Who is eligible to invest?

TOKYO AIM securities are traded using the trading services of the Tokyo Stock Exchange.

TOKYO AIM is based on a framework for professional investors under a revision to the Japanese Financial Instruments and Exchange Act. Thus, only specified investors and non residents may place trade TOKYO AIM securities directly. Investors other than “specified investors”, while unable to trade directly on the market, may nonetheless participate through investment trusts etc.

What are the eligibility criteria?

Specified investors are defined under the Financial Instruments and Exchange Act as:

Qualified Institutional Investors (e.g. financial institutions)
Listed companies
Private companies with over JPY 500 million capital
Government agencies, Bank of Japan
Regional public authorities

Approved Specified Investors (investors who apply and receive approval from securities firms) are defined as:

Companies outside the regulations stated above
Individuals with over JPY 300 million in net assets and financial assets, and with at least one year of investment experience with financial instruments

Who are the member firms of TOKYO AIM?

Member firms are entities that are allowed to participate directly on TOKYO AIM.

TOKYO AIM member firms are to possess trading qualifications equivalent to those required of member firms of the Tokyo Stock Exchange. All member firms of the Tokyo Stock Exchange are currently eligible for membership to TOKYO AIM.