FSE listing criteria and eligibility requirements

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FSE examines whether an applicant meets listing criteria and eligibility requirements in the listing review procedures.

Listing Criteria

As of February 13,2015

  Main board Q-Board
Number of Japanese shareholders at time of listing 300 or more 200 or more
Number of tradable shares at time of listing and Implementation of public offering, etc. Shares outstanding 2,000 or more units ; and
More than 25% of the number of listed shares ; or
The day before the listing date ,
Public offering or secondary distribution of 1,000 units
Listing the number of shares of 10% of the public offering or secondary distribution
It must be carried out,whichever is greater		 (500 or more units of public offering)
Market capitalization at time of listing ¥ 1 billion or more ¥ 300 million or more
Operating history At least 3 years At least 1 year
Consolidated net assets at time of listing ¥ 300 million or more Positive
Consolidated operating income for last 1 year ¥ 50 million or more N/A
Audit opinion
  1. No material misstatements on securities report for last 2 years
  2. Unqualified or qualified opinion on securities report for year before last
  3. In principle, unqualified opinion on securities report for last year
  1. No material misstatements on securities report for listing application
  2. Qualified opinion on securities report for listing application acceptable, but unqualified opinion on securities report for last year is a particular requirement
  3. No material misstatements on securities report mentioned in part b
Restriction on transfer of stocks It is mandatory for there to be no restriction
Specified book-entry transfer institution It is the handling of the subject in the transfer business of the specified book-entry transfer institution
Or that it is promising to be a handling of the subject

Eligibility requirements

Main boald

As of May 10,2012

Review items  
（1）Business continuity and profitability
  1. Appropriateness of business planning
  2. Prospect of stable profitability
  3. Stable and continuous operation
（2）Soundness of corporate management
  1. Rationality of related party transactions and appropriateness of conditions of transactions
  2. Appointment of directors with certain interests
  3. Independence from parent company
（3）Effectiveness of corporate governance and internal control
  1. Corporate structure with effective auditing
  2. Effective internal control structure
  3. Sufficient staffing for maintenance of internal control
  4. Organization and operation of accounting section
  5. Effective compliance regime
  6. Appropriateness of accounting standard from point of view of investors protection
（4）Appropriateness and accuracy of disclosure of corporate affairs
  1. Control of internal information
  2. Timely and accurate disclosure
  3. Appropriate disclosure of current status of corporate group
  4. Effectiveness of disclosure by parent company (as appropriate)
  5. Adequate disclosure records as listed company (as appropriate)
（5）Matters that FSE deems necessary in light of public interest and protection of investors
  1. Rights of shareholders
  2. Introduction of takeover defense measures
  3. Breaking off of any relationships with antisocial forces

Q-Board

As of May 10,2012

Review items  
（1）Adequacy of disclosure of corporate affairs and risk information
  1. Effectiveness of management and disclosure of corporate affairs
  2. Effectiveness of disclosure of corporate affairs and risk information
  3. Effectiveness of disclosure by corporate group
  4. Effectiveness of disclosure by parent company
  5. Adequate disclosure records as listed company (as appropriate)
  6. Appropriateness of accounting standard from point of view of investors protection
（2）Soundness of corporate management
  1. Rationality of related party transactions and appropriateness of conditions of transactions
  2. Appointment of directors with certain interests
  3. Independence from parent company
（3）Effectiveness of corporate governance and internal control
  1. Corporate structure that allows with effective auditing
  2. Effective internal control structure
  3. Sufficient staffing for maintenance of internal control
  4. Organization and operation of accounting section
  5. Effective compliance regime
（4）Matters that the FSE deems necessary in light of public interest and the protection of investors
  1. Shareholders' rights
  2. Introduction of takeover defense measures
  3. Breaking off of any relationships with antisocial forces
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