What’s New on the FSA Website

Week of August 19, 2019 - August 23, 2019

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

Press Conferences

August 20, 2019	Press Conference by the Minister for Financial Services (July 23, 2019) Japanese version

Press Releases

(The following press releases are available in English)

Insurance

August 23, 2019	The Study Group on the Economic Value-based Solvency Framework

Others

August 20, 2019	Updated list of issuers of gift certificates in repayment procedures based on the "Payment Services Act"
August 19, 2019	Stewardship Code : 256 institutional investors have signed up to the Principles for Responsible Institutional Investors as of August 1, 2019

(The following press releases are available in Japanese)

Insurance

August 23, 2019	Publication of the minutes and handouts of the first meeting of the "Study Group on Economic Value-based Solvency Framework" < Summary> The FSA published the minutes and handouts of the first meeting of "Study Group on Economic Value-based Solvency Framework," which was held on June 26, 2019.

Others

August 19, 2019

Warning against illegal practices including usury in peer-to-peer (P2P) lending through social networking services (SNS) < Summary> The FSA issued a warning against illegal practices including usury in peer-to-peer (P2P) lending through social networking services (SNS). P2P lending is a practice of direct lending between (non-regulated) individual lenders and borrowers on a non-recurring or sporadic basis (without involving financial institutions, such as banks as intermediaries). In P2P lending, when a lender conducts loan solicitation with an intention of lending money to many and unspecified persons on a repetitive and continuous basis, such practice may be deemed solicitation to conclude contracts related to loans for the purpose of engaging in the money lending business without appropriate registration, constituting a conflict with the "Money Lending Business Act." Moreover, it has been indicated that online P2P lending is susceptible to misuse by loan sharks (money lenders) impersonating individual lenders for the purpose of deceiving borrowers by offering loans with illegally high interest rates. Online P2P Lending also involves a cybercrime risk, wherein borrowers' personal information is exposed to misuse and fraud, whereby borrowers can fall victims to further crimes and troubles. The FSA urges borrowers not to take loans from illegal lenders in P2P lending through SNS.

August 19, 2019

Publication of the draft amendments to the EDINET Taxonomy – 2020 < Summary> The FSA proposed the draft amendments to the EDINET Taxonomy – 2020. The proposal is to reflect the revision of the disclosure regulations and accounting standards.