Details of Delisting Criteria
Delisting Criteria pertaining to Reexamination due to Violation against a Written Oath
The Delisting Criteria shall apply to a listed company when the listed company has, at the time of application for initial listing or segment transfer, filed documents containing false statements, or other actions that violate the written oath that the company has filed stating that all required contents are reported without omission and that all contents are true; and, in cases where TSE has deemed that a listed company does not meet the Initial Listing Criteria or Criteria for Segment Transfers (hereinafter, "Initial Listing Criteria, etc."), when the listed company does not qualify as a listed company within one year of this designation based on an examination conducted based on the same level of criteria as the Initial Listing Criteria.
- When a listed company is found to have violated the written oath and does not meet the Initial Listing Criteria, etc., the company will enter a grace period.
When a listed company violates the content of a submitted written oath and TSE deems that the listed company does not meet the Initial Listing Criteria, etc., TSE will inform investors that the listed company will enter a grace period to undergo an examination to find whether or not it meets the same level of criteria as the Initial Listing Criteria.
The grace period is one year.
- When a listed company applies for an examination during the grace period and is considered to meet the same level of criteria as the Initial Listing Criteria, the grace period will be lifted.
When a listed company is considered to meet the same level of criteria as the Initial Listing Criteria as a result of an examination, it maintains its listing status. In such a case, the grace period is lifted.
- When a listed company undergoes an examination to determine whether or not it meets the same level of criteria as the Initial Listing Criteria on the last day of the grace period, the company will be designated as Securities under Supervision
TSE will inform investors that the issue is designated as Securities under Supervision (Examination) from the day immediately following the last day of the grace period. When the listed company is considered to meet the same level of criteria as the Initial Listing Criteria as a result of the examination, it maintains its listing status. In such a case, TSE will cancel the designation of the issue as Securities under Supervision (Examination).
- When no application is made for an examination during a grace period, or when a listed company is not considered to meet the same level of criteria as the Initial Listing Criteria as a result of the examination after the issue is designated as Securities under Supervision as described in (3) above, delisting is determined and the company will be designated as Securities to Be Delisted.
A listed company may apply for an examination until the last day of a grace period. TSE will determine the delisting and designate the issue as Securities to Be Delisted if no examination application is filed and the grace period has ended.
When a listed company is considered not to meet the same level of criteria as the Initial Listing Criteria as a result of an examination after the grace period ends, TSE will determine the delisting and designate the issue as Securities to Be Delisted.
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