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Revision of Delisting Examination Procedures for Organizational Restructuring or Changes in Parent Company of Asset Managers of a Listed Investment Corporation (J-REIT and Infrastructure Fund)

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March 2021

Revision of Delisting Examination Procedures for Organizational Restructuring or Changes in Parent Company of Asset Managers of a Listed Investment Corporation (J-REIT and Infrastructure Fund)

Author: Takashi Itokawa

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Publisher: Nagashima Ohno & Tsunematsu

Journal / Book: NO&T Japan Legal Update No.27 (March, 2021)

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*Please note that this newsletter is for informational purposes only and does not constitute legal advice. In addition, it is based on information as of its date of publication and does not reflect information after such date. In particular, please also note that preliminary reports in this newsletter may differ from current interpretations and practice depending on the nature of the report.

I. Introduction
In the past, the Tokyo Stock Exchange (the “TSE”) has taken a flexible and practical approach when considering whether the organizational restructuring of an asset manager of a listed investment corporation (J‐REIT and Infrastructure Fund) or a change in the parent company of an asset manager falls under the criteria for delisting of an investment corporation under the TSE listing rules. In those cases, the TSE would consult with the relevant asset manager to determine the extent of any change to the management structure. Nevertheless, such examination procedures were not clear or transparent. For this reason, the TSE has clarified its practical approach and improved its listing system by revising the TSE listing rules. This article will outline the key amendments to the TSE listing rules in this regard which became effective on March 15, 2021.

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