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(Referential translation) 1 Note: TSE hereby certifies that to the best of its knowledge, the foregoing is a fair and accurate English translation of a document originally written in Japanese. In the event of any inconsistency between the original Japanese document and this reference English translation, the original Japanese document will prevail. Consultation Paper“Review of TSE Cash Equity Market Structure” December 21, 2018 Tokyo Stock Exchange, Inc. Introduction - Background Japan Exchange Group (JPX) was established in January 2013 via the business combination between then Tokyo Stock Exchange Group, Inc. (now Tokyo Stock Exchange, Inc.; TSE) and then Osaka Securities Exchange Co., Ltd. (now Osaka Exchange, Inc.; OSE). Each exchange’s cash equity markets were integrated in July 2013, generating a synergy that would raise competitiveness internationally. The market structure in general was kept unchanged when integrating the TSE and OSE markets, in order to minimize any unnecessary burden ...
Consultation Paper “Review of TSE Cash Equity Market Structure” Reference Data ©2018 Japan Exchange Group, Inc. Content １．Entry-level Markets・・・・・・・・・・・page 3 (2nd Section, Mothers, JASDAQ) ２．”Step-up”Market・・・・・・・・・・・・page 14 (1st Section) ３．Market Transfer/Exit・・・・・・・・・・・page 21 (Market Transfer/Delisting) 2 １．Entry-level Markets (2nd Section, Mothers, JASDAQ) 3 Mothers 2nd Section Number of shareholders 1st Section Tradable shares Number of tradable shares Market capitalization of tradable shares Ratio of tradable shares to listed shares Public offering Number of years of business operation Profit amount or Market capital More than 200 800人以上2,200 More than 2,000 units More than 4,000 units More than 20,000 units More than 5bil. JPY More than 1bil. JPY ― More than 25％More than 30％More than 35％ More than 500 units ―― More than 1 year More than 3 years ―More than 1 bil....
(Reference Translation) 1 Disclaimer: This English translation is for reference purpose only and not a legally definitive translation of the original Japanese text. In the event a difference arises regarding the meaning herein, the original Japanese version will prevail as the official authoritative version. Development of Listing Rules for Improving Governance of Listed Subsidiaries and other Rule Changes November 29, 2019 Tokyo Stock Exchange, Inc. I. Purpose The "Action Plan of the Growth Strategy" of the Japanese government (approved by the Cabinet on June 21, 2019; hereafter "the Action Plan") calls for the further strengthening of corporate governance, in order to further enhance competitiveness and to regain trust of Japanese companies. Particularly with respect to the governance of listed subsidiaries, the Action Plan calls for a more robust governance framework. Such framework includes measures, among others, like increasing transparency and requiring more information disclosure by parent company as well ...
1 Summary of Public Comments Received in Response to "Development of Listing Rules for Improving Governance of Listed Subsidiaries and other Rule Changes" and TSE's Responses Thereto Tokyo Stock Exchange, Inc. (TSE) published a number of proposed rule revisions on November 29, 2019 in the consultation paper "Development of Listing Rules for Improving Governance of Listed Subsidiaries and other Rule Changes", and widely sought comments until January 10, 2020. TSE received sixteen (16) public comments in response to this consultation. Below is an outline of the major comments received and TSE's responses to them. No. Summary of Comment TSE's Response 1. Improving the Governance, etc. of Listed Subsidiaries (1) Strengthening the Independence Standards for Independent Directors/Auditors 1・The Action Plan of the Growth Strategy stipulated that a person who has worked at the "controlling shareholder" in the last ten (10) years should not be appointed as ...
- 1 - Special Provisions in the Listing Rules in Consideration of the Impact of Spread of the Novel Coronavirus (COVID-19) March 31, 2020 Tokyo Stock Exchange, Inc. ⅠPurpose of Special Provisions Due to the spread of the novel coronavirus (COVID-19) and concerns over its prolongation, the growing uncertainty over its influence on the macroeconomy and corporate performance is having a huge impact on both the real economy and the cash equity market. In light of the extent of the impact on corporate activities due to the spread of the novel coronavirus, Tokyo Stock Exchange, Inc. will establish special provisions to enable flexible approaches based on the actual situation in terms of the application of the current listing rules to listed companies and listing applicants. II Outline of Special Provisions Remarks 1. Special Provisions for Listed Companies (1) Liabilities in Excess of Assets If a listed company falls ...
Overview of TSE Disclosure & Listing Rule Policy in Response to the Spread of Coronavirus (COVID-19)” ＜Timely Disclosure＞ ⚫Request timely and appropriate disclosure of the impact of the spread of Coronavirus on business activities and business performance ➢“Business Forecast”: Such as enhanced disclosure of description of assumptions and reasons for revision ➢“Financial Summary”: Proactive disclosure of risk information Already announced: Flexibility in financial results disclosure, timely disclosure of impact, and notice on change of record date of the General Meeting of Shareholders ⚫“Excess Liabilities": If it is due to the effects of Coronavirus, grace period extended from one year to two years) (*) ➢A one-year grace period for transfer from 2nd Section to 1st Section ⚫"No opinion" or "Suspension of business activities": Not applicable if due to Coronavirus ⚫“Corporate continuity and profitability, etc.”: Examining whether the effects of Coronavirus are properly reflected in the business plan (temporary ...
(Reference Translation) 1 Disclaimer: This English translation is for reference purpose only and not a legally definitive translation of the original Japanese text. In the event a difference arises regarding the meaning herein, the original Japanese version will prevail as the official authoritative version. Revisions to Listing Rules to Enhance Functions for Raising Funds through the Capital Market (First set of revisions pertaining to cash equity market restructuring) July 29, 2020 Tokyo Stock Exchange, Inc. I. Purpose As the Covid-19 outbreak severely impacts business activities and corporate performance, Tokyo Stock Exchange, Inc. (TSE) recognizes the urgent need to enhance its functions for companies to raise funds in order to facilitate a swift recovery in the Japanese economy and subsequent sustained growth while strengthening the soundness of themarket. In order to achieve this, TSE has decided to take the following actions as part of the first set of revisions ...
2020 Tokyo Stock Exchange, Inc. Initial Listing Criteria, etc. Delisting Criteria, etc. Others As the Covid-19 outbreak severely impacts business activities and corporate performance, Tokyo Stock Exchange, Inc. (TSE) recognizes the urgent need to enhance capital market’s functions for companies raising funds in the market, thereby facilitating a swift recovery in the Japanese economy and sustained growth while strengthening the soundness of the market. In light of the planned cash equity market restructuring, TSE will revise the initial listing criteria, etc. to make the initial listing process smoother for companies and encourage corporate value creation over the mid- to long-term and in addition, revise the delisting criteria, etc., allowing listed companies more flexibility in their capital policies and corporate strategies as they face financial turbulence or challenges. Revise the excess liabilities criteria Encourage swift improvement with new disclosure framework Allow more flexibility ...
1 Summary of Public Comments on“Revisions to Listing Rules to Enhance Functions for Raising Funds through the Capital Market (First set of revisions pertaining to cash equity market restructuring)” Tokyo Stock Exchange, Inc. (TSE) published a number of proposed rule revisions on July 29, 2020 in the consultation paper "Revisions to Listing Rules to Enhance Functions for Raising Funds through the Capital Market (First set of revisions pertaining to cash equity market restructuring)", and widely sought comments until September 11, 2020. TSE received seventeen (17) comments from the public to this consultation. Below is an outline of the major comments received and TSE's responses to them. No. Summary of Comments TSE's Response 1. Revisions to the Initial Listing Criteria, etc. for the Main Markets １・What are the reasons for regarding the tradable share ratio as a formal criterion for "governance"? *"Loyal shareholders" ...
(Reference Translation) Disclaimer: This English translation is for reference purpose only and not a legally definitive translation of the original Japanese text. In the event a difference arises regarding the meaning herein, the original Japanese version will prevail as the official authoritative version. 1 Development of Listing Rules for Cash Equity Market Restructuring (second set of revisions) December 25, 2020 Tokyo Stock Exchange, Inc. I. Purpose Tokyo Stock Exchange, Inc. (TSE) will restructure its market into three new market segments, the Standard Market, Prime Market and Growth Market, effective on April 4, 2022, as shown in“Overview of Market Structure Review and Outline of the New Market Segments”published in February 2020. Through this we aim to support listed companies' sustainable growth and improvement of corporate value over the medium to long term, thereby providing attractive cash equity markets that enjoy support from a diverse range of global and ...