What’s New on the FSA Website

Week of November 3, 2023 - November 9, 2023

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

Public Comments

November 6, 2023

Publication of the draft amendments to the "Points to Note on Disclosure of Corporate Affairs, etc. (Guidelines for Disclosure of Corporate Affairs, etc.)" (provisional English title) for public consultation <Summary> The FSA published the draft amendments (hereinafter referred to as the "proposal") to the "Points to Note on Disclosure of Corporate Affairs, etc. (Guidelines for Disclosure of Corporate Affairs, etc.)" (provisional English title) for public consultation.  When an issuing company offers or sells securities with a total value of 100 million yen or more, it must file a securities registration statement to the authorities. Meanwhile, there is a special provision that does not require an issuing company to file a securities registration statement for shares issued as stock-based compensation to directors and employees, provided that the issuing company concludes with its directors and employees an agreement restricting share transfer.  The proposal is intended to provide amendments to the said Guidelines to clarify that the said special provision is applicable even in the case where an issuing company has a provision in its stock-based compensation rule, etc. to lift the restriction on the transfer of shares upon the occurrence of unforeseen events, such as the following: (i) retirement or resignation of the director due to death or other justifiable causes, or (ii) restructuring of the organization of the issuing company, whereby the requirements for the transfer-restricted period shall be considered satisfied, and the filing of a securities registration statement is not required. Public comments will be accepted until  07:00  p.m. (JST), December 5, 2023. The original press release is available in Japanese at the following URL: https://www.fsa.go.jp/news/r5/sonota/20231106-2/20231106-2.html

November 6, 2023

Publication of the finalized "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." after public consultation <Summary> The FSA published the finalized "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." after 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 finalized Cabinet Order mainly provides 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. The finalized Cabinet Order will be enforced on April 1, 2024. The original press release is available in Japanese at the following URL: https://www.fsa.go.jp/news/r5/sonota/20231106/20231106.html

Press Releases

Councils

November 9, 2022

Appointment of the Business Accounting Council's committee members <Summary> The Business Accounting Council’s committee members were appointed by the FSA's Commissioner. The original press release is available in Japanese at the following URL: https://www.fsa.go.jp/singi/singi_kigyou/top.html

November 6, 2023

Publication of the agenda and handouts of the third 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 third meeting of the "Asset Management Task Force" (provisional English title) of the Financial System Council, which was held on November 6, 2023. The secretariat (the FSA) gave a briefing on the key takeaways from the discussions so far, whereupon the task force members mainly discussed the enhancement of governance in asset management business. The original press release is available in Japanese at the following URL: https://www.fsa.go.jp/singi/singi_kinyu/sisan-unyo/siryou/20231106.html

 

Others

November 8, 2023	Updated statistics of money lending business
November 8, 2023	Updated list of issuers of gift certificates in repayment procedures based on the “Payment Services Act”