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    BOJ and JFSA Make Various Announcements for Financial Sector Entities

    March 08, 2022

    The Financial Services Agency of Japan (JFSA) published "Guidelines for Business Revitalization, etc. of Small- and Medium-size Enterprises," warned financial institutions to strengthen cybersecurity measures, and issued a statement on financing for small and medium-size enterprises (SMEs). Additionally, the Bank of Japan (BOJ) issued a statement on the establishment of Cross-Industry Forum on interest rate benchmarks.

    Below are the key details of the recent updates:

    • The "Guidelines for Business Revitalization, etc. of Small- and Medium-sized Enterprises" clarify the roles to be played by SMEs and financial institutions at the respective stages of "normal times" and "emergencies," present basic perspectives on business revitalization, and establish new rules for a private liquidation procedure.
    • JFSA issued a warning to financial institutions via their industry associations to call for enhancements of cybersecurity measures against the increasing potential risk of cyber-attacks. In the warning, JFSA urged financial institutions to implement appropriate security measures to be able to control risks with a view of the entire supply chain, including their business partners. JFSA also requested financial institutions to promptly report to JFSA and/or the Local Finance Bureaus in the event of a cyber-attack.
    • JFSA requested relevant financial institutions to continue to facilitate financing for SMEs amid heightened economic uncertainty in light of the prolonged impact of COVID-19 and the ongoing developments in Ukraine.
    • BOJ announced the establishment of Cross-Industry Forum on Interest Rate Benchmarks, following the reorganization of the Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks. The Forum will provide opportunities to exchange opinions on the small number of contracts in Japan, for which the transition from JPY LIBOR has not been completed,  as well as on the transition from LIBOR in other jurisdictions and foreign currencies, efforts on the enhancement of the reliability of Japanese yen interest rate benchmarks, and practical issues related to the choice and use of the benchmarks. The Forum will aim to facilitate smooth transactions referencing JPY interest rate benchmarks, with the participation of a wide range of market participants and interest rate benchmark users.

     

    Keywords: Asia Pacific, Banking, Cybersecurity, Cyber Risk, Credit Risk, SME, Liquidation Regime, Interest Rate Benchmark, LIBOR, BOJ, JFSA

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