June 27, 2024
Publication of draft “Cabinet Orders and Cabinet Office Orders Pertaining to the Amendments to the Financial Instruments and Exchange Act, etc.,” and others for public consultation
Summary
The FSA has published the draft “Cabinet Orders and Cabinet Office Orders Pertaining to the Amendments to the Financial Instruments and Exchange Act, etc.,” and others (hereinafter collectively referred to as the “proposal”) for public consultation.
The proposal is mainly intended to provide consequential amendments to the provisions of the said Cabinet Orders and Cabinet Office Orders, etc., in response to the enforcement of the “Act Partially Amending the Financial Instruments and Exchange Act, and Other Acts,” which was enacted on November 20, 2023.
In particular, the consequential amendments mainly pertain to the following:
– 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
– a review of analog regulations based on the “Plan for Mass Overhaul of Regulations in Line with Digital Principles” (provisional English title)
– a review of regulations for social lending, etc.
– a review of regulations for security tokens, etc., and
– the duty to post on the Internet ways to publicize the solicitation policies of financial instruments providers, etc.
Public comments will be accepted until 5:00 p.m. [JST], July 27, 2024.
The original press release is available in Japanese.
June 27, 2024
Publication of the draft amendments to the “Comprehensive Guidelines for Supervision of Small- and Medium-Sized and Regional Financial Institutions” alongside the draft amendments to other relevant and applicable comprehensive guidelines for public consultation
Summary
The FSA proposed the draft amendments to the “Comprehensive Guidelines for Supervision of Small- and Medium-Sized and Regional Financial Institutions” alongside the draft amendments to other relevant and applicable comprehensive guidelines* (hereinafter collectively referred to as the “proposal”) for public consultation.
The proposal mainly intends to provide necessary amendments to the Comprehensive Guidelines, etc., aimed at promoting consultative support from financial institutions to business owners in terms of M&A (Mergers and Acquisitions), PMI (Post Merger Integration), etc.
Public comments will be accepted until 6:00 p.m. (JST), July 31, 2024.
*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 Fisheries Cooperatives Engaging in Credit Business (provisional English title).
The original press release is available in Japanese.
June 21, 2024
Publication of the draft amendments to the “Guidelines for Administrative Processes” regarding cryptoasset exchange service providers for public consultation
Summary
The FSA proposed the draft amendments to the “Guidelines for Administrative Processes” regarding cryptoasset exchange service providers for public consultation.
The proposal intends to provide necessary amendments to clarify the scope and applicability of intermediation, etc. for a purchase and sale of cryptoassets, etc. by cryptoasset exchange service providers, etc.
Public comments will be accepted until 5:00 p.m. [JST], July 23, 2023.
The original press release is available in Japanese.
June 21, 2024
Publication of the finalized “Cabinet Order to Amend the Cabinet Order on Travel Expenses and Allowances Payable to Witnesses and Expert Witnesses in Trial Procedures, etc. under the Financial Instruments and Exchange Act” alongside the finalized “Cabinet Order to Amend the Cabinet Order on Travel Expenses and Allowances Payable to Witnesses and Expert Witnesses in Trial Procedures of the Certified Public Accountants Act” after public consultation
Summary
The FSA published the finalized “Cabinet Order to Amend the Cabinet Order on Travel Expenses and Allowances Payable to Witnesses and Expert Witnesses in Trial Procedures, etc. under the Financial Instruments and Exchange Act” alongside the finalized “Cabinet Order to Amend the Cabinet Order on Travel Expenses and Allowances Payable to Witnesses and Expert Witnesses in Trial Procedures of the Certified Public Accountants Act” after public consultation.
In light of recent changes in economic conditions, and in accordance with the applicable provisions of the “Financial Instruments and Exchange Act” and the “Certified Public Accountants Act,” the finalized Cabinet Orders increase the maximum daily allowance to be paid to a witness in a trial procedure pertaining to an administrative monetary penalty payment order from the current 8,100 yen to 8,200 yen and to an expert witness from the current 7,700 yen to 7,800 yen.
The finalized Cabinet Orders were enforced on July 1, 2024.
