| Item |
Criteria Details |
| Timely Disclosure System |
An entity who has applied for initial listing of a real estate investment trust security is in a status where disclosure of information concerning such real estate investment trust security may be carried out in appropriate manner.
- Documents pertaining to disclosure of information concerning real estate investment trust securities, out of the initial listing application documents, shall appropriately contain the matters which may have a material effect on investment decisions of investors; and
- An entity who has applied for initial listing of a real estate investment trust security shall have a system to conduct timely and appropriate disclosure of information of facts, etc. which will have a material effect on asset management, etc.. Moreover, its system and framework for the preemptive prevention of insider trading, etc. is deemed to be developed and operated appropriately
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| Asset Management System |
An entity who has applied for initial listing of a real estate investment trust security is in a status to be able to carry out asset management, etc. in a sound manner;
- An entity who has applied for initial listing of a real estate investment trust security has developed an appropriate system at the time of asset management, etc. in order not to damage benefits of investors of an initial listing application security;
- An entity who has applied for initial listing of a real estate investment trust security is recognized not to give or enjoy profit wrongfully through a trading act with the corporate group of a sponsor in light of matters including those referred to in the following a. and b.:
- Where a transaction between an entity who has applied for initial listing of a real estate investment trust security and the corporate group of a sponsor has occurred, such transaction has rationality of continuing the transaction and reasonability of trading terms including trading prices; and
- Benefits of the investors of an initial listing application security are not possibly lost wrongfully because the corporate group of a sponsor gives priority to their own benefits;
- The internal management system is recognized to be reasonably developed and operated in light of matters including those referred to in the following a. and b. so that an entity who has applied for initial listing of a real estate investment trust security can efficiently carry out asset management, etc.:
- A necessary managerial and administrative body is developed and operated appropriately to secure the efficiency of management activities and the internal checking functions of the corporate group of an initial listing applicant; and
- An internal auditing system of the corporate group of an initial listing applicant is developed and operated appropriately; and
- An effective system to comply with laws and regulations, etc. is recognized to be developed and operated appropriately to carry out management activities in the corporate group of an initial listing applicant
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| Distribution of Money |
Distribution of money pertaining to a security for which an initial listing application is made is expected to continue after listing
That distribution of money of the fund pertaining to such security is expected to be made by continuously owning real estates, etc. which are producing or are expected to produce rent business income, out of management assets, etc., and other viewpoints |
| Other |
It is deemed appropriate from the viewpoints of the public interest or the protection of investors |
