FSA Weekly Review No.559

The FSA proposed the draft amendments to the "Regulation for Enforcement of the Act on the Advancement of Government Administration Processes That Use Information and Communications Technology Pertaining to the Finance-Related Laws and Regulations   That Fall Under the Jurisdiction of the Cabinet Office" (provisional English title) and others [hereinafter referred to as the "proposal"] for public consultation.

In line with the government-wide efforts and measures to conform to digital principles for administration procedures, the proposal is mainly intended to provide reasonable and necessary amendments to the relevant and applicable Cabinet Office Orders, etc. that fall under the jurisdiction of the FSA in terms of the following: 

- Reviewing rules/provisions for designating recording media, such as floppy disks, and

- Developing rules/provisions on the use of cloud services, etc.

Public comments will be accepted until 5:00 p.m. [JST], November 15, 2023.

 

The FSA has published the main issues raised by the FSA at opinion exchange meetings* held with relevant associations in the financial sector in September 2023. (Available only in Japanese).

 

Common topics across the groups were:

- Publication of "The JFSA Strategic Priorities July 2023-June 2024"

- Publication of the FSA's FY 2024 request for tax revisions

- Monitoring policy across the financial sector and other relevant sectors, etc., and

- Public relations regarding AML (Anti-Money Laundering) measures, etc.

 

Notable issues discussed by most but not all groups were:

- 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 2023)

- Requests to financial institutions for financial measures to deal with disasters caused by typhoons (No.6, No.7, and No.13, 2023), and

- Introduction of "New NISA (Nippon Individual Savings Account, a tax exemption program for small investment)" [scheduled in January 2024], where the NISA system will be made permanent. Under the New NISA system, annual investment caps will be expanded and the tax-exempt holding period will be made indefinite. 

 

* To enhance the transparency of its administration and to share its awareness of issues in the financial sector in a timely manner, every month the FSA publishes the main issues raised by the FSA at opinion exchange meetings with the relevant associations** in the financial sector. Opinion exchange meetings are held with the respective associations on a regular basis.

 

** In September 2023, opinion exchange meetings were held respectively with the following 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 Investment Trusts Association, Japan; and the labor banks sector.