FSA Weekly Review No.511

Common topics across the groups were:

- Publication of "The JFSA Strategic Priorities July 2022-June 2023" (meeting topics mainly pertain to the outline of the JFSA Strategic Priorities, sustainable finance, and other key topics)

- Monitoring policy across the financial sector and other relevant sectors

- Enhancement and promotion of AML/CFT measures, and so forth 

Notable issues discussed by most but not all groups were:

- Financial institutions' treatment of carbon credit transactions and other relevant transactions

- Commencement of individual registration for REVICareer*

- 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)

- Publication of the FSA's FY 2023 request for tax revisions 

* 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.

[Note 1]: 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 [cf. Note 2] in the financial sector. Opinion exchange meetings are held with the respective associations on a regular basis.

[Note 2]: In September 2022, opinion exchange meetings were held respectively with eight groups: major banks, etc.; the Regional Banks Association of Japan and the Second Association of Regional Banks; Community Bank Shinyo Kumiai (National Central Society of Credit Cooperatives); the Life Insurance Association of Japan; the General Insurance Association of Japan; the Japan Securities Dealers Association (JSDA); the Trust Companies Association of Japan; and the Labor Banks sector.

* This hacking group sends phishing emails to employees posing as executives of the target company, approaches employees of the target company through social networking sites with false accounts, pretending to engage in business with the group. It has been confirmed that the group uses social engineering, in which malware is downloaded and used as leverage to gain access to the victim's network. The group has been allegedly involved in unauthorized thefts of crypto-assets by compromising computer networks associated with their target companies through a variety of other means.