Tokyo Stock Exchange, Inc. (TSE) has, from the viewpoint of supporting listed companies, provided reference content for the practical application of English disclosure initiatives.
Considering that some English language disclosure of financial results and timely disclosure information will become obligatory for Prime Market-listed companies in April 2025, we made the following enhancements to the content to assist listed companies in simultaneous Japanese and English disclosure and, as of today, have provided it to all listed companies.
Revision of the Practical Handbook for English Disclosure
As a form of assistance for listed companies in the creation of English language disclosure documents, important information such as advice on how to draw up disclosure plans, outsourcing translation services, and utilization of machine translation tools were compiled and then released in the form of this handbook in September 2022.
In this edition, we have revised the handbook to improve the convenience of the content, such as by enhancing information that will help with simultaneous Japanese and English disclosure.
Creation of English Sample Disclosure Forms (Excerpts or Summaries)
To fulfill obligations of English language disclosure for the Prime Market, excerpts from or summaries of the disclosed Japanese information in English are acceptable. Taking that into account, TSE has put together approaches and other points for making English disclosures of excerpts from or summaries of Japanese disclosures of timely information and, as reference, created sample English disclosure forms with disclosure items that are considered to be particularly necessary for overseas investors to get an overview of the case marked with a ★ symbol.
Creation of the “Questions and Answers Regarding Expansion of English Disclosure in the Prime Market (October 2024 Update)” (Japanese only)
We have updated the “FAQ” section of the “Revision of the Listing Rules in Order to Expand English Disclosure in the Prime Market” that was published in February 2024 to add questions received from listed companies and other parties since publication.
Following the revision of the Corporate Governance Code in 2021, we have already seen expansion of English disclosure from listed companies on the Prime Market, and we at TSE look forward to seeing further initiatives from listed companies to improve on English disclosure going forward.
In addition, we hope that, with translating documents into English as a starting point, listed companies will begin engaging in constructive dialogue with overseas investors, attracting their investment, and ultimately enhancing their corporate value over the medium- to long-term.
TSE will continue to encourage strengthened English disclosure practices and improved accessibility.
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