What’s New on the FSA Website

Week of June 5 - June 9, 2017

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

Public Comments

(The following public comments are available in Japanese)

June 8, 2017:

Publication of the draft amendments to the regulatory notice regarding the method of funding the policy reserve and the coefficients for calculating the amount of the policy reserve for long-term insurance contracts < Summary> The FSA proposed the draft amendments to the regulatory notice (Ministry of Finance Regulatory Notice No. 48/1996). The proposal mainly aims to apply the new standard mortality table as the calculation basis for the standard policy reserve.

June 6, 2017:

Publication of the draft “Cabinet Office Order on Banks’ Policies on Cooperation and Collaboration with Electronic Settlement Agents” < Summary> The FSA proposed the draft “Cabinet Office Order on Banks’ Policies on Cooperation and Collaboration with Electronic Settlement Agents” pursuant to Article 10 of the supplementary provisions of the “Act for Partial Revision of the Banking Act (Act No. 49 of 2017),” which stipulates that banks shall prepare and disclose their basic policies regarding their cooperation and collaboration with electronic settlement agents within nine months from the date of promulgation of the Act (promulgation date: June 2, 2017).

Press Releases

(The following press releases are available in English)

International 

June 9, 2017:	Basel Committee on Banking Supervision clarified rules on combating money laundering and terrorist financing in correspondent banking

Others

June 7, 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)

Securities

June 9, 2017:

Administrative action against Crowd Securities Japan, Inc. (Kanto Local Finance Bureau) < Summary> The Kanto Local Finance Bureau took an administrative action against Crowd Securities Japan, Inc., ordering the improvement of its business operations pursuant to the “Financial Instruments and Exchange Act.” This administrative action is based on a recommendation from the Securities and Exchange Surveillance Commission (SESC) as a result of its on-site inspection.

June 9, 2017:

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 to clients required of securities companies is mitigated when the credit ratings of agencies on this list are used, compared to when the agencies are not included on it.

Others

June 8, 2017:

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. The warnings include the updated list of entities that misrepresent their registration using fictitious or stolen registration numbers.

June 8, 2017:

The ninth Consultation Meeting in relation to the Multiple Debt Problem and Consumer Finance < Summary> On June 12, 2017, the FSA and the Consumer Affairs Agency jointly held the ninth Consultation Meeting relating to the Multiple Debt Problem and Consumer Finance. The consultation meeting was held to follow up the status on lenders and borrowers as part of the measures based on the “Program to Remedy the Multiple Debt Problem.”