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FSA Weekly Review No.623 - February 14, 2025
What’s New on the FSA Website
Week of January 31, 2025 - February 6, 2025
This page contains the latest in events, developments, and updates to the FSA website.
Press Conferences
Public Comments
| February 4, 2025 | Publication of the draft "Cabinet Office Order to Amend the Ordinance on Accountings of Specific Purpose Trust Property, etc." <Summary> The FSA published the draft "Cabinet Office Order to Amend the Ordinance on Accountings of Specific Purpose Trust Property, etc." The proposal is intended to provide necessary amendments to the "Ordinance on Accountings of Specific Purpose Trust Property," including the amendments to the definition of allowance for adjustment of beneficiary interests in special purpose trusts. Public comments will be accepted until 5:00 p.m. [JST], March 6, 2025. The original press release is available in Japanese.  |
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| January 31, 2025 | Publication of the draft "regulatory notice pertaining to the ‘Economic Value-Based Solvency Regulatory Framework (Pillar I)’" associated with the adoption, etc. of ICS (Insurance Capital Standard) by the IAIS (International Association of Insurance Supervisors) for public consultation <Summary> The FSA proposed the draft "regulatory notice pertaining to the 'Economic Value-Based Solvency Regulatory Framework (Pillar I)'" associated with the adoption, etc. of ICS (Insurance Capital Standard) by the IAIS (International Association of Insurance Supervisors) for public consultation. The proposal is intended to provide necessary amendments to the applicable regulatory notices subsequent to the publication of the draft amendments to the "Regulation for Enforcement of the Insurance Business Act Pertaining to the Economic Value-Based Solvency Regulatory Framework" and others proposed in October 2024, mainly in terms of the following: - changes (amendments) to the method of calculating capital requirements for non-insurance business and to the treatment of ratings for reinsurance, and - the introduction of a methodology consistent with the deduction and aggregation method in EU Solvency II, based on the conclusions of the comparability assessment of ICS (Insurance Capital Standard) and the US-developed AM (Aggregation Method). The original press release is available in Japanese. |
| January 31, 2025 | Publication of the finalized amendments to the "Cabinet Office Order on Disclosure of Corporate Affairs" (in regard to corporate disclosure on cross-shareholdings), etc. after public consultation <Summary> The FSA finalized the amendments to the "Cabinet Office Order on Disclosure of Corporate Affairs" and to "Points to Note on Disclosure of Corporate Affairs, etc. (i.e. Guidelines for Disclosure of Corporate Affairs, etc.)" [provisional English title] after public consultation. The finalized amendments mainly provide amendments to the said Cabinet Office Order pertaining to the disclosure of "shareholdings" in an annual securities report and a securities registration statement,* and clarify the notion of shareholdings for "pure investment (net investment) purposes" in the said Guidelines based on the responses to previous public consultations, etc. * In particular, the finalized amendments request disclosure of the following regarding shares (limited to those held at the end of the current fiscal year) whose purpose of holding has been changed from cross-shareholding to pure investment within the last five fiscal years including the current fiscal year: The original press release is available in Japanese. |
| January 31, 2025 | Publication of the draft amendments to the regulatory notice designating financial institutions pursuant to the provisions under Article 17 of the "Act on Management of Deposit and Saving Accounts by Use of Individual Numbers Based on the Intention of Depositors" for public consultation <Summary> The FSA proposed the draft amendments to the regulatory notice designating financial institutions pursuant to the provisions under Article 17 of the "Act on Management of Deposit and Saving Accounts by Use of Individual Numbers Based on the Intention of Depositors" (hereinafter referred to as "the proposal") for public consultation. The proposal is intended to newly establish a regulatory notice designating financial institutions pursuant to the provisions under Article 17 of the "Act on Management of Deposit and Saving Accounts by Use of Individual Numbers Based on the Intention of Depositors" by repealing the current regulatory notice of the same title (i.e. "regulatory notice No.1 of 2024" of the Financial Services Agency, the Ministry of Finance, the Ministry of Health, Labour and Welfare, the Ministry of Agriculture, Forestry and Fisheries, and the Ministry of Economy, Trade and Industry). Public comments will be accepted until 5:00 p.m. [JST], March 2, 2025. The original press release is available in Japanese. |
Press Releases
International
| January 31, 2025 | The third Meeting of the UK-Japan Financial Regulatory Forum |
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Publication
Councils
Banks
| February 5, 2025 | Publication of statistics regarding unlawful reimbursement of deposits (as of the end of September 2024) <Summary> The FSA published statistics regarding unlawful reimbursement of deposits caused by counterfeit and stolen cash cards, stolen deposit books, unlawful Internet banking activities and linked services. The statistics include details of incidents and compensation made by financial institutions based on reports from the financial institutions. The original press release is available in Japanese. |
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| February 4, 2025 | Brochure to further enhance measures to prevent unauthorized use of bank accounts, including corporate bank accounts <Summary> To request a further understanding and cooperation from the public as service users of financial institutions on their initiatives for financial crime prevention, the FSA, in cooperation with the NPA (National Police Agency), has jointly published a brochure to be used by financial institutions. The original press release is available in Japanese. |
| January 31, 2025 | 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, 2024, and September 30, 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. |
Securities
| February 5, 2025 | Administrative monetary penalty against YAMAURA CORPORATION for making false statements in its securities reports and so forth <Summary> On February 4, 2025, the FSA issued an order to impose an administrative monetary penalty against YAMAURA CORPORATION for making false statements in its securities reports and so forth, in violation of the "Financial Instruments and Exchange Act." The original press release is available in Japanese. |
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| February 5, 2025 | Administrative monetary penalty against Kyokuto Co., Ltd. for making false statements in its securities reports and so forth <Summary> On February 4, 2025, the FSA issued an order to impose an administrative monetary penalty against Kyokuto Co., Ltd. for making false statements in its securities reports and so forth, in violation of the "Financial Instruments and Exchange Act." The original press release is available in Japanese. |
Others
| February 5, 2025 | 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 REVICareer (available only in Japanese) at REVIC (Regional Economy Vitalization Corporation of Japan), 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 February 5, 2025, the FSA shared the  updates 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 management.The updates mainly pertain to amendments, etc. to REVICareer's FY 2024 supplementary budget project. The original press release is available in Japanese. |
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| February 3, 2024 | Publication of the fourth FY 2024 edition of the reference casebook of good practices on the disclosure of narrative information, mainly in regard to perspectives and initiatives for corporate sustainability <Summary> The FSA has been publishing a series of reference casebooks of good practices on the disclosure of narrative information to encourage corporate initiatives to accumulate and instill good practices toward the enhancement of disclosure of narrative information. The FSA has newly published the fourth FY 2024 edition of the reference casebook of good practices on the disclosure of narrative information, a compilation of good practices in the disclosure of corporate sustainability*-related concepts and initiatives disclosed in annual reports, including the following section items: - Status of corporate governance, etc. (an outline of corporate governance) - Status of audits, and - Status of shareholding. The fourth FY 2024 edition of the reference casebook has been compiled by the "Study Group for Collecting Good Practices on Corporate Disclosure of Narrative Information Based on the Principles Regarding the Disclosure of Narrative Information,"** and it shares the latest collection of favorable practices on the disclosure of narrative information mainly in terms of corporate sustainability. (Updates to the casebook are made as deemed necessary). * Corporate disclosure of sustainability information is a key corporate disclosure element that has been gaining focus and interest in society lately. Relevant initiatives to enhance corporate disclosure of sustainability information are encouraged through amendments to the Corporate Governance Code and other measures. ** The Study Group is to bring investors, analysts, experts, and representatives from listed companies together to update the reference casebook. The original press release is available in Japanese. |
| January 31, 2025 | 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 in December 2024 with relevant associations in the financial sector. (Available only in Japanese). The common topic across the groups was: - anti-phishing measures. Notable issues discussed by most but not all of the groups were: - "Basic Plan for the Promotion of Policies on Dementia" - sharing of the results of the CSSA (Cybersecurity Self-Assessment) for financial institutions (FY2023) - the deliverables of the G20 and G7 Finance Ministers and Central Bank Governors Meeting as of October 2024, and - the deliverables of the third meeting of the "Study Group on Deposit-taking Institutions' Response to Post-Quantum Cryptography" (provisional English title) * 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 December 2024, opinion exchange meetings were held respectively with the following three groups: major banks, etc.; the General Insurance Association of Japan; and Japan Payment Service Association (issuers of prepaid payment instruments). The original press release is available in Japanese. |
| January 31, 2025 | Notification of business discontinuance submitted by a foreign audit firm <Summary> The FSA announced that it has received the notification of business discontinuance submitted by a foreign audit firm, FTW & Partners CPA Limited pursuant to the "Certified Public Accountants Act." The original press release is available in Japanese. |
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