What’s New on the FSA Website

Week of September 29, 2023 - October 5, 2023

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

Public Comments

October 4, 2023

Publication of the draft amendments to the "regulatory notice pertaining to Pillar 1 and Pillar 3 requirements of capital adequacy" for public consultation <Summary> The FSA proposed the draft amendments to the "regulatory notice pertaining to Pillar 1 and Pillar 3 requirements of capital adequacy" (hereinafter referred to as the "proposal") for public consultation. The proposal is mainly aimed at providing necessary amendments to the regulatory notice pertaining to the finalized Basel III framework* to reflect the content of the consultative document titled "Technical Amendment - Various technical amendments and FAQs" published by the Basel Committee on Banking Supervision in March 2023, etc. Public comments will be accepted until November 2, 2023. *The finalized Basel III framework refers to a consolidated package of the "Basel III framework"  (December 2017) and the "market risk capital framework (minimum capital requirements for market risk)"  (January 2019).  The original press release is available in Japanese at the following URL: https://www.fsa.go.jp/news/r5/ginkou/20231004.html

Press Releases

International 

October 3, 2023	Bilateral meeting between Commissioner Kurita and Chairman Kim, the Financial Services Commission of the Republic of Korea

Publication

September 29, 2023	Publication of "FSA Analytical Notes"
September 29, 2023	FSA publishes English translation of monthly magazine, Access FSA No.239

Councils

October 2, 2023	Publication of the agenda and handouts of the first meeting of the "Asset Management Task Force" (provisional English title) of the Financial System Council <Summary> The FSA published the agenda and handouts of the first meeting of the "Asset Management Task Force" (provisional English title) of the Financial System Council, which was held on October 3, 2023. The task force members discussed the overview of the current state and trends of asset management, etc., as well as the diversification of asset management products. The original press release is available in Japanese at the following URL: https://www.fsa.go.jp/singi/singi_kinyu/sisan-unyo/siryou/20231003.html
October 2, 2023	Publication of a report titled "Addressing the Challenges of Financed Emissions" <Summary> The FSA published a report titled  "Addressing the Challenges of Financed Emissions" compiled in October 2023 by "Japan Public and Private Working Group on Financed Emissions to Promote Transition Finance," which was jointly established in February 2023 by the FSA, Ministry of Economy, Trade and Industry (METI), and Ministry of Environment (MOE), alongside 10 private financial institutions operating globally. The report contains key takeaways from the discussions continuously held by the said Working Group on the basic concept of financed emissions and the specifics of calculation and disclosure methods. The original press release is available in Japanese at the following URL: https://www.fsa.go.jp/news/r5/singi/20231002_2.html
September 29, 2023	Publication of the outlines of proceedings of the 31st meeting of the Examination Board on Strengthening of Financial Functions <Summary> The FSA published the outlines of proceedings of the 31st meeting of the Examination Board on Strengthening of Financial Functions pursuant to Article 8 of the Operational Rules for the Board. The original press release is available in Japanese at the following URL: https://www.fsa.go.jp/singi/soff/gijiyoshi/20230830.html
September 29, 2023	Publication of the agenda and handouts of the fourth meeting of the "Working Group on Tender Offer Rule and Large Shareholding Reporting Rule" of the Financial System Council <Summary> The FSA published the agenda and handouts of the fourth meeting of the "Working Group on Tender Offer Rule and Large Shareholding Reporting Rule" of the Financial System Council, which was held on October 2, 2023. The Working Group members engaged in a discussion on the issues to be considered pertaining to the large shareholding reporting rule and the transparency of beneficial shareholders. The original press release is available in Japanese at the following URL: https://www.fsa.go.jp/singi/singi_kinyu/tob_wg/shiryou/20231002.html

Banks

September 29, 2023	Publication of statistics regarding unlawful reimbursement of deposits (as of the end of June 2023) <Summary> The FSA published statistics regarding unlawful reimbursement of deposits caused by counterfeit and stolen cash cards, stolen deposit books, unlawful Internet banking activities and linked services. 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/r5/ginkou/20230929-3.html
September 29, 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 August 31, 2023. * The majority of the data reflects the data until August 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
September 29, 2023	Approval of Business Strengthening Plans of financial institutions <Summary> The FSA published the Business Strengthening Plans and the Business Management Enhancement Guidance Plans filed on June 30, 2023, by the following shinkumi banks that were financed through a state capitalization, pursuant to the "Act on Special Measures for Strengthening Financial Functions": ・Shigaken Shinkumi Bank (The Shinkumi Federation Bank), and ・Kushiro Shinkumi Bank (The Shinkumi Federation Bank). The original press release is available in Japanese at the following URL: https://www.fsa.go.jp/news/r5/ginkou/20230929/20230929-2.html
September 29, 2023	Publication of implementation reports in regard to the "fund-grant system" filed by financial institutions (as of March 2023) <Summary> The FSA published three implementation reports in regard to the "fund-grant system" respectively filed by the following parties (as of March 2023), pursuant to the "Act on Special Measures for Strengthening Financial Functions":  (1) THE FUKUHO BANK, LTD., (2) The Aomori Bank, Ltd. alongside THE MICHINOKU BANK, LTD., and (3) The Aichi Bank, Ltd. alongside The Chukyo Bank, Limited. The original press release is available in Japanese at the following URL: https://www.fsa.go.jp/news/r5/ginkou/20230929/20230929-4.html
September 29, 2023	Publication of the implementation reports of the Business Strengthening Plans and the relevant plans filed by financial institutions (as of March 2023) <Summary> The FSA published the implementation reports of the Business Strengthening Plans and the relevant plans filed by financial institutions (as of March 2023) 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/r5/ginkou/20230929/20230929-1.html
September 29, 2023	Summary of Results of the Fifth Survey on the Use of LIBOR

Securities

September 29, 2023

Administrative penalty charge against DDS, Inc. for engaging in an act of specified involvement in regard to fake disclosure documents submitted by the entity <Summary> On September 28, 2023, the FSA issued an order to impose an administrative monetary penalty against DDS, Inc. for engaging in an act of specified involvement in regard to fake disclosure documents submitted by the entity, in violation of the "Financial Instruments and Exchange Act." This administrative monetary penalty is based on a recommendation from the SESC (Securities and Exchange Surveillance Commission) as a result of their inspection conducted in regard to the specified involvement pertaining to fake disclosure documents submitted by DDS, Inc. The original press release is available in Japanese at the following URL: https://www.fsa.go.jp/news/r5/shouken/20230928-1.html

Others

October 5, 2023	Updated list of issuers of gift certificates in repayment procedures based on the ’Payment Services Act’
October 4, 2023	Publication of a list of business operators expected to meet the criteria for the specified social infrastructure providers and other related entities under the "Regulatory System for Ensuring Stable Provision of Specified Social Infrastructure Services" (provisional English title) implemented pursuant to the "Act on the Promotion of Ensuring Economic Security Through Implementation of Integrated Economic Measures" (i.e. the "Economic Security Promotion Act") [provisional English title]  <Summary> "Regulatory System for Ensuring Stable Provision of Specified Social Infrastructure Services" (provisional English title) has been implemented pursuant to the "Act on the Promotion of Ensuring Economic Security Through Implementation of Integrated Economic Measures" (i.e. the "Economic Security Promotion Act") [provisional English title], which was enacted in May 2022.  Under the said regulatory system, specified social infrastructure service providers, including financial service providers, are required to undergo a pre-screening process before being entrusted with the installation, maintenance, management, etc. of specified important facilities. In preparation for ensuring the smooth implementation of the said regulatory system scheduled in the spring of 2024, the FSA published a list of business operators (as of October 4, 2023) that are expected to meet the criteria for designation as specified social infrastructure providers and other related entities as stipulated in the "Cabinet Office Order on Designation, etc. of Specified Social Infrastructure Business Operators Pursuant to the Economic Security Promotion Act" (available only in Japanese) and that have given their consent to the publication of their names. Note: Designation of specified social infrastructure providers in accordance with the applicable laws and regulations will take place after the enforcement of the "Economic Security Promotion Act" (as well as the said regulatory system). The original press release is available in Japanese at the following URL: https://www.fsa.go.jp/news/r5/economicsecurity/231004infrastructure.html
September 29, 2023	Updated : Preparation for permanent cessation of LIBOR
September 29, 2023	Updated : Trends in High-Speed Trading