Financial Services AgencyFSA Weekly Review No.416

November 19, 2020

What’s New on the FSA Website

Week of November 9, 2020 - November 13, 2020

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

Press Conferences

November 12, 2020 Press Conference by the Minister for Financial Services (October 27, 2020) Japanese versionopen new window
November 12, 2020 Press Conference by the Minister for Financial Services (October 23, 2020) Japanese versionopen new window
November 12, 2020 Press Conference by the Minister for Financial Services (October 20, 2020) Japanese versionopen new window

Press Releases

(The following press releases are available in English)

Others

November 11, 2020 G20: Efforts on Governance Issues in Decentralized Financial Systems "BGIN" - new global network
November 10, 2020 Preparation for permanent cessation of LIBOR

 


(The following press releases are available in Japanese)

Councils

November 13, 2020 Publication of the proceedings and handouts of the third 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 third meeting of the "Working Group on Financial Market System" of the Financial System Council, which was held on November 13, 2020.
November 11, 2020 Publication of the "Opinion on the Revision of Auditing Standards" and the "Opinion on the Revision of Interim (Semi-annual) Auditing Standards" (provisional English titles)open new window
<Summary>
The Plenary Meeting1 of the Business Accounting Council (which was held on November 6, 2020) has compiled and published the "Opinion on the Revision of Auditing Standards" and the "Opinion on the Revision of Interim (Semi-annual) Auditing Standards" (provisional English titles), based on public comments received through public consultation (from March 23 to April 21, 2020) on the revisions2 of the respective Exposure Drafts of the Auditing Standards and the Interim (Semi-annual) Auditing Standards.
 
1. The plenary meeting of the said Council is comprised of external experts and stakeholders, wherein the FSA serves as the secretariat.
 
2.   The revisions intend to clarify the roles and procedures auditors should take in regard to "other information"* which is included in disclosure documents containing audited financial statements and the auditor's report thereon, and to require auditors to refer to the matters in the auditor's reports when there is a material misstatement of "other information." The revisions also intend to further enhance a risk-based approach to auditing.
*            Other information in this context means financial and/or non-financial information (other than the financial statements and the auditor's report thereon).
November 9, 2020 Publication of the proceedings and handouts of the fifth 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 fifth meeting of the "Working Group on Japanese Banking System" of the Financial System Council, which was held on November 9, 2020.

 

Banks

November 12, 2020 Request for financial measures to deal with the outbreak of highly pathogenic avian flu (HPAI) in Tokushima Prefecture (The Shikoku Local Finance Bureau)open new window
<Summary>
The Shikoku Local Finance Bureau issued the statement "Financial Measures in Response to the Report of the Subspecies of Highly Pathogenic Avian Influenza (HPAI)" to relevant financial institutions in Tokushima Prefecture. The statement requests financial institutions to cooperate with prefectural authorities and appropriately deal with HPAI-affected parties (poultry farms, processors, and trade) considering their circumstances, such as by attentively responding to the needs of business management consultation and new loans or change of loan terms.

 


Others

November 10, 2020 Request statement to electronic payment service providers to enhance their information security management systemsopen new window
<Summary>
The FSA issued a request statement to electronic payment service providers to check security vulnerabilities in their current information security management systems and to enhance their systems as necessary, in response to the recent surge of unauthorized withdrawals (by malicious and fraudulent third parties) from financial service users' accounts linked with (online) financial services provided by financial institutions, including electronic payment service providers.
 
In this context, the FSA urges financial services users to first report to (and or consult with) their electronic payment service providers (financial institutions) if the users find any signs of unauthorized transactions in their accounts. The FSA also urges financial services users to double-check their bank accounts for any signs of suspicious transactions conducted by possible malicious third parties and keep intact their personal account information, including PINs/passwords.
November 10, 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.
November 9, 2020 Publication of a series of 10-minute financial literacy videos (the FSA's "Teach Me-Video Series (tutorial video series)" [provisional English title]) on a subpage of the FSA's "NISA Official Promotion Webpage"open new window
<Summary>
The FSA published a series of 10-minute financial literacy videos (the FSA's "Teach Me-Video Series (tutorial video series)" [provisional English title]) on a subpage of the FSA's "NISA Official Promotion Webpage." The video series is compiled based on on-site lessons conducted mainly in universities and high schools by guest experts (academic and non-academic experts, including professors and financial professionals/practitioners) and the FSA's then-Commissioner. This initiative mainly aims at the enhancement of financial literacy of the lesson-participants (including subscribers to the FSA's website), so that the participants gain financial knowledge/skills/attitudes necessary to make appropriate financial decisions in terms of their long-term personal asset building.

Site Map

top of page