On 6 March 2020, JPN FSA published explanatory material from disclosure workshops.

• Section corporate governance reform and disclosures covers disclosure improvements in securities reports resulting from ordinance revisions and associated efforts.
• Challenge from disclosure on cross-shareholdings failing to meet investor expectations.
• Also ordinance to disclose management strategy and risk-information effective FY3/20.
• Efforts in response to the challenges include publication of good practice examples.
• Follows JPN FSA November 2019 update re list of examples of good practice.
• The material also includes summaries of the relevant, revised ordinance, principles regarding the disclosure of narrative information, the list of example of good practice.
• Financial and disclosure information; securities reports and voluntary disclosures; FAQs; reader-friendly disclosures and specific points; circumstances re auditors.