What’s New on the FSA Website

Week of October 21, 2019 - October 25, 2019

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

Press Conferences

October 23, 2019	Press Conference by the Minister for Financial Services (October 11, 2019) Japanese version

Public Comments

(The following public comments are available in Japanese)

October 21, 2019

Publication of the finalized amendments to the "Comprehensive Guidelines for Supervision of Insurance Companies" <Summary> The FSA finalized the amendments to the "Comprehensive Guidelines for Supervision of Insurance Companies." The amendments mainly pertain to: updating points of attention regarding examination of insurance products for corporate clients to ensure that products are designed within the scope of the original purpose of insurance, and ensuring examination of insurance products and supplementary services taking into account features of the respective products and clients from the perspective of insurance policyholders' protection. The amended Guidelines were enforced on October 21, 2019.

Press Releases

(The following press releases are available in English)

International 

October 23, 2019	EU-Asia Pacific Forum on Financial Regulation
October 21, 2019	Nomination as a member of 2019/2020 Advisory Council for ICMA's Green Bond Principles and Social Bond Principles

 

(The following press releases are available in Japanese)

Councils

October 24, 2019	Publication of the agenda and handouts of the 25th meeting of the “Working Group on Financial Markets” of the Financial System Council <Summary> The FSA published the agenda and handouts of the 25th meeting of the “Working Group on Financial Markets” of the Financial System Council, which was held on October 23, 2019.
October 24, 2019	Publication of the agenda and handouts of the second meeting of the "Working Group on Regulations for Payment Services Providers and One-Stop Financial Services Brokers" under the Financial System Council <Summary> The FSA published the agenda and handouts of the second meeting of the "Working Group on Regulations for Payment Services Providers and One-Stop Financial Services Brokers" under the Financial System Council, which was held on October 23, 2019.
October 23, 2019	Publication of the agenda and handouts of the fourth meeting of the "Specialized Study Group on Japanese Market Structure" under the Financial System Council <Summary> The FSA published the agenda and handouts of the fourth meeting of the "Specialized Study Group on Japanese Market Structure" under the Financial System Council, which was held on October 23, 2019.

 

Securities

October 25, 2019	Administrative penalty charge against an individual for recommending the purchase of stocks of NIHON CHOUZAI Co.,Ltd. based on insider information obtained as an officer of the entity <Summary> On October 24, 2019, the FSA issued an order to impose an administrative penalty charge against an individual for recommending the purchase of stocks of NIHON CHOUZAI Co.,Ltd. based on insider information obtained as an officer of the entity to a non-insider who purchased the stocks based on the officer's recommendation.
October 25, 2019	Administrative penalty charge against an individual for committing insider trading regarding stocks of The Sailor Pen Co.,Ltd. by using insider information obtained as an employee of the entity <Summary> On October 24, 2019, the FSA issued an order to impose an administrative penalty charge against an individual for committing insider trading regarding stocks of The Sailor Pen Co.,Ltd. by using information obtained as an employee of the entity.
October 25, 2019	Updated list of entities that are operating financial instruments businesses without proper registration (The Kanto Local Finance Bureau) <Summary> The FSA and the Kanto Local Finance Bureau issued warnings to entities that are operating financial instruments businesses without proper registration. (See the updated list of foreign-based entities)

 

Others

October 25, 2019	Publication of the second survey report on audit firm rotation <Summary> Subsequent to the first survey report on audit firm rotation which was published in July 2017, the FSA published the second survey report on the same subject. (The said survey reports have been published in response to the recommendation (which was published in March 2016) by the "Advisory Council on the Systems of Accounting and Auditing," in which the Council suggested that an in-depth survey and analysis regarding the adoption of mandatory audit firm rotation in Japan should be conducted by the FSA, taking into consideration the regulatory trends in foreign countries). The second survey report, mainly based on interviews with stakeholders in Japan, outlines the actual operational status of major audit firms with respect to the audit partner rotation system and the actual implementation status of the change of audit firms under the rotation system, as well as the progress of international discussions.
October 25, 2019	Administrative action against Seiryu Audit Corporation <Summary> The FSA took an administrative action against Seiryu Audit Corporation, 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.
October 21, 2019	Publication of the report titled "Current Status of Anti-Money Laundering and Combating the Financing of Terrorism for the Financial Services Industry in Japan (as of September 2019)" (provisional English title) <Summary> The FSA published a report titled "Current Status of Anti-Money Laundering and Combating the Financing of Terrorism for the Financial Services Industry in Japan (as of September 2019)" (provisional English title). The report mainly outlines the status of responses taken by financial institutions that are under the jurisdiction of the FSA along with the insights gained and issue awareness raised through the monitoring by the FSA. The FSA expects that the said report would help encourage financial institutions to further ensure the effectiveness of their money laundering and terrorist financing risk management.
October 18, 2019	New one-stop access to the information on the support systems for the victims of the disaster caused by Typhoon No.19 of 2019 with respect to potential multiple debt problems triggered by the disaster <Summary> The FSA newly added a subpage to its website to provide one-stop access to the information on the support systems for the victims of the disaster caused by Typhoon No.19 of 2019 with respect to potential multiple debt problems triggered by the disaster. (The term "victims" in this context means either individuals or corporate entities, including small- and medium-sized enterprises). The subpage collectively gathers information provided by the national government (inclusive of METI (Ministry of Economy, Trade and Industry)), local governments, and relevant organizations mainly on the support systems regarding disaster recovery loans and the mitigation of loan repayment terms, as well as points of contact for consultations.