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Enforcement Measures

"Improvement Reports"/"Improvement Status Reports" pertaining to Timely Disclosure/the Code of Corporate Conduct“

In cases where a listed company violates a provision(s) pertaining to timely disclosure or "Matters to be Observed" in the Code of Corporate Conduct, when TSE deems the need of improvement to be high, it may request the listed company to submit an improvement report containing its background and improvement measures.
Additionally, in cases where the listed company submits such improvement report, TSE may request the listed company to promptly submit an improvement status report containing the state of improvement measure implementation and operation status after 6 months have passed since the initial submission.

[Related to Securities Listing Regulations, Rule 504, Rule 505]

Furthermore, when a listed company falls under any of the following, it shall be delisted for having committed a serious violation of the listing agreement.

  • In cases where a listed company does not respond to requests for submission of an improvement report
  • In cases where TSE deems there is no prospect for improvement in the state of corporate information disclosure, despite requesting the listed company submit an improvement report

[Securities Listing Regulations, Rule 601, Paragraph 1, Item 10, Sub-item a and Enforcement Rules for the Securities Listing Regulations, Rule 601, Paragraph 8, Item 1 and 2]

”Improvement Status Reports” Following De-designation as a Security on Special Alert

If TSE deems it necessary, TSE will require a listed company that was de-designated as a Security on Special Alert to submit Improvement Status Reports for a period of five years after the de-designation. The Improvement Status Reports will report on the status of the development and implementation of the company’s internal management system.

[Related to Securities Listing Regulations. Rule 505-2]

"Improvement Report" pertaining to Document Submission, etc.

In cases where a listed company does not appropriately submit documents pursuant to the Securities Listing Regulations, when TSE deems the need for improvement to be high, it may request submission of an improvement report containing its background and improvement measures.

[Related to Securities Listing Regulations. Rule 506]

"Improvement Report" pertaining to Assurance related to Third-Party Allotment

In cases where a listed company does not appropriately report a transfer of offered stocks pursuant to the provisions of Rule 422 of the Securities Listing Regulations or such assurance, TSE may request such listed company to submit an improvement report containing its background and improvement measures.

[Related to Securities Listing Regulations. Rule 507]

Companies Requested to Submit Improvement Reports/Improvement Status Reports