FSA Newsletter No.83 2010 : Financial Services Agency

[Minister in His Own Words]

This section provides information regarding the hot topics of the moment, selected from questions and answers given at the Minister's press conferences, etc.

If you wish to find out more, we invite you to visit the “Press Conferences” section of the FSA website.

Q1: Regarding a proposal for financial regulation that was abruptly announced by President Obama last weekend(January 21, 2010) how do you think it could affect Japanese banks?

A1. President Obama has presumably made that proposal in the knowledge that it would have some temporary impact on stock prices. He nonetheless made the proposal as he learned from his bitter experience that the government must play the leadership role in order to ensure that the financial sector functions appropriately. I think he has exercised admirable leadership.

Q2: Mitsubishi (Bank of Tokyo-Mitsubishi UFJ) of Japan, for example, has invested in Morgan Stanley, so if U.S. banks are affected, I suppose that Japanese banks will also be affected. How much do you think…

A2. That is beyond my knowledge. You should ask the banks’ president. Such specific matters are beyond my knowledge. Certainly, there will be some impact. However, that proposal is intended to prevent something worse from occurring… In the future, President Obama’s proposal could have a positive impact on Bank of Tokyo-Mitsubishi UFJ and other banks. Although things may be going well at this moment, the impact of the damage that may be caused should bubbles arise and an incident burst just like the implosion of the subprime mortgages would be much worse.
Therefore, I think it is natural that President Obama has called for discipline, if I may say so, in the U.S. financial and capital markets from the perspective that the United States should assume responsibility for the global economy.

Q3: In relation to that issue, is Japan considering following suit.

A3. The FSA (Financial Services Agency) has already been making serious efforts to guide and supervise financial institutions so as to ensure that they fulfill their social function to properly provide finance as usual. The FSA is working very hard. Although the philosophy of supervision and inspection has changed radically, or I should say I have changed the philosophy, I believe that FSA staff members are performing their tasks properly based on the new philosophy.

Q4: Am I correct in understanding that you do not have any plan to introduce a similar regulatory measure in Japan in response to President Obama’s proposal?

A4. It is not the question of acting “in response” or… When President Obama does something admirable, I respect his action and I may even look at it as a reference for my actions, but I am not such an impulsive man as to be automatically prompted to do whatever he does.

[Extract from the press conference following the Cabinet meeting on January 29, 2010]

○ Subscribing to the Email Information Service (Japanese/English)

The Financial Services Agency provides an Email Information Service (Japanese and English) through its website. If you register your email address on the Japanese subscription page, we will email you once a day with the latest information, such as the monthly publication, “Access FSA,” and daily press releases.

If you register on the English subscription page, we will email you once a day with the latest information, such as the “What’s New” information on the English website as well as the “FSA Newsletter.”

To register in Japanese, please access 新着情報メール配信サービス, and to register in English, please access Subscribing to E-mail Information Service

○ Subscribing to the SESC Email Information Service

The Securities and Exchange Surveillance Commission (SESC) provides an Email Information Service (Japanese/English) through its website. If you register your email address, we will email you with the latest information from the SESC website, such as recommendations relating to administrative action against financial instruments business operators and recommendations relating to orders for the payment of administrative monetary penalties.

* For further details and to register in Japanese, please access , and to register in English, please access Subscribing to E-mail Information Service on the SESC website.

○ Subscribing to the CPAAOB Email Information Service

The Certified Public Accountants and Auditing Oversight Board (CPAAOB) provides an Email Information Service (Japanese/English) through its website. If you register your email address, we will email you with the latest information from the CPAAOB website.

* For further details and to register in Japanese, please access , and to register in English, please access Subscribing to E-mail Information Service on the CPAAOB website.

[Main Press Releases in January/February]

January 6	Access	Secretariat meeting of the “Project Team on Money-Lending Systems” (January 7, 14, 2010)

7	Access	Administrative Actions against Korea Exchange Bank, Japan Branches

8	Access	FSA publishes the “Draft Stipulation of Laws Specified by the FSA Commissioner through Public Notice, Pursuant to the Provisions of Article 5(2) of the Order for Enforcement of the Act on Fund Settlement”
	Access	Holding of the “Symposium on Life Planning and Asset Management
	Access	Administrative Action on Commerzbank Aktiengesellschaft Tokyo Branch

12	Access	Overview of major banks' financial results as of September 30, 2009
12	Access	FSA publishes draft partial revision of the “Payment Standards for Mutual Aid Money, etc. of Compulsory Automobile Liability Mutual Aid and Insurance Payment, etc. of Compulsory Automobile Liability Insurance”

13	Access	Decision to order payment of an administrative monetary penalty for insider trading by a person receiving information from an employee of Hitachi, Ltd.

15	Access	Fourth trial date for the case of a violation of the Financial Instruments and Exchange Act in relation to insider trading by an employee of Ajinomoto Co., Inc.
	Access	Fifth trial date for the case of a violation of the Financial Instruments and Exchange Act in relation to false statements contained in a prospectus relating to the secondary distribution of shares in BicCamera Inc. held by an officer of BicCamera Inc.
	Access	Administrative action against LNC Co., Ltd.
	Access	FSA publishes draft partial revision of the “Stipulation of Business, etc. Excluded from the Business Able to be Conducted by a Subsidiary Company of a Bank, etc. Pursuant to the Provisions of Article 17-3(2)(iii) and (xxxviii) of the Ordinance for Enforcement of the Banking Act”

19	Access	Secretariat meeting of the “Project Team on Money-Lending Systems” (January 21, 2010)
19	Access	Certification of a certified investor protection organization

20	Access	Public Consultation on the Designation of the International Financial Reporting Standards for their Voluntary Application in Japan
20	Access	FSA publishes draft partial revision of the “Comprehensive Guidelines for Supervision of Major Banks, etc.,” the “Comprehensive Guidelines for Supervision of Small- and Medium-Sized Enterprises and Regional Financial Institutions,” and the “Comprehensive Guidelines for Supervision of Financial Instruments Business Operators, etc.”

21	Access	Decision to order payment of an administrative monetary penalty for insider trading by an employee of Arisaka Co., Ltd. (1)
	Access	Decision to order payment of an administrative monetary penalty for insider trading by an employee of Arisaka Co., Ltd. (2)
	Access	Decision to order payment of an administrative monetary penalty for insider trading by a person receiving information from an employee of Belluna Co., Ltd.
	Access	Decision to order payment of an administrative monetary penalty for insider trading by a person receiving information from an employee of a firm that has concluded an outsourcing contract with Belluna Co., Ltd.
	Access	FSA and the Tokai Local Finance Bureau host the “Symposium on Financial and Economic Education: Increase your understanding of financial products through life planning and money planning”
	Access	Development of Institutional Frameworks Pertaining to Financial and Capital Markets

22	Access	Results of invitation for comments on the “Draft Partial Revisions to Relevant Cabinet Orders, Cabinet Office Ordinances and Ministerial Ordinances Following the Introduction of the System for Transferring Beneficiary Rights of Trusts Issuing Beneficiary Securities”
	Access	Update of the “Collection of Cases in which Administrative Action Has Been Taken”
	Access	FSA extends temporary measures regarding restrictions on short selling and purchase of own stocks by listed companies

25	Access	FSA releases draft 2010 version of EDINET Taxonomy

26	Access	Secretariat meeting of the “Project Team on Money-Lending Systems” (January 28, 2010)
	Access	Administrative Action on RBS Securities Japan Limited
	Access	Update on “Basel Committee on Banking Supervision issues Compensation Principles and Standards Assessment Methodology”

27	Access	FSA publishes report “Investigation and Research into the Taxation on Financial Income by Foreign Nations (with a focus on public and corporation bonds)”
27	Access	FSA publishes “Draft Comprehensive Guidelines for Supervision of Financial Instruments Business Operators, etc. (Supplement): Guidelines for Supervision of Credit Rating Agencies”

29	Access	Promulgation of Cabinet Ordinances and FSA Regulatory Notices concerning the extension of temporary measures regarding restrictions on short selling and purchase of own stocks by listed companies
	Access	Implementation status of the management enhancement plans of six regional banks
	Access	Implementation status of the management enhancement plan of the Yamanashikenmin Shinyoukumiai and the management enhancement and guidance plan of The Shinkumi Federation Bank
	Access	Implementation status of the management enhancement plans of Kiyo Holdings, Inc., The Kiyo Bank, Ltd., and The Howa Bank, Ltd.
	Access	Distribution of Rating Grades Assigned under the Financial Inspection Rating System
	Access	FSA adds new questions and answers to the “Financial Inspection Manual FAQ”
	Access	Provision of information regarding the fraudulent use of deposit accounts
	Access	Consultations received at the “Counseling Office for Financial Services Users” (October 1 - December 31, 2009)
	Access	Update of the Collection of Statistics on the Money Lending Business

February 1	Access	Administrative action against iFOREX Co., Ltd.
	Access	Decision to order payment of an administrative monetary penalty for insider trading by an employee of Belluna Co., Ltd.
	Access	Administrative action against RST Corporation

2	Access	Beware of fraudulent activity using documents stamped with a forged seal of the Kanto Local Finance Bureau!
	Access	Holding of the “Symposium on Life Planning and Asset Management” (Osaka)
	Access	Holding of the “Symposium on Life Planning and Asset Management” (Hiroshima)

3	Access	FSA releases “Draft Public Notice Partially Amending the Public Notice Pertaining to the First Pillar of Basel II”
	Access	Holding of the “3rd Roundtable Conference on the Certified Public Accountants System”
	Access	Secretariat meeting of the “Project Team on Money-Lending Systems” (February 4, 2010)

5	Access	FSA publishes the status of banks’ non-performing loans as of end-September 2009

8	Access	Administrative action against Art Investment Bank (Japan) Limited

10	Access	Publication of the “Draft Cabinet Office Ordinance, etc. for Partial Amendment of the Ordinance for Enforcement of the Banking Act, etc.”
	Access	FSA publishes draft partial revision of the “Comprehensive Guidelines for Supervision of Small- and Medium-Sized Enterprises and Regional Financial Institutions”
	Access	Publication of the “Draft Cabinet Office Ordinance, etc. for Partial Amendment of the Act on Securitization of Assets”

12	Access	FSA publishes Q&A relating to the “Forms attached to the Cabinet Office Ordinance on the Temporary Measures to Facilitate Financing for SMEs, etc.” and the “Guidelines for financial supervision based on the Act Concerning Temporary Measures to Facilitate Financing for SMEs, etc.”
	Access	Sixth trial date for the case of a violation of the Financial Instruments and Exchange Act in relation to false statements contained in a prospectus relating to the secondary distribution of shares in BicCamera Inc. held by an officer of BicCamera Inc.
	Access	Proposal of Disclosure Items concerning Corporate Governance
	Access	Administrative action against SBI Securities Co., Ltd.

15	Access	FSA releases new draft questions and answers for the “Q&A on Stock Tender Offers”

16	Access	Publication of the “Interim Summary of Issues” from the Secretariat meetings of the Project Team on Money-Lending Systems
	Access	Secretariat meeting of the “Project Team on Money-Lending Systems” (February 18, 2010)
	Access	Holding of the “Symposium on Life Planning and Asset Management”

17	Access	Publication of the draft partial revisions of the Financial Inspection Manual and the Insurance Inspection Manual

22	Access	Results of invitation for comments on the “Draft Order to Partially Revise the Orders Pertaining to the Book-Entry Transfer of Company Bonds, Shares, etc.”

23	Access	Results of the public comment on the draft Cabinet Orders and Cabinet Office Ordinances, etc. following the enforcement of laws on fund settlement
	Access	Results of the public comment on the “Draft Order for Partial Amendment of the Ordinance for Enforcement of the Act on Prevention of Transfer of Criminal Proceeds”
	Access	Approval of bank merger (1)
	Access	Approval of bank merger (2)
	Access	Decision to order payment of an administrative monetary penalty against false statements made in the annual securities reports, etc. relating to SBR Inc.
	Access	Decision to order payment of an administrative monetary penalty against market manipulation by an employee of Townnews-Sha Co., Ltd.
	Access	FSA releases draft questions and answers for the “Q&A on Large Shareholding Reports”

24	Access	Administrative action against Alico Japan

26	Access	FSA releases Draft Cabinet Office Ordinance Relating to the Disclosure of Corporate Information, etc.
	Access	Partial amendment of the “designation of cities requiring total capital contributions to a credit union to be no less than 20 million yen”
	Access	Results of the public comment on the draft partial revision of the “Stipulation of Business, etc. Excluded from the Business Able to be Conducted by a Subsidiary Company of a Bank, etc. Pursuant to the Provisions of Article 17-3(2)(iii) and (xxxviii) of the Ordinance for Enforcement of the Banking Act”
	Access	Status of crime involving counterfeit ATM cards
	Access	Update of the Collection of Statistics on the Money Lending Business
	Access	Administrative action against Mortgage Support Co., Ltd.

* Details of any items with an Access symbol, can be viewed by clicking on the Access symbol.

Site Map

About FSA Page list Open: Ministerial Team; Organization; Location; Pamphlet; Open Policy Lab
Press Releases & Public Relations Page list Open: Press Releases; Press Conferences; Official Statements; FSA Weekly Review & ACCESS FSA; Speeches; For Financial Users; Others; Archives
Policies & Councils Page list Open: Policies; Councils
Laws & Regulations Page list Open: Name of Laws and Regulations(PDF); Recent Changes (Legislation, Ordinances, Guidelines); Guidelines; Financial Instruments and Exchange Act; Financial Monitoring Policy; Public Comment; No-Action Letter System; Procedures concerning Foreign Account Management Institutions
Regulated Institutions Page list Open: List of Institutions; Administrative Action; Statistics; For those engaging in High Speed Trading; To Operators of Specially Permitted Businesses for Qualified Institutional Investors, etc.; Asia Region Funds Passport (ARFP)
FSA Weekly Review & ACCESS FSA Page list Open: Back Number (2022); Back Number (2021); Back Number (2020)

top of page