Clifford Chance

TOKYO PRO-BOND

4 June 2015

The TOKYO PRO-BOND Market, established by TOKYO AIM (now Tokyo Stock Exchange) in May 2011, is a professional securities market for listing bonds offered into Japan. Instruments traded in this market are sold within the framework of a private placement, and only professional investors and certain non-residents of Japan are allowed to participate in the market, although they are listed instruments and a certain amount of disclosure is required.

In this Client Briefing, we discuss the framework as a whole, including certain updates and practical developments.

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