Follow-up of Market Restructuring

The transitional measures that have been applied to companies that have not met the continued listing criteria since the market restructuring in April 2022 will expire.
The regular continued listing criteria will be applied from record dates of decisions on the continued listing criteria that fall on or after March 1, 2025 (hereinafter referred to as the“record date”).

Expiration of Transitional Measures

Transitional measures regarding continued listing criteria will expire in March 2025.
In April 2022, when TSE restructured the market, some of the continued listing criteria were made stricter than those of the previous market.
Therefore, for companies listed before the market restructuring, relaxed criteria have been applied as a transitional measure.
From the record dates falling on or after March 1, 2025, the regular continued listing criteria will be applied.
If a company fails to meet the continued listing criteria, it will enter an improvement period of one year in principle (six months for trading volume criteria), and if it fails to meet with the criteria within the improvement period, it will be assigned to Securities Under Supervision or Securities to be Delisted (six months in principle), then be delisted.
Please note that after delisting, it will no longer be possible to trade stocks on the TSE market.

Schedule for each fiscal year (for continued listing criteria regarding number of shareholders, tradable shares, and market capitalization)

However, as of March 31, 2023, if a company has disclosed a plan to meet the continued listing criteria (“Conformance Plan”) with an end date that goes beyond the first record date that falls on or after March 1, 2026, the company’s securities shall be designated as Securities Under Supervision after the end of the improvement period and said designation shall continue until the company is confirmed to meet or not meet the criteria at the end of its plan.

For the companies disclosing the Conformance Plan with an end date that goes beyond the first record date that falls on or after March 1, 2026, are marked with an asterisk (*) on the “List of Issues in an Improvement Period” and “List of Issues Subject to Transitional Measures”.

Companies in an Improvement Period

Please refer to the following page for the list of companies that failed to meet the regular continued listing criteria and fall under an improvement period.

In addition, companies that failed to meet the regular continued listing criteria are required to disclose their plans to meet the continued listing criteria within three months of the record date.
For details of listed companies' conformance status as of the record date and their efforts and progress toward conformance, please refer to each company's disclosure of its plan to meet the continued listing criteria and progress based on the plan.

【How to search for each company‘s plan and progress towards meeting the continued listing criteria】

Reference: Continued Listing Criteria in Each Market Segment

For more information on each of the listing maintenance criteria, please refer to the following page.

FAQ Regarding Expiration of Transitional Measures

For answers to frequently asked questions from investors regarding the expiration of transitional measures, please see this document.

Information for Listed Companies

The following is a summary of materials and other information that we have provided to listed companies in relation to the expiration of transitional measures.