Financial Services AgencyFSA Weekly Review No.566

December 14, 2023

What’s New on the FSA Website

Week of December 1, 2023 - December 7, 2023

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

Public Comments

December 7, 2023 Publication of the draft "Cabinet Office Order to Amend the Regulation on Terminology, Forms and Preparation Methods of Consolidated Financial Statements," etc. for public consultation
<Summary>
The FSA proposed the draft "Cabinet Office Order to Amend the Regulation on Terminology, Forms and Preparation Methods of Consolidated Financial Statements" (hereinafter referred to as the "proposal") for public consultation. 
 
The proposal is mainly intended to provide consequential amendments to the said Regulation and others in response to the following practical solution and revised accounting standards published by the Accounting Standards Board of Japan (ASBJ) on November 17, 2023:
- Practical Solution No. 45, the Tentative Treatment of Accounting for and Disclosures of Certain Electronic Means of Payments under the Payment Services Act," and
- ASBJ Statement No. 32, Partial Amendments to the Accounting Standard for Preparing Consolidated Statements of Cash Flows.
 
Public comments will be accepted until 5:00 p.m. [JST], January 9, 2024.

The original press releases are available in Japanese at the following URL:
https://www.fsa.go.jp/news/r5/sonota/20231207/20231207.htmlopen new window
December 6, 2023 Publication of draft "Cabinet Orders and Cabinet Office Orders Pertaining to the Amendments to the Financial Instruments and Exchange Act, and Other Acts" for public consultation
<Summary>
The FSA has published the draft "Cabinet Orders and Cabinet Office Orders Pertaining to the Amendments to the Financial Instruments and Exchange Act, and Other Acts" (hereinafter referred to as the "proposal") for public consultation. 
The proposal is mainly aimed at providing consequential amendments to the relevant and applicable cabinet orders, cabinet office orders, and others, in response to the partial enforcement of the "Act Partially Amending the Financial Instruments and Exchange Act and Other Acts" (Act No. 79 of 2023), which was enacted on November 20, 2023. 
In particular, the proposal is aimed at providing amendments mainly in regard to the following:
(1) the development of provisions concerning the establishment of the new public organization to accelerate financial and economic education, and
(2) the development of provisions concerning accounting documents of investment corporations.
Public comments will be accepted until 12:00 p.m. (noon) [JST], January 5, 2024.

The original press releases are available in Japanese at the following URL:
https://www.fsa.go.jp/news/r5/sonota/20231206/20231206.htmlopen new window
December 5, 2023 Publication of the draft amendments to "Comprehensive Guidelines for Supervision of Insurance Companies" for public consultation
<Summary>
The FSA proposed the draft amendments to "Comprehensive Guidelines for Supervision of Insurance Companies" (hereinafter referred to as the "proposal") for public consultation.
The proposal is intended to clarify the method of presenting the consolidated financial statements of an insurance group in cases where its overseas subsidiaries, etc. adopt International Financial Reporting Standards (IFRS).
Public comments will be accepted until 5:00 p.m. [JST], January 16, 2024.

The original press releases are available in Japanese at the following URL:
https://www.fsa.go.jp/news/r5/hoken/20231205/20231205.htmlopen new window
December 1, 2023 Publication of the draft amendments to the "Cabinet Office Order on Disclosure of Corporate Affairs," etc. for public consultation
<Summary>
The FSA proposed the draft amendments to the "Cabinet Office Order on Disclosure of Corporate Affairs," etc. for public consultation. 
The proposal is intended to eliminate the requirement to disclose personal information regarding the acquirer of shares or stock options in securities registration statements filed in the event of an initial public offering, or a (primary) offering or a secondary distribution/offering by way of a third-party allocation/allotment, from the perspective of privacy protection.
Public comments will be accepted until 05:00 p.m. (JST), January 9, 2024.

The original press releases are available in Japanese at the following URL:
https://www.fsa.go.jp/news/r5/sonota/20231201/20231201.htmlopen new window

Press Releases

Policies

December 5, 2023 Publication of the "Policy Evaluation Implementation Plan for FY 2023"
<Summary>
The FSA published its PDF"Policy Evaluation Implementation Plan for FY 2023."open new window To ensure objectivity and improve the quality of evaluation, 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.

The original press releases are available in Japanese at the following URL:
https://www.fsa.go.jp/news/r5/sonota/20231205/20231205.htmlopen new window

Councils

December 7, 2023 Publication of the agenda and handouts of the 55th meeting of the Audit Standard Committee of the Business Accounting Council
<Summary>
The FSA published the agenda and handouts of the 55th meeting of the Audit Standard Committee of the Business Accounting Council, which was held on December 14, 2023.
The committee members engaged in a discussion on the interim review standards which replaced quarterly review standards in response to the revision of the statutory quarterly corporate disclosure system* and on the consequential amendments to quality control standards for auditing (exposure draft).
*The quarterly disclosure requirements under the "Financial Instruments and Exchange Act" (Quarter 1 and Quarter 3) will be abolished and integrated into quarterly earnings reports based on the Exchange Rules.

The original press releases are available in Japanese at the following URL:
https://www.fsa.go.jp/news/r5/singi/20231207.htmlopen new window
December 1, 2023 Publication of the agenda, handouts, and an outline of proceedings of the seventh meeting of "Advisory Council on Scenario Data for Climate Change Risk and Opportunity Assessment" (provisional English title)
<Summary>
The FSA, as a co-host member of the secretariat* of the "Advisory Council on Scenario Data for Climate Change Risk and Opportunity Assessment" (provisional English title), published the agenda, handouts, and an outline of proceedings of the seventh meeting of the Advisory Council, which was held on October 10, 2023. 
In the seventh meeting, the secretariat (the FSA) gave a briefing on the initiatives taken by relevant ministries and agencies, whereupon the Advisory Council members engaged in an exchange of opinions to discuss the way forward for the proceedings with the Advisory Council.

*The secretariat of the Advisory Council** is co-hosted by the FSA, Ministry of Education, Culture, Sports, Science and Technology, Ministry of Land, Infrastructure, Transport and Tourism, and Ministry of the Environment, with representatives from the financial and non-financial sectors as Advisory Council members, and representative officials from the relevant government ministries and agencies as observers. 
**The Advisory Council is aimed at exchanging opinions on climate change-related data among stakeholders in the public and private sectors regarding their needs, challenges, and future directions to appropriately use climate change-related data, thereby effectively responding to climate change.

The original press releases are available in Japanese at the following URL:
https://www.fsa.go.jp/singi/scenario_data/siryou/20231010.htmlopen new window
https://www.fsa.go.jp/singi/scenario_data/gijiyousi/20231010.htmlopen new window

Banks

December 1, 2023 Overview of major banks’ financial results as of September 30, 2023

Securities

December 6, 2023 Administrative monetary penalty against an individual for commiting insider trading regarding stocks of THE JAPAN STEEL WORKS, LTD. by using insider information received from a contractor of a subsidiary of THE JAPAN STEEL WORKS, LTD.
<Summary>
On December 5, 2023, the FSA issued an order to impose an administrative monetary penalty against an individual for committing insider trading regarding stocks of THE JAPAN STEEL WORKS, LTD. by using information received from a contractor of a subsidiary of THE JAPAN STEEL WORKS, LTD., in violation of the "Financial Instruments and Exchange Act."

The original press releases are available in Japanese at the following URLs:
https://www.fsa.go.jp/news/r5/shouken/20231205-3.htmlopen new window
December 6, 2023 Administrative monetary penalty against two individuals for committing insider trading regarding stocks of THE JAPAN STEEL WORKS, LTD., by using insider information obtained as employees of the two respective contractors of a subsidiary of THE JAPAN STEEL WORKS, LTD.
<Summary>
On December 5, 2023, the FSA issued orders to impose administrative monetary penalty against two individuals for committing insider trading regarding stocks of THE JAPAN STEEL WORKS, LTD., by using insider information obtained as employees of the two respective contractors (contracting parties) of a subsidiary of THE JAPAN STEEL WORKS, LTD., in violation of the "Financial Instruments and Exchange Act."

The original press releases are available in Japanese at the following URLs:
https://www.fsa.go.jp/news/r5/shouken/20231205-1.htmlopen new window
https://www.fsa.go.jp/news/r5/shouken/20231205-1.htmlopen new window

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