What’s New on the FSA Website

Week of June 29 – July 3, 2015

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

Press Conferences

July 2, 2015:	Press Conference by the Minister for Financial Services (June 30, 2015) (Available in Japanese)
June 29, 2015:	Press Conference by the Minister for Financial Services (June 26, 2015) (Available in Japanese)

Public Comments

(The following public comments are available in Japanese)

July 2, 2015:	Publication of the updated "Guidelines for Personal Information Protection in the Financial Industries" and “Practical Guidelines for the Security Policies regarding the Personal Information Protection in the Financial Industries” by the FSA «Summary» The FSA finalized the "Guidelines for Personal Information Protection in the Financial Industries" and “Practical Guidelines for the Security Policies regarding the Personal Information Protection in the Financial Industries.” The finalized guidelines will be applied from July 9, 2015.
July 1, 2015:	Publication of draft amendments to the "Cabinet Office Ordinance on Definitions under Article 2 of the Financial Instruments and Exchange Act" «Summary» The FSA proposed draft amendments to the "Cabinet Office Ordinance on Definitions under Article 2 of the Financial Instruments and Exchange Act." The amendments ease the restriction on resale of bonds in the solicitation of acquisition for professional investors and add the document certifying the representative to a foreign qualified institutional investor.
June 30, 2015:	Publication of a cabinet office ordinance to amend the "Ordinance on Terminology, Forms and Preparation Methods of Consolidated Financial Statements" «Summary» The FSA proposed a cabinet office ordinance to amend the "Ordinance on Terminology, Forms and Preparation Methods of Consolidated Financial Statements." The amendments reflect the revised global accounting standard published by the ASBJ on the same day.
June 30, 2015:	Publication of draft amendments to the "Insurance Inspection Manual" «Summary» The FSA proposed draft amendments to the "Insurance Inspection Manual." The amendments reflect the May 2015 revision to the "Comprehensive Guidelines for Supervision of Insurance Companies," and require insurance solicitors to provide adequate information to customers, to try to accommodate the customers’ intentions, and to develop the compliance system for appropriate insurance solicitation.

Press Releases

(The following press releases are available in English)

International

July 3, 2015:	Basel Committee on Banking Supervision published a consultative document "Review of the Credit Valuation Adjustment Risk Framework”
July 2, 2015:	International Organization of Securities Commissions (IOSCO) published a consultation report “Report on Elements of International Regulatory Standards on Fees and Expenses of Investment Funds”
June 30, 2015:	International Organization of Securities Commissions (IOSCO) published a report “Credible Deterrence in the Enforcement of Securities Regulation”

Councils

June 29, 2015:	The fifth meeting of the Working Group on Financial Group of the Financial System Council

Banks

June 30, 2015:	Update on measures taken in response to the Great East Japan Earthquake (as of June 30, 2015)

Publication

June 29, 2015:	Publication of the 144th issue of the FSA’s monthly journal, Access FSA

Others

July 2, 2015:	Updated list of issuers of gift certificates in repayment procedures based on the "Payment Services Act"
July 1, 2015:	Announcement of personnel changes (announced July 1, 2015)

(The following press releases are available in Japanese)

Councils

June 30, 2015:	Publication of the agenda and handouts of the fourth meeting of the Working Group on the Financial Group of the Financial System Council «Summary» The FSA published the agenda and handouts of the fourth meeting of the Working Group on the Financial Group of the Financial System Council, which was held on June 29, 2015.

Banks

June 30, 2015:

Publication of a progress report on Business Revitalization Plans «Summary» The FSA published a report on the progress of business revitalization by Shinsei Bank Ltd. in the fiscal year ending March 2015, pursuant to the "Act on Emergency Measures for Early Strengthening of Financial Functions" and the "Deposit Insurance Act."

June 30, 2015:

Figures regarding suspended repayments following the Great East Japan Earthquake (as of March 31, 2015) «Summary» The FSA published the number of debtors and the amount of debt for which the contractual repayment has been suspended following the Great East Japan Earthquake based on hearings with financial institutions in the three prefectures most heavily affected by the earthquake (Iwate, Miyagi, and Fukushima).

Securities

July 3, 2015:	Administrative action against Crowd Securities Japan, Inc. «Summary» On July 3, 2015, the Kanto Local Finance Bureau took an administrative action against Crowd Securities Japan, Inc., requiring the firm to improve its operations and suspending the firm from accepting new engagements for three months from July 10 to October 9, 2015, pursuant to the "Financial Instruments and Exchange Act." This administrative action is based on a recommendation from the Securities and Exchange Surveillance Commission (SESC) as a result of their on-site inspection.
June 30, 2015:	Publication of financial instruments businesses that conducted large-scale OTC derivative transactions in FY2014 «Summary» The FSA published, complying with the "Cabinet Office Ordinance on Restrictions on Over-the-Counter Derivatives Transactions," the list of financial instruments businesses whose average monthly total notional principal amount of OTC derivative transactions in FY2014 was 300 billion yen or more.
June 30, 2015:	Updated list of qualified institutional investors engaging in a specially permitted business who are operating financial instruments businesses without proper registration (Kanto Local Finance Bureau) «Summary» The FSA (Kanto Local Finance Bureau) issued warnings to qualified institutional investors engaging in a specially permitted business who are operating financial instruments businesses without proper registration.

Others

July 2, 2015:	Administrative action against Audit Corporation Central «Summary» On July 2, 2015, the FSA issued an administrative order to Audit Corporation Central, requiring the firm to improve its operations, pursuant to "Article 34-21(2) (iii) of the Certified Public Accountants Act." The FSA had investigated the firm following a recommendation from the Certified Public Accountants and Auditing Oversight Board and confirmed that the firm's operations require improvement.
July 2, 2015:	Publication of the “Policy of Approach to Strengthen the Cyber Security in the Financial Industries” «Summary» The FSA published the “Policy of Approach to Strengthen the Cyber Security in the Financial Industries.” The policy aims to clarify the issues to be addressed and to share common awareness regarding cyber security with financial institutions, financial service users, and related institutions.
June 30, 2015:	The FSA to hold "Kids' Day" on July 29 and 30, 2015 «Summary» The FSA will hold "Kids' Day" on July 29 and 30, 2015. This event is held by the Central Government Ministries and Agencies every summer for children to visit government offices.
June 30, 2015:	Disciplinary action against Deloitte Touche Tohmatsu LLC «Summary» On June 30, 2015, the FSA reprimanded an audit firm, Deloitte Touche Tohmatsu LLC, pursuant to "Article 34-21(2) (ii) of the Certified Public Accountants Act." The reason for the action was that partners of the audit firm were negligent and attested that the financial statement of Trustex Holdings, Inc. for FY2004 and FY 2005 contained no material misstatement, when in fact the statement contained material misstatement.
June 30, 2015:	Publication of the level of remuneration paid to officers of special public corporations and authorized corporations «Summary» The FSA published the level of remuneration paid to the officers of the special public corporations under its jurisdiction: Deposit Insurance Corporation of Japan and Banks’ Shareholdings Purchase Corporation. The list is published pursuant to "Key Policies for Administrative Reforms" (Cabinet decision in December 24, 2005), which mandated that each special public and authorized corporation and its governing ministers compare the level of remuneration paid to its officers with that of national public officials and publish its results (the Laspeyres index).
June 29 2015:	Summary of meetings of the working group on financial measures to promote private finance initiatives «Summary» The FSA published a summary of five meetings of the Public-Private Financial Roundtable's working group on financial measures to promote private finance initiatives, which were held between May and December 2014.