Criteria for Listing
The J-Adviser is the most important partner for a company filing a listing application for TOKYO PRO Market. The J-Adviser establishes a cooperative framework with external professionals (lawyer, accountant, etc.) as necessary and investigates/confirms the listing eligibility of the applicant company while leading the series of administrative procedures from listing application to listing. Listed eligibility requirements that J-Adviser will investigate and verify are as follows.
Listing Eligibility Requirements
| Listing Eligibility Requirements |
The major points of Investigation and Confirmation of Listing Eligibility Requirements by J-Adviser |
(1) An initial listing applicant does not damage the reputation of the market of the Exchange and is a company that is suitable for listing on such market. |
・Fully understand of legal system including business regulations, accounting system, and tax system, etc.
・A system of Status of budget control (annual/semiannual/monthly, etc.) is in place
・The applicant properly confirmed the sufficiency of working capital for 12 months from the scheduled listing date |
(2) An initial listing applicant conducts business fairly and in good faith. |
・The applicant is properly aware of related party transactions and has a check-and-balance system
・There is no problem with the qualifications of the President and Representative Director, etc. |
(3) The corporate governance and internal management structure of an initial listing applicant is appropriately developed in accordance with corporate scale and maturity, etc. and functions properly. |
・Company rules is properly developed and managed
・Human resources necessary for business management and Internal Management
・An internal system for legal compliance is established and properly managed |
(4) An initial listing applicant carries out disclosure of corporate content and risk information, etc. appropriately and has developed a system and framework which enables it to fulfill its disclosure obligations based on the Special Regulations. |
・The company has a post-listing disclosure system in place and a good understanding of disclosure rules and obligations
・The information management system in place to prevent insider trading |
(5) No relations with anti-social forces and other matters deemed necessary by the Exchange from the perspective of the public interest and investor protection. |
・No relationship with anti-social forces
・An internal system to eliminate anti-social forces is in place
・Understand the status of changes in shareholders since the establishment of the company |
(Special Regulations of Securities Listing Regulations Concerning Specified Listed Securities, Article 113)
Investigation and Confirmation of Listing Eligibility Requirements by J-Adviser
A J-Adviser must investigate and confirm whether an entity it supervises, which intends to make an initial listing application, satisfies the listing eligibility requirements and whether such entity is able to fulfill the obligations. Thereafter, the J-Adviser must prepare the "Written Oath Regarding Listing Eligibility" and the "Matters to Note When Preparing Written Oath Regarding Listing Eligibility" .
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