What’s New on the FSA Website

Week of January 4 – January 6, 2017

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

Press Conferences

January 4, 2017:	Press Conference by the Minister for Financial Services (December 22, 2016) (Available in Japanese)
January 4, 2017:	Press Conference by the Minister for Financial Services (December 20, 2016) (Available in Japanese)

Public Comments

(The following public comments are available in Japanese)

January 4, 2017:

Publication of the draft “Ordinance for Enforcement of the Act on Utilization of Dormant Deposits to promote Public Interest Activities by the Private Sector” «Summary» The FSA proposed the draft “Ordinance for Enforcement of the Act on Utilization of Dormant Deposits to promote Public Interest Activities by the Private Sector,” where the Act is a legislation initiated by the members of the Diet. The proposal is to prescribe details on distinguishing/certifying dormant deposits*. *Deposits in a bank account that have been inactive/inoperative for at least 10 years since the last recorded event would be deemed as “dormant deposits.”

December 28, 2016:

Publication of the draft amendment to the “Order for Enforcement of the Money Lending Business Act” «Summary» The FSA proposed the draft amendment to the “Order for Enforcement of the Money Lending Business Act.” The proposal is to exempt certain loan transaction from lending business regulations under the “Money Lending Business Act.” The exemptions apply where an entity that no longer belongs to a corporate group makes a loan to a member entity of the corporate group or to a joint venture in which the holding company (i.e. parent company of the corporate group) and its group companies jointly invest, provided that the loan is made within one year after the entity has left the corporate group.

Press Releases

(The following press releases are available in English)

International

January 4, 2017:	Group of Central Bank Governors and Heads of Supervision (GHOS) issued a press release on “Finalising Basel III reforms”

Banks

January 5, 2017:	Update on measures taken in response to the Great East Japan Earthquake (as of January 5, 2017)

Others

January 6, 2017:	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

December 26&27, 2016:

Publication of the agenda and handouts of the fifth meeting of the “Working Group on the Financial System” of the Financial System Council and the report of the Working Group held from July to December 2016 «Summary» The FSA published the agenda and handouts of the fifth meeting of the “Working Group on the Financial System” of the Financial System Council, which was held on December 21, 2016. Subsequently, on December 27, 2016, the FSA published the report of the aforementioned Working Group which was held five times from July to December 2016 to discuss development of the legal framework on payment services. The report includes deliberations regarding a desirable legal framework for encouraging “open-innovation” with cooperation and collaboration between financial institutions and FinTech start-ups while ensuring customer protection.

December 22, 2016:

Publication of the report of the “Working Group on Financial Markets” of the Financial System Council «Summary» The FSA published the report of the “Working Group on Financial Markets” of the Financial System Council which was held twelve times from May to December 2016 to discuss desirable policy measures to help financial accumulation of the household assets and appropriate rules regarding markets and financial instruments exchanges.

Others

January 6, 2017:	Publication of the minutes and handouts of the sixth meeting of the “Working Group on Banks’ Financial Intermediation for the Regional Economy” «Summary» The FSA published the minutes and handouts of the sixth meeting of the “Working Group on Banks’ Financial Intermediation for the Regional Economy” held on November 18, 2016. The Working Group discussed the way forward to promote measures for upgrading the quality of the financial intermediary function.
January 4, 2017:	Additional request for financial measures to deal with disasters caused by a large-scale fire outbreak in Itoigawa City, Niigata Prefecture (Kanto Local Finance Bureau) «Summary» Following the endorsement (by the authorities) where the disasters caused by a large-scale fire outbreak in Itoigawa City, Niigata Prefecture were deemed to fall under the category of natural disasters pursuant to the “Act on Support for Reconstructing Livelihoods of Disaster Victims,” the authorities additionally endorsed that the aforementioned disasters would also fall under the category of natural disasters as prescribed in the “Guidelines for Consolidation of Personal Disasters Caused by Natural Disasters.” In this consequence, the Niigata Local Finance Office of the Kanto Local Finance Bureau with the Bank of Japan’s Niigata branch issued a joint statement titled “Additional Financial Measures to deal with disasters caused by a large-scale fire outbreak in Itoigawa City, Niigata Prefecture” to the relevant financial institutions. Subsequent to the initial request made on December 22, 2016, which requested financial institutions in Niigata Prefecture to deal with victims of the disaster with care as flexible and prompt as possible considering their circumstances, the secondary joint statement as of January 4, 2017 additionally requests financial institutions in Niigata Prefecture to properly respond to the victims’ need for consultations in applying for support based on the “Guidelines for Consolidation of Personal Debt Caused by Natural Disasters,” including explanation on the efficacy of following/practicing the guidelines. To increase public awareness as widely as possible, the statement also requests to display information on such additional financial measures at the storefront of financial institutions’ offices where such services are provided.
December 22, 2016:	Major items related to the financial industries in the FY2017 tax reform «Summary» The FSA published the major items related to the financial industries in the FY2017 tax reform which was decided by the Cabinet on December 22, 2016. They include the further improvement of NISA’s tax benefit scheme to promote long-term, regular and diversified investment.