What’s New on the FSA Website

Week of September 9, 2019 - September 13, 2019

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

Press Conferences

September 13, 2019	Press Conference by the Minister for Financial Services (August 30, 2019) Japanese version
September 13, 2019	Press Conference by the Minister for Financial Services (August 22, 2019) Japanese version

Public Comments

(The following public comments are available in Japanese)

September 13, 2019	Publication of the finalized "Cabinet Office Order to Amend the Ordinance for the Enforcement of the Banking Act"  <Summary> The FSA finalized the "Cabinet Office Order to Amend the Ordinance for the Enforcement of the Banking Act." The proposal mainly pertains to the disclosure regarding net profits from core banking operations (excluding gains or losses on cancellation of investment trusts). The amended Cabinet Office Orders were enforced on September 13, 2019, in tandem with the enforcement of other relevant applicable Orders.
September 13, 2019	Publication of the finalized "Cabinet Office Order to Amend the Cabinet Office Order on Business of Credit Cooperatives or Federation of Credit Cooperatives under the Small and Medium-Sized Enterprise Cooperatives Act"  <Summary> The FSA finalized the "Cabinet Office Order to Amend the Cabinet Office Order on Business of Credit Cooperatives or Federation of Credit Cooperatives under the Small and Medium-Sized Enterprise Cooperatives Act." The proposal aims to reflect the updates of the "Act on Arrangement of Relevant Acts to Ensure the Propriety of Measures for Limitations on Rights of Adult Wards, etc." (provisional English law title, hereinafter referred to as the "Act on Arrangement") which was enforced and promulgated in June 2019. The updates of the said Act on Arrangement mainly set forth new measures to ensure the propriety of limitations on rights of adult wards, by replacing the system that adopts disqualification provisions for adult wards which uniformly exclude them from certain qualifications, occupations, and business activities (nature of work), with the case-by-case screening system that substantively assess the respective adult wards' capabilities required by the applicable Acts, based on the respective statuses of mental or physical disorder and such. The amended Cabinet Office Order was enforced on September 14, 2019.
September 11, 2019	Publication of the finalized "Cabinet Order to Amend the Order for Enforcement of the Interest Rate Restriction Act, etc." and the finalized "Cabinet Office Order to Amend the Ordinance for Enforcement of the Money Lending Business Act"  <Summary> The FSA finalized the "Cabinet Order to Amend the Order for Enforcement of the Interest Rate Restriction Act, etc." and the "Cabinet Office Order to Amend the Ordinance for Enforcement of the Money Lending Business Act." In anticipation of the consumption tax increase scheduled in October 2019, the amendments mainly update usage fees for automated teller machines (ATMs) or any other machines that are not deemed to be interest for charges for using such machines as stipulated in the "Order for Enforcement of the Interest Rate Restriction Act, etc." Moreover, with respect to the expected increase of usage fees for ATMs which are to reflect and cover the consumption tax increase, the amendments take a special measure to exempt money lenders from delivering statutory documents pertaining to the change of matters to be stated therein upon conclusion of contract as stipulated in the "Money Lending Business Act."
September 10, 2019	Publication of the draft report titled "JFSA's supervisory approaches to lending business and loan loss provisioning" (provisional English title) for public consultation  <Summary> The FSA published the draft report titled "JFSA's supervisory approaches to lending business and loan loss provisioning" for public consultation. Based on the "JFSA's Supervisory Approaches – Replacing checklists with engagement" published in June 2019, the draft report further clarifies the FSA's supervisory approaches to lending business and loan loss provisioning including the use of forward-looking information.

Press Releases

(The following press releases are available in English)

Others

September 13, 2019	The results of monitoring customer-oriented business conduct of investment trust distributors
September 12, 2019	Updated list of issuers of gift certificates in repayment procedures based on the “Payment Services Act”
September 9, 2019	THE SECOND ROUNDTABLE ON SUPERVISORY OVERSIGHT OF CRYPTO-ASSETS -TOWARD A NEW STAGE OF INTERNATIONAL COOPERATION-
September 9, 2019	The second Roundtable on Supervisory Oversight of Crypto - Asset - Toward a New Stage of International Cooperation - Opening remarks by Ryozo Himino

(The following press releases are available in Japanese)

Securities

September 10, 2019

Administrative action against Japan Private Asset Securities Inc. (The Kanto Local Finance Bureau)  <Summary> The Kanto Local Finance Bureau took an administrative action against Japan Private Asset Securities Inc. 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.

September 9, 2019

Administrative actions against two notifiers of specially permitted business for qualified institutional investors (SPBQII) who failed to file the mandatory business reports to the authorities  < Summary> The Kanto Local Finance Bureau took administrative actions against two notifiers of specially permitted business for qualified institutional investors (SPBQII) who failed to file the mandatory business reports to the Kanto Local Finance Bureau, ordering the improvement of the notifiers' business operations pursuant to the "Financial Instruments and Exchange Act."

 

Others

September 13, 2019	Request for financial measures to deal with disasters including power outage caused by Typhoon No. 15 (The Chiba Local Finance Office of the Kanto Local Finance Bureau) (September 12, 2019)  <Summary> The Chiba Local Finance Office of the Kanto Local Finance Bureau and the Financial System and Bank Examination Department of the Bank of Japan issued a joint statement titled “Financial Measures to deal with disasters including power outage caused by Typhoon No. 15, 2019” to the relevant financial institutions. The statement requests financial institutions in Chiba Prefecture to appropriately deal with victims of the disaster considering their circumstances, such as by making the repayment of deposits flexible.
September 9, 2019	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.
September 9, 2019	KPIs (key performance indicator) for the efficiency of financial intermediation  <Summary> The FSA has set forth the KPIs (key performance indicator) based on the "Action Plan of the Growth Strategy" (published on June 21, 2019). In so doing, the FSA aims to encourage financial institutions to fully commit to providing managerial support (inclusive of lending) to small and medium-sized enterprises for the improvement of their business feasibility and productivity, without overly relying on collateral and personal guarantees.