Banking Business and Fund Transfer Transactions: Scope of Bank Regulation (Report of Workshops (2))

Kazutoshi Sugimura, Masaru Itatani and Masaki Bessho
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Kazutoshi Sugimura: Bank of Japan
Masaru Itatani: Bank of Japan
Masaki Bessho: Bank of Japan

No 17-E-2, Bank of Japan Research Laboratory Series from Bank of Japan

Abstract: In Japan, performing fund transfer transactions without a license or registration is subject to criminal sanctions. As the interpretation of the definition of fund transfer transactions has not been clearly established, there may be chilling effects on the development of innovative settlement and payment services. The Report of the Workshops on "Contemporary Financial Transactions and Their Regulatory Treatment" (2016) (the "Report") reviews the intent and purpose of bank regulation, and suggests an approach to determining whether or not a transaction constitutes a fund transfer transaction by properly interpreting its definition, using a collection agency service as a point of reference for legal analysis. The Report also provides a perspective for further discussion on how to implement new legislation with respect to the regulation of fund transfer transactions.

Keywords: Bank regulation; Fund Transfer Transactions; Collection agency (search for similar items in EconPapers)
JEL-codes: G21 G28 G30 K23 (search for similar items in EconPapers)
Date: 2017-03-10
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