FINANCIAL SERVICES AGENCY

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    Enforcement

    SG Firm Allegedly Swindled JPY 135 Billion in Japan’s Largest Scam

    By Nithya Subramanian | 01/03/2024

    Sky Premium International has been accused of involvement in foreign exchange margin trading, labeled as an illegitimate “pyramid scheme”, wooing investors through a network of 570 salespeople.

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    Crypto / Digital Assets

    HK-based Crypto Firm BitForex Disappears With User Funds

    By Mark Johnston | 27/02/2024

    $56mn in crypto was removed from the exchange before it stopped processing transactions and responding to user queries.

    Capital / Liquidity

    CFTC Grants TAIFEX Exemption to Clear Swaps for US Participants

    By Manesh Samtani | 26/02/2024

    TAIFEX has relied on temporary no-action relief since September 2022. ‘Exempt DCO’ status gives it a lasting right to clear OTC derivatives for US participants.

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    Securities / Derivatives

    Japan to Allow Mutual Funds to Invest in Unlisted Shares

    By Mark Johnston | 19/02/2024

    The move will allow retail investors to buy into early stage startups, which will also gain access to more funding prior to an IPO.

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    Enforcement

    Major Japan Insurers Directed to Divest ‘Strategic Shareholdings’

    By Editors | 14/02/2024

    The FSA suspects that the competitive environment may have been distorted by the practice of insurers’ holding shares in client companies.

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    Enforcement

    Japan FSA Issues Orders to Insurance Major Over Fraud Scandal

    By Editors | 29/01/2024

    Sompo Japan Insurance is required to draw up an improvement plan including steps to change its corporate culture, enhance customer protection, and improve governance.

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    AML / KYC

    Japan FSA Proposes to Add Jurisdictions to Travel Rule

    By Editors | 27/01/2024

    Eight countries were added, including the UAE, India, Indonesia, the UK, Estonia, Nigeria, Bahrain, and Portugal.

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    Enforcement

    FSA Japan Issues Orders Against Major Insurers for Price-Fixing

    By Editors | 27/12/2023

    The insurers coordinated with each other when negotiating contracts with corporate customers on insurance premiums, affecting more than 570 policyholders.

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    Crypto / Digital Assets

    Japan Approves Reforms to End Tax on Unrealised Crypto Gains

    By Editors | 27/12/2023

    Crypto assets issued by third party organisations can be held by corporations without being marked-to-market for taxation.

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    Securities / Derivatives

    Japan Prepares to Launch ‘Asset Management Forum’

    By Editors | 26/12/2023

    A committee has been established to plan the launch of a new platform to promote Japan’s asset management industry internationally.

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