Banks and securities companies Sharing restrictions on customer information Review or discussion begins October 26, 17:16
The Financial Services Agency has begun full-scale discussions on whether to review the current regulations that, in principle, customer information should not be shared even among banks and securities companies in the same financial group.
Under the Financial Instruments and Exchange Act, information is shared even by securities companies in the same group unless the customer agrees, so that the bank, which is the lender of funds, does not abuse the management information of the customer obtained from a superior position. It is called "firewall regulation" which means fire wall.
Regarding this regulation, the government has announced a policy to consider the necessity of regulation while considering a fair competitive environment in order to enhance financial services in the "growth strategy" decided by the Cabinet in July, and the Financial Services Agency has announced the financial council. We started discussions in the working group of.
At the meeting on the 26th, Planning Committee Chairman Naomi Hayashi of the Japanese Bankers Association said, "Formal and uniform regulations should be reviewed. The review can provide comprehensive financial services to customers." He showed his position in favor of the review of.
On the other hand, Toshiyasu Iiyama, vice president of Nomura Securities, said, "Banks and securities companies should not share private information when customers do not want it," and requested careful consideration. ..
Working Group of the Financial Council, a problem that you can thoroughly review the protection of the positive effect and the customer due to regulatory widely discussed, our policy is to get a conclusion to the prospect of the end of the year.