FSA Weekly Review No.475 February 3, 2022

FSA Weekly Review No.475: February 3, 2022

What’s New on the FSA Website

Week of January 21, 2022 - January 27, 2022

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

Public Comments

January 27, 2022	Publication of the draft "Cabinet Office Order to Amend the Ordinance for Enforcement of the Banking Act, etc." <Summary> The FSA published the draft "Cabinet Office Order to Amend the Ordinance for Enforcement of the Banking Act, etc." The proposal mainly intends to require banks, etc. to report to the FSA in the event of the occurrence or potential occurrence of any leakage, loss, or damage of personal information on retail customers. (The original press release is available in Japanese at the following URL.) https://www.fsa.go.jp/news/r3/sonota/20220127/20220127.html
January 21, 2022	Publication of the draft "Cabinet Order to Amend the Order for Enforcement of the Financial Instruments and Exchange Act" <Summary> The FSA published the draft "Cabinet Order to Amend the Order for Enforcement of the Financial Instruments and Exchange Act." In response to the recommendation stated in the report of the "Task Force to Discuss Optimal Ways to Ensure Best Execution" of the Financial System Council (published in June 2021) to review/amend the regulations on the "Best Execution Policy," the proposal intends to provide corresponding amendments to the "Order for Enforcement of the Financial Instruments and Exchange Act," "Cabinet Office Order on Financial Instruments," and the "Comprehensive Guidelines for Supervision of Financial Instruments Business Operators." (The original press release is available in Japanese at the following URL.) https://www.fsa.go.jp/news/r3/shouken/20220121/20220121.html
January 21, 2022	Publication of the draft "Cabinet Office Order to Amend the Ordinance on Audit on Specific Purpose Companies and the Ordinance on Accounting Audit of Investment Corporations" and the draft "Cabinet Office Order to Amend the Ordinance for Enforcement of the Money Lending Business Act" <Summary> The FSA published the draft "Cabinet Office Order to Amend the Ordinance on Audit on Specific Purpose Companies and the Ordinance on Accounting Audit of Investment Corporations" and the draft "Cabinet Office Order to Amend the Ordinance for Enforcement of the Money Lending Business Act." In accordance with the amendments made to the Auditing Standards on November 6, 2020, the proposal intends to [expressly] set forth that a financial auditor shall include in the financial audit report as to: - whether or not there are any matters to be reported regarding material differences between the contents of the business report and the contents of the financial statements (accounting documents) or between the contents of the financial statements and the knowledge obtained by the financial auditor in the course of the audit, and - if there are any significant matters to be reported, the nature of the details thereof. In addition, in order to enable the omission of the attachment of a certificate of registered information in filing applications and/or other procedures with the FSA (while it is required under applicable laws and regulations to attach a certificate of registered information in such filing procedures), the proposal also intends to provide amendments to such procedures, regarding the filings that shall be additionally included in the scope of the said treatment (to be subject to omitting the attachment of the certificate of registered information) in light of the necessity of the FSA's supervision and administration. (The original press release is available in Japanese at the following URL.) https://www.fsa.go.jp/news/r3/shouken/20220121-2/20220121-2.html

Press Releases

Councils

January 24, 2022	Publication of the agenda and handouts of the 144th meeting of the Council on Automobile Liability Insurance <Summary> The FSA published the agenda and handouts of the 144th meeting of the Council on Automobile Liability Insurance, which was held on January 24, 2022. It was decided at the 144th meeting that no revision of the (compulsory) automobile* liability insurance premium rates for FY 2022 was necessary. * The term "automobile" in this context means an automobile under the "Road Transport Vehicle Act" (other than a small-sized special purpose vehicle manufactured for use in farm work) or a motorized bicycle. (The original press release is available in Japanese at the following URL.) https://www.fsa.go.jp/singi/singi_zidousya/kekka/20220124.html
January 24, 2022	Joint session of the 49th general meeting of Financial System Council and the 37th meeting of Sectional Committee on Financial System
January 21, 2022	Publication of the agenda and handouts of the 14th meeting of the "Working Group on Capital Market Regulations" (provisional English title) of the Financial System Council <Summary> The FSA published the agenda and handouts of the 14th meeting of the "Working Group on Capital Market Regulations" (provisional English title) of the Financial System Council, which was held on January 21, 2022. The Working Group members discussed ways to improve market infrastructure functions. (The original press release is available in Japanese at the following URL.) https://www.fsa.go.jp/singi/singi_kinyu/market-system/siryou/20220121.html

Banks

January 25, 2022	License granted to JIA Trust Co.,Ltd. to conduct investment-based trust business <Summary> The FSA granted a license to JIA Trust Co.,Ltd. to conduct investment-based trust business pursuant to the "Trust Business Act." (The original press release is available in Japanese at the following URL.) https://www.fsa.go.jp/news/r3/ginkou/202201/20220125.html

Securities

January 21, 2022	Administrative penalty charge against UMENOHANA CO., LTD. for making false statements in its securities reports <Summary> On January 20, 2022, the FSA issued an order to impose an administrative penalty charge against UMENOHANA CO., LTD. for making false statements in its securities reports. (The original press release is available in Japanese at the following URL.) https://www.fsa.go.jp/news/r3/shouken/20220121-02.html
January 21, 2022	Administrative penalty charge against an individual for committing insider trading regarding stocks of MAEDA CORPORATION by using insider information obtained as an officer of the entity <Summary> On January 20, 2022, the FSA issued an order to impose an administrative penalty charge against an individual for committing insider trading regarding stocks of MAEDA CORPORATION by using information obtained as an officer of the entity. (The original press release is available in Japanese at the following URL.) https://www.fsa.go.jp/news/r3/shouken/20220121-01.html

January 21, 2022

Administrative penalty charge against UMENOHANA CO., LTD. for making false statements in its securities reports
<Summary>
On January 20, 2022, the FSA issued an order to impose an administrative penalty charge against UMENOHANA CO., LTD. for making false statements in its securities reports.

(The original press release is available in Japanese at the following URL.)
https://www.fsa.go.jp/news/r3/shouken/20220121-02.html

January 21, 2022

Administrative penalty charge against an individual for committing insider trading regarding stocks of MAEDA CORPORATION by using insider information obtained as an officer of the entity
<Summary>
On January 20, 2022, the FSA issued an order to impose an administrative penalty charge against an individual for committing insider trading regarding stocks of MAEDA CORPORATION by using information obtained as an officer of the entity.

(The original press release is available in Japanese at the following URL.)

https://www.fsa.go.jp/news/r3/shouken/20220121-01.html

Others

January 26, 2022	Notification of business discontinuance submitted by a foreign audit firm <Summary> The FSA published the notification of business discontinuance submitted by a foreign audit firm, TASSURE ASIA LLP pursuant to the "Certified Public Accountants Act." (The original press release is available in Japanese at the following URL.) https://www.fsa.go.jp/news/r3/sonota/20220127-haigyo.html
January 25, 2022	"Regional Banking Summit (RE: ing/SUM)" and "Nikkei Regional Revitalization Forum" jointly organized by the FSA and Nikkei Inc. <Summary> As in the previous year (FY 2020), the FSA and Nikkei Inc. will jointly hold the "Regional Banking Summit (RE: ing/SUM) and "Nikkei Regional Revitalization Forum" online from February 11 through 26, 2022. 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 (The original press release is available in Japanese at the following URL.) https://www.fsa.go.jp/news/r3/ginkou/20220125/20220125.html
January 21, 2022	Stewardship Code : 320 institutional investors have signed up to the Principles for Responsible Institutional Investors as of December 31, 2021

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