What’s New on the FSA Website
Week of June 4, 2021 - June 10, 2021
This page contains the latest in events, developments, and updates to the FSA website.
(The following public comments are available in Japanese)
|June 9, 2021||Publication of the draft amendments to the "Comprehensive Guidelines for Supervision of Insurance Companies" (pertaining to calculation of "time-lag margins" that may occur in connection with interest fluctuations and others)
The FSA published the draft amendments to the "Comprehensive Guidelines for Supervision of Insurance Companies." The proposal mainly intends to expressly set forth in the Guidelines the points to be taken into account in screening (examining) insurance products in cases where fees thereto are specified using MVA (Market Value Adjustment)* to cover against losses (time-lag margins) that may occur in connection with the following: interest rate fluctuations that occur between the time when the basis for calculating the surrender value is set and the time of surrender; transaction costs related to the sale of assets under management; and other events.
* MVA (Market Value Adjustment) is a calculation in which the surrender value is the sum of the insurance premiums reserve plus an adjustment based on changes in market values of assets under management caused by differences in interest rates between the time of contract and the time of surrender. MVA is widely adopted in calculating fees for foreign currency-denominated insurance policies.
|June 9, 2021||Publication of the draft amendments to the "Comprehensive Guidelines for Supervision of Insurance Companies" (pertaining to brokerage services in terms of operating lease transactions)
The FSA published the draft amendments to the "Comprehensive Guidelines for Supervision of Insurance Companies." The proposal mainly intends to expressly set forth in the Guidelines that insurance companies may conduct brokerage services in terms of operating lease transactions as "Other Incidental Business Operations."
|June 7, 2021||Publication of the finalized amendments to the FSA's regulatory notice concerning the "designated IFRSs"
The FSA finalized the amendments to the regulatory notice concerning the "designated IFRSs" stipulated in the "Regulation for Terminology, Forms and Preparation of Consolidated Financial Statements." The amendments mainly define the international accounting standards that have been published through May 31, 2021, by the IASB (International Accounting Standards Board) as "designated international accounting standards" set forth under Article 93 of the Regulation on Consolidated Financial Statements. The amendments took effect on June 7, 2021.
(The following press releases are available in English)
|June 4, 2021||Financial Services Agency’s Efforts to Promote Innovation|
|June 4, 2021||Overview of major banks’ financial results as of March 31, 2021|
|June 4, 2021||Overview of the Japanese regional banks’ financial results for the fiscal year ended March 31, 2021|
|June 8, 2021||The 14th NAIC-FSA Insurance Dialogue|
(The following press releases are available in Japanese)
|June 10, 2021||Publication of the "Bank of Japan Review" regarding the development and utilization of OTC derivatives transaction data
The FSA shared on its website the "Bank of Japan (BOJ) Review" regarding the development and utilization of OTC derivatives transaction data,* which summarizes the collaborative efforts related thereto by the FSA and the BOJ.
In particular, the review pertains to the following:
- the financial crisis of the late 2000s and international discussions to improve market transparency
- the development of the OTC derivatives transaction reporting system and the commencement of data provision from the FSA to the BOJ
- characteristics of transaction data and findings from the analysis (e.g., changes in market structures under stress, and others), and
- efforts to improve the sophistication of analysis.
* This review is currently available only in Japanese.
|June 8, 2021||Administrative action against SBI Social Lending Co., Ltd. (The Kanto Local Finance Bureau)
The Kanto Local Finance Bureau took an administrative action against SBI Social Lending Co., Ltd., a Type II financial instruments business operator, ordering the suspension of the entity's entire business operations* from June 8 to July 7, 2021, and thereby ordering the improvement of its business operations pursuant to the "Financial Instruments and Exchange Act."
This administrative action is based on the findings from the reports** that the entity filed in response to the Bureau's order for the collection of a report pertaining to the conduct of its business which was deemed significantly problematic.
* Excluding services for the completion of customer's transactions.
** Including an investigation report of the third-party committee consisting of outside experts, which was established by the said company.
|June 7, 2021||Publication of the results of the policy evaluation for FY 2019
Pursuant to the "Government Policy Evaluations Act," all Ministries and Agencies are required to conduct annual policy reviews and reflect the results to improve their policies in order to realize an efficient, high-quality, and results-oriented government administration.
The FSA published the results of the policy evaluation for FY 2019.
|June 4, 2021||Publication of the agenda and handouts of the first meeting of the "Working Group on Integration of Taxation on Financial Income and Gains" (provisional English title)
The FSA published the agenda and handouts of the first meeting of the "Working Group on Integration of Taxation on Financial Income and Gains" (provisional English title) which was held on May 10, 2021.
- Laws & RegulationsPage list Open
- Name of Laws and Regulations(PDF)
- Financial Instruments and Exchange Act
- Recent Changes
- Public Comment
- Capital adequacy requirements (Basel framework)
- No-Action Letter System
- Procedures concerning Foreign Account Management Institutions
- PrinciplesPage list Open
- 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
- AnnouncementsPage list Open
- Press Conferences
- Press Releases
- Official Statements
- Disaster-related Information (Support for Disaster Victims)
InstitutionsPage list Open
- List of Institutions
- For those engaging in High Speed Trading
- To Operators of Specially Permitted Businesses for Qualified Institutional Investors, etc.