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ARTICLE · 04 JULY 2017

Japan Legal Update | Vol. 26

Jones Day
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The amendment to the Financial Instruments and Exchange Act ("Amended FIEA") was enacted on May 17, 2017, and promulgated on May 24, 2017.

JapanFinance and Banking
John C. Roebuck
John C. Roebuck
Yuichiro Mori
Yuichiro Mori
Hirokazu Ina
Hirokazu Ina
Yuki Yoshida
Yuki Yoshida
Harukuni Ito
Harukuni Ito
Kyosuke Katahira
Kyosuke Katahira
Shinji Kadomatsu
Shinji Kadomatsu
Yusuke Hanada
Yusuke Hanada
Hiroyuki Fujimoto
Hiroyuki Fujimoto
+2 more
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Finance

Amendment to the Financial Instruments and Exchange Act: Introduction of the Fair Disclosure Rule

The amendment to the Financial Instruments and Exchange Act ("Amended FIEA") was enacted on May 17, 2017, and promulgated on May 24, 2017. The Amended FIEA will come into force no later than one year from the date of promulgation on a date to be specified by a Cabinet Order.

Under the Amended FIEA, if a listed company discloses any material nonpublic information to any person (such as an investor or a broker–dealer), the listed company must make such information public simultaneously with the disclosure, if the disclosure was intentional, or promptly following the disclosure, in the case of a non-intentional disclosure. This is known as the "Fair Disclosure Rule."

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