[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.

A1. On Saturday, June 25, the GHOS held a meeting in Basel, Switzerland, to discuss additional capital requirements for G-SIFIs, which have been the subject of global debate since the Lehman shock and which are described as being too big to fail. From Japan, FSA Commissioner Mikuniya, Bank of Japan Governor Shirakawa and FSA Vice Commissioner for International Affairs Kono attended this meeting.

After the meeting, a press release was issued. It has been agreed that the assessment of the systemic importance will be based on five indicators related to risk factors, including “size“ and “interconnectedness,“ and that the additional capital requirements are to be met with a Common Equity Tier capital requirement ranging from 1% to 2.5%, depending on a bank's systemic importance, as was reported by newspapers. It has also been agreed that the additional capital requirements will be phased in starting in January 2016, becoming fully effective in January 2019.

The FSA has been arguing that the additional requirements should be well-balanced ones that reflect the level of risks to which individual G-SIFIs are exposed, and we believe that this agreement deserves appreciation as it reflects the Japanese argument.

I understand that the whole set of proposed measures related to G-SIFIs, including the ones agreed upon at this time, will be issued for public consultation around the end of July and that a final conclusion is scheduled to be reached by the G-20 summit in Cannes in November this year. The FSA intends to continue to actively participate in the debate on this matter.

[Extract from the press conference following the Cabinet meeting on June 28, 2011]

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[Press Releases in June]

June 1	Access		“Draft Cabinet Office Ordinance for Partial Revision of the Cabinet Office Ordinance on Disclosure of Information, etc. on Specified Securities“ published
June 2	Access		“Draft Cabinet Office Ordinance for Partial Revision of the Regulation for Calculation of Investment Trust Assets, etc.,“ etc. published
June 3	Access		“Draft Cabinet Office Ordinance for Partial Revision of the Cabinet Office Ordinance Relating to Definitions Prescribed in Article 2 of the Financial Instruments and Exchange Act, and of the Cabinet Office Ordinance on Regulation of Trading of Securities“ published
	Access		Cabinet Order for Partial Revision of the Order for Enforcement of the Financial Instruments and Exchange Act
June 6	Access		FSA and ESMA exchanged the letters regarding credit rating agencies
June 9	Access		Results of solicitation of opinions on Partial Revisions (draft) of “Comprehensive Guidelines for Supervision of Insurance Companies“, etc.
	Access		First court hearing date for the Financial Instruments and Exchange Act violations trial case concerning false statements in annual securities reports etc. concerning DDS, Inc.
June 10	Access		Overview of major banks' financial results as of March 31, 2011
	Access		Overview of regional banks' financial results as of March 31, 2011
	Access		Administrative actions against Award Co., Ltd. and Sun Partners Co., Ltd.
June 14	Access		“Draft Partial Revision of Financial Inspection Rating System“ published
June 17	Access		Draft addition of “Q&A on Tender Offers for Shares, etc.“ published
	Access		“Draft Cabinet Office Ordinance for Partial Revision of the Cabinet Office Ordinance on Disclosure of Corporate Information, etc.“, etc. published
	Access		“Status of Policy Response to Fiscal 2009 Policy Evaluation Results“ published
	Access		Report on content of measures taken for handling of bankrupt financial institutions, etc.
June 20	Access		Ministerial honors for “Financial institutions which contributed to forming a sound consumer finance market, by their efforts to resolve multiple debt problems“
June 22	Access		Business Sentiment etc. of Small and Medium-sized Enterprises - Questionnaire Survey Results Summary
	Access		Promulgation of Cabinet Order on deadline for exemption from responsibility for noncompliance with duty to submit annual securities reports etc., due to the Great East Japan Earthquake
June 23	Access		“Timetable for restoring confidence in and activating markets for emerging companies“ published
	Access		Decision on order to pay administrative monetary penalty for false statements in annual securities reports etc. concerning DPG Holdings, Inc.
	Access		First hearing date to hold trial on Financial Instrument and Exchange Act violations by World Resource Communication Co., Ltd. concerning corporate bond subscriptions without notification
June 24	Access		First Financial System Council “Working Group on Medium Term Approach of Japan's Financial Industry“ program
	Access		Decision to start trial procedures concerning order to pay administrative monetary penalty against Morgan Stanley Investment Management Limited and two other companies
	Access		“Fiscal 2011 FSA Policy Evaluation Implementation Plan“ created, etc.
	Access		Items to consider and priority examinations for creation and submission of annual securities reports (Version for year ended March 2011)
	Access		“Draft Cabinet Order for Partial Revision of the Order for Enforcement of the Financial Instruments and Exchange Act“, etc. published
June 27	Access		“Measures for global systemically important banks agreed by the Group of Governors and Heads of Supervision“ press release by the Group of Governors and Heads of Supervision
	Access		FY2012: Solicitation of opinions on tax system revision requests
	Access		Business Accounting Council 25th Audit Subcommittee program
June 28	Access		Administrative action against Future Stock Co., Ltd.
June 29	Access		Order for Partial Revision of the Orders Pertaining to the Book-Entry Transfer of Company Bonds, Shares, etc.
	Access		Cabinet Office Ordinance for Partial Revision of the Cabinet Office Ordinance on Disclosure of Tender Offer for Share Certificates, etc. by Person Other Than Issuer, etc.
	Access		Status of progress on initiatives by market participants to reduce securities settlement risks
	Access		Draft Cabinet Office Ordinance for Partial Revision of the Cabinet Office Ordinance Relating to Definitions Prescribed in Article 2 of the Financial Instruments and Exchange Act published
June 30	Access		Pay levels of officers of special corporations and authorized corporations published
	Access		Partial revision of “Administrative Guidelines (Volume 3: Finance Company Related)“
	Access		Money lending business related documents updated
	Access		Administrative action against Rights Trust Inc.
	Access		Authorization of Financial Instruments Firms Associations
	Access		Financial System Council “Method of Regulations on Insurance Company Group Management Working Group (1st)“ program
	Access		“Draft Cabinet Office Ordinance for Partial Revision of the Ordinance for Enforcement of the Trust Business Act and the Act on Provision, etc. of Trust Business by Financial Institutions“ published
	Access		“Draft Cabinet Office Ordinance for Partial Revision of the Regulation for Terminology, Forms and Preparation of Financial Statements)“ - Results of public comments, etc.
	Access	is a link to the publication web page.

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Web Pages Most Accessed in May

This section shows the May Press Releases web pages which were accessed the most.

To see the web pages most accessed in the past, go to the FSA web site's Web pages most accessed (past data, etc.) (Available in Japanese only)

• Financial institutions being inspected by FSA
•  List of licensed (registered) financial institutions
• “Considerations on the Application of IFRS“ Statement by Shozaburo Jimi, Minister of State for Financial Services (June 21, 2011) (English)
• Financial Facilitation Measures for Small and Medium-sized Enterprises
• Situation of responses to recent disaster by FSA, Local Finance Bureaus and financial institutions
• List of Issuers of Gift Certificates which are in Repayment Procedures based on the Act on Fund Settlement
• Names of Parties which Engage in Financial Instruments and Exchange Business while Unregistered
• Results of solicitation of opinions on Partial Revisions (draft) of “Comprehensive Guidelines for Supervision of Insurance Companies“, etc.
• Administrative action against Mizuho Bank and Mizuho Financial Group (English)
• “Draft Cabinet Office Ordinance for Partial Revision of the Cabinet Office Ordinance on Disclosure of Information, etc. on Specified Securities“ published