Banks and securities companies in the same financial group are prohibited from sharing customer information in principle. Regarding the current regulation, the FSA's council reports that the regulation will be relaxed only when the customer is an overseas company. I have put together a draft of the book.
On the other hand, the discussion will continue on the handling of customer information of domestic companies.
The Financial Instruments and Exchange Act prohibits banks and securities companies from sharing information without the consent of their clients, even if they are in the same financial group, so that banks that lend money do not abuse their superior position. I will.
A working group of the Financial Services Agency's council is considering whether to review this regulation, called the "firewall regulation," and put together a draft report on the 21st.
According to it, given that there is no similar regulation in the United States and Europe, the current regulation will be relaxed only when the customer is an overseas company.
However, regarding the handling of customer information of domestic companies, which is the focus, we will continue discussions from next year onward, considering concerns such as "it may lead to abuse of dominant bargaining position by banks".
On the other hand, the draft report also calls for the creation of a new mechanism that simplifies the procedures for new entry of overseas funds into Japan so that the Japanese capital market can function as an "international financial center."