Timely Disclosure

Outline of TDnet

Update : Oct. 03, 2011

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With the recent rapid spread of PCs and the Internet, and accelerating development of information transmission methods, TDnet functions as an integrated electronic system which allows listed companies to conduct a series of timely disclosure processes in order to achieve fairer, faster, and more extensive timely disclosure. Specifically, such processes include prior explanation to TSE (explanation of disclosure details), disclosure to media institutions (transmission of disclosure documents to terminals at the head offices of media outlets/press clubs), filing (database of disclosure documents), and public inspection (posting of disclosure documents to the timely disclosure information browsing service).

Listed companies are obligated to utilize TDnet when disclosing corporate information, pursuant to the Securities Listing Regulations. Additionally, even in cases of voluntary disclosure of corporate information, companies are requested to make disclosures through TDnet to the greatest extent possible, in consideration of investor access to the information.
Incidentally, TSE has conducted phased development of TDnet in consideration of possibilities on the technological front and listed company operations.

As part of the first phase in April 1998, TSE launched TDnet as an electronic system for publication to media institutions, filing, and public inspection, though without a function related to prior explanation to TSE. During the second phase in October 1999, all other domestic stock exchanges, excluding Osaka Securities Exchange, became able to allow companies listed on their markets to conduct disclosure through TDnet. Furthermore, in April 2000, with the third phase of full computerization of listed company timely disclosure, prior explanation to TSE was also made possible via TDnet (launch of the TDnet online registration system). TDnet was replaced in April 2003, improving the convenience for users in such ways as upgrading online registration from dial-up method to more modern Internet connections. Following that, in December 2005, TDnet became a one-stop filing system where listed companies of all domestic stock exchanges could conduct filing after Osaka Securities Exchange also became able to utilize TDnet.

Posting Documents to the Timely Disclosure Information Browsing Service

The Timely Disclosure Information Browsing Service is an Internet website created by TSE which allows listed companies to fulfill the requirements of laws and regulations pertaining to publication measures for insider trading regulation regarding corporate information disclosed via TDnet. Corporate information is made available for public inspection on the browsing service at the same time it is disclosed via TDnet (the time it is disclosed to media institutions). This service was launched on February 1, 2004. By posting corporate information to this service, listed companies are able to execute the publication measures pertaining to material facts as required by laws and regulations and facts such as takeover bids (limited to those pertaining to takeover bids prescribed in Article 27-22-2, Paragraph 1 of the Financial Instruments and Exchange Act) simultaneously.

Service Overview

The overview of the Timely Disclosure Information Browsing Service is as follows.

Location of Publication

Access is possible from the homepages of TSE and other stock exchanges participating with TDnet.

Content of Publications

Information published through TDnet includes timely disclosure information, disclosure date and time, listing exchange, company code, company name, and title of release (Information under the disclosure classification "PR Information, etc." and inspection documents, etc. will not be published).

Timing of Publications

Publication will occur on the Timely Disclosure Information Browsing Service at the same time as TDnet disclosure.

Publication Measures

By posting corporate information to this service, companies are able to execute the publication measures pertaining to material facts as required by laws and regulations and facts such as takeover bids (limited to those pertaining to takeover bids prescribed in Article 27-22-2, Paragraph 1 of the Financial Instruments and Exchange Act) simultaneously.

Publication Period

Information will be published for a period of 31 days (including the date of disclosure, weekends, and holidays).

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