Follow-up of Market Restructuring

To improve the effectiveness of the market restructuring, Tokyo Stock Exchange (TSE) established the “Council of Experts Concerning the Follow-up of Market Restructuring” that will continuously follow up on progress of measures and investors’ evaluation. The council will discuss additional measures regarding listed companies’ efforts to increase corporate value, handling of the grandfathered rules, and supply of capital to venture businesses, etc.

Outline of Council of Experts Concerning the Follow-up of Market Restructuring icon-pdf
Members icon-pdf

For details of the market restructuring, please see the following page.

Overview of Market Restructuring

Minutes and Materials

The Fourteenth Council on January 17, 2024

Agenda icon-pdf
Document 1 Status of Disclosure on “Action to Implement Management that is Conscious of Cost of Capital and Stock Price” (As of the end of December 2023) *Published on January 15, 2024 icon-pdf
Document 2 Details of Disclosure Status (as of the end of December 2023) *Published on January 15, 2024 icon-pdf
Document 3 Considering The Investor’s Point of View in regard to Management Conscious of Capital Cost and Stock Price, Key Points and Examples (Draft) icon-pdf
Document 5 Policy on the Expansion of English Disclosure in the Prime Market (Draft) icon-pdf
Document 6 Future Actions for Improving Growth Market Function (Draft) icon-pdf
Minutes icon-pdf

The Thirteenth Council on December 18, 2023

Document 1 Agenda icon-pdf
Document 2 TSE Explanatory Material (a) (Summary of Interviews with Growth Market Users) icon-pdf
Document 3 TSE Explanatory Material (b) (Future Actions to Enhance the Functionality of the Growth Market) icon-pdf
Document 6 TSE Explanatory Material (c) (Expansion of English Disclosure in the Prime Market) icon-pdf
Document 7 TSE Explanatory Material (d) (Future Discussion Topics in the Follow-up Council) icon-pdf
Minutes icon-pdf

The Twelfth Council on October 11, 2023

Document 1 Agenda icon-pdf
Document 2 TSE Explanatory Material (a) (Future Initiatives Regarding “Action to Implement Management that is Conscious of Cost of Capital and Stock Price” and “Better Dialogue with Shareholders and Related Disclosure”) icon-pdf
Document 3 TSE Explanatory Material (b) (Statistics on Prime-Listed Companies Who Decided to Transfer to the Standard Market) icon-pdf
Document 4 TSE Explanatory Material (c) (Expansion of English Disclosure in the Prime Market) icon-pdf
Document 5 TSE Explanatory Material (d) (Revisions to the Listing Rules Regarding the Appointment of Female Directors in Prime Market Companies) icon-pdf
Minutes icon-pdf

The Eleventh Council on August 29, 2023

Document 1 Agenda icon-pdf
Document 2 List of Members icon-pdf
Document 3 TSE Explanatory Material (a) (Status of Companies’ Responses and Follow-up on "Action to Implement Management that is Conscious of Cost of Capital and Stock Price") icon-pdf
Document 3 Appendix icon-pdf
Document 4 TSE Explanatory Material (b) (Status of Companies’ Responses and Follow-up on "Better Dialogue with Shareholders and Related Disclosure") icon-pdf
Document 5 TSE Explanatory Material (c) (Future Policies to Improve The Functionality of The Growth Market) icon-pdf
Document 6 TSE Explanatory Material (d) (Status of Companies that do not Meet the Continued Listing Criteria) icon-pdf
Minutes icon-pdf
Comments for the 11th Council of Experts Concerning the Follow-up of Market Restructuring (Mr. Koike, Member of the Council) icon-pdf

The Tenth Council on April 25, 2023

Document 1 Agenda icon-pdf
Document 2 TSE Explanatory Material a) icon-pdf
Document 4 TSE Explanatory Material b) icon-pdf
Minutes icon-pdf

The Ninth Council on March 31, 2023

Document 1 Agenda icon-pdf
Document 6 Summary of The Council's Most Recent Discussion on the Growth Market icon-pdf
Minutes icon-pdf
(note)
  • ・For documents 2 through 5, please see the finalized versions of these documents in the "Action on Cost of Capital-Conscious Management and Other Requests" section at the bottom of this page.

The Eighth Council on February 15, 2023

Document 1 Agenda icon-pdf
Document 2 TSE Explanatory Material a) icon-pdf
Document 3 TSE Explanatory Material b) icon-pdf
Minutes icon-pdf

The Seventh Council on January 25, 2023

Document 1 Agenda icon-pdf
Document 2 TSE Explanatory Material icon-pdf
Document 3 Summary of Discussions on Measures to Improve the Effectiveness of the Market Restructuring (Draft) icon-pdf
Document 4 TSE's Future Actions in Response to the Summary of Discussions of the Follow-up Council (Draft) icon-pdf
Document 5 TSE Reference Material icon-pdf
Minutes icon-pdf

The Sixth Council on January 10, 2023

Document 1 Agenda icon-pdf
Document 2 TSE Explanatory Material icon-pdf
Document 3 Summary of Discussions on Measures to Improve the Effectiveness of the Market Restructuring (Draft) icon-pdf
Document 4 TSE's Future Actions in Response to the Summary of Discussions of the Follow-up Council (Draft) icon-pdf
Document 5 TSE Reference Material icon-pdf
Minutes icon-pdf

The Fifth Council on December 28, 2022

Document 1 Agenda icon-pdf
Document 2 TSE Explanatory Material icon-pdf
Minutes icon-pdf

The Fourth Council on November 25, 2022

Document 1 Agenda icon-pdf
Document 3 TSE Explanatory Material icon-pdf
Document 5 Summary of Results of the Call for Comments icon-pdf
Minutes icon-pdf

The Third Council on October 5, 2022

Document 1 Agenda icon-pdf
Document 4 TSE Explanatory Material icon-pdf
Minutes icon-pdf

The Second Council on September 9, 2022

Document 1 Agenda icon-pdf
Document 2 Guest Speaker (Fidelity International) Explanatory Material icon-pdf
Document 3 Guest Speaker (JPX Market Innovation & Research) Explanatory Material icon-pdf
Document 4 TSE Explanatory Material icon-pdf
Minutes icon-pdf

The First Council on July 29, 2022

Document 1 Agenda icon-pdf
Document 2 List of members icon-pdf
Document 3-1 Secretariat's explanatory material icon-pdf
Document 3-3 Reference material (data of listed companies) icon-pdf
Minutes icon-pdf

Consultation Paper

In order to solicit opinions from a wide range of market participants for consideration by the Follow-up Council and TSE, TSE accepted comments from September 30, 2022 to October 31, 2022.

For more details, please refer to the following Consultation Paper Concerning the "Follow-up of Market Restructuring."

Consultation Paper Concerning the "Follow-up of Market Restructuring" icon-pdf
Reference Materials icon-pdf
Summary of Results of the Call for Comments icon-pdf