TL;DR: After Japan’s 2024 FIEA reform, enforcement of takeover-bid (TOB) and large-shareholding (LSR) rules still relies on the pre-existing toolkit—administrative fines, corrective orders, and rare criminal cases—despite louder calls for private injunctions and voting-right suspensions. Early signs show regulators using penalties more aggressively, but true deterrence

TL;DR: Japan’s 2024 amendment cuts the Large Shareholding Reporting (LSR) threshold from 5 % to 3 %, shortens the filing window to three business days, and expands derivative and joint-holder coverage. Global investors must upgrade monitoring systems and prepare for real-time disclosure. Table of Contents 1. Introduction: Why LSR Reform

TL;DR: The 2024 FIEA amendment extends Japan’s mandatory tender-offer (MTO) trigger to on-exchange purchases that push a buyer over 30 % of voting rights, closing the “market-sweep” loophole. It also abolishes the rapid-purchase rule and tightens disclosure—bringing Japan closer to global norms while retaining its pre-emptive bid model.

TL;DR: Japan’s 2024 FIEA amendment closes the “market-sweep” loophole by counting on-exchange purchases toward a new 30 % mandatory-TOB trigger, lowers the Large Shareholding Reporting (LSR) threshold to 3 %, and widens derivative and joint-holder disclosure. Enforcement remains modest, but transparency requirements now align more closely with global standards. Table