Financial Services AgencyFSA Weekly Review No.529

March 16, 2023

What’s New on the FSA Website

Week of March 3, 2023 - March 9, 2023

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

Press Releases

International 

March 7, 2023 International Conference on Sustainability Disclosure
March 3, 2023 Updated : International Financial Center Website open new window

Councils

March 6, 2023 Publication of the agenda and handouts, as well as the outlines of proceedings of the second meeting of "Advisory Council on Scenario Data for Climate Change Risk and Opportunity Assessment" (provisional English title)
<Summary>
The FSA, as a co-host member of the secretariat* of the "Advisory Council on Scenario Data for Climate Change Risk and Opportunity Assessment" (provisional English title), published the agenda and handouts, as well as the outlines of proceedings of the second meeting of the Advisory Council, which was held on February 3, 2023.
In the second meeting, guest practitioners from institutions and companies gave an overview of their current initiatives in climate change risk assessment, followed by an exchange of opinions among the meeting participants.
 

*The secretariat of the Advisory Council** is co-hosted by the FSA, Ministry of Education, Culture, Sports, Science and Technology, Ministry of Land, Infrastructure, Transport and Tourism, and Ministry of the Environment, with the representatives from the financial and non-financial sectors as Advisory Council members, and representative officials from the relevant government ministries and agencies as observers.

**The Advisory Council is aimed at exchanging opinions on climate change-related data among stakeholders in the public and private sectors regarding their needs, challenges, and future directions to appropriately use climate change-related data, thereby effectively responding to climate change.


The original press releases are available in Japanese at the following URLs.
https://www.fsa.go.jp/singi/scenario_data/siryou/20230203.htmlopen new window
https://www.fsa.go.jp/singi/scenario_data/gijiyousi/20230203.htmlopen new window 

Banks

March 7, 2023 Requests for the facilitation of financing for small- and medium-sized enterprises during the fiscal-year-end season and further beyond
<Summary>
Against the backdrop of the heightened economic uncertainty due to the prolonged impact of COVID-19 and global price hikes, businesses are still facing difficult cash flow conditions with tight borrowing constraints, especially given the increasing demand for operating funds and other resources toward the fiscal-year-end season. In response to such circumstances, the FSA has held meetings with government officials and representatives from various financial institutions to exchange views on facilitating financing to small- and medium-sized enterprises and others.
In this regard, the FSA has requested that the relevant financial associations and institutions facilitate and ensure appropriate and proactive financing for small- and medium-sized enterprises during the fiscal-year-end season and further beyond.

The original press releases are available in Japanese at the following URLs.
https://www.fsa.go.jp/news/r4/ginkou/20230307-2.htmlopen new window
https://www.fsa.go.jp/news/r4/ginkou/20230307.htmlopen new window
March 3, 2023 Publication of the implementation reports of the Business Strengthening Plans and the relevant plans filed by financial institutions (as of September 2022)
<Summary>
The FSA published the implementation reports of the Business Strengthening Plans and the relevant plans filed by financial institutions (as of September 2022) pursuant to the "Act on Special Measures for Strengthening Financial Functions."

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/news/r4/ginkou/20230303/20230303-1.htmlopen new window
March 3, 2023 Publication of implementation reports in regard to the "fund-grant system" filed by financial institutions (as of September 2022)
<Summary>
The FSA published two implementation reports in regard to the "fund-grant system" respectively filed by the following parties (as of September 2022):
(1) THE FUKUHO BANK, LTD., and
(2) The Aomori Bank, Ltd. alongside THE MICHINOKU BANK, LTD. 

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/news/r4/ginkou/20230303/20230303-2.htmlopen new window
March 3, 2023 Approval granted to The 77 Bank, Ltd. for its engagement in trust business
<Summary>
The FSA granted approval to The 77 Bank, Ltd. for its engagement in trust business pursuant to the "Act on Engagement in Trust Business by a Financial Institution."

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/news/r4/ginkou/202303kenei.htmlopen new window

Others

March 9, 2023 Administrative action against FTX Japan, Inc. (extension of the order of retention of assets within Japan for another three months) [The Kanto Local Finance Bureau]
<Summary>
The Kanto Local Finance Bureau took administrative action against FTX Japan, Inc., pursuant to the "Financial Instruments and Exchange Act" (hereinafter referred to as the "FIEA"), ordering the extension of the order of retention of assets* within Japan for another three months from March 10 to June 9, 2023, upon expiration of the order for the retention of assets within Japan issued on December 9, 2022 pursuant to Article 56-3 of the FIEA.
This administrative action was taken to ensure the continued protection of investors, taking into account the fact that the company is subject to Chapter 11** bankruptcy filings under the U.S. Bankruptcy Code initiated by its parent company, etc. (The order to improve its business operations, which was issued on November 10, 2022, remains in effect.)
Details of the administrative action are available [only in Japanese] on the website of the Kanto Local Finance Bureauopen new window).
 

*　"Assets" in this context refer to those retained within Japan from March 10, 2023, to June 9, 2023, equal to the amount of liabilities to be recorded in the liabilities section of the entity's balance sheet (including the amount of guarantee obligations) less the amount of liabilities to non-residents as of the respective dates (unless otherwise approved by the Bureau as being in the public interest or in the interest of investor protection).

**Chapter 11 of the U.S. Bankruptcy Code generally provides for reorganization, usually involving a corporation or partnership. A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. (Source: the webpage of the U.S. Federal Courtsopen new window) 


The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/news/r4/sonota/20230309/20230309.htmlopen new window
March 7, 2023 Publication of a series of ex-ante valuation reports based on the regulatory impact analysis (RIA) in regard to the amendments to the "Act on Financial Businesses by Cooperatives" in tandem with the corresponding amendments to the relevant and applicable laws and regulations
<Summary>
The FSA published a series of ex-ante evaluation reports based on the regulatory impact analysis (RIA),* aimed at expanding the scope of applicability of financial institutions' obligation to post notices at certain real locations (such as the storefront of business offices, etc.), e.g. when temporarily suspending business, and/or in other circumstances, by including a means of posting notices on the internet, in regard to the amendments to the "Act on Financial Businesses by Cooperatives" in tandem with the corresponding amendments to the relevant and applicable laws and regulations.
The said amendments are in conjunction with the bill to partially amend the "Basic Act on the Formation of a Digital Society" and the relevant and applicable laws and regulations submitted to the Diet by the Digital Agency on March 7, 2023, to promote regulatory reform for the formation of a digital society.
 

*RIA is a methodology aimed at improving the objectivity and transparency of regulations by objectively analyzing the impact of the introduction or revision of regulations in respect of the expected implementation costs and effects, etc., and by disclosing the results. In this regard, competition assessment estimates and evaluates the impact on the competitive status based on the benefits and burdens incurred by the establishment, revision or abolition of a regulation.


The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/seisaku/r4ria.htmlopen new window
March 7, 2023 Updated statistics of money lending business
March 7, 2023 Announcements Pertaining to Global Money Week 2023
March 3, 2023 "The FSA's Special Event in Global Money Week 2023 – Let's Think Together About the Future of Financial Education!" (provisional English title)
<Summary>
The FSA announced that it will conduct a panel discussion titled "The FSA's Special Event in Global Money Week 2023 – Let's Think Together About the Future of Financial Education!" (provisional English title) on March 29, 2023, from 07:00 p.m. to 08:00 p.m.
Those who wish to join are requested to sign up by 5:00 p.m. on March 26, 2023. (Participants will be chosen by random drawing once the application exceeds the limit).

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/news/r4/sonota/20230303/20230303.htmlopen new window

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