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Article 11

第十一条

No company engaged in banking or insurance businesses must acquire or hold voting rights in another company in Japan if it results in its holding more than five percent (ten percent for a company engaged in insurance business; the same applies in the following paragraph) of voting rights of all shareholders provided, however, that this does not apply if the approval of the Japan Fair Trade Commission is obtained in advance pursuant to the provisions of the Rules of the Japan Fair Trade Commission, and in cases falling under any of the following items:

銀行業又は保険業を営む会社は、他の国内の会社の議決権をその総株主の議決権の百分の五（保険業を営む会社にあつては、百分の十。次項において同じ。）を超えて有することとなる場合には、その議決権を取得し、又は保有してはならない。ただし、公正取引委員会規則で定めるところによりあらかじめ公正取引委員会の認可を受けた場合及び次の各号のいずれかに該当する場合は、この限りでない。

cases in which voting rights are acquired or held by acquisition or holding of shares as a result of the exercise of a security interest, or of receipt of substitute performance;

担保権の行使又は代物弁済の受領により株式を取得し、又は所有することにより議決権を取得し、又は保有する場合

cases in which the ratio of the voting rights from shares already held to voting rights of all shareholders of the company increases, as a result of acquisition by another company in Japan of its own shares;

他の国内の会社が自己の株式の取得を行つたことにより、その総株主の議決権に占める所有する株式に係る議決権の割合が増加した場合

cases in which voting rights are acquired or held by acquisition or holding of the shares in the form of trust property in a money or securities trust;

金銭又は有価証券の信託に係る信託財産として株式を取得し、又は所有することにより議決権を取得し、又は保有する場合

cases in which voting rights are acquired or held by a limited liability partner in an investment limited partnership (hereinafter referred to as "limited liability partner" in this item) as a result of acquisition or holding of shares as partnership property; provided, however, that this does not apply if the limited liability partner may exercise the voting rights, if the limited liability partner may give instructions to an unlimited liability partner in the investment limited partnership regarding the exercise of the voting rights, or if the voting rights are held in excess of the period provided by Cabinet Order from the date on which the voting rights were acquired;

投資事業有限責任組合の有限責任組合員（以下この号において「有限責任組合員」という。）となり、組合財産として株式を取得し、又は所有することにより議決権を取得し、又は保有する場合。ただし、有限責任組合員が議決権を行使することができる場合、議決権の行使について有限責任組合員が投資事業有限責任組合の無限責任組合員に指図を行うことができる場合及び当該議決権を有することとなつた日から政令で定める期間を超えて当該議決権を保有する場合を除く。

cases in which voting rights are acquired or held by a partner (excluding a partner to which management of the business is delegated; hereinafter referred to as a "non-managing partner" in this item) in a partnership that was established by a partnership contract provided in Article 667, paragraph (1) of the Civil Code, whose purpose is operation of business to make investments into companies (limited to partnerships in which management of the business is delegated to one or more partners) as a result of acquisition or holding of shares as partnership property provided, however, that this does not apply if the non-managing partner may exercise voting rights, if the non-managing partner may give instructions to a partner to which the management of business regarding the exercise of the voting rights is delegated, or if the voting rights are held in excess of the period provided in the Cabinet Order referred to in the preceding item from the date on which the relevant voting rights were acquired; or

民法第六百六十七条第一項に規定する組合契約で会社に対する投資事業を営むことを約するものによつて成立する組合（一人又は数人の組合員にその業務の執行を委任しているものに限る。）の組合員（業務の執行を委任された者を除く。以下この号において「非業務執行組合員」という。）となり、組合財産として株式を取得し、又は所有することにより議決権を取得し、又は保有する場合。ただし、非業務執行組合員が議決権を行使することができる場合、議決権の行使について非業務執行組合員が業務の執行を委任された者に指図を行うことができる場合及び当該議決権を有することとなつた日から前号の政令で定める期間を超えて当該議決権を保有する場合を除く。

beyond the cases under the preceding items, cases provided for in the Rules of the Japan Fair Trade Commission as cases in which there is no risk of restraining the business activities of another company in Japan.

前各号に掲げる場合のほか、他の国内の会社の事業活動を拘束するおそれがない場合として公正取引委員会規則で定める場合

Any company, in the cases under items (i) through (iii) and (vi) of the preceding paragraph (in the case under item (iii) of the paragraph, excluding when the settlor or beneficiary other than those acquired or holding the relevant voting rights may exercise the voting rights and the relevant settlor or beneficiary may instruct the trustee on the exercise of the voting rights), that attempts to hold the relevant voting rights of another company in Japan over a period of one year from the date of the acquisition resulting in holding in excess of five percent of total voting rights of all shareholders must obtain approval to do so in advance from the Japan Fair Trade Commission, pursuant to the provisions of the Rules of the Japan Fair Trade Commission. Except in cases under item (iii) of the paragraph, the approval of the Japan Fair Trade Commission in the cases must be conditional on prompt disposal of the relevant voting rights by the company engaged in the banking or insurance business.

前項第一号から第三号まで及び第六号の場合（同項第三号の場合にあつては、当該議決権を取得し、又は保有する者以外の委託者又は受益者が議決権を行使することができる場合及び議決権の行使について当該委託者又は受益者が受託者に指図を行うことができる場合を除く。）において、他の国内の会社の議決権をその総株主の議決権の百分の五を超えて有することとなつた日から一年を超えて当該議決権を保有しようとするときは、公正取引委員会規則で定めるところにより、あらかじめ公正取引委員会の認可を受けなければならない。この場合における公正取引委員会の認可は、同項第三号の場合を除き、銀行業又は保険業を営む会社が当該議決権を速やかに処分することを条件としなければならない。

If the Japan Fair Trade Commission seeks to grant approval under the provisions of the preceding two paragraphs, it must consult with the Prime Minister in advance of doing so.

公正取引委員会は、前二項の認可をしようとするときは、あらかじめ内閣総理大臣に協議しなければならない。

The authority of the Prime Minister as set forth in the preceding paragraph is hereby delegated to the Commissioner of the Financial Services Agency.

前項の内閣総理大臣の権限は、金融庁長官に委任する。

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Article 11