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Jun. 06, 2023 JPXTSE Establishment of "Council of Experts Concerning the Revision of the Quarterly Disclosure System"

Today, Tokyo Stock Exchange, Inc. (TSE) announced the establishment of the "Council of Experts Concerning the Revision of the Quarterly Disclosure System."

The Financial System Council's Working Group on Corporate Disclosure ("DWG") proposed in its report in June 2022 a direction to reduce costs and improve the efficiency of disclosure by eliminating overlapping contents between quarterly securities reports (for the first and third quarters) required by the Financial Instruments and Exchange Act and quarterly earnings reports required in the regulations of stock exchanges and integrating them into a single disclosure system.
It was recommended that the quarterly securities report should be integrated into the quarterly earnings report, taking into consideration the timing of disclosure and the wide use of these reports by investors. In addition, the December 2022 report indicated a direction of each topic in the implementation of the recommendation.

In order to realize practical operation in line with specific directions for the integration indicated by the DWG report, a council of experts was established. It will hold discussions, taking into full consideration the opinions of investors, listed companies, academic experts, and other market users.