Financial Services AgencyFSA Weekly Review No.369

November 28, 2019

What’s New on the FSA Website

Week of November 18, 2019 - November 22, 2019

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

Public Comments

(The following public comments are available in Japanese)

November 21, 2019 Publication of the finalized "Cabinet Order to Amend the Order for Enforcement of the Labor Bank Act" and other relevant applicable Ordersopen new window
<Summary>
The FSA finalized the "Cabinet Order to Amend the Order for Enforcement of the Labor Bank Act." The Order reflects the updates of the large exposure rules for banks, etc. The Order will be enforced on April 1, 2020 in tandem with other relevant applicable Orders.
November 21, 2019 Publication of the finalized "Cabinet Office Order on Arrangement of the FSA-related Cabinet Office Orders in Accordance with the Enforcement of Act on Arrangement of Relevant Acts to Ensure the Propriety of Measures for Limitations on Rights of Adult Wards, etc."open new window
<Summary>
The FSA published the finalized "Cabinet Office Order on Arrangement of the FSA-related Cabinet Office Orders in Accordance with the Enforcement of Act on Arrangement of Relevant Acts to Ensure the Propriety of Measures for Limitations on Rights of Adult Wards, etc." (provisional English law title). The Order reflects the updates of the "Act on Arrangement of Relevant Acts to Ensure the Propriety of Measures for Limitations on Rights of Adult Wards, etc." The Order will be enforced on December 14, 2019 in tandem with other relevant applicable Orders.

Press Releases

(The following press releases are available in English)

International 

November 22, 2019 State Minister Miyashita Presented the Progress Report of the Technical Assistance Plan for the Insurance Sector Development to the Ministry of Planning and Finance of Myanmar
November 20, 2019 FSA’s Assistant Commissioner for International Affairs Elected as a New Vice Chair of the Executive Committee of the International Association of Insurance Supervisors

 


(The following press releases are available in Japanese)

Councils

November 20, 2019 Publication of the agenda and handouts of the fifth meeting of the "Specialized Study Group on Japanese Market Structure" under the Financial System Councilopen new window
<Summary>
The FSA published the agenda and handouts of the fifth meeting of the "Specialized Study Group on Japanese Market Structure" under the Financial System Council, which was held on November 20, 2019.

 

Banks

November 19, 2019 Warning against the surge in online banking fraudopen new window
<Summary>
The FSA issued a warning against online banking fraud arising from SMS (short message services)/email phishing attacks that surged in September 2019. To widely raise awareness of financial services users, the FSA has shared on its website about the scamming methods used by offenders in money-transfer scams targeting online financial services users, urging financial services users to take precautions, such as not opening unknown SMS messages and such. The FSA also urges financial services users to report to (and/or consult with) the authorities (such as the police or the FSA's Counseling Office for Financial Services Users), or the contact point of the Japanese Bank Association whenever any sign of fraudulence is detected.
November 15, 2019 Publication of an outline of the financial institutions' policies on cooperation and collaboration with electronic settlement agents (1)open new window and a report on the status of conclusion of contracts between banks and electronic settlement agents (2)open new window
<Summary>
Financial institutions have prepared and published their respective policies on cooperation and collaboration with electronic settlement agents by March 1, 2018 pursuant to Article 10 (1) of the supplementary provisions of the "Act for Partial Revision of the Banking Act (Act No. 49 of 2017)" which stipulates that financial institutions shall prepare and disclose their basic policies regarding their cooperation and collaboration with electronic settlement agents within nine months from the date of promulgation of the Act (promulgation date: June 2, 2017). In this regard, on November 15, 2019, the FSA published a summary of the respective financial institutions’ current implementation status (as of the end of September, 2019) based on their respective policies on cooperation and collaboration with electronic settlement agents, particularly in terms of the API (Application Programming Interface) development. The FSA also published a report on the status of conclusion of contracts between banks and electronic settlement agents* as of the end of September 2019.

* An electronic settlement agent shall conclude a contract with a financial institution to engage in electronic settlement services pursuant to the "Banking Act." In this respect, a grace period until the end of May 2020 is granted solely for the conclusion of contracts on the provision of reference system services (such as with respect to household account book app (application) and accounting services).

 

Securities

November 22, 2019 The first trial of an administrative penalty case against an individual who (as an insider) committed insider trading regarding stocks of Kozosushi Co.,LTD. by using the information obtained as an employee of the entityopen new window
<Summary>
On November 29, 2019, the first trial of an administrative penalty case against an individual for committing insider trading regarding stocks of Kozosushi Co.,LTD. by using information obtained as a then-employee of the entity will be conducted.

 

Others

November 22, 2019 "Management Mentor Meetup 2.0" (provisional English title)open new window
<Summary>
The FSA held a meetup "Management Mentor Meetup 2.0" (provisional English title) in collaboration with relevant organs to address managerial challenges the SMEs (small- and medium-sized enterprises) in the Tohoku region face in terms of the matching of human resources. "Management Mentor Meetup 2.0" is a matching platform created for SMEs in the region to meet up with management mentors who have extensive managerial and practical experience and expertise at major private corporations. The Meetup is aimed at being a role model which provides new insights on sharing know-how and expertise to enhance support for SMEs from financial institutions with the help of management mentors. The FSA expects that such meetup initiatives will be taken across other regions, so as to be a trigger to create a new inflow of human resources including management mentors into regions.
November 18, 2019 Request for financial measures to deal with the outbreak of classical swine fever (hog cholera) in Yamanashi Prefecture (The Kanto Local Finance Bureau)open new window
<Summary>
The Kanto Local Finance Bureau issued the statement titled "Financial Measures in Response to the Report of the Classical Swine Fever (Hog Cholera)" to the relevant financial institutions in Yamanashi Prefecture. The statement requests the financial institutions to cooperate with the prefectural authority and appropriately deal with classical swine fever (hog cholera)-affected parties such as pig farms considering their circumstances, such as by attentively responding to the needs of business management consultation and new loans or change of loan terms.

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