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Revisions to Business Regulations in Connection with the Amendments to the Cabinet Office Order on Restrictions on Securities Transactions, etc. February 21, 2025 Japan Exchange Regulation I. Purpose Japan Exchange Regulation (JPX-R) will revise its Business Regulations (for details, please refer to the Revisions to Rules and Regulations: Tracked Changes). The purpose of these revisions is to make necessary changes to JPX-R’s Business Regulations in accordance with the amendments to the Cabinet Office Order on Restrictions on Securities Transactions, etc., which makes listed venture funds also subject to insider trading regulations. II. Effective Date These revisions will take effect on February 28, 2025....

Revisions to Rules and Regulations: Tracked Changes Revisions to Business Regulations Business Regulations (as of April 1February 28, 20245) Rule 18-2. Request for Re-inspection to Issuer of Listed Securities, etc. 1. JPX-R shall request an issuer of listed securities to re-inspect such issuer's internal systems for preventing unfair trading that pertain to its company information, concerning securities trading, etc. in the market of an entrusting financial instruments exchange, in cases where the administrative agency has recommended order of surcharge payment, made accusation or taken other measures because an act of a board member, executive officer, agent, employee, or any other worker of such issuer of the listed securities (including an asset management company of such issuer in cases of an investment corporation that is an issuer of listed real estate investment trust or infrastructure fundswhere such issuer is a listed investment corporation, etc. prescribed in ...

Revisions to Business Regulations in Connection with the Revisions to the Rules for Disciplinary Actions Against and Recommendations to Trading Participants February 13, 2025 Japan Exchange Regulation I. Purpose Japan Exchange Regulation (JPX-R) will revise its Business Regulations (for details, please refer to the Revisions to Rules and Regulations: Tracked Changes). These are necessary revisions in light of revisions to the Trading Participant Regulations made by Tokyo Stock Exchange, Inc. and Osaka Exchange, Inc., the financial instruments exchanges which entrust self-regulatory operations to JPX-R, in connection with revisions to their rules for disciplinary actions against and recommendations to Trading Participants. II. Effective Date These revisions will take effect on February 17, 2025....

1 Revisions to Rules and Regulations: Tracked Changes Revisions to Business Regulations Business Regulations (as of February April 171, 20252024) Rule 9. Examination with respect to Approval of Mergers, etc. of Trading Participants 1 . Where a Trading Participant applies for approval to the entrusting financial instruments exchange in the cases set out in each of the following itemsconcerning a merger, succession of part of a business caused by demerger (in cases of a registered financial institution, this shall mean the operations of the registered financial institution; the same shall apply hereinafter) to another company, succession of the whole or part of a business caused by demerger, transfer of part of business to another company or transfer of the whole or part of business from another company, JPX-R shall carry out examination on the basis of the criteria set forth by the entrusting financial instruments exchange. (1) Where a Trading ...

1 Revisions to Trading Participant Regulations in Connection with the Revisions to the Rules for Disciplinary Actions Against and Recommendations to Trading Participants February 13, 2025 Tokyo Stock Exchange, Inc. I. Purpose Tokyo Stock Exchange Inc. (TSE) will revise the Trading Participant Regulations (hereinafter the“Regulations”) with effect from February 17, 2025 (for details, please refer to the Revisions to Rules and Regulations: Tracked Changes.) In light of recent cases of disciplinary actions against and recommendations to trading participants, TSE will make some necessary revisions to the rules. II. Outline 1. Revisions to the rules for disciplinary actions ・Under the current rules, the maximum fine amount is JPY 100 million as a general rule, with a special provision that prescribes a maximum fine amount of JPY 500 million when a trading participant is deemed to have seriously damaged the credibility of TSE. This two-tiered system will be integrated into ...

Revisions to Rules and Regulations: Tracked Changes Revisions to Trading Participant Regulations Trading Participant Regulations (as of JanuaryFebruary 417, 20245) Rule 34. Disciplinary Actions Against Trading Participant 1. Where the Exchange deems that a trading participant falls under any of the following items, the Exchange may, after holding a hearing with such trading participant, take disciplinary actions prescribed in each such item: (1) When a trading participant obtained its trading qualification by fraudulent means, revocation of a trading qualification(s); (2)When a trading participant no longer meets the provisions of Rule 3, Paragraph 2, revocation of a trading qualification(s); (3) When a trading participant has become insolvent and fell into a status of an insurmountable difficulty in recovering from such insolvency, revocation of a trading qualification; (4) When a trading participant fails to complete its contracts with the Exchange pertaining to securities trading or entrustment of brokerage for ...

Revisions to Business Regulations and Other Rules in Connection with the Optimization of Tick Sizes for ETFs, etc. February 10, 2025 Tokyo Stock Exchange, Inc. I. Purpose Tokyo Stock Exchange, Inc. (TSE) will revise the Business Regulations and other rules. These revisions will take effect on May 7, 2025 (for more details, please refer to the "Revisions to Rules and Regulations: Tracked Changes"). The purpose of these revisions is to take necessary measures with regard to ETFs, etc. (meaning ETFs, ETNs, leveraged products, etc.) with a trading unit of one, for which there are price ranges with high execution costs for investors due to the relatively large tick sizes. II. Outline (Note) Optimization of Tick Sizes for ETFs, etc. In principle, TSE will change the tick sizes for ETF, etc. issues with a trading unit of one to the following: JPY 1 when the price per unit is JPY ...

1 Revisions to Rules and Regulations: Tracked Changes Revisions to Business Regulations Business Regulations (as of May 7, 2025November 5, 2024) Rule 14. Bids and Offers 1. If a trading participant intends to execute a transaction in a trading session, it must make a bid or an offer. In this case, the trading participant must disclose to the Exchange matters referred to in each of the following items: (1) Whether the bid or offer is based on agency or principal; (2) If the trading participant intends to execute a short sale (meaning a short sale defined in Article 26-2-2, Paragraph 1 of the Enforcement Ordinance of the Financial Instruments and Exchange Act (the Cabinet Order No.321 of 1965; hereinafter referred to as the "Enforcement Ordinance")), disclosure of that fact excluding transactions prescribed in Article 11, Paragraph 1 of the Cabinet Office Ordinance Concerning Restriction on Transactions, etc....

Revisions to Regulations Regarding Margin Transactions and Loans for Margin Transactions and Other Rules Pertaining to Revisions to Methods of Information Provision Between Trading Participants and Customers in Connection with the Amendments to the Financial Instruments and Exchange Act March 25, 2025 Tokyo Stock Exchange, Inc. I. Purpose Tokyo Stock Exchange, Inc. (TSE) will revise the Regulations Regarding Margin Transactions and Loans for Margin Transactions and other rules. These revisions will take effect on April 1, 2025 (for more details, please refer to "Revisions to Rules and Regulations: Tracked Changes"). These revisions are in response to the "Act Partially Amending the Financial Instruments and Exchange Act and Other Acts" (Act No. 79 of 2023), which allows financial instruments business operators to choose whether to provide some information to customers through physical documents or electromagnetic means. In the past, such information was required to be provided through physical documents as a ...

Revisions to Rules and Regulations: Tracked Changes Revisions to Regulations Regarding Margin Transactions and Loans for Margin Transactions and Other Rules Pertaining to Revisions to Methods of Information Provision Between Trading Participants and Customers in Connection with the Amendments to the Financial Instruments and Exchange Act Contents 1. Revisions to Regulations Regarding Margin Transactions and Loans for Margin Transactions….……………………………………………………………………………………………………………….……Page 1 2. Revisions to Brokerage Agreement Standards…………………………………………………………………. Page 4 3. Revisions to Agreement on Entrustment of When-Issued Transactions…………………………….Page 10 4. Revisions to Agreement for Setting up Margin Transaction Account………………………………….Page 11 1 Regulations Regarding Margin Transactions and Loans for Margin Transactions (as of JulyApril 16, 201925) Rule 6. DeliveryProvision of NotificationInformation Concerning Margin Transactions 1. A trading participant shall deliverprovide every month a noticeinformation pertaining to matters concerning margin transactions to a customer who has any unsettled account pertaining to margin transactions; provided, however, that this shall not...