November 22, 2023
“Launching Japan’s Impact Consortium” Announced
November 22, 2023
Event titled “New NISA x Future Production – About Money, Investment, and the Future (in terms of household asset building)” [provisional English title] hosted by the FSA
<Summary>
The FSA will hold an event titled “New NISA x Future Production – About Money, Investment, and the Future (in terms of household asset building)” [provisional English title], in a series of three sessions on Monday, December 18, 2023, Wednesday, January 17, 2024 and Tuesday, February 20, 2024, to promote to the wider public the “New NISA (Nippon Individual Savings Account, a tax exemption program for small investment)” [scheduled to be introduced in January 2024], where the NISA system will be made permanent.*
* Under the New NISA system, annual investment caps will be expanded and the tax-exempt holding period will be made indefinite.
The original press release is available in Japanese at the following URL:
https://www.fsa.go.jp/news/r5/sonota/20231122-2.html
November 22, 2023
Updated list of entities that are operating financial instruments businesses without proper registration (The Kanto Local Finance Bureau)
<Summary>
The FSA and the Kanto Local Finance Bureau issued warnings to entities that are operating financial instruments businesses without proper registration. (See the updated lists of Japan-based entities and foreign-based entities ).
These lists also include the warned non-registered entities with untraceable/unidentified addresses. (Postal and/or web addresses on the list of the warned non-registered foreign-based entities reflect those shown on their respective webpages, not necessarily the addresses that could be traced and identified).
The original press release is available in Japanese at the following URL:
https://www.fsa.go.jp/ordinary/chuui/mutouroku.html
November 21, 2023
Enactment of bills to partially amend the “Financial Instruments and Exchange Act,” etc. and to partially amend the “Act on Book-Entry Transfer of Corporate Bonds and Shares,” etc. to respond to changes in the environment involving advances in information technology (provisional English law title for the latter Act), which were respectively submitted by the FSA to the 211st Diet session
<Summary>
The FSA announced that the following bills submitted to the 211st Diet session on March 14, 2023, were enacted on November 20, 2023:
– the bill to partially amend the “Financial Instruments and Exchange Act,” etc., and
– the bill to partially amend the “Act on Book-Entry Transfer of Corporate Bonds and Shares,” etc. to respond to changes in the environment involving advances in information technology (provisional English law title).
The former bill is mainly intended to provide the following measures to increase convenience for and protection of financial service customers, etc.:
1. the development of provisions for the duty of financial business operators, etc. to be sincere and fair to customers, etc., taking into consideration the best interests of customers, etc. in the performance of their services
2. the establishment of an organization to further promote financial and economic education in Japan, particularly in terms of enhancing financial literacy among the public, and
3. the abolition and/or revision of the system for filing quarterly securities reports.
Meanwhile, the latter bill is mainly intended to take measures for revising the book-entry transfer system to shorten the timeframe of listing for start-ups, etc., so as to ensure the efficiency and invigoration/resilience of the capital market.
The original press release is available in Japanese at the following URL:
https://www.fsa.go.jp/common/diet/212/index.html
November 17, 2023
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 with relevant associations in the financial sector in October 2023. (Available only in Japanese).
The Common topic across the groups was:
– Semi-annual follow-up questionnaire with the respective financial institutions to ascertain the development status of their risk management systems for AML/CFT (Anti-Money Laundering and Combating the Financing of Terrorism).
Notable issues discussed by most but not all groups were:
– Public relations regarding AML (Anti-Money Laundering) measures, etc.
– Monitoring policy across the financial sector and other relevant sectors, etc.,
– Publication of “The JFSA Strategic Priorities July 2023-June 2024,” and
– Initiatives and efforts to promote Japan as a leading Asset Management Center.
* 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 October 2023, opinion exchange meetings were held respectively with the following eight groups: major banks, etc.; the Regional Banks Association of Japan and the Second Association of Regional Banks; The National Association of Shinkin Banks; Trust Companies Association of Japan; the Japan Investment Advisers Association; The Financial Futures Association of Japan; Japan Financial Services Association; and Japan Virtual and Crypto assets Exchange Association.
The original press release is available in Japanese at the following URL:
https://www.fsa.go.jp/common/ronten/index.html
November 17, 2023
New web portal for information on economic security measures to be taken in the financial sector
<Summary>
On November 16, 2023, the FSA designated the specified social infrastructure providers and other related entities (hereinafter referred to as “business operators”) that are subject to the “Regulatory System for Ensuring Stable Provision of Specified Social Infrastructure Services” [provisional English title], a core infrastructure system, which is scheduled to be implemented on May 17, 2024 under the “Act on the Promotion of Ensuring Economic Security Through Implementation of Integrated Economic Measures” (i.e. the “Economic Security Promotion Act” [provisional English title]), whereby it publically announced such business operators, etc. on November 17, 2023.
In this regard, the FSA newly launched a web portal for information on economic security measures to be taken under the said Act in the financial sector, whereby it added “Answers to Frequently Asked Questions Regarding the ‘Regulatory System for Ensuring Stable Provision of Specified Social Infrastructure Services'” (provisional English title) [available only in Japanese] to the web portal to contribute to the smooth implementation of the said regulatory system.
The original press release is available in Japanese at the following URL:
https://www.fsa.go.jp/news/r5/economicsecurity/231117infrastructure.html
November 17, 2023
Outline of the “Report on the Measures for the Resolution of Failed Financial Institutions” (FRC Report) delivered by the Minister of State for Financial Services, SUZUKI Shunichi, in the Committee on Financial Affairs of the House of Representatives
<Summary>
The Minister of State for Financial Services, SUZUKI Shunichi, delivered an outline of the “Report on the Measures for the Resolution of Failed Financial Institutions” (FRC Report) in the Committee on Financial Affairs of the House of Representatives. The report, addressing the semiannual period extending from October 1, 2022, to March 31, 2023, had been submitted to the Diet on June 27, 2023, pursuant to the “Act on Emergency Measures for the Revitalization of the Financial Functions.”
The original press release is available in Japanese at the following URL:
https://www.fsa.go.jp/common/diet/houkoku/051117/20231117.html
