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! Warning !
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 September 10, 2020, English version: published December 1, 2020)
January
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
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)
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)
Statement by Minister for Financial Services, Requests to Financial Institutions (related to cash flow support)
■ 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)
Future Cash Flow Support for Companies
(Japanese version: published May 27, 2020, English version: published June 23, 2020)
Future Responses in Consideration of the Declaration of the Cancellation of a State of Emergency in Relation to COVID-19 Infection
(Japanese version: published May 25, 2020, English version: published June 23, 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 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.
Cash Flow Support in Consideration of the Impact of Suspension of Events, etc.
(Japanese version: published December 17, 2020, English version: published January 15, 2021)
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Requested to meticulously provide consultation, make loans appropriately on a timely basis, flexibly secure collateral, and alter loan conditions including deferment of payments so that SMEs and small businesses will not face funding difficulties affected by the suspension or postponement of events and resulting refunds due to the current spread of the COVID-19 infection.
Cash Flow Support for Companies in Consideration of the Spread and Prolongation of the Impact of COVID-19 (Novel Coronavirus) Outbreak (Request)
(Japanese version: published June 10, 2020, English version: published June 23, 2020)
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Companies to which you have already provided loans may make consultations on new loans due to the prolonged impact of COVID-19 infection. Please deal with such consultations with respect based on the supplementary budget, which expanded countermeasures against the pandemic.
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Endeavor to offer support promptly and positively depending on the circumstances of respective companies, including loans for funds that become necessary until the payment of various benefits such as subsidies for sustaining businesses, rent assistance subsidy, and employment adjustment subsidy.
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As we have repeatedly requested, government financial institutions, in particular, are requested to give maximum consideration in loan screening depending on the circumstances of respective companies, instead of making judgments formalistically based only on such data as whether they have deficits or excessive debts or their loan terms have already been modified.
Request concerning home loans, etc.
(Japanese version: published May 27, 2020, English version: published June 23, 2020)
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At a public meeting with business organizations, the FSA requested prompt and flexible responses to modification of conditions of home loans, etc.
Cash Flow Support for Companies under the Second Supplementary Budget for FY2020 (Request)
(Japanese version: published May 27, 2020, English version: published June 23, 2020)
【Request concerning cash flow support for companies】
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The FSA respects financial institutions' decisions to maintain previous evaluations regarding customers that they had recognized as being financially sound before the spread of COVID-19 infection.
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We will analyze the balances of private financial institutions' proper loans and conduct hearings concerning the status of their cash flow support for companies, such as whether loan balances are decreasing or not, while referring to loans and guarantees provided by government financial institutions, etc.
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Active use of borrowings recognizable as capital is recommendable and we will clearly indicate this in the Guidelines for Supervision.
Cash Flow Support for Businesses regarding Rent (Request)
(Japanese version: published May 8, 2020, English version: published May 27, 2020)
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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.
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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.
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)
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Exhaustively offer cash flow support by providing funds under the substantially no-interest and unsecured loan system promptly and properly.
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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.
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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.
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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.
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)
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"System to Enable Companies to Obtain Substantially Interest-Free and Unsecured Loans from Private Financial Institutions by the Use of Local Governments' Loan Programs"
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Do not treat all cases automatically and formalistically, where companies fall foul of financial covenants.
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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
(Japanese version: published March 6, 2020, English version: published April 6, 2020)
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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.
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Follow up carefully on circumstances at companies that have existing loans and be quick and flexible in changing loan conditions
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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
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Establish systems capable of providing prompt and appropriate support for companies.
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.
"Concrete Measures Taken by Financial Institutions in Response to the COVID-19 Infection"
(Japanese version: updated May 22, 2020, English version: updated June 23, 2020)
(Reference) Underlined version of the latest update cases
(Japanese version: updated May 22, 2020, English version: updated June 23, 2020)
Corporate disclosure, financial reporting and audit, etc.
■ The deadline for submission of annual securities and other reports
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)
■ The corporate disclosure, financial reporting and audit
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)
Our Responses to Financial reporting and audit of listed companies in consideration to the Impact of the COVID-19 Infection (Main Points)
(Japanese version: published July 2, 2020, English version: published August 26, 2020)
■ Notice Regarding the Disclosure of Corporate Information Concerning the Impact of the COVID-19 Infection
Based on the Summary of the Discussions publicized by the Accounting Standards Board of Japan, "Incorporating the Effects of the Novel Coronavirus Pandemic when Making Accounting Estimates under Japanese GAAP" (publicized on April 10 and supplemented on May 11, 2020), the FSA publicized the "Notice Regarding the Disclosure of Corporate Information Concerning the Impact of the COVID-19 Infection."
Notice Regarding the Disclosure of Corporate Information Concerning the Impact of the COVID-19 Infection in Quarterly Securities Reports
(Japanese version: published July 1, 2020, English version: published July 30, 2020)
Publication of "Q&A on the Disclosure of Narrative Information Regarding the Impact of COVID-19 Infection – Key Points for Better Disclosure for Investors –"
(Japanese version: published May 29, 2020, English version: published July 9, 2020)
Notice Regarding the Disclosure of Corporate Information Concerning the Impact of the COVID-19 Infection
(Japanese version: published May 21, 2020, English version: published June 4, 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.
Responses other than the above-mentioned
Notice on Requests to Financial Institutions (excepted for cash flow support)
: published October October30, 2020, English version: published December 1, 2020)Temporary Responses Concerning Applications and Notifications to be Filed with the FSA in Consideration of the Impact of COVID-19 Infection (information dissemination)
: published July 17, 2020, English version: published July 30, 2020)Japanese version: published June 8, 2020, English version: published June 23, 2020)
