What’s New on the FSA Website

Week of June 22 – June 26, 2015

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

Press Conferences

June 23, 2015:	Press Conference by the Minister for Financial Services (June 22, 2015) Japanese version
June 22, 2015:	Press Conference by the Minister for Financial Services (June 19, 2015) Japanese version

Public Comments

(The following public comments are available in Japanese)

June 26, 2015:	Updated regulatory notices on the leverage ratio «Summary» The FSA finalized the updated regulatory notices on the leverage ratio, which were activated on June 30, 2015. The provisions on non-consolidated banking business have been added to the regulatory notices on the disclosure of consolidated leverage ratio, which have been implemented from March 2015.
June 25, 2015:	Publication of the updated regulatory standard pursuant to the provisions of Article 62 of the “Order on Book-Entry Transfer of Corporate Bonds and Shares” corresponding to the introduction of the "Social Security and Tax Number System" «Summary» The FSA finalized the revision to the regulatory standard pursuant to the provisions of Article 62 of the “Order on Book-Entry Transfer of Corporate Bonds and Shares,” corresponding to the introduction of the "Social Security and Tax Number System."
June 25, 2015:	Publication of the updated regulatory notice designating transactions and lending/borrowing to be excluded from transactions subject to the regulations on "Financial Instruments Obligation Assumption Business" «Summary» The FSA finalized the revision to the regulatory notice designating transactions and lending/borrowing to be excluded from transactions subject to the regulations on "Financial Instruments Obligation Assumption Business" based on the "Order for Enforcement of the Financial Instrument and Exchange Act." The revision extends the applicable period of the current regulatory notice up to December 31, 2015.
June 22, 2015:	Publication of draft amendments to the "Ordinance for Enforcement of the Insurance Business Act" «Summary» The FSA proposed draft amendments to the "Ordinance for Enforcement of the Insurance Business Act." The proposal includes the amendments to the calculation of solvency margin ratio regarding certain reinsurance.

Press Releases

(The following press releases are available in English)

International

June 26, 2015:	International Association of Insurance Supervisors (IAIS) started public consultation on the Higher Loss Absorbency (HLA) requirement
June 24, 2015:	Basel Committee on Banking Supervision published a final document “Net Stable Funding Ratio disclosure standards”

Others

June 26, 2015:	Updated list of issuers of gift certificates in repayment procedures based on the "Payment Services Act"
June 24, 2015:	The Panel for Vitalizing Financial and Capital Markets Releases a Summary of the Statement for Vitalizing Financial and Capital Markets

(The following press releases are available in Japanese)

Banks

June 26, 2015:	Publication of the updated “Reference Casebook on Financial Inspection” «Summary» The FSA published the updated “Reference Casebook on Financial Inspection.” Useful cases regarding financial inspection during the program year 2014 have been added to the casebook in order to update the reference that financial institutions can use to make their management systems more sophisticated.
June 26, 2015:	Summary of results of the quarterly survey on business sentiment of small and medium-size enterprises «Summary» The FSA published a summary of the results of the quarterly survey on business sentiment of small and medium-size enterprises implemented in May 2015. Local Finance Bureaus throughout the nation conducted interviews and collected information from local chambers of commerce.
June 26, 2015:	Report on the measures for the resolution of failed financial institutions «Summary» On June 26, 2015, the FSA submitted to the National Diet a report on the measures for the resolution of failed financial institutions (the FRC report) pursuant to the "Act on Emergency Measures for the Revitalization of the Financial Functions." The report covers developments between October 1, 2014, and March 31, 2015.
June 25, 2015:	Overview of modification of lending conditions by financial institutions «Summary» The FSA published an overview of modifications of lending conditions made by financial institutions since the date of enforcement of the “SME Financing Facilitation Act,” December 4, 2009, to March 31, 2015. The FSA publishes the overview semiannually.

Securities

June 26, 2015:	Revision of the FSA regulatory notice concerning the designation of related corporations of credit rating agencies (group designation concerning explanatory items of unregistered ratings) «Summary» The FSA updated the list in its regulatory notice concerning the designation of related corporations of credit rating agencies (group designation concerning explanatory items of unregistered ratings). These designated credit rating agencies are unregistered but belong to the same group as registered credit rating agencies and fulfill certain requirements. The duty of explanation required of securities companies is easier when the credit ratings of agencies on this list are used, compared to when the agencies are not included on this list.
June 26, 2015:	Administrative penalty charge against a person for committing insider trading regarding stocks, including those of FISCO Ltd. «Summary» On June 25, 2015, the FSA issued orders to impose an administrative penalty charge in a case regarding the insider trading of stocks including those of FISCO Ltd., using information received from an officer of the company.
June 26, 2015:	Administrative penalty charge against a person for committing insider trading regarding the stocks of ENERES Co., Ltd. «Summary» On June 25, 2015, the FSA issued orders to impose an administrative penalty charge in a case regarding the insider trading of ENERES Co., Ltd. stocks, using information received from an officer of the company.
June 26, 2015:	Administrative penalty charge against a person for committing insider trading regarding the stocks of NISSHIN FUDOSAN Company, Limited «Summary» On June 25, 2015, the FSA issued orders to impose an administrative penalty charge in a case regarding the insider trading of NISSHIN FUDOSAN Company, Limited stocks, using information received from an officer of the company.
June 26, 2015:	Updated list of entities that are operating financial instruments businesses without proper registration (Kanto Local Finance Bureau) «Summary» The FSA (Kanto Local Finance Bureau) issued warnings to entities that are operating financial instruments businesses without proper registration.
June 24, 2015:	Progress report of initiatives taken by market participants to reduce securities settlement risks «Summary» The Japan Securities Dealers Association, the Trust Companies Associations of Japan, and the Japan Securities Clearing Corporation published an updated progress report of the initiatives to reduce securities settlement risks.

Insurance

June 26, 2015:	Results of field tests regarding the introduction of the economic value-based solvency margin regulation on insurance companies «Summary» The FSA published the results of field tests which were conducted in regard to the introduction of the economic value-based solvency margin regulation on insurance companies.

Others

June 26, 2015:	Administrative action against SAIWA AUDIT LLC «Summary» The FSA issued an administrative order to SAIWA AUDIT LLC, requiring the firm to improve its operation and suspending the firm from accepting new engagements for one year from June 29, 2015, to June 28, 2016, pursuant to "Article 34-21(2)(iii) of the Certified Public Accountants Act." The FSA had investigated the firm following a recommendation from the Certified Public Accountants and Auditing Oversight Board, and confirmed that the firm’s operations were significantly inappropriate.
June 26, 2015:	The FSA’s initiative for better work-life balance «Summary» During July and August 2015, in line with the cross-departmental initiative for better work-life balance, the FSA actively encourages its officials to promote a working style that improves balance between work and daily living. This summer, all central government officials are encouraged to shift the working time earlier to enjoy private life after work.
June 23, 2015:	The 24th Expert Panel on Policy Evaluation «Summary» On June 29, 2015, the FSA held the 24th Expert Panel on Policy Evaluation. The Expert Panel is held annually in order to utilize the findings of persons with relevant knowledge and experience for evaluating the policies of the FSA.
June 16, 2015:	Results of the inquiries regarding the omission of public notifications in the official gazette «Summary» The FSA published the results of the inquiries regarding the case in which some of the notifications submitted by relevant parties, which were supposed to be published in the official gazette, were omitted. Reflecting the results of the inquiries, the FSA introduced a double-checking system to avoid recurrence, and took disciplinary measures against the officials of the FSA who were in charge.