Financial Services AgencyFSA Weekly Review No.414

November 6, 2020

What’s New on the FSA Website

Week of October 26, 2020 - October 30, 2020

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

Press Conferences

October 29, 2020 Press Conference by the Minister for Financial Services (October 27, 2020) Japanese versionopen new window
October 29, 2020 Press Conference by the Minister for Financial Services (October 23, 2020) Japanese versionopen new window
October 29, 2020 Press Conference by the Minister for Financial Services (October 20, 2020) Japanese versionopen new window
October 29, 2020 Press Conference by the Minister for Financial Services (October 16, 2020) Japanese versionopen new window
October 28, 2020 Press Conference by the Minister for Financial Services (October 2, 2020) Japanese versionopen new window
October 28, 2020 Press Conference by the Minister for Financial Services (September 29, 2020) Japanese versionopen new window

Public Comments

(The following public comments are available in Japanese)

October 30, 2020 Publication of the finalized 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"open new window
<Summary>
The FSA finalized the 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 amendments 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.
October 29, 2020 Publication of the draft "Cabinet Office Order to Amend the Detailed Regulations on the Mutual Loan Business Act" and the draft amendments to the "Comprehensive Guidelines for Supervision of Major Banks, etc." and othersopen new window
<Summary>
The FSA published the draft "Cabinet Office Order to Amend the Detailed Regulations on the Mutual Loan Business Act" and the draft amendments to the "Comprehensive Guidelines for Supervision of Major Banks, etc." and others.
The proposal mainly intends to provide technical amendments to the relevant applicable Cabinet Office Orders and Guidelines, including the aforementioned, which are under the purview of the FSA, pertaining to the abolishment of certain procedures where financial products/services users and/or financial products/services providers are requested/required to affix their seals (so-called "inkan" or "hanko" in Japanese) to certain official documents.
In particular, the proposal is aimed at:
(1) removing descriptions pertaining to the said "seal"-requests/requirements from the relevant applicable Cabinet Office Orders, Guidelines and such,
and
(2) allowing the use of applicants'/notifiers' birth names or original family names (as opposed to using their married names),* in the course of their registration application with and/or certain notifications to the FSA.
 
* While a person's original family name under the Cabinet Office Orders and Guidelines means the surname which is originally entered or recorded in the family register or in the expunged family register pertaining to the person, the proposal intends to expressly set forth therein the cases of change in surnames due to causes such as marriage, divorce, adoption, or separation.

Press Releases

(The following press releases are available in English)

Publication

October 29, 2020 FSA publishes English translation of monthly magazine, Access FSA No.206

 

Others

October 30, 2020 Updated statistics of money lending business
October 28, 2020 Updated list of issuers of gift certificates in repayment procedures based on the "Payment Services Act"
October 27, 2020 Update on Progress toward Further Efficiency and Transparency in the Screening Procedures for Licensing and Registration of Financial Businesses

 


(The following press releases are available in Japanese)

Councils

October 28, 2020 Publication of the proceedings and handouts of the fourth meeting of the "Working Group on Japanese Banking System" of the Financial System Councilopen new window
<Summary>
The FSA published the proceedings and handouts of the fourth meeting of the "Working Group on Japanese Banking System" of the Financial System Council, which was held on October 28, 2020.
October 26, 2020 Publication of the proceedings and handouts of the second 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 second meeting of the "Working Group on Financial Market System" of the Financial System Council, which was held on October 26, 2020.

 

Banks

October 30, 2020 Overview of modifications to lending conditions by financial institutionsopen new window
<Summary>
The FSA published an overview of modifications to lending conditions made by financial institutions for the period from March 10 to September 30, 2020.
October 29, 2020 "Regional Banking Summit (RE: ing/SUM)" and "Nikkei Regional Revitalization Forum" (in Nagoya) jointly organized by the FSA and Nikkei Inc.open new window
<Summary>
The FSA and Nikkei Inc. will jointly hold the "Regional Banking Summit (RE: ing/SUM) and "Nikkei Regional Revitalization Forum" in Nagoya on November 23, 2020, following those held in Tokyo on June 16, 2020. Particularly with regard to regional banking in the new Japanese era, Reiwa, the Summit (Re: ing/SUM) is an event to encourage attendees to think about the sustainable future that regional leaders/players would like to create by leveraging the potential of regional banking in collaboration with a wide range of stakeholders based on the following concepts:
  1. [Release]: Release thoughts/ideas and breakthrough mental barriers to foster mutual and common understanding with stakeholders
  2. [Remarkable]: Offer/share remarkable ideas and practices
  3. [Redesign]: Aim at redesigning/rebuilding sustainable banking business models toward the further enhancement of regional banking resilience

 

Others

October 30, 2020 The money-lending business sector's lending/funding policies in response to the lowering age of majority (adulthood), and initiatives that have been taken so far and are to be taken in the sector (based on an overview of a questionnaire survey conducted by Japan Financial Services Association)open new window
<Summary>
The FSA shared on its website an overview of a questionnaire survey conducted by Japan Financial Services Association in regard to the money-lending business sector's lending/funding policies in response to the lowering age of majority (adulthood),* as well as initiatives/measures** that have been taken so far and are to be taken thereof.
 
* "The Act for Partial Amendments to the Civil Code" (hereinafter referred to as the "Civil Code Amendment Act") to lower the age of majority (adulthood) from the current 20 (years of age) to 18 is scheduled to be enforced in April 2022.
 
** Following are some examples of the key measures which are deemed effective in preventing persons between the ages of 18 and 19 years (who will be considered to have reached the age of majority (adulthood) upon enforcement of the "Civil Code Amendment Act") from incurring excessive debts through borrowing from money lenders:
- To set the lending limit lower than usual
- To check/confirm the borrower's purpose/use of the loan
- To request the borrower to present a proof of annual income even if the loan amount is not more than 500,000 yen
- Check/confirm whether the borrower is engaged in illegal activities, such as name-lending/-borrowing and multi-level marketing businesses
October 28, 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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