Financial Services AgencyFSA Weekly Review No.598

August 9, 2024

What’s New on the FSA Website

Week of July 26, 2024 - August 2, 2024

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

Public Comments

July 26, 2024 Discussion Paper on Lifecycle Management of Products, Services and Activities

Press Releases

International 

July 26, 2024 Memorandum of Cooperation in the area of banking supervision with De Nederlandsche Bank

Banks

August 1, 2024 Updated web portal site for information on human resource intermediation by regional financial institutions to encourage the matching of human resources for regional businesses' corporate management
<Summary>
The FSA has been developing a human resources database called REVICareeropen new window (available only in Japanese) at REVIC (Regional Economy Vitalization Corporation of Japan)open new window,  aimed at creating a new inflow of human resources (professionals) from major cities to regional areas. Through REVICareer, the FSA has been enhancing the human resource intermediary functions of regional financial institutions and promoting the matching of human resources (professionals with expertise) in major corporations to play an active role at small and medium-sized enterprises (SMEs) in regional areas. 
As of August 1, 2024, the FSA shared the  PDFupdatesopen new window on its web portal site for information on human resource intermediation by regional financial institutions to encourage the matching of human resources for regional businesses' corporate managementopen new window,  where the total number of matching contracts through REVICareer has reached 100 as of July 31, 2024, along with a notice* regarding benefits for a project to support the recruitment of human resources for regional businesses.
 

* With the increase in the number of matching contracts through REVICareer, the number of applications for the benefits for the project to support the recruitment of human resources for regional businesses is also increasing at a pace exceeding the budgeted amount. The FSA points out that it may be difficult to provide the benefits for FY2024 if the budgeted amount is exceeded, since the benefits are funded by the national budget.


The original press release is available in Japanese.open new window
July 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 June 30, 2024.

* The majority of the data reflects the data until June 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
July 31, 2024 Publication of a statistical report on financing by major banks, etc. and regional banks for enterprises utilizing the "Guidelines for Personal Guarantee Provided by Business Owners"
<Summary>
The FSA published a statistical report on financing by major banks, etc. and regional banks for enterprises utilizing the "Guidelines for Personal Guarantee Provided by Business Owners." The report reflects the period between April 1, 2023, and March 31, 2024. (The report is regularly published to further promote the utilization of the Guidelines).
The FSA also published the updated disclosure status of financial institutions pertaining to their corporate policies to disseminate and instill the Guidelines.

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

Securities

July 31, 2024 Administrative action against F-Port. Inc.
<Summary>
The Shikoku Local Finance Bureau took administrative action against F-Port Inc. (hereinafter referred to as "the entity"), an investment advisory and agency business operator, ordering the revocation of the entity's registration 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 June 18, 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 provided customers with false information in connection with the conclusion of a financial instruments transaction contract or its solicitation, etc., and failed to have a sufficient personnel structure and necessary systems in place to appropriately conduct investment advisory and agency business in an appropriate manner. 
(Details of the administrative action are available only in Japanese on PDFthe webpage of the Bureauopen new window).

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

Others

August 2, 2024 Updated list of issuers of gift certificates in repayment procedures based on the ’Payment Services Act’ （August 1） 
July 31, 2024 Renewal of J-FLEC's website and the launch of a telephone consultation service to answer general inquiries and concerns about financial and economic matters
<Summary>
The FSA announced that Japan Financial Literacy and Education Corporation (J-FLEC)* has renewed its website as of August 1, 2024, and launched a telephone consultation service [available only in Japanese] as of August 2, 2024, namely, "J-FLEC First Money Plan" (original Japanese title: "J-FLEC Hajimete-no Money Plan"), where J-FLEC-certified advisors answer general inquiries and concerns about financial and economic related matters, in terms of:

- household financial management

- utilization of tax-exemption investment schemes for asset building, such as NISA (Nippon Individual Savings Account)** and iDeCo (individual-type defined contribution pension plan), and

- others. 


Note: J-FLEC-certified advisors are NOT to provide consultation on individual specific tax calculations or individual financial products. While consultation fees are free of charge, call charges (for outgoing calls from users to "J-FLEC Hajimete-no Money Plan") are borne by consultation services users. Consultation time shall be up to 30 minutes per call. Reception hours are 10:00 a.m. to 5:00 p.m. (except Saturdays, Sundays, national holidays, and year-end and New Year holidays).
 

* J-FLEC is an authorized corporation established under the "Act on Provision of Financial Services and the Development of the Accessible Environment Thereto" (provisional English law title).

 

** NISA in this context means New NISA, a revamped tax exemption program for small investment [introduced in January 2024], where the NISA system is made permanent. Under the New NISA system, annual investment caps are expanded and the tax-exempt holding period is made indefinite.


The original press release is available in Japanese.open new window
July 31, 2024 Notification of business discontinuance submitted by a foreign audit firm
<Summary>
The FSA published the notification of business discontinuance submitted by a foreign audit firm, Ernst & Young Accountants LLP pursuant to the "Certified Public Accountants Act."

The original press release is available in Japanese.open new window
July 26, 2024 Publication of the main issues raised by the FSA at opinion exchange meetings with relevant associations in the financial sector
<Summary>
The FSA has published the main issues raised by the FSA at opinion exchange meetings* held with relevant associations in the financial sector in June 2024. (Available only in Japanese).

Common topics in almost all groups were:

- the upcoming Cyber Security Self-Assessment (CSSA)

- the deliverables of the G7 Finance Track as of May 2024

- a public notice on financial statements of affiliated companies of respective financial institutions, and 

- the Asset Management Forum (as part of an event, "Japan Weeks 2024").

 

* To enhance the transparency of its administration and to share its awareness of issues in the financial sector in a timely manner, every month the FSA publishes the main issues raised by the FSA at opinion exchange meetings with the relevant associations** in the financial sector. Opinion exchange meetings are held with the respective associations on a regular basis.

 

** In June 2024, opinion exchange meetings were held respectively with the following seven groups: major banks, etc.; the Regional Banks Association of Japan and the Second Association of Regional Banks; Shinkumi Banks Association of Japan; the Life Insurance Association of Japan; the General Insurance Association of Japan; the Japan Securities Dealers Association (JSDA); and Japan Virtual and Crypto assets Exchange Association.


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

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