FSA Weekly Review No.541 June 15, 2023

FSA Weekly Review No.541: June 15, 2023

What’s New on the FSA Website

Week of June 2, 2023 - June 8, 2023

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

Press Conferences

June 8, 2023	Press Conference by the Minister of State for Financial Services (April 28, 2023)
June 8, 2023	Press Conference by the Minister of State for Financial Services (April 21, 2023)
June 8, 2023	Excerpts from the Joint Press Conference given by SUZUKI Shunichi, Minister of Finance and Minister of State for Financial Services, and UEDA Kazuo, Governor of the Bank of Japan (April 13, 2023)
June 8, 2023	Excerpts of the Presidency Press Conference Following the G7 Finance Ministers and Central Bank Governors’ Meeting (April 12, 2023)
June 8, 2023	Press Conference by the Minister of State for Financial Services (April 7, 2023)
June 8, 2023	Press Conference by the Minister of State for Financial Services (March 31, 2023)

Public Comments

June 8, 2023	Publication of the finalized amendments to the relevant regulatory notices pertaining to leverage ratio requirements applicable to the federations of shinkin banks and the highest designated parent company after public consultation <Summary> As of June 8, 2023, the FSA finalized the amendments to the regulatory notice pertaining to leverage ratio requirements applicable to the federations of shinkin banks and the highest designated parent company after public consultation conducted in October 2021, following the corresponding amendments applicable to banks and bank holding companies, and to the Norin Chukin Bank and the Shoko Chukin Bank Limited, which were respectively promulgated in July 2022 and in January 2023. Subsequent to the public consultation conducted in regard to the Pillar 1 and Pillar 3 requirements of capital adequacy, the amendments mainly provide corresponding amendments to leverage ratio requirements in response to the finalized Basel III framework (which refers to a consolidated package of the "Basel III framework" [December 2017]). The amendments to the said regulatory notice will take effect as follows: - Shinkin banks: March 31, 2024 - The highest designated parent company: March 31, 2025* * Only for the provisions regarding the leverage ratio buffer across G-SIBs (Global Systemically Important Banks): March 31, 2024. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/ginkou/20230608/20230608.html
June 2, 2023	Publication of an amendment to the FSA's regulatory notice concerning the "designated IFRSs" <Summary> The FSA provided an amendment to the regulatory notice concerning the "designated IFRSs" stipulated in the "Regulation for Terminology, Forms and Preparation of Consolidated Financial Statements." The amendment defines the international accounting standards, including IAS 12, that have been published through May 23, 2023, by the IASB (International Accounting Standards Board) as "designated international accounting standards" set forth under Article 93 of the Regulation on Consolidated Financial Statements. Note: No public consultation was conducted, for the amendment falls under cases prescribed in the "Administrative Procedures Act" when it would be difficult to follow the procedures for public consultation due to the urgent establishment of Administrative Orders, etc. necessary for the public interest. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/sonota/20230602.html

June 8, 2023

Publication of the finalized amendments to the relevant regulatory notices pertaining to leverage ratio requirements applicable to the federations of shinkin banks and the highest designated parent company after public consultation
<Summary>
As of June 8, 2023, the FSA finalized the amendments to the regulatory notice pertaining to leverage ratio requirements applicable to the federations of shinkin banks and the highest designated parent company after public consultation conducted in October 2021 open new window

, following the corresponding amendments applicable to banks and bank holding companies open new window

, and to the Norin Chukin Bank and the Shoko Chukin Bank Limited open new window

, which were respectively promulgated in July 2022 and in January 2023.
Subsequent to the public consultation conducted in regard to the Pillar 1 and Pillar 3 requirements of capital adequacy open new window

, the amendments mainly provide corresponding amendments to leverage ratio requirements in response to the finalized Basel III framework (which refers to a consolidated package of the "Basel III framework" open new window

[December 2017]).
The amendments to the said regulatory notice will take effect as follows:
- Shinkin banks: March 31, 2024
- The highest designated parent company: March 31, 2025*

* Only for the provisions regarding the leverage ratio buffer across G-SIBs (Global Systemically Important Banks): March 31, 2024.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/news/r4/ginkou/20230608/20230608.html open new window

June 2, 2023

Publication of an amendment to the FSA's regulatory notice concerning the "designated IFRSs"
<Summary>
The FSA provided an amendment to the regulatory notice concerning the "designated IFRSs" stipulated in the "Regulation for Terminology, Forms and Preparation of Consolidated Financial Statements." The amendment defines the international accounting standards, including IAS 12, that have been published through May 23, 2023, by the IASB (International Accounting Standards Board) as "designated international accounting standards" set forth under Article 93 of the Regulation on Consolidated Financial Statements.
Note: No public consultation was conducted, for the amendment falls under cases prescribed in the "Administrative Procedures Act" when it would be difficult to follow the procedures for public consultation due to the urgent establishment of Administrative Orders, etc. necessary for the public interest.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/news/r4/sonota/20230602.html open new window

Press Releases

Policies

June 7, 2023	Publication of the results of the policy evaluation for FY 2021 <Summary> Pursuant to the "Government Policy Evaluations Act," all Ministries and Agencies are required to conduct annual policy reviews and reflect the results to improve their policies in order to realize an efficient, high-quality, and results-oriented government administration. The FSA published the results of the policy evaluation for FY 2021. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/sonota/20230607.html

June 7, 2023

Publication of the results of the policy evaluation for FY 2021
<Summary>
Pursuant to the "Government Policy Evaluations Act," all Ministries and Agencies are required to conduct annual policy reviews and reflect the results to improve their policies in order to realize an efficient, high-quality, and results-oriented government administration.
The FSA published the results of the policy evaluation for FY 2021.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/news/r4/sonota/20230607.html open new window

Publication

June 7, 2023	FSA publishes English translation of monthly magazine, Access FSA No.231
June 7, 2023	FSA publishes English translation of monthly magazine, Access FSA No.230

Councils

June 6, 2023	Publication of the agenda and handouts of the 11th meeting of the "Study Group on Digital- and Decentralized-Finance" (provisional English title) <Summary> The FSA published the agenda and handouts of the 11th meeting of the "Study Group on Digital- and Decentralized-Finance" (provisional English title), which was held on June 6, 2023. In the 11th meeting, representatives from business associations as well as practitioners (business operators) in Japan gave briefings on the current state of security token markets in Japan and abroad, as well as on future directions and challenges for the development thereof, followed by discussions among the Study Group members. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/singi/digital/siryou/20230606.html
June 5, 2023	Publication of the agenda and handouts of the 16th meeting of the "Expert Panel on Sustainable Finance" <Summary> The FSA published the agenda and handouts of the 16th meeting of the "Expert Panel on Sustainable Finance,"* which was held on June 6, 2023. The secretariat of the expert panel reviewed the initiatives and efforts taken by the public and private sector over the past year to encourage sustainable finance, and presented the third report for a summary of discussions of the expert panel meetings held so far (draft) [available only in Japanese], whereafter an expert panel member made a presentation on human resource development for sustainable finance, followed by discussions on the respective topics thereof. *The Expert Panel is composed of business, financial, and academic experts with observers of officials from pertinent ministries and agencies. The FSA (Strategy Development Division, Strategy Development and Management Bureau) serves as the secretariat. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/singi/sustainable_finance/siryou/20230606.html
June 2, 2023	Publication of the agenda and handouts of the first meeting of the "Working Group on Tender Offer Rule and Large Shareholding Reporting Rule" of the Financial System Council <Summary> The FSA published the agenda and handouts of the first meeting of the "Working Group on Tender Offer Rule and Large Shareholding Reporting Rule" of the Financial System Council, which was held on June 5, 2023. In response to a request from the general meeting of the Financial System Council and the meeting of the Sectional Committee on Financial System held on March 2, 2023, to consider optimal modalities for the Tender Offer Rule, Large Shareholding Reporting Rule, and other relevant and applicable rules, the Working Group members commenced discussions on the said topics. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/singi/singi_kinyu/tob_wg/shiryou/20230605.html

Banks

June 2, 2023	Overview of the Japanese regional banks’ financial results for fiscal year ended March 31, 2023
June 2, 2023	Overview of major banks’ financial results as of March 31, 2023

Others

June 7, 2023	Updated statistics of money lending business
June 6, 2023	Request for financial measures to deal with disasters caused by heavy rainfall due to a "Baiu" front (rainy season front), and by Typhoon No.2, 2023 (The Kanto Local Finance Bureau, the Tokai Local Finance Bureau, and the Kinki Local Finance Bureau) <Summary> The following Local Finance Bureaus alongside the Financial System and Bank Examination Department or the competent Branches of the Bank of Japan issued statements titled "Request for financial measures to deal with disasters caused by heavy rainfall due to a "Baiu" front (rainy season front), and by Typhoon No.2, 2023" (available only in Japanese) to the relevant financial institutions: - The Kanto Local Finance Bureau alongside the Financial System and Bank Examination Department of the Bank of Japan (Statement issued as of June 5, 2023) - The Tokai Local Finance Branch Bureau alongside the Shizuoka Branch of the Bank of Japan (Statement issued as of June 5, 2023) - The Kanto Local Finance Bureau (Mito Local Finance Office) alongside the Financial System and Bank Examination Department of the Bank of Japan (Statement issued as of June 6, 2023), and - The Kinki Local Finance Bureau alongside the Osaka Branch of the Bank of Japan (Statement issued as of June 6, 2023). The said statements request financial institutions in Saitama, Ibaraki, Shizuoka, and Wakayama prefectures* to appropriately deal with victims of the disaster considering their circumstances, such as by making the repayment of deposits flexible. *Matters related to financial measures in Saitama and Ibaraki prefectures are within the purview of the Kanto Local Finance Bureau; those in Shizuoka prefecture are within the purview of the Tokai Local Finance Branch Bureau; and those in Wakayama Prefecture are within the purview of the Kinki Local Finance Bureau. Disaster-affected areas in those four 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/20230605.html
June 2, 2023	Outline of the "Report on the Measures for the Resolution of Failed Financial Institutions" (FRC Report) delivered by the Minister of State for Financial Services, SUZUKI Shunichi, in the Committee on Financial Affairs of the House of Representatives <Summary> The Minister of State for Financial Services, SUZUKI Shunichi, delivered an outline of the "Report on the Measures for the Resolution of Failed Financial Institutions" (FRC Report) in the Committee on Financial Affairs of the House of Representatives. The report, addressing two semiannual periods extending from October 1, 2021 to September 30, 2022, had been submitted to the Diet respectively on August 30, 2022, and December 9, 2022, pursuant to the "Act on Emergency Measures for the Revitalization of the Financial Functions." The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/common/diet/houkoku/050602/20230602.html
June 2, 2023	Updated : Sustainable Finance

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