Financial Services AgencyFSA Weekly Review No.590

June 13, 2024

What’s New on the FSA Website

Week of May 31, 2024 - June 6, 2024

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

Press Releases

Policies

June 4, 2024 Publication of the “Policy Package of Special Zones for Financial and Asset Management Businesses”
June 4, 2024 Updated：Initiatives by the financial industry to enhance their asset management businesses

International 

May 31, 2024 Bilateral meeting between Minister Suzuki and Mr. Christian Noyer, Honorary Governor of the Bank of France 

Councils

June 4, 2024 Publication of the agenda and handouts of the fourth meeting of "Dialogue on Enhancing Sustainability Investment Products" (provisional English title)
<Summary>
The FSA published the agenda and handouts of the fourth meeting of "Dialogue on Enhancing Sustainability Investment Products,"* which was held on June 3, 2024.
In the fourth meeting, one guest practitioner from the private sector gave a presentation on its practices, the current status, and so forth pertaining to sustainability investment products in Japan and abroad, whereupon the participants engaged in a discussion based on the topics presented.

*The Dialogue is aimed at sharing basic awareness of the desirable state of Green Transformation (GX) investments and sustainability investment products in the Japanese market through dialogue with relevant stakeholders. The meetings for the said Dialogue will be held with broad participation on a case-by-case basis by practitioners and professionals from various sectors involved in sustainable investment products, including asset management companies, distributors, portfolio companies (investees), individual investors, and relevant associations. The FSA serves as the secretariat.


The original press release is available in Japanese.open new window
June 4, 2024 Publication of the agenda and handouts of the 149th meeting of the Council on Automobile Liability Insurance
<Summary>
The FSA published the agenda and handouts of the 149th meeting of the Council on Automobile Liability Insurance, which was held on June 4, 2024.
The secretariat (the FSA) and the General Insurance Association of Japan gave a brief explanation of the calculation method of expenses pertaining to automobile liability insurance and the need to review it, followed by a discussion. As a result, it was decided to start examining the current calculation method with a view to possibly revising it.

The original press releases are available in Japanese. (1open new window)(2open new window)

Banks

June 5, 2024 Overview of major banks’ financial results as of March 31, 2024
May 31, 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 April 30, 2024.

* The majority of the data reflects the data until April 30, 2024, whereas the data of cooperative financial institutions reflects the data until March 31, 2024.


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

Securities

June 5, 2024 Administrative action against Asunaro Co., Ltd.
<Summary>
The Kanto Local Finance Bureau took administrative action against Asunaro Co., Ltd. (hereinafter referred to as "the entity"), an investment advisory and agency business operator, ordering the suspension of the entity's business operations in regard to services associated with the solicitation and conclusion of new investment advisory contracts (including changes in contracts involving an increase in the contract amount), from June 5, 2024, to August 4, 2024, and the improvement of its business operations, pursuant to the "Financial Instruments and Exchange Act" (FIEA). 
This administrative action was taken in response to the recommendation (as of May 24, 2024) from the Securities and Exchange Surveillance Commission (SESC) for an administrative action against the entity, which was found to have acted in violation of the FIEA, based on the results of onsite inspection conducted by the SESC. 
The entity failed to work faithfully on behalf of its customers in providing its investment advisory business; did not conduct effective monitoring to confirm appropriateness of certain solicitations; and had not developed an internal control system to prevent inappropriate or unfaithful investment solicitations, etc.

The business improvement order against the entity includes the following:

1. to analyze the cause of the act in violation of the FIEA, and to formulate and implement measures to prevent reoccurrence, thereby establishing an appropriate business operational structure and internal control system

2. to explain to all customers the details of the administrative action taken against the entity by the Bureau, and to take appropriate responses

3. to clarify where the responsibility for the act in violation of the FIEA lies, and

4. to report in writing by July 5, 2024, on the status of actions 1 through 3 above.


The original press release is available in Japanese.open new window
May 31, 2024 Administrative monetary penalty against an individual (retail investor) for stabilization (an act of market manipulation) regarding stocks of OHMORI CO., LTD.
<Summary>
The FSA issued an order to impose an administrative monetary penalty against an individual (retail investor) for stabilization (an act of market manipulation) regarding stocks of OHMORI CO., LTD.

The original press release is available in Japanese.open new window
May 31, 2024 Administrative monetary penalty against an individual for commiting insider trading regarding stocks of TATSUTA ELECTRIC WIRE AND CABLE CO., LTD. and communicating insider information to a non-insider (retail investor) based on insider information obtained as an employee of the entity
<Summary>
On March 28, 2024, the FSA issued an order to impose an administrative monetary penalty against an individual for committing insider trading regarding stocks of TATSUTA ELECTRIC WIRE AND CABLE CO., LTD., and communicating insider information to an individual (non-insider) who used the information and committed insider trading regarding stocks of the entity based on insider information received from an employee of the entity.

The original press release is available in Japanese.open new window
May 31, 2024 Administrative monetary penalty against an individual (non-insider/retail investor) for committing insider trading regarding stocks of TATSUTA ELECTRIC WIRE AND CABLE CO., LTD., by using information received from an employee of the entity
<Summary>
On May 30, 2024, the FSA issued an order to impose an administrative monetary penalty against an individual (non-insider/retail investor) for committing insider trading regarding stocks of TATSUTA ELECTRIC WIRE AND CABLE CO., LTD., in violation of the "Financial Instruments and Exchange Act," by using information received from an employee of the entity.

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

Others

June 5, 2024 Publication of statistics regarding over-the-counter (OTC) derivative transactions (as of March 31, 2023)
June 5, 2024 Summary of Results of Impact Forum
May 31, 2024 Activities of the FSA's Counseling Office for Financial Services Users for the period between January 1 and March 31, 2024
<Summary>
The FSA's Counseling Office for Financial Services Users offers a counseling service to respond to inquiries and comments from financial services users. Between January 1 and March 31, 2024, the counseling office received 13,218 inquiries and comments, remaining roughly flat from 13,346 cases in the previous quarter (between October 1 and December 31, 2023).

The original press release is available in Japanese.open new window
May 31, 2024 Warning against fraudulent investment solicitation through SNS (Social Network Services), dating applications (apps), or other services/apps
<Summary>
The FSA issued a warning against fraudulent investment solicitation through SNS (Social Network Services), dating applications, or other services/apps. 
There has been an increasing number of cases of fraudulent investment solicitation related to financial products, including crypto-assets (virtual currencies) and FX (Foreign Exchange) reported, in which people are being solicited to invest in such financial products by people they meet on SNS, dating apps, etc., or by people who impersonate or use the names of celebrities through fake online-advertisements,* and are having trouble withdrawing their funds, etc. as a result of trading with the foreign business operators they have been introduced to. 
The FSA alerts the public to make prudent judgment when they receive investment solicitations from a person/entity they have met through SNS, dating apps, or other services/apps, thereby checking whether the person/entity soliciting investment is registered as a crypto asset exchange service provider or financial instruments business operator, etc., by referring to the "List of Licensed (Registered) Financial Institutions."
Moreover, the FSA urges financial services users to report to (and/or consult with) the authorities (such as the police or the FSA's Counseling Office for Financial Services Users) whenever any sign of fraudulence is detected.

* The FSA's web portal for information on scam alerts, etc. (available only in Japanese)open new window  shows how the scam works in fake celebrity online investment solicitation, appearing to promote online investment platforms, such as where scammers use fake accounts and advertisements on SNS platforms (e.g. Facebook, Instagram, etc.) posing as celebrity accounts or advertisements. Such fake accounts/advertisements also reproduce photos from official accounts or websites without permission and claim to be the persons they are.


The original press release is available in Japanese.open new window
May 31, 2024 The FSA's initiatives for the reduction of food loss as well as food donation through the effective use of a portion of the government's emergency food reserves
<Summary>
From the perspective of reducing food loss and supporting people in need, the FSA has been engaging in food donation to food bank (hunger-relief) organizations and other outreach groups since August 2021, by making effective use of a portion of food reserves (mainly non-perishable foods, such as canned goods) that are originally kept for disaster-relief/emergency by the government. 
The FSA has called for applications for its 12th offering of a portion of its emergency food reserves subsequent to the previous offering made in December 2023. (The offering is for residents in Japan).

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

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