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FSA Weekly Review No.582 - April 11, 2024
What’s New on the FSA Website
Week of March 29, 2024 - April 4, 2024
This page contains the latest in events, developments, and updates to the FSA website.
Public Comments
| April 1, 2024 | Publication of the finalized "Cabinet Office Order to Amend the Cabinet Office Order on Definitions Under Article 2 of the Financial Instruments and Exchange Act" and others after public consultation <Summary> The FSA published the finalized "Cabinet Office Order to Amend the Cabinet Office Order on Definitions Under Article 2 of the Financial Instruments and Exchange Act" and others after public consultation. The finalized Cabinet Office Order makes the tokenized membership rights of a limited liability company, etc. subject to the same regulations as the ordinary (regular) membership rights of a limited liability company, etc. in certain cases. The finalized Cabinet Office Order will be enforced on April 22, 2024. In this regard, the guidelines for the “Financial Instruments and Exchange Act" will take effect on the same day. The original press release is available in Japanese.  |
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| April 1, 2024 | Publication of the finalized amendments to the “Comprehensive Guidelines for Supervision of Major Banks, etc." and the “Comprehensive Guidelines for Supervision of Financial Instruments Business Operators, etc.” after public consultation <Summary> The FSA finalized the amendments to the “Comprehensive Guidelines for Supervision of Major Banks, etc." and the “Comprehensive Guidelines for Supervision of Financial Instruments Business Operators, etc.” after public consultation. The finalized amendments, built upon the progress made in the discussion at the Financial Stability Board, set out the purpose and principles of valuation and testing exercise toward ensuring smooth implementation of orderly resolution, as well as clarifying capabilities that financial institutions should have in place. The finalized amendments took effect from April 1, 2024. The original press release is available in Japanese. |
| March 29, 2024 | Publication of the finalized amendments to the "Regulation for Enforcement of the Act on the Use of Information and Communications Technology in the Preservation of Documents Conducted by Private Business Operators, etc. Pertaining to the Finance-Related Laws and Regulations That Fall Under the Jurisdiction of the Cabinet Office" and others after public consultation <Summary> The FSA finalized the amendments to the "Regulation for Enforcement of the Act on the Use of Information and Communications Technology in the Preservation of Documents Conducted by Private Business Operators, etc. Pertaining to the Finance-Related Laws and Regulations That Fall Under the Jurisdiction of the Cabinet Office" and others after public consultation. In line with the government-wide efforts and measures to conform to digital principles for administration procedures, the finalized amendments are 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, by allowing the use of the internet to make documents available for browsing and public inspection through electronic or magnetic records, etc. The finalized amendments were enforced on March 29 and April 1, 2024. The original press release is available in Japanese. |
| March 29, 2024 | Publication of the finalized "Order to Amend the Order for Enforcement of the Postal Service Privatization Act" and the finalized "Order to Amend the Order on Limitation, etc. on Business During the Transition Period Pertaining to Japan Post Bank and Japan Post Insurance Company" after public consultation <Summary> The FSA published the finalized "Order to Amend the Order for Enforcement of the Postal Service Privatization Act" and the finalized "Order to Amend the Order on Limitation, etc. on Business During the Transition Period Pertaining to Japan Post Bank and Japan Post Insurance Company" after public consultation. The finalized Orders mainly provide consequential amendments to the said Orders following the enforcement of the "Act on Registration of Deposit or Savings Accounts for Swift and Secure Payment of Public Benefits" and the "Act on Management of Deposit and Saving Accounts by Use of Individual Numbers Based on the Intention of Depositors." The finalized Orders were enforced on April 1, 2024. (Amended provisions of Article 22 of the "Order to Amend the Order for Enforcement of the Postal Service Privatization Act" were enforced on March 29, 2024). The original press release is available in Japanese. |
| March 29, 2024 | Publication of the finalized amendments to "Points to Note regarding the Act on Prevention of Transfer of Criminal Proceeds" and of the finalized "Guidelines for Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) by Certified Public Accountants and Audit Corporations" [provisional English titles for both] after public consultation <Summary> The FSA finalized the amendments to "Points to Note regarding the Act on Prevention of Transfer of Criminal Proceeds" alongside the finalized "Guidelines for Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) by Certified Public Accountants and Audit Corporations" (provisional English titles) after public consultation. In response to the enactment of the "Act Partially Amending the Act on Prevention of Transfer of Criminal Proceeds" on December 2, 2022, which updated the obligation of identification and verification at the time of transactions for professionals in law and/or accounting, etc., including certified public accountants, etc., the finalized amendments mainly provide consequential amendments to the said Points to Note and the Guidelines. The finalized amendments took effect on April 1, 2024. The original press release is available in Japanese. |
| March 29, 2024 | Publication of the finalized amendments to the regulatory notice designating financial institutions pursuant to the provisions under Article 17 of the "Act on Management of Deposit and Saving Accounts by Use of Individual Numbers Based on the Intention of Depositors" after public consultation <Summary> The FSA finalized the amendments to the regulatory notice designating financial institutions pursuant to the provisions under Article 17 of the "Act on Management of Deposit and Saving Accounts by Use of Individual Numbers Based on the Intention of Depositors" after public consultation. The finalized amendments designate the persons listed in each item of Article 2, paragraph (1) of the "Deposit Insurance Act" (Act No. 34 of 1971) and agricultural or fishery cooperatives set forth in Article 2, paragraph (1) of the "Agricultural and Fishery Cooperatives Savings Insurance Act" (Act No. 53 of 1973) as financial institutions designated by a competent administrative authority set forth in Article 17 of the "Act on Management of Deposit and Saving Accounts by Use of Individual Numbers Based on the Intention of Depositors." The finalized amendments took effect on April 1, 2024. The original press release is available in Japanese. |
| March 29, 2024 | Publication of the finalized amendments to the FSA's regulatory notices concerning the "designated IFRSs" after public consultation <Summary> The FSA proposed the finalized amendments to the regulatory notices concerning the "designated IFRSs" stipulated in the "Regulation for Terminology, Forms and Preparation of Consolidated Financial Statements" and the "Regulation for Terminology, Forms and Preparation of Financial Statements" after public consultation. The finalized amendments mainly set forth the following:
The finalized amendments were enforced on April 1, 2024. The original press release is available in Japanese. |
| March 29, 2024 | Publication of the finalized "Cabinet Office Order to Amend the Regulation for Enforcement of the Money Lending Business Act" and others after public consultation <Summary> The FSA published the finalized "Cabinet Office Order to Amend the Regulation for Enforcement of the Money Lending Business Act" and others after public consultation. The finalized Cabinet Office Order provides consequential amendments to the said Regulation for Enforcement in response to the enforcement of the "Act Partially Amending the Health Insurance Act to Establish a Sustainable Social Security System that is Applicable to All Generations" (provisional English law title). The finalized Cabinet Office Order was enforced on April 1, 2024. The original press release is available in Japanese. |
| March 29, 2024 | Publication of the finalized "Cabinet Office Order to Amend the Cabinet Office Order on Crypto-Asset Exchange Service Providers" after public consultation <Summary> The FSA published the finalized "Cabinet Office Order to Amend the Cabinet Office Order on Crypto-Asset Exchange Service Providers" after public consultation. The finalized Cabinet Office Order requires crypto-asset exchange service providers to provide information on crypto-assets with transfer restrictions to a certified association for payment service providers and to make such information publicly available. The finalized Cabinet Office Order was enforced on April 1, 2024. The original press release is available in Japanese. |
Press Releases
Publication
Banks
| April 3, 2024 | The FSA publishes the status of loans held by all banks as of the end of September 2023, based on the Financial Reconstruction Act |
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| April 1, 2024 | Publication of a list of financial institutions implementing the finalized Basel III framework from March 31, 2024 <Summary> The FSA published a list of financial institutions implementing the finalized Basel III framework from March 31, 2024. The implementation dates of the regulatory notices pertaining to the finalized Basel III framework are scheduled as follows: - Internationally active financial institutions and non-internationally active financial institutions that use internal model-based approaches for measuring risks, except for the highest designated parent company: March 31, 2024 - Non-internationally active financial institutions that do not use internal model-based approaches for measuring risks, and the highest designated parent company: March 31, 2025 - Financial institutions that desire an early implementation on or after March 31, 2023, may do so by submitting a notification to the FSA. *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 finalized amendments to the regulatory notices pertaining to the finalized Basel III framework have been promulgated by category of financial institutions.
The original press release is available in Japanese. |
| March 29, 2024 | Publication of the updated "Business Support Methods for Respective Industries" (provisional English title) <Summary> The FSA published the updated "Business Support Methods for Respective Industries" (first publication in March 2023) with the addition of three new industries: manufacturing, services, and medical/healthcare. The original press release is available in Japanese. |
| March 29, 2024 | Publication of the updated "Comprehensive Guidelines for Supervision of Major Banks, etc." <Summary> The FSA published the updated "Comprehensive Guidelines for Supervision of Major Banks, etc." and other relevant and applicable guidelines. The updates mainly pertain to consequential amendments in response to the amendments to the "Act for Eliminating Discrimination against Persons with Disabilities." The updates took effect on April 1, 2024. Note: No public consultation was conducted, for the updates fall under cases prescribed in the "Administrative Procedures Act" as being insignificantly changed and not requiring the implementation of procedures for public consultation, such as the arrangement of the provisions necessary in accordance with establishment, amendment or repeal of other laws and regulations. The original press release is available in Japanese. |
| March 29, 2024 | 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 February 29, 2024. * The majority of the data reflects the data until February 29, 2024, whereas the data of cooperative financial institutions reflects the data until December 31, 2023. The original press release is available in Japanese. |
| March 29, 2024 | The FSA publishes the status of loans held by all banks as of the end of March 2023, based on the Financial Reconstruction Act |
Securities
| March 29, 2024 | Administrative monetary penalty against individuals (non-insiders/retail investors) for committing insider trading regarding stocks of Contec Co., Ltd., by using information received from an officer of the entity <Summary> On March 28, 2024, the FSA issued orders to impose administrative monetary penalty against individuals (non-insiders/retail investors) for committing insider trading regarding stocks of Contec Co., Ltd., in violation of the "Financial Instruments and Exchange Act," by using information received from an officer of the entity. The original press releases are available in Japanese. (20)(21)(22) |
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| March 29, 2024 | Administrative monetary penalty against an individual for communicating facts relating to the implementation of a tender offer for the shares of Contec Co., Ltd. and recommending the purchase of stocks of the entity to non-insiders (retail investors) based on insider information obtained as an officer of the entity <Summary> On March 28, 2024, the FSA issued an order to impose an administrative penalty charge against an individual for communicating facts relating to the implementation of a tender offer for the shares of Contec Co., Ltd.* and recommending the purchase of stocks of the entity to non-insiders (retail investors) based on insider information obtained as an officer of the entity. * Contec Co., Ltd. was delisted in April 2022. The original press release is available in Japanese. |
Insurance
| April 4, 2024 | Approval granted to NTT DOCOMO General Insurance Holdings Preparatory Company, Inc., for establishment of an insurance holding company <Summary> The FSA granted approval to NTT DOCOMO General Insurance Holdings Preparatory Company, Inc.,* for establishment of an insurance holding company which has an insurance company as its subsidiary, pursuant to the “Insurance Business Act." *Temporary trade name which changed to “NTT DOCOMO General Insurance Holdings, Inc.” effective as of April 4, 2024. The original press release is available in Japanese. |
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| April 4, 2024 | License granted to NTT DOCOMO General Insurance Preparatory Company, Inc. to conduct non-life insurance business <Summary> The FSA granted a license to NTT DOCOMO General Insurance Preparatory Company, Inc.,* to conduct non-life insurance business pursuant to the "Insurance Business Act." * The said preparatory company formally changed its temporary trade name anew to "NTT DOCOMO General Insurance, Inc." after it obtained the insurance business license. The original press release is available in Japanese. |
Others
| April 4, 2024 | Updated:Speeches（Vice Minister for International Affairs） |
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| April 4, 2024 | Warnings about entities that are operating money lending businesses without proper registration <Summary> The FSA (Local Finance Bureaus) updated warnings about entities that are operating money lending businesses without proper registration under the "Money Lending Business Act." The warnings include the updated list of entities that misrepresent their registration using fictitious or stolen registration numbers as of March 29, 2024. The original press release is available in Japanese. |
| April 3, 2024 | Publication of the monitoring results pertaining to the implementation status of customer-oriented business conduct by distributors of financial instruments, such as investment trusts (program year 2023 interim report) <Summary> The FSA published the program year 2023 interim report of monitoring results pertaining to the implementation status of customer-oriented business conduct by distributors of financial instruments, such as investment trusts. The interim report mainly compiles issues which can be common across distributors and arrangers engaging in the structuring of financial instruments in terms of introducing, selling, and managing financial instruments, such as foreign currency-denominated single-premium insurance policies and structured deposits, based on the actual status ascertained through the monitoring of customer-oriented business conduct in the first half of program year 2023. The original press release is available in Japanese. |
| April 1, 2024 | Publication of the updated Cabinet Office regulatory notice pertaining to the criteria for the scope of listed shares, etc. that can be accepted in non-taxable accounts <Summary> The FSA updated the Cabinet Office regulatory notice (pertaining to the criteria for the scope of listed stocks, etc. that can be accepted into non-taxable accounts) in regard to financial products subject to NISA (Nippon Individual Savings Account). The updated Cabinet Office regulatory notice took effect on April 1, 2024. Note: No public consultation was conducted, for the updates fall under the category of Order, etc. to specify matters necessary for the enforcement of the "Act on Special Measures Concerning Taxation" and the Order for Enforcement of the "Act on Special Measures Concerning Taxation" prescribed in the "Administrative Procedures Act." The original press release is available in Japanese. |
| April 1, 2024 | Publication of the updated regulatory notice, etc. specifying requirements pursuant to Article 51-3, paragraph 1, item (ii) of the "Order for Enforcement of the Income Tax Act" <Summary> The updated regulatory notice, etc. specifying requirements pursuant to Article 51-3, paragraph 1, item (ii) of the "Order for Enforcement of the Income Tax Act" were enacted by setting forth what are required for tokenized corporate bonds to be subject to non-taxability of public corporations and charitable trusts, and to non-applicability of withholding at the source to interest income received by financial institutions. The updated regulatory notice, etc. took effect on April 1, 2024. Note: No public consultation was conducted, for the regulatory notice, etc. fall under the category of Order, etc. to specify necessary matters concerning the enforcement of the "Income Tax Act," etc. prescribed in the "Administrative Procedures Act.". The original press release is available in Japanese. |
| April 1, 2024 | Appointment of the Director of the Financial Research Center |
| March 29, 2024 | Updated : Trends in High-Speed Trading |
| March 29, 2024 | Publication of the updated "Order on Special Provisions, etc. for the Business of the Deposit Insurance Corporation of Japan Set Forth in Chapter IV of the Act on Registration of Deposit or Savings Accounts for Swift and Secure Payment of Public Benefits," etc. <Summary> The FSA published the updated "Order on Special Provisions, etc. for the Business of the Deposit Insurance Corporation of Japan Set Forth in Chapter IV of the Act on Registration of Deposit or Savings Accounts for Swift and Secure Payment of Public Benefits" (Cabinet Office and Ministry of Finance Order No. 3 of 2021) and the updated "Order on Special Provisions, etc. for the Business of the Deposit Insurance Corporation of Japan Set Forth in Chapter IV of the Act on Management of Deposit and Saving Accounts by Use of Individual Numbers Based on the Intention of Depositors" (Cabinet Office and Ministry of Finance Order No. 4 of 2021). In response to the enforcement of the partial provisions of the "Act on Registration of Deposit or Savings Accounts for Swift and Secure Payment of Public Benefits," consequential amendments were provided to the said Orders. The said Orders were enforced on April 1, 2024. Note: No public consultation was conducted, for the updates fall under the category of administrative orders, etc. to provide for the officers and employees, scope of business, finances and accounts, and other matters concerning organization, operation and management of the corporation prescribed in the "Administrative Procedures Act" as being insignificantly changed and not requiring the implementation of procedures for public consultation. The original press release is available in Japanese. |
| March 29, 2024 | Points that need to be addressed in a securities report (fiscal year [FY] ending March 2024 and thereafter) [including a compilation of disclosure practices for reference in responding to issues regarding sustainability disclosures, etc.] and a securities report review from FY 2024 onwards <Summary> The FSA published points that need to be addressed in a securities report from fiscal year (FY) ending March 2024 onwards with updates as follows: ・key takeaways based on the results of the review of securities reports for FY2023., and ・a compilation of disclosure practices for reference. Also, the FSA is to conduct a securities report review for the reports submitted in FY 2024 and thereafter. The three main pillars of the review are: ・ a review on the application of the newly applied regulations; ・ a review on the implementation of key priority themes; and ・ a review by utilizing information from disclosure, media, and retail investors. The original press release is available in Japanese.
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| March 29, 2024 | Dedicated Impact Consortium Website Launched |
| March 29, 2024 | Publication of the final report, etc. of commissioned survey/research as "Enhancing Efficiency of Business Turnaround Support Practices Utilizing AI Technology" (provisional English title) <Summary> The FSA, aiming at encouraging regional financial institutions to enhance their capabilities to support their client companies, commissioned KPMG AZSA LLC to conduct survey/research on the enhancement of efficiency of business turnaround support practices taken by regional financial institutions for their client companies utilizing AI technologies, and published the final compiled report  (available only in Japanese).The original press release is available in Japanese. |
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