Financial Services AgencyFSA Weekly Review No.530

March 24, 2023

What’s New on the FSA Website

Week of March 10, 2023 - March 16, 2023

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

Public Comments

March 16, 2023 Publication of Results of Public Consultation on Fallback Issues for JBA TIBOR by JBA TIBOR Administration

Press Releases

International 

March 16, 2023 Renewal of Dedicated Website for International Financial Center 

Others

March 14, 2023 Submission of the bills to partially amend the "Financial Instruments and Exchange Act," etc. and to partially amend the "Act on Book-Entry Transfer of Corporate Bonds and Shares," etc. to respond to changes in the environment involving advances in information technology (provisional English law title for the latter Act), respectively, to the 211th ordinary Diet session
<Summary>
The FSA submitted to the 211th ordinary Diet session the bills to partially amend the "Financial Instruments and Exchange Act," etc. and to partially amend the "Act on Book-Entry Transfer of Corporate Bonds and Shares," etc. to respond to changes in the environment involving advances in information technology (provisional English law title for the latter Act), respectively, to the 211th ordinary Diet session.
The bill to partially amend the "Financial Instruments and Exchange Act," etc. is mainly aimed at providing the following measures to increase convenience for and protection of financial service customers, etc.:

1.the development of provisions for the duty of financial business operators, etc. to be sincere and fair to customers, etc., taking into consideration the best interests of customers, etc. in the performance of their services

2.the establishment of an organization to further promote financial and economic education in Japan, particularly in terms of enhancing financial literacy among the public, and

3.the abolition and/or revision of the system for filing quarterly securities reports.

Meanwhile, the bill to partially amend the "Act on Book-Entry Transfer of Corporate Bonds and Shares," etc. to respond to changes in the environment involving advances in information technology (provisional English law title) is mainly aimed at taking measures, etc., such as for revising the book-entry transfer system to shorten the timeframe of listing for start-ups, etc., so as to ensure the efficiency and invigoration/resilience of the capital market.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/common/diet/211/index.htmlopen new window
March 13, 2023 Updated : Information on COVID-19 (Novel Coronavirus)
March 13, 2023 Publication of a series of ex-ante valuation reports based on the regulatory impact analysis (RIA) in regard to the bill to partially amend the "Financial Instruments and Exchange Act," etc.
<Summary>
The FSA published a series of ex-ante evaluation reports based on the regulatory impact analysis (RIA)* in regard to the bill to partially amend the "Financial Instruments and Exchange Act," etc. in terms of the following:

- Measures to increase customer convenience and protection, and

- Measures to expand the scope of applicability of the obligation placed on financial institutions** to post notices at certain real locations by including a means of posting notices on the internet.

 

*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.

**Financial instruments business operators, etc., financial instruments intermediary service providers, and financial service intermediary business operators.


The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/seisaku/r4ria.htmlopen new window

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