What’s New on the FSA Website

Week of June 16 – 20, 2014

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

Press Conferences

June 18, 2014:	Press Conference by the Minister for Financial Services (June 17, 2014) Japanese version
June 16, 2014:	Press Conference by the Minister for Financial Services (June 13, 2014) Japanese version

Public Comments

(The following public comments are available in Japanese)

June 20, 2014:

Results of public comments regarding the Cabinet Office Ordinance on over-the-counter (OTC) derivatives transactions «Summary» The FSA published the results of public comments regarding the Cabinet Office Ordinance on over-the-counter (OTC) derivatives transactions, which expands the scope of entities and products subject to the central clearing obligation. No changes were made to the proposed Cabinet Office Ordinance.

June 20, 2014:

Results of public comments regarding the revision of the Public 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 published the results of public comments regarding the revision of the Public Notice (Ministry of Finance Public Notice No. 48/1996) which stipulates the method of funding the policy reserve and the level of coefficients for calculating the amount of the policy reserve regarding long-term insurance contracts pursuant to the "Insurance Business Act." The revision was promulgated on June 20, 2014, and will be implemented on October 1, 2014.

Press Releases

(The Following press releases are available in English)

International

June 18, 2014:	Press release by IFRS Foundation Monitoring Board
June 16, 2014:	Exchange of letters on financial-sector technical cooperation with the Financial Services Authority of Indonesia Japanese version

(The Following press releases are available in Japanese)

Banks

June 20, 2014:

Report on the measures for the resolution of failed financial institutions «Summary» On June 20, 2014, the FSA submitted to the National Diet a report on the measures for the resolution of failed financial institutions (the FRC report) pursuant to the "Act on Emergency Measures for the Revitalization of the Financial Functions." The report covers developments between October 1, 2013, and March 31, 2014.

June 16, 2014:

Updated list of authorized organizations supporting business innovation «Summary» On June 16, 2014, the FSA authorized and published a list of organizations that supports business innovation pursuant to the "Act for Facilitating New Business Activities of Small and Medium-sized Enterprises."

Securities

June 20, 2014:	Administrative action against Musashi Securities Co., Ltd. (Kanto Local Finance Bureau) «Summary» On June 20, 2014, the Director-General of Kanto Local Finance Bureau issued an administrative action against Musashi Securities Co., Ltd. based on a recommendation from the Securities and Exchange Surveillance Commission (SESC). The SESC identified the violation of law by Musashi Securities Co., Ltd. through on-site inspection.
June 20, 2014:	Administrative action against Bansei Securities Co., Ltd. and Bansei Asset Management Co., Ltd. (Kanto Local Finance Bureau) «Summary» On June 20, 2014, the Financial Services Agency (Kanto Local Finance Bureau) issued an administrative action against Bansei Securities Co., Ltd. and Bansei Asset Management Co., Ltd. based on a recommendation from the Securities and Exchange Surveillance Commission (SESC). The SESC identified the violation of law by Bansei Securities Co., Ltd. and Bansei Asset Management Co., Ltd. through on-site inspection.
June 18, 2014:	Administrative penalty charge against an employee of a company in negotiations with FLIGHT SYSTEM CONSULTING, Inc. for committing insider trading «Summary» On June 17, 2014, the FSA issued an order to impose an administrative penalty charge in a case regarding insider trading of stocks of FLIGHT SYSTEM CONSULTING, Inc. committed by an employee of SoftBank Mobile Corporation, which was negotiating a contract with FLIGHT SYSTEM CONSULTING, Inc.
June 18, 2014:	Administrative penalty charge against an employee of JAMCO CORPORATION for committing insider trading «Summary» On June 17, 2014, the FSA issued an order to impose an administrative penalty charge in a case regarding insider trading of stocks of JAMCO CORPORATION committed by an employee of the corporation.
June 16, 2014:	Updated list of entities who are operating financial instruments business without proper registration (Kanto Local Finance Bureau) «Summary» The FSA (Kanto Local Finance Bureau) issued warnings to entities who are operating financial instruments business without proper registration.

Others

June 20, 2014:	Updated list of issuers of gift certificates in repayment procedures based on the "Payment Services Act" «Summary» The FSA updated the list of issuers who are repaying or have completed repaying or announced the termination of use of prepaid payment instruments, as defined in the "Payment Services Act" (e.g. gift vouchers, gift certificates and prepaid cards).
June 18, 2014:	Disciplinary action against a certified public accountant (2) «Summary» The FSA reprimanded a certified public accountant, pursuant to the "Certified Public Accountants Act." The certified public accountant, while as a partner of KPMG Azusa LLC, violated the "Certified Public Accountants Act" and engaged in competition with the corporation.
June 18, 2014:	Disciplinary action against a certified public accountant (1) «Summary» The FSA suspended the business of a certified public accountant for 6 months from June 20 to December 19, 2014, pursuant to the "Certified Public Accountants Act."The certified public accountant, as a managing partner of Toto Audit Company, was negligent and attested that the financial statement of Produce Co., Ltd. contained no material misstatement, when in fact the statement did contain material misstatements.