FSA Weekly Review No.212 September 29, 2016

What’s New on the FSA Website

Week of September 12 – September 23, 2016

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

Press Conferences

September 20, 2016:	Press Conference by the Minister for Financial Services (September 13, 2016) (Available in Japanese)
September 20, 2016:	Press Conference by the Minister for Financial Services (September 9, 2016) (Available in Japanese)
September 12, 2016:	Press Conference by the Minister for Financial Services (September 6, 2016) (Available in Japanese)

Public Comments

(The following public comments are available in Japanese)

September 16, 2016:	Publication of the finalized order for amendments to the “Ordinance for Enforcement of the Deposit Insurance Act” «Summary» The FSA finalized the order to amend the “Ordinance for Enforcement of the Deposit Insurance Act.” The order allows the Deposit Insurance Corporation of Japan to identify names by using Individual Number in case of failure of financial institutions, from the perspective of deposit protection.
September 15, 2016:	Publication of the finalized amendments to the “Ordinance for the Enforcement of the Banking Act” «Summary» The FSA finalized the amendments to the “Ordinance for the Enforcement of the Banking Act.” The previous Ordinance allows banks to change the statutory business hours (9:00 a.m. to 3:00 p.m.) in their business offices, provided that they are “not engaged in current deposit services.” The amendments ease the requirement and allow banks to flexibly change business hours in their business offices even when they are engaged in current deposit services. The amended Ordinance was enforced on September 23, 2016.

September 16, 2016:

Publication of the finalized order for amendments to the “Ordinance for Enforcement of the Deposit Insurance Act”

«Summary»
The FSA finalized the order to amend the “Ordinance for Enforcement of the Deposit Insurance Act.” The order allows the Deposit Insurance Corporation of Japan to identify names by using Individual Number in case of failure of financial institutions, from the perspective of deposit protection.

September 15, 2016:

Publication of the finalized amendments to the “Ordinance for the Enforcement of the Banking Act”

«Summary»
The FSA finalized the amendments to the “Ordinance for the Enforcement of the Banking Act.” The previous Ordinance allows banks to change the statutory business hours (9:00 a.m. to 3:00 p.m.) in their business offices, provided that they are “not engaged in current deposit services.” The amendments ease the requirement and allow banks to flexibly change business hours in their business offices even when they are engaged in current deposit services. The amended Ordinance was enforced on September 23, 2016.

Press Releases

(The following press releases are available in English)

International

September 21, 2016:	Financial Stability Board published reports prepared for the G20 Summit
September 14, 2016:	Basel Committee on Banking Supervision published “Basel III Monitoring Report”
September 12, 2016:	Group of Central Bank Governors and Heads of Supervision (GHOS) announced progress in finalising post-crisis regulatory reforms

Insurance

September 15, 2016:	Overview of Results of ERM Assessment based on ORSA Reports and ERM Hearings

Others

September 21, 2016:	Updated list of issuers of gift certificates in repayment procedures based on the “Payment Services Act”

(The following press releases are available in Japanese)

Councils

September 21, 2016:	Publication of the agenda and handouts of the fifth meeting of the “Working Group on Financial Markets” of the Financial System Council «Summary» The FSA published the agenda and handouts of the fifth meeting of the “Working Group on Financial Markets” of the Financial System Council, which was held on September 21, 2016.

Banks

September 16, 2016:	The FY 2015 implementation report regarding the Norinchukin Bank and specified agricultural and fishery cooperatives’ credit businesses enhancement scheme «Summary» The FSA published the FY 2015 implementation report regarding the Norinchukin Bank and specified agricultural and fishery cooperatives’ credit businesses enhancement scheme. The Norinchukin Bank and the specified agricultural and fishery cooperatives are required to implement the scheme pursuant to the “Act on the Enhancement and Restructuring of Credit Business Conducted by the Norinchukin Bank and Specified Agricultural and Fishery Cooperatives, etc.”
September 16, 2016:	Publication of the implementation report of the Business Strengthening Plans (as of March 2016) «Summary» The FSA published the implementation report of the Business Strengthening Plans (as of March 2016) pursuant to the “Act on Special Measures for Strengthening Financial Functions.”
September 16, 2016:	Approval of the Business Strengthening Plans of financial institutions «Summary» The FSA approved the Business Strengthening Plans of financial institutions listed below, pursuant to the “Act on Special Measures for Strengthening Financial Functions.” THE HOWA BANK,LTD., Tsukuba Bank, Ltd., THE TOHOKU BANK,LTD., Tokyo Kosei Shin-yo Kumiai, Yokohama Chuo Shinkumi Bank, Miyako Shinkin Bank, Kesennuma Shinkin Bank, Ishinomaki Shinkin Bank, Abukuma Shinkin Bank, Sosogojo Shinkumi Bank, Iwaki Shinkumi Bank, and Nasu Shinkumi Bank.
September 15, 2016:	Publication of the FSA’s Report —Progress and Assessment of the Strategic Directions and Priorities 2015-2016— «Summary» The FSA published the FSA’s Report —Progress and Assessment of the Strategic Directions and Priorities 2015-2016—. The FSA has conducted public policies and monitoring of financial institutions pursuant to the “Strategic Directions and Priorities 2015-2016” published in September 2015. The report outlines the analysis and the challenges identified through the FSA’s administration process in the program year 2015 (July 2015 to June 2016).

Securities

September 16, 2016:	Administrative penalty charge against an individual for committing insider trading regarding stocks of Toyo Tire & Rubber Co., Ltd. by using insider information received «Summary» On September 15, 2016, the FSA issued an order to impose an administrative penalty charge against an individual for committing insider trading of stocks of Toyo Tire & Rubber Co., Ltd. by using information received from an employee of a subsidiary of Toyo Tire & Rubber Co., Ltd.

September 16, 2016:

Administrative penalty charge against an individual for committing insider trading regarding stocks of Toyo Tire & Rubber Co., Ltd. by using insider information received

«Summary»
On September 15, 2016, the FSA issued an order to impose an administrative penalty charge against an individual for committing insider trading of stocks of Toyo Tire & Rubber Co., Ltd. by using information received from an employee of a subsidiary of Toyo Tire & Rubber Co., Ltd.

Insurance

September 13, 2016:	Approval granted to The Dai-ichi Life Insurance Company for establishment of a holding company having an insurance company as its subsidiary «Summary» Subsequent to the grant of a life insurance business license to The Dai-ichi Life Split Preparation Company, Limited¹ as of August 3, 2016, the FSA granted approval to The Dai-ichi Life Insurance Company Limited² for the establishment of a holding company having The Dai-ichi Life Split Preparation Company, Limited¹ as its subsidiary, pursuant to the “Insurance Business Act”. 1:The business entity that has become a succeeding stock company in the absorption-type company split of The Dai-ichi Life Insurance Company, Limited.² This is a temporary trade name which is scheduled to be changed to “The Dai-ichi Life Insurance Company, Limited” effective as of October 1, 2016. 2:This is a temporary trade name which is scheduled to be changed to “Dai-ichi Life Holdings, Inc.” effective as of October 1, 2016.

September 13, 2016:

Approval granted to The Dai-ichi Life Insurance Company for establishment of a holding company having an insurance company as its subsidiary

«Summary»
Subsequent to the grant of a life insurance business license to The Dai-ichi Life Split Preparation Company, Limited*¹ as of August 3, 2016, the FSA granted approval to The Dai-ichi Life Insurance Company Limited*² for the establishment of a holding company having The Dai-ichi Life Split Preparation Company, Limited*¹ as its subsidiary, pursuant to the “Insurance Business Act”.

*1:The business entity that has become a succeeding stock company in the absorption-type company split of The Dai-ichi Life Insurance Company, Limited.*² This is a temporary trade name which is scheduled to be changed to “The Dai-ichi Life Insurance Company, Limited” effective as of October 1, 2016.

*2:This is a temporary trade name which is scheduled to be changed to “Dai-ichi Life Holdings, Inc.” effective as of October 1, 2016.

Others

September 23, 2016:	Publication of the agenda and handouts of the ninth meeting of the “Council of Experts Concerning the Follow-up of Japan’s Stewardship Code and Japan’s Corporate Governance Code” «Summary» The FSA published the agenda and handouts of the ninth meeting of the “Council of Experts Concerning the Follow-up of Japan’s Stewardship Code and Japan’s Corporate Governance Code,” which was held on September 23, 2016.
September 15, 2016:	Publication of the “Benchmarks for the Banks’ Financial Intermediary Function” and the minutes of the fifth meeting of the “Working Group on Banks’ Financial Intermediation for the Regional Economy” «Summary» The FSA published the minutes of the fifth meeting of the “Working Group on Banks’ Financial Intermediation for the Regional Economy” held on June 27, 2016. The major discussion themes were as follows: Benchmarks for the Banks’ Financial Intermediary Function Challenges in drastic revitalization of businesses Based on what the Working Group discussed, the FSA also published the “Benchmarks for the Bank’s Financial Intermediary Function” on its website as a tool of financial institutions for self-assessment, disclosure, and communication with the supervisory authority as to the Banks’ Financial Intermediary Function.

September 23, 2016:

Publication of the agenda and handouts of the ninth meeting of the “Council of Experts Concerning the Follow-up of Japan’s Stewardship Code and Japan’s Corporate Governance Code”

«Summary»
The FSA published the agenda and handouts of the ninth meeting of the “Council of Experts Concerning the Follow-up of Japan’s Stewardship Code and Japan’s Corporate Governance Code,” which was held on September 23, 2016.

September 15, 2016:

Publication of the “Benchmarks for the Banks’ Financial Intermediary Function”

and the minutes of the fifth meeting of the “Working Group on Banks’ Financial Intermediation for the Regional Economy”

«Summary»
The FSA published the minutes of the fifth meeting of the “Working Group on Banks’ Financial Intermediation for the Regional Economy” held on June 27, 2016.
The major discussion themes were as follows:

Benchmarks for the Banks’ Financial Intermediary Function
Challenges in drastic revitalization of businesses

Based on what the Working Group discussed, the FSA also published the

“Benchmarks for the Bank’s Financial Intermediary Function”

on its website as a tool of financial institutions for self-assessment, disclosure, and communication with the supervisory authority as to the Banks’ Financial Intermediary Function.

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