Publication of the finalized amendments to the „Points to Note on Disclosure of Corporate Affairs, etc. (Guidelines for Disclosure of Corporate Affairs, etc.)“ (provisional English title) after public consultation

Between 31 March and 1 May 2023, the FSA sought feedback from various stakeholders regarding the revision (draft) of the „Points to Note Regarding Disclosure of Corporate Information (Guideline for the Disclosure of Corporate Affairs)“. A total of 20 comments were received from three different individuals and groups, and the FSA expressed gratitude for their cooperation. Even comments that were not directly related to the matter will be used as a reference for future financial administration.
Back in June 2022, the interim summary of the Financial System Council’s „Working Group on Market Regulations“ included improvement measures from the February 2022 „Working Group on IPO Price Setting Process“ report by the Japan Securities Dealers Association. These measures focused on the IPO pricing process.
The revisions to the Corporate Information Disclosure Guidelines aimed to clarify the effective date of the amended registration statement in cases where the public offering price is determined outside the provisional conditions or when the number of shares to be sold is changed simultaneously with the public offering price determination.
These changes are likely to enhance transparency and facilitate smoother IPO pricing procedures. The finalized amendments came into effect on 30 June 2023.