The Financial Services Agency has put together a proposal to review the current regulations that, in principle, prohibit the sharing of customer information even among banks and securities companies in the same financial group.
If the customer is a listed company, information can be shared between the bank and the securities company without prior consent.
The proposal for the review was presented at a council meeting held by the Financial Services Agency on the 14th.
The Financial Instruments and Exchange Act, etc., in principle prohibits the sharing of customer information even if the bank and the securities company are in the same financial group, so that the bank, which is the lender of funds, does not abuse its superior position. It is provided, but it is said that this will be partially relaxed.
Specifically, if the customer is a listed company or a company planning to go public, information can be shared between the bank and the securities company without prior consent.
The Financial Services Agency wants to allow companies to receive comprehensive services from their financial institutions through deregulation.
However, in consideration of companies that do not want to share information, we requested that the procedures for suspending information sharing be explained in an easy-to-understand manner on the websites of financial institutions, and the Financial Services Agency will strengthen supervision. Etc. are also included.
The Financial Services Agency plans to compile this review proposal within the month and aim to revise the system by the end of this fiscal year.