October 31, 2024 Announcement (consultation) of partial amendments to the “Insurance Business Law Enforcement Regulations regarding Economic Value-Based Solvency Regulation Framework” etc.
The Financial Services Agency consulted on the “Bill for Partial Amendments to the Enforcement Regulations of the Insurance Business Law Concerning the Economic Value-Based Solvency Regulatory Framework (hereinafter collectively referred to as the “Draft”)”.
This proposal mainly focuses on developing and amending the provisions of applicable government ordinances, regulatory notices, and the Comprehensive Supervisory Guidelines for Insurance Companies in response to the introduction of the new Economic Value-Based Solvency Regulatory Framework. The purpose is Regulations on insurance companies, etc.
Public comments will be accepted until noon on December 2, 2024 (Japan time).
The original press release is available in Japanese.
October 30, 2024 Following the enforcement (FY2023) of the “Act for Partial Amendment of the Act on Book-Entry Transfer of Corporate Bonds and Shares, etc.”, Cabinet Order, Cabinet Office Ordinance, and Public Notice Decisions have been made. has been announced. ” and other changes in the environment due to advances in information technology.
The Financial Services Agency promulgates the Cabinet Order, Cabinet Office Ordinance, and Notification Decision (hereinafter collectively referred to as the “Ministerial Ordinance, etc.”) corresponding to the “Act for Partial Amendment of the Act on Book-Entry Transfers for Corporations” after a public hearing. I did. In order to respond to environmental changes due to the advancement of information technology, “Corporate Bonds and Stocks” etc. came into effect on November 20, 2023.
This Cabinet Order mainly improves the provisions of the Cabinet Order regarding the digitization of investments, etc. by special corporations, etc., and the notice period for requesting disclosure of account information to current shareholders, etc.
Each final ministerial order came into force or became effective on November 1, 2024.
The original press release is available in Japanese.
October 30, 2024: Announcement of “Cabinet Ordinance/Cabinet Office Ordinance Concerning Amendments to the Financial Instruments and Exchange Act, etc.” finalized after public consultation.
The Financial Services Agency has promulgated the “Cabinet Order/Cabinet Office Ordinance Concerning Revision of the Financial Instruments and Exchange Act, etc.” after public consultation.
With the enforcement of the “Act for Partial Amendment of the Financial Instruments and Exchange Act, etc.”, which came into effect on November 20, 2023, the provisions of Cabinet Orders, Cabinet Office Orders, etc. have been revised.
In particular, the consequential fixes primarily concern:
・Obligation of good faith towards customers, etc.
・Review of analog regulations based on the “Plan for a major review of regulations in line with digital principles” (tentative title in English)
・Review of regulations on social lending, etc.
・Review of regulations regarding security tokens, etc.
・Obligation to post solicitation policies, etc. of financial instruments business operators, etc. on the Internet
The decided Cabinet Orders, Cabinet Office Orders, etc. will come into effect on November 1, 2024, respectively.
The original press release is available in Japanese.
October 25, 2024 Proposed amendments to “Points to note regarding disclosure of corporate information, etc. (Guidelines for disclosure of corporate information, etc.)” (tentative name) announced after public consultation
The Financial Services Agency has decided on a proposed amendment to the “Points to note regarding disclosure of corporate information, etc. (Guidelines for disclosure of corporate information, etc.)” (tentative title in English) (hereinafter referred to as the “Guidelines”) through public consultation.
The guidelines decided this time mainly concern the handling of due date approval for securities reports, etc.
In particular, the final guidelines make clear that:
・Handling approval in the event that an issuer that has already received approval from the competent authority to extend the deadline for submitting a securities report, etc. applies for approval again for the same securities report, etc.;
・Points to keep in mind regarding administrative procedures related to approval for extension of securities reports, etc. (promptly confirming the intention of the issuer applying for approval, encouraging issuers to prepare for application early, etc.) ).
The final guidelines went into effect on October 25, 2024.
The original press release is available in Japanese.
