AIMA APAC invites you to an interactive member-only virtual roundtable to provide an overview of and gather input on proposed reforms by the Financial Services Agency of Japan (FSA).

The reforms focus on three areas (i) the tender offer rule (ii) potential introduction of beneficial shareholder transparency (iii) expanding the large shareholding reporting regime.  

Key focal points of the FSA’s proposals with respect to items (ii) and (iii), include:

• Potential introduction of new reporting obligation of “beneficial shareholders”:

o   Policy objectives

o   Models identified by the FSA (i.e., 13F filings in US; certain company inquiry right similar to the UK)

• Amendments to large shareholder reporting requirement:

o  Efforts to provide clarification or limitation of the scope of “acting-in-concert for a material proposal” and "co-owner" concepts in respect of the large shareholding reporting requirement

o   Potential enhancement of reporting obligation to a long position in equity derivatives 

o   Heightened enforcement risk of non-compliance of large shareholding reporting obligation

The FSA may seek legislative/regulatory changes, which could be included in a 2024 legislation package to be put forth by the FSA to the Legislature.

To facilitate discussion and interaction, we highly encourage attendees to turn on their webcams and mics.

Moderator: 

• Kher Sheng Lee, Managing Director, Co-Head of APAC and Deputy Global Head of Government Affairs, AIMA

Speakers:

• Chihiro Ashizawa, Counsel - Head of Capital Markets (Japanese Law), Clifford Chance
• Kazumitsu Goto, Partner, Withers
• Michael Unglesbee, Head of International Department & Compliance Manager, United Managers Japan
• Tomoko Fuminaga, Partner, Morgan Lewis & Bockius
• Yuki Sako, Counsel, K&L Gates LLP

Replay and presentation can be found here.