Listing Rules, Self-Imposed Regulations

Recently, in addition to “hard law” (i.e., the Financial Instruments and Exchange Act and related laws and regulations), the role played by “soft law” (i.e., listing rules and various guidelines including self-imposed regulations) has become increasingly prominent and consequential.

For listed companies, listing rules, which encompass such matters as timely disclosure and corporate codes of conduct, have an importance equivalent to that of the Financial Instruments and Exchange Act, but in many areas, the relevant documents and other information related to listing rules are inadequate, leading to uncertainty as to the appropriate practical response. Kitahama Partners employs many attorneys who have been actively engaged in the formulation and application of listing rules and guidelines at securities exchanges, and thus can offer advice informed by highly specialized knowledge and strong sensitivity for the realities of the current situation.