvement of their business feasibility and productivity, without overly relying on collateral and personal guarantees. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/ginkou/20221004/20221004.html
September 30, 2022	Publication of statistics regarding unlawful reimbursement of deposits (as of the end of June 2022) <Summary> The FSA published statistics regarding unlawful reimbursement of deposits caused by counterfeit and stolen cash cards, stolen deposit books, and unlawful Internet banking activities. The statistics include details of incidents and compensation made by financial institutions based on reports from the financial institutions. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/ginkou/20220930-2.html
September 30, 2022	Administrative action against The Chunichi Shinkin Bank <Summary> The Tokai Local Finance Bureau took administrative action against The Chunichi Shinkin Bank, ordering the improvement of its business operations pursuant to Article 26, Paragraph 1 of the "Banking Act" as applied mutatis mutandis pursuant to Article 89, Paragraph 1 of the "Shinkin Bank Act." This administrative action is based on the findings from the onsite monitoring conducted by the said Local Finance Bureau and from the mandatory reports filed by The Chunichi Shinkin Bank 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/r4/ginkou/20220930.html
September 30, 2022	Approval of the business adaptation plan for THE SHIZUOKA BANK, LTD. <Summary> The FSA approved and published the business adaptation plan for THE SHIZUOKA BANK, LTD., based on the "Industrial Competitiveness Enhancement Act." The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/ginkou/20220930-3/20220930-3.html

Others

October 4, 2022	Warning against fraudulent e-mail messages spoofing the FSA's e-mail address <Summary> The FSA issued a warning against fraudulent e-mail messages spoofing the FSA's e-mail address. This warning calls attention to refrain from opening suspicious or unexpected e-mail messages, even if they appear to be sent from officials of the FSA (such as those using the FSA's logo, and falsified URLs and web addresses). In particular, the warning urges people not to open e-mail attachments or links in the body of e-mail messages, because of the potential risk of infection by computer viruses and of cybercrime, where personal information can be exposed to misuse and financial fraud. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/sonota/20221004.html
September 30, 2022	Trends in High-Speed Trading
September 30, 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 businesses without proper registration. (See the updated lists of Japan-based entities* and foreign-based entities). * 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.html

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