FSA Weekly Review No.518 December 15, 2022

FSA Weekly Review No.518: December 15, 2022

What’s New on the FSA Website

Week of December 2, 2022 - December 8, 2022

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

Public Comments

December 7, 2022	Publication of the draft amendments to the regulatory notice designating transactions and lending/borrowing to be excluded from the transactions subject to the regulations on "Financial Instruments Obligation Assumption Business" for public consultation <Summary> The FSA proposed the draft amendments to the regulatory notice designating transactions and lending/borrowing to be excluded from the transactions subject to the regulations on "Financial Instruments Obligation Assumption Business" for public consultation. The proposal is aimed at designating certain securities trading and lending/borrowing cleared at clearing houses in the Republic of India as well as Indian rupee-denominated interest-rate swap transactions cleared at CCIL (The Clearing Corporation of India Ltd.) as transactions to be excluded from the scope of transactions subject to financial instruments obligation assumption services prescribed in Article 2, paragraph (28) of the "Financial Instruments and Exchange Act." Public comments will be accepted until 12:00 a.m. (midnight, JST), January 6, 2023. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/shouken/20221207/20221207.html

December 7, 2022

Publication of the draft amendments to the regulatory notice designating transactions and lending/borrowing to be excluded from the transactions subject to the regulations on "Financial Instruments Obligation Assumption Business" for public consultation
<Summary>
The FSA proposed the draft amendments to the regulatory notice designating transactions and lending/borrowing to be excluded from the transactions subject to the regulations on "Financial Instruments Obligation Assumption Business" for public consultation.
The proposal is aimed at designating certain securities trading and lending/borrowing cleared at clearing houses in the Republic of India as well as Indian rupee-denominated interest-rate swap transactions cleared at CCIL (The Clearing Corporation of India Ltd.) as transactions to be excluded from the scope of transactions subject to financial instruments obligation assumption services prescribed in Article 2, paragraph (28) of the "Financial Instruments and Exchange Act."

Public comments will be accepted until 12:00 a.m. (midnight, JST), January 6, 2023.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/news/r4/shouken/20221207/20221207.html open new window

Press Releases

International

December 7, 2022	A speech on “Regulating the crypto assets landscape in Japan” at the crypto asset roundtable hosted by OMFIF
December 5, 2022	Updated : International Financial Center Website

Councils

December 8, 2022	The fourth meeting of the Working Group on Corporate Disclosure of the Financial System Council
December 7, 2022	Publication of the agenda and handouts of the 24th meeting of the Internal Control Committee of the Business Accounting Council <Summary> The FSA published the agenda and handouts of the 24th meeting of the Internal Control Committee of the Business Accounting Council, which was held on December 8, 2022. The secretariat gave a briefing on the exposure draft for the revision of "Standards and Practice Standards for Management Assessment and Audit concerning Internal Control over Financial Reporting" (provisional English title) based on the discussions in the previous meetings of the Internal Control Committee, followed by a discussion. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/singi/singi_kigyou/siryou/naibu/20221208.html
December 5, 2022	Publication of the agenda and handouts of the fifth meeting of the "Customer-Oriented Business Conduct Task Force" (provisional English title) of the Financial System Council <Summary> The FSA published the agenda and handouts of the fifth meeting of the "Customer-Oriented Business Conduct Task Force"* (provisional English title) of the Financial System Council, which was held on December 6, 2022. Based on the key issues discussed at the previous meetings, a discussion was held on the contents of the "Customer-Oriented Business Conduct Task Force Interim Report" (draft) [provisional English title] (available only in Japanese). * 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/20221206.html

Banks

December 2, 2022	Overview of the Japanese regional banks’ financial results for six months ended September 30, 2022
December 2, 2022	Overview of major banks’ financial results as of September 30, 2022

Insurance

December 8, 2022	Administrative action against YourSide SSI Co., Ltd. (The Chugoku Local Finance Bureau) <Summary> The Chugoku Local Finance Bureau took administrative action against YourSide SSI Co., Ltd., a small amount and short term insurer, ordering the revocation of the insurer’s registration pursuant to the "Insurance Business Act." The administrative action was taken mainly due to the following reasons: - The insurer failed to fulfill a business improvement order (issued by the Bureau as of September 15, 2022), and - The status of the insurer's property extremely deteriorated, whereby the Bureau ascertained that it would not be appropriate for the insurer to continue its small amount and short term insurance business from the viewpoint of protecting policyholders, etc. (Details of the administrative action are available [only in Japanese] on the website of the Chugoku Local Finance Bureau). The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/hoken/20221208.html

December 8, 2022

Administrative action against YourSide SSI Co., Ltd. (The Chugoku Local Finance Bureau)
<Summary>
The Chugoku Local Finance Bureau took administrative action against YourSide SSI Co., Ltd., a small amount and short term insurer, ordering the revocation of the insurer’s registration pursuant to the "Insurance Business Act."
The administrative action was taken mainly due to the following reasons:

- The insurer failed to fulfill a business improvement order (issued by the Bureau as of September 15, 2022), and

- The status of the insurer's property extremely deteriorated, whereby the Bureau ascertained that it would not be appropriate for the insurer to continue its small amount and short term insurance business from the viewpoint of protecting policyholders, etc.

(Details of the administrative action are available [only in Japanese] on the

website of the Chugoku Local Finance Bureau open new window

).

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/news/r4/hoken/20221208.html open new window

Others

December 7, 2022	Updated statistics of money lending business
December 2, 2022	Exchange session between the FSA and the FISC (The Center for Financial Industry Information Systems) <Summary> On November 15, 2022, the FSA held an exchange session with the FISC (The Center for Financial Industry Information Systems), in which the FISC gave a briefing mainly on "FISC Security Guidelines on Computer Systems for Banking and Related Financial Institutions," whereas the FSA gave a briefing on its initiatives to strengthen cyber-security in the financial sector, followed by an exchange of opinions. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/sonota/20221202-2/20221202-2.html
December 2, 2022	Administrative action against FSR Holdings Kabushiki Kaisha <Summary> The Kanto Local Finance Bureau took an administrative action against FSR Holdings Kabushiki Kaisha,* a fund transfer service provider, regarding which the Kanto Local Finance Bureau cannot ascertain the location of its office, ordering the revocation of the entity’s registration pursuant to the "Payment Services Act." (Details of the administrative action are available [only in Japanese] on the website of the Kanto Local Finance Bureau). *As this corporation has no English corporate name, the Romanized version of the Japanese corporate name is stated here. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/sonota/20221202/20221202.html

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