Chapter VIII Penal Provisions (Articles 199 to 200-3)
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.
If a person fails to submit a report or materials under the provisions of Article 26-35; Article 75; Article 79-4; Article 106-6, paragraph (1) as applied mutatis mutandis pursuant to paragraph (2) of that Article; Article 106-20, paragraph (1) as applied mutatis mutandis pursuant to paragraph (2) of that Article; Article 106-27 (including as applied mutatis mutandis pursuant to Article 109); Article 151 (including as applied mutatis mutandis pursuant to Article 153-4); Article 155-9; Article 156-15; Article 156-20-12; Article 156-34; Article 156-58; or Article 156-80, or submits a false report or false materials, the person who committed the act, being the representative, agent, employee, or other worker of a certified specified non-financial information audit certification business association prescribed in Article 26-29, paragraph (2), an authorized financial instruments firms association or certified financial instruments business association prescribed in Article 78, paragraph (2), financial instruments exchange, self-regulatory organization prescribed in Article 85, paragraph (1), financial instruments exchange holding company, commodity exchange, commodity exchange holding company, foreign financial instruments exchange, financial instruments clearing organization, foreign financial instruments clearing organization, securities finance company, designated dispute resolution organization prescribed in Article 156-38, paragraph (1), or trade repository (hereinafter referred to as "authorized financial instruments firms certified specified non-financial information audit certification business association, etc." in this Article), a subsidiary company of a financial instruments exchange (meaning a subsidiary company prescribed in Article 87-3, paragraph (3); the same applies hereinafter in this Article), a subsidiary company of a financial instruments exchange holding company, a subsidiary company of a commodity exchange, a subsidiary company of a commodity exchange holding company, a commodity trading participant, an issuer of securities listed on a financial instruments exchange or over-the-counter traded securities, a participant in a foreign financial instruments exchange of the foreign financial instruments exchange, a clearing member of a financial instruments clearing organization or foreign financial instruments clearing organization, or a person that has concluded a contract for trade data collection with a trade repository, or a person entrusted with business by an authorized financial instruments firmsa certified specified non-financial information audit certification business association, etc. (including a person entrusted by that person (including entrustment in two or more stages) and, if it is a corporation, its representative, agent, employee, or other worker), is subject to imprisonment for not more than one year, a fine of not more than three million yen, or both.
If any of the following items applies, the person who has committed the violation is subject to punishment by imprisonment for not longer than one year, a fine of not more than one million yen, or both:
when the person fails to submit an amended statement under the provisions of the first sentence of Article 7, paragraph (1); Article 9, paragraph (1); or Article 10, paragraph (1) (including as applied mutatis mutandis pursuant to Article 27);
when the person violates the provisions of Article 15, paragraph (2) (including as applied mutatis mutandis pursuant to Article 23-12, paragraph (3), and as these provisions are applied mutatis mutandis pursuant to Article 27); Article 15, paragraph (3) or (4) (including as applied mutatis mutandis pursuant to Article 27); Article 27-5 (including as applied mutatis mutandis pursuant to Article 27-8, paragraph (10); Article 27-22-2, paragraphs (2) and (5); and Article 27-22-3, paragraph (5)); or Article 27-13, paragraph (4) or (5) (including as applied mutatis mutandis pursuant to Article 27-22-2, paragraph (2));
when the person fails to submit an amended shelf registration statement under the provisions of the first sentence of Article 23-4; Article 23-9, paragraph (1); or Article 23-10, paragraph (1); or under Article 23-10, paragraph (1) as applied mutatis mutandis pursuant to paragraph (5) of that Article (including as applied mutatis mutandis pursuant to Article 27);
when the person fails to submit an amended report, semiannual securities report, extraordinary report, parent company, etc. status report, or report on repurchase under the provisions of Article 9, paragraph (1) as applied mutatis mutandis pursuant to Article 24-2, paragraph (1) (including as applied mutatis mutandis pursuant to Article 27); Article 9, paragraph (1) as applied mutatis mutandis pursuant to Article 24-4-5, paragraph (1) (including as applied mutatis mutandis pursuant to Article 27); Article 24-5, paragraph (1) (including as applied mutatis mutandis pursuant to Article 24-5, paragraph (3) and as these provisions are applied mutatis mutandis pursuant to Article 27); Article 24-5, paragraph (4) (including as applied mutatis mutandis pursuant to Article 27); Article 9, paragraph (1) or Article 10, paragraph (1) as these provisions are applied mutatis mutandis pursuant to Article 24-5, paragraph (5) (including as applied mutatis mutandis pursuant to Article 27); Article 24-6, paragraph (1); Article 9, paragraph (1) or Article 10, paragraph (1) as these provisions are applied mutatis mutandis pursuant to Article 24-6, paragraph (2); Article 24-7, paragraph (1) or (2) (including as applied mutatis mutandis pursuant to Article 24-7, paragraph (6) (including as applied mutatis mutandis pursuant to Article 27) and Article 27); or Article 9, paragraph (1) or Article 10, paragraph (1) as applied mutatis mutandis pursuant to Article 24-7, paragraph (3) (including as applied mutatis mutandis pursuant to Article 24-7, paragraph (6) (including as applied mutatis mutandis pursuant to Article 27) and Article 27);
when the person violates the provisions of Article 25, paragraph (2) (including as applied mutatis mutandis pursuant to Article 27) or Article 27-14, paragraph (2) (including as applied mutatis mutandis pursuant to Article 27-22-2, paragraph (2)) by failing to make copies of a document (other than a document set forth in Article 25, paragraph (1), items (iv) and (vii)) available for public inspection;
when the person fails to issue public notice or make the disclosure under the provisions of Article 27-7, paragraph (2) (including as applied mutatis mutandis pursuant to Article 27-8, paragraph (12) and Article 27-22-2, paragraphs (2) and (6)); Article 27-8, paragraph (8) (including as applied mutatis mutandis pursuant to Article 27-22-2, paragraph (2) and Article 27-22-3, paragraph (4)); Article 27-8, paragraph (11) (including as applied mutatis mutandis pursuant to Article 27-22-2, paragraph (2)); Article 27-10, paragraph (6); or Article 27-13, paragraph (1) (including as applied mutatis mutandis pursuant to Article 27-22-2, paragraph (2));
when the person fails to submit an amended statement under the provisions of Article 27-8, paragraphs (2) through (4) (including as applied mutatis mutandis pursuant to Article 27-22-2, paragraph (2)) or an amended report under the provisions of Article 27-8, paragraphs (2) through (4) as applied mutatis mutandis pursuant to Article 27-13, paragraph (3) and Article 27-22-2, paragraph (7);
when the person fails, in violation of Article 27-9, paragraph (3) or (4) (including as applied mutatis mutandis pursuant to Article 27-22-2, paragraph (2)), to deliver a tender offer explanation or an amended tender offer explanation;
when the person fails to submit a target company's position statement under the provisions of Article 27-10, paragraph (1) or a tender offeror's answer under Article 27-10, paragraph (11);
when the person, in sending a copy of a document under the provisions of Article 27-10, paragraph (9) (including as applied mutatis mutandis pursuant to Article 27-10, paragraph (10)); Article 27-10, paragraph (13) (including as applied mutatis mutandis pursuant to Article 27-10, paragraph (14)); or Article 27-27 (including as applied mutatis mutandis pursuant to Article 27-29, paragraph (2)), sends, as a copy of the original document, a document that contains a false statement about a material particular and whose content differs from that of the original document;
when the person fails to submit an amended report under the provisions of Article 9, paragraph (1) or Article 10, paragraph (1) as applied mutatis mutandis pursuant to Article 27-29, paragraph (1);
when the person fails to provide or disclose the amended specified information on securities under the provisions of Article 27-31, paragraph (4) concerning a material particular, or violates the provisions of Article 27-31, paragraph (5) (limited to the part involving amended specified information on securities) in connection with that amended specified information on securities;
when the person violates the provisions of Article 31-3-2;
第三十一条の三の二の規定に違反したとき。
Article 200, paragraph (1), item (xiii)
when the person violates an order under the provisions of Article 32-2, paragraph (1) (including as applied mutatis mutandis pursuant to Article 32-4 and Article 57-26, paragraph (1)) or Article 32-2, paragraph (3);
when the person violates the provisions of Article 39, paragraph (2) (including as applied mutatis mutandis pursuant to Article 66-15);
第三十九条第二項（第六十六条の十五において準用する場合を含む。）の規定に違反したとき。
Article 200, paragraph (1), item (xv)
when the person enters a false statement into a written application or document under the provisions of Article 39, paragraph (7) (including as applied mutatis mutandis pursuant to Article 66-15) and submits the written application or document;
when the person violates the provisions of Article 40-6;
第四十条の六の規定に違反したとき。
Article 200, paragraph (1), item (xvi)
when the person violates the provisions of Article 103-2, paragraph (1) or (4), or Article 106-14, paragraph (1) or (4);
第百三条の二第一項若しくは第四項又は第百六条の十四第一項若しくは第四項の規定に違反したとき。
Article 200, paragraph (1), item (xvii)
when the person violates the provisions of Article 106-3, paragraph (1) or (4); Article 106-7, paragraph (2); Article 106-17, paragraph (1) or (3); Article 106-21, paragraph (2); Article 156-5-5, paragraph (1) or (4); or Article 156-5-9, paragraph (2);
when the person violates an order under the provisions of Article 106-7, paragraph (1); Article 106-21, paragraph (1); or Article 156-5-9, paragraph (1);
when the person violates the provisions of Article 156-41, paragraph (1);
第百五十六条の四十一第一項の規定に違反したとき。
Article 200, paragraph (1), item (xix)
when the person violates the provisions of Article 167-3;
第百六十七条の三の規定に違反したとき。
Article 200, paragraph (1), item (xx)
when the person violates the provisions of Article 168; and
第百六十八条の規定に違反したとき。
Article 200, paragraph (1), item (xxi)
when the person violates the provisions of Article 170 or Article 171 in making a representation.
第百七十条又は第百七十一条の規定に違反して、表示をしたとき。
Article 200-2第二百条の二
Article 200-2, paragraph (1)
In the case referred to in item (xiv) of the preceding Article, any economic benefit received by the perpetrator or a third party with knowledge of the circumstances is to be confiscated. If all or part of an economic benefit cannot be confiscated, an equivalent value is to be collected.
If a witness or expert who has taken an oath pursuant to the provisions of Article 201, paragraph (1) of the Code of Civil Procedure as applied mutatis mutandis pursuant to Article 185, paragraph (4) or Article 185-4, paragraph (4), gives a false statement or presents a false expert opinion, that witness or expert is subject to imprisonment for not less than three months but not more than ten years.
If a person that commits the crime referred to in the preceding paragraph makes a voluntary confession prior to the completion of trial procedures and before the discovery of that crime, the sentence may be reduced or waived.