简报 2017年7月

Leveling the Playing Field? Japan’s New Fair Disclosure Rule

NO&T Japan Legal Update

著者等

笠原康弘

出版社

长岛・大野・常松律师事务所

书籍名或刊登 杂志

NO&T Japan Legal Update 第10号（2017年7月）

语言

英文

相关信息

业务领域

请注意，本简报的目的是提供信息，并非提供法律建议。另外，本简报仅包括根据发行日(制作日)时点的信息，不包括该时点之后的信息。特别是速报可能会与现状的解释或惯例不同，敬请留意。

I. Introduction
On May 17, 2017, the Act for Partial Revision of the Financial Instruments and Exchange Act of Japan (the ‘FIEA’) was enacted and a fair disclosure rule was introduced in Japan for the first time (the ‘FD Rule’).

Once the FD Rule comes into effect, it will prohibit Japanese listed companies from making selective disclosures to certain types of recipients. The objectives of the FD Rule are to ensure the fair and timely disclosure into the public domain of material information about the disclosing company and to prevent market participants with access to selective disclosures from making a profit or avoiding a loss at the expense of other participants who may not have received such disclosures.

The FD Rule is similar to Regulation FD in the US. It is due to come into effect by no later than May 24, 2018.

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