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Overview

Overview of Specified Investors, etc.

TOKYO PRO Market, a specified financial instruments exchange market, prohibits stock buying by general investors excluding specified investors, etc. in accordance with the Financial Instruments and Exchange Act and the regulations of TSE. Investors that can buy stocks at TOKYO PRO Market are called "specified investors, etc. (namely "Professional investors")" and mainly classified into specified investors and certain non-residents. In addition, specified investors are classified into those defined as specified investors by relevant laws and those that meet certain requirements and can become specified investors by filing with their securities companies (namely "deemed" specified investors). General investors that own stocks before listing can sell such stocks on TOKYO PRO Market.

Investor Classification Example Buying Stocks Selling Stocks
Specified investor Qualified institutional investor (financial institutions, etc.), national government, Bank of Japan Yes Yes
Specified investors (that might possibly be converted to general investors) Listed company, stock company with capital of JPY 500 million or more Yes
"Deemed" specified investors (general investors capable of converting to specified investors) Stock company other than a specified investor, individuals who meet specific criteria* Yes
(if converted to specified investor)
Non-resident Individual who does not have an address or residence in Japan, corporation that does not have a principal place of business in Japan Yes

General investor

 Investor other than the above No

  • The scope of individuals who meet specific criteria
  1. Both net assets and financial investment assets are estimated to be JPY 300 million or more.
  2. Annual income is estimated to be JPY 100 million or more.
  3. Net assets are estimated to be JPY 500 million or more.
  4. Investment financial assets are estimated to be JPY 500 million or more.
  5. Net assets are estimated to be JPY 300 million or more, and the monthly weighted average of annual transactions is four or higher.
  6. Investment financial assets are estimated to be JPY 300 million or more, and the monthly weighted average of annual transactions is four or higher.
  7. The individual has specific work experience (has worked in financial institutions, corporate management consulting, teaching or research in the area of economics and business) or specific qualifications (securities analyst, securities broker, FP, CFP, AFP, registered management consultant) and the annual salary is estimated to be JPY 10 million or more.
  8. The individual has the work experience or specific qualifications mentioned above with estimated net assets or financial investment assets of JPY 100 million or more.
(note)
  • ･Trading experience of one year or more is required for 1 through 8 above.
  • ･When a securities company validates such asset or trade criteria, the circumstances of its own company and others may be taken into account.