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FSA Weekly Review No.104 July 10, 2014

What’s New on the FSA Website

Week of June 30 – July 4, 2014

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

Press Conferences

July 2, 2014: Press Conference by the Minister for Financial Services (July 1, 2014) Japanese versionopen new window
June 30, 2014: Press Conference by the Minister for Financial Services (June 27, 2014) Japanese versionopen new window

Public Comments

(The following public comments are available in Japanese)

July 3, 2014: Publication of draft amendments to the "Cabinet Office Ordinance on Financial Instruments Business" and "Comprehensive Guidelines for Supervision" with regard to margin requirements for non-centrally cleared derivativesopen new window
«Summary»
The FSA proposed draft amendments to the "Cabinet Office Ordinance on Financial Instruments Business," "Comprehensive Guidelines for Supervision" of major banks and other financial institutions, and a public notice based on international agreement at BCBS-IOSCO regarding margin requirements for non-centrally cleared derivatives.
July 3, 2014: Publication of a draft amendment to the Cabinet Office Ordinances regarding the central clearing obligation of over-the-counter (OTC) derivativesopen new window
«Summary»
The FSA proposed a draft amendment to the Cabinet Office Ordinance regarding regulations on over-the-counter (OTC) transactions of derivatives. The amendment expands the scope of entities and products subject to the central clearing obligation of derivatives transactions pursuant to the "Financial Instruments and Exchange Act."
July 1, 2014: Publication of draft amendments to the "Order for Enforcement of the Financial Instruments and Exchange Act" and the "Comprehensive Guidelines for Supervision of Financial Instruments Business"open new window
«Summary»
The FSA proposed draft amendments to the “Order for Enforcement of the Financial Instruments and Exchange Act” and the “Comprehensive Guidelines for Supervision of Financial Instruments Business Operators,” following the 2014 amendment to the "Financial Instruments and Exchange Act." The amendments obligate financial instrument business operators to use electronic trading platforms (SEF: swap execution facilities) for certain OTC derivative transactions, and introduces a licensing system for overseas electronic trading platform providers who operate in Japan.
July 1, 2014: Publication of draft amendments to the “Comprehensive Guidelines for Supervision of Insurance Companies”open new window
«Summary»
The FSA proposed a draft amendment to the “Comprehensive Guidelines for Supervision of Insurance Companies.” The amendment provides rules regarding insurance solicitation, expands the focus points for supervising the system risk management structure and the management of system integration risk projects, and amends the guidelines for supervising Small Amount and Short Term Insurance Providers.
July 1, 2014: Publication of draft amendments to the "Order for Enforcement of the Insurance Business Act"open new window
«Summary»
The FSA proposed draft amendments to the "Order for Enforcement of the Insurance Business Act" and the "Ordinance for Enforcement of the Insurance Business Act." The amendments reduce the minimum deposit and simplify the contract documents required for insurance brokers, as recommended by the report by the "Working Group on the Provision of Insurance Products and Services" of the Financial System Council.
June 30, 2014: Publication of a draft amendment to the Guideline for the Disclosure of Corporate Affairsopen new window
«Summary»
The FSA proposed draft amendments to the "Points to be Considered Regarding Disclosure of Corporate Affairs (Guideline for the Disclosure of Corporate Affairs)." The proposed amendment clarifies the acts that do not constitute "pre-filing offer" and abolishes the waiting period (the period between the submission of the securities registration statement and the point in time when it becomes effective) for certain well-known issuers.
June 30, 2014: Publication of a draft amendment to the "Ordinance for Enforcement of the Shinkin Bank Act"open new window
«Summary»
The FSA proposed a draft amendment to the "Ordinance for Enforcement of the Shinkin Bank Act." The amendment provides the requirements for cases in which Shinkin Banks and Labor Banks prescribe additional rules in their articles of incorporation for removing members whose whereabouts are unknown.

Press Releases

(The Following press releases are available in English)

International

July 1, 2014: PDFFirst Board Meeting of Global Legal Entity Identifier Foundationopen new window
June 30, 2014: Exchange of letters on co-operation with the Bank of Mongolia

Banks

July 2, 2014: Publication of an English translation of the "Comprehensive Guidelines for Supervision of Major Banks" (Part VI regarding supervision of foreign bank branches)

Insurance

June 30, 2014: FSA Launches Field Tests of Economic Value-Based Solvency Regime

Others

July 4, 2014: Announcement of personnel changes (announced June 27, 2014)

(The Following press releases are available in Japanese)

Banks

June 30, 2014: Update of the measures taken in response to the Great East Japan Earthquake.open new window
«Summary»
The FSA updated the current status of measures taken by the FSA, local finance bureaus, and financial institutions in response to the Great East Japan Earthquake.
June 30, 2014: Figures regarding suspended repayments following the Great East Japan Earthquake (as of March 31, 2014)open new window
«Summary»
The FSA published the number of debtors and the amount of debts of which the contractual repayment has been suspended following the Great East Japan Earthquake, based on hearings with financial institutions in the three prefectures most heavily affected by the earthquake (Iwate, Miyagi, and Fukushima).

Insurance

June 30, 2014: Summary of insurance companies' pilot Own Risk and Solvency Assessment (ORSA) Reports and follow-up interviewsopen new window
«Summary»
The FSA published a summary of insurance companies’ pilot Own Risk Solvency Assessment (ORSA) Reports and interviews following up on the pilot reports. The FSA is currently considering the introduction of ORSA reports, a scheme for insurance companies to report to the regulatory authority the process by which the companies self-evaluate the adequacy of their capital considering present and future risks and assess the overall validity of their risk taking strategy.

Securities

July 3, 2014: Publication of FAQs and reporting formats regarding regulations on OTC derivative transactionsopen new window
«Summary»
The FSA published, with regard to the regulation on over-the-counter (OTC) derivatives transactions pursuant to the Financial Instruments and Exchange Act, (i) a FAQ for storage and reporting of trade information, and (ii) the procedures and reporting formats in relation to the central clearing obligation.
July 3, 2014: Updated list of entities who are operating financial instruments business without proper registration (Kanto and Kinki Local Finance Bureaus)open new window
«Summary»
The FSA (Kanto and Kinki Local Finance Bureaus) issued warnings to entities that are operating financial instruments business without proper registration.
July 3, 2014: Administrative action against G3 Inc. (Kanto Local Finance Bureau)open new window
«Summary»
On July 3, 2014, the Director-General of the Kanto Local Finance Bureau issued an administrative action against G3 Inc. based on a recommendation from the Securities and Exchange Surveillance Commission (SESC). The SESC identified through on-site inspection that there are serious concerns with regard to G3 Inc.'s business operation which may impair public benefit or harm investors.
July 2, 2014: Administrative penalty charge against Sanei Architecture Planning Co. Ltd. for making false statements in securities reportsopen new window
«Summary»
On May 26, 2014, the FSA issued an order to impose an administrative penalty charge against Sanei Architecture Planning Co. Ltd. for making false statements in its securities reports.
July 2, 2014: Administrative penalty charge against Sanei Architecture Planning Co. Ltd. for making false statements in a correction reportopen new window
«Summary»
On July 1, 2014, the FSA issued an order to impose an administrative penalty charge against Sanei Architecture Planning Co. Ltd. for making false statements in its correction report.
July 1, 2014: Date set for the first hearing of an administrative penalty case concerning RISE Inc.open new window
«Summary»
The FSA published the date of the first hearing of an administrative penalty case concerning RISE Inc., in which the defendant is accused of manipulating the market.
July 1, 2014: Date set for the first hearing of an administrative penalty case concerning FinTech Global Incorporatedopen new window
«Summary»
The FSA published the date of the first hearing of an administrative penalty case concerning FinTech Global Incorporated, in which the defendant is accused of manipulating the market.

Others

July 1, 2014: Publication of the "FSA Policy Evaluation Plan for FY2014"open new window
«Summary»
The FSA published its policy evaluation plan for fiscal year 2014. In order to keep objectivity and to bring in professional expertise, the plan has been reviewed by outside experts and their inputs are reflected in the plan. The FSA will conduct policy evaluation pursuant to the Plan and the results will be published in due course.
July 1, 2014: Updated list of issuers of gift certificates in repayment procedures based on the "Payment Services Act"open new window
«Summary»
The FSA updated the list of issuers who are repaying or have completed repaying or announced the termination of use of prepaid payment instruments, as defined in the "Payment Services Act" (e.g. gift vouchers, gift certificates, and prepaid cards).
June 30, 2014: Publication of the level of remuneration paid to officers of special corporations and authorized corporationsopen new window
«Summary»
The FSA published the level of remuneration paid to the officers of the special corporations under its jurisdiction: Deposit Insurance Corporation of Japan and Banks’ Shareholdings Purchase Corporation. The list is published pursuant to "Key Policies for Administrative Reforms" (Cabinet decision in December 24, 2005), which mandated each special and authorized corporation and its governing ministers to compare the level of remuneration paid to its officers with that of national public officials and published its results (the Laspeyres index).
June 30, 2014: Updated statistics of money lending businessopen new window
«Summary»
The FSA updated the statistics regarding money lending business, as of May 31, 2014.
June 30, 2014: Publication of the finalized EDINET Taxonomy - 2014 (Amendment covering deemed registration statement of specified securities)open new window
«Summary»
The FSA published the amended, final version of the EDINET Taxonomy - 2014. No changes have been made since the proposal of the draft amendment on April 28, 2014. The amendment was made following the amendment of the "Ordinance on Disclosure of Corporate Information," which established a special provision enabling issuers to be regarded as having submitted a Securities Registration Statement if a prospectus is submitted with a Securities Report.

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