http://pso2.jp/players/news/?id=9160
If you're using SecureOTP on a smartphone, they request that you switch to Google Authenticator. If you don't switch before they end SecureOTP service, you'll no longer be able to use the OTP storage and your monthly rewards will be reset.
If you're using SecureOTP on a dedicated hardware token, you won't be able to use it when they end the service, so they ask you to set an Item Trading Password before then.
The impression I get is that as long as you set an Item Trading Password they'll just terminate the OTP in September, but it doesn't actually specifically say that's what will happen.
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