Publication of “Practical Policy Concerning the Revision of the Quarterly Disclosure System”
The Financial System Council’s Working Group on Corporate Disclosure (hereinafter “DWG”) proposed in its report in June and December 2022 a direction to abolish quarterly securities reports (for the first and third quarters) under the Financial Instruments and Exchange Act and to integrate them into quarterly earnings reports, and indicated a direction for each issue in the implementation of the recommendation.
Tokyo Stock Exchange, Inc. (TSE) established the “Council of Experts Concerning the Revision of the Quarterly Disclosure System” (hereinafter “the Council”) and has considered the realization of practical operations in line with specific directions for the integration indicated by the DWG report .
Based on the considerations of the Council, TSE compiled and published the “Practical Policy Concerning the Revision of the Quarterly Disclosure System.”
Regarding the specific revision of rules, TSE will make another announcement upon releasing the outline of the revision and implementing public comment procedures.