Japanese regulator Financial Services Agency has had an organisational reform to improve its ability to keep regulations up with innovation.
The changes will see the Planning and Coordination Bureau and the Inspection Bureau divisions abolished and replaced. Taking their place are Strategy Development and Management Bureau, Policy and Markets Bureau and Supervision Bureau.
Its Strategy Development and Management Bureau will enhance the regulators ability to provide holistic perspectives across financial services and upgrade its professional expertise. While the Policy and Markets Bureau will respond to the changing financial markets environment and create regulatory framework to keep up with changes.
Finally, the Supervision Bureau will conduct more effective and efficient monitoring through off-site and on-site tracking.
These changes will not change the structure or responsibilities of the Security and Exchange Surveillance Commission and Certified Public Accountants and Auditing Oversight Board.
The new structure has been implemented to help the regulator keep up with developments in the FinTech space and cryptocurrency market. Earlier in the year, it was reported that Japan was planning to urge other G20 countries to bolster efforts in preventing cryptocurrencies being used for money laundering.
Japan’s regulators have been very active in trying to foster the development of FinTech in the country.
Earlier in the year, the Financial Services Agency signed a letter of cooperation with Switzerland’s Financial Market Supervisory Authority. The authorities will share information on FinTech and provide a framework for co-operation and referrals between the innovation functions of each authority.
This year also saw a memorandum of understanding signed between FinTech Association of Japan and the Singapore FinTech Association. Together they will collaborate on joint projects and initiatives to support FinTech innovation and development.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
