What’s New on the FSA Website

Week of October 19, 2020 - October 23, 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)

October 23, 2020

Publication of the draft "Cabinet Office Order to Amend the Cabinet Office Order on Financial Instruments Business" <Summary> The FSA proposed the draft "Cabinet Office Order to Amend the Cabinet Office Order on Financial Instruments Business." The proposal mainly intends to reflect recommendations from the "Report of the Working Group on Financial Markets of the Financial System Council – Toward the Enhancement of Financial Institutions" (provisional English report title), which was published in August 2020, in regard to non-paper-based delivery of material information (related to "prospectus," "document for delivery prior to conclusion of contract," and others) to financial products/services users (hereinafter referred to as "customers") prior to conclusion of contracts for the provision of financial products/services.   In particular, the proposal intends to grant financial products/services providers the following (provided that a financial products/services provider has offered concise material information by using a "Key Information Sheet"* or the like, and has explained key contents of the "document for delivery prior to conclusion of a contract" according to the respective customers' attributes): Permission to deliver prospectus to customers by electronic means, and Exemption from the requirement to deliver a "document prior to conclusion of a contract" by paper-based means (provided that the contents of the document are made available electronically for a customer's inspection). * An explanatory document that provides customers with concise and easy-to-understand information about risks and fees comparable across financial products/services.

October 21, 2020

Publication of the draft "Cabinet Office Order to Amend the Ordinance for Enforcement of the Insurance Business Act" <Summary> The FSA proposed the draft "Cabinet Office Order to Amend the Ordinance for Enforcement of the Insurance Business Act." The proposal mainly intends to provide amendments in response to requests for deregulation from the financial sector and relevant industry organizations. In particular, the proposal is aimed at allowing insurance companies to deliver documents related to insurance solicitation (those which are currently required to be delivered by paper-based means) by electromagnetic means and at enhancing the scope of electromagnetic means, in terms of providing material information of insurance policies to policyholders.

Press Releases

(The following press releases are available in Japanese)

Councils

October 21, 2020

Publication of the proceedings and handouts of the third meeting of the "Working Group on Japanese Banking System" of the Financial System Council <Summary> The FSA published the proceedings and handouts of the third meeting of the "Working Group on Japanese Banking System" of the Financial System Council, which was held on October 21, 2020.

October 19, 2020

Publication of the agenda and handouts of the 20th meeting of the "Council of Experts Concerning the Follow-up of Japan’s Stewardship Code and Japan’s Corporate Governance Code" <Summary> The FSA published the agenda and handouts of the 20th meeting of the "Council of Experts Concerning the Follow-up of Japan’s Stewardship Code and Japan’s Corporate Governance Code," which was held on October 20, 2020.

 

Banks

October 23, 2020

Publication of the results of the questionnaire survey on financial institutions' service introduction of deposits/savings and/or trusts to support the statutory (adult) guardianship system (so-called guardianship system support deposits/savings/trusts) <Summary> The FSA published the results of the questionnaire survey on financial institutions' service introduction of deposits/savings and/or trusts to support the statutory (adult) guardianship system (so-called guardianship system support deposits/savings/trusts). The survey results reflect the data compiled as of March 31, 2020.

 

Others

October 23, 2020	Administrative action against Kokomo Capital Limited, a high-speed-trader <Summary> The Kanto Local Finance Bureau took an administrative action against Kokomo Capital Limited, a high-speed trader, with whom the Kanto Local Finance Bureau cannot make contact, ordering the revocation of the entity’s registration pursuant to the "Financial Instruments and Exchange Act."