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FSA Weekly Review No.553 September 15, 2023

CryptoFSA Weekly Review No.553 September 15, 2023

September 6, 2023
Publication of the draft amendments to the “Guidelines for Administrative Processes” regarding crypto-asset exchange service providers and to the “Comprehensive Guidelines for Supervision of Trust Companies, etc.” (provisional English title) for public consultation

The FSA proposed the draft amendments to the “Guidelines for Administrative Processes” regarding crypto-asset exchange service providers and to the “Comprehensive Guidelines for Supervision of Trust Companies, etc.” (provisional English title for the Comprehensive Guidelines) [hereinafter collectively referred to as the “proposal”] for public consultation.

The proposal mainly intends to set forth the following in the Guidelines:

– Disclosure of information by a crypto-asset exchange service provider, etc. when it has a parent company located abroad, and responses to be taken by the competent supervisory authority in terms of on- and off-site inspection and monitoring thereof, and

– Measures required to be taken by a crypto-asset exchange service provider, etc. when the crypto-asset exchange service provider, etc. provides services using a common crypto-asset trading system and/or a common administrative system for the custody of users’ assets with its parent company, etc.

Public comments will be accepted until 5:00 p.m. [JST], October 6, 2023.

The original press release is available in Japanese at the following URL:
https://www.fsa.go.jp/news/r5/sonota/20230906/20230906.html

September 6, 2023
Publication of the finalized “Cabinet Office Order to Amend the Cabinet Office Order on Restrictions on Securities Transactions, etc.” after public consultation

The FSA published the finalized “Cabinet Office Order to Amend the Cabinet Office Order on Restrictions on Securities Transactions, etc.” after public consultation.
The finalized Cabinet Office Order exempts transactions related to “actively managed” ETFs (Exchange Traded Funds) for which no specific index exists from short-selling regulations.
The finalized Cabinet Office Order was enforced on September 7, 2023.

The original press release is available in Japanese at the following URL:
https://www.fsa.go.jp/news/r5/shouken/20230906/20230906.html

September 4, 2023
Publication of the draft “Handling Guidelines for Business Operators that Fall within the Purview of the FSA to Eliminate Discrimination against People with Disabilities” and the draft “Handling Directions for the FSA Officials to Eliminate Discrimination against People with Disabilities” [provisional English titles] for public consultation

The FSA published the draft “Handling Guidelines for Business Operators that Fall within the Purview of the FSA to Eliminate Discrimination against People with Disabilities”(hereinafter referred to as the “Handling Guidelines”) and the draft ” Handling Directions for the FSA Officials to Eliminate Discrimination against People with Disabilities” (hereinafter referred to as the “Handling Directions”)  [provisional English titles] (hereinafter collectively referred to as the “proposal”) for public consultation.
The proposal intends to provide consequential amendments to the said Handling Guidelines and Handling Directions in response to the Cabinet decision (as of March 14, 2023) for the enforcement of the “Act on Partially Amending the Act for Eliminating Discrimination against Persons with Disabilities” [Act No. 56 of 2021] (enforcement scheduled on April 1, 2024), which is mainly aimed at making it mandatory for business operators to provide reasonable accommodation for people with disabilities in terms of accessibility, inclusivity, etc.
Public comments will be accepted until 5:00 p.m. [JST], October 4, 2023.

The original press release is available in Japanese at the following URL:
https://www.fsa.go.jp/news/r5/sonota/20230904/20230904.html

September 1, 2023
Publication of the draft “Cabinet Office Order to Amend the Cabinet Office Order on Financial Instruments Business, etc.” for public consultation

The FSA proposed the draft “Cabinet Office Order to Amend the Cabinet Office Order on Financial Instruments Business, etc.” (hereinafter referred to as the “proposal”) for public consultation.

The proposal is aimed at the following:

– providing amendments reasonably considered necessary to enable special financial instruments business operators (Type I financial instruments business operators with total assets exceeding one trillion yen) to comply with various consolidation regulations under IFRS (International Financial Reporting Standards) and other relevant and applicable standards, and

– setting forth that Type I financial instruments business operators and registered financial institutions are not required to file a “Report on Affiliated Companies” if they do not have any reportable affiliated companies.

Public comments will be accepted until October 2, 2023

The original press release is available in Japanese at the following URL:
https://www.fsa.go.jp/news/r5/shouken/20230901-2/20230901-2.html

September 1, 2023
Publication of the Revised Draft of “Guidelines for Creating, Recordkeeping and Reporting of Transaction Information specified in Article 4(1) of the Cabinet Office Order on the Regulation of Over-the-Counter Derivatives Transactions, etc.” – Open for Public Comments

Press Releases

International

Councils

Banks

September 1, 2023
Decision on financing to Jimoto Holdings, Inc. (Kirayaka Bank, Ltd.) through state capital participation

The FSA published the Business Strengthening Plan filed by Jimoto Holdings, Inc. (Kirayaka Bank, Ltd.), in response to a decision where financing to Jimoto Holdings, Inc. (Kirayaka Bank, Ltd.) through state capital participation was made pursuant to the “Act on Special Measures for Strengthening Financial Functions.”
Consecutively, the FSA approved as appropriate upon validation and assessment the amended Business Strengthening Plans respectively filed by Kirayaka Bank, Ltd. alongside Jimoto Holdings, Inc., and by THE SENDAI BANK, LTD. alongside Jimoto Holdings, Inc., thereby publishing those plans on its web portal pursuant to the said Act.

The original press release is available in Japanese at the following URL:
https://www.fsa.go.jp/news/r5/ginkou/20230901/20230901-1.html

Story from www.fsa.go.jp

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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