PLC - Tokyo Stock Exchange to launch pro-bond market

Page 1 of 2

Tokyo Stock Exchange to launch pro-bond market
Resource type: Legal update: archive
Status: Published on 30-Nov-2010
Jurisdiction: Japan

This article is part of the PLC Global Finance November 2010 e-mail update for Japan.
Atsumi & SakaiSpeedread
On 10 November 2010, Tokyo AIM, Inc., a subsidiary of Tokyo Stock Exchange Group Inc.,
announced that it will establish the "TOKYO PRO-BOND Market" (a bond market for professional
investors) though no exact date has yet been set.

On 10 November 2010, Tokyo AIM, Inc., a subsidiary of Tokyo Stock Exchange Group Inc.,
announced that it will establish the "TOKYO PRO-BOND Market" (a bond market for professionalinvestors) though no exact date has yet been set.
Tokyo AIM, Inc. previously launched TOKYO AIM; a stock market for professional investors.
Tokyo AIM, Inc. has stated its intention is that the new market becomes a centre for the Asianbond and to be competitive with the Euromarket. The new market will enable issuers to benefit
from a speed and flexibility of issuance equivalent to using Euro MTN programmes, by means ofsimplified disclosure documents and procedures.
The types of securities to be covered by the TOKYO PRO-BOND Market includes:
Straight corporate bonds.
Government agency bonds.
Investment corporation bonds.
Municipal bonds.
Bonds issued by an SPC under Japanese Securitisation Law.
Securities issued by foreign entities which are similar to the abovementioned type of bonds.
Listing on the PRO-BOND Market will be made by application by the issuers after prior consultation
with Tokyo AIM, Inc. Unlike Tokyo AIM, appointment of J-Nomad as a listing agent is notnecessary for listing on the PRO-BOND Market. The main listing criteria are:That the bonds be rated by a rating agency that is registered in Japan or an agency deemed
equivalent to such registered agency.

http://uk.practicallaw.com/5-504-0239

2011/03/01

PLC - Tokyo Stock Exchange to launch pro-bond market

Page 2 of 2

That the lead managing underwriter is listed on the lead manager list of the PRO-BOND
Market.
Disclosures can be made either in Japanese or English. Disclosure at the time of listing iscomposed of program information and individual information. Ongoing disclosure obligations willbe, unlike those applicable to stock markets, limited to events such as dissolution, insolvency,
dishonour of notes, etc. The details of disclosure obligations are to be determined.

Resource information
Resource ID: 5-504-0239
Published: 30-Nov-2010
Products: PLC Cross-border, PLC Global Finance, PLC US Law Department

Related contentTopics
Cross-border: finance (http://www.practicallaw.com/topic7-200-1612)© Practical Law Publishing Limited 1990-2011 (http://www.practicallaw.com/0-207-4980). Terms of use (http://www.practicallaw.com/9-103-0884) andprivacy policy (http://www.practicallaw.com/jsp/privacy.jsp). Subscription enquiries +44 (0)20 7202 1220 or email subscriptions@practicallaw.com The
reference after links to resources on our site (e.g. 2-123-4567) is to the PLC Reference ID. This will include any PDF or Word versions of articles.

http://uk.practicallaw.com/5-504-0239

2011/03/01