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FSA Weekly Review No.555 September 28, 2023

Recent Regulations & NewsFSA Weekly Review No.555 September 28, 2023

Week of September 15, 2023 – September 21, 2023

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

September 15, 2023
Publication of the draft “Cabinet Office Order to Amend the Cabinet Office Order on the Designation, etc. of Specified Social Infrastructure Providers and Other Related Entities, Based on 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] and other relevant and applicable draft Orders for public consultation

<Summary>
The FSA proposed the draft “Cabinet Office Order to Amend the Cabinet Office Order on the Designation, etc. of Specified Social Infrastructure Providers and Other Related Entities, Based on 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] and other relevant and applicable draft Orders (hereinafter collectively referred to as “the proposal”) for public consultation.
The proposal is mainly aimed at setting forth a description (details) of the constituent facilities and important maintenance and management, etc. applicable to the financial sector as well as the modalities and procedures pertaining to matters to be notified, etc. when introducing specified-important facilities or entrusting other business operators to maintain and manage specified-important facilities, etc., in response to the enforcement of the ” Economic Security Promotion Act” (provisional English title).
Public comments will be accepted until 11:59 p.m. [JST], October 14, 2023.

The original press release is available in Japanese at the following URL:
https://www.fsa.go.jp/news/r5/sonota/20230915/20230915.html

September 15, 2023
Publication of the finalized amendments to the “Cabinet Office Order on Disclosure of Corporate Affairs” and others (in regard to the notification prior to the approval of listing) after public consultation

<Summary>
The FSA finalized the amendments to the “Cabinet Office Order on Disclosure of Corporate Affairs” and others (in regard to the notification prior to the approval of listing) after public consultation.
The finalized amendments mainly provide amendments to the said Cabinet Office Order in response to the recommendation to review the IPO pricing process set out in the interim report of the “Working Group on Corporate Disclosure” (FY 2021) of the Financial System Council published in June 2022, which is based on a report of the “Working Group on the IPO (Initial Public Offering) Pricing Process,” published by the Japan Securities Dealers Association (JSDA) in February 2022.
The said JSDA’s report sets out improvement measures, recommending that a review of the IPO pricing process, etc., should make steady progress while the necessary regulatory responses are taken.
The report points out the necessity to shorten the listing schedule with more flexibility in setting the schedule, and suggests an improvement measure that a securities registration statement (hereinafter referred to as “pre-approval notification”) be filed with the FSA prior to the approval of listing, and that the practical application for the fill-in requirements, etc., of the pre-approval notification be considered accordingly. In this context, the finalized amendments provide amendments to the fill-in requirements of the pre-approval notification.
The finalized amendments will be enforced on October 1, 2023.

The original press release is available in Japanese at the following URL:
https://www.fsa.go.jp/news/r5/sonota/20230915-2/20230915-2.html

Press Releases

Publication

Councils

September 21, 2023
Publication of the agenda and handouts of the 18th meeting of the “Expert Panel on Sustainable Finance”
<Summary>
The FSA published the agenda and handouts of the 18th meeting of the “Expert Panel on Sustainable Finance,”* which was held on September 22, 2023.
The secretariat of the expert panel (i.e. the FSA) gave a briefing on the modalities and themes for future discussions, whereupon the expert panel members engaged in a discussion.
*The Expert Panel is composed of business, financial, and academic experts with observers of officials from pertinent ministries and agencies. The FSA (Strategy Development Division, Strategy Development and Management Bureau) serves as the secretariat.

The original press release is available in Japanese at the following URL:
https://www.fsa.go.jp/singi/sustainable_finance/siryou/20230922.html

Securities

September 15, 2023
Administrative monetary penalty against an individual for committing insider trading regarding stocks of CellSource Co., Ltd., by using insider information obtained as an employee of the entity

<Summary>
On September 14, 2023, the FSA issued an order to impose an administrative monetary penalty against an individual for committing insider trading regarding stocks of CellSource Co., Ltd., by using insider information obtained as an employee of the entity and purchased the stocks on the employee’s relative’s account, in violation of the “Financial Instruments and Exchange Act.”

The original press releases are available in Japanese at the following URLs:
https://www.fsa.go.jp/news/r5/shouken/20230914-1.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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