Financial Services AgencyFSA Weekly Review No.411

October 15, 2020

What’s New on the FSA Website

Week of October 5, 2020 - October 9, 2020

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

Public Comments

(The following public comments is available in Japanese)

October 7, 2020 Publication of the finalized "Order to Amend the Ordinance for Enforcement of the Act on Utilization of Funds Related to Dormant Deposits to Promote Public Interest Activities by the Private Sector" and the finalized amendments to the "Comprehensive Guidelines for Supervision of Major Banks, etc."open new window
<Summary>
The FSA finalized the "Order to Amend the Ordinance for Enforcement of the Act on Utilization of Funds Related to Dormant Deposits to Promote Public Interest Activities by the Private Sector" and the amendments to the  "Comprehensive Guidelines for Supervision of Major Banks, etc."
The amendments have been made mainly to:
(1) review the circumstances of the renewal of the last transaction date in a dormant account such as combined multi-purpose account; and
(2) expressly set forth in the Comprehensive Guidelines that the FSA collaborates with the Deposit Insurance Corporation of Japan (DICJ) in terms of following up on their on-site inspections of financial institutions on procedures and others for the transfer and management of funds pertaining to dormant deposits at financial institutions pursuant to the "Act on Utilization of Funds Related to Dormant Deposits to Promote Public Interest Activities by the Private Sector."
The amendments have been enforced since October 7, 2020.

Press Releases

(The following press releases is available in English)

Others

October 9, 2020 International Forum of Independent Audit Regulators published Information Paper

 


(The following press releases are available in Japanese)

Councils

October 5, 2020 Publication of the proceedings and handouts of the first meeting of the "Working Group on Financial Market System" of the Financial System Councilopen new window
<Summary>
The FSA published the proceedings and handouts of the first meeting of the "Working Group on Financial Market System" of the Financial System Council, which was held online on October 12, 2020.

 

Banks

October 7, 2020 Publication of statistics regarding unlawful reimbursement of deposits (as of the end of June 2020)open new window
<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.
October 7, 2020 Publication of a summary of the survey on financial institutions' preventive measures against unlawful reimbursement of deposits (as of the end of March 2020)open new window
<Summary>
The FSA published a summary of the survey on financial institutions' preventive measures against unlawful reimbursement of deposits as of March 31, 2020 (the end of FY 2019). In order to grasp the status of the enforcement of the "Act on Protection of Depositors and Postal Saving Holders from Unauthorized Automated Withdrawal, Using Counterfeit Cards, and Stolen Cards," the FSA collects information annually from financial institutions and publishes the summary.

 

Securities

October 9, 2020 Administrative action against a notifier of specially permitted business for qualified institutional investors (SPBQII) with whom the Kanto Local Finance Bureau cannot make contactopen new window
<Summary>
The Kanto Local Finance Bureau took an administrative action against Columbus Capital Ltd., a notifier of specially permitted business for qualified institutional investors (SPBQII), with whom the Kanto Local Finance Bureau cannot make contact, ordering the abolition of the notifier's entire specially permitted business for qualified institutional investors and the improvement of its business operations pursuant to the "Financial Instruments and Exchange Act."

 

Others

October 8, 2020 Warnings about entities that are operating money lending businesses without proper registrationopen new window
<Summary>
The FSA (Local Finance Bureaus) updated warnings about entities that are operating money lending businesses without proper registration. The warnings include the updated list of entities that misrepresent their registration using fictitious or stolen registration numbers.
October 7, 2020 Notification of business discontinuance submitted by a foreign audit firmopen new window
<Summary>
The FSA published the notification of business discontinuance submitted by a foreign audit firm, KPMG Channel Islands Limited pursuant to the "Certified Public Accountants Act."
October 7, 2020 Publication of "Statistics of NISA and Junior NISA Accounts" as of June 30, 2020open new window
<Summary>
The FSA has published "Statistics of NISA and Junior NISA Accounts" As of June 30, 2020, there were approximately 14.5 million NISA accounts in total, and approximately 20.2 trillion yen (approximately 186.7 billion USD) was invested through the NISA accounts, among which, 457.8 billion yen (approximately 4.2 billion USD) was invested through approximately 2.4 million accounts of the Tsumitate NISA (Dollar-Cost Averaging NISA) which has started since January 2018.
October 5, 2020 Updated one-stop access to the information on "Meetups on Tsumitate NISA (Dollar-Cost Averaging NISA)" open new window
<Summary>
The FSA updated the one-stop access pertaining to "Meetups on Tsumitate NISA (Dollar-Cost Averaging NISA)" on the subpages of the "NISA Official Promotion Webpage." The one-stop access mainly provides the background information of the meetups with its key purpose and objectives as well as the schedule information on future meetups (online meetups included).

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