On Aug. 28, JPN SDEC proposed revisions to stock transfer regulation.
JPN SDEC proposed revisions to the Business regulations re transfer of stocks, etc. in accordance with revised Act on book-entry transfer of company bonds, shares, etc.
With regard to notifications requesting account information of existing shareholders.
Proposed Revisions
Improve provisions re entrustment of the receipt of account notifications, which issuers request from shareholders when they do not have shareholders' account information.
Shareholders should notify the issuer of account information within a certain period.
This period should be at least 15 days from the date the issuer sends the notification, up to the date specified by the nearest upper-level institution, where acceptance of account notifications is done by the nearest upper-level institution entrusted by issuer.
Plus, shall be a date determined by JPN SDEC as necessary for shareholder protection.
Regulation on time of arrival of account notifications will be revised to consider when the nearest upper-level institution receives a request from shareholders for forwarding.
Stipulate that where account notifications have not arrived by the date determined by JPN SDEC, an application for opening a special account is required.
Consultation Period
Comments shall be submitted by Sep. 10, 2024.
Sep. 2024 Public Comment
On Sep. 13, 2024, JPN SDEC announced no public comments have been submitted.
Oct. 2024 Revised Finalized
On Oct. 11, 2024, JPN SDEC published the revised business regulations re transfer of stocks, etc. and enforcement rules, which would be implemented from Nov. 2024.
Regulators
JPN SDEC
Entity Types
B/D; Depo; Exch
Reference
RF 10/11/2024; PR 9/13/2024; CP 8/28/2024; Law 80 of 2023;
