The Tokyo Stock Exchange decided on 23 October to keep ACCESS (code 4813, Prime market) on its special caution list. The exchange said the software company's internal controls are properly set up but not shown to be properly operating, according to its notice, which cites Article 503, paragraph 4, item 2(a) of its listing rules. ACCESS confirmed the decision in a 26 October disclosure.
What the exchange found
The exchange first designated ACCESS on 27 August 2025, after the company corrected prior-year results on 30 June 2025. This decision followed a confirmation report that ACCESS submitted after one year had passed. The exchange reviewed it against the improvement plan the company disclosed on 30 January 2026.
The notice gives two reasons. First, ACCESS changed its management in August 2026, including its representative director and CFO. The exchange said it could not yet confirm, over a sufficient operating period, that the plan's measures continue under the new team. It singled out tighter oversight of an overseas subsidiary that runs the network business. That measure assumes the CFO is actively involved, and the new CFO took office only recently, the exchange said.
Second, at that subsidiary the exchange found cases in which some credit and receivables management measures in the plan were not fully enforced. It also found several operating failures at ACCESS, including in the approval procedures required under its related-party transaction rules.
What happens next
The exchange will review a confirmation report that ACCESS must resubmit within three months of 31 January 2027, the end of the fiscal year containing the decision date. It will lift the designation if controls are judged properly set up and operating and no further monitoring is needed. It will keep the designation if controls pass but monitoring is still needed, meaning business continuity and profitability are not assured or listing maintenance standards are not met. It will delist the company if controls are not judged properly set up and operating.
The continued designation is not a delisting decision. ACCESS said it will review the schedule of its improvement plan and announce specific measures around the end of November 2026. Earlier Tokyo Brief coverage
The account of the exchange's reasoning comes from the exchange's own notice, which ACCESS's release points readers to rather than restating in full.