FSA Weekly Review No.563 November 24, 2023

FSA Weekly Review No.563: November 24, 2023

What’s New on the FSA Website

Week of November 10, 2023 - November 16, 2023

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

Public Comments

November 16, 2023	Publication of the finalized "Cabinet Office Order to Amend the Cabinet Office Order on the Designation, etc. of Specified Social Infrastructure Providers and Other Related Entities, Based on 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] and other relevant and applicable finalized Orders after public consultation <Summary> The FSA published the finalized "Cabinet Office Order to Amend the Cabinet Office Order on the Designation, etc. of Specified Social Infrastructure Providers and Other Related Entities, Based on 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] and other relevant and applicable finalized Orders after public consultation. The finalized Cabinet Office Order and other relevant and applicable finalized Orders mainly set forth a description (details) of the constituent facilities and important maintenance and management, etc. applicable to the financial sector as well as the modalities and procedures pertaining to matters to be notified, etc. when introducing specified-important facilities or entrusting other business operators to maintain and manage specified-important facilities, etc., in response to the enforcement of the "Economic Security Promotion Act" (provisional English title). The finalized Cabinet Office Order and other relevant and applicable finalized Orders were enforced on November 17, 2023. The original press release is available in Japanese at the following URL: https://www.fsa.go.jp/news/r5/sonota/20231116/20231116.html

November 16, 2023

Publication of the finalized "Cabinet Office Order to Amend the Cabinet Office Order on the Designation, etc. of Specified Social Infrastructure Providers and Other Related Entities, Based on 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] and other relevant and applicable finalized Orders after public consultation
<Summary>
The FSA published the finalized "Cabinet Office Order to Amend the Cabinet Office Order on the Designation, etc. of Specified Social Infrastructure Providers and Other Related Entities, Based on 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] and other relevant and applicable finalized Orders after public consultation.
The finalized Cabinet Office Order and other relevant and applicable finalized Orders mainly set forth a description (details) of the constituent facilities and important maintenance and management, etc. applicable to the financial sector as well as the modalities and procedures pertaining to matters to be notified, etc. when introducing specified-important facilities or entrusting other business operators to maintain and manage specified-important facilities, etc., in response to the enforcement of the "Economic Security Promotion Act" (provisional English title).
The finalized Cabinet Office Order and other relevant and applicable finalized Orders were enforced on November 17, 2023.

The original press release is available in Japanese at the following URL:
https://www.fsa.go.jp/news/r5/sonota/20231116/20231116.html open new window

Press Releases

International

November 15, 2023	Japan Fintech Week 2024 and FIN/SUM2024 in Tokyo, Japan

Councils

November 13, 2023	Publication of the agenda and handouts of the 12th meeting of the "Study Group on Digital- and Decentralized-Finance" (provisional English title) <Summary> The FSA published the agenda and handouts of the 12th meeting of the "Study Group on Digital- and Decentralized-Finance" (provisional English title), which was held on November 13, 2023. In the 12th meeting, the secretariat (the FSA) gave a briefing on "Overseas Regulatory Trends in Crypto Assets," and guest practitioners gave presentations on "Domestic and Foreign Business Trends" and "Security Measures Taken by Crypto Asset Custodians," whereby the Study Group members engaged in discussions on the respective topics. The original press release is available in Japanese at the following URL: https://www.fsa.go.jp/singi/digital/siryou/20231113.html

November 13, 2023

Publication of the agenda and handouts of the 12th meeting of the "Study Group on Digital- and Decentralized-Finance" (provisional English title)
<Summary>
The FSA published the agenda and handouts of the 12th meeting of the "Study Group on Digital- and Decentralized-Finance" (provisional English title), which was held on November 13, 2023.
In the 12th meeting, the secretariat (the FSA) gave a briefing on "Overseas Regulatory Trends in Crypto Assets," and guest practitioners gave presentations on "Domestic and Foreign Business Trends" and "Security Measures Taken by Crypto Asset Custodians," whereby the Study Group members engaged in discussions on the respective topics.

The original press release is available in Japanese at the following URL:
https://www.fsa.go.jp/singi/digital/siryou/20231113.html open new window

Banks

November 16, 2023	Overview of modifications to lending conditions by financial institutions <Summary> The FSA published an overview of modifications to lending conditions made by cooperative financial institutions for the period from March 10, 2020 to September 30, 2023. The original press release is available in Japanese at the following URL: https://www.fsa.go.jp/ordinary/coronavirus202001/kashitsuke/20200430.html
November 15, 2023	Activation of "Safety Net Guarantee No.2" and the corresponding request for financial measures in light of the impact of import control measures, etc. taken by the countries or regions to which Japanese marine products are exported in response to the discharge of Advanced Liquid Processing System (ALPS) Treated Water to the sea <Summary> Subsequent to the joint statement * issued on September 12, 2023, by the FSA, alongside the Cabinet Office, Ministry of Finance, Ministry of Health, Labor and Welfare, Ministry of Agriculture, Forestry and Fisheries, the Fisheries Agency, and the Small and Medium Enterprise Agency to the relevant financial institutions, on November 15, 2023, the said authorities issued another joint statement titled "Activation of 'Safety Net Guarantee No.2' and the Corresponding Request for Financial Measures in Light of the Impact of Import Control Measures, etc. Taken by the Countries or Regions to Which Japanese Marine Products are Exported in Response to the Discharge of Advanced Liquid Processing System (ALPS) Treated Water* to the Sea" (available only in Japanese) to the relevant financial institutions. * "Financial Measures in Light of the Impact of Import Control Measures, etc. Taken by the Countries or Regions to Which Japanese Marine Products are Exported in Response to the Discharge of Advanced Liquid Processing System (ALPS) Treated Water* to the Sea" (available only in Japanese) Safety Net Guarantee No. 2 is a program under which credit guarantee corporations provide 100% guarantees, separate from the normal guarantee limit, to facilitate the provision of funds to small- and medium-sized enterprises (SMEs) that are experiencing difficulties in ensuring business stability due to restrictions on the business activities (reduction in production and sales volume) by their business counterparties. * Advanced Liquid Processing System (ALPS) treated water means water that has been purified to below the regulatory safety limits for radioactive materials other than tritium by a multinuclear removal system, etc. In response to the activation of Safety Net Guarantee No.2, the statement requests financial institutions to provide financial support to their corporate borrowers (business operators, such as fishermen, fish famers, fish processors, wholesalers, etc.), considering their circumstances, such as by attentively responding to the needs of business management consultation and the need for new loans or change of loan terms. The statement also requests financial institutions to proactively cooperate with support institutions to provide attentive and flexible support for corporate borrowers by utilizing various government measures. The original press release is available in Japanese at the following URL: https://www.fsa.go.jp/news/r5/ginkou/20231115.html
November 14, 2023	Outline of the "Report on the Measures for the Resolution of Failed Financial Institutions" delivered by the Minister of State for Financial Services, SUZUKI Shunichi, in the Committee on Financial Affairs of the House of Councillors <Summary> The Minister of State for Financial Services, SUZUKI Shunichi, delivered an outline of the "Report on the Measures for the Resolution of Failed Financial Institutions" in the Committee on Financial Affairs of the House of Councillors. The report, addressing the semiannual period extending from October 1, 2021 to March 31, 2022, had been submitted to the Diet on August 30, 2022, pursuant to the "Act on Emergency Measures for the Revitalization of the Financial Functions." The original press release is available in Japanese at the following URL: https://www.fsa.go.jp/common/diet/houkoku/051114/20231114.html

Others

November 15, 2023	Updated list of issuers of gift certificates in repayment procedures based on the “Payment Services Act”
November 13, 2023	Warning against fake social media advertising and other such activities disguised as securities companies or the Japan Securities Dealers Association (JSDA) <Summary> The FSA issued a warning against fake social media advertising and other such activities disguised as securities companies or the Japan Securities Dealers Association (JSDA), which have been recently observed mainly on the online platforms of SNS (Social Networking Service) and SMS (Short Message Service). Such fake social advertisements typically use the name of a real securities company or an association, offer a service user some investment information as a gift, and then demand payment after the service user accesses a URL link that refers to the information. The FSA alerts financial services users that they should NEVER make any payment in response to such fraudulent demand and immediately halt transactions and communication with such possible scammers, and that they should contact/access the real securities company's official call center/website* to check if any related scam alerts have been issued. *A list of websites of securities companies (members of JSDA) is available here. The original press release is available in Japanese at the following URL: https://www.fsa.go.jp/ordinary/chuui/nisekoukoku.html
November 10, 2023	Warning against fraudulent e-mail messages spoofing the FSA's e-mail address and fraudulent videos of a person impersonating an official of the FSA soliciting fraudulent investment transactions <Summary> The FSA issued a warning against fraudulent e-mail messages spoofing the FSA's e-mail address and fraudulent videos of a person impersonating an official of the FSA soliciting fraudulent investment transactions. The FSA stresses that none of its officials, including executive officials, will ever solicit, advise, or provide information on any particular investment transactions. The warning mainly calls attention to refrain from opening suspicious or unexpected e-mail messages, even if they appear to be sent from officials of the FSA (such as those using the FSA's logo, and falsified URLs and web addresses). In particular, the warning urges people not to open e-mail attachments or links in the body of e-mail messages, because of the potential risk of infection by computer viruses and of cybercrime, where personal information can be exposed to misuse and financial fraud. The original press release is available in Japanese at the following URL: https://www.fsa.go.jp/news/r4/sonota/20221004.html

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