What’s New on the FSA Website

Week of July 17 - July 20, 2018

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

Press Releases

(The following press release is available in English)

International 

July 20, 2018	Financial Stability Board (FSB) published a consultation report on the Evaluation of the effects of financial regulatory reforms on infrastructure finance

(The following press releases are available in Japanese)

Others

July 17, 2018	Requests for the facilitation of financing for the victims of the disastrous heavy rain in July 2018 < Summary> Subsequent to the series of requests for financial measures to deal with disasters caused by the disastrous heavy rain in July 2018 in the period from July 6 to 13, 2018*, on July 16, 2018, the FSA reiterated its requests to financial institutions in the subject prefectures to facilitate financing for the disaster-affected victims. Particularly, the FSA requested that the headquarters of the respective financial institutions should responsibly inform their branches to take such financial measures under mutually close coordination and should collaborate with other relevant financial institutions as necessary, whereby they appropriately deal with the victims considering their circumstances, such as by making the repayment of deposits flexible. * Inclusive of a series of requests for financial measures to deal with disasters caused by Typhoon No. 7 and a seasonal rain front (The Tokai Local Finance Bureau, the Chugoku Local Finance Bureau, the Kinki Local Finance Bureau, and the Shikoku Local Finance Bureau) (In the period from July 6 to 8, 2018).
July 17, 2018	Further announcement on the extension of the filing due dates of annual securities reports in case of business impediments caused by the disastrous heavy rain in July 2018 < Summary> Subsequent to the FSA’s announcement regarding the extension of the filing due dates of annual securities reports in case of business impediments caused by the disastrous heavy rain in July 2018, the FSA has further announced that, in the case where a corporation has missed the statutory filing due date of its annual securities report due to business impediments caused by the disastrous heavy rain in July 2018, the corporation shall not be held administratively and criminally liable if it files its annual securities report by September 28, 2018. This additional announcement is based on the “Cabinet Order to Designate the Disastrous Heavy Rain in July 2018 as a Specific Extraordinary Disaster and to Designate Countermeasures” (provisional English title) which was enforced on July 14, 2018.
July 17, 2018	Publication of the minutes and handouts of the Expert Panel on Policy Assessment < Summary> The FSA published the minutes and handouts of the Expert Panel on Policy Assessment held on June 22, 2018.
July 17, 2018	Publication of the FY 2017 Performance Evaluation Report < Summary> The FSA published the FY 2017 Performance Evaluation Report following evaluations pursuant to the “Government Policy Evaluations Act.”
July 17, 2018	Publication of the PoC test results of the first project for “FinTech PoC (Proof-of-Concept) Hub” < Summary> From the perspective of further acceleration of challenges toward financial innovation utilizing FinTech, on September 21, 2017, the FSA has launched “FinTech PoC (Proof-of-Concept) Hub” to eliminate the hesitation and concern that FinTech firms and financial institutions are inclined to have in conducting unprecedented tests. Since its launch, the Hub has selected four PoC projects so far, in which the Hub has offered support by forming special working teams for the respective projects in cooperation with other relevant authorities as necessary. In the meantime, the first project (selected on November 2, 2017) has finalized its PoC test and the FSA has accordingly published its PoC test results. The first project’s legal perspective pertains to the “Order for Enforcement of the Act on Prevention of Transfer of Criminal Proceeds.”
July 13, 2018	Publication of the “Cabinet Office Order to Amend the Ordinance for Enforcement of the Money Lending Business Act” < Summary> The FSA has published the “Cabinet Office Order to Amend the Ordinance for Enforcement of the Money Lending Business Act.” In response to the disaster caused by the disastrous heavy rain in July 2018, the Order provides the following mitigation measures when financial institutions provide loans for the disaster-affected victims. (1) to provide flexibility in loan applications for the “expenses that are found to be urgently necessary in light of socially accepted conventions” which are exempt from statutory total lending limit requirements (2) to provide flexibility in loan applications for individual business owners which are exempt from the statutory total lending limit requirements (3) to provide flexibility in loan applications for cash advances (cashing) under revolving credit loans (financing within the scope of statutory lending limits) (4) to provide flexibility in loan applications for borrowers whose annual incomes are aggregated by including those of their spouses which are exempt from the statutory total lending limit requirements The Order was enforced on July 13, 2018.