-
FSA Weekly Review No.552 - September 7, 2023
What’s New on the FSA Website
Week of August 25, 2023 - August 31, 2023
This page contains the latest in events, developments, and updates to the FSA website.
Public Comments
| August 31, 2023 | Publication of the draft "Cabinet Order on Arrangement, etc. of Relevant and Applicable Cabinet Orders Which Are Within the Purview of the FSA Incidental to the Enforcement of the Act Partially Amending the Basic Act on the Formation of a Digital Society to Promote the Regulatory Reform Thereof, etc." for public consultation <Summary> The FSA published the draft "Cabinet Order on Arrangement, etc. of Relevant and Applicable Cabinet Orders Which Are Within the Purview of the FSA Incidental to the Enforcement of the Act Partially Amending the Basic Act on the Formation of a Digital Society to Promote the Regulatory Reform Thereof, etc." (hereinafter referred to as the "proposal") for public consultation. In response to the enforcement of the "Act Partially Amending the Basic Act on the Formation of a Digital Society to Promote the Regulatory Reform Thereof," the proposal mainly intends to provide consequential amendments considered reasonably necessary for the arrangement of relevant applicable Cabinet Orders and others which are within the purview of the FSA, and to review the regulation on posting notices stipulated in the applicable Cabinet Orders which fall within the purview of the FSA. Public comments will be accepted until September 29, 2023. The original press release is available in Japanese at the following URL: https://www.fsa.go.jp/news/r5/sonota/20230831/20230831.html  |
|---|---|
| August 31, 2023 | Publication of the finalized amendments to the FSA's regulatory notice concerning the "designated IFRSs" after public consultation <Summary>
The FSA finalized the amendments to the regulatory notice concerning the "designated IFRSs" stipulated in the "Regulation for Terminology, Forms and Preparation of Consolidated Financial Statements" (hereinafter referred to as "the proposal") after public consultation.
The finalized amendments designate the international accounting standards (IAS) issued by the IASB (International Accounting Standards Board) by June 30, 2023, by adding them to the Designated International Accounting Standards stipulated in Article 93 of the Regulation on Consolidated Financial Statements.
The accounting standards in this context mainly refer to the Supplier Finance Arrangements issued by the IASB on May 25, 2023, which amended IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures, thereby requiring companies to disclose additional information* about supplier finance arrangements in the notes of financial statements.
*This additional information includes the following:
- the contractual terms of supplier finance arrangements
- the amount of financial liabilities subject to such arrangements, and
- the information on liquidity risk of financial instruments, etc.
The finalized amendments took effect on August 31, 2023.
The original press release is available in Japanese at the following URL: https://www.fsa.go.jp/news/r5/sonota/20230831_kaikei.html |
| August 28, 2023 | 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" (hereinafter referred to as the "proposal") for public consultation. The proposal is aimed at designating New Taiwan dollar-denominated interest rate swap transactions to be cleared at TAIFEX (Taiwan Futures Exchange) 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), September 26, 2023. The original press release is available in Japanese at the following URL: https://www.fsa.go.jp/news/r5/shouken/20230814/20230814.html |
Press Releases
Policies
| August 31, 2023 | Publication of the FSA's FY 2024 request for tax revisions <Summary> The FSA published the FY 2024 request for tax revisions. The original press release is available in Japanese at the following URL: https://www.fsa.go.jp/news/r5/sonota/20230831.html |
|---|---|
| August 31, 2023 | Publication of the request for budget, organization and staff for FY 2024 <Summary> The FSA published an overview of the request for budget, organization and staff for FY 2024. The original press release is available in Japanese at the following URL: https://www.fsa.go.jp/common/budget/yosan/6youkyuu.html |
| August 31, 2023 | Publication of the expenditure budget request for FY 2024 <Summary> The FSA published the expenditure budget request for FY 2024. The original press release is available in Japanese at the following URL: https://www.fsa.go.jp/common/budget/yosan/6youkyuu-2.html |
Councils
| August 29, 2023 | Publication of the agenda and handouts of the 54th meeting of the Audit Standard Committee of the Business Accounting Council <Summary> The FSA published the agenda and handouts of the 54th meeting of the Audit Standard Committee of the Business Accounting Council, which was held on September 5, 2023. The committee members engaged in a discussion on necessary actions required for an auditor's review in response to the revision of the statutory quarterly corporate disclosure system. The original press release is available in Japanese at the following URL: https://www.fsa.go.jp/singi/singi_kigyou/siryou/kansa/20230829.html |
|---|
Banks
| August 31, 2023 | Overview of modifications to lending conditions by financial institutions <Summary> The FSA published an overview of modifications to lending conditions made by financial institutions for the period from March 10, 2020 to July 31, 2023. * The majority of the data reflects the data until July 31, 2023, whereas the data of cooperative financial institutions reflects the data until June 30, 2023. The original press release is available in Japanese at the following URL: https://www.fsa.go.jp/ordinary/coronavirus202001/kashitsuke/20200430.html |
|---|---|
| August 29, 2023 | New web portal for information on key takeaways of business support methods for respective industries launched at Japan Productivity Center <Summary> The FSA has been implementing a project (commissioned to MEDIARAG Corporation) to enhance and instill in the financial sector the use of key takeaways of business support methods for respective industries, aimed at encouraging on-site personnel of regional financial institutions to enhance their ability to provide efficient financing and consulting services for corporate clients (corporate borrowers) by business sector type. In this regard, MEDIARAG Corporation launched a web portal (available only in Japanese) for further instillation of the said key takeaways. The original press release is available in Japanese at the following URL: https://www.fsa.go.jp/news/r5/ginkou/20230829.html |
Insurance
| August 31, 2023 | Updated web portal for the relevant information on prudential policies, including an economic value-based solvency regulatory framework (mainly for insurance companies) <Summary> The FSA has updated the web portal* for the relevant information on prudential policies, including an economic value-based solvency regulatory framework (mainly for insurance companies). The updates mainly pertain to the specifications and templates for field tests scheduled in FY 2023 that are to be implemented for all insurers to review economic value-based valuation and supervision methodologies. * The web portal mainly shares information pertaining to the FSA's "Advisory Council on Economic Value-Based Framework,"** field test results in respect of economic value-based assessment and monitoring methodologies, and survey reports (outsourced to external parties). ** The Advisory Council was established to seek directions for the future introduction of an economic value-based solvency framework for insurance companies in Japan, while also taking into account global developments on the matter. The Advisory Council consists of academics and practitioners with relevant expertise and perspectives. The original press releases are available in Japanese at the following URLs: https://www.fsa.go.jp/policy/economic_value-based_solvency/index.html |
|---|
Others
| August 31, 2023 | Publication of the updated "Answers to Frequently Asked Questions Regarding Internal Control Reporting System" and "Reference Casebook of Good Practices Under the Internal Control Reporting System" (provisional English titles) <Summary> The FSA published the updated "Answers to Frequently Asked Questions Regarding Internal Control Reporting System" and "Reference Casebook of Good Practices Under the Internal Control Reporting System" (provisional English titles) in response to the revisions to "Standards and Practice Standards for Management Assessment and Audit concerning Internal Control over Financial Reporting" (council opinion) [provisional English title] published by the Internal Control Committee of the Business Accounting Council on April 7, 2023. The original press releases are available in Japanese at the following URLs: https://www.fsa.go.jp/news/r5/sonota/20230831-2/20230831-2.html |
|---|---|
| August 31, 2023 | Activities of the FSA's Counseling Office for Financial Services Users for the period between April 1 and June 30, 2023 <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, 2023, the counseling office received 11,574 inquiries and comments, a decrease from 15,204 cases in the previous quarter (between January 1 and March 31, 2023). The original press releases are available in Japanese at the following URLs: https://www.fsa.go.jp/soudan/2023soudan04-06/2023_04-06.html |
| August 31, 2023 | Comment letter on the International Sustainability Standards Board (ISSB)’s Request for Information Consultation on Agenda Priorities |
| August 29, 2023 | 2023 campaign for multiple-debt problem consultation and the updated web portal for the campaign information <Summary> Consultation counters at the respective local governments have furthered development based on the "Program to Remedy the Multiple-Debt Problem" which was decided in April 2007 by the Headquarters for the multiple-debt problems in the Cabinet Office. Meanwhile, the FSA has been cooperating with Local Finance Bureaus, local governments, and related organizations to run an annual campaign for multiple-debt problem consultation based on the said Program. The annual campaign is mainly aimed at enhancing the public awareness of the consultation counters and encouraging potential multiple debtors to seek advice from professionals at the consultation counters. The 2023 annual campaign has been scheduled from September 1 through December 31, 2023, wherein free of charge consultation services are provided nationwide and publicity activities are held to encourage the potential multiple debtors to come to the consultation counters. In this regard, the FSA updated the web portal for the information of 2023 annual campaign for multiple-debt problem consultation. Among various approaches and efforts taken by the FSA and relevant parties during the campaign, the web portal particularly highlights the schedule-information on temporary consultation sessions held (and to be held) during the campaign by professionals respectively from bar associations, judicial scriveners' associations, local finance bureaus, and prefectures, as well as information on permanent points of contact for consultations. The original press releases are available in Japanese at the following URLs: https://www.fsa.go.jp/policy/kashikin/campaign/campaign2023.html https://www.fsa.go.jp/policy/kashikin/soudankai2023.html |
| August 25, 2023 | 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 ).These lists also include the warned non-registered entities with untraceable/unidentified addresses. (Postal and/or web addresses on the list of the warned non-registered foreign-based entities reflect those shown on their respective webpages, not necessarily the addresses that could be traced and identified). The original press releases are available in Japanese at the following URLs: https://www.fsa.go.jp/ordinary/chuui/mutouroku.html |
Site Map
- Press Releases & Public RelationsPage list Open
- Press Releases
- Press Conferences
- Official Statements
- FSA Weekly Review & ACCESS FSA
- Speeches
- For Financial Users
- Others
- Archives
- Laws & RegulationsPage list Open
- Name of Laws and Regulations(PDF)
- Recent Changes (Legislation, Ordinances, Guidelines)
- Guidelines
- Financial Instruments and Exchange Act
- Financial Monitoring Policy
- Public Comment
- No-Action Letter System
- Procedures concerning Foreign Account Management Institutions
