Japan Financial Services Agency: Information On COVID-19 (Novel Coronavirus)

 Update of the English website may take a little time. For the latest information, please refer to our Japanese website.

Notice on Establishment of FSA Consultation Hotline Related to COVID-19

The FSA has established the Consultation Hotline Related to COVID-19 as outlined below. The purpose of the Hotline is to accept queries regarding to which contact point at financial institutions inquiries about COVID-19 should be directed, or consultations concerning transactions with financial institutions that have been impacted by COVID-19.
The FSA Consultation Hotline Related to COVID-19 is a toll-free line, so feel free to call for a consultation if you have concerns relate to transaction with financial institutions.
For more information, please see the website listed below.

Notice on Establishment of the FSA Consultation Hotline Related to COVID-19 (Novel Coronavirus) (February 28, 2020) (Available in Japanese)

0120-156811 (Toll-free) (10:00 a.m. to 5:00 p.m., Weekdays)
(Available only in Japanese)
Note: To dial using an IP phone, please call 03-5251-6813.

For those facing difficulties with cash flow as impact of the ongoing COVID-19 epidemic spreads

For those facing difficulties with cash flow (leaflet)

Financial Services Agency (FSA) has made a leaflet for those facing difficulties with cash flow as impact of the ongoing COVID-19 epidemic spreads.
Banks are providing timely and flexible cash flow support for companies and individuals. Please actively consult with your main banks.

”For those facing difficulties with cash flow as impact of the ongoing COVID-19 epidemic spreads”
(Japanese version: published April 8, 2020, English version: published April 8, 2020)

Notice to call for attention to prevent multiple debts
(Concerning factoring by paying high commission fees)

When a company concludes a factoring contract to procure funds through an assignment of accounts receivable, etc. by paying high commission fees or at high discount rates, there is a risk that the company may face a tighter cash-flow situation and result in owing multiple debts. Please pay great attention to avoid such situation.

Notice to call for attention to prevent multiple debts (Concerning factoring by paying high commission fees)
(Japanese version: published April 28, 2020, English version: published May 27, 2020)

Effectively Interest-free and Unsecured Loans by Private Financial Institutions

the government introduced effectively interest-free and unsecured loans provided via private financial institutions, utilizing local governments’ loan programs for the purpose of helping SMEs continue their businesses.
* Depending on the local governments’ loan programs, interest will be reimbursed to borrowers afterwards.

Effectively Interest-free and Unsecured Loans by Private Financial Institutions
(Japanese version: published May 1, 2020, English version: published May 27, 2020)

FSA urges vigilance on Crime Taking Advantage of the COVID-19 Pandemic

  It has been seen that calls, email, SMS, SNS, websites, etc. are used as a means of communication by criminals taking advantage of the outbreak of COVID-19.
  FSA urges individuals to remain vigilant against unknown calls, email and websites as such to avoid crime related to the COVID-19 pandemic.

"FSA urges vigilance on Crime Taking Advantage of the COVID-19 Pandemic!"
(Japanese version: published April 7, 2020, English version: published April 16, 2020)

Statement by Minister for Financial Services

Amendment to the “Act on Special Measures for Strengthening Financial Functions”

(Japanese version: published May 27, 2020, English version: published May 27, 2020)

Maintenance of the Functions of the Financial System and Financial Markets under the Declaration of a State of Emergency Responding to the Spread of the COVID-19 Infection

(Japanese version: published May 4, 2020, English version: published May 27, 2020)

Cash Flow Support for Businesses (Statement by Mr. Aso, Deputy Prime Minister, Minister of Finance and Minister of State for Financial Services, and Mr. Kajiyama, Minister of Economy, Trade and Industry)

(Japanese version: published April 27, 2020, English version: published May 27, 2020)

On maintaining the function of the financial system and financial markets under the declaration of a state of emergency responding to the spread of COVID-19

(Japanese version: published April 16, 2020, English version: published April 17, 2020)

On maintaining the function of the financial system and financial markets under the declaration of a state of emergency responding to the spread of COVID-19

(Japanese version: published April 7, 2020, English version: published April 7, 2020)

On ensuring sound market function and market fairness

(Japanese version: published March 24, 2020, English version: published March 24, 2020)

Cash Flow Support for Companies as Impact of COVID-19 (Novel Coronavirus) Outbreak Grows

 (Japanese version: published March 6, 2020, English version: published March 13, 2020)

Notice on Requests to Financial Institutions (related to cash flow support)

The FSA makes the following requests to financial institutions.

Consideration by Association Members in Making Payments to Affiliated Stores amid the COVID-19 Pandemic (Request)

 (Japanese version: published May 11, 2020, English version: published May 27, 2020)

【Request to cashless payment service providers regarding payments to affiliated stores】

• Cashless payment service providers are requested to meticulously and empathically respond to consultations from affiliated stores affected by the COVID-19 infection with regard to the timing of reimbursement of advance payments and expenses for reimbursement, etc., and endeavor to take flexible and appropriate measures, such as the alteration of the timing.

Cash Flow Support for Businesses regarding Rent (Request)

 (Japanese version: published May 8, 2020, English version: published May 27, 2020)

【Request for cash flow support regarding rent】

• For SMEs and individuals facing difficulties in paying rent, promptly and flexibly provide new loans or bridge loans using the newly introduced substantially no-interest and unsecured loan system or other loan programs, or modify terms for existing loans such as granting reduction or deferment of payments on principal and interests.
• For owners of hotels, leisure facilities, and commercial buildings, promptly and flexibly provide new loans or bridge loans, or alter conditions for existing loans such as granting reduction or deferment of payments on principal and interests.
  In particular, when owners are granting tenants reduction or deferment on payments of rent for a certain period of time, financial institutions are urged to take prompt and flexible measures for the relevant period of time, granting reduction or deferment on payments of loans.
• With regard to fees and penalty charges that are normally required upon modification of terms for existing loans, give special consideration in light of each customer's circumstances.

Consideration to Companies in Relation to the Payment of Rent (Request)

 (Japanese version: published May 8, 2020, English version: published May 27, 2020)

【Request for consideration to companies in relation to the payment of rent】

• For tenants who are counterparties to lease contracts with relevant investment corporations, etc. and are facing difficulties in paying rent, consider flexible measures, such as granting reduction or exception of or moratoriums on payments of rent, while fulfilling accountability to investors as necessary.

Cash Flow Support for Businesses following the “Emergency Economic Measures to cope with COVID-19” (Request to financial institutions)

 (Japanese version: published April 27, 2020, English version: published May 27, 2020)

【Request regarding support for companies】

• Exhaustively offer cash flow support by providing funds under the substantially no-interest and unsecured loan system promptly and properly.
• On that occasion, promote one-stop procedures to integrate and accelerate various procedures for providing loans by the use of local governments' loan programs, in consideration of companies' convenience.
• Depending on the circumstances of individual companies in urgent need of funds, positively provide bridge loans for funds that are necessary until financial institutions' loans, such as those by the use of local governments' loan programs, are provided or various benefits are actually paid.
• Open branches as necessary and develop a system to respond to consultations from companies also during the Golden Week holidays from May 2 to 6.

Further Strengthening of Cooperation with the Japan Finance Corporation, etc. (Request)

 (Japanese version: published April 21, 2020, English version: published May 19, 2020)

【Request for further strengthening cooperation with the Japan Finance Corporation, etc.】

• With regard to loans provided by private financial institutions as bridge loans until loans are provided by the Japan Finance Corporation, etc., when requests for refunding by the Japan Finance Corporation, etc. are filed both by companies and relevant private financial institutions, the Japan Finance Corporation, etc. will accept such requests to the extent possible. Based on this policy, private financial institutions are requested to proactively provide bridge loans or otherwise offer cash flow support for companies.
• In order to facilitate the aforementioned efforts for cash flow support, private financial institutions are requested to closely cooperate with branches of the Japan Finance Corporation, etc. in respective areas in executing loans, while referring to past cooperative efforts between the Japan Finance Corporation, etc. and private financial institutions.

Notice regarding the handling of bills and checks, etc. in consideration of the impact of the COVID-19 (novel coronavirus) infection

 (Japanese version: published April 16, 2020, English version: published April 23, 2020)

Application of Policy Conditions in Relation to COVID-19 Infection (request to insurance companies)

 (Japanese version: published April 10, 2020, English version: published April 23, 2020)

• Insurance companies should take measures to avoid possible confusion in each situation in advance and are requested to consider flexible interpretation and application of policy conditions, and to devise required measures for each policy plan in terms of protecting policyholders without adhering to precedents.

Cash Flow Support for Companies in Consideration of the Novel Coronavirus Disease (COVID-19) Emergency Economic Measures (Request)

 (Japanese version: published April 7, 2020, English version: published April 16, 2020)

• "System to Enable Companies to Obtain Substantially Interest-Free and Unsecured Loans from Private Financial Institutions by the Use of Local Governments' Loan Programs"
• Do not treat all cases automatically and formalistically, where companies fall foul of financial covenants.
• Regarding home loans and loans for individuals, make prompt and flexible responses in changing loan conditions while fully taking into account individual customers' needs, based on past requests from the FSA.

Cash Flow Support for Companies as Impact of COVID-19 (Novel Coronavirus) Outbreak Grows (Request)

 (Japanese version: published March 24, 2020, English version: published April 6, 2020)

• To endeavor to strengthen cooperation with the Japan Finance Corporation, etc., in order to make every effort in financing support for companies.
• For companies who have carried out a change in conditions concerning existing loans, to sincerely and conscientiously respond to continuing financing support even after the change in conditions as well as consultations for management improvements.
• To actively cooperate with credit guarantee corporations, and make practical use of the safety net guarantee system and other systems based on additional requests of the Small and Medium Enterprise Agency.

Request to insurance companies to take measures in response to the COVID-19 (novel coronavirus) infection

 (Japanese version: published March 13, 2020, English version: published March 27, 2020)

• Implementing appropriate measures, such as having flexibility in extending a grace period for payment of premiums and policy renewal;
• Communicating the measures mentioned above to stakeholders as many stakeholders, including to insurance policyholders as possible; and
• If insurers close providing over-the-counter services and/or take other emergency measures due to the spread of infections, promptly announcing to the public and customers information on such measures, including names of branches or offices.

Cash Flow Support for Companies as Impact of COVID-19 (Novel Coronavirus) Outbreak Grows

 (Japanese version: published March 6, 2020, English version: published April 6, 2020)

• Determine the business conditions and short-term cash flow at companies in even greater detail by visiting their facilities, setting up emergency consultation desks, etc.
• Follow up carefully on circumstances at companies that have existing loans and be quick and flexible in changing loan conditions
• Actively implement emergency lending programs for new loans (and make collateral/guarantee requirements more flexible) to meet the needs of companies promptly and appropriately, including the use of safety net loans/guarantees from policy financial institutions and credit guarantee associations
• Establish systems capable of providing prompt and appropriate support for companies.

Request for the Implementation of Measures against COVID-19 (Novel Coronavirus) Outbreak

 (Japanese version: published February 7, 2020, English version: published March 18, 2020)

Concrete Measures Taken by Financial Institutions in Response to the COVID-19 Infection

The FSA has requested financial institutions to make utmost efforts in response to the COVID-19 infection, in accordance with the situations of respective companies, such as the alteration of loan conditions and provision of new loans, and has confirmed the implementation status through special hearings or other means, while assigning top priority to promoting cash flow support for companies in conducting inspection and supervision.
Out of confirmed concrete measures, the FSA will compile and publicize those that are helpful for other financial institutions, as needed.

Notice regarding the deadline for submission of annual securities and other reports in connection with the COVID-19 infection

The following is a notification regarding the deadline for submission of annual securities and other reports in connection with the COVID-19 infection. If you have any questions, please do not hesitate to contact your local Finance Bureau or its branch office.

"Notice regarding the deadline for submission of annual securities and other reports in connection with COVID-19 infection"
(Japanese version: published February 10, 2020, English version: published March 13, 2020)

Corporate disclosure, financial reporting and audit of listed companies in consideration of the Impact of the COVID-19 Infection

The networking group is established to support stakeholders' further engagement and have a proper information sharing on the corporate disclosure, financial reporting and audit, in light of the current uncertainty resulting from the COVID-19 outbreak.

"Establishment of the Networking Group on the corporate disclosure, financial reporting and audit of listed companies in Consideration of the Impact of the COVID-19 (Novel Coronavirus) Infection"
(Japanese version: published April 3, 2020, English version: published April 16, 2020)

Corporate Year-End Closing of Accounts, Auditing and Shareholders meeting in Response to the Increasing Impact of COVID-19 (Novel Coronavirus)
(Japanese version: published April 15, 2020, English version: published April 15, 2020)

Deadlines for reporting, accounting, and audit work by financial institutions, etc. in consideration of the Impact of the COVID-19 Infection

The FSA publicized new deadlines for reports to be submitted by financial institutions, etc. in consideration of the impact of the COVID-19 infection, and issued an administrative circular concerning companies' accounting and audit work.

Notice regarding accounting and audit work in consideration of the impact of the COVID-19 (novel coronavirus) infection (administrative circular)
(Japanese version: published April 24, 2020, English version: published May 27, 2020)

Deadline of supervisory reports from financial institutions, etc. in consideration of the impact of the COVID-19 (novel coronavirus) infection
 (Japanese version: published March 30, 2020, English version: published April 16, 2020)

International Coordination

The Financial Services Agency (FSA) exchanges information on regulatory and supervisory responses to the impact of COVID-19 with international organizations and foreign authorities. FSA also contributes to discussions on policy responses at international organizations including Standard Setting Bodies (SSBs), and coordinates with other authorities.
The following is the list of links to the information published by international organizations including SSBs.
 
○ Financial Stability Board（FSB）

• FSB members take action to ensure continuity of critical financial services functions [to FSB website]（April 2, 2020）
• FSB coordinates financial sector work to buttress the economy in response to COVID-19 [to FSB website]（March 20, 2020）

○ Basel Committee on Banking Supervision（BCBS）

• Basel Committee sets out additional measures to alleviate the impact of Covid-19 [to BIS (the Bank for International Settlement) website] (April 3, 2020)
• Governors and Heads of Supervision announce deferral of Basel III implementation to increase operational capacity of banks and supervisors to respond to Covid-19 [to BIS website] (March 27, 2020)
• Basel Committee coordinates policy and supervisory response to Covid-19 [to BIS website] (March 20, 2020)

○ International Organization of Securities Commissions（IOSCO）

• IOSCO Statement on Application of Accounting Standards During the COVID-19 Outbreak [to IOSCO website] (April 3, 2020)
• Basel Committee and IOSCO announce deferral of final implementation phases of the margin requirements for non-centrally cleared derivatives [to BIS website] (April 3, 2020)
• Securities regulators coordinate responses to COVID-19 through IOSCO [to IOSCO website] (March 25, 2020)

○ International Association of Insurance Supervisors（IAIS）

• IAIS facilitates global coordination on financial stability and policyholder protection during Covid-19 crisis [to IAIS website] (May 7, 2020)
• IAIS Executive Committee takes steps to address impact of COVID-19 on the insurance sector [to IAIS website] (March 27, 2020)

○ Financial Action Task Force（FATF）

• Statement by the FATF President: COVID-19 and measures to combat illicit financing [to FATF website] (April 1, 2020)

Responses other than the above-mentioned

Notice on Requests to Financial Institutions (excepted for cash flow support)

• Request Upon Provision of Subsidies for Sustaining Businesses
  (Japanese version: published May 7, 2020, English version: published May 27, 2020)

• Notice to call for cooperation for smooth execution of the Special Fixed-Sum Cash Benefit Program (provisional title)
  (Japanese version: published April 23, 2020, English version: published May 27, 2020)

• Notice regarding the request for reducing attendance at work by 70% (information dissemination)
  (Japanese version: published April 13, 2020, English version: published April 23, 2020)

• Matters to Note to Prevent Infection in Customer Services
  (Japanese version: published April 10, 2020, English version: published April 23, 2020)

• Important points concerning BCP suitability based on “Basic policy for Novel Coronavirus (COVID-19) Control”
  (Japanese version: published March 30, 2020, English version: published April 16, 2020)

• Notice on “Basic policy on COVID-19 (Novel Coronavirus) infection control measures” (February 25, 2020) (Available in Japanese)
• Notice on response to measures to prevent the spread of COVID-19 (Novel Coronavirus) infection within Japan (February 19, 2020) (Available in Japanese)

FSA-Related

• Notice regarding the request for consideration for maintaining employment as responses to the COVID-19 Infection
   (Japanese version: published April 17, 2020, English version: published May 19, 2020)

• Notice regarding the conclusion of contracts between banks and electronic payment service providers in consideration of the impact of the COVID-19 (novel coronavirus) infection
   (Japanese version: published April 14, 2020, English version: published April 23, 2020)

• Notice and Request for Visitors
   (Japanese version: published April 7, 2020, English version: published April 16, 2020)

• Implementation timeline for capital adequacy requirements, etc. in Japan
   (Japanese version: published March 30, 2020, English version: published April 16, 2020)

• Reconfirmation of Prudential Standards in Response to the Increasing Impact of the Spread of COVID-19 (Novel Coronavirus)
   (Japanese version: published March 17, 2020, English version: published April 6, 2020)

• Cabinet Office Ordinance Concerning Partial Revision of Regulation for Enforcement of the Money Lending Business Act
   (Japanese version: published March 16, 2020, English version: published April 6, 2020)

Stock Exchange-Related (Available in Japanese)

• Notice regarding handling of timely disclosure due to the impact of COVID-19 (Novel Coronavirus) (Tokyo Stock Exchange) (February 10, 2020)
• Notice regarding handling of timely disclosure due to the impact of COVID-19 (Novel Coronavirus) (Sapporo Securities Exchange) (February 10, 2020)
• Notice regarding handling of timely disclosure due to the impact of COVID-19 (Novel Coronavirus) (Nagoya Stock Exchange) (February 10, 2020)
• Notice regarding handling of timely disclosure due to the impact of COVID-19 (Novel Coronavirus) (Fukuoka Stock Exchange) (February 10, 2020)
• Overview of action policies due to the impact of COVID-19 (Novel Coronavirus) (Tokyo Stock Exchange) (March 18, 2020)