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As mentioned in last month's board report, TSE conducted a search for a listing advisor to help it prepare for listing its shares in FY 2005. After receiving many applications and conducting extensive hearings, TSE has chosen Nomura Securities Co., Ltd. as its listing advisor and approved that choice during September's board meeting.
TSE will have Nomura Securities advise it on capital policy, financial strategy and IR activities in preparation for listing.
Revision to the Listing Systems for 1st and 2nd Section Securities
In last month's board report TSE explained the revisions it would enact to increase the trust in its 1st and 2nd Section listed securities. After a period of public comment in which no comments were received, TSE, having received approval from the FSA, decided to enact those revisions on October 1.
Revisions to TSE's Business Regulations
TSE has revised its business regulations in response to revisions made to the cabinet ordinance on short selling. Previously only foreign stocks were exempted from short selling regulations when being sold to preserve their liquidity (also known as "market maker" selling). The new ordinance revisions increase the scope of securities exempted from short selling regulations in such situations to include both Exchange Trade Funds and Real Estate Investment Trusts. TSE will therefor amend its own business regulations to accommodate this change in the cabinet ordinance. TSE effected changes in its business regulations on September 17, the same day on which the changes to the cabinet ordinance were placed in effect.
