"Overview of the Report of the Working Group on Tender Offer Rules and Large Shareholding Reporting Rules of the Financial System Council (December 25, 2023)"

Overview of the Report of the Working Group on Tender Offer Rules and Large Shareholding Reporting Rules of the Financial System Council (December 25, 2023)

I.         Introduction

The Financial System Council made a decision to review the rules of tender offers and large shareholding reporting on March 2, 2023. Subsequently, the Working Group on Tender Offer Rules and Large Shareholding Reporting Rules began deliberations on June 5, and released its report (the Report of the Working Group on Tender Offer Rules and Large Shareholding Reporting Rules of the Financial System Council) on December 25¹. With 17 years having passed since the previous round of amendments, the review of the tender offer and large shareholding reporting rules is expected impact various players, including listed companies, investors and financial institutions, on a practical level. This newsletter provides a brief overview of the report.

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