Japan’s Financial Services Agency has published the final version of “Good Practices for Disclosure of Descriptive Information 2025”, a compilation intended to support more decision-useful narrative disclosure in securities reports. The collection reflects discussions held in fiscal 2025 with investors, analysts, experts and companies, covering both examples of enhanced disclosure and the background, process and perceived benefits of those improvements, alongside investor views on priority disclosure content. Following the earlier publication on 25 December 2025 of “Good Practices for Disclosure of Descriptive Information 2025 (Disclosure of Sustainability Information)”, the final version adds “opening examples for each theme” and “key disclosure points expected by investors, analysts, and experts” based on additional sessions on management discussion and analysis (MD&A), business risks, important contracts and corporate governance, among other topics. The agency also notes that publication of the good practices does not guarantee that individual companies’ securities reports are error-free or compliant with sustainability disclosure standards.
Japan Financial Services Agency 2026-03-27
Japan Financial Services Agency publishes final Good Practices for Disclosure of Descriptive Information 2025 with investor-focused disclosure points and examples
Japan’s Financial Services Agency released the final version of “Good Practices for Disclosure of Descriptive Information 2025” to enhance narrative disclosure in securities reports. This version includes new examples and key disclosure points based on discussions with investors and experts, covering MD&A, business risks, and corporate governance. The agency clarifies that these practices do not ensure compliance with sustainability disclosure standards.