IBA Japan Bi-weekly Newsletter

12th November 2024

Reminder: IBA Japan 40th Annual General Meeting – Registration Deadline This Friday

This is a friendly reminder that registration for IBA Japan's 40th Annual General Meeting and Reception, scheduled for Wednesday, 4th December 2024 at The Capitol Hotel Tokyu, will close this Friday, 15th November.

Don't miss this chance to connect with Mr. Hideki Ito, Commissioner of the Financial Services Agency of Japan, and engage with representatives from Japanese authorities, government ministries, and financial institutions. With expanded opportunities to meet and network across Japan's financial community, this event is open to all IBA Japan members.

Event Details:

Date: Wednesday, 4th December 2024

Time: AGM 17:30 – 18:30 | Reception 19:00 – 20:30

Venue: The Capitol Hotel Tokyu, Tokyo

Register here: https://forms.office.com/r/E72N0yyB49

Note: Feel free to share this invitation with your teams. Should any team members experience issues with registration or lack access to the link, please have them reach out directly to me at derek.ngo@ibajapan.org. 

FSA, Other Government Ministries, and Other Agencies’ Updates and Consultations

For the latest FSA Weekly Review, please see:

· FSA Weekly Review No.609 (Oct 31, 2024)

· FSA Weekly Review No.610 (Nov 08, 2024)

Senior Manager Update

On 30 Oct. 2024, the FSA released the result on the public consultation on their proposed government ordinances that responded to the FIEL and other relevant acts which were amended in 2023.  Most of the revised rules became effective on 1 Nov. 2024 where financial service providers must conduct their business in good faith and in fairness to their customers, while taking into consideration the best interests of their customers.

(E) FSA Weekly Review No.610 November 8, 2024

(J) 令和５年金融商品取引法等改正に係る政令・内閣府令案に関するパブリックコメントの結果等について：金融庁

IBA Japan Events (Save the date)

Broadridge Seminar:

Join us on November 13th (Wednesday) for an in-person breakfast meeting hosted by Broadridge, featuring Mr. German Soto and Joseph Lo, on "Innovative AI Solutions for the Modern International Bank". This session will explore AI's transformative role in streamlining operations for financial institutions. The event will be held at Tokyo American Club, Azabudai.

· Date: 13th November 2024 (Wednesday)

· Time: 08:30 – 09:30 (JST)

· Venue: Tokyo American Club, Azabudai
2 Chome-1-2 Azabudai, Minato City, Tokyo 106-8649

For inquires email derek.ngo@ibajapan.org.

Upcoming Webinar: 2024年金融商品取引法改正による公開買付制度及び大量保有報告制度の変更と金融機関の実務への影響

Yukihito Machida from Atsumi & Sakai will provide an in-depth overview of the 2024 amendments to the Financial Instruments and Exchange Act, focusing on changes to the Tender Offer Rules and Large Shareholding Reporting System and their impact on financial institutions’ practices.

Further details to come in the following week.

IBAJ's articles of interest

Tokyo District Court Orders Suspension of Unregistered Investment Activities by Global Investment Lab Executives

The Tokyo District Court has issued an order prohibiting Global Investment Lab Co., Ltd. and three of its executives from engaging in unregistered financial product solicitation in Japan. This action, prompted by a request from the Securities and Exchange Surveillance Commission (SESC), addresses the company’s violation of the Financial Instruments and Exchange Act through unlicensed promotion of foreign financial products.

The SESC advises caution when engaging with unregistered entities, noting the lack of equivalent protections to Japan’s regulatory standards. This case serves as a reminder for institutions to maintain stringent compliance with Japan’s financial product registration requirements.

Please find the original publication (in Japanese) here: https://www.fsa.go.jp/sesc/news/c_2024/2024/20241031-1.html

Japan Commits $1 Billion to World Bank’s Portfolio Guarantee Platform

On October 25, 2024, Japan’s Finance Minister Shunichi Kato met with World Bank President Ajay Banga in Washington, D.C., to sign an agreement on the Portfolio Guarantee Platform (PGP). Under this framework, donor countries provide credit guarantees for World Bank loans, enhancing lending capacity to developing countries. Japan’s $1 billion commitment to the PGP will support the World Bank’s mission to expand financial resources for emerging economies, underscoring Japan’s role in promoting global economic stability and development.

The original publication on from the Ministery of Finance (in Japanese) here: https://www.mof.go.jp/policy/international_policy/convention/dialogue/20241025.html

Update on Japan’s Currency Intervention

On July 11, 2024, Japan’s Ministry of Finance (MOF) conducted a notable foreign exchange intervention, with approximately $20.7 billion directed towards addressing yen depreciation. This activity is detailed in recent MOF reports:

· Monthly Report: The June 27–July 29, 2024, report confirms a total intervention of ¥5,534.8 billion.

· Quarterly Report: The July–September 2024 report, published on November 8, offers specific day-by-day data, showing a substantial intervention around July 11.

The Japan Fintech Week (2025) is now live (as of Nov 6th) 

https://www.fsa.go.jp/policy/japanfintechweek/2025/index_en.html
That concludes this weeks bi-weekly newsletter. 

As the temperature drops, we hope that all our members stay warm and healthy.