On 3 February 2026, JPN METI said it will reconvene fair takeovers study group.
- JPN METI said it will reconvene the Study Group on Fair Takeovers, to review necessary updates on the Guidelines for corporate takeovers issued on 31 August 2023.
- Follows JPN METI August 2023 issued action guide for corporate takeovers.
Background
- The purpose of the guidelines is deemed not to be fully understood, and it is not entirely clear whether the guidelines' intent has been properly disseminated.
- Furthermore, the Financial instruments and exchange act (FIEA) was amended in 2024, leading to revisions to tender offer and substantial shareholding reporting systems.
- Plus, other changes are observed in the legal framework for corporate takeovers.
Outline of Study Group
- The study group will conduct a survey of stakeholders' perceptions and actual situations, publicize the intent of the guidelines, make any necessary updates.
- In response to recent changes in economic and social conditions, as well as developments in the legal system, precedents, and practices.
- Study group will meet twice between Feb. and Apr. 2026 to conduct its deliberations.
- Following the 9th study group meeting, the secretariat will also conduct hearings with stakeholders; then, it will compile, publish, publicize the guidelines around May 2026.
