August 23, 2024
Overview of modifications to lending conditions by financial institutions
<Summary>
The FSA published an overview of modifications to lending conditions made by cooperative financial institutions for the period from March 10, 2020 to June 30, 2024.
The original press release is available in Japanese.
August 23, 2024
Further enhancement of measures to prevent unauthorized use of bank accounts, including corporate bank accounts
<Summary>
In response to the recent surge in the number of investment frauds and romance frauds via SNS (Social Networking Services), as well as of the cases of misuse of corporate accounts, on August 23, 2024, the FSA, along with the National Police Agency, jointly requested relevant financial associations, etc. to take measures to prevent unauthorized use of bank accounts.
Details of the contents requested to the financial associations are available only in Japanese here.
The original press release is available in Japanese.
Securities
August 28, 2024
Administrative monetary penalty against an individual for communicating insider information regarding stocks of Stream Media Corporation obtained as an employee of a contract negotiator with Stream Media Corporation
<Summary>
On August 27, 2024, the FSA issued an order to impose an administrative monetary penalty against an individual for communicating insider information obtained as an employee of a contract negotiator with Stream Media Corporation to an individual (non-insider) who used the information and committed insider trading regarding stocks of Stream Media Corporation, in violation of the “Financial Instruments and Exchange Act.”
The original press release is available in Japanese.
August 28, 2024
Administrative monetary penalties against an individual and two entities for failing to file “statements of large-volume holdings,” etc. and/or “statements of changes,” etc. in regard to a large-volume holding of shares in MITSUBOSHI CO., LTD.
<Summary>
On August 27, 2024, the FSA issued orders to impose administrative monetary penalties against an individual and two entities, Kabushiki Kaisha Waen Shoji* and SINCERE Corporation, in regard to their large-volume holding of shares in MITSUBOSHI CO., LTD., for failing to file some “statements of large-volume holdings” and/or “statements of changes,” etc. as well as for containing false statements in certain “statements of changes” they respectively filed with the competent authorities, in violation of the “Financial Instruments and Exchange Act.”
In particular,
– In 2021 and 2022, the individual large-volume holder failed to file some “statements of large-volume holdings” and/or “statements of changes” by due dates, and contained false statements in two “statements of changes.”
– In 2021 and 2022, SINCERE Corporation failed to file some “statements of large-volume holdings” or “statements of changes” by due dates, and contained false statements in one “statement of changes.”
– In 2022, Kabushiki Kaisha Waen Shoji failed to file “statements of changes” by due dates twice, and contained false statements in two “statements of changes.”
The orders were issued in response to a recommendation from the Securities and Exchange Surveillance Commission (SESC) based on what was ascertained from inspections conducted by the SESC mainly in terms of the violation of disclosure requirements pertaining to the statements of large-volume holdings and/or the statements of changes in regard to stocks of MITSUBOSHI CO., LTD.
* As this entity has no English corporate name, the Romanized version of the Japanese corporate name is stated here. Kabushiki Kaisha (Kabushiki Gaisha) stated in the corporate name means “stock company” in Japanese.
The original press release is available in Japanese.(1)(2)(3)
Others
August 29, 2024
August 28, 2024
Request for financial measures to deal with disasters caused by Typhoon No.10, 2024 (the Tokai Local Finance Bureau and the Kyushu Local Finance Bureau)
<Summary>
The following Local Finance (Branch) Bureaus alongside the competent Branches of the Bank of Japan issued statements titled “Financial Measures to Deal with Disasters Caused by Typhoon No.10, 2024” to the relevant financial institutions:
– The Nagoya Local Finance Branch Bureau of the Tokai Local Finance Bureau alongside the Nagoya Branch of the Bank of Japan ( Statement issued as of August 28, 2024)
– The Kagoshima Local Finance Branch Bureau of the Kyushu Local Finance Bureau alongside the Kagoshima Branch of the Bank of Japan (Statement issued as of August 28, 2024)
– The Miyazaki Local Finance Branch Bureau of the Kyushu Local Finance Bureau alongside the Kagoshima Branch of the Bank of Japan (Statement issued as of August 29, 2024) , and
– The Oita Local Finance Branch Bureau of the Kyushu Local Finance Bureau alongside the Oita Branch of the Bank of Japan (Statement issued as of August 29, 2024)
The said statements (available only in Japanese) request financial institutions in Aichi, Kagoshima, Miyazaki, and Oita prefectures* to appropriately deal with victims of the disaster considering their circumstances, such as by making the repayment of deposits flexible.
* Matters related to financial measures in Aichi prefecture fall within the purview of the Tokai Local Finance Bureau, whereas those in Kagoshima, Miyazaki and Oita prefectures fall within the purview of the Kyushu Local Finance Bureau.
Disaster-affected areas in the said prefectures are currently subject to the “Disaster Relief Act.” If more areas in the prefecture become subject to the said Act, financial institutions in the prefecture will be requested to take measures in the same manner as above accordingly.
The original press release is available in Japanese.
August 28, 2024
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 business without proper registration. (See the updated list of foreign-based entities).
The list also includes 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.
August 26, 2024
Updated list of issuers of gift certificates in repayment procedures based on the ’Payment Services Act’（August 26）
August 26, 2024
Updated : Speeches （Vice Minister for International Affairs）
August 26, 2024
We have updated the “Cold Calling” list (as of July 31, 2024)
August 23, 2024
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 in July 2024 with relevant associations in the financial sector. (Available only in Japanese).
Common topics across the groups were:
– cyber security risk management for outside contractors/vendors regarding the services outsourced by financial institutions
– measures to combat financial crimes
– publication of a report on the current status and challenges regarding anti-money laundering and counter financing of terrorism (AML/CFT) in Japan (as of June 2024), and
– publication of an analysis report on financial institutions’ IT system failures.
Notable issues discussed by most but not all groups were:
– the request for financial measures to deal with disasters caused by the heavy rain from July 9, 2024 (issued by the Chugoku Local Finance Bureau), and the request for financial measures to deal with disasters caused by the heavy rain from July 25, 2024 (issued by the Tohoku Local Finance Bureau)
– “Basic Policy on Economic and Fiscal Management and Reform 2024” and “Grand Design and Action Plan for a New Form of Capitalism 2024 Revised Version,” and
– financial system stability-related matters, including the publication of “Progress Report on the Efficiency of Financial Intermediation.”
* 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 July 2024, opinion exchange meetings were held respectively with the following seven 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 Life Insurance Association of Japan; the General Insurance Association of Japan; and the Japan Securities Dealers Association (JSDA).
