June 22, 2010
Summary
◆On 31 March 2010, Japan’s government announced revisions to the Cabinet Office Ordinance on Disclosure of Corporate Affairs. Disclosure of shareholdings (including crossshareholdings) is among the new requirements.
◆The regulations now require listed companies to disclose the name, number of shares held, purpose for holding, and book value of (1) their top 30 stocks held for purposes other than pure investment (based on balance sheet values) and (2) any other stocks held for reasons other than pure investment which have a book value of over 1% of the firm’s capital.
◆These revised regulations will apply to annual securities filings for the fiscal year ended 31 March 2010. In the first year of filing under the new rules, listed companies will need to report only their top ten stocks held for purposes other than pure investment.
*This report updates our 16 February 2010 report on the proposed revisions to the Cabinet
Ordinance (Japanese only).
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