FSA Weekly Review No.575 February 22, 2024

FSA Weekly Review No.575: February 22, 2024

What’s New on the FSA Website

Week of February 9, 2024 - February 15, 2024

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

Public Comments

February 15, 2024	Publication of the finalized "Cabinet Office Order to Amend the Ordinance on Accounting of Investment Trust Property" and others after public consultation <Summary> The FSA published the finalized "Cabinet Office Order to Amend the Ordinance on Accounting of Investment Trust Property" alongside the finalized "Cabinet Office Order to Amend the Ordinance on Accounting for Investment Corporations" and the finalized supplementary provisions of the said Cabinet Office Orders after public consultation. The finalized Cabinet Office Orders, etc. provide necessary amendments to the said ordinances to require investment trusts and investment corporations to submit disclosure (notation) of the constant value and the reason for a difference between the constant value and the net asset value (NAV) per unit for accounting for investment trusts and investment corporations on their balance sheets, where such difference arises. The finalized Cabinet Office Orders, etc. were enforced on February 15, 2024. The original press release is available in Japanese.
February 15, 2024	Publication of the finalized amendments to "Comprehensive Guidelines for Supervision of Insurance Companies" after public consultation <Summary> The FSA finalized the amendments to "Comprehensive Guidelines for Supervision of Insurance Companies" after public consultation. The finalized amendments clarify the method of presenting the consolidated financial statements of an insurance group in cases where its overseas subsidiaries, etc. adopt International Financial Reporting Standards (IFRS). The finalized amendments took effect on February 15, 2024. The original press release is available in Japanese.
February 13, 2024	Publication of the draft "Basic Policy Direction for Holistic Enhancement of Policy Measures to Support Households' Stable Asset Formation" (provisional English title) for public consultation <Summary> The FSA published the draft "Basic Policy Direction for Holistic Enhancement of Policy Measures to Support Households' Stable Asset Formation" (provisional English title) [hereinafter referred to as the "proposal"] for public consultation. The proposal is intended to set forth the basic policy direction for holistic enhancement of policy measures to support households' stable asset formation pursuant to the "Act on Provision of Financial Services and the Development of the Accessibility Environment Thereto" (Act No. 101 of 2000) [provisional English title]. The call for public comments was closed on February 20, 2024. The original press release is available in Japanese.
February 9, 2024	Publication of the finalized "Cabinet Order to Amend the Order for Enforcement of the Banking Act, etc." after public consultation <Summary> The FSA published the finalized "Cabinet Order to Amend the Order for Enforcement of the Banking Act, etc." after public consultation. The finalized Cabinet Order mainly provides amendments in response to requests for deregulation from the financial sector and relevant industry organizations, in terms of changing the procedure for establishing new holidays for incumbent business offices of banks, etc. (excluding certain business offices, such as head offices) from an approval-based system to a notification-based system. The finalized Cabinet Order will be enforced on April 1, 2024. The original press release is available in Japanese.
February 9, 2024	Publication of the "Cabinet Office Order on Japan Financial Literacy and Education Corporation (J-FLEC)" and others in conjunction with the FY 2023 amendments, etc. to the "Financial Instruments and Exchange Act" and so forth <Summary> The FSA published the "Cabinet Office Order on Japan Financial Literacy and Education Corporation (J-FLEC)" and others in response to the partial enforcement of the "Act Partially Amending the Financial Instruments and Exchange Act" and so forth. The said Cabinet Office Order and others set forth provisions pertaining to the necessary documents, etc. when the President of J-FLEC appoints the corporation directors with approval from the Prime Minister. The said Cabinet Office Order and others were enforced on February 9, 2024. Note: No public consultation was conducted, as the said Cabinet Office Order and so forth fall under cases prescribed in the "Administrative Procedures Act" not requiring the implementation of procedures for public consultation, such as administrative orders, etc. pertaining to finances and accounts, and other matters concerning the organization, operation and management of J-FLEC. The original press release is available in Japanese.

Press Releases

Councils

February 9, 2024	Joint session of the 52th general meeting of Financial System Council and the 40th meeting of Sectional Committee on Financial System

Publication

February 15, 2024	FSA publishes English translation of monthly magazine, Access FSA No.244

Banks

February 15, 2024	Request to the Supreme Court to place a brochure introducing good (desirable) practices of liquidation of guarantee obligations based on "Basic Perspectives of 'Guidelines for Personal Guarantee Provided by Business Owners' in the Event of the Closure of a Business" (provisional English title) on the counters and/or at other contact points of district courts <Summary> The FSA requested the Supreme Court to place a brochure* introducing good (desirable) practices of liquidation of guarantee obligations based on "Basic Perspectives of 'Guidelines for Personal Guarantee Provided by Business Owners' in the Event of the Closure of a Business"** (provisional English title) [available only in Japanese] on the counters and/or at other contact points of district courts, making it readily available for business owners, etc. * The brochure was jointly compiled and published by the FSA and the SMEA (Small and Medium Enterprise Agency) on December 13, 2023. ** The basic perspectives of the guidelines are expected to serve as an aid for the understanding of principal obligors (debtors)/guarantors, applicable obligees (creditors), and professionals/practitioners involved in the liquidation of guarantee obligations, whereas the guidelines are expected to be widely utilized by SMEs, managers, and financial institutions, thereby contributing to the development of the overall Japanese economy. The original press release is available in Japanese.

February 15, 2024

Request to the Supreme Court to place a brochure introducing good (desirable) practices of liquidation of guarantee obligations based on "Basic Perspectives of 'Guidelines for Personal Guarantee Provided by Business Owners' in the Event of the Closure of a Business" (provisional English title) on the counters and/or at other contact points of district courts
<Summary>

The FSA requested the Supreme Court to place a brochure* introducing good (desirable) practices of liquidation of guarantee obligations based on "Basic Perspectives of 'Guidelines for Personal Guarantee Provided by Business Owners' in the Event of the Closure of a Business"** (provisional English title) [available only in Japanese] on the counters and/or at other contact points of district courts, making it readily available for business owners, etc.

* The brochure was jointly compiled and published by the FSA and the SMEA (Small and Medium Enterprise Agency) on December 13, 2023.

** The basic perspectives of the guidelines are expected to serve as an aid for the understanding of principal obligors (debtors)/guarantors, applicable obligees (creditors), and professionals/practitioners involved in the liquidation of guarantee obligations, whereas the guidelines are expected to be widely utilized by SMEs, managers, and financial institutions, thereby contributing to the development of the overall Japanese economy.

The original press release is available in Japanese. open new window

Securities

February 9, 2024	Administrative monetary penalty against amana inc. for making false statements in its securities reports and so forth <Summary> On February 8, 2024, the FSA issued an order to impose an administrative monetary penalty against amana inc. for making false statements in its securities reports and so forth, in violation of the "Financial Instruments and Exchange Act." The original press release is available in Japanese.

February 9, 2024

Administrative monetary penalty against amana inc. for making false statements in its securities reports and so forth
<Summary>
On February 8, 2024, the FSA issued an order to impose an administrative monetary penalty against amana inc. for making false statements in its securities reports and so forth, in violation of the "Financial Instruments and Exchange Act."

The original press release is available in Japanese. open new window

Others

February 15, 2024	Updated list of issuers of gift certificates in repayment procedures based on the "Payment Services Act"
February 14, 2024	Strengthening user’s protection against unlawful money transfers to crypto-asset exchange service providers
February 9, 2024	Publication of "Statistics of NISA and Junior NISA Accounts" as of December 31, 2023 (preliminary figures) <Summary> The FSA has published "Statistics of NISA (Nippon Individual Savings Account) and Junior NISA Accounts" (preliminary figures). As of December 31, 2023, there were approximately 21.4 million NISA accounts in total, and approximately 35.4 trillion yen (approximately 237.4 billion USD) was invested through the NISA accounts, among which, 4.6 trillion yen (approximately 30.7 billion USD) was invested through approximately 9.7 million accounts of the Tsumitate NISA (Dollar-Cost Averaging NISA) which has started since January 2018. The original press release is available in Japanese.

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