The Japan Securities Depository Center Inc., (JASDEC) plans to begin daily reporting of Foreign Ownership Limitation (FOL) issues to overseas investors that have investment stakes in a company where foreign ownership restrictions are applicable, such as broadcasters, telecommunications firms and airline carriers.
Mizuho Corporate Bank, Ltd., Kabutocho Custody & Proxy Dept.,currently provides FOL stakeholder reports to clients each week based on data collected and confirmed by the registrar. With respect to foreign investors, the interim and the end of the fiscal year record dates are important because that is when stock ownership transfers’ are recorded.
Because of that, JASDEC believes that more-timely FOL reporting may be beneficial with respect to investment decisions and investor relations. JASDEC intends to collect the total balance held by overseas investors from market participants and then provide daily on-line services to update overseas investors on the percentage of foreign holdings by the time the certificates go paperless.