FSA Weekly Review No.628 March 21, 2025

FSA Weekly Review No.628: March 21, 2025

What’s New on the FSA Website

Week of March 7, 2025 - March 13, 2025

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

Public Comments

March 11, 2025	Publication of the finalized amendments to the "Cabinet Office Order on Financial Instruments Business, etc." and others after public consultation <Summary> The FSA finalized the amendments to the "Cabinet Office Order on Financial Instruments Business, etc." and others after public consultation. The finalized amendments mainly require financial instruments business operators, etc. to provide information to their clients on matters pertaining to potential conflicts of interest with their clients. The finalized amendments will take effect on or be enforced from December 1, 2025. The original press release is available in Japanese.
March 7, 2025	Publication of the finalized amendments to the "Comprehensive Guidelines for Supervision of Small- and Medium-Sized and Regional Financial Institutions" and to other relevant and applicable comprehensive guidelines after public consultation <Summary> The FSA finalized the amendments to the "Comprehensive Guidelines for Supervision of Small- and Medium-Sized and Regional Financial Institutions" and to other relevant and applicable comprehensive guidelines* after public consultation. In the case where an advanced banking service company changes the content of its business or newly engages in business different from the business concerned, if there is no significant change in the business, etc., the finalized amendments make it sufficient to report after the start of the new business, etc., setting forth such matters in the Comprehensive Guidelines for Supervision, etc. as the content and points to be noted in such reporting. The finalized amendments took effect on March 7, 2025. *Other relevant and applicable guidelines are as follows: - Comprehensive Guidelines for Supervision of Major Banks, etc. - Comprehensive Guidelines for Supervision of Cooperative Financial Institutions (provisional English title), and - Comprehensive Guidelines for Supervision of Insurance Companies. The original press release is available in Japanese.

March 11, 2025

Publication of the finalized amendments to the "Cabinet Office Order on Financial Instruments Business, etc." and others after public consultation
<Summary>
The FSA finalized the amendments to the "Cabinet Office Order on Financial Instruments Business, etc." and others after public consultation.
The finalized amendments mainly require financial instruments business operators, etc. to provide information to their clients on matters pertaining to potential conflicts of interest with their clients.

The finalized amendments will take effect on or be enforced from December 1, 2025.

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

March 7, 2025

Publication of the finalized amendments to the "Comprehensive Guidelines for Supervision of Small- and Medium-Sized and Regional Financial Institutions" and to other relevant and applicable comprehensive guidelines after public consultation
<Summary>
The FSA finalized the amendments to the "Comprehensive Guidelines for Supervision of Small- and Medium-Sized and Regional Financial Institutions" and to other relevant and applicable comprehensive guidelines* after public consultation.
In the case where an advanced banking service company changes the content of its business or newly engages in business different from the business concerned, if there is no significant change in the business, etc., the finalized amendments make it sufficient to report after the start of the new business, etc., setting forth such matters in the Comprehensive Guidelines for Supervision, etc. as the content and points to be noted in such reporting.
The finalized amendments took effect on March 7, 2025.

*Other relevant and applicable guidelines are as follows:

- Comprehensive Guidelines for Supervision of Major Banks, etc.

- Comprehensive Guidelines for Supervision of Cooperative Financial Institutions (provisional English title), and

- Comprehensive Guidelines for Supervision of Insurance Companies.

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

Press Releases

Policies

March 7, 2025	Publication of an ex-ante valuation report based on regulatory impact analysis (RIA) in regard to the exemption of the application of the "Trust Business Act" to the business of accepting charitable trusts and the review of payment services in response to the progress of financial digitalization, etc. <Summary> In regard to the bills to partially amend the "Trust Business Act" and the "Payment Services Act," the FSA published the respective ex-ante evaluation reports based on regulatory impact analysis (RIA)* pursuant to the "Government Policy Evaluations Act," mainly in terms of the following: - the exemption of the application of the "Trust Business Act" in terms of the business of accepting charitable trusts, and - the review of payment services in response to the progress of digitalization, etc. in the financial sector. *RIA is a methodology aimed at improving the objectivity and transparency of regulations by objectively analyzing the impact of the introduction or revision of regulations in respect of the expected implementation costs and effects, etc., and by disclosing the results. In this regard, competition assessment estimates and evaluates the impact on the competitive status based on the benefits and burdens incurred by the establishment, revision, or abolition of a regulation. The original press release is available in Japanese.
March 7, 2025	Publication of an ex-ante valuation report based on regulatory impact analysis (RIA) in regard to the measures, etc. to ensure credibility in the insurance business sector and to enhance its sound development <Summary> In regard to a bill to amend the "Insurance Business Act," the FSA published an ex-ante evaluation report based on regulatory impact analysis (RIA)* on the measures to ensure credibility in the insurance business sector and to enhance its sound development pursuant to the "Government Policy Evaluations Act." *RIA is a methodology aimed at improving the objectivity and transparency of regulations by objectively analyzing the impact of the introduction or revision of regulations in respect of the expected implementation costs and effects, etc., and by disclosing the results. In this regard, competition assessment estimates and evaluates the impact on the competitive status based on the benefits and burdens incurred by the establishment, revision, or abolition of a regulation. The original press release is available in Japanese.

March 7, 2025

Publication of an ex-ante valuation report based on regulatory impact analysis (RIA) in regard to the exemption of the application of the "Trust Business Act" to the business of accepting charitable trusts and the review of payment services in response to the progress of financial digitalization, etc.
<Summary>
In regard to the bills to partially amend the "Trust Business Act" and the "Payment Services Act," the FSA published the respective ex-ante evaluation reports based on regulatory impact analysis (RIA)* pursuant to the "Government Policy Evaluations Act," mainly in terms of the following:

- the exemption of the application of the "Trust Business Act" in terms of the business of accepting charitable trusts, and

- the review of payment services in response to the progress of digitalization, etc. in the financial sector.

*RIA is a methodology aimed at improving the objectivity and transparency of regulations by objectively analyzing the impact of the introduction or revision of regulations in respect of the expected implementation costs and effects, etc., and by disclosing the results. In this regard, competition assessment estimates and evaluates the impact on the competitive status based on the benefits and burdens incurred by the establishment, revision, or abolition of a regulation.

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

March 7, 2025

Publication of an ex-ante valuation report based on regulatory impact analysis (RIA) in regard to the measures, etc. to ensure credibility in the insurance business sector and to enhance its sound development
<Summary>
In regard to a bill to amend the "Insurance Business Act," the FSA published an ex-ante evaluation report based on regulatory impact analysis (RIA)* on the measures to ensure credibility in the insurance business sector and to enhance its sound development pursuant to the "Government Policy Evaluations Act."

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

Councils

March 10, 2025	Publication of the agenda and handouts of the first and the second meeting of the "Working Group on Improving Internal Audits of Financial Institutions" <Summary> The FSA published the agenda and handouts of the second meeting of the "Working Group on Improving Internal Audits of Financial Institutions," which was held on February 19, 2025. The agenda and handouts of the first meeting, held on January 23, 2025, are available here (published on February 7, 2025). The original press release is available in Japanese.

March 10, 2025

Publication of the agenda and handouts of the first and the second meeting of the "Working Group on Improving Internal Audits of Financial Institutions"
<Summary>
The FSA published the agenda and handouts of the second meeting of the "Working Group on Improving Internal Audits of Financial Institutions," which was held on February 19, 2025. The agenda and handouts of the first meeting, held on January 23, 2025, are available here open new window

(published on February 7, 2025).

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

Banks

March 7, 2025	Administrative action against Fukushimaken Shoko Credit Union <Summary> The Tohoku Local Finance Bureau took administrative action against Fukushimaken Shoko Credit Union (hereinafter referred to as the "Credit Union"), ordering the improvement of its business operations, pursuant to the provision of Article 26, paragraph (1) of the "Banking Act" (Act No.59 of 1981) as applied mutatis mutandis pursuant to Article 6, paragraph (1) of the "Act on Financial Businesses by Cooperatives" (Act No.183 of 1949). The administrative action was mainly based on an onsite inspection conducted by the said Bureau, where the entity's business management system and regulatory compliance system were ascertained to have material issues. Details are available only in Japanese on the webpage of the said Bureau. The original press release is available in Japanese.
March 7, 2025	Announcement of the conclusion of the "Agreement on the Fixed Repayment Scheme" pertaining to the repayment of public funds by SBI Shinsei Bank, Limited <Summary> The FSA announced that the Government of Japan concluded the "Agreement on the Fixed Repayment Scheme" (provisional English title) with SBI Shinsei Bank, Limited and SBI Holdings, Inc., based on the agreement regarding the handling of public funds for SBI Shinsei Bank, Limited concluded between the said entities in May 2023. The original press release is available in Japanese.

March 7, 2025

Administrative action against Fukushimaken Shoko Credit Union
<Summary>
The Tohoku Local Finance Bureau took administrative action against Fukushimaken Shoko Credit Union (hereinafter referred to as the "Credit Union"), ordering the improvement of its business operations, pursuant to the provision of Article 26, paragraph (1) of the "Banking Act" (Act No.59 of 1981) as applied mutatis mutandis pursuant to Article 6, paragraph (1) of the "Act on Financial Businesses by Cooperatives" (Act No.183 of 1949).
The administrative action was mainly based on an onsite inspection conducted by the said Bureau, where the entity's business management system and regulatory compliance system were ascertained to have material issues.
Details are available only in Japanese on the webpage of the said Bureau open new window

.

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

March 7, 2025

Announcement of the conclusion of the "Agreement on the Fixed Repayment Scheme" pertaining to the repayment of public funds by SBI Shinsei Bank, Limited
<Summary>
The FSA announced that the Government of Japan concluded the "Agreement on the Fixed Repayment Scheme" (provisional English title) with SBI Shinsei Bank, Limited and SBI Holdings, Inc., based on the agreement regarding the handling of public funds for SBI Shinsei Bank, Limited concluded between the said entities in May 2023.

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

Securities

March 11, 2025	Publication of the updated "Answers to Frequently Asked Questions" on financial instruments business <Summary> The FSA published the updated "Answers to Frequently Asked Questions" on financial instruments business(hereinafter referred to as the "FAQ") (available only in Japanese). The updates to the FAQ mainly clarify the requirements for retail investors to be treated as "professional investors" under the "Financial Instruments and Exchange Act" (FIEA). The original press release is available in Japanese.
March 7, 2025	Publication of the updated "Order to Amend the Order on Book-Entry Transfer of Corporate Bonds and Shares" <Summary> The FSA published the updated "Order to Amend the Order on Book-Entry Transfer of Corporate Bonds and Shares," in response to the enforcement of the "Act on Use in Administrative Procedures of Numbers to Identify Specific Individuals." The updates provide necessary arrangements of the provisions of the said Order. The updated Order will be enforced on April 1, 2025, along with the enforcement of the said Act. Note: No public consultation was conducted, because the updates fall under cases prescribed in the "Administrative Procedures Act" as being insignificantly changed and not requiring the implementation of procedures for public consultation, such as the arrangement of the provisions necessary in accordance with the establishment, amendment or repeal of other laws and regulations. The original press release is available in Japanese.

March 11, 2025

Publication of the updated "Answers to Frequently Asked Questions" on financial instruments business
<Summary>
The FSA published the PDF

updated "Answers to Frequently Asked Questions" on financial instruments business open new window

(hereinafter referred to as the "FAQ") (available only in Japanese). The updates to the FAQ mainly clarify the requirements for retail investors to be treated as "professional investors" under the "Financial Instruments and Exchange Act" (FIEA).

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

March 7, 2025

Publication of the updated "Order to Amend the Order on Book-Entry Transfer of Corporate Bonds and Shares"
<Summary>
The FSA published the updated "Order to Amend the Order on Book-Entry Transfer of Corporate Bonds and Shares," in response to the enforcement of the "Act on Use in Administrative Procedures of Numbers to Identify Specific Individuals." The updates provide necessary arrangements of the provisions of the said Order.
The updated Order will be enforced on April 1, 2025, along with the enforcement of the said Act.

Note: No public consultation was conducted, because the updates fall under cases prescribed in the "Administrative Procedures Act" as being insignificantly changed and not requiring the implementation of procedures for public consultation, such as the arrangement of the provisions necessary in accordance with the establishment, amendment or repeal of other laws and regulations.

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

Others

March 10, 2025	Publication of the list of “financial service providers” (as of January 10, 2025) and an analysis report on the common KPIs (as of March 31, 2024) <Summary> The FSA updated the list of “financial service providers” who reported the status of their initiatives and efforts in a predetermined way based on the "Principles for Customer-Oriented Business Conduct" as of January 10, 2025. The FSA also published an updated trend analysis report on the common KPIs comparable across investment trust and foreign currency-denominated insurance distributors reported by the respective financial service providers as of March 31, 2024. The original press release is available in Japanese.
March 7, 2025	Submission of a bill to partially amend the "Trust Business Act" to the 217th Diet session <Summary> The FSA submitted to the 217th Diet session a bill to partially amend the "Trust Business Act." Given that the authorization system, etc. for charitable trusts, administered by the competent administrative authority is to be set forth under the "Act on Charitable Trust" (provisional English title), the bill is mainly aimed at taking measures, such as exempting the business of accepting charitable trusts from the application of the "Trust Business Act." The original press release is available in Japanese.
March 7, 2025	Submission of a bill to partially amend the "Payment Services Act" to the 217th Diet session <Summary> The FSA submitted to the 217th Diet session a bill to partially amend the "Payment Services Act." The bill is mainly aimed at taking the following measures to respond to the progress of digitalization in payment services, etc.: (1) to enable the authorities to order CAESPs (cryptoasset exchange service providers) and EPIESPs (electronic payment instruments exchange service providers) to retain their assets within Japan (2) to create intermediary business that facilitate matching between CAESPs/EPIESPs and customers who wish to buy or exchange crypto assets/stablecoins, and (3) to apply the rules for funds transfer services to certain cross-border receiving agent services. The original press release is available in Japanese.
March 7, 2025	Submission of a bill to partially amend the "Insurance Business Act" to the 217th Diet session <Summary> The FSA submitted to the 217th Diet session a bill to partially amend the "Insurance Business Act." The bill is mainly aimed at taking the following measures to ensure credibility in the insurance business sector and its sound development: (1) to add certain obligations for particularly large-sized non-life insurance "shared agents" (specified large-sized non-life insurance shared agents) mainly in terms of the development of their internal management and compliance systems (2) to enhance the obligation of insurance companies, etc. to develop their systems for the protection of customers’ interests, and (3) to prohibit insurance companies, etc. from providing excessive favors/facilities to policyholders, etc. The original press release is available in Japanese.
March 7, 2025	Updated: Speeches（Vice Minister for International Affairs)
March 7, 2025	Activities of the FSA's Counseling Office for Financial Services Users for the period between October 1 and December 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 October 1 and December 31, 2024, the counseling office received 12,432 inquiries and comments, a slight increase from 11,591 cases in the previous quarter (between July 1 and September 30, 2024). The original press release is available in Japanese.

Site Map

About FSA Page list Open: Ministerial Team; Organization; Location; Pamphlet; Open Policy Lab
Press Releases & Public Relations Page list Open: Press Releases; Press Conferences; Official Statements; FSA Weekly Review & ACCESS FSA; Speeches; For Financial Users; Others; Archives
Policies & Councils Page list Open: Policies; Councils
Laws & Regulations Page list Open: Name of Laws and Regulations(PDF); Recent Changes (Legislation, Ordinances, Guidelines); Guidelines; Financial Instruments and Exchange Act; Financial Monitoring Policy; Public Comment; No-Action Letter System; Procedures concerning Foreign Account Management Institutions
Regulated Institutions Page list Open: List of Institutions; Administrative Action; Statistics; For those engaging in High Speed Trading; To Operators of Specially Permitted Businesses for Qualified Institutional Investors, etc.; Asia Region Funds Passport (ARFP)
FSA Weekly Review & ACCESS FSA Page list Open: Back Number (2022); Back Number (2021); Back Number (2020)

top of page