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    JFSA Consults on Rules in Final Basel Package and on LIBOR Cessation

    September 28, 2021

    The Japanese Financial Services Agency (JFSA) proposed amendments to the regulatory notices on credit risk, credit valuation adjustment (CVA) risk, and market risk capital requirements under the Basel framework. The comment period on the consultation closes on October 29, 2021. The "partial amendments to the notifications" on credit, CVA, and market risks will be applied from March 31, 2023, for internationally unified standard financial institutions and domestic standard financial institutions that use internal models. For other domestic standard financial institutions, the application can be extended for one year—that is, the amendments will be applicable from March 31, 2024.

    In addition, JFSA issued for consultation the draft regulatory notice designating certain rules based on Article 2, Paragraphs (1) and (2) of the "Cabinet Office Order on Restrictions on Over-the-Counter-Derivatives Transactions," in response to the cessation of LIBOR. The proposal intends to develop rules for the obligation of centralization of clearing as well as rules for transactions subject to electronic trading platform regulations. JFSA is requesting comments until October 08, 2021.

     

    Comment Due Date: October 29, 2021 (Basel)/October 08, 2021 (LIBOR)

    Keywords: Asia Pacific, Japan, Banking, Securities, Credit Risk, Market Risk, CVA Risk, Basel, LIBOR, OTC Derivatives, Pillar 1, Pillar 3, Disclosures, Regulatory Capital, Benchmark Reforms, Reporting, JFSA

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