Featured Product

    JFSA Consults on Its Draft Report on Supervisory Approaches

    January 05, 2018

    The Financial Services Agency of Japan (JFSA) has issued the English translation of its draft report on the supervisory approaches and calls for public comments by February 14, 2018. The report aims to present how JFSA intends to transform its supervisory approaches to enable both the JFSA and the industry to continuously benefit from the interaction between them and reform and innovate themselves. This report describes the approaches commonly applicable to supervision of financial institutions subject to the JFSA regulations.

    The existing supervisory approaches rely on the elaborate system of checklists. Rigorous loan-by-loan review conducted by JFSA contributed to the resolution of the non-performing loan problems, but might not be effective in preventing the next crisis. Compliance checks repeated year after year by JFSA have made firms improve their internal control, but may also have worked to stifle their initiative to innovate.

    A panel of experts commissioned by JFSA, the Advisory Group on Supervisory Approaches, submitted a report “Transforming the JFSA's supervisory approaches” to JFSA in March 2017. It recommended JFSA to recast its existing supervisory approaches, which focus on backward-looking, element-by-element check on the compliance with formal requirements, into those based on substantive, forward-looking, and holistic analysis and judgment. The panel also recommended JFSA to review whether its approaches are consistent with the ultimate goal of financial regulation. This report is the response of JFSA to the panel’s report and describes how it intends to implement the panel’s recommendations.

     

    Comment Due Date: February 14, 2018

    Keywords: Asia Pacific, Japan, Banking, Securities, Insurance, Supervisory Approaches, JFSA

    Related Articles
    News

    EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.10

    EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.

    July 10, 2020 WebPage Regulatory News
    News

    FASB Proposes to Delay Implementation of Insurance Contracts Standard

    FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).

    July 09, 2020 WebPage Regulatory News
    News

    EBA Calls on Resolution Authorities to Consider Impact of COVID Crisis

    EBA published a statement on resolution planning in light of the COVID-19 pandemic.

    July 09, 2020 WebPage Regulatory News
    News

    ESMA Updates Reporting Manual on European Single Electronic Format

    ESMA updated the reporting manual on the European Single Electronic Format (ESEF).

    July 09, 2020 WebPage Regulatory News
    News

    BCBS and FSB Set Out Recommendations for Benchmark Transition

    BCBS and FSB published a report on supervisory issues associated with benchmark transition.

    July 09, 2020 WebPage Regulatory News
    News

    APRA Updates Regulatory Approach to Loan Deferrals Amid COVID Crisis

    APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.

    July 09, 2020 WebPage Regulatory News
    News

    IAIS Sets Out Recommendations for Benchmark Transition for Insurers

    IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.

    July 09, 2020 WebPage Regulatory News
    News

    BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework

    BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework

    July 08, 2020 WebPage Regulatory News
    News

    PRA Statement on Application of Matching Adjustment Amid Crisis

    PRA published a statement to insurers that clarifies the approach to application of the matching adjustment during COVID-19 crisis.

    July 07, 2020 WebPage Regulatory News
    News

    EBA Provides Clarity on Implementation of Certain COVID-19 Policies

    EBA published a report on the implementation of selected COVID-19 policies within the prudential framework for banking sector.

    July 07, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5453