FSA Weekly Review No.114 September 24, 2014

What’s New on the FSA Website

Week of September 16 - 19, 2014

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

Press Conferences

September 18, 2014: Press Conference by the Minister for Financial Services (September 16, 2014) Japanese versionopen new window

Public Comments

(The following public comments are available in Japanese)

September 19, 2014: Publication of revisions to the public notice regarding the adjustment to the calculated amount of banks' equity capitalopen new window
«Summary»
The FSA published the revision to the public notice regarding the adjustment to the amount of equity capital calculated based on the standards stipulated in the "Banking Act". The revision is based on the new balance sheet format stipulated in the "Ordinance for Enforcement of the Banking Act". The standards for calculation stipulated in the "Banking Act" are pursuant to the cabinet office ordinance on restrictions on financial institutions' holding of shares.
September 19, 2014: Results of public comments on amendments to the "Cabinet Office Ordinance for Enforcement of the Shinkin Bank Act"open new window
«Summary»
The FSA published the results of public comments on amendments to the "Cabinet Office Ordinance for Enforcement of the Shinkin Bank Act." The amendments provide the requirements for cases in which Shinkin Banks and Labor Banks prescribe additional rules in their articles of incorporation for removing members whose whereabouts are unknown over a long period of time.
September 17, 2014: Results of public comments on amendments to the "Comprehensive Guidelines for Supervision of Financial Instruments Business"open new window
«Summary»
The FSA published the results of public comments on the amendments to the “Comprehensive Guidelines for Supervision of Financial Instruments Business Operators.” The amendments reflect the revision to the "Act on Investment Trusts and Investment Corporations" in 2013 and the recommendations by the Panel for Vitalizing Financial and Capital Markets.
September 16, 2014: Results of public comments on the amendment to the "Comprehensive Guidelines for Supervision of Insurance Companies"open new window
«Summary»
The FSA published the results of public comments on the amendment to the “Comprehensive Guidelines for Supervision of Insurance Companies.” This is implemented from September 16, 2014. The amendment expands the check points for management structures for insurance solicitation and those for system risk management, and project management of the system integration. It also amends the guidelines for supervising Small Amount and Short Term Insurance Providers.
September 12, 2014: Publication of amendments to the FSA Regulatory designating “The Designated IFRSs”open new window
«Summary»
The FSA proposed amendments to the Regulatory Notice designating "Designated IFRSs” stipulated in the "Regulation for Terminology, Forms and Preparation of Consolidated Financial Statements."
The amendment adds the following IFRSs published by the International Accounting Standards Board between January 1 and June 30, 2014, to the list of designated IFRSs that can be used in Japan.
The IFRSs to be added are as follows:
  • IFRS 14, "Regulatory Deferral Accounts"
  • IFRS 11, "Joint Arrangements"
  • IFRS 15, " Revenue from Contracts with Customers"
  • IAS 16, "Property, Plant and Equipment"
  • IAS 38, "Intangible Assets"
  • IAS 41, "Agriculture"

Press Releases

(The Following press releases are available in English)

International

September 17, 2014 PDFInternational Organization of Securities Commissions (IOSCO) published a report “Update to Survey on the Principles for the Regulation and Supervision of Commodity Derivatives Markets”open new window
September 17, 2014 PDFInternational Organization of Securities Commissions (IOSCO) published a report “Implementation of the Principles for Oil Price Reporting Agencies”open new window

(The Following press releases are available in Japanese)

Securities

September 17, 2014 Publication of a warning for investors to be cautious about investing with unauthorized overseas financial business operators.open new window
«Summary»
The FSA issued a warning for investors to be cautious when they invest with unauthorized overseas financial business operators. The reminder was published in order to protect investors from troubles in relation to unauthorized financial business operators whose offices are located overseas.
September 17, 2014: Updated list of entities who are operating financial instruments business without proper registration (Kanto Local Finance Bureau)open new window
«Summary»
The FSA (Kanto Local Finance Bureau) issued warnings to entities that are operating financial instruments business without proper registration.

Others

September 19, 2014: Publication of a list of specified limited partnerships for investmentopen new window
«Summary»
The FSA published a list of those specified as limited partnerships for investment who are designated as such by the Prime Minister and the Minister of Economy, Trade and Industry. The listed limited partnerships for investment are eligible for the special provisions of the tax scheme for enterprise revitalization.
September 19, 2014: Publication of the finalized EDINET Taxonomy - 2014 (Amendment reflecting the revised "Act on Investment Trusts and Investment Corporations")open new window
«Summary»
The FSA published the amended, final version of the EDINET Taxonomy – 2014. No changes have been made since the proposal of the draft amendments on August 4, 2014. The amendments reflect the revision of the "Cabinet Office Ordinance on Disclosure of Information, etc. of Regulated Securities" that followed the introduction of the rights offering for investment corporations and easing of the restrictions on investment corporations’ acquisition of own investment equity pursuant to the "Act on Investment Trusts and Investment Corporations.""
September 18, 2014: Disciplinary action against a certified public accountantopen new window
«Summary»
The FSA suspended the business of a certified public accountant for 4 months from September 19, 2014 to January 18, 2015, pursuant to Article 31 (1) of the "Certified Public Accountants Act." The reason for the suspension was that the certified public accountant was deemed to have committed a discreditable act prohibited by Article 26 of the "Certified Public Accountants Act*."
*The certified public accountant was disciplined pursuant to the Certified Public Accountant Act and was therefore deemed to have committed a discreditable act prohibited by "Article 26 of the Certified Public Accountants Act."
September 18, 2014: Disciplinary action against a certified public accountantopen new window
«Summary»
The FSA suspended the business of a certified public accountant for 2 months from September 19 to November 18, 2014, pursuant to Article 31 (1) of the "Certified Public Accountants Act." The reason for the suspension was that the certified public accountant was deemed to have committed a discreditable act prohibited by Article 26 of the "Certified Public Accountant Act*."
*The certified public accountant was disciplined pursuant to the "Certified Public Tax Accountant Act" and was therefore deemed to have committed a discreditable act prohibited by Article 26 of the "Certified Public Accountant Act".
September 16, 2014: Updated list of issuers of gift certificates in repayment procedures based on the "Payment Services Act"open new window
«Summary»
The FSA updated the list of issuers who are repaying, have completed repaying or have announced the termination of use of the prepaid payment instruments as defined in the "Payment Services Act" (e.g. gift vouchers, gift certificates, and prepaid cards).
September 11, 2014: Publication of the Financial Monitoring Policy for 2014-2015open new window
«Summary»
The FSA published the financial monitoring policy for 2014-2015, regarding its oversight of financial institutions. The policy includes measures regarding on-site and off-site monitoring process, as well as focus of financial monitoring.

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