Update : Oct. 10, 2013
[Tokyo Stock Exchange, Inc.]
TSE has taken the Public Announcement Measure and requested an Improvement Report as follows.
|1. Company Name||
Japan Asset Marketing Co., Ltd.
(Code: 8922, Market Division: Mothers)
|2.Date of Public Announcement Measure||Oct. 9, 2013 (Wed.)|
Securities Listing Regulations, Rule 508, Paragraph 1, Item 2
(Due to a public announcement being deemed necessary in cases where TSE has recognized a violation of the matters to be observed in the Code of Corporate Conduct)
|3.Improvement Report Submission Deadline||Oct. 24, 2013 (Thu.)|
Securities Listing Regulations, Rule 502, Paragraph 1, Item 2
(Due to improvements being deemed highly necessary in cases where TSE has recognized a violation of the matters to be observed in the Code of Corporate Conduct)
Japan Asset Marketing Co., Ltd. (hereafter "the Company") disclosed on September 25, 2013 that it will postpone the stock split, adoption of the Share Unit system and the partial amendment to its articles of incorporation previously announced on May 29, 2013 due to inadequacies in its procedures for announcements related to the record date of said stock split, etc.
The Company was found to have been negligent in its procedures concerning announcements as required under the Companies Act and had failed to realize the necessity of such procedures until the day before the last cum-rights trading day pertaining to the stock split. In addition, after recognizing the fact, it did not respond appropriately, such as promptly contacting related parties, and ended up performing disclosure on the day before the ex-rights day. These acts led to a full-day halt in trading of the stock of the Company on September 26, 2013 on the TSE market, which was implemented to prevent confusion among investors and other market users.
In comprehensive consideration of the above events, the Company is deemed to have not appropriately constructed and implemented the necessary systems for ensuring appropriate business operations prescribed by the Companies Act, and is found to be in violation of matters to be observed in TSE's code of corporate conduct. As such, TSE deems that this case requires the public announcement measure.
Furthermore, the violation of the code of corporate conduct by the Company is deemed to be due to deficiencies in internal systems, such as not having constructed frameworks for persons other than those responsible for announcements to check the status of procedures related to announcements, and thus improvements to the organizational structure are deemed highly necessary. As such, TSE shall require the Company to submit a report containing the background of the issue and improvement measures.
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