Financial Services AgencyFSA Weekly Review No.585

May 13, 2024

What’s New on the FSA Website

Week of April 22, 2024 - May 1, 2024

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

Public Comments

April 26, 2024 Publication of the draft “Discussion Paper on Management of Products, Services and Activities at Banks and Securities firms” for public consultation
<Summary>
The FSA proposed the draft “Discussion Paper on Management of Products, Services and Activities at Banks and Securities firms” (hereinafter referred to as "the proposal") for public consultation.
The proposal is intended to address the risk management of new products, services and activities at banks and securities firms as well as the ongoing risk management of them throughout their lifecycles.
The FSA invites comments until 5:00 p.m. [JST], May 31, 2024.

The original press release is available in Japanese.open new window

Press Releases

Policies

April 26, 2024 Financial Policies Monitor
April 24, 2024 Initiatives by the financial industry to enhance their asset management businesses

Councils

April 30, 2024 Publication of the agenda and handouts of the first meeting of the "Expert Panel on Venture Capital (VC) Funds"
<Summary>
In response to the "Policy Plan for Promoting Japan as a Leading Asset Management Center" (published by the "Council of New Form of Capitalism Realization" of the Japanese government on December 13, 2023), the FSA and Ministry of Economy, Trade and Industry (METI) jointly published the agenda and handouts of the first meeting of the "Expert Panel on Venture Capital (VC) Funds,"* which was held on April 30, 2024. 
The first meeting of the Expert Panel was held to seek recommendations on matters that should be included in the principles for VC funds, leveraging the insights and expertise of professionals and other experts in the private sector.

*The Expert Panel is composed of business, financial, and academic experts, with observers from financial associations, and others. The FSA serves as the secretariat.

The original press release is available in Japanese.open new window
April 26, 2023 The FSA have started accepting applications for the Impact Forum, which will be held on May 14.
April 24, 2023 Publication of the agenda and handouts of the 27th meeting of the "Working Group on Capital Market Regulations" (provisional English title) of the Financial System Council
<Summary>
The FSA published the agenda and handouts of the 27th meeting of the "Working Group on Capital Market Regulations" of the Financial System Council, which was jointly held on April 24, 2024.
The Working Group members engaged in discussion mainly in regard to product governance-related initiatives taken in Europe and by asset management companies in Japan.

The original press release is available in Japanese.open new window
April 24, 2024 Publication of the agenda and handouts of the second meeting of the "Expert Panel on Structural Issues and Competition in the Non-Life Insurance Sector" (provisional English title)
<Summary>
The FSA published the agenda and handouts of the second meeting of the "Expert Panel on Structural Issues and Competition in the Non-Life Insurance Sector" (provisional English title), which was held on April 25, 2024. The Expert Panel members engaged in discussion mainly in regard to issues related to fraudulent insurance claims cases.

The original press release is available in Japanese.open new window

Banks

April 30, 2024 Overview of modifications to lending conditions by financial institutions
<Summary>
The FSA published an overview of modifications to lending conditions made by financial institutions for the period from March 10, 2020 to March 31, 2024.
* The majority of the data reflects the data until March 31, 2024, whereas the data of cooperative financial institutions reflects the data until December 31, 2023.

The original press release is available in Japanese.open new window

Others

May 1, 2024 Updated list of issuers of gift certificates in repayment procedures based on the "Payment Services Act"
April 30, 2024 Updated : Speeches (Vice Minister for International Affairs) 
April 30, 2024 Publication of a research report on trends in climate-related technologies in the financial sector in ASEAN countries as well as relevant initiatives and efforts taken in each country
<Summary>
The FSA commissioned Institute for International Monetary Affairs (IIMA) to conduct research to analyze and grasp trends in climate-related technologies in the financial sector (e.g. Green Fintech) in ASEAN countries as well as relevant initiatives and efforts taken in each country, and published PDFthe compiled research reportopen new window with PDFits appendixopen new window (both available only in Japanese). 
The main objective of the research is to utilize the findings from the research in the FSA's future policymaking.

The original press release is available in Japanese.open new window
April 30, 2024 Updated web portal for information on economic security measures to be taken in the financial sector
<Summary>
The FSA updated a web portal for information on economic security measures to be taken in the financial sector. 
The new updates mainly pertain to the procedures for various notifications, reports, etc. with respect to the regulatory system for ensuring a stable provision of specified essential infrastructure services (i.e. core infrastructure system) under the "Act on the Promotion of Ensuring National Security through Integrated Implementation of Economic Measures" (i.e. the "Economic Security Promotion Act" [provisional English title]), (which is scheduled to be implemented on May 17, 2024). 
In this regard, "Answers to Frequently Asked Questions Regarding the 'Regulatory System for Ensuring the Stable Provision of Specified Social Infrastructure Services in the Financial Sector'*" (provisional English title) [available only in Japanese] were also updated to contribute to the smooth implementation of the said core infrastructure system.

The original press release is available in Japanese. (1)(2)open new window
April 26, 2024 Osaka Plenary Meeting of the International Forum of Independent Audit Regulators (IFIAR)
April 25, 2024 First meeting of the steering committee of the Japan Financial Literacy and Education Corporation (J-FLEC)
<Summary>
The first meeting of the steering committee of Japan Financial Literacy and Education Corporation (J-FLEC) was held on April 25, 2024. (Future announcements regarding J-FLEC will be available on its website open new window).
The FSA aims to work closely with J-FLEC to provide further learning opportunities and platforms for the public to enhance their financial literacy.

The original press release is available in Japanese. open new window
April 24, 2024 Stewardship Code : 334 institutional investors have signed up to the Principles for Responsible Institutional Investors as of March 31, 2024 
April 24, 2024 Overview of Revision Proposals for the Financial Instruments and Exchange Act and Act on Investment Trusts and Investment Corporations
April 25, 2024 Updated list of entities that are operating financial instruments businesses without proper registration (The Kanto Local Finance Bureau)
<Summary>
The FSA and the Kanto Local Finance Bureau issued warnings to entities that are operating financial instruments businesses without proper registration. (See the updated list of EXCELforeign-based entitiesopen new window).
The list also includes the warned non-registered entities with untraceable/unidentified addresses. (Postal and/or web addresses on the list of the warned non-registered foreign-based entities reflect those shown on their respective webpages, not necessarily the addresses that could be traced and identified).

The original press release is available in Japanese.open new window
April 23, 2024 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 Councillors
<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 Councillors. The report, addressing the semiannual period extending from April 1, 2022, to September 30, 2022, had been submitted to the Diet on 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.open new window

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