JFSA Proposes to Amend Supervisory Guidelines for Major Banks
JFSA published draft amendments to the "comprehensive supervision guidelines for major banks," with the comment period ending on May 17, 2021. Additionally, JFSA finalized amendments to the "comprehensive guidelines for supervision of small- and medium-size and regional financial institutions." The amendments expressly set forth the perspective of adapting to the "new normal" circumstances and improving business/operational productivity, taking into account the prolonged impact of COVID-19 pandemic. The guidelines note that sharing expertise and know-how with other financial institutions across organizations and regions can be a way to improve the competence of sales representatives in ensuring effective financial intermediation. The amendments came into effect on April 30, 2021.
Comment Due Date: May 17, 2021
Effective Date: April 30, 2021
Keywords: Asia Pacific, Japan, Banking, SME, COVID-19, Governance, Operational Risk, JFSA
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