FSA Weekly Review No.176 December 24, 2015

What’s New on the FSA Website

Week of December 14 – December 18, 2015

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

Press Conferences

December 16, 2015:	Press Conference by the Minister for Financial Services (December 15, 2015) (Available in Japanese)
December 14, 2015:	Press Conference by the Minister for Financial Services (December 11, 2015) (Available in Japanese)

Public Comments

(The following public comments are available in Japanese)

December 15, 2015:	Publication of a draft amendment to the “Comprehensive Guidelines for Supervision of Insurance Companies” «Summary» The FSA proposed a draft amendment to the “Comprehensive Guidelines for Supervision of Insurance Companies.” The amendment intends to simplify the approval procedures for insurance products of a non-managing underwriter in a co-insurance contract scheme. The amendment exempts the application of authorization or notification. When non-managing underwriter’s insurance products under co-insurance contract fulfill specific requirements, the application is exempted regarding the setting or revising of the provisions or premium calculation methods.
December 14, 2015:	Publication of finalized amendments to the “Comprehensive Guidelines for Supervision of Financial Instruments Business Operators” «Summary» The FSA finalized amendments to the “Comprehensive Guidelines for Supervision of Financial Instruments Business Operators.” The amendments are as follows: Clarifying supervisory points of attention when financial instruments business operators solicit financial transactions via “Junior NISA” starting April 2016. Reflecting an increase in the annual investment limit for NISA from 1 million yen to 1.2 million yen from January 2016. Requiring securities companies to use J-IRISS (Japan-Insider Registration and Identification Support System) by the Japan Securities Dealers Association as a measure to prevent insider trading by customers. The guidelines have been enforced since December 14, 2015, except the amendment to the annual investment limit for NISA which will be enforced from January 1, 2016. No change has been made to the draft proposal released on October 30, 2015.

December 15, 2015:

Publication of a draft amendment to the “Comprehensive Guidelines for Supervision of Insurance Companies”

«Summary»
The FSA proposed a draft amendment to the “Comprehensive Guidelines for Supervision of Insurance Companies.” The amendment intends to simplify the approval procedures for insurance products of a non-managing underwriter in a co-insurance contract scheme.
The amendment exempts the application of authorization or notification. When non-managing underwriter’s insurance products under co-insurance contract fulfill specific requirements, the application is exempted regarding the setting or revising of the provisions or premium calculation methods.

December 14, 2015:

Publication of finalized amendments to the “Comprehensive Guidelines for Supervision of Financial Instruments Business Operators”

«Summary»
The FSA finalized amendments to the “Comprehensive Guidelines for Supervision of Financial Instruments Business Operators.”
The amendments are as follows:

Clarifying supervisory points of attention when financial instruments business operators solicit financial transactions via “Junior NISA” starting April 2016.
Reflecting an increase in the annual investment limit for NISA from 1 million yen to 1.2 million yen from January 2016.
Requiring securities companies to use J-IRISS (Japan-Insider Registration and Identification Support System) by the Japan Securities Dealers Association as a measure to prevent insider trading by customers.

The guidelines have been enforced since December 14, 2015, except the amendment to the annual investment limit for NISA which will be enforced from January 1, 2016. No change has been made to the draft proposal released on October 30, 2015.

Press Releases

(The following press releases are available in English)

Councils

December 17, 2015:	The second meeting of the Working Group on Corporate Disclosure of the Financial System Council

Securities

December 15, 2015:	Administrative action against Deutsche Securities Inc.

Others

December 18, 2015:	Updated list of issuers of gift certificates in repayment procedures based on the “Payment Services Act”

(The following press releases are available in Japanese)

Councils

December 17, 2015:	Publication of the agenda and handouts of the seventh meeting of the Working Group on Payments and Transaction Banking of the Financial System Council «Summary» The FSA published the agenda and handouts of the seventh meeting of the Working Group on Payments and Transaction Banking of the Financial System Council, which was held on December 17, 2015.
December 16, 2015:	Publication of the agenda and handouts of the ninth meeting of the Working Group on the Financial Group of the Financial System Council «Summary» The FSA published the agenda and handouts of the ninth meeting of the Working Group on the Financial Group of the Financial System Council, which was held on December 16, 2015.

Banks

December 18, 2015:	Warning against bank account scams by non-registered business entities «Summary» The FSA issued a warning against bank account scams by entities that are not registered with the FSA as banks. In Japan, only banks registered with the FSA are allowed to solicit or broker to open an account at a foreign bank that has no office in Japan. It is recently reported that the names of foreign banks that actually exist are used in the brochures introducing bank accounts with high interest rates. Solicitations using such brochures are more likely to be bank account scams aimed to defraud fees and open deposits.
December 16, 2015:	Publication of statistics regarding unlawful reimbursement of deposits «Summary» The FSA published statistics on unlawful reimbursement of deposits caused by counterfeit and stolen cash cards, stolen deposit books, and unlawful internet banking activities. The statistics include details of incidents and compensation made by financial institutions based on the reports from financial institutions.

December 18, 2015:

Warning against bank account scams by non-registered business entities

«Summary»
The FSA issued a warning against bank account scams by entities that are not registered with the FSA as banks. In Japan, only banks registered with the FSA are allowed to solicit or broker to open an account at a foreign bank that has no office in Japan.
It is recently reported that the names of foreign banks that actually exist are used in the brochures introducing bank accounts with high interest rates. Solicitations using such brochures are more likely to be bank account scams aimed to defraud fees and open deposits.

December 16, 2015:

Publication of statistics regarding unlawful reimbursement of deposits

«Summary»
The FSA published statistics on unlawful reimbursement of deposits caused by counterfeit and stolen cash cards, stolen deposit books, and unlawful internet banking activities. The statistics include details of incidents and compensation made by financial institutions based on the reports from financial institutions.

Securities

December 18, 2015:	Revocation of registration of “Kabushiki Kaisha PHYLLITE” and “Kabushiki Kaisha Pacific Housing” «Summary» On December 18, 2015, the Kanto Local Finance Bureau revoked registration of Kabushiki Kaisha PHYLLITE* and Kabushiki Kaisha Pacific Housing* pursuant to the “Financial Instruments and Exchange Act.” Their offices were not found at their registered addresses. *These corporate names are not available in English and are Romanized versions of the Japanese corporate names.
December 15, 2015:	Publication of “Statistics of NISA Accounts” «Summary» The FSA published “Statistics of NISA Accounts.” As of September 30, 2015, there were 9.58 million NISA accounts in total, and around 5.87 trillion yen (approximately 48.67 billion USD) was invested through the NISA accounts.
December 14, 2015:	Updated list of entities that are operating financial instruments businesses without proper registration (Kinki and Kanto Local Finance Bureau, and Okinawa General Bureau of the Cabinet Office) «Summary» The FSA (Kinki and Kanto Local Finance Bureau, and Okinawa General Bureau of the Cabinet Office) issued warnings to entities that are operating financial instruments businesses without proper registration. Warnings were issued to the following entities: Kabushiki Kaisha will be* Trade Tools Kabushiki Kaisha* Kabushiki Kaisha YO Keizai Bōeki* GSI Investment Incorporated (GSI INVESTMENT INCORPORATED) Profit Plan Limited Monkey Trade Karlson SHINY MAPLE LIMITED Kabushiki Kaisha Findedge Gōdō Kaisha Burūmingu These corporate names are not available in English and are Romanized versions of the Japanese corporate names. *These entities are qualified institutional investors engaging in specially permitted business. Their corporate names are not available in English and are Romanized versions of the Japanese corporate names.

December 18, 2015:

Revocation of registration of “Kabushiki Kaisha PHYLLITE” and “Kabushiki Kaisha Pacific Housing”

«Summary»
On December 18, 2015, the Kanto Local Finance Bureau revoked registration of Kabushiki Kaisha PHYLLITE* and Kabushiki Kaisha Pacific Housing* pursuant to the “Financial Instruments and Exchange Act.” Their offices were not found at their registered addresses.

*These corporate names are not available in English and are Romanized versions of the Japanese corporate names.

December 15, 2015:

Publication of “Statistics of NISA Accounts”

«Summary»
The FSA published “Statistics of NISA Accounts.” As of September 30, 2015, there were 9.58 million NISA accounts in total, and around 5.87 trillion yen (approximately 48.67 billion USD) was invested through the NISA accounts.

December 14, 2015:

Updated list of entities that are operating financial instruments businesses without proper registration (Kinki and Kanto Local Finance Bureau, and Okinawa General Bureau of the Cabinet Office)

«Summary»
The FSA (Kinki and Kanto Local Finance Bureau, and Okinawa General Bureau of the Cabinet Office) issued warnings to entities that are operating financial instruments businesses without proper registration.
Warnings were issued to the following entities:

Kabushiki Kaisha will be*
Trade Tools Kabushiki Kaisha*
Kabushiki Kaisha YO Keizai Bōeki*
GSI Investment Incorporated (GSI INVESTMENT INCORPORATED)
Profit Plan Limited
Monkey Trade Karlson
SHINY MAPLE LIMITED
Kabushiki Kaisha Findedge**
Gōdō Kaisha Burūmingu**

*These corporate names are not available in English and are Romanized versions of the Japanese corporate names.

**These entities are qualified institutional investors engaging in specially permitted business. Their corporate names are not available in English and are Romanized versions of the Japanese corporate names.

Others

December 18, 2015:	Establishment of the “Working Group on Banks’ Financial Intermediation for the Local Economy” «Summary» The FSA established the “Working Group on Banks’ Financial Intermediation for the Local Economy” organized together with the external experts. The first meeting of the Working Group was held on December 21, 2015. Main discussion themes especially in the local economy were as follows: How to contribute in improving productivity and promoting business restructuring including withdrawal from the market Providing of loans without too much reliance on collateral and personal guarantees Roles to be played by the FSA The meeting was not open to the public, but the minutes (in Japanese) will be published in due course.
December 16, 2015:	“Symposium on Protection against Financial Fraud” in Sendai City «Summary» On February 9, 2016, the FSA and the Tohoku Local Finance Bureau will jointly hold the “Symposium on Protection against Financial Fraud” in Sendai City, Miyagi Prefecture. The Symposium is aimed at preventing consumers from getting involved in trouble related to financial fraud.

December 18, 2015:

Establishment of the “Working Group on Banks’ Financial Intermediation for the Local Economy”

«Summary»
The FSA established the “Working Group on Banks’ Financial Intermediation for the Local Economy” organized together with the external experts.
The first meeting of the Working Group was held on December 21, 2015.
Main discussion themes especially in the local economy were as follows:

How to contribute in improving productivity and promoting business restructuring including withdrawal from the market
Providing of loans without too much reliance on collateral and personal guarantees
Roles to be played by the FSA

The meeting was not open to the public, but the minutes (in Japanese) will be published in due course.

December 16, 2015:

“Symposium on Protection against Financial Fraud” in Sendai City

«Summary»
On February 9, 2016, the FSA and the Tohoku Local Finance Bureau will jointly hold the “Symposium on Protection against Financial Fraud” in Sendai City, Miyagi Prefecture. The Symposium is aimed at preventing consumers from getting involved in trouble related to financial fraud.

Site Map

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