The Financial Instruments and Exchange Act requires financial instruments exchanges to fulfill self-regulatory functions. Japan Exchange Regulation (JPX-R) performs this mandate on behalf of Tokyo Stock Exchange and Osaka Exchange. JPX-R's self-regulatory operations cover a broad range of investigations and examinations into compliance with laws and regulations, and decisions on disciplinary actions to deter unfair acts. These activities target a wide range of parties including listed companies, companies seeking a listing, securities companies, and investors.