As mentioned in last month's board report, TSE will amend the necessary regulations in order to effect its new requirements on quarterly business overviews and corporate governance disclosure. After setting aside time for public comment, TSE did receive some opinions from the public but these will not effect its plans to implement these changes.
Quarterly overviews will be required starting with companies that begin their fiscal year on April 1 of this year. Disclosure on corporate governance, due once a year, will be required starting with companies that close their fiscal year at the end of March 2003. These requirements will be effected for all domestic listed companies.
Revisions to Regulations for Equity Options Delisting
As mentioned in last month's board report, TSE will enact revisions to enable illiquid equity options to be delisted. These revisions will take effect on February 1.
Listed Company Overview 2002
New listings for 2002 fell right behind the number of new listings during 2001 with 94 companies deciding to list their stock for the first time on TSE. In the midst of a stagnant economy, this further underscores the need companies have for listing on TSE's exchange.
Many of last year's delistings centered around complete acquisitions of listed firms by another company. The result was a delisting of 78 companies throughout the year, the largest number in TSE's history. Combined with the new listings, at the end of the year TSE had 16 more listed companies than 2001 for a total of 2,119 companies.
Seminar on the New Tax System for Securities
On February 26, from 6:30 in the evening TSE will hold an investor-oriented seminar in its Arrows facility concerning the new tax system for securities, which takes effect from January of this year.
The new tax system is remarkably simplified from the one used until this year and includes preferential treatment of tax rates. At this seminar, TSE will explain the changes made from the old system as well as future prospects for tax reform.
