What’s New on the FSA Website

Week of December 16, 2019 - December 20, 2019

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

Public Comments

(The following public comment is available in English)

December 20, 2019	Publication of the draft of the “Principles for Responsible Institutional Investors” «Japan’s Stewardship Code» - To promote sustainable growth of companies through investment and dialogue - (Draft)

 

(The following public comments are available in Japanese)

December 18, 2019

Publication of the finalized amendments to the "Comprehensive Guidelines for Supervision of Major Banks, etc." <Summary> The FSA finalized the amendments to the "Comprehensive Guidelines for Supervision of Major Banks, etc." The amendments provide updates to the Guidelines in accordance with the "JFSA's supervisory approaches –Replacing checklists with engagement –" and the FSA's organizational reform. The amended Guidelines were enforced on December 18, 2019.

December 18, 2019

Publication of the finalized report titled "JFSA's supervisory approaches to lending business and loan loss provisioning" (provisional English title) <Summary> The FSA published the finalized report titled "JFSA's supervisory approaches to lending business and loan loss provisioning" which was subject to public consultation from September 10 to October 11, 2019. Based on the "JFSA's Supervisory Approaches – Replacing checklists with engagement" published in June 2019, the finalized 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)

Councils

December 16, 2019	The eighth meeting of the Payments Council on Financial Innovation

 

Insurance

December 17, 2019	Overview of financial results of major insurance companies as of September 30, 2019

 

Others

December 19, 2019	At the 35th Annual General Meeting of the International Bankers Association of Japan - Keynote Speech by Commissioner ENDO Toshihide
December 19, 2019	Updated list of issuers of gift certificates in repayment procedures based on the "Payment Services Act"
December 18, 2019	Inspection Manuals were repealed

 

(The following press releases are available in Japanese)

Councils

December 20, 2019	Publication of the Report by 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 report by the "Working Group on Regulations for Payment Services Providers and One-Stop Financial Services Brokers" under the Financial System Council. The report was compiled by the Working Group based on its meetings which were held seven times from October to December 2019 to discuss regulations for payment service providers and one-stop financial services brokers.
December 18, 2019	Publication of the agenda and handouts of the seventh 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 seventh 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 December 18, 2019.
December 17, 2019	Publication of the agenda of the first meeting of the "Liaison Meeting on the Audit Firms selection for Initial Public Offering (IPO) preparation" (provisional English title) <Summary> The FSA published the agenda of the first meeting of the "Liaison Meeting on the Audit Firms selection for Initial Public Offering (IPO) preparation" (provisional English title)," which was held on December 17, 2019.

 

Banks

December 20, 2019	Publication of statistics regarding unlawful reimbursement of deposits <Summary> The FSA published statistics regarding unlawful reimbursement of deposits caused by counterfeit and stolen cash cards, stolen deposit books, and unlawful Internet banking activities. The statistics include details of incidents and compensation made by financial institutions based on reports from the financial institutions.
December 20, 2019	Updated list of support agencies for business innovation <Summary> The FSA published an updated list of support agencies for business innovation pursuant to the "Small and Medium-sized Enterprises Business Enhancement Act, etc." (There were no entities newly authorized this time).
December 18, 2019	Establishment of a contact point for consultation services mainly to respond to various concerns and challenges faced by financial institutions (and relevant financial industry associations) in regard to their lending practices/policies <Summary> The FSA established a contact point for consultation services mainly to respond to various concerns and challenges faced by financial institutions (and relevant financial industry associations). The newly established contact point is aimed at providing a platform for authorities including the FSA, the BOJ (Bank of Japan), and the JICPA (Japanese Institute of Certified Public Accountants) to discuss financial institutions’ ways of ensuring a more accurate reflection of credit risks in loan loss provisioning based on their own lending policies and borrowers' circumstances.

 

Securities

December 20, 2019	Administrative penalty charges against two individuals in two separate cases for committing insider trading regarding stocks of C'sMEN Co.,Ltd. by using received insider information (1) (2) <Summary> On December 19, 2019, the FSA issued orders in two separate cases to impose administrative penalty charges against two individuals (non-insiders) for committing insider trading regarding stocks of C'sMEN Co.,Ltd., by using information received from a contract negotiator with the entity.
December 20, 2019	Administrative penalty charges against two contract negotiators with C'sMEN Co.,Ltd., in two separate cases for communicating insider information regarding stocks of the entity (3) (4) <Summary> On December 19, 2019, the FSA issued orders in two separate cases to impose administrative penalty charges against two contract negotiators with C'sMEN Co.,Ltd., for communicating insider information to a non-insider who used the information and committed insider trading.
December 19, 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. The updated list is principally valid from January 1, 2020 to December 31, 2021.
December 16, 2019	License granted to OTC Clearing Hong Kong Limited to conduct "Financial Instruments Obligation Assumption Business" <Summary> The FSA granted a license to OTC Clearing Hong Kong Limited to conduct "Financial Instruments Obligation Assumption Business," pursuant to the "Financial Instruments and Exchange Act."

 

Publication

December 20, 2019	Publication of the FSA Annual Report for program year 2018 (July 2018 - June 2019)  <Summary> The FSA published the FSA Annual Report for program year 2018 (July 2018 - June 2019). It covers the FSA's overall policies including its mission, organization, and measures including amendments of regulations and supervisory actions. (Available only in Japanese).

 

Others

December 20, 2019	Publication of the updated reference casebook of good practices on the disclosure of narrative information based on the "Principles for the Disclosure of Narrative Information" <Summary> Following the proposal by the "Working Group on Corporate Disclosure" of the Financial System Council, which was published on June 28, 2018, the FSA published the updated reference casebook of good practices on the disclosure of narrative information based on the "Principles for the Disclosure of Narrative Information" in order to encourage corporate initiatives toward the enhancement of corporate disclosure beyond mere compliance with regulatory formalities. The reference casebook shares the updated collection of favorable practices on the disclosure of narrative information.
December 20, 2019	Publication of the "Key FSA-Related Items in the Outline for the FY 2020 Tax Reform" <Summary> Based on the compiled FY 2020 Tax Reform, the FSA published the "Key FSA-Related Items in the Outline for the FY 2020 Tax Reform."
December 20, 2019	Publication of the request for organization, staff and budget for FY 2020 (draft) <Summary> The FSA published a (draft) overview of the request for organization, staff and budget for FY 2020.
December 20, 2019	Publication of "Statistics of NISA and Junior NISA Accounts" as of September 30, 2019 <Summary> The FSA published "Statistics of NISA and Junior NISA Accounts." As of September 30, 2019, there were approximately 13.4 million NISA accounts in total, and approximately 17.6 trillion yen (approximately 161.1 billion USD) was invested through the NISA accounts, among which, 233.6 billion yen (approximately 2.1 billion USD) was invested through approximately 1.7 million accounts of the Tsumitate NISA (Dollar-Cost Averaging NISA) which has started since January 2018.
December 18, 2019	Activities of the FSA's Counseling Office for Financial Services Users between July 1 and September 30, 2019 <Summary> The FSA's Counseling Office for Financial Services Users offers a counseling service to respond to inquiries and comments from financial services users. Between July 1 and September 30, 2019, the counseling office received 9,842 inquiries and comments, a slight increase from 9,549 cases in the previous quarter (between April 1 and June 30, 2019).