Aggregated News From Investment Management Regulators

Finalization of Cabinet Office Order to Partially Amend Cabinet Office Order on Financial Instruments Business, etc., the Ordinance to Partially Amend the Ordinance on Financial Services Providers’ Deposit for Operation and Regulatory Notices

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1.Result of the Public Consultation

The Financial Services Agency (“FSA”) published the following proposals for public consultation between November 6 and December 7, 2020.

  • The Cabinet Office Order to partially amend Cabinet Office Order on Financial Instruments Business, etc.
  • The Ordinance to partially amend the Ordinance on Financial Services Providers’ Deposit for Operation, and
  • Regulatory Notices

As a result, the FSA received 15 comments from 3 entities. The FSA greatly appreciates those who considered these proposals.

Appendix1 sets out the FSA’s responses to the comments received on the proposals. While the FSA received several comments beyond the scope of the proposals too, the FSA will consider them to leverage for the FSA’s financial regulatory policy.

2.Key Points of the Amendment

Prime Minister SUGA Yoshihide stressed in his first policy speech to the Diet in October that the Japanese government will pursue a range of initiatives for a global financial center in Asia and the world. Strengthening Japan’s functions as a global financial center will help to make global financial markets more resilient against crises such as natural disasters through geographical diversification of financial centers. Also, that will help create new employment and business opportunities as well as economic growth of Japan.
The entry of foreign asset management firms into Japanese markets is important for that purpose.
The amendment allows foreign asset management firms and other eligible financial business operators to complete the registration process in English for designated types of business under the Financial Instruments and Exchange Act.

Besides the above, the FSA has today established “Financial Market Entry Office” which handles pre-application consultation, registration, and supervision for newly entering asset management firms as a single point of contact with all communications available in English.

3.Date of Promulgation and Enforcement

The Cabinet Office Order, the Ordinance and the Regulatory Notices have been promulgated and come into effect as of today, January 12, 2021.

 (Appendix 1)The summary of comments received during the public consultation and the FSA’s responses
(Appendix 2)Cabinet Office Order to partially amend Cabinet Office Order on Financial Instruments Business, etc.
(Appendix 3)The Ordinance to partially amend the Ordinance on Financial Services Providers’ Deposit for Operation
(Appendix 4)Regulatory Notice specifying necessary matters based on Article 350 (1) and (2) of the Cabinet Office Order on Financial Instruments Business, etc.
(Appendix 5)Regulatory Notice specifying necessary matters based on Article 18 (1) of the Ordinance on Financial Services Providers’ Deposit for Operation  

This news item was originally published by the Financial Services Agency (FSA JP). For more information, see the Source Link.

Regulator Information

Abbreviation: FSA
Jurisdiction: Japan

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