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FSA Weekly Review No.313
- October 4, 2018
What’s New on the FSA Website
Week of September 25 - September 28, 2018
This page contains the latest in events, developments, and updates to the FSA website.
Public Comments
(The following public comments are available in Japanese)
September 27, 2018 | Publication of the draft amendments to the FSA’s regulatory notice of the “designated IFRSs” < Summary> The FSA proposed the draft amendments to the regulatory notice of the “designated IFRSs” stipulated in the “Regulation for Terminology, Forms and Preparation of Consolidated Financial Statements.” |
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September 26, 2018 | Publication of the draft amendments to the “Cabinet Office Order on the Audit Certification of Financial Statements” < Summary> The FSA proposed the draft amendments to the “Cabinet Office Order on the Audit Certification of Financial Statements.” The proposal aims to reflect the amendments to the audit standards which introduce key audit matters to auditor’s reports in response to the request by the Business Accounting Council to improve the transparency in the process of audits. |
Press Releases
(The following press releases are available in English)
International
Councils
September 27, 2018 | Publication of the Report by the “Working Group on Corporate Disclosure” of the Financial System Council |
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Others
September 28, 2018 | Updated statistics of money lending business |
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September 26, 2018 | Publication of Summary Points from For Providing Better Financial Services in the Era of Transition |
September 25, 2018 | FSA will organize FIN/SUM 2018 |
(The following press releases are available in Japanese)
Councils
September 25, 2018 | Publication of the agenda and handouts of the meeting of the “Study Group on the Financial System” under the Financial System Council (the first meeting in the program year 2018) < Summary> The FSA published the agenda and handouts of the meeting of the “Study Group on the Financial System” under the Financial System Council (the first meeting in the program year 2018), which was held on September 25, 2018. |
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Banks
September 28, 2018 | Approval granted to Japan Trustee Services Bank,Ltd. and Trust & Custody Services Bank, Ltd. for the establishment of JTC Holdings, Ltd., a bank holding company < Summary> The FSA granted approval to Japan Trustee Services Bank,Ltd. and Trust & Custody Services Bank, Ltd. for the establishment of a bank holding company “JTC Holdings, Ltd.,” which has the aforementioned banks as subsidiaries, pursuant to the “Banking Act.” |
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September 26, 2018 | The FY 2017 implementation report regarding the Norinchukin Bank and specified agricultural and fishery cooperatives’ credit businesses enhancement scheme < Summary> The FSA published the FY 2017 implementation report regarding the Norinchukin Bank and specified agricultural and fishery cooperatives’ credit businesses enhancement scheme, which includes the implementation report of credit business enhancement scheme prepared by Miyagi Fisheries Co-operative Association and the implementation report of the guidance plan on credit business enhancement prepared by the Norinchukin Bank. The Norinchukin Bank and the specified agricultural and fishery cooperatives are required to implement the scheme pursuant to the “Act on the Enhancement and Restructuring of Credit Business Conducted by the Norinchukin Bank and Specified Agricultural and Fishery Cooperatives, etc.” |
September 26, 2018 | Publication of the implementation report of the Business Strengthening Plans (as of March 2018) < Summary> The FSA published the implementation report of the Business Strengthening Plans (as of March 2018) pursuant to the “Act on Special Measures for Strengthening Financial Functions.” |
September 26, 2018 | Approval of the Business Strengthening Plans of financial institutions < Summary> The FSA approved the Business Strengthening Plans of financial institutions listed below, pursuant to the “Act on Special Measures for Strengthening Financial Functions.” THE MICHINOKU BANK, LTD., The Daisan Bank, Ltd. (a subsidiary of San ju San Financial Group,Inc.), THE TOWA BANK, LTD., THE BANK OF KOCHI,LTD., THE HOKUTO BANK, LTD. (a subsidiary of FIDEA Holdings Co. Ltd.),The Miyazaki Taiyo Bank, Ltd., Kirayaka Bank, Ltd., THE SENDAI BANK, LTD. (a subsidiary of Jimoto Holdings,Inc.), YAMANASHIKENMIN Shinkumi Bank, and GUNMAMIRAI Shinkumi Bank. |
September 25, 2018 | Approval granted to The Daishi Bank,Ltd. and The Hokuetsu Bank,Ltd. for the establishment of Daishi Hokuetsu Financial Group, Inc., a bank holding company < Summary> The FSA granted approval to The Daishi Bank,Ltd. and The Hokuetsu Bank,Ltd. for the establishment of a bank holding company “Daishi Hokuetsu Financial Group, Inc.,” which has the aforementioned banks as subsidiaries, pursuant to the “Banking Act.” |
September 25, 2018 | Authorization of the business restructuring plan for The Daishi Bank,Ltd. and The Hokuetsu Bank,Ltd. < Summary> The FSA authorized and published the business restructuring plan for The Daishi Bank,Ltd. and The Hokuetsu Bank,Ltd. based on the “Industrial Competitiveness Enhancement Act.” |
Securities
September 28, 2018 | Administrative action against Ohisama Energy Fund Co., Ltd. (The Kanto Local Finance Bureau) < Summary> The Kanto Local Finance Bureau took an administrative action against Ohisama Energy Fund Co., Ltd., ordering the suspension of its business from September 28 to December 27, 2018 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 its on-site inspection. |
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Others
September 26, 2018 | Administrative action against Avantia GP < Summary> The FSA took an administrative action against Avantia GP, ordering the improvement of its business operations pursuant to the “Certified Public Accountants Act.” This administrative action is based on a recommendation from the Certified Public Accountants and Auditing Oversight Board as a result of their on-site inspection. |
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September 26, 2018 | Publication of the FSA’s newly-integrated annual report titled “For Providing Better Financial Services in the Era of Transition - Financial Services Policy: Assessments and Strategic Priorities 2018” < Summary> The FSA published its newly-integrated annual report titled “For Providing Better Financial Services in the Era of Transition - Financial Services Policy: Assessments and Strategic Priorities 2018” which combines the contents previously set out in two separate annual reports: “Strategic Directions and Priorities” and “Progress and Assessment of the Strategic Directions and Priorities.” The former clarified the FSA’s annual objectives and approaches to advancing its objectives, while the latter disclosed the progress and implementation status of those objectives as well as key issues raised therein, and followed up on them with the analysis of the issues to be addressed in the following program year(s) from a PDCA perspective. In order to further enhance the PDCA cycle-based approaches that have been taken in reviewing and improving financial administration in the past years since the program year 2015, the FSA published an integrated report by combining the two aforementioned reports for the program year 2018. |
September 26, 2018 | Publication of the monitoring results pertaining to the status of investment trust distributors’ implementation of customer-oriented business conduct < Summary> The FSA has been monitoring financial institutions from macro- and micro-perspectives as to whether their business approaches and initiatives reflect customer-oriented business conduct. In this respect, the FSA published the monitoring results pertaining to the status of major investment trust distributors’ implementation of customer-oriented business conduct. The distributors subject to the monitoring represent 9 major banks, 20 regional banks, and 7 major securities companies. |
September 26, 2018 | Publication of the results of the questionnaire survey on financial institutions’ intermediary services offered to their corporate clients < Summary> The FSA published the results of the questionnaire survey on financial institutions’ intermediary services offered to their corporate clients. Small- and medium-sized enterprises were subject to the questionnaire survey and response. |
September 25, 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 mainly from the statutory incident report which was submitted by the entity pursuant to the Act, in which the entity’s internal control system was found to be insufficient in terms of customer protection. |
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