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Initiatives at TSE toward IFRS Reporting | Japan Exchange Group Sectional Committee on Corporate Disclosure under the Advisory Group on Improvements to TSE Listing System JPX-Nikkei Index 400 Corporate Activity Award Disclosure of basic views on selection of accounting standards What is IFRS? Voluntary Application of IFRS (Current and scheduled) Initiatives at TSE toward IFRS Reporting 　 As IFRS becomes more widely accepted worldwide, moves toward its adoption in Japan to raise international competitiveness and ensure coherent financial reporting are also gaining momentum. At TSE, we are also actively encouraging listed companies to adopt IFRS. In October 2009, TSE established the Sectional Committee on Corporate Disclosure under the Advisory Group on Improvements to the TSE Listing System as an independent committee to examine the rules and systems for corporate disclosure. After examining the various rules, on March 24, 2010, the Sectional Committee released its "Report by the Sectional Committee on Corporate ...

Voluntary Application of IFRS (Current and scheduled) | Japan Exchange Group List of Companies (Current and Scheduled as of June 30, 2025) Posting of Earnings Reports at the Time of First-time Adoption of IFRS, Including Explanation of Transition to IFRS What is IFRS? Voluntary Application of IFRS (Current and scheduled) 　 Initiatives at TSE toward IFRS Reporting Figures for companies for voluntary application of IFRS 1 286 Figures for companies scheduled for voluntary application of IFRS 2 8 Total 294 "Figures for companies for voluntary application of IFRS" are the sum of "Earnings reports and quarterly earnings reports of first-time adopters" and "IFRS-based securities reports for initial listing application (Part I) by upcoming listings". Figures for companies scheduled for voluntary application of IFRS were compiled based on the number of listed companies that made press releases on IFRS adoption. Earnings reports and Quarterly earnings reports of first-time adopters...

Deep Tech & Biotech Listing Consultation Desk | About Listing | Japan Exchange Group Supporting IPOs for Companies in the Deep Tech and Biotech Industries Approaches and Examination Points for Listing of Upfront Investment Type Biotech Startups (Reference) For General Investors (Information on Industries/Sectors with Distinctive Business Risks, etc.) (Reference) Ministry of Economy, Trade and Industry: Study Group for Encouraging Dialogue between Biotech Venture Businesses and Investors Benefits of Listing IPO center (Listing Consultation) Deep Tech & Biotech Listing Consultation Desk 　 The Tokyo Stock Exchange (TSE) New Listings Department encourages the listing of companies in the deep-tech and biotech fields. TSE’s Deep Tech and Biotech Listing Consultation Desk provides support for these types of companies, such as research and development companies (deep tech companies) that aim to develop new markets by utilizing new technologies in cutting-edge fields such as space, materials, and healthcare, as well as drug discovery-related biotech ...

Post-Listing | Listing Fees | Japan Exchange Group Annual Listing Fees Fees for Issuance and Listing of New Shares Fees for Listing of Newly Issued Shares Fees for Mergers and Similar Actions Initial Listing Post-Listing 　 Segment Transfer Listed companies are required to pay the listing fee specified in the table below as well as JPY 120,000 for use of TDnet on an annual basis. Listed Market Capitalization Up to JPY 5 bil. JPY 960,000 JPY 720,000 JPY 480,000 Half at the end of March and half at the end of September (of the amount indicated on the left plus the TDnet usage fee) Above JPY 5 bil and up to JPY 2.5 bil. JPY 1,680,000 JPY 1,440,000 JPY 1,200,000 Above JPY 2.5 bil. and up to JPY 50 bil. JPY 2,400,000 JPY 2,160,000 JPY ...

Segment Transfer | Listing Fees | Japan Exchange Group Examination Fees for Segment Transfer Segment Transfer Fees Initial Listing Post-Listing Segment Transfer 　 When applying for a segment transfer, listed companies are required to pay the examination fee corresponding to the destination market segment as specified in the table below. Prime Market JPY 4 mil. End of the month following the month of the segment transfer application Standard Market JPY 3 mil. Growth Market JPY 2 mil. (Consumption taxes (paid to national and local governments) are not included.) If a preliminary application is filed, a preliminary examination fee of the same amount as the examination fee for segment transfer is required. If a company which has filed a preliminary application then files an application for segment transfer within the fiscal year of the date of application for segment transfer indicated in the preliminary application, the company is not required to pay the ...

Appointment of Independent Directors/Auditors | Japan Exchange Group Appointment of Independent Directors by TSE-Listed Companies Status of Securing Independent Directors, etc. (survey results) Securing Independent Directors/Auditors Appointment of Independent Directors/Auditors 　 Ratio of Prime Market Companies with 1/3 or more Independent Directors Ratio of Prime Market Companies with Majority Independent Directors (Note) ･This figure is based on Corporate Governance Reports submitted through July 12, 2024. For the results of the survey on the status of securing independent directors, etc. at listed companies, please see below. Report Name File Appointment of Independent Directors and Establishment of Nomination and Remuneration Committees by TSE-Listed Companies(July 24, 2024) Appointment of Independent Directors and Establishment of Nomination and Remuneration Committees by TSE-Listed Companies(July 31, 2023) Appointment of Independent Directors and Establishment of Nomination and Remuneration Committees by TSE-Listed Companies(August 3, 2022) Appointment of Independent Directors and ...

Summary of the Rules | Canceling Executed Transactions | Japan Exchange Group An outline of the whole process of the Rules for Canceling Executed Transactions Placement of an Erroneous Order Temporary Suspension of Matching Orders Trading Halt Disclosure of Information on the Erroneous Order Application for Canceling Executed Transactions Examination Regarding the Application for Canceling Executed Transactions Decision on the Cancellation of Executed Transactions Trading after the Decision on Whether or Not to Cancel a Transaction and make a Public Announcement Trading Reinstatement Outline Summary of the Rules 　 Points to Consider with Regard If TSE identifies an order that is for more than 5% but 30% or less of the number of listed shares, TSE will confirm the details of the order with the trading participant who has placed the order. TSE's trading system is designed to reject any orders exceeding 30% of the listed shares. In the event that such ...

Points to Consider with Regard | Canceling Executed Transactions | Japan Exchange Group If the placement of a large scale erroneous order is discovered, there is a possibility that executed transactions of a stock may be canceled. When an executed transaction is cancelled, the trading participant's rights and duties to the customer related to the cancelled trade will be terminated. Cases where the reinstatement of cancelled executed transactions may be conducted Please pay attention to information including statistical data in cases of cancellations [For trading participants] When a transaction is canceled, the order-placing participant must pay the cancellation fees. Outline Summary of the Rules Points to Consider with Regard 　 Executed transactions may be canceled if all of the following conditions are met. [ Conditions for possible cancellation of executed transactions ] The erroneous order has led to execution of transactions exceeding 20% of the number of listed shares. (note) TSE recognizes that ...

Margin Trading Restrictions | Restrictions on Trading | Japan Exchange Group Administrative Restrictions Margin Trading Restrictions 　 Short Selling Restrictions Please refer to the following page for regulations on margin trading. Regulatory Measures, etc., Concerning Margin Trading...

Companies subject to transitional measures | Issues in an Improvement Period, etc. | Japan Exchange Group Issues Subject to Transitional Measures Transitional Measures Companies in an Improvement Period Companies subject to transitional measures 　 List of Issues Subject to Transitional Measures (Jul. 9, 2025) (Note) ･Issues subject to transitional measures (On or after March 1, 2025, the record date for the continued listing criteria has not been reached.) are listed. ･For issues that have already been applied to the regular continued listing criteria and have fallen under an improvement period, please check the issues in an improvement period. In April 2022, when TSE restructured the market, some of the continued listing criteria were made stricter than those of the previous market. Therefore, for companies listed before the market restructuring, relaxed criteria have been applied as a transitional measure. The transitional measures criteria will expire transitional measures regarding continued listing criteria will expire and ...