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Financial Instruments and Exchange Act

金融商品取引法(きんゆうしょうひんとりひきほう)

The law as Act Partially Amending the Financial Instruments and Exchange Act and the Payment Services Act (Act No. 64 of 2026) leaves it, with the words it changes marked.

The main text is read a page at a time: a chapter to a page, and a long chapter in runs of articles. The whole main text, and the supplementary provisions and appended tables this amendment changes. Those it leaves untouched are on the page for the text in force.

The pages of this text: 176, 63 with changes
  1. Chapter I General Provisions (Article 1)
  2. Chapter I General Provisions (Article 2)28 changes
  3. Chapter I General Provisions (Article 2-2)
  4. Chapter II Disclosure of Corporate Affairs, etc. (Articles 2-3 to 3)8 changes
  5. Chapter II Disclosure of Corporate Affairs, etc. (Article 4)20 changes
  6. Chapter II Disclosure of Corporate Affairs, etc. (Articles 5 to 6)4 changes
  7. Chapter II Disclosure of Corporate Affairs, etc. (Articles 7 to 12)
  8. Chapter II Disclosure of Corporate Affairs, etc. (Articles 13 to 16)3 changes
  9. Chapter II Disclosure of Corporate Affairs, etc. (Articles 17 to 21)17 changes
  10. Chapter II Disclosure of Corporate Affairs, etc. (Articles 21-2 to 23-2)10 changes
  11. Chapter II Disclosure of Corporate Affairs, etc. (Articles 23-3 to 23-9)3 changes
  12. Chapter II Disclosure of Corporate Affairs, etc. (Articles 23-10 to 23-12)2 changes
  13. Chapter II Disclosure of Corporate Affairs, etc. (Article 23-13)25 changes
  14. Chapter II Disclosure of Corporate Affairs, etc. (Article 24)3 changes
  15. Chapter II Disclosure of Corporate Affairs, etc. (Articles 24-2 to 24-4-4)
  16. Chapter II Disclosure of Corporate Affairs, etc. (Articles 24-4-5 to 24-4-6)1 change
  17. Chapter II Disclosure of Corporate Affairs, etc. (Article 24-5)1 change
  18. Chapter II Disclosure of Corporate Affairs, etc. (Articles 24-5-2 to 24-7)1 change
  19. Chapter II Disclosure of Corporate Affairs, etc. (Articles 25 to 26-2)5 changes
  20. Chapter II Disclosure of Corporate Affairs, etc. (Articles 26-3 to 26-5)20 changes
  21. Chapter II Disclosure of Corporate Affairs, etc. (Articles 26-6 to 26-19)57 changes
  22. Chapter II Disclosure of Corporate Affairs, etc. (Articles 26-20 to 26-29)44 changes
  23. Chapter II Disclosure of Corporate Affairs, etc. (Articles 26-30 to 27)24 changes
  24. Chapter II-2 Disclosure in a Tender Offer (Articles 27-2 to 27-3)
  25. Chapter II-2 Disclosure in a Tender Offer (Articles 27-4 to 27-8)
  26. Chapter II-2 Disclosure in a Tender Offer (Articles 27-9 to 27-11)
  27. Chapter II-2 Disclosure in a Tender Offer (Articles 27-12 to 27-16)
  28. Chapter II-2 Disclosure in a Tender Offer (Articles 27-17 to 27-22)1 change
  29. Chapter II-2 Disclosure in a Tender Offer (Article 27-22-2)1 change
  30. Chapter II-2 Disclosure in a Tender Offer (Articles 27-22-3 to 27-22-4)
  31. Chapter II-3 Disclosure of the Status of Large-Volume Holdings in Share Certificates (Articles 27-23 to 27-25)
  32. Chapter II-3 Disclosure of the Status of Large-Volume Holdings in Share Certificates (Articles 27-26 to 27-30)
  33. Chapter II-4 Special Provisions on Procedures Taken Using an Electronic Data Processing System for Disclosure (Articles 27-30-2 to 27-30-6)1 change
  34. Chapter II-4 Special Provisions on Procedures Taken Using an Electronic Data Processing System for Disclosure (Articles 27-30-7 to 27-30-9)3 changes
  35. Chapter II-4 Special Provisions on Procedures Taken Using an Electronic Data Processing System for Disclosure (Articles 27-30-10 to 27-30-11)
  36. Chapter II-5 Provision or Disclosure of Specified Information on Securities (Articles 27-31 to 27-33)7 changes
  37. Chapter II-5 Provision or Disclosure of Specified Information on Securities (Articles 27-34 to 27-35)1 change
  38. Chapter II-6 Disclosure of Material Information
  39. Section 1 General Provisions (Articles 28 to 29)
  40. Section 1 General Provisions (Articles 29-2 to 29-3)1 change
  41. Section 1 General Provisions (Article 29-4)2 changes
  42. Section 1 General Provisions (Articles 29-4-2 to 29-4-4)1 change
  43. Section 1 General Provisions (Articles 29-5 to 31)
  44. Section 1 General Provisions (Articles 31-2 to 32-4)
  45. Section 1 General Provisions (Articles 33 to 33-4)1 change
  46. Section 1 General Provisions (Articles 33-5 to 34)
  47. Section 1 General Provisions (Article 34-2)
  48. Section 1 General Provisions (Articles 34-3 to 34-5)
  49. Section 2 Services (Articles 35 to 36-4)
  50. Section 2 Services (Articles 37 to 37-6)
  51. Section 2 Services (Articles 37-7 to 38)
  52. Section 2 Services (Articles 38-2 to 40-3-4)
  53. Section 2 Services (Articles 40-4 to 42-2)7 changes
  54. Section 2 Services (Articles 42-3 to 43-4)1 change
  55. Section 2 Services (Articles 43-5 to 45)
  56. Section 3 Accounting
  57. Section 4 Supervision (Articles 50 to 50-2)
  58. Section 4 Supervision (Articles 51 to 54)
  59. Section 4 Supervision (Articles 54-2 to 57)
  60. Section 4-2 Special Provisions on Special Financial Instruments Business Operators (Articles 57-2 to 57-8)
  61. Section 4-2 Special Provisions on Special Financial Instruments Business Operators (Articles 57-9 to 57-17)
  62. Section 4-2 Special Provisions on Special Financial Instruments Business Operators (Articles 57-18 to 57-27)
  63. Section 5 Special Provisions on Foreign Business Operators (Articles 58 to 59-6)1 change
  64. Section 5 Special Provisions on Foreign Business Operators (Articles 60 to 60-6)
  65. Section 5 Special Provisions on Foreign Business Operators (Articles 60-7 to 62)
  66. Section 6 Special Provisions on Specially Permitted Services for Qualified Institutional Investors (Article 63)
  67. Section 6 Special Provisions on Specially Permitted Services for Qualified Institutional Investors (Articles 63-2 to 63-7)
  68. Section 6-2 Special Provisions on Specially Permitted Services for Foreign Investors (Articles 63-8 to 63-9)
  69. Section 6-2 Special Provisions on Specially Permitted Services for Foreign Investors (Articles 63-10 to 63-15)
  70. Section 7 Sales Representatives (Articles 64 to 64-4)
  71. Section 7 Sales Representatives (Articles 64-5 to 64-9)
  72. Section 8 Miscellaneous Provisions
  73. Chapter III-2 Financial Instruments Intermediary Service Providers (Articles 66 to 66-13)
  74. Chapter III-2 Financial Instruments Intermediary Service Providers (Articles 66-14 to 66-26)2 changes
  75. Chapter III-3 Credit Rating Agencies (Articles 66-27 to 66-39)
  76. Chapter III-3 Credit Rating Agencies (Articles 66-40 to 66-49)
  77. Chapter III-4 High-Speed Traders (Articles 66-50 to 66-59)
  78. Chapter III-4 High-Speed Traders (Articles 66-60 to 66-70)
  79. Chapter III-5 Investment Management-Related Services Contractors (Articles 66-71 to 66-81)
  80. Chapter III-5 Investment Management-Related Services Contractors (Articles 66-82 to 66-93)
  81. Chapter IV Financial Instruments Firms Associations (Articles 67 to 67-12)2 changes
  82. Chapter IV Financial Instruments Firms Associations (Articles 67-13 to 70)
  83. Chapter IV Financial Instruments Firms Associations (Articles 71 to 77-5)1 change
  84. Chapter IV Financial Instruments Firms Associations (Articles 77-6 to 79-3)1 change
  85. Chapter IV Financial Instruments Firms Associations (Articles 79-4 to 79-19)1 change
  86. Chapter IV-2 Investor Protection Funds (Articles 79-20 to 79-29)
  87. Chapter IV-2 Investor Protection Funds (Articles 79-30 to 79-45)
  88. Chapter IV-2 Investor Protection Funds (Articles 79-46 to 79-50)
  89. Chapter IV-2 Investor Protection Funds (Articles 79-51 to 79-58)
  90. Chapter IV-2 Investor Protection Funds (Articles 79-59 to 79-80)
  91. Section 1 General Provisions (Articles 80 to 83-2)
  92. Section 1 General Provisions (Articles 84 to 87-2)
  93. Section 1 General Provisions (Articles 87-2-2 to 87-9)
  94. Section 2 Financial Instruments Membership Corporations, Self-Regulatory Organizations, and Stock Companies That Operate Financial Instruments Exchange Markets (Articles 88 to 89-3)
  95. Section 2 Financial Instruments Membership Corporations, Self-Regulatory Organizations, and Stock Companies That Operate Financial Instruments Exchange Markets (Articles 89-4 to 100-12)
  96. Section 2 Financial Instruments Membership Corporations, Self-Regulatory Organizations, and Stock Companies That Operate Financial Instruments Exchange Markets (Articles 100-13 to 101-4)
  97. Section 2 Financial Instruments Membership Corporations, Self-Regulatory Organizations, and Stock Companies That Operate Financial Instruments Exchange Markets (Articles 101-5 to 101-17)
  98. Section 2 Financial Instruments Membership Corporations, Self-Regulatory Organizations, and Stock Companies That Operate Financial Instruments Exchange Markets (Articles 101-18 to 102-6)
  99. Section 2 Financial Instruments Membership Corporations, Self-Regulatory Organizations, and Stock Companies That Operate Financial Instruments Exchange Markets (Articles 102-7 to 102-28)
  100. Section 2 Financial Instruments Membership Corporations, Self-Regulatory Organizations, and Stock Companies That Operate Financial Instruments Exchange Markets (Articles 102-29 to 103-2)
  101. Section 2 Financial Instruments Membership Corporations, Self-Regulatory Organizations, and Stock Companies That Operate Financial Instruments Exchange Markets (Articles 103-3 to 105-15)
  102. Section 2 Financial Instruments Membership Corporations, Self-Regulatory Organizations, and Stock Companies That Operate Financial Instruments Exchange Markets (Articles 105-16 to 106-10)
  103. Section 2 Financial Instruments Membership Corporations, Self-Regulatory Organizations, and Stock Companies That Operate Financial Instruments Exchange Markets (Articles 106-11 to 106-20)
  104. Section 2 Financial Instruments Membership Corporations, Self-Regulatory Organizations, and Stock Companies That Operate Financial Instruments Exchange Markets (Articles 106-21 to 109)
  105. Section 3 Purchase and Sale of Securities on a Financial Instruments Exchange Market (Articles 110 to 117-2)1 change
  106. Section 3 Purchase and Sale of Securities on a Financial Instruments Exchange Market (Articles 118 to 123)
  107. Section 3 Purchase and Sale of Securities on a Financial Instruments Exchange Market (Articles 124 to 133-2)
  108. Section 4 Dissolution of a Financial Instruments Exchange (Articles 134 to 139-2)
  109. Section 4 Dissolution of a Financial Instruments Exchange (Articles 139-3 to 139-5)
  110. Section 4 Dissolution of a Financial Instruments Exchange (Articles 139-6 to 139-10)
  111. Section 4 Dissolution of a Financial Instruments Exchange (Articles 139-11 to 139-15-2)
  112. Section 4 Dissolution of a Financial Instruments Exchange (Articles 139-16 to 142)
  113. Section 4 Dissolution of a Financial Instruments Exchange (Articles 143 to 147)
  114. Section 5 Supervision
  115. Section 6 Miscellaneous Provisions
  116. Chapter V-2 Foreign Financial Instruments Exchanges (Articles 155 to 155-3)
  117. Chapter V-2 Foreign Financial Instruments Exchanges (Articles 155-4 to 156)
  118. Chapter V-3 Financial Instruments Clearing Organizations (Articles 156-2 to 156-5-5)
  119. Chapter V-3 Financial Instruments Clearing Organizations (Articles 156-5-6 to 156-12)
  120. Chapter V-3 Financial Instruments Clearing Organizations (Articles 156-12-2 to 156-20-3)
  121. Chapter V-3 Financial Instruments Clearing Organizations (Articles 156-20-4 to 156-20-11)
  122. Chapter V-3 Financial Instruments Clearing Organizations (Articles 156-20-12 to 156-20-17)
  123. Chapter V-3 Financial Instruments Clearing Organizations (Articles 156-20-18 to 156-22)
  124. Chapter V-4 Securities Finance Companies (Articles 156-23 to 156-28)
  125. Chapter V-4 Securities Finance Companies (Articles 156-29 to 156-37)
  126. Chapter V-5 Designated Dispute Resolution Organizations (Articles 156-38 to 156-40)
  127. Chapter V-5 Designated Dispute Resolution Organizations (Articles 156-41 to 156-43)
  128. Chapter V-5 Designated Dispute Resolution Organizations (Article 156-44)
  129. Chapter V-5 Designated Dispute Resolution Organizations (Articles 156-45 to 156-51)
  130. Chapter V-5 Designated Dispute Resolution Organizations (Articles 156-52 to 156-61)
  131. Chapter V-6 Trade Repositories (Articles 156-62 to 156-68)
  132. Chapter V-6 Trade Repositories (Articles 156-69 to 156-84)
  133. Chapter V-7 Specified Financial Index Administrator
  134. Chapter VI Regulations on Transactions of Securities (Articles 157 to 162)
  135. Chapter VI Regulations on Transactions of Securities (Articles 162-2 to 165)
  136. Chapter VI Regulations on Transactions of Securities (Article 165-2)
  137. Chapter VI Regulations on Transactions of Securities (Article 166)
  138. Chapter VI Regulations on Transactions of Securities (Article 167)
  139. Chapter VI Regulations on Transactions of Securities (Articles 167-2 to 171-2)3 changes
  140. Chapter VI-2 Administrative Monetary Penalty (Articles 172 to 172-2)4 changes
  141. Chapter VI-2 Administrative Monetary Penalty (Articles 172-3 to 172-6)12 changes
  142. Chapter VI-2 Administrative Monetary Penalty (Articles 172-7 to 172-12)3 changes
  143. Chapter VI-2 Administrative Monetary Penalty (Article 173)
  144. Chapter VI-2 Administrative Monetary Penalty (Article 174)
  145. Chapter VI-2 Administrative Monetary Penalty (Article 174-2)
  146. Chapter VI-2 Administrative Monetary Penalty (Article 174-3)
  147. Chapter VI-2 Administrative Monetary Penalty (Article 175)
  148. Chapter VI-2 Administrative Monetary Penalty (Article 175-2)1 change
  149. Chapter VI-2 Administrative Monetary Penalty (Articles 176 to 177)1 change
  150. Chapter VI-2 Administrative Monetary Penalty (Article 178)21 changes
  151. Chapter VI-2 Administrative Monetary Penalty (Articles 179 to 185-6)1 change
  152. Chapter VI-2 Administrative Monetary Penalty (Article 185-7)51 changes
  153. Chapter VI-2 Administrative Monetary Penalty (Articles 185-8 to 185-10-2)11 changes
  154. Chapter VI-2 Administrative Monetary Penalty (Articles 185-11 to 185-21)3 changes
  155. Chapter VI-3 Regulations on Transactions of Cryptoassets
  156. Chapter VII Miscellaneous Provisions (Articles 186 to 194)5 changes
  157. Chapter VII Miscellaneous Provisions (Articles 194-2 to 194-3)
  158. Chapter VII Miscellaneous Provisions (Article 194-4)
  159. Chapter VII Miscellaneous Provisions (Articles 194-5 to 194-6-2)
  160. Chapter VII Miscellaneous Provisions (Articles 194-6-3 to 196-2)1 change
  161. Chapter VIII Penal Provisions (Article 197)
  162. Chapter VIII Penal Provisions (Article 197-2)1 change
  163. Chapter VIII Penal Provisions (Articles 197-3 to 198-5-2)6 changes
  164. Chapter VIII Penal Provisions (Article 198-6)7 changes
  165. Chapter VIII Penal Provisions (Articles 199 to 200-3)1 change
  166. Chapter VIII Penal Provisions (Articles 201 to 204)2 changes
  167. Chapter VIII Penal Provisions (Articles 205 to 205-2-2)1 change
  168. Chapter VIII Penal Provisions (Articles 205-2-3 to 206)2 changes
  169. Chapter VIII Penal Provisions (Articles 207 to 207-4)5 changes
  170. Chapter VIII Penal Provisions (Article 208)3 changes
  171. Chapter VIII Penal Provisions (Articles 208-2 to 209-3)9 changes
  172. Chapter VIII-2 Special Provisions on Procedures Concerning Confiscation
  173. Chapter IX Investigations in Criminal Cases (Articles 210 to 215-2)
  174. Chapter IX Investigations in Criminal Cases (Articles 216 to 226)
  175. Supplementary Provisions1 change
  176. Supplementary Provisions6 changes

Chapter I General Provisions第一章 総則

Article 1第一条

Purpose(目的)
Article 1, paragraph (1)

The purpose of this Act is to ensure fairness in, inter alia, the issuance of securities and transactions of financial instruments, etc. and to facilitate the smooth distribution of securities, as well as to achieve fair price formation for financial instruments, etc. through the full utilization of the functions of the capital markets, by, inter alia, streamlining systems for the disclosure of corporate affairs, specifying the necessary particulars relevant to persons conducting financial instruments business, and ensuring the appropriate operation of financial instruments exchanges, thereby contributing to the sound development of the national economy and the protection of investors.

この法律は、企業内容等の開示の制度を整備するとともに、金融商品取引業を行う者に関し必要な事項を定め、金融商品取引所の適切な運営を確保すること等により、有価証券の発行及び金融商品等の取引等を公正にし、有価証券の流通を円滑にするほか、資本市場の機能の十全な発揮による金融商品等の公正な価格形成等を図り、もつて国民経済の健全な発展及び投資者の保護に資することを目的とする。

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