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FSA Weekly Review No.589 June 6, 2024

Money LaunderingFSA Weekly Review No.589 June 6, 2024

May 28, 2024
Publication of the draft “Cabinet Office Order to Amend the Cabinet Office Order on Definitions Under Article 2 of the Financial Instruments and Exchange Act” and others for public consultation
<Summary>
The FSA proposed the draft “Cabinet Office Order to Amend the Cabinet Office Order on Definitions Under Article 2 of the Financial Instruments and Exchange Act” and others (hereinafter collectively referred to as the “proposal”) for public consultation.
The proposal is mainly intended to provide necessary amendments to the said Cabinet Office Order to set forth increases in the amount of one-time contributions to shareholding associations that meet certain requirements and to expand the scope of such contributions.

Public comments will be accepted until 5:00 p.m. (JST), June 27, 2024.

The original press release is available in Japanese.

May 24, 2024
Publication of the draft amendments to the “Comprehensive Guidelines for Supervision of Major Banks, etc.” and other relevant and applicable Guidelines for public consultation
<Summary>
The FSA proposed the draft amendments to the “Comprehensive Guidelines for Supervision of Major Banks, etc.” and other relevant and applicable Guidelines (hereinafter referred to as the “proposal”) for public consultation.
While the current Comprehensive Guidelines set forth that the FSA will request financial institutions to take financial measures when a disaster has occurred or is likely to occur, the proposal is intended to provide amendments to those Comprehensive Guidelines to expressly set out the content of such a request.
Public comments will be accepted until 5:00 p.m. (JST), June 24, 2024.

The original press release is available in Japanese.

Press Releases

Publication

Councils

May 28, 2024
Publication of the agenda and handouts of the second meeting of the “Expert Panel on Venture Capital (VC) Funds”
<Summary>
In response to the “Policy Plan for Promoting Japan as a Leading Asset Management Center” (published by the “Council of New Form of Capitalism Realization” of the Japanese government on December 13, 2023), the FSA and Ministry of Economy, Trade and Industry (METI) jointly published the agenda and handouts of the second meeting of the “Expert Panel on Venture Capital (VC) Funds,”* which was held on May 28, 2024.
May 27, 2024
Publication of the agenda and handouts of the 23rd meeting of the “Expert Panel on Sustainable Finance”
<Summary>
The FSA published the agenda and handouts of the 23rd meeting of the “Expert Panel on Sustainable Finance,”* which was held on May 28, 2024.
In the 23rd meeting, the expert panel members engaged in a discussion on corporate disclosure and diversifying sustainability issues.

* 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.

Banks

May 28, 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 March 31, 2024.

The original press release is available in Japanese.

May 24, 2024
Information sharing on cases regarding unauthorized use of bank accounts
<Summary>
The FSA and local finance bureaus provide information regarding unauthorized use of bank accounts to relevant financial institutions and law enforcement authorities after obtaining consents from informants. The FSA has published statistics that include the number of information sharing on cases regarding unauthorized use of bank accounts until March 31, 2024 since September 2003, along with the corresponding actions taken by financial institutions.

The original press release is available in Japanese.

Securities

May 28, 2024
Administrative actions against Kabushiki Kaisha E-RA Capital, FLAVA Corporation, and Kabushiki Kaisha Traffic, notifiers of specially permitted businesses for qualified institutional investors (SPBQII)
<Summary>
The Kanto Local Finance Bureau took administrative actions against Kabushiki Kaisha E-RA Capital, FLAVA Corporation, and Kabushiki Kaisha Traffic, notifiers of specially permitted businesses for qualified institutional investors (SPBQII), based on facts found to be in violation of the “Financial Instruments and Exchange Act” (FIEA), such as the entities failed to file mandatory business reports (“jigyo-hokokusho” in Japanese), thereby ordering the improvement of their business operations pursuant to the FIEA.

*The orders to improve their business operations include the following:

– Swiftly file the mandatory business reports with the said Bureau.

– Investigate the causes of the act; formulate reoccurrence preventive measures; and develop appropriate business conduct systems and legal and regulatory compliance structures.

– Take measures to improve the understanding and awareness of regulatory compliance among officers and employees.

– Report in writing the status of actions and implementation of (1) through (3) above until completion (as soon as improvement measures are formulated and implemented).
Note: As the said entities have no English corporate names, the Romanized versions of the Japanese corporate names are stated here. Kabushiki Kaisha (Kabushiki Gaisha) stated in the corporate names means “stock company” in Japanese.

The original press release is available in Japanese.

Insurance

Others

May 29, 2024
License for funds transfer transaction analysis service providers granted to Cooperation agency for Anti-Money Laundering(CAML)
<Summary>
The FSA granted Cooperation agency for Anti-Money Laundering(CAML) a license for funds transfer transaction analysis service providers that conduct transaction monitoring, etc. commissioned by multiple financial institutions, etc., pursuant to the amended “Payment Services Act,” which was enacted in June 2022 and enforced in June 2023.
This is the third time that the FSA has granted a license to a funds transfer transaction analysis service provider since the approval system for funds transfer transaction analysis service providers was introduced under the said amended Act.

The original press release is available in Japanese.

May 29, 2024
Updated list of issuers of gift certificates in repayment procedures based on the “Payment Services Act”

May 28, 2024
Updated : Speeches (Vice Minister for International Affairs)

May 28, 2024
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 Councillors
<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 Councillors. 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.

May 24, 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 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.

May 24, 2024
Updated its pamphlet titled “Game companies are required to notify the Japanese authority (Local Finance Bureau) in accordance with the Payment Services Act.”

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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