FSA Weekly Review No.619 January 17, 2025

FSA Weekly Review No.619: January 17, 2025

What’s New on the FSA Website

Week of January 6, 2025 - January 9, 2025

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

Public Comments

January 6, 2025	Publication of the draft amendments to the FSA's regulatory notices concerning the "designated IFRSs" for public consultation <Summary> The FSA proposed the draft amendments to the regulatory notices concerning the "designated International Financial Reporting Standards (IFRSs)" stipulated in the "Regulation for Terminology, Forms and Preparation of Consolidated Financial Statements" (hereinafter referred to as "the proposal") for public consultation. The proposal is mainly intended to reflect the financial standards that were amended* by the International Accounting Standards Board (IASB) in the "designated IFRSs." *The repeal of IAS 1 Presentation of Financial Statements and the amendments to the following IASs (International Accounting Standards) and IFRSs are to be reflected in the designated IFRSs: - IAS 7 Statement of Cash Flows - IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors - IFRS 1 First-time Adoption of International Financial Reporting　Standards - IFRS 7 Financial Instruments: Disclosures - IFRS 9 Financial Instruments, and - IFRS 10 Consolidated Financial Statements Public comments will be accepted until 5:00 p.m. [JST], February 4, 2025. The original press release is available in Japanese.

January 6, 2025

Publication of the draft amendments to the FSA's regulatory notices concerning the "designated IFRSs" for public consultation
<Summary>
The FSA proposed the draft amendments to the regulatory notices concerning the "designated International Financial Reporting Standards (IFRSs)" stipulated in the "Regulation for Terminology, Forms and Preparation of Consolidated Financial Statements" (hereinafter referred to as "the proposal") for public consultation.
The proposal is mainly intended to reflect the financial standards that were amended* by the International Accounting Standards Board (IASB) in the "designated IFRSs."

*The repeal of IAS 1 Presentation of Financial Statements and the amendments to the following IASs (International Accounting Standards) and IFRSs are to be reflected in the designated IFRSs:

- IAS 7 Statement of Cash Flows

- IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

- IFRS 1 First-time Adoption of International Financial Reporting　Standards

- IFRS 7 Financial Instruments: Disclosures

- IFRS 9 Financial Instruments, and

- IFRS 10 Consolidated Financial Statements

Public comments will be accepted until 5:00 p.m. [JST], February 4, 2025.

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

Press Releases

Publication

January 8, 2025	Publication of "FSA Analytical Notes (2025.1) vol.1"

Securities

January 6, 2025	The first trial of an administrative penalty case against Edulab, Inc., for making false statements in its securities reports and so forth <Summary> On January 14, 2025, the first trial of an administrative penalty case against Edulab, Inc., for making false statements in its securities reports and so forth, in violation of the "Financial Instruments and Exchange Act," was conducted. The original press release is available in Japanese.

January 6, 2025

The first trial of an administrative penalty case against Edulab, Inc., for making false statements in its securities reports and so forth
<Summary>
On January 14, 2025, the first trial of an administrative penalty case against Edulab, Inc., for making false statements in its securities reports and so forth, in violation of the "Financial Instruments and Exchange Act," was conducted.

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

Others

January 8, 2025	Establishment of a study group for sharing information on unauthorized use of bank accounts by the Japanese Bankers Association <Summary> The FSA announced that the JBA (Japanese Bankers Association) has established a study group for sharing information on unauthorized use of bank accounts, based on an awareness of the need to take fundamental measures to reduce damage caused by financial crime, aimed at formulating a framework for sharing information on the unauthorized use of bank accounts across financial institutions. Representative officials from the FSA and NPA (National Police Agency) will participate in the said study group as observers to support this self-initiative taken by financial institutions. The original press release is available in Japanese.
January 8, 2025	Request for financial measures to deal with disasters caused by the heavy snow from December 28, 2024 (The Tohoku Local Finance Bureau) <Summary> On January 7, 2025, the Tohoku Local Finance Bureau alongside Aomori Branch of the Bank of Japan issued a statement titled "Financial Measures to Deal with Disasters Caused by the Heavy Snow from December 28, 2024" to the relevant financial institutions. The said statement (available only in Japanese) requests financial institutions in Aomori prefecture* 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 Aomori prefecture fall within the purview of the Tohoku Local Finance Bureau. Disaster-affected areas in the said prefecture are currently subject to the "Disaster Relief Act." If more areas in the prefecture become subject to the said Act, financial institutions in the prefecture will be requested to take measures in the same manner as above accordingly. The original press release is available in Japanese.

January 8, 2025

Establishment of a study group for sharing information on unauthorized use of bank accounts by the Japanese Bankers Association
<Summary>
The FSA announced that the JBA (Japanese Bankers Association) has established a study group for sharing information on unauthorized use of bank accounts, based on an awareness of the need to take fundamental measures to reduce damage caused by financial crime, aimed at formulating a framework for sharing information on the unauthorized use of bank accounts across financial institutions.
Representative officials from the FSA and NPA (National Police Agency) will participate in the said study group as observers to support this self-initiative taken by financial institutions.

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

January 8, 2025

Request for financial measures to deal with disasters caused by the heavy snow from December 28, 2024 (The Tohoku Local Finance Bureau)
<Summary>
On January 7, 2025, the Tohoku Local Finance Bureau alongside Aomori Branch of the Bank of Japan issued a statement titled "Financial Measures to Deal with Disasters Caused by the Heavy Snow from December 28, 2024" to the relevant financial institutions.
The said statement open new window

(available only in Japanese) requests financial institutions in Aomori prefecture* 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 Aomori prefecture fall within the purview of the Tohoku Local Finance Bureau.
Disaster-affected areas in the said prefecture are currently subject to the "Disaster Relief Act." If more areas in the prefecture become subject to the said Act, financial institutions in the prefecture will be requested to take measures in the same manner as above accordingly.

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

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