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FSA Weekly Review No.241
- April 27, 2017
What’s New on the FSA Website
Week of April 17 - April 21, 2017
This page contains the latest in events, developments, and updates to the FSA website.
Press Conferences
Public Comments
(The following public comments are available in Japanese)
March 30, 2017: | Publication of the finalized “Principles for Customer-Oriented Business Conduct” < Summary> The FSA finalized the “Principles for Customer-Oriented Business Conduct” reflecting the results from the public consultation. The Principles were originally developed based on the report on desirable policy measures to help households’ asset building and appropriate rules regarding markets and financial instruments exchanges, which was published by the “Working Group on Financial Markets” of the Financial System Council in December 2016. In this context, the FSA has also set out its initiatives for ensuring that respective financial institutions make efforts toward consolidation of the Principles. |
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March 28, 2017: | Publication of the finalized amendments to the regulatory notice of the “Calculation Methods for Insurance Companies’ Stated Capitals, Funds, Reserves and Amount Equivalent to Risk Not Normally Predictable” < Summary> The FSA finalized the amendments to the regulatory notice of the “Calculation Methods for Insurance Companies’ Stated Capitals, Funds, Reserves and Amount Equivalent to Risk Not Normally Predictable.” The amendments ensure that insurance companies appropriately measure the amount equivalent to risks associated with derivatives transactions in calculating their solvency margin rates. The regulatory notice was enforced on March 31, 2017. |
Press Releases
(The following press release is available in English)
Others
April 20, 2017: | Updated list of issuers of gift certificates in repayment procedures based on the “Payment Services Act” |
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(The following press releases are available in Japanese)
Banks
March 31, 2017: | Publication of the updated “Comprehensive Guidelines for Supervision of Major Banks, etc.” and the “Financial Inspection Manuals” < Summary> The FSA published the updated “Comprehensive Guidelines for Supervision of Major Banks, etc.” and the “Financial Inspection Manuals” in accordance with the enforcement of the “Act on the Protection of Personal Information.” The Guidelines and the Inspection Manuals will be enforced on May 30, 2017, in tandem with the enforcement of the said Act, other relevant orders, and ordinances. |
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Securities
April 17, 2017: | Administrative action against Kabushiki Kaisha Regalia Financial (Kanto Local Financial Bureau) < Summary> The Kanto Local Finance Bureau took an administrative action against Kabushiki Kaisha Regalia Financial (a business operator engaged in Type II Financial Instruments Business) which the Kanto Local Finance Bureau cannot ascertain the location of its office, ordering the revocation of the entity’s registration pursuant to the “Financial Instruments and Exchange Act.” |
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March 31, 2017: | Publication of an updated cabinet office ordinance to amend the “Ordinance for Enforcement of the Act on Investment Trusts and Investment Corporations” < Summary> The FSA updated a cabinet office ordinance to amend the “Ordinance for Enforcement of the Act on Investment Trusts and Investment Corporations” in accordance with the enforcement of the “Act for Partial Revision of the Act on Special Measures Concerning Procurement of Electricity from Renewable Energy Sources by Electricity Utilities.” The Ordinance was enforced on April 1, 2017. |
March 31, 2017: | Publication of the regulatory notice of the “Mutual Fund for Installment NISA” to specify certain requirements < Summary> The FSA published the regulatory notice of the “Mutual Fund for Installment NISA (individual saving account for periodic investment)” to specify certain requirements. The regulatory notice will be enforced on October 1, 2017. |
March 30, 2017: | Administrative action against MINNANO CREDIT, inc. (Kanto Local Finance Bureau) < Summary> The Kanto Local Finance Bureau took an administrative action against MINNANO CREDIT, inc. ordering the suspension of its businesses (except proceedings within the scope of the purpose to complete customer transactions) from March 30 to April 29, 2017, and the improvement of its business operations, pursuant to the “Financial Instruments and Exchange Act.” This administrative action is based on recommendations from the Securities and Exchange Surveillance Commission (SESC) as the results of their on-site inspection. |
March 28, 2017: | Administrative action against IN CONSULTING Co., Ltd. (Kanto Local Financial Bureau) < Summary> Local Finance Bureaus took an administrative action against IN CONSULTING Co., Ltd. (the notifier of specially permitted businesses for qualified investors (SPBQII)), ordering the abolition of the entity’s entire business and the improvement of its business operations 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. |
Others
March 31, 2017: | Publication of the updated “FAQs Regarding Protection of Personal Information by Financial Institutions” < Summary> The FSA published the updated “FAQs Regarding Protection of Personal Information by Financial Institutions” in accordance with the enforcement of the “Act on the Protection of Personal Information (scheduled to be enforced on May 30, 2017).” The FAQs were updated to reflect the amendments to the aforementioned Act. Besides, this update aims to mitigate financial institutions’ cost of reporting to the FSA, such as by reducing the frequency of reports where such reports are deemed not indispensable. The updated FAQs will be enforced on May 30, 2017, in tandem with the enforcement of the said Act, other relevant orders, ordinances, and supervisory guidelines. |
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March 31, 2017: | Points that need to be addressed in a securities report (FY 2017 and thereafter) and securities report review from FY 2017 onwards < Summary> The FSA published points that need to be addressed in a securities report from FY 2017 onwards as follows: 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 Also, the FSA is to conduct securities report review for the reports submitted in FY 2017 and thereafter. The main two pillars of the review are:- review on application of the newly applied regulations and accounting standards; and - review by utilizing information from disclosure, media, and retail investors. |
March 30, 2017: | Publication of the agenda and handout of the third meeting of the “Working Group on Underwriting in Initial Public Offering” and the final report of the Working Group meetings held from December 2016 through March 2017 < Summary> The FSA published the agenda and handout of the third meeting of the “Working Group on Underwriting in Initial Public Offering,” which was held on March 30, 2017. The FSA also published the final report by the said Working Group, which held meetings thrice from December 2016 through March 2017 to discuss the rules on participation of a securities firm as the lead-managing underwriter in an initial public offering where the securities firm holds the shares of the issuing firm or in a re-listing of an issuing company that is under public support for revitalization. |
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