Financial Services AgencyFSA Weekly Review No.644

July 7, 2025

What’s New on the FSA Website

Week of June 30, 2025 - July 4, 2025

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

Press Conferences

July 4, 2025 Press Conference by the Minister of State for Financial Services (June 24, 2025) 

Public Comments

July 4, 2025 Results of the public consultation on the draft Cabinet Order and Cabinet Office Orders, etc. accompanying the amendments of the Financial Instruments and Exchange Act and the Act on Investment Trusts and Investment Corporations in 2024:
In relation to the "Act Partially Amending the Financial Instruments and Exchange Act and the Act on Investment Trusts and Investment Corporations," which was enacted on  May 15, 2024, the FSA conducted a public consultation for developing the provisions of the relevant Cabinet Orders and Cabinet Office Orders and other relevant documents, and published the results.
The relevant Cabinet Orders and Cabinet Office Orders and other relevant documents will be enforced and take effect on May 1, 2026.
In particular, the Cabinet Orders and Cabinet Office Orders and other relevant documents mainly set for the following

(1) Tender Offer Rule in terms of:

- amending the scope of transactions that are subject to the Tender Offer Rule

- amending the scope of formal ”specially related parties"

- making tender offer procedures more flexible, and

- clarifying the information required to be included in the tender offer statements.

(2) Large Shareholding Reporting Rule in terms of:

- developing provisions, etc. toward the facilitation of dialogue between corporations and investors

- developing rules on cash-settled equity derivatives which are subject to the Large Shareholding Reporting Rule;

- revising the scope of pseudo joint holders, and;

- Clarifying the information required to be included in the large shareholding report.

The original press release is available in Japanese.open new window
July 4, 2025 Publication of the draft amendments of the Cabinet Office Order on Prepaid Payment Instruments: Based on the Report of the Working Group on Payment Services System, etc. under the Financial System Council, which was published in January 2025, required amendments are to be made to enable donation by prepaid payment instruments under certain requirements. Public comments will be accepted until no later than 12:00 p.m. (JST), August 4, 2025.
The original press release is available in Japanese.open new window
July 2, 2025 Publication of the results of public consultations on the draft "Basic Idea on Evaluation and Methods of Making Reserve for Loans Using Enterprise Value Charge" and the draft "Order for Enforcement of the Act on the Promotion of Cash Flow-Based Lending" etc.
The original press release is available in Japanese.open new window
July 1, 2025 Publication of the draft "Cabinet Office Order Partially Amending the Regulations for Enforcement of the Banking Act" and others for public consultation: In response to the publication of Accounting Standards Board of Japan (ASBJ) Statement No. 34 "Accounting Standard for Leases" (on September 13, 2024; ASBJ) and the amendment of the Regulation on Terminology, Forms, and Preparation Methods of Financial Statements (Ministry of Finance Order No.59 of 1963; on March 24, 2025; FSA), etc., the relevant Cabinet Office Order aims to amend terms and "Precautions for Making Entries" of appended forms of the Regulations for Enforcement of the Banking Act and others, which specify formats for business reports, etc. Public comments will be accepted until 5:00 p.m. (JST), July 30, 2025.
The original press release is available in Japanese.open new window

Press Releases

Policies

June 30, 2025 Publication of an ex-ante valuation report based on regulatory impact analysis (RIA) in regard to the introduction of regulations to address the issues surrounding virtual currency (crypto-asset) exchange service providers
The original press release is available in Japanese.open new window
June 30, 2025 The FSA published a list of listed companies that plan to submit their annual securities reports by at least two weeks before their ordinary general shareholders' meeting (monthly updates).
The original press release is available in Japanese.open new window

Publication

July 4, 2025 Publication of Discussion Paper: "Examination of the Regulatory Systems Related to Cryptoassets"
July 4, 2025 Publication of "FSA Analytical Notes (2025.7): A Quantitative and Textual Analysis of Climate‑Related Risks in the Banking Sector" in Japanese
July 4, 2025 Publication of "FSA Analytical Notes (2025.6) vol.2: I. Analysis on credit risk management practices, and II. Understanding the utilization of Credit Guarantee System"
July 4, 2025 PDFFSA publishes English translation of monthly magazine, Access FSA No.261
June 30, 2025 Analysis for the Healthy Development of Stablecoins

Councils

July 4, 2025 Released the meeting materials of “The Fifth Working Group on Improving Internal Audits of Financial Institutions"
July 2, 2025 Publication of the minutes of the seventh meeting of the "Working Group on Disclosure and Assurance of Sustainability-Related Financial Information" of the Financial System Council, which was held on June 5, 2025
The original press release is available in Japanese.open new window
July 2, 2025 Publication of the minutes of the seventh meeting of the "Working Group on Financial Infrastructure for Carbon Credit Transactions" held on May 29, 2025
The original press release is available in Japanese.open new window
June 30, 2025 Publication of the "Fifth Report by the Expert Panel on Sustainable Finance": Since October 2024, the Expert Panel on Sustainable Finance has held five meetings in total and has discussed how to expand investment opportunities for a broad range of investors who prefer sustainable investments, which is considered to be one of the major challenges. The panel compiled a report based on its discussions.
The original press release is available in Japanese.open new window
June 30, 2025 Publication of the minutes of the 28th meeting of the Expert Panel on Sustainable Finance, which was held on May 27, 2025
The original press release is available in Japanese.open new window
June 30, 2025 The sixth meeting of the Panel on Provision of Growth Capital to Startups (provisional translation) was held at the Japan Securities Dealers Association. For details, see the official website of the Japan Securities Dealers Association.
The original press release is available in Japanese.open new window
June 30, 2025 The Council of Experts Concerning the Follow-up of Japan’s Stewardship Code and Japan’s Corporate Governance Code
June 30, 2025 Publication of the agenda and an outline of proceedings of the third meeting of the Networking Group on Environmental Preparation for Disclosure of Annual Securities Reports Before Annual General Meetings
The original press release is available in Japanese.open new window
June 30, 2025 Publication of the "Action Programme for Corporate Governance Reform 2025"

Banks

July 4, 2025 Issuance of a request for financial measures to deal with disasters caused by the earthquake with its epicenter in the sea near the Tokara Islands (The Kyushu Local Finance Bureau)
The original press release is available in Japanese.open new window
June 30, 2025 Publication of the "Monitoring Report on Domestic Practices of LBO (Leveraged Buyout) Loans (2025)": In recent years in Japan, business restructuring for enhancing corporate value has been becoming active, centered on large companies, while mainly small and medium-sized companies have been active in M&As for business succession. Under such circumstances, the FSA has conducted monitoring of domestic practices of LBO loans, and published a report compiling ascertained cases, the current status of relevant financial institutions' system development and their challenges, as well as important issues for them in taking measures for enhancing and strengthening risk management systems.
The original press release is available in Japanese.open new window
June 30, 2025 Publication of the "Monitoring Report for Enhancing Financial Institutions' Management Systems for Signs of Window Dressing and Other Misconduct (2025)" (provisional translation): In recent years, there have been cases where borrowers' inappropriate accounting, such as window dressing, or other misconduct over years were brought to light and financial institutions were made to record large amounts of credit costs. The FSA compiled cases that it has ascertained through monitoring, and the current status of relevant financial institutions' system development and their challenges.
The original press release is available in Japanese.open new window

Insurances

July 4, 2025 Publication of the summary of "Annual Report on Insurance Monitoring 2025"

Others

July 4, 2025 The Dialogue between the Financial Services Agency (FSA) and the Center for Financial Industry Information Systems (FISC) 
July 4, 2025 The National Center of Incident Readiness and Strategy for Cybersecurity (NISC) of the Cabinet Secretariat was reorganized as the National Cybersecurity Office on July 1, 2025. In response to the reorganization, the Guidelines on Cybersecurity in the Financial Sector was partially amended.
The original press release is available in Japanese.open new window
July 4, 2025 Termination of the update of the register of the International Accounting/Sustainability Disclosure Experts Network (provisional translation): Under the current circumstances where deliberations for promoting sustainability disclosure and introducing the guarantee system have been held in Japan, it has become necessary to secure opportunities to share information on the latest international trends concerning accounting standards and sustainability disclosure standards also with related people other than registered members. Accordingly, the update of the register was terminated in March 2025.
The original press release is available in Japanese.open new window
July 4, 2025 The project to link human resources at large companies to local companies (REVICareer), a joint project by the FSA and the Ministry of Economy, Trade and Industry, was clearly incorporated in the Basic Concept on Regional Revitalization 2.0  and the Grand Design and Action Plan for New Capitalism 2025 (Revised Edition), which were decided by the Cabinet on June 13, 2025.
The original press release is available in Japanese.open new window
July 1, 2025 Publication of Personnel Changes (Effective on June 30, 2025 and July 1, 2025)
The original press release is available in Japanese.open new window
July 1, 2025 The Children's Visit to Kasumigaseki 2025 will be held over two days, on August 6 and 7, 2025. The Financial Services Agency has prepared plans to help children understand the role and importance of money in an easy-to-understand manner. We also have programs that allow children to tour the Financial Services Agency, which is usually not possible.
The original press release is available in Japanese.open new window
July 1, 2025 Publication of the monitoring results pertaining to the implementation status of customer-oriented business conduct by distributors of financial instruments, such as investment trusts (program year 2024 report): In program year 2024, the FSA conducted monitoring on product governance frameworks and sale and management systems of distributors, etc. that deal in a broad range of financial instruments, such as foreign stocks, fund wraps, structured bonds, foreign currency-denominated bonds, and investment trusts, in addition to following up the status of improvements in their handling of foreign currency-denominated single-premium insurance policies and structured deposits, which were pointed out as issues in monitoring in the previous program year.
The original press release is available in Japanese.open new window
June 30, 2025 Monitoring of Foreign Bank Branches and Foreign Securities Companies
June 30, 2025 Publication of the "Analytical Report on IT Resilience of the Financial Sector": Since 2019, the FSA has published the "Analytical Report on IT Resilience of the Financial Sector," which summarizes the analysis of IT system failures that occurred at financial institutions. For FY2024, the FSA compiled its initiatives and analyses, etc. for the period from April 2024 to March 2025 as a report on IT resilience.
The original press release is available in Japanese.open new window
June 30, 2025 The FSA published an overview of modifications to lending conditions (related to the U.S. tariff measures) made by banks as of the end of May 2025.
The original press release is available in Japanese.open new window
June 30, 2025 The FSA announced that it has received a notification of business discontinuance submitted by a foreign audit firm, PricewaterhouseCoopers Auditores Independentes LTDA, pursuant to the Certified Public Accountants Act.
The original press release is available in Japanese.open new window
June 30, 2025 The FSA published the launch of a webpage to introduce the latest information, such as cases it has collected for disseminating the "Points for Support by Business Type." The Points prepared in past projects and case examples, etc. of financial institutions collected so far are available on the FSA's dedicated webpage.
The original press release is available in Japanese.open new window

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