{"id":66004,"date":"2025-07-29T19:55:08","date_gmt":"2025-07-29T10:55:08","guid":{"rendered":"https:\/\/monolith.law\/cs\/?p=66004"},"modified":"2025-08-21T17:02:37","modified_gmt":"2025-08-21T08:02:37","slug":"nasdaq-corporate-governance","status":"publish","type":"post","link":"https:\/\/monolith.law\/cs\/it\/nasdaq-corporate-governance","title":{"rendered":"Po\u017eadavky na corporate governance nezbytn\u00e9 pro kotaci na NASDAQ"},"content":{"rendered":"\n<p>Mnoz\u00ed si mohou myslet, \u017ee oproti vstupu na japonsk\u00fd cenn\u00fd pap\u00edr, je vstup na NASDAQ pro japonsk\u00e9 spole\u010dnosti spojen s vy\u0161\u0161\u00edmi po\u017eadavky na corporate governance. Av\u0161ak z\u00e1v\u011brem lze \u0159\u00edci, \u017ee nelze jednozna\u010dn\u011b tvrdit, \u017ee po\u017eadavky NASDAQ na governance jsou p\u0159\u00edsn\u011bj\u0161\u00ed. V tomto \u010dl\u00e1nku vysv\u011btl\u00edme po\u017eadavky na corporate governance pro japonsk\u00e9 spole\u010dnosti p\u0159i vstupu na NASDAQ, s ohledem na specifika japonsk\u00fdch firem.<\/p>\n\n\n\n<p>Jak bude vysv\u011btleno n\u00ed\u017ee, kdy\u017e japonsk\u00e1 spole\u010dnost vstupuje na NASDAQ, obvykle se na ni vztahuj\u00ed &#8220;zvl\u00e1\u0161tn\u00ed pravidla pro zahrani\u010dn\u00ed spole\u010dnosti vstupuj\u00edc\u00ed na trh&#8221; z americk\u00e9 perspektivy. To znamen\u00e1, \u017ee jsou po\u017eadov\u00e1ny odli\u0161n\u00e9 po\u017eadavky na corporate governance ne\u017e u americk\u00fdch spole\u010dnost\u00ed vstupuj\u00edc\u00edch na NASDAQ, co\u017e je kl\u00ed\u010dov\u00fd bod k pochopen\u00ed.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_53 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/monolith.law\/cs\/it\/nasdaq-corporate-governance\/#Kriteria_pro_vstup_na_burzu_NASDAQ_a_pozadavky_na_corporate_governance_v_Japonsku\" title=\"Krit\u00e9ria pro vstup na burzu NASDAQ a po\u017eadavky na corporate governance v Japonsku\">Krit\u00e9ria pro vstup na burzu NASDAQ a po\u017eadavky na corporate governance v Japonsku<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/cs\/it\/nasdaq-corporate-governance\/#Japonske_spolecnosti_a_%E2%80%9Czahranicni_soukrome_vydavatelstvi%E2%80%9D\" title=\"Japonsk\u00e9 spole\u010dnosti a &#8220;zahrani\u010dn\u00ed soukrom\u00e9 vydavatelstv\u00ed&#8221;\">Japonsk\u00e9 spole\u010dnosti a &#8220;zahrani\u010dn\u00ed soukrom\u00e9 vydavatelstv\u00ed&#8221;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/cs\/it\/nasdaq-corporate-governance\/#Mechanismus_regulace_pro_zahranicni_soukrome_emisni_subjekty_podle_japonskeho_prava\" title=\"Mechanismus regulace pro zahrani\u010dn\u00ed soukrom\u00e9 emisn\u00ed subjekty podle japonsk\u00e9ho pr\u00e1va\">Mechanismus regulace pro zahrani\u010dn\u00ed soukrom\u00e9 emisn\u00ed subjekty podle japonsk\u00e9ho pr\u00e1va<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/cs\/it\/nasdaq-corporate-governance\/#Pozadavky_na_corporate_governance_pro_zahranicni_soukrome_emisni_subjekty_podle_japonskeho_prava\" title=\"Po\u017eadavky na corporate governance pro zahrani\u010dn\u00ed soukrom\u00e9 emisn\u00ed subjekty podle japonsk\u00e9ho pr\u00e1va\">Po\u017eadavky na corporate governance pro zahrani\u010dn\u00ed soukrom\u00e9 emisn\u00ed subjekty podle japonsk\u00e9ho pr\u00e1va<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/cs\/it\/nasdaq-corporate-governance\/#Slozeni_auditniho_vyboru_u_spolecnosti_kotovanych_na_NASDAQ_v_Japonsku\" title=\"Slo\u017een\u00ed auditn\u00edho v\u00fdboru u spole\u010dnost\u00ed k\u00f3tovan\u00fdch na NASDAQ v Japonsku\">Slo\u017een\u00ed auditn\u00edho v\u00fdboru u spole\u010dnost\u00ed k\u00f3tovan\u00fdch na NASDAQ v Japonsku<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/cs\/it\/nasdaq-corporate-governance\/#Odpovednost_a_pravomoci_auditniho_vyboru_podle_japonskeho_prava\" title=\"Odpov\u011bdnost a pravomoci auditn\u00edho v\u00fdboru podle japonsk\u00e9ho pr\u00e1va\">Odpov\u011bdnost a pravomoci auditn\u00edho v\u00fdboru podle japonsk\u00e9ho pr\u00e1va<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/cs\/it\/nasdaq-corporate-governance\/#Dodrzovani_japonskeho_prava_a_corporate_governance\" title=\"Dodr\u017eov\u00e1n\u00ed japonsk\u00e9ho pr\u00e1va a corporate governance\">Dodr\u017eov\u00e1n\u00ed japonsk\u00e9ho pr\u00e1va a corporate governance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/monolith.law\/cs\/it\/nasdaq-corporate-governance\/#Corporate_Governance_that_Japanese_Companies_Should_Achieve\" title=\"Corporate Governance that Japanese Companies Should Achieve\">Corporate Governance that Japanese Companies Should Achieve<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/monolith.law\/cs\/it\/nasdaq-corporate-governance\/#Predstaveni_opatreni_nasi_kancelare\" title=\"P\u0159edstaven\u00ed opat\u0159en\u00ed na\u0161\u00ed kancel\u00e1\u0159e\">P\u0159edstaven\u00ed opat\u0159en\u00ed na\u0161\u00ed kancel\u00e1\u0159e<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Kriteria_pro_vstup_na_burzu_NASDAQ_a_pozadavky_na_corporate_governance_v_Japonsku\"><\/span>Krit\u00e9ria pro vstup na burzu NASDAQ a po\u017eadavky na corporate governance v Japonsku<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Krit\u00e9ria pro vstup na burzu NASDAQ jsou zve\u0159ejn\u011bna v dokumentu \u201eRulebook &#8211; The Nasdaq Stock Market\u201c.<\/p>\n\n\n\n<p>Reference: <a href=\"https:\/\/listingcenter.nasdaq.com\/rulebook\/nasdaq\/rules\" target=\"_blank\" rel=\"noopener\" title=\"Rules | The Nasdaq Stock Market\">Rules | The Nasdaq Stock Market<\/a><\/p>\n\n\n\n<p>Trh NASDAQ se d\u011bl\u00ed na t\u0159i segmenty, kter\u00e9 jsou podle p\u0159\u00edsnosti krit\u00e9ri\u00ed pro vstup se\u0159azeny takto: \u201eGlobal Select Market\u201c, \u201eGlobal Market\u201c a \u201eCapital Market\u201c. Z t\u011bchto segment\u016f jsou mnoh\u00e9 japonsk\u00e9 spole\u010dnosti obvykle k\u00f3tov\u00e1ny na \u201eCapital Market\u201c, kter\u00fd m\u00e1 nejm\u00e9n\u011b p\u0159\u00edsn\u00e1 krit\u00e9ria.<\/p>\n\n\n\n<p>P\u0159edpokl\u00e1d\u00e1me-li, \u017ee spole\u010dnost chce vstoupit na trh NASDAQ Capital Market, mus\u00ed splnit p\u0159edev\u0161\u00edm n\u00e1sleduj\u00edc\u00ed dv\u011b kategorie po\u017eadavk\u016f:<\/p>\n\n\n\n<ul>\n<li>\u201eQuantitative listing requirements\u201c (kvantitativn\u00ed krit\u00e9ria pro vstup) podle pravidel Rule 5100, 5200 a 5500 Series (pro vstup na Capital Market se odkazuje na Rule 5005(a)(28))<\/li>\n\n\n\n<li>\u201eCorporate governance requirements\u201c (po\u017eadavky na corporate governance) podle pravidel Rule 5600 Series (v\u0161echny spole\u010dnosti by m\u011bly tyto po\u017eadavky respektovat podle Rule 5001)<\/li>\n<\/ul>\n\n\n\n<p>V tomto \u010dl\u00e1nku se zam\u011b\u0159\u00edme na druhou kategorii, tedy na po\u017eadavky na corporate governance.<\/p>\n\n\n\n<p>Dopl\u0148me, \u017ee pro segmenty Global Select Market a Global Market se nevztahuj\u00ed pravidla s\u00e9rie 5500, ale pro Global Select Market plat\u00ed s\u00e9rie 5300 a pro Global Market s\u00e9rie 5400.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Japonske_spolecnosti_a_%E2%80%9Czahranicni_soukrome_vydavatelstvi%E2%80%9D\"><\/span>Japonsk\u00e9 spole\u010dnosti a &#8220;zahrani\u010dn\u00ed soukrom\u00e9 vydavatelstv\u00ed&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Japonsk\u00e9 spole\u010dnosti obvykle vstupuj\u00ed na burzu NASDAQ jako zahrani\u010dn\u00ed soukrom\u00e9 vydavatelstv\u00ed (Foreign Private Issuers \u2013 FPI). Zahrani\u010dn\u00ed soukrom\u00e9 vydavatelstv\u00ed je definov\u00e1no podle pravidla 3b-4 z\u00e1kona o burze cenn\u00fdch pap\u00edr\u016f z roku 1934 (Securities Exchange Act of 1934) (1934) jako spole\u010dnosti, kter\u00e9 jsou z pohledu Spojen\u00fdch st\u00e1t\u016f americk\u00fdch zahrani\u010dn\u00ed.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>Zahrani\u010dn\u00ed soukrom\u00e9 vydavatelstv\u00ed znamen\u00e1 zahrani\u010dn\u00ed vydavatel, kter\u00fd nen\u00ed zahrani\u010dn\u00ed vl\u00e1dou a kter\u00fd k posledn\u00edmu obchodn\u00edmu dni druh\u00e9ho nejnov\u011bj\u0161\u00edho \u010dtvrtlet\u00ed nespl\u0148uje \u017e\u00e1dnou z n\u00e1sleduj\u00edc\u00edch podm\u00ednek:<br>(1) V\u00edce ne\u017e 50 % vyd\u00e1van\u00fdch hlasovac\u00edch cenn\u00fdch pap\u00edr\u016f je p\u0159\u00edmo nebo nep\u0159\u00edmo dr\u017eeno obyvateli USA<br>(2) Spl\u0148uje alespo\u0148 jednu z n\u00e1sleduj\u00edc\u00edch podm\u00ednek:<br>(i) V\u011bt\u0161ina v\u00fdkonn\u00fdch \u0159editel\u016f nebo \u010dlen\u016f spr\u00e1vn\u00ed rady jsou ob\u010dan\u00e9 nebo rezidenti USA<br>(ii) V\u00edce ne\u017e 50 % aktiv spole\u010dnosti se nach\u00e1z\u00ed v USA<br>(iii) Hlavn\u00ed obchodn\u00ed \u010dinnost spole\u010dnosti se prov\u00e1d\u00ed v USA<\/p>\n<cite>Z\u00e1kon o burze cenn\u00fdch pap\u00edr\u016f z roku 1934 Pravidlo 3b-4 \/ Interpretace na\u0161\u00ed kancel\u00e1\u0159e<\/cite><\/blockquote>\n\n\n\n<p>Stru\u010dn\u011b \u0159e\u010deno, zahrani\u010dn\u00ed soukrom\u00e9 vydavatelstv\u00ed jsou spole\u010dnosti, jejich\u017e akcion\u00e1\u0159i, veden\u00ed, aktiva a podnik\u00e1n\u00ed jsou prim\u00e1rn\u011b mimo Spojen\u00e9 st\u00e1ty, nap\u0159\u00edklad v Japonsku.<\/p>\n\n\n\n<p>V\u00fd\u0161e uveden\u00e9 je definice zahrani\u010dn\u00edho soukrom\u00e9ho vydavatelstv\u00ed podle z\u00e1kona o burze cenn\u00fdch pap\u00edr\u016f z roku 1934, ale pravidla NASDAQ 5005(19) a 5005(1) pro krit\u00e9ria pro vstup na burzu NASDAQ tuto definici rovn\u011b\u017e p\u0159ij\u00edmaj\u00ed jako ekvivalentn\u00ed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Mechanismus_regulace_pro_zahranicni_soukrome_emisni_subjekty_podle_japonskeho_prava\"><\/span>Mechanismus regulace pro zahrani\u010dn\u00ed soukrom\u00e9 emisn\u00ed subjekty podle japonsk\u00e9ho pr\u00e1va<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2025\/01\/c79a35a0a2e7bf492ef787639764142d.jpg\" alt=\"Mechanismus regulace pro zahrani\u010dn\u00ed soukrom\u00e9 emisn\u00ed subjekty podle japonsk\u00e9ho pr\u00e1va\" class=\"wp-image-126982\" \/><\/figure>\n\n\n\n<p>Na zahrani\u010dn\u00ed soukrom\u00e9 emisn\u00ed subjekty se vztahuje pravidlo Rule 5615(a)(3), kter\u00e9 stanovuje n\u00e1sleduj\u00edc\u00ed:<\/p>\n\n\n\n<ul>\n<li>Zahrani\u010dn\u00ed soukrom\u00e9 emisn\u00ed subjekty mohou m\u00edsto dodr\u017eov\u00e1n\u00ed po\u017eadavk\u016f s\u00e9rie Rule 5600, po\u017eadavk\u016f na zve\u0159ejn\u011bn\u00ed odm\u011bn \u010dlen\u016f spr\u00e1vn\u00ed rady podle Rule 5250(b)(3) a po\u017eadavk\u016f na distribuci v\u00fdro\u010dn\u00edch a jin\u00fdch zpr\u00e1v podle Rule 5250(d) postupovat v souladu s vlastn\u00edmi n\u00e1rodn\u00edmi zvyklostmi.<\/li>\n\n\n\n<li>Av\u0161ak mus\u00ed dodr\u017eovat po\u017eadavky na ozn\u00e1men\u00ed o poru\u0161en\u00ed compliance (Rule 5625), po\u017eadavky na hlasovac\u00ed pr\u00e1va (Rule 5640), po\u017eadavky na diverzitu ve spr\u00e1vn\u00ed rad\u011b (Rule 5605(f)) a pravidla pro zve\u0159ej\u0148ov\u00e1n\u00ed informac\u00ed o diverzit\u011b ve spr\u00e1vn\u00ed rad\u011b (Rule 5606), a mus\u00ed z\u0159\u00eddit auditn\u00ed v\u00fdbor, kter\u00fd spl\u0148uje po\u017eadavky Rule 5605(c)(3), p\u0159i\u010dem\u017e \u010dlenov\u00e9 tohoto v\u00fdboru mus\u00ed spl\u0148ovat krit\u00e9ria nez\u00e1vislosti podle Rule 5605(c)(2)(A)(ii).<\/li>\n\n\n\n<li>Krom\u011b p\u0159\u00edpad\u016f stanoven\u00fdch v tomto odstavci mus\u00ed zahrani\u010dn\u00ed soukrom\u00e9 emisn\u00ed subjekty dodr\u017eovat po\u017eadavky s\u00e9rie Rule 5000.<\/li>\n<\/ul>\n\n\n\n<p>D\u00edky t\u011bmto ustanoven\u00edm jsou na zahrani\u010dn\u00ed soukrom\u00e9 emisn\u00ed subjekty uplat\u0148ov\u00e1ny n\u00e1sleduj\u00edc\u00ed regulace:<\/p>\n\n\n\n<ul>\n<li>Pro po\u017eadavky stanoven\u00e9 v s\u00e9rii 5200, konkr\u00e9tn\u011b v Rule 5250(b)(3) a Rule 5250(d), mohou tyto subjekty postupovat v souladu s vlastn\u00edmi n\u00e1rodn\u00edmi zvyklostmi.<\/li>\n\n\n\n<li>Pro s\u00e9rii 5600 plat\u00ed, \u017ee v z\u00e1sad\u011b mohou tyto subjekty postupovat v souladu s vlastn\u00edmi n\u00e1rodn\u00edmi zvyklostmi.<\/li>\n\n\n\n<li>V\u00fdjime\u010dn\u011b mus\u00ed b\u00fdt na pravidla 5625, 5640, 5605(f), 5606, 5605(c)(3), 5605(c)(2)(A)(ii) uplat\u0148ov\u00e1ny standardy NASDAQ.<\/li>\n<\/ul>\n\n\n\n<p>V d\u016fsledku toho japonsk\u00e9 spole\u010dnosti (Japanese companies) nejsou obecn\u011b podrobeny v\u011bt\u0161in\u011b po\u017eadavk\u016f na corporate governance NASDAQ. Nap\u0159\u00edklad, i kdy\u017e NASDAQ obecn\u011b vy\u017eaduje z\u0159\u00edzen\u00ed v\u00fdboru pro odm\u011bny, je mo\u017en\u00e9 toto po\u017eadavku nahradit postupem v souladu s vlastn\u00edmi n\u00e1rodn\u00edmi zvyklostmi. A z\u0159\u00edzen\u00ed spr\u00e1vn\u00ed rady s touto funkc\u00ed se st\u00e1v\u00e1 \u201estandardn\u00ed\u201c prax\u00ed pro japonsk\u00e9 spole\u010dnosti kotovan\u00e9 na NASDAQ.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pozadavky_na_corporate_governance_pro_zahranicni_soukrome_emisni_subjekty_podle_japonskeho_prava\"><\/span>Po\u017eadavky na corporate governance pro zahrani\u010dn\u00ed soukrom\u00e9 emisn\u00ed subjekty podle japonsk\u00e9ho pr\u00e1va<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Po\u017eadavky, kter\u00e9 mus\u00ed zahrani\u010dn\u00ed soukrom\u00e9 emisn\u00ed subjekty splnit, pokud nemohou &#8220;m\u00edsto toho dodr\u017eovat vlastn\u00ed n\u00e1rodn\u00ed zvyklosti&#8221; a mus\u00ed aplikovat standardy pro kotaci na NASDAQ, jsou n\u00e1sleduj\u00edc\u00ed:<\/p>\n\n\n\n<ul>\n<li>Pravidlo 5625 (po\u017eadavky na ozn\u00e1men\u00ed o nevyhov\u011bn\u00ed): Pokud spole\u010dnost zjist\u00ed, \u017ee poru\u0161uje s\u00e9rii pravidel 5600, mus\u00ed o tom rychle informovat NASDAQ. Nicm\u00e9n\u011b, toto by m\u011blo b\u00fdt sp\u00ed\u0161e pova\u017eov\u00e1no za z\u00e1le\u017eitost dodr\u017eov\u00e1n\u00ed po kotaci ne\u017e za po\u017eadavek na kotaci.<\/li>\n\n\n\n<li>Pravidlo 5640 (po\u017eadavky na hlasovac\u00ed pr\u00e1va): Hlasovac\u00ed pr\u00e1va akcion\u00e1\u0159\u016f nesm\u00ed b\u00fdt nespravedliv\u011b sn\u00ed\u017eena nebo omezena podnikov\u00fdmi akcemi nebo emisemi. P\u0159\u00edklady takov\u00fdch podnikov\u00fdch akc\u00ed nebo emis\u00ed zahrnuj\u00ed zaveden\u00ed pl\u00e1n\u016f s postupn\u00fdm hlasov\u00e1n\u00edm, hlasovac\u00ed pr\u00e1va s horn\u00edm limitem, vyd\u00e1n\u00ed akci\u00ed s v\u00edce hlasovac\u00edmi pr\u00e1vy nebo vyd\u00e1n\u00ed akci\u00ed s men\u0161\u00edm po\u010dtem hlasovac\u00edch pr\u00e1v na akcii ne\u017e maj\u00ed st\u00e1vaj\u00edc\u00ed b\u011b\u017en\u00e9 akcie prost\u0159ednictv\u00edm nab\u00eddky v\u00fdm\u011bny, ale nejsou na tyto p\u0159\u00edklady omezeny.<\/li>\n\n\n\n<li>Pravidlo 5605(f) (diverzita ve spr\u00e1vn\u00ed rad\u011b): Ve spr\u00e1vn\u00ed rad\u011b mus\u00ed b\u00fdt ur\u010dit\u00fd po\u010det osob s diverzitou (osoby, kter\u00e9 se identifikuj\u00ed jako \u017eeny, men\u0161iny, LGBTQ+), a to alespo\u0148 jedna osoba, pokud m\u00e1 spr\u00e1vn\u00ed rada p\u011bt nebo m\u00e9n\u011b \u010dlen\u016f, nebo dv\u011b osoby, pokud m\u00e1 \u0161est a v\u00edce \u010dlen\u016f, nebo mus\u00ed b\u00fdt poskytnuto vysv\u011btlen\u00ed, pro\u010d takov\u00e1 osoba nen\u00ed zastoupena.<\/li>\n\n\n\n<li>Pravidlo 5606 (pravidla pro zve\u0159ej\u0148ov\u00e1n\u00ed diverzity ve spr\u00e1vn\u00ed rad\u011b): Je nutn\u00e9 zve\u0159ejnit informace o diverzit\u011b ve spr\u00e1vn\u00ed rad\u011b.<\/li>\n\n\n\n<li>Pravidlo 5605(c)(2)(A)(\u2171) (slo\u017een\u00ed auditn\u00edho v\u00fdboru): Mus\u00ed b\u00fdt z\u0159\u00edzen auditn\u00ed v\u00fdbor slo\u017een\u00fd z alespo\u0148 t\u0159\u00ed \u010dlen\u016f, kte\u0159\u00ed spl\u0148uj\u00ed po\u017eadavky na &#8220;nez\u00e1vislost&#8221; podle \u00a7 10A-3(b)(1) Z\u00e1kona o burze cenn\u00fdch pap\u00edr\u016f z roku 1934 (1934).<\/li>\n\n\n\n<li>Pravidlo 5605(c)(3) (odpov\u011bdnosti a pravomoci auditn\u00edho v\u00fdboru): Auditn\u00ed v\u00fdbor mus\u00ed m\u00edt pravomoci stanoven\u00e9 v \u00a7 10A-3(b)(2)(3)(4)(5) Z\u00e1kona o burze cenn\u00fdch pap\u00edr\u016f z roku 1934 (1934). V p\u0159\u00edpad\u011b investi\u010dn\u00edch spole\u010dnost\u00ed jsou tak\u00e9 po\u017eadov\u00e1ny anonymn\u00ed ozn\u00e1men\u00ed.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Slozeni_auditniho_vyboru_u_spolecnosti_kotovanych_na_NASDAQ_v_Japonsku\"><\/span>Slo\u017een\u00ed auditn\u00edho v\u00fdboru u spole\u010dnost\u00ed k\u00f3tovan\u00fdch na NASDAQ v Japonsku<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2025\/01\/4a70f4dabf70ff2c1ed8227fd6d30c7e.jpg\" alt=\"Slo\u017een\u00ed auditn\u00edho v\u00fdboru u spole\u010dnost\u00ed k\u00f3tovan\u00fdch na NASDAQ v Japonsku\" class=\"wp-image-126984\" \/><\/figure>\n\n\n\n<p>Jak je uvedeno v\u00fd\u0161e, jednou z charakteristik spole\u010dnost\u00ed k\u00f3tovan\u00fdch na NASDAQ je pot\u0159eba z\u0159\u00eddit &#8220;auditn\u00ed v\u00fdbor&#8221;. Nicm\u00e9n\u011b, japonsk\u00e9 spole\u010dnosti, kter\u00e9 maj\u00ed auditn\u00ed v\u00fdbor nebo v\u00fdbor pro audit a podobn\u00e9 funkce, obvykle spl\u0148uj\u00ed po\u017eadavky stanoven\u00e9 z\u00e1konem o cenn\u00fdch pap\u00edrech z roku 1934 (Securities Exchange Act of 1934). Proto je pro japonsk\u00e9 spole\u010dnosti, kter\u00e9 se chystaj\u00ed na k\u00f3taci na NASDAQ, standardn\u00edm postupem z\u0159\u00eddit auditn\u00ed v\u00fdbor nebo v\u00fdbor pro audit a podobn\u00e9 funkce podle japonsk\u00e9ho pr\u00e1va a pou\u017e\u00edt jej jako auditn\u00ed v\u00fdbor pro \u00fa\u010dely NASDAQ.<\/p>\n\n\n\n<p>Pro dopln\u011bn\u00ed, struktura je n\u00e1sleduj\u00edc\u00ed:<\/p>\n\n\n\n<p>V japonsk\u00e9m pr\u00e1vu nen\u00ed z\u0159\u00edzen\u00ed auditn\u00edho v\u00fdboru nebo v\u00fdboru pro audit a podobn\u00e9 funkce v\u017edy povinn\u00e9. Existuje mo\u017enost nez\u0159izovat auditn\u00ed v\u00fdbor v\u016fbec nebo jmenovat pouze jednoho auditn\u00edho \u00fa\u0159edn\u00edka. Nicm\u00e9n\u011b, pro ve\u0159ejn\u011b obchodovan\u00e9 spole\u010dnosti a velk\u00e9 spole\u010dnosti (nap\u0159\u00edklad ty s kapit\u00e1lem nad 500 milion\u016f jen\u016f) je z\u0159\u00edzen\u00ed auditn\u00edho v\u00fdboru povinn\u00e9. Obvykle, kdy\u017e spole\u010dnost z\u00edsk\u00e1v\u00e1 kapit\u00e1l prost\u0159ednictv\u00edm k\u00f3tace na NASDAQ, jej\u00ed kapit\u00e1l p\u0159es\u00e1hne 500 milion\u016f jen\u016f, a i kdyby ne, z\u0159\u00edzen\u00ed auditn\u00edho v\u00fdboru je st\u00e1le vhodn\u00e9 pro spole\u010dnosti ur\u010dit\u00e9 velikosti.<\/p>\n\n\n\n<p>Podrobn\u00e9 po\u017eadavky na auditn\u00ed v\u00fdbor nebo v\u00fdbor pro audit a podobn\u00e9 funkce podle japonsk\u00e9ho pr\u00e1va nebudou v tomto \u010dl\u00e1nku podrobn\u011b rozeb\u00edr\u00e1ny, ale oba mus\u00ed m\u00edt nejm\u00e9n\u011b t\u0159i \u010dleny, z nich\u017e v\u011bt\u0161ina mus\u00ed b\u00fdt extern\u00edch.<\/p>\n\n\n\n<p>Tak\u017ee z\u0159\u00edzen\u00ed auditn\u00edho v\u00fdboru nebo v\u00fdboru pro audit a podobn\u00e9 funkce, kter\u00e9 spl\u0148uj\u00ed tyto a dal\u0161\u00ed podm\u00ednky, a pou\u017eit\u00ed jej jako auditn\u00edho v\u00fdboru pro \u00fa\u010dely k\u00f3tace na NASDAQ, je v\u00fd\u0161e zm\u00edn\u011bn\u00fdm standardn\u00edm postupem.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Odpovednost_a_pravomoci_auditniho_vyboru_podle_japonskeho_prava\"><\/span>Odpov\u011bdnost a pravomoci auditn\u00edho v\u00fdboru podle japonsk\u00e9ho pr\u00e1va<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Odpov\u011bdnost a pravomoci, kter\u00e9 by m\u011bl m\u00edt auditn\u00ed v\u00fdbor, jsou stanoveny v Securities Exchange Act z roku 1934 (1934\u5e74\u8a3c\u5238\u53d6\u5f15\u6240\u6cd5) n\u00e1sledovn\u011b:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>(\u00daryvek)<br>(2) Odpov\u011bdnost v\u016f\u010di registrovan\u00fdm \u00fa\u010detn\u00edm firm\u00e1m: Auditn\u00ed v\u00fdbor mus\u00ed jako v\u00fdbor spr\u00e1vn\u00ed rady p\u0159\u00edmo n\u00e9st odpov\u011bdnost za v\u00fdb\u011br, odm\u011b\u0148ov\u00e1n\u00ed, pokra\u010dov\u00e1n\u00ed ve spolupr\u00e1ci a dohled nad prac\u00ed registrovan\u00fdch \u00fa\u010detn\u00edch firem, kter\u00e9 jsou zam\u011bstn\u00e1ny za \u00fa\u010delem vytv\u00e1\u0159en\u00ed nebo vyd\u00e1v\u00e1n\u00ed auditn\u00edch zpr\u00e1v, nebo prov\u00e1d\u011bn\u00ed jin\u00fdch audit\u016f, kontrol nebo ov\u011b\u0159ovac\u00edch slu\u017eeb pro spole\u010dnosti k\u00f3tovan\u00e9 na burze (v\u010detn\u011b \u0159e\u0161en\u00ed neshod mezi veden\u00edm a auditorem ohledn\u011b finan\u010dn\u00edho v\u00fdkaznictv\u00ed), a ka\u017ed\u00e1 registrovan\u00e1 \u00fa\u010detn\u00ed firma mus\u00ed p\u0159\u00edmo pod\u00e1vat zpr\u00e1vy auditn\u00edmu v\u00fdboru.<br>(3) St\u00ed\u017enosti (Complaints): Ka\u017ed\u00fd auditn\u00ed v\u00fdbor mus\u00ed z\u0159\u00eddit n\u00e1sleduj\u00edc\u00ed postupy:<br>(i) P\u0159ij\u00edm\u00e1n\u00ed, uchov\u00e1v\u00e1n\u00ed a zpracov\u00e1n\u00ed st\u00ed\u017enost\u00ed (Complaints) t\u00fdkaj\u00edc\u00edch se \u00fa\u010detnictv\u00ed, vnit\u0159n\u00edho \u00fa\u010detn\u00edho \u0159\u00edzen\u00ed nebo auditn\u00edch z\u00e1le\u017eitost\u00ed, kter\u00e9 obdr\u017eela spole\u010dnost k\u00f3tovan\u00e1 na burze<br>(ii) Tajn\u00e9 a anonymn\u00ed pod\u00e1v\u00e1n\u00ed obav t\u00fdkaj\u00edc\u00edch se pochybn\u00e9ho \u00fa\u010detnictv\u00ed nebo auditn\u00edch z\u00e1le\u017eitost\u00ed zam\u011bstnanci spole\u010dnosti k\u00f3tovan\u00e9 na burze<br>(4) Pr\u00e1vo naj\u00edmat poradce: Auditn\u00ed v\u00fdbor mus\u00ed m\u00edt pr\u00e1vo naj\u00edmat nez\u00e1visl\u00e9 pr\u00e1vn\u00edky nebo jin\u00e9 poradce, pokud to pova\u017euje za nezbytn\u00e9 k pln\u011bn\u00ed sv\u00fdch povinnost\u00ed.<br>(5) Zaji\u0161t\u011bn\u00ed financov\u00e1n\u00ed: Spole\u010dnost k\u00f3tovan\u00e1 na burze mus\u00ed poskytnout auditn\u00edmu v\u00fdboru, jako v\u00fdboru spr\u00e1vn\u00ed rady, vhodn\u00e9 finan\u010dn\u00ed prost\u0159edky pro n\u00e1sleduj\u00edc\u00ed platby:<br>(i) Odm\u011bny registrovan\u00fdm \u00fa\u010detn\u00edm firm\u00e1m zam\u011bstnan\u00fdm spole\u010dnost\u00ed k\u00f3tovanou na burze za \u00fa\u010delem vytv\u00e1\u0159en\u00ed nebo vyd\u00e1v\u00e1n\u00ed auditn\u00edch zpr\u00e1v nebo prov\u00e1d\u011bn\u00ed jin\u00fdch auditn\u00edch, kontroln\u00edch nebo ov\u011b\u0159ovac\u00edch prac\u00ed<br>(ii) Odm\u011bny poradc\u016fm najat\u00fdm auditn\u00edm v\u00fdborem na z\u00e1klad\u011b odstavce (b)(4)<br>(iii) B\u011b\u017en\u00e9 spr\u00e1vn\u00ed v\u00fddaje nezbytn\u00e9 nebo vhodn\u00e9 pro pln\u011bn\u00ed povinnost\u00ed auditn\u00edho v\u00fdboru<\/p>\n<cite>Z\u00e1kon o burze cenn\u00fdch pap\u00edr\u016f z roku 1934 (1934\u5e74\u8a3c\u5238\u53d6\u5f15\u6240\u6cd5) Pravidlo 10A-3(b) \/ Interpretace na\u0161\u00ed kancel\u00e1\u0159e<\/cite><\/blockquote>\n\n\n\n<p>V tomto ohledu je t\u0159eba zav\u00e9st nov\u00e1 opat\u0159en\u00ed pro spole\u010dnosti k\u00f3tovan\u00e9 na NASDAQ, proto\u017ee n\u011bkter\u00e9 z t\u011bchto po\u017eadavk\u016f nejsou vy\u017eadov\u00e1ny podle japonsk\u00e9ho z\u00e1kona o spole\u010dnostech pro auditn\u00ed v\u00fdbory nebo v\u00fdbory pro audit a podobn\u00e9 funkce.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Dodrzovani_japonskeho_prava_a_corporate_governance\"><\/span>Dodr\u017eov\u00e1n\u00ed japonsk\u00e9ho pr\u00e1va a corporate governance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Podle pravidla 5615-3, ciz\u00ed soukrom\u00e9 emisn\u00ed spole\u010dnosti, kter\u00e9 si vyberou dodr\u017eovat dom\u00e1c\u00ed zvyklosti nam\u00edsto po\u017eadavk\u016f pravidla 5600.5250(b)(3) nebo 5250(d), mus\u00ed NASDAQ p\u0159edlo\u017eit p\u00edsemn\u00e9 prohl\u00e1\u0161en\u00ed od nez\u00e1visl\u00e9ho pr\u00e1vn\u00edho z\u00e1stupce ze sv\u00e9 zem\u011b, kter\u00e9 potvrzuje, \u017ee praxe spole\u010dnosti nen\u00ed zak\u00e1z\u00e1na (prohibited) dom\u00e1c\u00edm pr\u00e1vem. To znamen\u00e1, \u017ee se vy\u017eaduje dodr\u017eov\u00e1n\u00ed japonsk\u00e9ho pr\u00e1va.<\/p>\n\n\n\n<p>Av\u0161ak kl\u00ed\u010dov\u00fdm bodem zde je, \u017ee dodr\u017eov\u00e1n\u00ed se vy\u017eaduje pr\u00e1v\u011b japonsk\u00e9ho pr\u00e1va, a nikoli takzvan\u00fdch soft law, jako jsou standardy pro kotaci na burze, kter\u00e9 stanovuj\u00ed japonsk\u00e9 burzy cenn\u00fdch pap\u00edr\u016f. Nap\u0159\u00edklad vytvo\u0159en\u00ed takzvan\u00e9ho compliance manu\u00e1lu nen\u00ed podle japonsk\u00e9ho pr\u00e1va pr\u00e1vn\u011b povinn\u00e9, a proto nelze \u0159\u00edci, \u017ee je &#8220;nutn\u00e9&#8221; pro kotaci na NASDAQ.<\/p>\n\n\n\n<p>P\u0159esto je nap\u0159\u00edklad vytvo\u0159en\u00ed p\u0159edpis\u016f pro spr\u00e1vu transakc\u00ed se z\u00fa\u010dastn\u011bn\u00fdmi stranami v mnoha p\u0159\u00edpadech \u017e\u00e1douc\u00ed jako praktick\u00e1 z\u00e1le\u017eitost. NASDAQ a auditorky (auditors) prov\u00e1d\u011bj\u00ed p\u0159\u00edsn\u00e9 kontroly transakc\u00ed se z\u00fa\u010dastn\u011bn\u00fdmi stranami z hlediska prevence st\u0159etu z\u00e1jm\u016f a ochrany akcion\u00e1\u0159\u016f. Kv\u016fli t\u011bmto detailn\u00edm diskus\u00edm by m\u011bla b\u00fdt ot\u00e1zka &#8220;do jak\u00e9 m\u00edry realizovat governance&#8221; zv\u00e1\u017eena individu\u00e1ln\u011b ka\u017edou spole\u010dnost\u00ed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Corporate_Governance_that_Japanese_Companies_Should_Achieve\"><\/span>Corporate Governance that Japanese Companies Should Achieve<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2025\/01\/68bfb3f710bb398834a1109771409857.jpg\" alt=\"Corporate Governance that Japanese Companies Should Achieve\" class=\"wp-image-126985\" \/><\/figure>\n\n\n\n<p>From the above, we can summarize the governance required for Japanese companies listed on NASDAQ as follows:<\/p>\n\n\n\n<ul>\n<li>Even when listed as a foreign private issuer, compliance with certain NASDAQ listing standards is necessary.<\/li>\n\n\n\n<li>In particular, understanding the details of NASDAQ&#8217;s listing standards for the responsibilities and powers of the audit committee is essential, as they differ from those for listing in the Japanese market.<\/li>\n\n\n\n<li>For other aspects, adhering to Japanese laws and regulations suffices.<\/li>\n<\/ul>\n\n\n\n<p>Therefore, in terms of &#8220;requirements,&#8221; the level of corporate governance demanded of Japanese companies at the time of NASDAQ listing is not particularly high. However, there is the issue of whether a company with insufficient corporate governance can achieve a fair stock price. For example, it can be said that it is desirable to have a compliance manual in place to ensure proper governance, internal control, and risk management, as mentioned above.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Predstaveni_opatreni_nasi_kancelare\"><\/span>P\u0159edstaven\u00ed opat\u0159en\u00ed na\u0161\u00ed kancel\u00e1\u0159e<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Pr\u00e1vn\u00ed kancel\u00e1\u0159 Monolith je specializovan\u00e1 na IT, zejm\u00e9na na internet a pr\u00e1vo, a nab\u00edz\u00ed vysokou \u00farove\u0148 odbornosti v obou oblastech. S bohat\u00fdmi zku\u0161enostmi a \u00fasp\u011bchy v oblasti pr\u00e1va pro startupy a ve spolupr\u00e1ci s mezin\u00e1rodn\u00ed s\u00edt\u00ed, Monolith pr\u00e1vn\u00ed kancel\u00e1\u0159 poskytuje komplexn\u00ed podporu japonsk\u00fdm spole\u010dnostem p\u0159i vstupu na burzu NASDAQ. Pro v\u00edce informac\u00ed o podpo\u0159e p\u0159i vstupu na burzu NASDAQ, pros\u00edm, nav\u0161tivte n\u00e1sleduj\u00edc\u00ed \u010dl\u00e1nek.<\/p>\n\n\n\n<p>Oblasti pr\u00e1ce pr\u00e1vn\u00ed kancel\u00e1\u0159e Monolith: <a href=\"https:\/\/monolith.law\/nasdaqipo\" target=\"_blank\" rel=\"noreferrer noopener\">Podpora p\u0159i vstupu na burzu NASDAQ[ja]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mnoz\u00ed si mohou myslet, \u017ee oproti vstupu na japonsk\u00fd cenn\u00fd pap\u00edr, je vstup na NASDAQ pro japonsk\u00e9 spole\u010dnosti spojen s vy\u0161\u0161\u00edmi po\u017eadavky na corporate governance. Av\u0161ak z\u00e1v\u011brem lze \u0159\u00edci, \u017ee nelze jednoz [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":66268,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[20,19],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/66004"}],"collection":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/comments?post=66004"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/66004\/revisions"}],"predecessor-version":[{"id":66269,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/66004\/revisions\/66269"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media\/66268"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media?parent=66004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/categories?post=66004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/tags?post=66004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}