Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 83

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 16G
Chunk 83
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Item
16G. Corporate Governance

As a company listed on
the Nasdaq Capital Market, we are subject to the Nasdaq corporate governance listing standards. However, Nasdaq rules permit a foreign
private issuer like us to follow the corporate governance practices of its home country. Certain corporate governance practices in the
Cayman Islands, which is our home country, may differ significantly from the Nasdaq corporate governance listing standards.

Currently, we do not plan to rely on home country
practice with respect to our corporate governance. However, to the extent we choose to follow home country practice in the future, our
shareholders may be afforded less protection than they otherwise would under the Nasdaq corporate governance listing standards applicable
to U. S. domestic issuers. See “ Item 3. Key Information - D. Risk Factors - Risks Related to Our Capital Structure - We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions
applicable to U. S. domestic public companies.”

Item
16H. Mine Safety Disclosure