JAPAN: Changes to Japan major shareholding rules to take effect May 2015

Wednesday April 1 2015

Changes to the large volume shareholder reporting rules in Japan have been announced and are expected to enter into effect in May 2015.

Amendments to the Financial Instruments and Exchange Act were consulted on in February 2015.

The consultation proposed the following:

Revision to Article 27-23 (4)
The number of treasury stocks shall be exempted from the total number of shares that serves as a basis to judge necessity for submission of large shareholding reports.

Revisions to Article 27-25 (2)
The matters relating to recipients of small numbers of shares would be excluded from the matters that must be included in short-term large volume transfer reports.

Revision to Article 27-25 (3)
In the case when a new submission event occurs by the day before the filing date of the large shareholding report, the change report relating to the new submission event shall be submitted within 5 business days from the date on which the new submission event occurred, instead of simultaneously submitting with the large shareholding report.

A final date for implementation has yet to be announced.

Click on the above link for more details (in Japanese).