These revisions will be implemented having received public comment and approval from the relevant authorities. An outline of the contents and the implementation dates are as follows:
1. Outline of Revisions
| (1) | Transfer and settlement handling by JASDEC of foreign stocks, etc will be a new listing / continuing listing condition for foreign stocks, etc. |
| (2) | Listed foreign companies will be required to ensure that services for beneficial shareholders such as Japanese language notifications, etc. and dividend payments are properly provided to beneficial shareholders. |
| (3) | Settlement of foreign stocks, etc. between trading participants and clients will be performed by account transfer according to the rules set forth by JASDEC. |
| (4) | Obligation for clients to deposit foreign stocks, etc. in advance of placing a sell order will be eliminated. |
| (5) | Other necessary revisions to terminology will be made. |
2. Implementation Date
These revisions will be effective from April 1, 2006, and necessary
provisional measures will be made in accordance with the schedule
for commencement of handling of foreign stocks, etc. by JASDEC.
The rule revisions will be sequentially applied to the issues that
are to be handled by JASDEC. Transfer of existing issues to JASDEC
will be divided into two phases by depository of each issue. Preparations
are currently being made to commence handling of the 1st transfer
phase around the end of April, 2006, and the 2nd transfer phase
around summer of 2006. The application date for the rule revisions
to each individual issue will be announced once the schedule has
been determined at JASDEC.
However, revision 1. (4) above will be effective from April 1, 2006,
regardless of the schedule of JASDEC.
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Revision to Regulations with the Commencement of Handling of Foreign Stocks, Etc. by the Japan Securities Depository Center, Inc. |
