How is TOKYO AIM different from TSE Mothers?
TOKYO AIM is characterized by its nature as: (1) the first market in Japan that is based on a framework for professional investors under a revision to the Japanese Financial Instruments and Exchange Act implemented in December 2008; (2) a market framework centred around the nominated adviser (J-NOMAD) system (based on AIM in the UK); (3) an international market in which listings may be conducted in English and in accordance with International Accounting Standards; (4) a market that is flexible, without numerical standards for the number of shareholders, for example, and with an optional release of quarterly earnings results and internal control reports; (5) a market with sufficient discipline to meet the requirements of professional investors, including strict requirements for disclosure and close control over insider transactions in line with the regulatory practices of other Japanese markets. In this manner, TOKYO AIM is to be quite different from TSE Mothers in terms of both regulat
