FSA Weekly Review No.189 March 30, 2016

What’s New on the FSA Website

Week of March 22 – March 25, 2016

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

Press Conferences

March 23, 2016:	Press Conference by the Minister for Financial Services (March 22, 2016) (Available in Japanese)
March 22, 2016:	Press Conference by the Minister for Financial Services (March 18, 2016) (Available in Japanese)

Public Comments

(The following public comments are available in Japanese)

March 25, 2016:	Publication of the finalized amendment to the “Ordinance for Enforcement of the Insurance Business Act” «Summary» The FSA finalized the amendment to the “Ordinance for Enforcement of the Insurance Business Act.” The amendment pertains to the insurance companies’ underwriting of insurance for fertility treatments. The Ordinance will be enforced on April 1, 2016.
March 23, 2016:	Publication of the finalized amendments to the “Ordinance for Enforcement of the Banking Act” «Summary» The FSA finalized the amendments to the “Ordinance for Enforcement of the Banking Act” pertaining to the amendments of the “Trade Insurance and Investment Act.” The ordinance will be enforced on April 1, 2016.

Press Releases

(The following press releases are available in English)

International

March 25, 2016:	Basel Committee on Banking Supervision published a consultative document “Reducing variation in credit risk-weighted assets - constraints on the use of internal model approaches”

Others

March 25, 2016:	Updated list of issuers of gift certificates in repayment procedures based on the “Payment Services Act”
March 24, 2016:	Stewardship Code : 206 institutional investors have signed up to the Principles for Responsible Institutional Investors

(The following press releases are available in Japanese)

Banks

March 25, 2016:	Promulgation of the “Cabinet Order on the Partial Revision of the Order for Enforcement of the Postal Service Privatization Act” «Summary» The FSA and the Ministry of Internal Affairs and Communications jointly announced that the “Cabinet Order on the Partial Revision of the Order for Enforcement of the Postal Service Privatization Act” was promulgated. The main points of the revision are as follows: The deposit limit at Japan Post Bank will be increased from 10 million yen to 13 million yen per account. The amount deductible in the calculation of maximum face value of life insurance underwritten by Japan Post Insurance will be increased from 3 million yen to 10 million yen. (The maximum face value of life insurance after deduction will remain to be 10 million yen). The Cabinet Order will take effect on April 1, 2016.

March 25, 2016:

Promulgation of the “Cabinet Order on the Partial Revision of the Order for Enforcement of the Postal Service Privatization Act”

«Summary»
The FSA and the Ministry of Internal Affairs and Communications jointly announced that the “Cabinet Order on the Partial Revision of the Order for Enforcement of the Postal Service Privatization Act” was promulgated. The main points of the revision are as follows:

The deposit limit at Japan Post Bank will be increased from 10 million yen to 13 million yen per account.
The amount deductible in the calculation of maximum face value of life insurance underwritten by Japan Post Insurance will be increased from 3 million yen to 10 million yen. (The maximum face value of life insurance after deduction will remain to be 10 million yen).

The Cabinet Order will take effect on April 1, 2016.

Securities

March 25, 2016:	Administrative action against First Make Limited Co., Ltd (Kanto Local Finance Bureau) «Summary» On March 25, 2016, the Kanto Local Finance Bureau took an administrative action against First Make Limited Co., Ltd, suspending the entity’s business for three months from March 25 to June 24 and requiring the entity to improve its operations, pursuant to the “Financial Instruments and Exchange Act (FIEA).” This administrative action is based on a recommendation from the Securities and Exchange Surveillance Commission (SESC) as a result of their on-site inspection. The entity was found not fulfilling the requirements complying with the FIEA.
March 25, 2016:	Revocation of registration of Kabushiki Kaisha NEXT TRUST (Kanto Local Finance Bureau) «Summary» On March 25, 2016, the Kanto Local Finance Bureau revoked the registration of Kabushiki Kaisha NEXT TRUST* pursuant to the “Financial Instruments and Exchange Act.” Its office was not found at its registered address. *This corporate name is not available in English and is the Romanized version of its Japanese name.

March 25, 2016:

Administrative action against First Make Limited Co., Ltd (Kanto Local Finance Bureau)

«Summary»
On March 25, 2016, the Kanto Local Finance Bureau took an administrative action against First Make Limited Co., Ltd, suspending the entity’s business for three months from March 25 to June 24 and requiring the entity to improve its operations, pursuant to the “Financial Instruments and Exchange Act (FIEA).”
This administrative action is based on a recommendation from the Securities and Exchange Surveillance Commission (SESC) as a result of their on-site inspection. The entity was found not fulfilling the requirements complying with the FIEA.

March 25, 2016:

Revocation of registration of Kabushiki Kaisha NEXT TRUST (Kanto Local Finance Bureau)

«Summary»
On March 25, 2016, the Kanto Local Finance Bureau revoked the registration of Kabushiki Kaisha NEXT TRUST* pursuant to the “Financial Instruments and Exchange Act.” Its office was not found at its registered address.

*This corporate name is not available in English and is the Romanized version of its Japanese name.

Insurance

March 25, 2016:	Authorization of the business restructuring plan for The Dai-ichi Life Insurance Company, Limited «Summary» The FSA authorized and published the business restructuring plan for The Dai-ichi Life Insurance Company, Limited, based on the “Industrial Competitiveness Enhancement Act.”

Others

March 25, 2016:	Securities filings reviews for FY 2016 and thereafter «Summary» The FSA will conduct securities filings reviews for FY 2016 and thereafter. The reviews consist of reviews regarding compliance with the revised regulations and focused reviews regarding priority issues. The priority issues are the following: Construction contracts Inventories Comprehensive income statement Per share information
March 25, 2016:	Points that need to be addressed in securities filings (FY 2016 and thereafter) «Summary» The FSA published points that need to be addressed in securities filings in FY 2016 and thereafter. The issues are categorized into two types: 1)Points related to the newly applied disclosure regulations and accounting standards 2)Points related to the results of the focused review on securities filings of the prior year
March 22, 2016:	Publication of the summary of the fourth meeting of the Advisory Council on the Systems of Accounting and Auditing «Summary» The FSA published the summary of the fourth meeting of the Advisory Council on the Systems of Accounting and Auditing, which was held on March 8, 2016.

March 25, 2016:

Securities filings reviews for FY 2016 and thereafter

«Summary»
The FSA will conduct securities filings reviews for FY 2016 and thereafter. The reviews consist of reviews regarding compliance with the revised regulations and focused reviews regarding priority issues. The priority issues are the following:

Construction contracts
Inventories
Comprehensive income statement
Per share information

March 25, 2016:

Points that need to be addressed in securities filings (FY 2016 and thereafter)

«Summary»
The FSA published points that need to be addressed in securities filings in FY 2016 and thereafter. The issues are categorized into two types:

1)Points related to the newly applied disclosure regulations and accounting standards

2)Points related to the results of the focused review on securities filings of the prior year

March 22, 2016:

Publication of the summary of the fourth meeting of the Advisory Council on the Systems of Accounting and Auditing

«Summary»
The FSA published the summary of the fourth meeting of the Advisory Council on the Systems of Accounting and Auditing, which was held on March 8, 2016.

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