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    JFSA Amends Notices on IFRS 9 and Capital Adequacy Requirements

    March 19, 2020

    JFSA published, in the Official Gazette, amendments to the regulatory notice of the "designated International Financial Reporting Standards" stipulated in the "Regulation for Terminology, Forms, and Preparation of Consolidated Financial Statements." The designated reporting standards are IFRS 9 on financial instruments, IAS 39 on recognition and measurement of financial instruments, and IFRS 7 on disclosure of financial instruments. The amended regulatory notice has been enforced on March 19, 2020. JFSA also published results of the consultation on amendments to the regulatory notices related to capital adequacy (Pillar 1 requirements).

    The amendments to the regulatory notices related to capital adequacy mainly revise the capital adequacy regulation on double-gearing (restriction on banks' investments in other banks). JFSA received a total of eights comments on the consultation. The amended regulatory notices and supervisory guidelines will be applied from the date of promulgation, which will be announced in due course.

    Additionally, JFSA proposed draft amendments to the comprehensive guidelines for supervision of major banks, small, medium and regional financial institutions, insurance companies, and other institutions, along with the draft regulatory notice that highlights documents to be submitted to the JFSA pursuant to the provisions of Article 349 of the "Cabinet Office Order on Financial Instruments Business, etc." To improve administrative procedures utilizing information and communications technology and ensure simplification and efficiency of administrative operations, the proposal intends to expressly set forth in the guidelines the specifics of administrative procedures through online application. Opinions on the proposal are requested by April 13, 2020.

     

    Effective Date: March 19, 2020

    Keywords: Asia Pacific, Japan, Banking, Insurance, Financial Instruments, IFRS 9, IAS 39, Dislcosures, IFRS 7, Pillar 1, Capital Adequacy, Basel, Regulatory Capital, JFSA

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