On May 28, JPN FSA proposed revisions re shareholders' meetings.
JPN FSA proposed revisions to Cabinet office ordinance on definitions under article 2 of financial instruments and exchange act, as well as other cabinet office ordinances.
By increasing the amount of contributions per time, modifying the voting rights-based standard (formal standard) in the definition of related companies for expanded shareholders' meeting to the influence-based standard (substantive standard).
Adding related companies' executives to the scope of expanded shareholders' meeting.
Consultation Period
Comments shall be submitted by Jun. 27, 2024.
Sep. 2024 Revisions Finalized
On Sep. 13, 2024, JPN FSA issued two public comments received and its responses.
Explained that monthly contributions and contributions re third-party allotments are normally evaluated as separate contributions; contribution amount per time will be determined separately for each contribution amount, regardless of contribution date.
Cumulative investment contract under art. 30 para. 1 item 7, art. 59 para. 1 item 9 of the Cabinet office ordinance on restrictions on securities transactions is confined to that under art. 35 para. 1 item 7 of the Financial instruments and exchange act (FIEA).
Revised ordinance is promulgated on Sep. 13, 2024; to be effective from Jan. 1, 2025.
In Oct. 2024, JPN JSDA revised Rules for cumulative stock investments, see #230204.
Regulators
JPN FSA
Entity Types
B/D; Corp; Exch; Inv Co
Reference
RF, FS, 9/13/2024; CP 5/28/2024; Ord 53 of 2022; Ord 49 of 2024; Ord 79 of 2024; FIEA;
