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  • Press Conference By ASO Taro, Japan's Deputy Prime Minister, Minister Of Finance, And Minister Of State For Financial Services

    Date 18/09/2020

    [Questions and answers:]

    Q.

    The Japan Post Group announced the day before yesterday that it would begin operations aimed at resuming the sale of Kampo life insurance policies, from which it had been voluntarily refraining after certain fraudulent sales practices had come to light. The Group did not indicate a specific day for restarting sales, but it appears that priority will be given to apologizing to customers and restoring confidence. Please give us your opinions on Japan Post’s current situation.

    A.

    I do know that the Japan Post Group will be issuing apologies, handing down punishments and doing a variety of other things to make up for having inconvenienced customers of its insurance products and investment trusts, sales of which they had put on hold for a while. I believe they are now quickly and precisely carrying improvement plans, attending to disadvantaged customers and ensuring proper business operations. I think they have nearly finished dealing with their disadvantaged customers. However, because employee punishments will involve well over two thousand personnel, they have not yet finished with this. In any case, striving to restore confidence is most important, and we need to keep an eye on how this is going.

     

  • NZX Issue Of Ordinary Shares

    Date 18/09/2020

    This attached notice is given under NZX Listing Rule 3.13.1 and relates to the issue of ordinary shares in NZX Limited (NZX) under the NZX Dividend Reinvestment Plan.

  • Statement Of CFTC Commissioner Dan M. Berkovitz Regarding Part 190 Bankruptcy Regulations, Supplemental Proposal

    Date 18/09/2020

    The part 190 rulemaking supplemental notice of proposed rulemaking (Supplemental NPRM) addresses a potential unintended outcome of the original NPRM identified in a number of comments on the proposal.  These comments stated that certain provisions in the original proposed rule related to the bankruptcy of a derivatives clearing organization (DCO) could have significant, unintended and detrimental impacts on various market participants with contracts cleared at the DCO.  The Supplemental NPRM presents new, alternative provisions governing DCO bankruptcy that are intended to avoid these impacts.  In issuing the Supplemental NPRM, the Commission seeks public comment on these alternative provisions.  

  • Statement Of CFTC Commissioner Dan M. Berkovitz Regarding Registration With Alternative Compliance For Non-U.S. Derivatives Clearing Organizations

    Date 18/09/2020

    I support today’s final rule permitting derivatives clearing organizations (DCOs) organized outside of the United States (non-U.S. DCOs) to register with the Commission and provide clearing to U.S. customers, yet comply with certain DCO Core Principles through their home country regulatory regime.  This final rule maintains the Commission’s authority to protect U.S. customers and markets, while also recognizing the interests of foreign regulators in supervising DCOs located in their home jurisdictions.  It will foster U.S. market participants’ access to foreign clearing organizations while maintaining key customer protections.

  • Statement Of CFTC Commissioner Dawn D. Stump Regarding Registration With Alternative Compliance For Non-U.S. Derivatives Clearing Organizations

    Date 18/09/2020

    Throughout my tenure at the Commodity Futures Trading Commission (CFTC or Commission), I have discussed the benefits of shared goals, cooperation, and mutual recognition (often referred to as “deference”) among regulators.  In early 2019, I wrote an opinion piece in the Financial Times in which I appealed to our international regulatory partners to recommit to a coordinated approach in order to ensure that our alliance remains strong rather than fractured.   When the CFTC proposed this rulemaking last summer, I committed to advancing a coordinated approach to the regulation of global central counterparties (CCPs).  I expressed both my belief that the proposal we put forward was an important first step in that process, and my sincere hope that our international regulatory partners would also take the opportunity to reset and recognize that our shared interest in advancing derivatives clearing would be best achieved by respecting each jurisdiction’s successful implementation of the principles agreed to by the Group of 20 Nations (G-20) in 2009.

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