FSA Weekly Review No.526 February 24, 2023

FSA Weekly Review No.526: February 24, 2023

What’s New on the FSA Website

Week of February 10, 2023 - February 16, 2023

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

Press Releases

Councils

February 10, 2023	Publication of "Summary Report of the Working Group on Legal Institutions for Cash-flow-focused Lending Practices" (provisional English title) <Summary> The FSA published "Summary Report of the Working Group on Legal Institutions for Cash-flow-focused Lending Practices" (provisional English title), compiled by the members of the said working group based on discussions in the meetings held from November 2022, through February 2023, in which the working group members implemented deliberations on optimal legal institutions to encourage cash-flow-focused lending practices. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/singi/singi_kinyu/tosin/20230210.html
February 10, 2023	Publication of the agenda of the fourth meeting of the "Study Group on Impact Investment – Phase 2" <Summary> The FSA published the agenda of the fourth meeting of the "Study Group on Impact Investment – Phase 2," which was held on January 12, 2023, co-hosted by the FSA and the National Advisory Board of the Global Steering Group for Impact Investment (GSG-NAB Japan). The Study Group meets regularly (on a trimonthly basis) to deepen the understanding of "impact investment" among capital market participants and government authorities. Handouts of the fourth meeting are available on the webpage of GSG-NAB Japan. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/sonota/20230210.html

February 10, 2023

Publication of "Summary Report of the Working Group on Legal Institutions for Cash-flow-focused Lending Practices" (provisional English title)
<Summary>
The FSA published "Summary Report of the Working Group on Legal Institutions for Cash-flow-focused Lending Practices

" (provisional English title), compiled by the members of the said working group based on discussions in the meetings held from November 2022, through February 2023, in which the working group members implemented deliberations on optimal legal institutions to encourage cash-flow-focused lending practices.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/singi/singi_kinyu/tosin/20230210.html open new window

February 10, 2023

Publication of the agenda of the fourth meeting of the "Study Group on Impact Investment – Phase 2"
<Summary>
The FSA published the agenda of the fourth meeting of the "Study Group on Impact Investment – Phase 2," which was held on January 12, 2023, co-hosted by the FSA and the National Advisory Board of the Global Steering Group for Impact Investment (GSG-NAB Japan). The Study Group meets regularly (on a trimonthly basis) to deepen the understanding of "impact investment" among capital market participants and government authorities. Handouts of the fourth meeting are available on PDF

the webpage of GSG-NAB Japan open new window

.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/news/r4/sonota/20230210.html open new window

Banks

February 14, 2023	Approval of a business adaptation plan for The Ashikaga Bank, Ltd. <Summary> The FSA approved and published a business adaptation plan for The Ashikaga Bank, Ltd. pursuant to the "Industrial Competitiveness Enhancement Act." The implementation period of the adaptation plan will be from February 2023 to March 2025. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/ginkou/20230214/20230214.html

February 14, 2023

Approval of a business adaptation plan for The Ashikaga Bank, Ltd.
<Summary>
The FSA approved and published a business adaptation plan for The Ashikaga Bank, Ltd. pursuant to the "Industrial Competitiveness Enhancement Act." The implementation period of the adaptation plan will be from February 2023 to March 2025.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/news/r4/ginkou/20230214/20230214.html open new window

Securities

February 10, 2023	Administrative action against HAMABAY CAPITAL Godo Kaisha, a notifier of specially permitted business for qualified institutional investors (SPBQII), with whom the Kanto Local Finance Bureau cannot make contact <Summary> The Kanto Local Finance Bureau took administrative action against HAMABAY CAPITAL Godo Kaisha, a notifier of specially permitted business for qualified institutional investors (SPBQII). This administrative action is based on facts found to be in violation of the "Financial Instruments and Exchange Act" (FIEA), such as where the location of the notifier's principal office cannot be ascertained, and where the notifier failed to file the mandatory business reports (i.e. "jigyo-hokokusho" in Japanese) with the Bureau, whereby the Bureau ordered the abolition of the notifier's entire specially permitted business for qualified institutional investors, and the improvement of its business operations, pursuant to the FIEA. Note: As the said entity has no English corporate name, the Romanized version of the Japanese corporate name is stated here. Godo Kaisha (Godo Gaisha) stated in HAMABAY CAPITAL Godo Kaisha means "limited liability company," in Japanese. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/shouken/20230210.html

February 10, 2023

Administrative action against HAMABAY CAPITAL Godo Kaisha, a notifier of specially permitted business for qualified institutional investors (SPBQII), with whom the Kanto Local Finance Bureau cannot make contact
<Summary>
The Kanto Local Finance Bureau took administrative action against HAMABAY CAPITAL Godo Kaisha, a notifier of specially permitted business for qualified institutional investors (SPBQII).
This administrative action is based on facts found to be in violation of the "Financial Instruments and Exchange Act" (FIEA), such as where the location of the notifier's principal office cannot be ascertained, and where the notifier failed to file the mandatory business reports (i.e. "jigyo-hokokusho" in Japanese) with the Bureau, whereby the Bureau ordered the abolition of the notifier's entire specially permitted business for qualified institutional investors, and the improvement of its business operations, pursuant to the FIEA.

Note: As the said entity has no English corporate name, the Romanized version of the Japanese corporate name is stated here. Godo Kaisha (Godo Gaisha) stated in HAMABAY CAPITAL Godo Kaisha means "limited liability company," in Japanese.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/news/r4/shouken/20230210.html open new window

Insurance

February 10, 2023	Cooperation framework in the area of Insurance Supervision with the European Insurance and Occupational Pensions Authority

Others

February 15, 2023	Publication of the main issues raised by the FSA at opinion exchange meetings with relevant associations in the financial sector <Summary> The FSA has published the main issues raised by the FSA at opinion exchange meetings* held with relevant associations in the financial sector in January 2023. (Available only in Japanese). Common topics across the groups were: - Development of risk management systems in regard to AML/CFT (Anti-Money Laundering and Countering the Financing of Terrorism) and so forth - Results of the FSA's FY 2023 request for tax revisions - Sustainable finance initiatives, and - Key international (regulatory) trends in the financial sector for 2023. Notable issues discussed by most but not all groups were: - "Doubling Asset-based Income Plan" (compiled and published by the Sub-committee for Doubling Asset-based Incomes at the Prime Minister’s Office), and - "FAQ on Handling of Carbon Credits" (provisional English title) compiled and published by the FSA. * To enhance the transparency of its administration and to share its awareness of issues in the financial sector in a timely manner, every month the FSA publishes the main issues raised by the FSA at opinion exchange meetings with the relevant associations in the financial sector. Opinion exchange meetings are held with the respective associations on a regular basis. In January 2023, opinion exchange meetings were held respectively with six groups: major banks, etc.; the Regional Banks Association of Japan and the Second Association of Regional Banks; The National Association of Shinkin Banks; Trust Companies Association of Japan; the Japan Securities Dealers Association; and the Investment Trusts Association, Japan. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/common/ronten/index.html
February 10, 2023	Stewardship Code : 323 institutional investors have signed up to the Principles for Responsible Institutional Investors as of January 31, 2023

February 15, 2023

Publication of the main issues raised by the FSA at opinion exchange meetings with relevant associations in the financial sector
<Summary>
The FSA has published the main issues raised by the FSA at opinion exchange meetings* held with relevant associations in the financial sector in January 2023. (Available only in Japanese).

Common topics across the groups were:

- Development of risk management systems in regard to AML/CFT (Anti-Money Laundering and Countering the Financing of Terrorism) and so forth

- Results of the FSA's FY 2023 request for tax revisions

- Sustainable finance initiatives, and

- Key international (regulatory) trends in the financial sector for 2023.

Notable issues discussed by most but not all groups were:

- "Doubling Asset-based Income Plan" open new window (compiled and published by the Sub-committee for Doubling Asset-based Incomes at the Prime Minister’s Office), and

- "FAQ on Handling of Carbon Credits" open new window (provisional English title) compiled and published by the FSA.

* To enhance the transparency of its administration and to share its awareness of issues in the financial sector in a timely manner, every month the FSA publishes the main issues raised by the FSA at opinion exchange meetings with the relevant associations** in the financial sector. Opinion exchange meetings are held with the respective associations on a regular basis.

** In January 2023, opinion exchange meetings were held respectively with six groups: major banks, etc.; the Regional Banks Association of Japan and the Second Association of Regional Banks; The National Association of Shinkin Banks; Trust Companies Association of Japan; the Japan Securities Dealers Association; and the Investment Trusts Association, Japan.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/common/ronten/index.html open new window

February 10, 2023

Stewardship Code : 323 institutional investors have signed up to the Principles for Responsible Institutional Investors as of January 31, 2023

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