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FSA Weekly Review No.613 - November 28, 2024
What’s New on the FSA Website
Week of November 15, 2024 - November 21, 2024
This page contains the latest in events, developments, and updates to the FSA website.
Press Conferences
| November 15, 2024 | Press Conference by the Minister of State for Financial Services (November 1, 2024) |
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Public Comments
| November 20, 2024 | Publication of the finalized "Cabinet Orders and Cabinet Office Orders Pertaining to the Amendments to the Financial Instruments and Exchange Act, etc.," and others after public consultation ("Cabinet Order to Amend (Article 14 of) the 'Order for Enforcement of the Act on Provision of Financial Services and the Development of the Accessible Environment Thereto'" and "Cabinet Office Order on the Method for Making a Solicitation Policy Public for the Sale of Financial Instruments" (provisional English title) ) <Summary> The FSA has published the finalized "Cabinet Order to Amend (Article 14 of) the 'Order for Enforcement of the Act on Provision of Financial Services and the Development of the Accessible Environment Thereto'" and the finalized "Cabinet Office Order on the Method for Making a Solicitation Policy Public for the Sale of Financial Instruments" (provisional English title) after public consultation. The finalized Cabinet Order and the Cabinet Office Order require the financial instruments provider, etc. to publicize their solicitation policies via the Internet, in principle. The finalized Cabinet Order and the Cabinet Office Order will either be enforced or take effect on December 15, 2024. The original press release is available in Japanese.  |
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| November 20, 2024 | Publication of the finalized "Cabinet Orders and Cabinet Office Orders Pertaining to the Amendments to the Financial Instruments and Exchange Act, etc.," and others after public consultation <Summary> The FSA has published the finalized "Cabinet Orders and Cabinet Office Orders Pertaining to the Amendments to the Financial Instruments and Exchange Act, etc." and others after public consultation. The finalized Cabinet Orders, and Cabinet Office Orders, etc. mainly develop their provisions in response to the FY2024 amendments to the "Act Partially Amending the Financial Instruments and Exchange Act and the Act on Investment Trusts and Investment Corporations," and provide consequential amendments to the provisions of the other relevant and applicable laws and regulations in response to the recommendation made in  "Second Interim Report of the Working Group on Capital Market Regulations" [provisional English title] (available only in Japanese) compiled by the "Working Group on Capital Market Regulations" (provisional English title) of the Financial System Council.In particular, the finalized Cabinet Orders and Cabinet Office Orders, etc. mainly set forth the following: (1) development of the provisions on the maximum trading volume standards of a PTS* and types of securities that can be traded on a PTS *"PTS" in this context means a Proprietary Trading System that can be operated only with a registration as a type-I financial instruments business operator. (2) relaxation of the maximum trading volume limit for auction methods of a PTS that requires authorization from the authorities, and (3) the revision of the five percent (5%) tender offer rules** with respect to transactions conducted through PTS similar to market trades (off-floor transactions). The finalized Cabinet Orders and Cabinet Office Orders will be respectively enforced or take effect either on November 21, 2024 (regarding (1) in the above) or on December 1, 2024 (regarding (2) and (3) in the above). ** The current tender offer rules require tender offers to be made mainly in cases where: - the voting rights ratio exceeds 5% after purchase from many people (more than 10 people over 60 days) through off-market trades (known as the "5% rule"), or - the voting rights ratio exceeds one-third after purchase through off-market trades or market trades (off-floor transaction) (known as the "one-third rule"). The original press release is available in Japanese. |
| November 19, 2024 | Publication of the draft amendments to the regulatory notice designating recipients of provided information where the provision of information constitutes high-speed trading for public consultation <Summary> The FSA has published the draft amendments to the regulatory notice designating recipients (destination) of provided information where the provision of information constitutes high-speed trading for public consultation. The proposal mainly intends to add Japan Alternative Market Co., Ltd. to the list of recipients of provided information where the provision of information constitutes high-speed trading, pursuant to the provisions of Article 26 (1) of the "Cabinet Office Order on Definitions under Article 2 of the Financial Instruments and Exchange Act." Public comments will be accepted until 6:15 p.m. (JST), December 19, 2024. The original press release is available in Japanese. |
| November 18, 2024 | Publication of the finalized "Cabinet Office Order Establishing Measures Concerning Special Provisions of the 'Cabinet Office Order on Projects Pertaining to Regulations Prescribed by Cabinet Order, etc.,' Which Are Within the Purview of the Financial Services Agency (FSA) as Prescribed in Article 26 of the National Strategic Special Zones Act" after public consultation <Summary> The FSA has published the finalized "Cabinet Office Order Establishing Measures Concerning Special Provisions of the 'Cabinet Office Order on Projects Pertaining to Regulations Prescribed by Cabinet Order, etc.,' Which Are Within the Purview of the Financial Services Agency (FSA) as Prescribed in Article 26 of the National Strategic Special Zones Act" after public consultation. The finalized Cabinet Office Order is intended to implement the special measures on regional regulations set forth in the “Policy Package to Achieve Special Zones for Financial and Asset Management Businesses,” which was compiled in June 2024, mainly by easing some restrictions on bank investments in GX (Green Transformation)-related businesses and on investors who can invest in professional venture funds. The finalized Cabinet Office Order was enforced on November 18, 2024, and the "Guidelines Pertaining to Article 1 of the Cabinet Order Specifying Measures Concerning Special Provisions of the Cabinet Office Order Pertaining to Businesses Regulated by Cabinet Order, etc. as Provided for in Article 26 of the National Strategic Special Zone Act Within the Purview of the FSA" took effect on the same day, in conjunction with the finalized Cabinet Office Order. Note: The special measures are limited to the national strategic special zone pertaining to the relevant project implementation area. The original press release is available in Japanese. |
| November 18, 2024 | Publication of draft amendments to a regulatory notice designating certain rules based on Article 2(1) and (2) of the "Cabinet Office Order on the Regulation of Over-the-Counter Derivatives Transactions" for public consultation <Summary> The FSA proposed the draft amendments to a regulatory notice designating certain rules based on Article 2(1) and (2) of the "Cabinet Office Order on the Regulation of Over-the-Counter (OTC) Derivatives Transactions" in connection with the future cessation of Euroyen TIBOR (Tokyo Internet Offered Rate) [hereinafter referred to as the "proposal"] for public consultation. The proposal is mainly intended to develop provisions relating to transactions subject to the centralization of clearing for OTC derivatives transactions, etc. conducted by financial instruments firms, etc. Public comments will be accepted until 5:00 p.m. (JST), December 18, 2024. The original press release is available in Japanese. |
Press Releases
Publication
| November 21, 2024 | Publication of "FSA Analytical Notes (2024.7) vol.2: Analysis of Impact of High-speed Trading Activity on Market Liquidity and Magnitude of Market Fluctuations" |
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Councils
| November 20, 2024 | Publication of the agenda and handouts of the fifth meeting of the "Working Group on Payment Services System, etc." under the Financial System Council <Summary> The FSA published the agenda and handouts of the fifth meeting of the "Working Group on Payment Services System, etc." under the Financial System Council, which was held on November 21, 2024. In the fifth meeting, the secretariat (i.e. the FSA) gave a briefing on optimal regulations based on the actual status related to cryptoassets, etc., and on the re-examination of regulations regarding electronic payment instruments (stablecoins), followed by a discussion among the Working Group members. The original press release is available in Japanese. |
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| November 18, 2024 | Publication of the agenda and handouts of the third meeting of the "Working Group on Financial Infrastructure for Carbon Credit Transactions" (provisional English title) <Summary> The FSA published the agenda and handouts of the third meeting of the "Working Group on Financial Infrastructure for Carbon Credit Transactions" (provisional English title), which was held on November 19, 2024. From the perspective of enhancing the transparency and soundness of carbon credit transactions and promoting investor protection, the Working Group intends to work on the optimal trading infrastructure and market practices regarding carbon credits from a practical and professional perspective, thereby discussing initial issues. The original press release is available in Japanese. |
| November 15, 2024 | Publication of the agenda and handouts of the fourth meeting of the "Working Group on Regulatory System Especially for Non-Life Insurance Business" under the Financial System Council <Summary> The FSA published the agenda and handouts of the fourth meeting of the "Working Group on Regulatory System Especially for Non-Life Insurance Business" under the Financial System Council, which was held on November15, 2024. In the fourth meeting, the secretariat (i.e. the FSA) gave a briefing on the topics below, followed by a discussion among the working group members: - Approaches to in-house insurance agents* - Making the sales process of selection and suggestion (recommendation) of insurance products appropriate for customers within shared agents working with multiple insurance companies - Whether to introduce self-regulation system in the non-life insurance sector, and - Structural deficits in the fire insurance sector. * In-house insurance agents are agents that have a close personal and capital relationship with a company engaged in a business other than the insurance business. They mainly handle insurance policies (regarding corporate insurance), such as fire insurance and liability insurance for group companies, including the concerned company, as well as insurance policies for its employees. The original press release is available in Japanese. |
Banks
| November 19, 2024 | Results of the survey on financial institutions' efforts/initiatives taken to ensure that accessibility services are offered to their customers with disabilities <Summary> The FSA published the results of the survey on financial institutions' efforts/initiatives taken to ensure accessibility for their customers with disabilities (as of March 31, 2024). The original press release is available in Japanese. |
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Others
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