Past Events

2013 Tax Reform and the Tax Environment for Foreign Financial Institutions

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Mr. Yutaka Kitamura, Executive Director, BTC Financial Services
Mr. Ichiro Suto, Partner, BTC Financial Services

On Friday, February 15, 2013, Mr. Kitamura and Mr. Suto from Ernst & Young Shinnihon Tax discussed recent developments in the Japanese tax system and their impact on foreign financial institutions. The presentation focused on cross-border tax rules including thin capitalization rules, the Japanese version of the “earnings stripping rule”, etc.

Legal/Regulatory  

Update on AML/KYC Regulations in Japan: Amendments to the Act on Prevention of Transfer of Criminal Proceeds

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Mr. Yoshio Horimoto, Managing Director, Promontory Financial Group
Mr. Masayuki Watanabe, Partner, Miyake & Partners

The National Police Agency (NPA) has undertaken to strengthen AML regulations in Japan to meet the global standards set by the Financial Action Task Force (FATF). In this regard, amendments to the Act on Prevention of Transfer of Criminal Proceeds were passed by the Diet in 2011. Mr. Horimoto and Mr. Watanabe discussed the regulations, currently being drafted by the authorities, to implement the amended law.

Legal/Regulatory  

2012 IBA Annual General Meeting, Address by FSA Commissioner & Reception

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The IBA held its 28th Annual General Meeting (AGM) on November 28 at the Okura Hotel in Tokyo, followed by a reception with 200 guests. The main speaker was the Commissioner of the Financial Services Agency, Mr. Ryutaro Hatanaka, who discussed recent trends in financial and capital markets, and regulatory and supervisory challenges.

IBA Annual General Meeting  

Financial Sector Regulatory and Compliance Seminar

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Mr. Haruhiko (Harry) Saito, CEO and Managing Director, TIC K.K.

Mr. Saito discussed the following topics: (1) recent regulatory dynamics; (2) new areas of focus and the regulatory intent; (3) major expectations on internal controls and key determinants of regulatory sanctions; and (4) practical measures for IBA member firms in dealing with regulators. The content was practical, covering recent regulatory concerning areas such as information controls, management of outsourced services and IT risk management.

Legal/Regulatory  

The FSA’s 2012-13 Supervisory Policy for Banks

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Mr. Shigeru Ariizumi, Director, Banks Division I, Inspection Bureau, Financial Services Agency

Mr. Ariizumi spoke on the FSA’s focus and policy of the supervision and the FSA’s financial institutions. The points addressed included more effective customer protection, evaluation of BCP and IT system management, and market risk and liquidity risk management given the recent market developments, especially in Europe and the U.S.

The SESC’s Basic Inspection Policy and Program 2012-13

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Mr. Yasuhito Suzuki, Director, Inspection Division, SESC

Mr. Suzuki gave an overview of the SESC inspection policy guidelines, which are the basis for the SESC’s inspections in 2012-13. The presentation was followed by a question and answer session. 

Legal/Regulatory  

The FSA’s 2012-13 Basic Inspection Policy for Banks

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Mr. Kiyotaka Sasaki, Deputy Director-General, Inspection Bureau, FSA

Mr. Sasaki gave an overview of the financial inspection policy for banks for 2012-13. Topics addressed included liquidity risk management on a global basis, dialogue with foreign financial institutions’ head/regional offices, and enhanced monitoring of foreign banks in cooperation with home country regulations.

Legal/Regulatory  

Full Day Introduction to Compliance Issues for Foreign Banks

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Mr. Yoshiki Uchida, President, MDP Business Advisory, Co., Ltd.

Mr. Uchida gave a course to member firm staff requiring an introduction to the legal, regulatory and compliance framework for foreign banks in Japan. This training combined a text-based lecture with hands-on practical case studies so that participants could increase their understanding of key compliance issues.

Training  

Full Day Introduction to Compliance Issues for Foreign Banks

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Mr. Yoshiki Uchida, President, MDP Business Advisory, Co., Ltd.

Mr. Uchida gave a course to member firm staff requiring an introduction to the legal, regulatory and compliance framework for foreign banks in Japan. This training combined a text-based lecture with hands-on practical case studies so that participants could increase their understanding of key compliance issues.

Training  

Regulations on OTC Derivative Transactions and Reporting Requirements

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Mr. Mamoru Nakaya, Senior Deputy Director, FSA
Mr. Hironobu Akamatsu, Deputy Director, FSA
Mr. Takanori Naito, Deputy Director, FSA

Mr. Nakaya, Mr. Akamatsu, and Mr. Naito from the Financial Services Agency discussed regulatory framework under the recently promulgated Cabinet Office Ordinance on OTC Derivative Transactions including the requirement to report OTC derivative transactions. The presentation consisted of an overview of the regulations on OTC derivative transactions with a central focus on of the Cabinet Office Ordinance on Regulations on OTC Derivative Transactions, as well as the purpose and specific details of the OTC derivative transaction reporting requirement.

Legal/Regulatory