What’s New on the FSA Website

Week of October 28, 2019 - November 1, 2019

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

Press Conferences

October 30, 2019	Press Conference by the Minister for Financial Services (October 15, 2019) Japanese version

Public Comments

(The following public comments are available in Japanese)

October 30, 2019	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 with regard to the description of the basis of an audit opinion in an audit report in response to the request by the Business Accounting Council to further enhance the accountability and information provision regarding audits from external auditors (audit firms).
October 30, 2019	Publication of the finalized amendments to the "Order for Enforcement of the Banking Act" <Summary> The FSA finalized the amendments to the "Order for Enforcement of the Banking Act." The amendments mainly update the large exposure rules for banks, etc. The amended Order will be enforced on April 1, 2020.
October 29, 2019	Publication of the draft "Order to Amend the Ordinance for Enforcement of the Act on Collective Liquidation of Specified Financial Transactions Conducted by Financial Institutions, etc." <Summary> The FSA published the draft "Order to Amend the Ordinance for Enforcement of the Act on Collective Liquidation of Specified Financial Transactions Conducted by Financial Institutions, etc." The proposal mainly pertains to the enforcement of the "Act on the Partial Revision of the Payment Services Act to Respond to the Diversification of Financial Transactions Associated with the Development in Information Communication Technology" (provisional English law title), which is scheduled in tandem with the enforcement of the amendments to the "Cabinet Office Ordinance on Financial Instruments Business, etc.," within one year after the promulgation of the said Act.

Press Releases

(The following press releases are available in English)

International 

October 29, 2019	2019 ISDA Annual Japan Conference - Speech by HIMINO Ryozo, Vice Minister for International Affairs

 

Councils

October 31, 2019	The Council of Experts on the Stewardship Code (2019): The Second Council

 

Publication

November 1, 2019	FSA publishes English translation of monthly magazine, Access FSA No.194
October 31, 2019	Publication of the 195th issue of the FSA’s journal, Access FSA

 

Others

October 31, 2019	FSA have opened official English Twitter account
October 31, 2019	Updated statistics of money lending business
October 28, 2019	Game companies are required to notify the Japanese authority (Local Finance Bureau) in accordance with the Payment Services Act.
October 28, 2019	The Financial Sector Cybersecurity Report
October 28, 2019	Financial Industry-wide Cybersecurity Exercise (Delta Wall IV)
October 28, 2019	Publication of monitoring report on financial institutions’ computer system integration and renewal
October 28, 2019	Publication of analysis report on financial institutions’ computer system failures
October 28, 2019	Publication of the finalized “Discussion Paper on Dialogues and Practices Regarding Financial Institutions’ IT Governance”

 

(The following press releases are available in Japanese)

Councils

October 30, 2019

Publication of the agenda and handouts of the third 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 third 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 30, 2019.

 

Banks

October 31, 2019

Information sharing on cases regarding unauthorized use of bank accounts <Summary> The FSA and local finance bureaus provide information regarding unauthorized use of bank accounts to relevant financial institutions and law enforcement authorities after obtaining consents from informants. The FSA has published statistics that include the number of information sharing on cases regarding unauthorized use of bank accounts until September 30, 2019 since September 2003, along with the corresponding actions taken by financial institutions.

 

Securities

October 31, 2019

Revision of the FSA’s regulatory notice concerning the designation of related corporations of credit rating agencies (group-based designation concerning explanatory items of unregistered credit ratings) <Summary> The FSA updated the list of designated credit rating agencies (unregistered credit rating agencies which belong to the same group of registered credit rating agencies and fulfill the requirements). The duty of securities companies to explain about the certain items for their customers is partially reduced when securities companies use credit ratings provided by the agencies which are on the list.

 

Others

October 28, 2019

Warning against potential illegal practices by prepaid payment instruments issuers who are operating financial instruments business without proper registration (as well as those who failed to file statutory notifications to the FSA) <Summary> The FSA issued a warning against potential illegal practices by prepaid payment instruments issuers who are operating business without proper registration (as well as those who failed to file statutory notifications* to the FSA). Prepaid payment instruments issuers are either required to file statutory notifications to the FSA or to register properly with the FSA pursuant to the "Payment Services Act" depending on their respective business schemes. The FSA alerts financial service users to be cautious of solicitations for prepaid payment instruments issued by non-registered issuers (as well as those who have failed to file statutory notifications to the FSA), as there may be cases that such issuers can be avoiding requirements to fulfill regulatory compliance in providing fair and appropriate information to clients and safeguarding clients' financial assets. The FSA also urges people to report to (and/or consult with) the FSA's Counseling Office for Financial Service Users whenever they receive suspicious solicitations for prepaid payment instruments issued by issuers that do not appear to be registered. * While prepaid payment instrument issuers are subject to registration, those who meet certain requirements may be exempt from the registration requirement, and may only be subject to the filing of statutory notifications to the FSA pursuant to the "Payment Service Act."