What’s New on the FSA Website

Week of March 5 - March 9, 2018

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

Press Conferences

March 7, 2018	Press Conference by the Minister for Financial Services (February 23, 2018) Japanese version

Public Comments

(The following public comments are available in Japanese)

March 9, 2018	Publication of the draft amendments to the “Order for Enforcement of the Banking Act” < Summary> The FSA proposed the draft amendments to the “Order for Enforcement of the Banking Act,” pertaining to the enforcement of the “Act for Partial Revision of the Banking Act (Act No. 49 of 2017),” which mainly aims to introduce a registration system for electronic payment service providers.
March 7, 2018	Publication of the finalized amendments to the regulatory notice on the liquidity coverage ratio < Summary> The FSA finalized the amendments to the regulatory notice on the liquidity coverage ratio for internationally active banks. The amendments reflect the updates from the “Basel III – The Liquidity Coverage Ratio framework: frequently asked questions (as of January 2013)” which was published in June 2017.
March 5, 2018	Publication of the draft amendments to the cabinet office order to amend the “Rules on Registration of Certified Public Accountants” < Summary> The FSA proposed the draft amendments to the cabinet office order to amend the “Rules on Registration of Certified Public Accountants.” To mitigate the burden of an applicant in filing an application for registration as a certified public accountant, the proposal mainly aims to clarify that an applicant is not required to submit a transcript of the family register unless he/she is subject to certain conditions.

Press Releases

(The following press releases are available in English)

International 

March 7, 2018	Basel Committee on Banking Supervision (BCBS) published "Basel III Monitoring Report"
March 5, 2018	Basel Committee on Banking Supervision (BCBS) published a consultative document “Pillar 3 disclosure requirements - updated framework”

 

Securities

March 6, 2018	For those engaging in High Speed Trading

Others

March 7, 2018	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

March 5, 2018	Publication of the agenda and handouts of the fifth meeting of the “Study Group on the Financial System” under the Financial System Council < Summary> The FSA published the agenda and handouts of the fifth meeting of the “Study Group on the Financial System” under the Financial System Council, which was held on March 2, 2018.

Banks

March 5, 2018

Figures regarding suspended repayments following the earthquake in the Kumamoto region (as of December 31, 2017)  < Summary> The FSA published the number of debtors and the amount of debts for which contractual repayment has been suspended following the earthquake in the Kumamoto region, based on interviews with financial institutions in the two prefectures most heavily affected by the earthquake (Kumamoto and Ōita).

Securities

March 9, 2018	The seventh trial of an administrative penalty case against Areion Asset Management Company Limited for market manipulation of stocks of NITTO DENKO CORPORATION < Summary> On March 16, 2018, the seventh trial of an administrative penalty case against Areion Asset Management Company Limited for market manipulation of stocks of NITTO DENKO CORPORATION will be conducted.
March 5, 2018	Administrative action against Lucky Bank Investment Co., Ltd. (The Kanto Local Finance Bureau) < Summary> On March 2, 2018, the Kanto Local Finance Bureau took an administrative action against Lucky Bank Investment Co., Ltd., ordering 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 its on-site inspection.
March 5, 2018	Administrative action against Growth Advisors Co., Ltd. (The Kanto Local Finance Bureau) < Summary> On March 2, 2018, the Kanto Local Finance Bureau took an administrative action against Growth Advisors Co., Ltd., ordering 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 its on-site inspection.

Others

March 8, 2018	Warnings about entities that are operating money lending businesses without proper registration < Summary> The FSA (Local Finance Bureaus) updated warnings about entities that are operating money lending businesses without proper registration. The warnings include the updated list of entities that misrepresent their registration using fictitious or stolen registration numbers.
March 8, 2018	Administrative action against Coincheck inc. (The Kanto Local Finance Bureau) < Summary> The Kanto Local Finance Bureau took an administrative action against Coincheck inc., ordering the improvement of its business operations pursuant to the “Payment Services Act.” This administrative action is based on the findings from the FSA’s on-site inspection in which the said entity was found to have serious issues pertaining to its business management structure and internal control system.
March 8, 2018	Administrative action against Tech Bureau, Corp. (The Kinki Local Finance Bureau) < Summary> The Kinki Local Finance Bureau took an administrative action against Tech Bureau, Corp., ordering the improvement of its business operations pursuant to the “Payment Services Act.” This administrative action is based on the findings from the FSA’s on-site inspection in which the said entity was found to have a certain inappropriateness from the customer protection perspective for having failed to establish respective systems to ensure effective system risk management and appropriate customer services.
March 8, 2018	Administrative action against GMO Coin, Inc. (The Kanto Local Finance Bureau) < Summary> The Kanto Local Finance Bureau took an administrative action against GMO Coin, Inc., ordering the improvement of its business operations pursuant to the “Payment Services Act.” This administrative action is based on the findings from the FSA’s on-site inspection in which the said entity was found to have failed to establish an effective system risk management system.
March 8, 2018	Administrative action against FSHO Kabushiki Kaisha* (The Kanto Local Finance Bureau) < Summary> The Kanto Local Finance Bureau took an administrative action against FSHO Kabushiki Kaisha*, ordering the suspension of its business from March 8 to April 7, 2018 and the improvement of its business operations pursuant to the “Payment Services Act.” This administrative action is based on the findings from the FSA’s on-site inspection, in which the said entity was found to be in violation of the “Payment Services Act,” mainly in terms of user protection. * This corporate name is not available in English and is the Romanized version of its Japanese name.
March 8, 2018	Administrative action against bit station Kabushiki Kaisha* (The Tokai Local Finance Bureau) < Summary> The Tokai Local Finance Bureau took an administrative action against bit station Kabushiki Kaisha*, ordering the suspension of its business from March 8 to April 7, 2018 and the improvement of its business operations pursuant to the “Payment Services Act.” This administrative action is based on the findings from the FSA’s on-site inspection, in which the said entity was found to be in violation of the “Payment Services Act,” mainly in terms of user protection. * This corporate name is not available in English and is the Romanized version of its Japanese name.
March 8, 2018	Administrative action against Bicrements, Inc. (The Kanto Local Finance Bureau) < Summary> The Kanto Local Finance Bureau took an administrative action against Bicrements, Inc., ordering the improvement of its business operations pursuant to the “Payment Services Act.” This administrative action is based on the findings from the FSA’s on-site inspection. The said entity’s business management structure was deemed insufficient in terms of the effectiveness to ensure regulatory compliance and appropriate business operations, in which the entity was found to have failed to conduct internal audits. The entity’s business operational status was also deemed problematic mainly in terms of the segregation management of users’ assets and the preparation and keeping of books and documents.
March 8, 2018	Administrative action against Mr. Exchange, Inc. (The Fukuoka Local Finance Branch Bureau) < Summary> The Fukuoka Local Finance Branch Bureau took an administrative action against Mr. Exchange, Inc., ordering the improvement of its business operations pursuant to the “Payment Services Act.” This administrative action is based on the findings from the FSA’s on-site inspection in which the said entity’s business operational status was deemed problematic in terms of the business expansion involving a number of virtual currencies.