On May 9, 2024, TSE published six public comments received and its responses.
Clarified that financial results that are subject to mandatory English disclosures refer to a summary of (quarterly) financial statements or supplementary explanations, if any.
Given the practical burden on listed companies and need for simultaneous disclosure, it is acceptable to provide a partial or overview of Japanese disclosures in English.
Where Japanese disclosure is inevitably ahead of the English one due to need for an urgent response, companies are not expected to conduct disclosure in both languages at the same time, but they should disclose English information as soon as possible.
JPN EXC proposed revisions to the listing rules to expand English disclosures.
Follows TSE Sep. 2020 launched new, fee-based information service, see #86406.
Also follows TSE Nov. 2022 announced acquisition of SCRIPTS Asia Co., see #154887.
Revisions
Companies that are listed on the Prime market should endeavor to simultaneously disclose the same material corporate information in English, along with Japanese.
They should disclose their financial results and timely disclosure information in English in tandem with Japanese; in this case, disclosure of an excerpt/summary is sufficient.
Consultation Period
Comments to be submitted by Mar. 27, 2024 for planned effectiveness from Apr. 2025.
May 2024 Public Comments
On May 9, 2024, TSE published six public comments received and its responses.
Clarified that financial results that are subject to mandatory English disclosures refer to a summary of (quarterly) financial statements or supplementary explanations, if any.
Given the practical burden on listed companies and need for simultaneous disclosure, it is acceptable to provide a partial or overview of Japanese disclosures in English.
Where Japanese disclosure is inevitably ahead of the English one due to need for an urgent response, companies are not expected to conduct disclosure in both languages at the same time, but they should disclose English information as soon as possible.
