Background: I hold a small number of shares in Europe of a company that last year was delisted (per official news and announcement of the company) from typical highly regulated stock exchanges.
However, it is still possible to trade these shares on “regulated unofficial markets”; not sure this is a real term, I took it from [here](https://archive.is/jJHMG) and perhaps OTC or Open Market is closer. These trades still happens to be orchestrated / facilitated by special exchanges in name though, as in the case of Hamburg’s stock exchange.
(Yes, I’m also confused by the concept of a “delisting” when it’s still listed somewhere just less regulated.)
I want to get rid of those shares but need to assess whether they need to be treated as 一般株式 or 上場株式.
I couldn’t figure out for certain so far what the exact definition for 上場株式 per the NTA actually is with regard to such peculiar stock exchanges.
[Here](https://www.nta.go.jp/taxes/shiraberu/taxanswer/hyoka/4632.htm) we have:
> 上場株式とは、金融商品取引所に上場されている株式をいいます。
So, if shares are openly traded on an exchange they may still be considered listed by the NTA. It’s just not clear if this is “*any* kind of exchange whatsoever” or whether certain requirements apply, i.e. if we focus on 金融商品取引所 that’s, I believe, actually somewhat narrowly defined in the Japanese context. But what that would say about the type of less-regulated exchanges mentioned above isn’t super clear to me.
I could also find [this](https://www.nta.go.jp/law/joho-zeikaishaku/shotoku/joto-sanrin/071225/02.htm) that describes certain conditions for 外国金融商品市場 but I’m not sure to what extent this would apply.
**What are the exact criteria per the NTA to distinguish 上場株式 from 一般株式, or rather appearing on what *type* of stock exchanges (/ how regulated) is required for the former?**
by ixampl