JPN JSDA Underwriting of Securities

On Feb. 20, JPN JSDA proposed revisions re securities underwriting.

  • JPN JSDA proposed revisions to Rules, Detailed rules re underwriting of securities, etc.
  • Also Rules re distribution to customers concerning underwriting of stock certificates.
  • Revisions
  • Add matters to be announced in an issuer's presentation materials, when an independent underwriting member is established, including the reason why the issuer decided to involve the member in determining the price, fees paid to the member.
  • Add beneficiary certificates of beneficiary certificate issuing trusts as subject to Regulations re the appointment of lead managers; prescribe underwriting review items when underwriting beneficiary certificates of beneficiary certificate issuing trusts.
  • Consultation End
  • Comments by Mar. 21, 2024 for planned effectiveness from Aug. 1, 2024.
  • Apr. 2024 Revised Rules
  • On Apr. 16, 2024, JPN JSDA said no comments have been submitted during the consultation period, and that the revised rules will be effective from Aug. 1, 2024.

Regulators JPN JSDA
Entity Types B/D; Fiduciary; IA
Reference RF, FS, 4/16/2024; CP, PR, 2/20/2024
Functions Compliance; Legal; Market Conduct; Reporting; Underwriting
Countries Japan
Products Equity; Fund Mgt; Securities
Regions AP
Rule Type Final
Rule Date 2/20/2024
Effective Date 8/1/2024
Rule Id 201796
Linked to N/A
Reg. Last Update 4/16/2024
Report Section International

Last substantive update on 04/22/2024