Featured Product

    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

    Related Articles

    UK Authorities Consult on Implementation of Basel 3.1 Standards

    The UK authorities have published consultations with respect to the Basel requirements for banks. The Prudential Regulation Authority (PRA) published the consultation paper CP16/22 on rules for the implementation of Basel 3.1 standards.

    November 30, 2022 WebPage Regulatory News

    ESAs Issue Multiple Regulatory Updates for Financial Sector Entities

    The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.

    November 15, 2022 WebPage Regulatory News

    FSB and NGFS Publish Initial Findings from Climate Scenario Analyses

    The Financial Stability Board (FSB) and the Network for Greening the Financial System (NGFS) published a joint report that outlines the initial findings from climate scenario analyses undertaken by financial authorities to assess climate-related financial risks.

    November 15, 2022 WebPage Regulatory News

    FSB Issues Reports on NBFI and Liquidity in Government Bonds

    The Financial Stability Board (FSB) published a letter intended for the G20 leaders, highlighting the work that it will undertake under the Indian G20 Presidency in 2023 to strengthen resilience of the financial system.

    November 14, 2022 WebPage Regulatory News

    ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments

    The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.

    November 10, 2022 WebPage Regulatory News

    IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets

    The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.

    November 09, 2022 WebPage Regulatory News

    EBA Finalizes Methodology for Stress Tests, Issues Other Updates

    The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups

    November 09, 2022 WebPage Regulatory News

    EU Finalizes Rules Under Crowdfunding Service Providers Regulation

    The European Union has finalized and published, in the Official Journal of the European Union, a set of 13 Delegated and Implementing Regulations applicable to the European crowdfunding service providers.

    November 08, 2022 WebPage Regulatory News

    OSFI Sets Out Work Priorities and Reporting Updates for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.

    November 07, 2022 WebPage Regulatory News

    APRA Finalizes Changes to Capital Framework, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.

    November 03, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8597