What’s New on the FSA Website

Week of February 17, 2023 - February 22, 2023

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

Public Comments

February 17, 2023

Publication of the draft amendments to the "Guidelines for Administrative Processes" regarding funds transfer service providers for public consultation <Summary> The FSA proposed the draft amendments to the "Guidelines for Administrative Processes" regarding funds transfer service providers for public consultation. The proposal is mainly aimed at providing amendments to the said Guidelines by setting forth supervisory measures to be taken for funds transfer service providers, in response to the "Ministerial Order to Amend the Regulation for Enforcement of the Labor Standards Act to Allow Wage Payment to the Accounts of Funds Transfer Service Providers Designated by the Minister of Health, Labor and Welfare" (provisional English title) [promulgated on November 28, 2022].   Public comments will be accepted until 5:00 p.m. [JST], March 19, 2023. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/sonota/20230217-2/20230217-2.html

Press Releases

Councils

February 21, 2023	Publication of the agenda and handouts of the sixth meeting of the "Study Group on Environmental Improvement for Effective Transition Finance" (provisional English title) <Summary> The FSA published the agenda and handouts of the sixth meeting of the "Study Group on Environmental Improvement for Effective Transition-Finance" (provisional English title), which was jointly held on December 5, 2022, by the FSA, the METI (Ministry of Economy, Trade and Industry), and the MoE (Ministry of the Environment). Firstly, the Study Group members discussed the development of guidance to enhance the effectiveness and credibility of transition finance, whereby they decided to establish "Sub-Working Group on Financed Emissions to Encourage Transition Finance in the Public and Private Sectors" (provisional English title). The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/singi/transition_finance/siryou/20221205.html
February 21, 2023	Creating an Enabling Environment to Scale-up Transition Financing to Accelerate Decarbonization of Hard-to-Abate Sectors <Summary> In February 2023, the FSA, METI (Ministry of Economy, Trade and Industry), and MoE (Ministry of the Environment), alongside 10 financial institutions (from the private sector) operating on a global scale, jointly established "Japan Public and Private Working Group on Financed Emissions to Promote Transition Finance," and held its first meeting* on February 1, 2023, whereby they compiled and published an issue paper on financed emissions. The issue paper outlines the roles expected of financial institutions to achieve carbon neutrality, as well as characteristics of financed emissions, thereby setting forth necessary approaches for disclosure of financial institutions’ progress which encourage financial institutions' financing for decarbonization, including financed emissions. The Working Group is aimed at discussing such necessary approaches on an intergovernmental track, including the G7 and G20, whereby the private sector is expected to contribute to furthering discussions in international initiatives.   *The agenda and handouts of the first meeting of the Working Group, are available (only in Japanese) on the METI's webpage. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/singi/20230221.html
February 21, 2023	Publication of the agenda and handouts of the fifth meeting of the "Working Group on Impact Investment" <Summary> The FSA published the agenda and handouts of the fifth meeting of the "Working Group on Impact Investment," which was held on February 22, 2023. The secretariat (the FSA) of the Working Group gave a briefing on the direction of the guidelines for impact investment, and a guest practitioner from Baillie Gifford gave a presentation on their investment practices, whereby the Working Group members discussed the respective topics thereof. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/singi/impact/siryou/20230222.html
February 20, 2023	Appointment of the Business Accounting Council's committee members <Summary> The FSA announced that the Business Accounting Council's committee members were appointed by the FSA's Commissioner. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/singi/20230220.html

Banks

February 17, 2023

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

Insurance

February 17, 2023

Administrative action against NN Life Insurance Company, Ltd. <Summary> With regard to NN Life Insurance Company, Ltd., for which product development and insurance solicitation, etc. that deviated from the original purpose of the insurance business were found through inspection, the FSA issued a business improvement order to fundamentally strengthen its business management arrangements, including a review of its overall management structure. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/hoken/20230217/20230217-1.html

Others

February 21, 2023

Updated list of issuers of gift certificates in repayment procedures based on the ’Payment Services Act’

February 17, 2023

Publication of "Typical Practices of Key Audit Matters (KAM) and Key Points for Description FY 2022" (provisional English title) <Summary> The FSA has published "Typical Practices of Key Audit Matters (KAM) and Key Points for Description FY 2022" (provisional English title). The paper was compiled based on discussions with stakeholders regarding contents and trends of KAM, with an aim to further instill and widely disseminate KAM practices. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/sonota/20230217/20230217.html