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ECONOMY

FSA to strengthen supervision, regulation of IT services for financial firms

  • October 26, 2021
  • , Yomiuri , Lead
  • JMH Translation

The Financial Services Agency (FSA) will strengthen its supervision and regulation of services provided by IT firms to financial institutions by teaming up with the financial authorities of major countries, the Yomiuri Shimbun has learned. The plan is intended to prevent failures of and troubles with Internet banking and other services which rely heavily on IT firms from significantly affecting customers. The FSA is considering asking financial institutions to thoroughly partner with their IT subcontractors.

 

Cloud services, blockchains

 

The Financial Stability Board (FSB), comprising the financial authorities of such major economies as Japan, the U.S., and Europe, will begin to draw up detailed regulation guidelines for major IT firms in January next year with an eye to introducing the guidelines as early as fiscal 2023. The FSA will also start to consider domestic supervision and regulations in detail soon. (Abridged)

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