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    JFSA Proposes Basel Rule Timelines; BOJ Updates COVID Relief Measures

    December 27, 2021

    The Financial Services Agency of Japan (JFSA) proposed changes to the regulatory notices pertaining to leverage ratio requirements. The proposal intends to extend until the end of March 2024 (for another two years) the temporal measure to exclude the outstanding balance of financial institutions' current accounts at the Bank of Japan (BOJ) from the calculation of leverage ratio exposures. Moreover, JFSA proposed that non-internationally active banks, which only use standardized approaches, may defer the implementation of the finalized Basel III framework until the end of March 2025. The feedback period on the proposals ends on January 24, 2022. JFSA also issued a letter to the Chair of the Board of Trustees of the IFRS Foundation welcoming the formation of the International Sustainability Standards Board (ISSB). Finally, the Bank of Japan (BOJ) updated certain relief measures in response to the COVID-19 pandemic, with these measures becoming effective on April 01, 2022.

    The amendments have been issued to the following support measures and programs:

    • Principal terms and conditions of the special funds supplying operations to facilitate financing—BOJ is partially extending the program for a period of six months until the end of September 2022. 
    • Special rules for member financial institutions of central organizations of financial cooperatives to use the special funds-supplying operations to facilitate financing—The special rules shall be valid through September 30, 2022.
    • Principal terms and conditions of complementary deposit facility
    • Principal terms and conditions of the interest scheme to promote lending

    Keywords: Asia Pacific, Japan, Banking, Basel, Leverage Ratio, ISSB, COVID-19, Credit Risk, SME, Lending, Regulatory Capital, Standardized Approach, ESG, Sustainable Finance, JFSA, BOJ

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