B. Tokyo Stock Exchange Listing by US Companies

B. Tokyo Stock Exchange Listing by US Companies

2 019 ��������������������� ��������������������� Tokyo Stock Exchange 2019 New Listing Guidebook for Foreign Companies Table of Contents Table of Contents .............................................................................................................................. 1 1. Benefits of Listing ......................................................................................................................... 6 (1) Smooth and Diversified Fundraising..................................................................................... 6 (2) Enhance Corporate Value ....................................................................................................... 6 (3) Improve its Internal Management System and Enhance the Employees’ Motivation .................................................................................................................................................... 6 2. Mechanism for Initial Listing....................................................................................................... 6 (1) Mechanism for Initial Listing ................................................................................................. 6 (2) Composition of Market............................................................................................................ 7 3. Overview of the Initial Listing and Disclosure Systems .......................................................... 8 (1) Listing Schedule....................................................................................................................... 9 (2) Roles of Each Party Involved in an IPO.............................................................................. 10 (3) Rules and Regulations on the Disclosure System on the Secondary Market................ 13 a. Statutory Disclosure ............................................................................................................ 13 b. Timely Disclosure ................................................................................................................. 13 (4) Commitment to IR................................................................................................................. 14 4. Listing Examination by TSE (Primary Listing) ........................................................................ 15 (1) Main Markets (TSE 1st Section and 2nd Section)(Primary Listing).................................. 15 a. Formal Requirements .......................................................................................................... 15 b. Eligibility Requirements ...................................................................................................... 19 c. Documents to be Filed ......................................................................................................... 24 (2) Mothers (Primary Listing) .................................................................................................... 29 a. Formal Requirements .......................................................................................................... 29 b. Eligibility Requirements ...................................................................................................... 32 c. Documents to be Filed ......................................................................................................... 39 (3) JASDAQ Market (Primary Listing) ....................................................................................... 44 a. Formal Requirements .......................................................................................................... 44 b. Eligibility Requirements (Standard Market) .................................................................... 47 c. Eligibility Requirements (Growth Market)........................................................................ 56 d. Documents to be Filed ......................................................................................................... 65 (4) Listing Examination Schedule (Primary Listing)............................................................... 71 5. Listing Examination by TSE (Multiple Listing) ........................................................................ 72 (1) Main Markets (TSE 1st Section and 2nd Section)(Multiple Listing)............................... 72 a. Formal Requirements .......................................................................................................... 72 b. Eligibility Requirements and Special Exceptions to Multiple Listing of Foreign Companies ............................................................................................................................ 73 c. Documents to be Filed ......................................................................................................... 73 (2) Mothers (Multiple Listing).................................................................................................... 74 a. Formal Requirements .......................................................................................................... 74 1 b. Eligibility Requirements ...................................................................................................... 74 c. Documents to be Filed ......................................................................................................... 74 (3) JASDAQ Market (Multiple Listing)....................................................................................... 75 a. Formal Requirements (Standard and Growth Markets) ................................................. 75 b. Eligibility Requirements (Standard and Growth Markets) ............................................. 75 c. Documents to be Filed ......................................................................................................... 75 (4) Listing Examination Schedule (Multiple Listing) .............................................................. 77 6. Listing Examination by TSE (Multiple Listing) ........................................................................ 84 7. Listing of JDR............................................................................................................................... 84 (1) What is JDR? .......................................................................................................................... 84 (2) JDR Issue Scheme ................................................................................................................. 85 (3) Listing of Stock via JDR ........................................................................................................ 86 (4) Handling of DRs under the Formal Requirements ............................................................ 86 8. Finance through Listing (Public Offering and Secondary Offering)..................................... 87 (1) Procedure for Public Offering, etc. for Listing ................................................................... 87 (2) Finance Schedule on Listing (in the case of an Unlisted Company)............................... 88 9. Statutory Disclosure ................................................................................................................... 89 (1) Offering Disclosure................................................................................................................ 89 a. Securities Registration Statement..................................................................................... 89 b. Obligation of Preparation and Delivery of Prospectus ................................................... 91 (2) Continuous Disclosure .......................................................................................................... 93 a. Annual Securities Report..................................................................................................... 93 b. Internal Control Report....................................................................................................... 94 c. Quarterly Securities Report ................................................................................................ 95 d. Confirmation Letter ............................................................................................................. 96 e. Extraordinary Report ........................................................................................................... 97 (3) Accounting Standards Applied to and Audit Certificate on Financial Documents........ 98 a. Accounting Standards.......................................................................................................... 98 b. Audit Certificate ................................................................................................................... 99 (4) English Language Disclosure System ............................................................................... 101 a. Outline ................................................................................................................................. 101 b. Documents Eligible for the English-Language Disclosure ............................................ 101 c. Requirements for the English-Language Disclosure ..................................................... 102 d. Supplementary Documents .............................................................................................. 102 e. Attachments ........................................................................................................................ 103 f. Submission Deadline .........................................................................................................

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