Update : Mar. 31, 2014
Securities Listing Regulations
(1) Number of shareholders
（As of the listing day）
|200 or more|
(2) Tradable shares※1
（As of the listing day）
(a. through c. must be satisfied)
|a. Number of tradable shares: 2,000 trading units or more※2
b. Market capitalization of tradable shares: ¥500 million or more
c. The number of tradable shares: 25% or more of the listed stocks,etc.
|(3) Public Offering||500 trading units or more|
(4) Market capitalization
（As of the listing day）
|1 billion yen or more|
|(5) Number of consecutive years of business conduct||No less than 1 year under the board of directors|
(6) False statement or adverse opinion, etc.
(a. through d. must be satisfied)
|a. The audit report attached to a "Securities Report for Initial Listing Application" (excluding an audit report attached to financial statements, etc. for the business year or the consolidated business year ending in the last year) shall contain an "unqualified opinion" or a "qualified opinion with exceptions" of certified public accountants, etc.
b. The audit report (limited to an audit report attached to financial statements, etc. for the business year or the onsolidated business year ended in the last year), an interim audit report or a quarterly review report attached to a "Securities Report for Initial Listing Application" shall contain an "unqualified opinion", an "opinion that the interim financial statements, etc. provide useful information" or an "unqualified conclusion" of certified public accountants, etc.
c. No false statement shall be made in a Securities Report, etc. containing or making reference to financial statements, etc., interim financial statements, etc., or quarterly financial statements, etc. pertaining to the audit report, the interim audit report, or the quarterly review report prescribed by a. and the preceding b.
d. Where a stock, etc. pertaining to an initial listing applicant is listed on any other financial instruments exchange in Japan, such stock, etc. shall not fall under the following (a) and (b):
(a) The internal control report pertaining to the business year ending in the last year contains the fact that "appraisal results cannot be provided"
(b) The internal control audit report regarding an internal control report pertaining to a business year ending in the last year contains the fact that "opinions are not expressed"
|(7) Audit by a listed company audit firm※3||The financial statement, etc., an interim financial statement, etc. or a quarterly financial statement contained in or attached to a "Securities Report for Initial Listing Application" have undergone audit, interim audit or quarterly review equivalent to that in the provisions of Article 193-2 of the Financial Instruments and Exchange Act by a listed company audit firm.|
|(8) Establishment of a shareholder services agent||Shareholder services have been entrusted to an institution specified as the applicant’s shareholder services agent, or an informal consent of undertaking the entrustment of such shareholder services from the shareholder services agent has been received.|
|(9) Share Unit||100 shares|
|(10) Classes of stock||In the case that a stock, etc. pertaining to the initial listing application, such stock, etc. shall be, as a general rule, any of stocks referenced in the following a. through c. In this case, the initial listing applicant for the stock referenced in b. shall not have securities other than said stock as to which the applicant makes initial listing application
a. In the case of a company issuing one class of stock with voting rights, said stock with voting rights.
b. In the case of a company issuing multiple classes of stock with voting rights, a class of stock with voting rights whose value of rights, etc. to receive economic benefits including claim for surplus dividend pertaining to the number of shares that enables exercise of one voting right at a general shareholders meeting with regard to important matters including selection and dismissal of board members is higher than any other class of stock.
c. Stock with no voting rights
|(11) Restriction on transfer of shares||Transfer of shares pertaining to an initial listing application is not restricted or it is expected that there will be no restriction by the time of listing.|
|(12) Handling by the designated book-entry transfer institution||The relevant issue is subject to the book-entry transfer operation of the designated book-entry transfer institution, or is likely to be so by the time of listing.|
|Securities Listing Regulations, Rule 214|
|(1)Appropriateness of the disclosure of corporate information, risk information, etc.
||The company is able to make disclosure of the corporate information, risk information, etc. may be carried out in an appropriate manner.|
|(2) Soundness of corporate management
||The company is carrying out business in a fair and faithful manner.|
|(3) Effectiveness of corporate governance and internal management system of an enterprise
||Corporate governance and internal management system are developed in accordance with the size, corporate maturity, etc. of the enterprise, and functioning properly.|
|(4) Reasonableness of the business plan
||The listing applicant has developed reasonable and suitable business plans, and has developed the operating base necessary for executing such business plans, or there is reasonable expectation that it will develop such operating base.|
|(5) Other matters deemed necessary by the Exchange from the viewpoint of the public interest or the protection of investors||—|
For Securities Listing Regulations and Related Rules etc., please refer to the following webpage: