What’s New on the FSA Website
Week of October 12, 2020 - October 16, 2020
This page contains the latest in events, developments, and updates to the FSA website.
(The following press releases are available in English)
|October 14, 2020||FSA official is appointed as the Chair of the IOSCO Committee on Issuer Accounting, Audit and Disclosure (Committee 1)|
|October 16, 2020||The Advisory Council on the Economic Value-based Solvency Framework|
(The following press releases are available in Japanese)
|October 14, 2020||Publication of the results of the questionnaire survey on financial institutions’ intermediary services offered to their corporate clients
The FSA published the results of the questionnaire survey on financial institutions' intermediary services offered to their corporate clients. Small- and medium-sized enterprises were subject to the questionnaire survey and response.
|October 14, 2020||Publication of a report entitled "Progress Report on the Efficiency of Financial Intermediation" (provisional English title)
The FSA published a report entitled "Progress Report on the Efficiency of Financial Intermediation" (provisional English title). The report outlines key initiatives and approaches taken during program year 2019 by the FSA and the respective Local Finance Bureaus toward the enhancement of the efficiency of financial intermediation by regional financial institutions.
|October 14, 2020||KPIs (key performance indicators) to objectively reflect the efficiency of financial intermediation
From the perspective of ensuring "visualization" of the efficiency of financial intermediation by financial institutions (including major banks and regional banks), the FSA published the list of KPIs (key performance indicators)* for financial institutions which reflect their respective performances in terms of the efficiency of financial intermediation. The list also contains website addresses of the respective financial institutions publicizing their initiatives taken for financial intermediation.
* On September 9, 2019, the FSA set forth the KPIs (key performance indicators) to objectively reflect the efficiency of financial intermediation. Ever since then, the FSA has required financial institutions to publish their respective KPI results on their websites in the hope that they fully commit to providing managerial support (inclusive of lending) to small and medium-sized enterprises for the improvement of their business feasibility and productivity, without overly relying on collateral and personal guarantees.
|October 16, 2020||The first trial of an administrative penalty case against an individual who recommended selling stocks of Japan Drilling Co., Ltd.* based on insider information obtained as an employee of the entity
On October 23, 2020, the first trial of an administrative penalty case against an individual who recommended selling stocks of Japan Drilling Co., Ltd.* based on insider information obtained as an employee of the entity to a non-insider who sold the stocks based on the employee’s recommendation will be conducted.
* Japan Drilling Co., Ltd. was delisted in July 2018.
|October 16, 2020||New one-stop access to relevant information on prudential policies, including an economic value-based solvency regulatory framework (mainly for insurance companies)
The FSA has newly added a subpage to its website to provide subscribers with one-stop access to the relevant information on prudential policies, including an economic value-based solvency regulatory framework (mainly for insurance companies). The subpage mainly shares information pertaining to the FSA's "Advisory Council on Economic Value-Based Framework,"* field test results in respect of economic value-based assessment and monitoring methodologies, and survey reports (outsourced to external parties).
* The Advisory Council was established to seek directions for the future introduction of an economic value-based solvency framework for insurance companies in Japan, while also taking into account global developments on the matter. The Advisory Council consists of academics and practitioners with relevant expertise and perspectives.
|October 14, 2020||Warning against the surge in unauthorized withdrawals from bank accounts
The FSA, the National Police Agency, the Consumer Affairs Agency, Japanese Bankers Association, and Japan Payment Service Association jointly issued a warning against unauthorized withdrawals* in response to the surge in unauthorized withdrawals (by malicious and fraudulent third parties) linked with (cashless/mobile) payment services provided by financial institutions.**
While the recent series of unauthorized withdrawals are frequently reported with respect to payment services, it has also been reported that deposit account holders who use neither payment services nor internet banking services have fallen victim to unauthorized withdrawals mainly attributable to the use of stolen cash cards and personal information (including bank account numbers and PIN codes) by (malicious and fraudulent) third parties.
The FSA urges people to check their bank accounts for any suspicious transactions conducted by possible malicious third parties and keep intact their personal account information, including PINs/passwords, and to report to (and/or consult with) their payment service providers (financial institutions) as well as the authorities (such as the Police and the FSA's Counseling Office for Financial Services Users) whenever any hint of fraudulence is detected. The FSA also alerts people to be aware of possible further scams taking advantage of the aforementioned incidents.
* A typical case ascertained in the recent series of unauthorized withdrawals is that malicious and fraudulent third parties sign up with certain cashless/mobile payment services linked with deposit accounts, in which they use personal deposit account information fraudulently obtained from deposit account holders, thereby making withdrawals unbeknownst to those account holders whose personal bank account information has been stolen.
** In response to those unauthorized withdrawals, financial institutions have announced policies of providing full compensation to their service users who have fallen victim to such unauthorized withdrawals.
|October 12, 2020||Publication of the updated "FSA Basic Plan for Policy Evaluation"
The FSA published the updated "FSA Basic Plan for Policy Evaluation" pursuant to the "Government Policy Evaluations Act." The updates mainly pertain to technical amendments, and expressly set forth the updated planning period of the said Basic Plan based on the "Basic Guidelines for Implementing Policy Evaluation." The updated Basic Plan took effect on October 12, 2020.
To ensure objectivity and improve the quality of policy evaluation, the basic plan is to be reviewed by the members of the "Expert Panel on Policy Assessment." The FSA will conduct policy evaluation appropriately pursuant to the updated basic plan, and the results will be published in due course.
|October 12, 2020||Requests for financial measures to deal with disasters caused by Typhoon No14, 2020 (The Kanto Local Finance Bureau)
On October 12, 2020, the Tokyo Local Finance Office of the Kanto Local Finance Bureau and the Financial System and Bank Examination Department of the Bank of Japan issued a joint statement titled "Financial Measures to deal with disasters caused by Typhoon No. 14, 2020" to the relevant financial institutions. The statement requests financial institutions in Tokyo Islands (Tokyo Metropolis) to appropriately deal with victims of the disaster considering their circumstances, such as by making the repayment of deposits flexible.
- Laws & RegulationsPage list
- Name of Laws and Regulations(PDF)
- Financial Instruments and Exchange Act
- Recent Changes
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- No Action Letter System
- Procedures concerning Foreign Account Management Institutions
- PrinciplesPage list
- Strategic Directions and Priorities
- Progress and Assessment of the Strategic Directions and Priorities
- Policy Approaches to Strengthen Cyber Security in the Financial Sector
- Financial Monitoring Policy
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- Great East Japan Earthquake-Related Information
- The Earthquake Centered in the Kumamoto Region of Kumamoto Prefecture 2016-Related Information
- List of Institutions
- For those engaging in High Speed Trading
- To Operators of Specially Permitted Businesses for Qualified Institutional Investors, etc.