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 |
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| Members |
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For details of the market restructuring, please see the following page.
Next Council（Planned）
| Future Measures in the Growth Market (Excerpt from the 21st Council Materials as of April 2) |
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Minutes and Materials
The Twentieth Council on February 18, 2025
| Agenda |
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| Document 1 Future follow-up (Reprint of 19th Material) |
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| Document 2 Initiatives regarding “Management that is Conscious of Cost of Capital and Stock Price” |
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| Document 3 Revising the Code of Corporate Conduct on MBOs and Subsidiary Conversions |
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| Document 4 Future Measures in the Growth Market |
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| Document 5 Status of Companies Subject to Transitional Measures |
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| Document 6 Reference: The Investor’s Perspective on Such Matters as Parent-Subsidiary Listings |
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| Document 7 Reference: Future follow-up on Such Matters as Parent-Subsidiary Listings |
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| Minutes |
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The Nineteenth Council on December 10, 2024
| Agenda |
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| Document 1 Future Measures in the Growth Market |
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| Document 2 Future follow-up |
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| Minutes |
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The Eighteenth Council on October 31, 2024
| Agenda |
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| Document 1 Revision of the List of Companies That Have Disclosed Information Regarding Management that is Conscious of Cost of Capital and Stock Price |
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| Document 2 Overview of Updates of Key Points and Case Studies on “Management that is Conscious of Cost of Capital and Stock Price” |
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| Document 3 Key Points and Examples Considering The Investor’s Point of View [2nd edition] (Draft) |
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| Document 4 Points and Examples Where Companies Are Not Aligned With Investors’ Perspectives (Draft) |
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| Document 7 Reference material (Stock Prices After the Request) |
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| Document 8 Revising the Code of Corporate Conduct |
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| Document 9 TSE explanatory materials for the Sixth Meeting of "Study Group to Review Minority Shareholder Protection and Other Framework of Quasi-Controlled Listed Companies" (Second Phase) |
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| Document 10 Reference material (Status of Discussion at the Sixth Meeting of "Study Group to Review Minority Shareholder Protection and Other Framework of Quasi-Controlled Listed Companies" (Second Phase)) |
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| Minutes |
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The Seventeenth Council on August 19, 2024
| Agenda |
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| Document 1 Status Update and Future TSE Initiatives (Provisional) Regarding “Action to Implement Management that is Conscious of Cost of Capital and Stock Price” |
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| Document 2 Revising the Code of Corporate Conduct on MBOs and Subsidiary Conversions |
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Document 2 Appendix 1: Opinions Received from Market Participants - Results of Interviews -
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| Document 2 Appendix 2: Status of Implementation of Fairness Ensuring Measures |
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| Document 2 Appendix 3: Overview of Regulations and Practices in the U.S. Relating to MBOs and Subsidiary Conversions by Controlling Shareholders |
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| Document 3 Status of Companies Subject to Transitional Measures |
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| Minutes |
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The Sixteenth Council on May 21, 2024
| Agenda |
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| Document 1 Status after Market Restructuring and Future Follow-up |
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| Document 1 Appendix 1: Measures to Expand and Improve the Dissemination of Information to Investors in the Growth Market (Draft) |
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| Document 2 Revising the Code of Corporate Conduct (Supplementary Materials to Previous Council) |
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| Minutes |
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The Fifteenth Council on March 22, 2024
| Agenda |
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| 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 February 2024) |
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| Document 2 Revising the Code of Corporate Conduct |
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| Document 3 Considerations Regarding Listing Criteria for the Growth Market |
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| Minutes |
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The Fourteenth Council on January 17, 2024
| Agenda |
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| 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 |
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| Document 2 Details of Disclosure Status (as of the end of December 2023) *Published on January 15, 2024 |
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| 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) |
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| Document 5 Policy on the Expansion of English Disclosure in the Prime Market (Draft) |
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| Document 6 Future Actions for Improving Growth Market Function (Draft) |
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| Minutes |
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The Thirteenth Council on December 18, 2023
| Document 1 Agenda |
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| Document 2 TSE Explanatory Material (a) (Summary of Interviews with Growth Market Users) |
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| Document 3 TSE Explanatory Material (b) (Future Actions to Enhance the Functionality of the Growth Market) |
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| Document 6 TSE Explanatory Material (c) (Expansion of English Disclosure in the Prime Market) |
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| Document 7 TSE Explanatory Material (d) (Future Discussion Topics in the Follow-up Council) |
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| Minutes |
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The Twelfth Council on October 11, 2023
| Document 1 Agenda |
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| 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”) |
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| Document 3 TSE Explanatory Material (b) (Statistics on Prime-Listed Companies Who Decided to Transfer to the Standard Market) |
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| Document 4 TSE Explanatory Material (c) (Expansion of English Disclosure in the Prime Market) |
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| Document 5 TSE Explanatory Material (d) (Revisions to the Listing Rules Regarding the Appointment of Female Directors in Prime Market Companies) |
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| Minutes |
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The Eleventh Council on August 29, 2023
| Document 1 Agenda |
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| Document 2 List of Members |
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| 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") |
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| Document 3 Appendix |
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| Document 4 TSE Explanatory Material (b) (Status of Companies’ Responses and Follow-up on "Better Dialogue with Shareholders and Related Disclosure") |
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| Document 5 TSE Explanatory Material (c) (Future Policies to Improve The Functionality of The Growth Market) |
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| Document 6 TSE Explanatory Material (d) (Status of Companies that do not Meet the Continued Listing Criteria) |
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| Minutes |
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| Comments for the 11th Council of Experts Concerning the Follow-up of Market Restructuring (Mr. Koike, Member of the Council) |
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The Tenth Council on April 25, 2023
| Document 1 Agenda |
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| Document 2 TSE Explanatory Material a) |
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| Document 4 TSE Explanatory Material b) |
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| Minutes |
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The Ninth Council on March 31, 2023
| Document 1 Agenda |
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| Document 6 Summary of The Council's Most Recent Discussion on the Growth Market |
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| Minutes |
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(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 |
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| Document 2 TSE Explanatory Material a) |
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| Document 3 TSE Explanatory Material b) |
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| Minutes |
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The Seventh Council on January 25, 2023
| Document 1 Agenda |
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| Document 2 TSE Explanatory Material |
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| Document 3 Summary of Discussions on Measures to Improve the Effectiveness of the Market Restructuring (Draft) |
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| Document 4 TSE's Future Actions in Response to the Summary of Discussions of the Follow-up Council (Draft) |
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| Document 5 TSE Reference Material |
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| Minutes |
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The Sixth Council on January 10, 2023
| Document 1 Agenda |
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| Document 2 TSE Explanatory Material |
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| Document 3 Summary of Discussions on Measures to Improve the Effectiveness of the Market Restructuring (Draft) |
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| Document 4 TSE's Future Actions in Response to the Summary of Discussions of the Follow-up Council (Draft) |
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| Document 5 TSE Reference Material |
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| Minutes |
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The Fifth Council on December 28, 2022
| Document 1 Agenda |
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| Document 2 TSE Explanatory Material |
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| Minutes |
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The Fourth Council on November 25, 2022
| Document 1 Agenda |
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| Document 3 TSE Explanatory Material |
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| Document 5 Summary of Results of the Call for Comments |
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| Minutes |
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The Third Council on October 5, 2022
| Document 1 Agenda |
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| Document 4 TSE Explanatory Material |
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| Minutes |
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The Second Council on September 9, 2022
| Document 1 Agenda |
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| Document 2 Guest Speaker (Fidelity International) Explanatory Material |
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| Document 3 Guest Speaker (JPX Market Innovation & Research) Explanatory Material |
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| Document 4 TSE Explanatory Material |
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| Minutes |
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The First Council on July 29, 2022
| Document 1 Agenda |
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| Document 2 List of members |
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| Document 3-1 Secretariat's explanatory material |
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| Document 3-3 Reference material (data of listed companies) |
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| Minutes |
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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" |
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| Reference Materials |
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| Summary of Results of the Call for Comments |
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