What’s New on the FSA Website

Week of June 23, 2025 - June 27, 2025

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

Public Comments

June 26, 2025	Finalisation of Japan’s Stewardship Code (Third revision)
June 25, 2025	Publication of the finalized amendments of the Regulation on Calculation of Specific Purpose Trust Property, etc.: In response to the publication of Accounting Standards Board of Japan (ASBJ) Statement No. 34 "Accounting Standard for Leases," the Regulation on Calculation of Specific Purpose Trust Property and other regulations are amended as required. The original press release is available in Japanese.
June 25, 2025	Publication of the draft Cabinet Office Order Partially Amending the Cabinet Office Order on Non-Life Insurance Rating Organizations, etc.: It is considered appropriate to promote product development and new entries of small and medium-sized non-life insurance companies on a long-term basis through expanding the coverage of calculating reference net insurance premium rates and thereby reducing cost for calculating insurance premium rates. This is also expected to contribute to promoting efficiency in the insurance market as a whole and enhancing insurance companies' capacity for product development. Accordingly, it was decided to partially amend the Cabinet Office Order on Non-Life Insurance Rating Organizations. Public comments will be accepted until 5:00 p.m. (JST), July 25, 2025. The original press release is available in Japanese.
June 25, 2025	Publication of the finalized "the Partial Amendment to the Designation of a country or region under Articles 17-2 and 17-3 of the Order for Enforcement of the Act on Prevention of Transfer of Criminal Proceeds" after public consultation
June 24, 2025	Publication of the finalized Cabinet Office Order Partially Amending the Regulation for Enforcement of the Act on Investment Trusts and Investment Corporations: This amendment of the Enforcement Regulation aims to first alter the basic terms and conditions of investment trusts managed under instructions from the settlor in order to provide that an investment trust contract may be cancelled if certain requirements, such as that the total net assets of investment trust property fall below a certain amount, are satisfied, and then provide that cancellation of an investment trust contract based on the altered basic terms and conditions does not require a written resolution for either the alteration of the terms and conditions or for the cancellation. The original press release is available in Japanese.
June 23, 2025	Publication of the draft partial amendments to the "Standards for the Method of Funding the Policy Reserves Pertaining to the Long-Term Insurance Contracts Specified by Cabinet Office Order, as well as for the Levels of the Coefficients that are to Constitute the Basis for Calculating the Amount of the Policy Reserve, such as Expected Mortality under the Provisions of Article 116, Paragraph (2) of the Insurance Business Act," etc.: The amendments are for addressing accounting issues in cases where insurance companies are conducting asset liability management (ALM) appropriately with regard to the policy reserves for financial products to which the MVA mechanism is applied. Public comments will be accepted until 5:00 p.m. (JST), July 22, 2025. The original press release is available in Japanese.

Press Releases

Policies

June 27, 2025	Publication of "Progress Report 2025 for Enhancing Asset Management Business in Japan" The original press release is available in Japanese.

Publication

June 25, 2025	Publication of "FSA Analytical Notes (2025.6) vol.3: Attempt to identify early warning signals on credit risks using regional banks’ loan data and macroeconomic indicators" in Japanese
June 23, 2025	FSA publishes English translation of monthly magazine, Access FSA No.260

Councils

June 26, 2025	Publication of the agenda and handouts of the eighth meeting of the "Working Group on Disclosure and Assurance of Sustainability-Related Financial Information" of the Financial System Council to be held on June 27, 2025 The original press release is available in Japanese.
June 25, 2025	Publication of the minutes of the fourth meeting of the "Expert Study Group on Assurance of Sustainability-Related Financial Information" of the Financial System Council, which was held on May 27, 2025 The original press release is available in Japanese.
June 24, 2025	On June 6, 2025, the FSA exchanged views on countermeasures against financial crime and other matters with the management teams of 13 banks in new forms that have unique business models, such as a bank that provides services only on the internet and a bank that mainly provides payment services by installing ATMs at networked convenience stores. Participants exchanged views on various challenges faced by banks in new forms. The original press release is available in Japanese.
June 24, 2025	Publication of the agenda and handouts of the joint session of the 55th general meeting of Financial System Council and the 43rd meeting of Sectional Committee on Financial System to be held on June 25 The original press release is available in Japanese.
June 23, 2025	Publication of the agenda and handouts of the 68th Meeting of the Financial Service ADR (Alternative Dispute Resolution) Liaison Group, which was held on June 23, 2025 The original press release is available in Japanese.
June 23, 2025	Published Minutes from the first to the third meeting of The Expert Panel on the Stewardship Code.

Banks

June 27, 2025	The FSA published "Progress Report on the Efficiency of Financial Intermediation," which outlines key initiatives and approaches taken by the FSA and the respective Local Finance Bureaus toward the enhancement of the efficiency of financial intermediation by regional financial institutions. The original press release is available in Japanese.
June 27, 2025	The FSA published the Report on Monitoring for Strengthening Regional Banks' Ability to Respond under Stress (provisional translation). The FSA has been conducting monitoring targeting regional banks, which play important roles mainly in regional financial systems, on their implementation of stress tests with the aim of checking their risk management structures, including how they respond under stress, and encouraging them to make improvements as necessary. The original press release is available in Japanese.
June 26, 2025	The FSA published a statistical report on financing for enterprises by financial institutions in the private sector by utilizing the "Guidelines for Personal Guarantee Provided by Business Owners." The report reflects the period between April 1, 2024, and March 31, 2025. (The report is regularly published to further promote the utilization of the Guidelines.) The original press release is available in Japanese.
June 26, 2025	Publication of a progress report on Business Revitalization Plans: The FSA published a report on the progress of business revitalization as of March 31, 2025, submitted by SBI Shinsei Bank, Limited, pursuant to the "Act on Emergency Measures for Early Strengthening of Financial Functions." The original press release is available in Japanese.
June 25, 2025	License for the trust business: On June 25, the FSA granted a license for the trust business to a stock company, Alterna Trust, pursuant to the provisions of Article 3 of the Trust Business Act. The original press release is available in Japanese.
June 24, 2025	Report on the measures for the resolution of failed financial institutions: The FSA submitted to the National Diet a report (FRC [Financial Reconstruction Commission] report) on measures for the resolution of failed financial institutions pursuant to the Act on Emergency Measures for the Revitalization of the Financial Functions. The report covers developments between October 1, 2024, and March 31, 2025. The original press release is available in Japanese.

Securities

June 27, 2025

Publication of the updated "Answers to Frequently Asked Questions on Investment Corporations": The FSA updated the "Answers to Frequently Asked Questions on Investment Corporations" in order to make it clear that data-center-related facilities that were established in a certain mode fall under the category of real estate, which is the major investment target for investment corporations. The original press release is available in Japanese.

Others

June 27, 2025	Updated: Speeches（Commissioner） The original press release is available in Japanese.
June 27, 2025	The FSA published, in compliance with the "Cabinet Office Order on Restrictions on Over-the-Counter Derivatives Transactions," a list of financial instruments business operators whose average monthly total notional principal amount of OTC derivative transactions in FY2024 was 300 billion yen or more. The original press release is available in Japanese.
June 27, 2025	The FSA published the results of a corporate questionnaire survey, with the aim of evaluating the effectiveness of financial/non-financial services provided by regional financial institutions. The original press release is available in Japanese.
June 27, 2025	The FSA published the level of remuneration paid to the officers of the authorized corporations under its jurisdiction: Deposit Insurance Corporation of Japan, and Banks' Shareholdings Purchase Corporation. Such information is subject to disclosure on an annual basis by respective competent government agencies and is required to be presented in the format designated by the Ministry of Internal Affairs and Communications. The original press release is available in Japanese.
June 27, 2025	Publication of the examples of initiatives taken by financial institutions under their EMPs
June 27, 2025	Publication of a report on the current status and challenges regarding anti-money laundering and counter financing of terrorism in Japan (as of June 2025) The original press release is available in Japanese.
June 27, 2025	Updated list of issuers of gift certificates in repayment procedures based on the ’Payment Services Act’（June 26）
June 25, 2025	The FSA compiled basic ideas and case examples for reforming corporate culture or considering and implementing processes to manage conduct risks, and prepared and published the "Report of the Results of Talks on the Development of a Healthy Corporate Culture and on the Conduct Risk Management System" (provisional translation). The original press release is available in Japanese.
June 25, 2025	Publication of the main issues raised by the FSA at opinion exchange meetings held in April and May with relevant associations in the financial sector The original press release is available in Japanese.
June 24, 2025	With regard to the special provisions on taxation pertaining to target net interest payments, etc., the FSA has confirmed the objectives, etc. of the system with the Ministry of Finance and made an inquiry about the handling thereof to the National Tax Agency. The results are publicized. The original press release is available in Japanese.