FSA Weekly Review No.501 August 12, 2022

FSA Weekly Review No.501: August 12, 2022

What’s New on the FSA Website

Week of July 29, 2022 - August 4, 2022

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

Public Comments

August 3, 2022	Publication of the finalized amendments to the relevant applicable Cabinet Orders and others which are within the purview of the FSA, pertaining to the partial enforcement of the "Act Partially Amending the Companies Act" and the "Act on Arrangement of Relevant Acts Incidental to the Enforcement of the Act Partially Amending the Companies Act" after public consultation <Summary> The FSA finalized the amendments to the relevant applicable Cabinet Orders and others which are within the purview of the FSA, pertaining to the partial enforcement of the "Act Partially Amending the Companies Act" and the "Act on Arrangement of Relevant Acts Incidental to the Enforcement of the Act Partially Amending the Companies Act" after public consultation. (The partial amendments to the said Acts are scheduled to be enforced on September 1, 2022). The finalized amendments provide technical amendments to the relevant applicable Cabinet Orders and others which are within the purview of the FSA, to reflect changes in the said Acts. The finalized amendments will be enforced on September 1, 2022. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/sonota/20220803/20220803.html

August 3, 2022

Publication of the finalized amendments to the relevant applicable Cabinet Orders and others which are within the purview of the FSA, pertaining to the partial enforcement of the "Act Partially Amending the Companies Act" and the "Act on Arrangement of Relevant Acts Incidental to the Enforcement of the Act Partially Amending the Companies Act" after public consultation
<Summary>
The FSA finalized the amendments to the relevant applicable Cabinet Orders and others which are within the purview of the FSA, pertaining to the partial enforcement of the "Act Partially Amending the Companies Act" and the "Act on Arrangement of Relevant Acts Incidental to the Enforcement of the Act Partially Amending the Companies Act" after public consultation. (The partial amendments to the said Acts are scheduled to be enforced on September 1, 2022).
The finalized amendments provide technical amendments to the relevant applicable Cabinet Orders and others which are within the purview of the FSA, to reflect changes in the said Acts.
The finalized amendments will be enforced on September 1, 2022.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/news/r4/sonota/20220803/20220803.html open new window

Press Releases

Banks

July 29, 2022	Overview of modifications to lending conditions by financial institutions <Summary> The FSA published an overview of modifications to lending conditions made by financial institutions for the period from March 10, 2020 to June 30, 2022. *The majority of the data reflects the data until June 30, 2022, whereas the data of cooperative financial institutions reflects the data until March 31, 2022. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/ordinary/coronavirus202001/kashitsuke/20200430.html

July 29, 2022

Overview of modifications to lending conditions by financial institutions
<Summary>
The FSA published an overview of modifications to lending conditions made by financial institutions for the period from March 10, 2020 to June 30, 2022.

*The majority of the data reflects the data until June 30, 2022, whereas the data of cooperative financial institutions reflects the data until March 31, 2022.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/ordinary/coronavirus202001/kashitsuke/20200430.html open new window

Others

August 4, 2022	Request for financial measures to deal with disasters caused by the heavy rain from August 3, 2022 (The Kanto Local Finance Bureau and the Tohoku Local Finance Bureau) <Summary> The following Local Finance Bureaus alongside the competent Branches of the Bank of Japan issued statements titled "Financial Measures to Deal with Disasters Caused by the Heavy Rain from August 3, 2022" to the relevant financial institutions: The Kanto Local Finance Bureau alongside the Bank of Japan's Niigata Branch (Statement issued as of August 4, 2022) The Tohoku Local Finance Bureau alongside the Bank of Japan's Sendai Branch (Statement issued as of August 4, 2022) (The statements above are available only in Japanese). The said statements request financial institutions in Niigata and Yamagata prefectures* to appropriately deal with victims of the disaster considering their circumstances, such as by making the repayment of deposits flexible. * Disaster-affected areas in those two prefectures are currently subject to the "Disaster Relief Act." If more areas in the prefectures become subject to the said Act, financial institutions in the prefectures will be requested to take measures in the same manner as above accordingly. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/ginkou/20220804.html
August 4, 2022	Sustainable finance
August 3, 2022	Updated : Financial Services Agency’s Efforts to Promote Innovation
August 3, 2022	Warning against fraudulent entities claiming to be under commission from the FSA and/or to represent the general incorporated association for coordinating and providing support-services for victims of the Great East Japan Earthquake and other natural disasters based on the "Guidelines for Debt Consolidation for Victims of Natural Disasters" (provisional English title) <Summary> Recently, there have been cases where significant amounts of remuneration have been paid to fraudulent entities that claim to be under commission from the FSA and/or to represent the general incorporated association (hereinafter referred to as the "DGL") that provides debt consolidation related services to users (applicants) of "Guidelines for Debt Consolidation for Victims of Natural Disasters" (including special provisions for applying the said Guidelines to debt consolidation cases caused by the impact of COVID-19) [provisional English title] (hereinafter referred to as the "Guidelines"). In response to this situation, the FSA alongside the said DGL, which officially and solely coordinates and provides support-services* based on the Guidelines, jointly issued a statement of warning (available only in Japanese) to alert the public to be aware of fraudulent entities claiming to be under commission of the FSA and/or to represent the DGL in regard to the use of the Guidelines. The FSA and the DGL stress that users of services based on the Guidelines receive "free of charge" from support-professionals (such as attorneys, and so forth) "registered" with the DGL, and are NOT required to pay any remuneration to "registered" support professionals, unless otherwise the users separately ask for support from professionals who are not registered with the DGL. * Services coordinated by the DGL include the appointment of registered support professionals and payment of their remuneration. Such services are solely conducted by the DGL. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/ginkou/20220803/20220803.html
July 29, 2022	Publication of the PoC (Proof-of-Concept) test results of the eighth project for "FinTech PoC Hub" <Summary> From the perspective of further acceleration of challenges toward financial innovation utilizing FinTech, on September 21, 2017, the FSA has launched "FinTech PoC (Proof-of-Concept) Hub" to eliminate the hesitation and concern that FinTech firms and financial institutions are inclined to have in conducting unprecedented tests. Since its launch, the Hub has selected eight PoC projects so far, in which the Hub has offered support by forming special working teams for the respective projects in cooperation with other relevant authorities as necessary. In the meantime, the eighth project (selected on August 27, 2020) has finalized its PoC test, whereby the FSA has accordingly published its PoC test results. The eighth project mainly pertains to the "Banking Act" and "Guidelines for Personal Information Protection in the Financial Sector." The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/sonota/20220729/20220729.html

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