NO&T Japan Legal Update
I. Introduction
In the past, the Tokyo Stock Exchange (the “TSE”) has taken a flexible and practical approach when considering whether the organizational restructuring of an asset manager of a listed investment corporation (J‐REIT and Infrastructure Fund) or a change in the parent company of an asset manager falls under the criteria for delisting of an investment corporation under the TSE listing rules. In those cases, the TSE would consult with the relevant asset manager to determine the extent of any change to the management structure. Nevertheless, such examination procedures were not clear or transparent. For this reason, the TSE has clarified its practical approach and improved its listing system by revising the TSE listing rules. This article will outline the key amendments to the TSE listing rules in this regard which became effective on March 15, 2021.
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