What’s New on the FSA Website

Week of August 31, 2020 - September 4, 2020

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

Public Comments

(The following public comments are available in Japanese)

September 4, 2020

Publication of the draft "Ordinance for Enforcement of the Act on Special Provisions of the Act on Prohibition of Private Monopolization and Maintenance of Fair Trade to Maintain Essential Services for Local Residents in Municipalities in Regard to General Passenger Ride-Sharing Motor Carrier Services and Banking Business" (provisional English law title) and the draft amendments to the "Comprehensive Guidelines for Supervision of Small- and Medium-Sized and Regional Financial Institutions" <Summary> The FSA has published the draft "Ordinance for Enforcement of the Act on Special Provisions of the Act on Prohibition of Private Monopolization and Maintenance of Fair Trade to Maintain Essential Services for Local Residents in Municipalities in Regard to General Passenger Ride-Sharing Motor Carrier Services and Banking Business" (provisional English law title)* (the Act was enacted on May 20, and promulgated on May 27, 2020) and the draft amendments to the "Comprehensive Guidelines for Supervision of Small- and Medium-Sized and Regional Financial Institutions." The proposal mainly intends to set forth the regulation for enforcement of the aforementioned Act, thereby adding provisions pertaining to the regulation for enforcement of the Act to the relevant applicable Cabinet Office Orders and the aforementioned Guidelines. * The Act is under the joint jurisdiction of the Cabinet Secretariat, the FSA, and the Ministry of Land, Infrastructure, Transport and Tourism (MLIT). The Act exempts certain cases of business enhancement through mergers and/or joint management among motor carrier service providers, regional banks or others in municipalities that may conflict with the "Act on Prohibition of Private Monopolization and Maintenance of Fair Trade." Some services provided by ride-sharing motor carrier service providers and regional banks in the respective municipalities are regarded as "essential services." These essential services are the basis for the lives and economic activities of local residents as well as difficult to be replaced by other operators/providers. The existing service providers and regional banks are facing difficulties in providing "essential services" in a sustainable manner due to reasons such as declining population.

August 31, 2020

Publication of the draft amendments to the regulatory notice specifying a certain period of time to be set forth by the competent minister, pursuant to Article 15 of the Supplementary Provisions of the "Act on Special Measures for Strengthening Financial Functions" <Summary> The FSA proposed the draft amendments to the regulatory notice specifying a certain period of time* to be set forth by the competent minister pursuant to Article 15 of the Supplementary Provisions of the "Act on Special Measures for Strengthening Financial Functions." While the conduct of the competent minister to specify a certain period of time (without a description of a concrete and quantitative timeframe in particular) is currently set forth in Article 15 of the Supplementary Provisions of the "Act on Special Measures for Strengthening Financial Functions," the proposal intends to expressly specify a concrete and quantitative timeframe therefor as four years.   * A timeframe in this context means a grace period granted to a cooperative financial institution etc. that is subject to the said Act when the cooperative financial institution etc., due to force majeure, fails to file by the due date an application for approval of its plan for a streamlined management improvement or a plan for its capital and liquidity restructuring in line with business restructuring.

Press Releases

(The following press releases are available in English)

Policies

August 31, 2020	Publication of Summary from ’JFSA priorities for July 2020-June 2021’

 

Others

September 3, 2020	G20: Efforts on Governance Issues in Decentralized Financial Systems ’BGIN’ ― new global network

 

(The following press releases are available in Japanese)

Securities

September 4,2020

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 a warning to an entity that is operating financial instruments business without proper registration. (See the updated list of Japan-based entities*). * This list also includes the warned non-registered entities with untraceable/unidentified addresses.

August 31, 2020

The first trial of an administrative penalty case against an individual committing insider trading regarding stocks of Japan Drilling Co., Ltd. by using insider information obtained as an employee of the entity <Summary> On September 7, 2020, the first trial of an administrative penalty case against an individual for committing insider trading regarding stocks of Japan Drilling Co., Ltd.* by using information obtained as a then-employee of the entity was conducted. * Japan Drilling Co., Ltd. was delisted in July 2018.

 

Others

September 3,2020	Publication of the results of an outsourced survey report* mainly on the status of policy measures for financial digitalization taken by foreign financial regulators in major countries, entitled "Survey Report on Policy Measures Taken by Financial Regulators (in Major Countries) to Promote Technical Innovations in Financial Digitalization, and on RegTech/SupTech Trends in the Global Financial Sector" (provisional English report title) <Summary> The FSA published the results of an outsourced survey report* mainly on the status of policy measures for financial digitalization taken by foreign financial regulators in major countries, entitled "Survey Report on Policy Measures Taken by Financial Regulators (in Major Countries) to Promote Technical Innovations in Financial Digitalization, and on RegTech/SupTech Trends in the Global Financial Sector" (provisional English report title). The survey was outsourced to Mitsubishi Research Institute, Inc. to ascertain the status of policy initiatives taken (or to be taken) by the respective financial regulators in major countries (mainly the UK, US, Germany, France, Australia and the EU) through gathering information on: regulators' policy measures to encourage the use of innovative technologies; practices conducted by major financial institutions; focal points in financial monitoring; and developments in RegTech/SupTech related strategic initiatives taken by regulators. The survey results are mainly to serve as a reference for the FSA's future policy planning. * The survey report is available only in Japanese.
September 1,2020	Publication of the minutes of the annual exchange session on financial policies monitoring held on June 30, 2020, between external experts (financial policies monitors) and the FSA's senior officials <Summary> The FSA published the minutes of the annual exchange session on financial policy monitoring held on June 30, 2020, between external experts (financial policies monitors) and the FSA's senior officials. The participants of the session shared opinions and ideas on key comments received at the "Contact for Financial Policies Monitor," a neutral third-party comprised of external experts, as well as opinions and ideas on corresponding actions to be taken by the FSA.
September 1,2020	2020 campaign for multiple-debt problem consultation and the updated one-stop access to the campaign information <Summary> Consultation counters at the respective local governments have furthered development based on the "Program to Remedy the Multiple-Debt Problem" which was decided in April 2007 by the Headquarters for the multiple-debt problems in the Cabinet Office. Meanwhile, the FSA has been cooperating with Local Finance Bureaus, local governments, and related organizations to run an annual campaign for multiple-debt problem consultation based on the said Program. The annual campaign is mainly aimed at enhancing the public awareness of the consultation counters and encouraging potential multiple debtors to seek advice from professionals at the consultation counters. The 2020 annual campaign has been scheduled from September 1 through December 31, 2020, wherein free of charge consultation services are provided nationwide and publicity activities are held to encourage the potential multiple debtors to come to the consultation counters. In this regard, the FSA updated its subpage which provides one-stop access to the information of 2020 annual campaign for multiple-debt problem consultation. Among various approaches and efforts taken by the FSA and relevant parties during the campaign, the subpage particularly highlights the schedule-information on temporary consultation sessions held (and to be held) during the campaign by professionals respectively from bar associations, shiho-shoshi lawyer’s associations, local finance bureaus, and prefectures, as well as information on permanent points of contact for consultations.