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1 Revisions to Listing Rules and Other Rules Regarding Listed Venture Funds in Connection with the Amendments to the Cabinet Office Order on Restrictions on Securities Transactions, etc. February 21, 2025 Tokyo Stock Exchange, Inc. I. Purpose Tokyo Stock Exchange Inc. (TSE) will revise the Securities Listing Regulations and other rules with effect from February 28, 2025 (for more details, please refer to“Revisions to Rules and Regulations: Tracked Changes”). In accordance with the amendment to the Cabinet Office Order on Restrictions on Securities Transactions, etc. (hereinafter referred to as the“Cabinet Office Order on Transaction Restrictions”), transactions of listed venture funds will also be subject to insider trading regulations. In light of this, TSE will make revisions such as by adding material facts and other information specified in the Financial Instruments and Exchange Act to timely disclosure information required for listed venture funds. II. Outline (Notes) 1．Measures in ...

Revisions to Rules and Regulations: Tracked Changes Revisions to Securities Listing Rules and Other Rules Regarding Listed Venture Funds in Connection With the Amendments to Orders Including the Cabinet Office Order on Restrictions on Securities Transactions, etc. Contents 1. Revisions to Securities Listing Regulations : ................................ ................................ ................................ .......................... Page 1 2. Revisions to Trading Participant Regulations: ................................ ................................ ................................ ..................... Page 23 3. Revisions to Special Regulations of Business Regulations and Brokerage Agreement Standards Concerning ToSTNeT Market: ................................ ................................ ................................ ................................ ................................ ................................ ..... Page 24 4. Revisions to Enforcement Rules for Securities Listing Regulations: ................................ ................................ ................... Page 25 5. Revisions to Rules concerning Trading Participants' Listing Eligibility Examination Systems, etc.: ................................ ... Page 79 6. Revisions to Guidelines concerning Listing Examination, etc.: ................................ ................................ ........................... Page 82 1 Securities Listing Regulations (as of April 1 February 28, 20245) Rule 1201. Definitions in Part 6 The definitions of the terms referred to in each of the following items in Part 6 shall be defined as follows: (1) Infrastructure-related securities mean assets (...

1 Revisions to Securities Listing Regulations and Other Rules Pertaining to Revisions to the Initial Listing Day in the Case of Spin-Offs April 3, 2025 Tokyo Stock Exchange, Inc. I. Purpose Tokyo Stock Exchange, Inc. (TSE) will revise Securities Listing Regulations and other rules. These revisions will take effect on September 16, 2025 (for more details, please refer to "Revisions to Rules and Regulations: Tracked Changes"). The revision aims to protect investors and create an environment that makes it easier for listed companies to utilize spin-offs. It involves necessary revisions to enable the listing of the shares of a company that has become independent via a spin-off (hereinafter referred to as a "spun-off company") from the ex-rights date of the shares of the company that carries out the spin-off (hereinafter referred to as the "spin-off company"). III. Effective Date ・These rules will take ...

Revisions to Rules and Regulations: Tracked Changes Revisions to Securities Listing Regulations and Other Rules Pertaining to Revisions to the Initial Listing Day in the Case of Spin-Offs Contents 1. Revisions to Securities Listing Regulations…………………………….………………...……...……………Page 1 2. Revisions to Revisions to Enforcement Rules for Securities Listing Regulations………………Page 2 1 Securities Listing Regulations (as of September 16, 2025May 30, 2025) Rule 226. Special Provisions for Cases Where Stocks, etc. Pertaining to Initial Listing Application are Scheduled to be Allocated by Listed Company by Means of Dividends from Surplus In cases where stocks, etc. pertaining to an initial listing application are scheduled to be allocated by a listed company by means of dividends from surplus (limited to cases where the initial listing applicant is a subsidiary of said listed company immediately before said dividends from surplus are paid) and the provisions of Rule 205, Items (1) and (2) (including ...

Revisions to Rules and Regulations: Tracked Changes Revisions to Securities Listing Regulations and Other Rules Pertaining to MBOs and Subsidiary Conversions Contents 1. Revisions to Securities Listing Regulations…………………………….………………...……...…………………Page 1 2. Revisions to Special Regulations of Securities Listing Regulations Concerning Specified Listed Securities……………………………………………………………………………………………………………………..….Page 28 3. Revisions to Enforcement Rules for Securities Listing Regulations…………...……...………………Page 37 4. Revisions to Guidelines concerning Listed Company Compliance, etc.…….……...….…………Page 114 1 Securities Listing Regulations (as of AprilJuly 122, 2025) Contents Part 1 General Provisions (Rule 1 to Rule 8) Part 2 Stocks, etc. Chapter 1 General Provisions (Rules 101) Chapter 2 Initial Listing Section 1 General Provisions (Rule 201 to Rule 203) Section 2 Initial Listing on Standard Market (Rule 204 to Rule 209) Section 3 Initial Listing on Prime Market (Rule 210 to Rule 215) Section 4 Initial Listing on Growth Market (Rule 216 to Rule 221) Section 5 Public Offering or ...

1 Revisions to Securities Listing Regulations and Other Rules Pertaining to MBOs and Subsidiary Conversions July 7, 2025 Tokyo Stock Exchange, Inc. I. Purpose Tokyo Stock Exchange Inc. (TSE) will revise the Securities Listing Regulations and other rules. These revisions will take effect on July 22, 2025 (for more details, please refer to the“Revisions to Rules and Regulations: Tracked Changes”). These are revisions to the“matters to be observed”in the Code of Corporate Conduct regarding MBOs and conversions into wholly-owned subsidiaries by an entity such as a controlling shareholder or other related company (hereinafter referred to as“subsidiary conversions”) which are necessary so that the framework of the“Fair M&A Guidelines”may function more effectively. TSE will also make other revisions to require listed companies to develop the necessary investor relations systems. II. Outline (Notes) 1．The Code of Corporate Conduct on MBOs and Subsidiary Conversions (...

Revisions to Brokerage Agreement Standards in Relation to Revisions to the Handling of Unreceived Dividends, etc. Pertaining to Deposited Securities, etc. July 10, 2025 Tokyo Stock Exchange, Inc. I. Purpose Tokyo Stock Exchange, Inc. (TSE) will revise the Brokerage Agreement Standards with effect from October 1, 2030 (for more details, please refer to "Revisions to Rules and Regulations: Tracked Changes"). The purpose is to make needed revisions in light of an amendment by Japan Securities Depository Center, Inc. (JASDEC) to establish a limitation of actions for unreceived dividends, etc. (i.e., dividends, etc. that have not been received by their beneficial shareholders) under its Book-Entry Transfer System for Foreign Stocks, etc. III. Effective Date -These revisions will take effect on October 1, 2030. They will also apply to dividends, etc. that have been set to begin payment on dates prior to the effective date. II. Outline (Notes) A limitation ...

1 Revisions to Rules and Regulations: Tracked Changes Revisions to Brokerage Agreement Standards Brokerage Agreement Standards (as of October 1, 2030April 1, 2025) Rule 30-4. Handling of Dividends, etc. 1. The handling of dividends (including distribution from profits of foreign investment trust beneficiary certificates, etc., distribution of money of foreign investment securities, etc. and benefits pertaining to trust assets of beneficiary certificates of foreign beneficiary certificates issuing trusts, etc.; the same shall apply hereinafter in this section.), etc. of deposited securities, etc. shall be pursuant to the provisions in each of the following items: (1) If it is a monetary dividend, the settlement company shall receive it and shall pay it to a customer through a dividend-payment-handling bank (in cases of foreign investment trust beneficiary certificates, etc., foreign investment securities, etc. and beneficiary certificates of foreign beneficiary certificates issuing trusts, a distribution money-payment-handling bank; the ...

Comparison Tables of Old and New Rules and Regulations Revisions to Business Regulations and Other Rules in Connection with Revisions to Trading Rules for Strengthening Functions of Cash Equity Market Contents 1．Revisions to Business Regulations: Comparison Table... Page 1 2．Revisions to Special Regulations of Business Regulations and Brokerage Agreement Standards Concerning ToSTNeT Market: Comparison Table... Page 8 3．Revisions to Enforcement Rules for Business Regulations: Comparison Table... Page 10 4．Revisions to Enforcement Rules for Special Regulations of Business Regulations and Brokerage Agreement Standards Concerning ToSTNeT Market: Comparison Table... Page 12 1 Revisions to Business Regulations: Comparison Table Old New Rule 2. Division of Trading Session and Trading Hours Rule 2. Division of Trading Session and Trading Hours 1. Trading sessions at the Exchange shall be divided into a morning trading session and an afternoon trading session, and trading hours for each trading session shall, in accordance with ...

Revisions to Business Regulations and Other Rules in Connection with Revisions to Trading Rules for Strengthening Functions of Cash Equity Market September 20, 2023 Tokyo Stock Exchange, Inc. I. Purpose Tokyo Stock Exchange, Inc. (TSE) will partially revise the Business Regulations and other rules with effect from November 5, 2024 (for more details, please refer to the tables for comparison of new and old rules. These revisions are necessary for revising the trading rules for the purpose of strengthening the functions of the cash equity market in connection with the launch of the next generation trading system. II. Outline of Revisions Remarks 1. Extension of trading hours (JST) Trading hours for the afternoon session (excluding JGBs) will be from 12:30 p.m. to 3:30 p.m. Trading hours for single issue trading and basket trading on the ToSTNeT market will be from 8:20 a.m....