Financial Instruments and Exchange Act

(Administrative Monetary Penalty Payment Order Issued to a Person That Influences the Price of Securities , etc. or Crypto-and Other Assets, etc. by Spreading Unfounded Rumors)

If a person, in violation of the provisions of Article 158 or Article 171-4, spreads unfounded rumors or uses fraudulent means, or influences the prices of securities, etc. or crypto-and other assets, etc. by spreading those unfounded rumors or using those fraudulent means (hereinafter such an act is referred to as a "violation" and the person is referred to as the "violator" in this Article), the Prime Minister, in accordance with the procedures prescribed in the following Section, must order the violator to pay an administrative monetary penalty to the national treasury in an amount that is equivalent to the amount specified in the following items in accordance with the category of cases set forth in each of those items (or, if the violation falls under two or more of the following items, the sum of the amounts specified in those items) (or, if the violation was committed in another person's name, an amount equivalent to 1.5 times that amount):

the amount arrived at when the lowest securities price for the purchase, etc. price for of securities pertaining to those securities, etc., from among the lowest prices prescribed in Article 67-19 or Article 130 on each day in the period from the end of day on which the violation ended until the day on which one month has elapsed sinceelapses counting from the violation ended day following that day (if there is no such lowest price, meaning the priceamount specified by Cabinet Office Order as being equivalent to it;, and the lowest price on the day on which the violation ends is to be the amount specified by Cabinet Office Order), is multiplied by the volume that is in excess;

the amount arrived at when the highest price for the sale, etc. of the securities pertaining to those securities, etc., from among the highest prices prescribed in Article 67-19 or Article 130 on each day in the period from the end of day on which the violation ended until the day on which one month has elapsed sinceelapses counting from the violation ended day following that day (if there is no such highest price, meaning the priceamount specified by Cabinet Office Order as being equivalent to it;, and the highest price on the day on which the violation ends is to be the amount specified by Cabinet Office Order), is multiplied by the volume that is in excess;

duringin the period from the commencement ofcase where, during the violation until one month has elapsed sinceduration of the violation ended, the violator causes the securities involved in the violation, whichvolume of sale, etc. of crypto-and other assets that the violator or a person set forth inmakes on their own account for the items of paragraph (5) issues, to be acquired through a solicitation with a view to issuing new securities or delivers those securities in a corporate reorganization (meaning a corporate reorganization as defined in Article 2-3, paragraph (1); hereinafter the same appliescrypto-and other assets, etc. that are involved in the violation exceeds the volume of purchase, etc. of crypto-and other assets that the violator makes on their own account for the crypto-and other assets, etc. that are involved in this Chapter)the violation: the amount arrived at when the amount set forth in (b) below is deducted from the amount set forth in (a) below (if the resulting amount is less than zero, the amount is to be zero):

the amount arrived at whenvalue of the highest securities purchasesale, etc. price for the securities that the violator causes to be acquired through the solicitation with a view to issuing new securities or delivers in the corporate reorganization, from among the highest prices as prescribed in Article 67-19 or Article 130 on each day in the period from the end of the violation until one month has elapsed since the violation ended (if there is no such highest price, this means the price specified by Cabinet Office Order as being equivalentcrypto-and other assets pertaining to it; the highest price on the day on which the violation ends is the amount specified by Cabinet Office Order), is multiplied by the volume of securities that the violator causes to be acquired through such solicitation with a view to issuing new securities or delivers in the corporate reorganizationexcess;

the amount arrived at when the lowest price specified by Cabinet Order as the price of the securities that from among the lowest prices prescribed in Article 43-9 or Article 130 for the violator causes to be acquired through the solicitation with a view to issuing new securities or deliverspurchase, etc. of crypto-and other assets pertaining to the relevant crypto-and other assets, etc. on each day in the corporate reorganization atperiod from the time immediately precedingday on which the violation (hereinafter referred to as the "price immediately preceding ended until the day on which one month has elapsed counting from the violation" in this Article), day following that day (if there is multiplied by no such price, the volume of the securities that the violator causes amount specified by Cabinet Office Order as being equivalent to be acquired throughit, and for the solicitation with a view to issuing new securities or delivers in day on which the violation ended, the amount specified by Cabinet Office Order) is multiplied by the corporate reorganizationvolume in excess;

if, during the period fromduration of the commencement violation, the volume of the violation until one month has elapsed since purchase, etc. of crypto-and other assets made by the violation ended,violator on the violator makes a sales, etc. of securities, etc. or a purchaseviolator's own account with regard to the crypto-and other assets, etc. of securities on pertaining to the violation exceeds the accountvolume of any person the sale, etc. of crypto-and other than themselves: assets made by the amount specified in (a) or (b) in accordance withviolator on the violator's own account with regard to the category of crypto-and other assets, etc. pertaining to the person that has conducted violation: the amount arrived at when the sales, etc. of securities or the purchase, etc. of securities amount set forth in (b) below is deducted from the amount set forth in (a) or (b):.below (if the resulting amount is less than zero, the amount is to be zero):

a person that has madethe amount arrived at when the sales, etc. of securities orhighest price from among the purchase, etc. of securities as an investment of property subject to investment (meaning money orhighest prices prescribed in Article 43-9 or Article 130 for the sale, etc. of crypto-and other properties invested by a person that performs any of the acts listedassets pertaining to the relevant crypto-and other assets, etc. on each day in the items of Article 28, paragraph (4)period from the day on a regular basis on behalf ofwhich the violation ended until the right holders prescribed in Article 42, paragraph (1); hereinafterday on which one month has elapsed counting from the same applies in this Article through Article 175):the amount obtained by multiplying by threeday following that day (if there is no such price, the amount specified by Cabinet Office Order as an amountbeing equivalent to the considerationit, and for investment of the property subject to investment which is specified by Cabinet Office Order in the month that includes the day of the sales, etc. of securities oron which the purchase, etc. of securities (if the sales, etc. of securities or violation ended, the purchase, etc. of securities has been made over two or more months,amount specified by Cabinet Office Order) is multiplied by the last month of those months); orvolume in excess;

a person other than the person set forth in (a):the amount specified by Cabinet Office Order as the amountvalue of fees, remuneration, or any other consideration for the salespurchase, etc. of securities or the purchase, etc. of securities.crypto-and other assets pertaining to the volume in excess;

during the period from the commencement of the violation until the day on which one month has elapsed counting from the day following the day on which the violation ended, the violator causes the securities involved in the violation, which the violator or a person set forth in the items of paragraph (7) issues, to be acquired through a solicitation with a view to issuing new securities or delivers those securities in a corporate reorganization (meaning a corporate reorganization as defined in Article 2-3, paragraph (1); hereinafter the same applies in this Chapter): the amount arrived at when the amount set forth in (b) below is deducted from the amount set forth in (a) below (if the resulting amount is less than zero, the amount is to be zero):

the amount arrived at when the highest price for the securities that the violator causes to be acquired through the solicitation with a view to issuing new securities or delivers in the corporate reorganization, from among the highest prices as prescribed in Article 67-19 or Article 130 on each day in the period from the day on which the violation ended until the day on which one month has elapsed counting from the day following that day (if there is no such highest price, the amount specified by Cabinet Office Order as being equivalent to it; the highest price on the day on which the violation ends is the amount specified by Cabinet Office Order), is multiplied by the volume of securities that the violator causes to be acquired through such solicitation with a view to issuing new securities or delivers in the corporate reorganization;

the amount arrived at when the price, at the commencement of the violation, of the securities that the violator causes to be acquired through the solicitation with a view to issuing new securities or delivers in the corporate reorganization (if there is no such price, the price specified by Cabinet Order as the price of those securities at the time immediately preceding the violation (referred to as the "price immediately preceding the violation" in paragraphs (8) and (9))) is multiplied by the volume of the securities that the violator causes to be acquired through the solicitation with a view to issuing new securities or delivers in the corporate reorganization;

during the period from the commencement of the violation until the day on which one month has elapsed counting from the day following the day on which the violation ended, the violator causes the specified cryptoasset involved in the violation, for which the violator or a person set forth in the items of paragraph (7) is the specified cryptoasset issuer, to be acquired through a specified cryptoasset acquisition solicitation, etc., or sells it: the amount arrived at when the amount set forth in (b) below is deducted from the amount set forth in (a) below (if the resulting amount is less than zero, the amount is to be zero):

the amount arrived at when the highest price from among the highest prices prescribed in Article 43-9 for the specified cryptoasset that the violator causes to be acquired through the specified cryptoasset acquisition solicitation, etc. or sells, on each day in the period from the day on which the violation ended until the day on which one month has elapsed counting from the day following that day (if there is no such price, the amount specified by Cabinet Office Order as being equivalent to it, and for the day on which the violation ended, the amount specified by Cabinet Office Order), is multiplied by the volume of the specified cryptoasset that the violator causes to be acquired through the specified cryptoasset acquisition solicitation, etc. or sells;

the amount arrived at when the price, at the commencement of the violation, of the specified cryptoasset that the violator causes to be acquired through the specified cryptoasset acquisition solicitation, etc. or sells (if there is no such price, the price specified by Cabinet Order as the price immediately preceding the violation (referred to as the "price immediately preceding the violation" in paragraphs (10) and (11))) is multiplied by the volume of the specified cryptoasset that the violator causes to be acquired through the specified cryptoasset acquisition solicitation, etc. or sells;

during the period from the commencement of the violation until the day on which one month has elapsed counting from the day following the day on which the violation ended, the violator makes a sale, etc. of securities or a purchase, etc. of securities, or a sale, etc. of crypto-and other assets or a purchase, etc. of crypto-and other assets, on the account of any person other than themselves: the amount specified in (a) or (b) in accordance with the category of the person that has conducted the sales, etc. of securities or the purchase, etc. of securities, or the sale, etc. of crypto-and other assets or the purchase, etc. of crypto-and other assets, set forth in (a) or (b):

a person that has made the sales, etc. of securities or the purchase, etc. of securities, or the sale, etc. of crypto-and other assets or the purchase, etc. of crypto-and other assets, as an investment of property subject to investment (meaning money or other properties invested by a person that performs any of the acts listed in the items of Article 28, paragraph (4) on a regular basis on behalf of the right holders prescribed in Article 42, paragraph (1); hereinafter the same applies in this Article through Article 175 and Article 175-3):the amount obtained by multiplying by three, the amount specified by Cabinet Office Order as an amount equivalent to the consideration for investment of the property subject to investment which is specified by Cabinet Office Order in the month that includes the day of the sales, etc. of securities or the purchase, etc. of securities, or the sale, etc. of crypto-and other assets or the purchase, etc. of crypto-and other assets (if the sales, etc. of securities or the purchase, etc. of securities, or the sale, etc. of crypto-and other assets or the purchase, etc. of crypto-and other assets has been made over two or more months, the last month of those months); or

a person other than the person set forth in (a):the amount specified by Cabinet Office Order as the amount of fees, remuneration, or any other consideration for the sales, etc. of securities or the purchase, etc. of securities, or the sale, etc. of crypto-and other assets or the purchase, etc. of crypto-and other assets.

The term "sale, etc. of securities" as used in this Article means the sale of securities or commodities (in the case of commodities, limited to sales conducted through market derivatives transactions (limited to transactions set forth in Article 2, paragraph (21), item (i))), a transaction set forth in item (ii) of that paragraph (limited to a transaction in which the violator is the party to pay the money if the actual figure exceeds the agreed figure), a transaction set forth in Article 2, paragraph (21), item (iii) (limited to a transaction in which the relevant person is the party to grant the option), or any other transaction specified by Cabinet Order (excluding a transaction that falls under a sale, etc. of crypto-and other assets).

The term "purchase, etc. of securities" as used in this Article means a purchase of securities or commodities (in the case of commodities, limited to purchase made through market derivatives transactions (limited to transactions set forth in Article 2, paragraph (21), item (i))), a transaction set forth in item (ii) of that paragraph (limited to a transaction in which the relevant person is the party to receive the money if the actual figure exceeds the agreed figure), a transaction set forth in Article 2, paragraph (21), item (iii) (limited to a transaction in which the relevant person is the party to acquire the option), or any other transaction specified by Cabinet Order (excluding a transaction that falls under a purchase, etc. of crypto-and other assets).

The term "valuesale, etc. of crypto-and other assets" as used in this Article means a sale of crypto-and other assets, a transaction set forth in Article 2, paragraph (1) means the amount arrived at when 21), item (ii) (limited to a transaction in which the price for sale, etc. of securities is multiplied byviolator is the party to pay the money if the volume actual figure (limited to a figure of that sale, etc. or when a crypto-and other asset-related financial indicator) exceeds the price for purchase, etc. agreed figure (limited to a figure of a crypto-and other asset-related financial indicator)), a transaction set forth in item (iii) of securities that paragraph (limited to a transaction in which the relevant person is multiplied by the party to grant the volume of that purchase, etccrypto-and other asset-related options), or any other transaction specified by Cabinet Order.

In the case referred to in paragraph (1), if the violator makes the sale, etc. of securities or the purchase, etc.The term "purchase, etc. of crypto-and other assets" as used in this Article means a purchase of securities on the account ofcrypto-and other assets, a persontransaction set forth in any of the following items, the violator is deemedArticle 2, paragraph (21), item (ii) (limited to have made a transaction in which the sale, etc. of securities or purchase, etc. of securities on their own account (if the person set forth in the relevant item commits relevant person is the party to receive the money if the actual figure (limited to a figure of a crypto-and other asset-related financial indicator) exceeds the same violation as the violator, this excludes anything that constitutes the same sale, etc. of securities or purchase, etc. agreed figure (limited to a figure of a crypto-and other asset-related financial indicator)), a transaction set forth in item (iii) of securities as one that that paragraph (limited to a transaction in which the person set forth in that item makes on that person's own accountrelevant person is the party to acquire the crypto-and other asset-related options), and the provisions of the preceding paragraphs apply:or any other transaction specified by Cabinet Order.

a company in which the violator holds the majority of the voting rights held by all the shareholders, etc. or any other person specified by Cabinet Office Order as being closely related to the violator;

a person that shares living expenses with the violator or any other person specified by Cabinet Office Order has a unique relationship with the violator.

For the purposes of calculating the amounts set forthThe term "value" as used in the items of paragraph (1), if means the violator, at the time ofamount arrived at when the commencement of the violation, makes a saleprice for sale, etc. of the securities or commodities involved in the violation without possessing those securities or commodities (inis multiplied by the casevolume of commodities, limited to sales made through market derivatives transactions (limited to transactions set forth in Article 2, paragraph (21), item (i))) on their own accountthat sale, etc. or onwhen the account of a person set forth in any ofprice for purchase, etc. of securities is multiplied by the itemsvolume of the preceding paragraph (this means a person other than one that commits the same violation; hereinafter the same applies in this paragraph); if the violator, at the time of commencement ofpurchase, etc. or when the violation, has agreed to conduct a transaction set forth in Article 2, paragraph (21), item (ii) (limited to a transactionprice for sale, etc. of the securities or commodities involved in the violation), in which the violator will be the party to pay the money if the actual figure exceedscrypto-and other assets is multiplied by the agreed figure on their own accountvolume of that sale, etc., or onwhen the account of a person set forth in any of the itemsprice for purchase, etc. of the preceding paragraph; or in anycrypto-and other case specified by Cabinet Order; the violator, at the time ofassets is multiplied by the commencementvolume of the violation, is deemed to have made a salesthat purchase, etc. of securities at the price preceding the violation on their own account.

For the purposes of calculatingIn the amounts set forthcase referred to in the items of paragraph (1), if the violator, at makes the time of the commencement ofsale, etc. of securities or the violation owns thepurchase, etc. of securities, or commodities involved in the violation; if the violator, at the time ofsale, etc. of crypto-and other assets or the commencement purchase, etc. of the violation has agreed to conduct a transactioncrypto-and other assets on the account of a person set forth in Article 2, paragraph (21), item (ii) in whichany of the following items, the violator will be the partyis deemed to receive the money if the actual figure exceeds the agreed figure (limited to a transactionhave made the sale, etc. of securities or purchase, etc. of securities, or sale, etc. of the securities crypto-and other assets or commodities involved in the violation), purchase, etc. of crypto-and other assets on their own account or on(if the account of a person set forth in any of the items of paragraph (5) (this means a person other than one thatrelevant item commits the same violation); and in any other case specified by Cabinet Order; as the violator, this excludes anything that constitutes the violator, at the time of the commencementsame sale, etc. of securities or purchase, etc. of the violation, is deemed to have made thesecurities, or sale, etc. of crypto-and other assets or purchase, etc. of securities at the price preceding crypto-and other assets as one that the violation person set forth in that item makes on their that person's own account.), and the provisions of the preceding paragraphs apply:

a company in which the violator holds the majority of the voting rights held by all the shareholders, etc. or any other person specified by Cabinet Office Order as being closely related to the violator;

a person that shares living expenses with the violator, or any other person specified by Cabinet Office Order as having a unique relationship with the violator.

The amount For the purposes of calculating the amounts set forth in paragraph (1), items (i), (ii) and (vii), if the violator, at the time of the commencement of the violation, makes a sale of the securities or commodities involved in the violation without possessing those securities or commodities (in the case of commodities, limited to sales made through market derivatives transactions (limited to transactions set forth in Article 2, paragraph (21), item (i))) on their own account or on the account of a person set forth in any of the items of the preceding paragraph (1) this means a person other than one that commits the same violation; hereinafter the same applies in this paragraph); if the violator, at the time of commencement of the violation, has agreed to conduct a transaction set forth in Article 2, paragraph (21), item (ii) (limited to a transaction of the securities or commodities involved in the violation), in which the violator will be the party to pay the money if the actual figure exceeds the agreed figure on their own account or on the account of a person set forth in any of the items of the preceding paragraph; or in any other case specified by Cabinet Order (excluding the case prescribed in paragraph (10)); the violator, at the time of the commencement of the violation, is calculated for each issue deemed to have made a sale, etc. of securities at the price at that time (or, if there is no such price, the price immediately preceding the violation) on their own account.

If For the purposes of calculating the amounts set forth in paragraph (1), items (i), (ii) and (vii), if the violator, at the time of the commencement of the violation owns the securities or commodities involved in the violation; if the violator, at the time of the commencement of the violation has agreed to conduct a transaction set forth in Article 2, paragraph (21), item (ii) is settled through in which the violator will be the payment and receipt ofparty to receive the money based onif the actual figure; if exceeds the options on agreed figure (limited to a transaction of the securities or commodities involved in the violation), on their own account or on the account of a person set forth in item (iii) of that paragraph extinguish without being exercisedany of the items of paragraph (7) (this means a person other than one that commits the same violation); and in any other case specified by Cabinet Order as being similar(excluding the case prescribed in paragraph (11)); the necessary particulars relevant to violator, at the time of the calculationcommencement of the administrative monetary penalty referredviolation, is deemed to in paragraph (1) are specified by Cabinet Orderhave made the purchase, etc. of securities at the price at that time (or, if there is no such price, the price immediately preceding the violation) on their own account.

Beyond what is provided for For the purposes of calculating the amounts set forth in paragraph (2) through the preceding paragraph, 1), items (iii), (iv) and (vii), if the necessary particulars relevant to violator, at the time of the calculationcommencement of the value violation, makes a sale of the sales, etc. crypto-and other assets involved in the violation without possessing those crypto-and other assets on their own account or on the account of securities and a person set forth in any of the valueitems of paragraph (7) (this means a person other than one that commits the purchase, etc. same violation; hereinafter the same applies in this paragraph); if the violator, at the time of securities provided for the commencement of the violation, has agreed to conduct a transaction set forth in Article 2, paragraph (121), and necessary particulars otherwise relevant item (ii) in which the violator will be the party to pay the calculation money if the actual figure (limited to the figure of a cryptoasset-related financial index) exceeds the administrative monetary penalty referred agreed figure (limited to the figure of a cryptoasset-related financial index) (limited to a transaction of the crypto-and other assets involved in that the violation), on their own account or on the account of a person set forth in any of the items of paragraph are (7); or in any other case specified by Cabinet Order; the violator, at the time of the commencement of the violation, is deemed to have made a sale, etc. of crypto-and other assets at the price at that time (or, if there is no such price, the price immediately preceding the violation) on their own account.

For the purposes of calculating the amounts set forth in paragraph (1), items (iii), (iv) and (vii), if the violator, at the time of the commencement of the violation, possesses the crypto-and other assets involved in the violation; if the violator, at the time of the commencement of the violation, has agreed to conduct a transaction set forth in Article 2, paragraph (21), item (ii) in which the violator will be the party to receive the money if the actual figure (limited to the figure of a cryptoasset-related financial index) exceeds the agreed figure (limited to the figure of a cryptoasset-related financial index) (limited to a transaction of the crypto-and other assets involved in the violation), on their own account or on the account of a person set forth in any of the items of paragraph (7) (excluding a person that has committed the same violation); or in any other case specified by Cabinet Order; the violator, at the time of the commencement of the violation, is deemed to have made the purchase, etc. of crypto-and other assets at the price at that time (or, if there is no such price, the price immediately preceding the violation) on their own account.

The amount set forth in the items of paragraph (1) is calculated for each issue of securities.

If a transaction set forth in Article 2, paragraph (21), item (ii) is settled through the payment and receipt of money based on the actual figure; if the options on a transaction set forth in item (iii) of that paragraph extinguish without being exercised; and in any other case specified by Cabinet Order as being similar; the necessary particulars relevant to the calculation of the administrative monetary penalty referred to in paragraph (1) are specified by Cabinet Order.

Beyond what is provided for in paragraph (2) through the preceding paragraph, the necessary particulars relevant to the calculation of the value of the sales, etc. of securities and the value of the purchase, etc. of securities, and the value of the sale, etc. of crypto-and other assets and the value of the purchase, etc. of crypto-and other assets provided for in paragraph (1), and necessary particulars otherwise relevant to the calculation of the administrative monetary penalty referred to in that paragraph are specified by Cabinet Order.

(Administrative Monetary Penalty Payment Order Issued to a Person That Makes a Purchase and Sale of Securities or Crypto-and Other Assets For the Purpose of Misleading Other Persons on the Status of Transactions)

If a person makes a purchase and sale of securities or crypto-and other assets, market derivatives transaction, or over-the-counter derivatives transaction that is in violation of the provisions of Article 159, paragraph (1), or Article 171-5, paragraph (1), offers to conduct such a transaction, or entrusts, etc. a person with conducting such a transaction (hereinafter the act is referred to as a "violation" and the person is referred to as a "violator" in this Article), the Prime Minister, in accordance with the procedures prescribed in the following Section, must order the violator to pay an administrative monetary penalty to the national treasury in an amount that is equivalent to the amount specified in the following items in accordance with the category of cases set forth in each of those items (or, if the violation falls under two or more cases set forth in the following items, the sum of the amounts specified in those items) (or, if the violation was committed in another person's name, an amount equivalent to 1.5 times that amount):

during the period from the commencement of the violation to the end of the violation (hereinafter referred to as the "duration of the violation" in this Article), the volume of the sale, etc. of securities that the violator makes on their own account for the securities, etc. (meaning securities or options, or financial instruments (other than securities) or financial indexes connected with derivatives transactions; hereinafter the same applies in this Article and the following Article) that are involved in the violation, exceeds the volume of the purchase, etc. of securities that the violator makes on their own account for the securities, etc. that are involved in the violation: the amount arrived at when the amount set forth in (b) is deducted from the amount set forth in (a) (if the resulting amount is less than zero, the amount is to be zero):

the amount arrived at when the lowest price for purchase, etc. of securities for the relevant securities, etc., from among the lowest prices prescribed in Article 67-19 or Article 130 on each day in the period from the end of day on which the violation ended until the day on which one month has elapsed sinceelapses counting from the violation has ended day following that day (if there is no such price, this means the priceamount specified by Cabinet Office Order as being equivalent to it, and the lowest price on the day on which the violation ends is the amount specified by Cabinet Office Order), is multiplied by the volume that is in excess;

the amount arrived at when the highest price for sale, etc. of securities for the relevant securities, etc., from among the highest prices as prescribed in Article 67-19 or Article 130 on each day in the period from the end of day on which the violation ended until the day on which one month has elapsed sinceelapses counting from the violation ended day following that day (if there is no such price, this means the priceamount specified by Cabinet Office Order as being equivalent to it and the highest price on the day on which the violation ends is the amount specified by Cabinet Office Order), is multiplied by the volume that is in excess;

duringin the period from case where, during the commencementduration of the violation until one month has elapsed since the violation ended, , the volume of sale, etc. of crypto-and other assets that the violator causes the securities involved in the violation which they or a person set forthmakes on their own account for the crypto-and other assets, etc. that are involved in the items of paragraph (5) issues, to be acquired through a solicitation with a view to issuing new securities or deliversviolation exceeds the volume of purchase, etc. of crypto-and other assets that the violator makes on their own account for the securities in a corporate reorganizationcrypto-and other assets, etc. that are involved in the violation: the amount arrived at when the amount set forth in (b) below is deducted from the amount set forth in (a) below (if the resulting amount is less than zero, the amount is to be zero):

the amount arrived at whenvalue of the highest securities purchasevolume of sale, etc. price for the securities that the violator causes to be acquired through the solicitation with a view to issuing new securities or delivers in the corporate reorganization, from among the highest prices as prescribed in Article 67-19 or Article 130 on each day in the period from the end of the violation until one month has elapsed since the violation ended (if there is no such price, this means the price specified by Cabinet Office Order as being equivalent to it and the highest price on the day on which the violation ends is the amount specified by Cabinet Office Order), is multiplied by the volume of securitiescrypto-and other assets that the violator causes to be acquired through the solicitation with a view to issuing new securities or deliversis in the corporate reorganizationexcess;

the amount arrived at when the lowest price at the commencementfor purchase, etc. of the violation crypto-and other assets for the securities that the violator causes to be acquired through the solicitation with a view to issuing new securities or deliversrelevant crypto-and other assets, etc., from among the lowest prices prescribed in Article 43-9 or Article 130 on each day in the corporate reorganization, is multiplied by period from the day on which the volume of securities violation ended until the day on which one month elapses counting from the day following that day (if there is no such price, the violator causes amount specified by Cabinet Office Order as being equivalent to be acquired through it, and the lowest price on the solicitation with a view to issuing new securities or delivers in day on which the violation ends is the amount specified by Cabinet Office Order), is multiplied by the corporate reorganizationvolume that is in excess;

duringin the period from case where, during the commencementduration of the violation until one month has elapsed since the violation ended, , the volume of purchase, etc. of crypto-and other assets that the violator commits a violation or makes a salemakes on their own account for the crypto-and other assets, etc. of securities or purchase, etc. of securities onthat are involved in the violation exceeds the accountvolume of any person other than themselves: the amount specified in (a) or (b) in accordance withsale, etc. of crypto-and other assets that the violator makes on their own account for the category of the personcrypto-and other assets, etc. that has committed are involved in the violation,: the sales, etc. of securities oramount arrived at when the purchase, etc. of securities amount set forth in (b) below is deducted from the amount set forth in (a) or (bbelow (if the resulting amount is less than zero, the amount is to be zero):

a person that has committedthe amount arrived at when the violation or has made the saleshighest price for sale, etc. of securities or the purchase, etc. of securities as an investment of property subject to investment:crypto-and other assets for the relevant crypto-and other assets, etc., from among the amount obtained by multiplying by three, the amount specified by Cabinet Office Order as an amount equivalent tohighest prices prescribed in Article 43-9 or Article 130 on each day in the period from the consideration for investment ofday on which the property subject to investment which is specified by Cabinet Office Order inviolation ended until the day on which one month elapses counting from the month day following that includes the day of the violationday (if there is no such price, the sales, etc. of securities or the purchase, etc. of securities (if amount specified by Cabinet Office Order as being equivalent to it, and the violation, the sales, etc. of securities orhighest price on the day on which the purchase, etc. of securities has been conducted over two or more months, violation ends is the amount specified by Cabinet Office Order), is multiplied by the last month of those months); orvolume that is in excess;

a person other than the person set forth in (a):the amount specified by Cabinet Office Order as the amountvalue of fees, remuneration, or any other consideration for the violation, the salesvolume of purchase, etc. of securities or the purchase, etc. of securities.crypto-and other assets that is in excess;

during the period from the commencement of the violation until the day on which one month elapses counting from the day following the day on which the violation ended, the violator causes the securities involved in the violation which they or a person set forth in the items of paragraph (7) issues, to be acquired through a solicitation with a view to issuing new securities or delivers the securities in a corporate reorganization: the amount arrived at when the amount set forth in (b) below is deducted from the amount set forth in (a) below (if the resulting amount is less than zero, the amount is to be zero):

the amount arrived at when the highest price for the securities that the violator causes to be acquired through the solicitation with a view to issuing new securities or delivers in the corporate reorganization, from among the highest prices as prescribed in Article 67-19 or Article 130 on each day in the period from the day on which the violation ended until the day on which one month elapses counting from the day following that day (if there is no such price, the amount specified by Cabinet Office Order as being equivalent to it and the highest price on the day on which the violation ends is the amount specified by Cabinet Office Order), is multiplied by the volume of securities that the violator causes to be acquired through the solicitation with a view to issuing new securities or delivers in the corporate reorganization;

the amount arrived at when the price at the commencement of the violation (or, if there is no such price, the price specified by Cabinet Order as the price immediately before the violation (referred to as the "price immediately preceding the violation" in paragraphs (8) and (9))) for the securities that the violator causes to be acquired through the solicitation with a view to issuing new securities or delivers in the corporate reorganization, is multiplied by the volume of securities that the violator causes to be acquired through the solicitation with a view to issuing new securities or delivers in the corporate reorganization;

during the period from the commencement of the violation until the day on which one month elapses counting from the day following the day on which the violation ended, the violator causes the specified cryptoassets involved in the violation, of which they or a person set forth in the items of paragraph (7) is the specified cryptoasset issuer, to be acquired, or sells them, through a specified cryptoasset acquisition solicitation, etc.: the amount arrived at when the amount set forth in (b) below is deducted from the amount set forth in (a) below (if the resulting amount is less than zero, the amount is to be zero):

the amount arrived at when the highest price for the specified cryptoassets that the violator causes to be acquired or sells through the specified cryptoasset acquisition solicitation, etc., from among the highest prices prescribed in Article 43-9 on each day in the period from the day on which the violation ended until the day on which one month elapses counting from the day following that day (if there is no such price, the amount specified by Cabinet Office Order as being equivalent to it, and the highest price on the day on which the violation ends is the amount specified by Cabinet Office Order), is multiplied by the volume of the specified cryptoassets that the violator causes to be acquired or sells through the specified cryptoasset acquisition solicitation, etc.;

the amount arrived at when the price at the commencement of the violation (or, if there is no such price, the price specified by Cabinet Order as the price immediately before the violation (referred to as the "price immediately preceding the violation" in paragraphs (10) and (11))) for the specified cryptoassets that the violator causes to be acquired or sells through the specified cryptoasset acquisition solicitation, etc., is multiplied by the volume of the specified cryptoassets that the violator causes to be acquired or sells through the specified cryptoasset acquisition solicitation, etc.;

during the period from the commencement of the violation until the day on which one month elapses counting from the day following the day on which the violation ended, the violator commits a violation or makes a sale, etc. of securities or purchase, etc. of securities, or sale, etc. of crypto-and other assets or purchase, etc. of crypto-and other assets on the account of any person other than themselves: the amount specified in (a) or (b) in accordance with the category of the person that has committed the violation, the sales, etc. of securities or the purchase, etc. of securities, or the sale, etc. of crypto-and other assets or the purchase, etc. of crypto-and other assets set forth in (a) or (b):

a person that has committed the violation or has made the sales, etc. of securities or the purchase, etc. of securities, or the sale, etc. of crypto-and other assets or the purchase, etc. of crypto-and other assets as an investment of property subject to investment:the amount obtained by multiplying by three, the amount specified by Cabinet Office Order as an amount equivalent to the consideration for investment of the property subject to investment which is specified by Cabinet Office Order in the month that includes the day of the violation, the sales, etc. of securities or the purchase, etc. of securities, or the sale, etc. of crypto-and other assets or the purchase, etc. of crypto-and other assets (if the violation, the sales, etc. of securities or the purchase, etc. of securities, or the sale, etc. of crypto-and other assets or the purchase, etc. of crypto-and other assets has been conducted over two or more months, the last month of those months); or

a person other than the person set forth in (a):the amount specified by Cabinet Office Order as the amount of fees, remuneration, or any other consideration for the violation, the sales, etc. of securities or the purchase, etc. of securities, or the sale, etc. of crypto-and other assets or the purchase, etc. of crypto-and other assets.

The term "sale, etc. of securities" as used in this Article means the sale of securities or commodities (in the case of commodities, limited to sales made through market derivatives transactions (limited to transactions set forth in Article 2, paragraph (21), item (i))), a transaction set forth in item (ii) of that paragraph (limited to a transaction in which the violator is the party to pay the money if the actual figure exceeds the agreed figure), a transaction set forth in Article 2, paragraph (21), item (iii) (limited to a transaction in which the relevant person is the party to grant the option), or any other transaction specified by Cabinet Order (excluding those that fall under sale, etc. of crypto-and other assets).

The term "purchase, etc. of securities" as used in this Article means a purchase of securities or commodities (in the case of commodities, limited to purchase made through market derivatives transactions (limited to transactions set forth in Article 2, paragraph (21), item (i))), a transaction set forth in item (ii) of that paragraph (limited to a transaction in which the violator is the party to receive money if the actual figure exceeds the agreed figure), a transaction set forth in Article 2, paragraph (21), item (iii) (limited to a transaction in which the relevant person is the party to acquire the option), or any other transaction specified by Cabinet Order (excluding those that fall under purchase, etc. of crypto-and other assets).

The term "valuesale, etc. of crypto-and other assets" as used in paragraph (1)this Article means the amount arrived at when the price for sale, etc. of securities sale of crypto-and other assets, a transaction set forth in Article 2, paragraph (21), item (ii) (limited to a transaction in which the violator is multiplied by the party to pay the volume money if the actual figure (limited to the figure of that sale, etc. or whena cryptoasset-related financial index) exceeds the price for purchase, etc. agreed figure (limited to the figure of securities is multiplied by the volume a cryptoasset-related financial index)), a transaction set forth in item (iii) of that purchase, etcparagraph (limited to a transaction in which the relevant person is the party to grant the cryptoasset-related option), or any other transaction specified by Cabinet Order.

In the case referred to in paragraph (1), if the violator makes the sale, etc. The term "purchase, etc. of crypto-and other assets" as used in this Article means a purchase of securities or purchase, etc. of securities on the account of a person set forth in any of the following items,crypto-and other assets, a transaction set forth in Article 2, paragraph (21), item (ii) (limited to a transaction in which the violator is deemed the party to have made the sale, etc. of securities or purchase, etc.receive money if the actual figure (limited to the figure of securities on their own account (ifa cryptoasset-related financial index) exceeds the person set forth inagreed figure (limited to the relevant item commits the same violation as the violator, this excludes anything that constitutes the same sale, etc.figure of a cryptoasset-related financial index)), a transaction set forth in item (iii) of securities or purchase, etc. of securities as one thatthat paragraph (limited to a transaction in which the person set forth in that item makes on their own accountrelevant person is the party to acquire the cryptoasset-related option), and the provisions of the preceding paragraphs apply:or any other transaction specified by Cabinet Order.

a company in which the violator holds the majority of the voting rights held by all the shareholders, etc. or any other person specified by Cabinet Office Order as being closely related to the violator;

a person that shares living expenses with the violator, or any other person specified by Cabinet Office Order as having a unique relationship with the violator.

For the purposes of calculating the amount set forthThe term "value" as used in the items of paragraph (1), if a violator has, means the amount arrived at the time ofwhen the commencement of the violation, made salesprice for sale, etc. of the securities or commodities subject tois multiplied by the violation without possessing those securitiesvolume of that sale, etc. or commodities (inwhen the case of commodities, limited to sales made through market derivatives transactions (limited to transactions set forth in Article 2, paragraph (21), item (i))) on their own account or on the accountprice for purchase, etc. of any person listed insecurities is multiplied by the itemsvolume of the preceding paragraph (excluding a person that has committed the same violation; hereinafter the same applies in this paragraph), if the violator has, at the time of the commencement ofpurchase, etc., or when the violation, concluded an agreementprice for a transaction set forth in Article 2, paragraph (21), item (ii) (limited to the transactionssale, etc. of securities or commodities subject to the violation) under which the personcrypto-and other assets is obligated to pay money if the actual figure exceeds the agreed figure on their own account or on account of any person listed inmultiplied by the itemsvolume of the preceding paragraphthat sale, etc., or in any other cases specified by Cabinet Order,when the violator is deemed to have made on their own account, the salesprice for purchase, etc. of securities at the time of the commencement of the violation andcrypto-and other assets is multiplied by the price atvolume of that timepurchase, etc.

For the purposes of calculatingIn the amounts set forthcase referred to in the items of paragraph (1), if the violator possesses, atmakes the time of the commencementsale, etc. of the violation, the securities or purchase, etc. of securities, or commodities involved in the violation, if the violator has, at the timesale, etc. of crypto-and other assets or purchase, etc. of the commencement of the violation, agreed to conductcrypto-and other assets on the account of a transactionperson set forth in Article 2, paragraph (21), item (ii), in which any of the following items, the violator will be the partyis deemed to receive money ifhave made the actual figure exceeds the agreed figure (limited to a transaction sale, etc. of securities or purchase, etc. of securities, or sale, etc. of the securities crypto-and other assets or commodities involved in the violation) purchase, etc. of crypto-and other assets on their own account or on(if the account of a person set forth in any of the items of paragraph (5) (excluding a person that has committed the same violation); and in any other case specified by Cabinet Order; the violator is deemed to have made on their own account, therelevant item commits the same violation as the violator, this excludes anything that constitutes the same sale, etc. of securities or purchase, etc. of securities, or sale, etc. of crypto-and other assets or purchase, etc. of securities at the time of crypto-and other assets as one that the commencement of the violation person set forth in that item makes on their own account), and the price at that time.provisions of the preceding paragraphs apply:

a company in which the violator holds the majority of the voting rights held by all the shareholders, etc. or any other person specified by Cabinet Office Order as being closely related to the violator;

a person that shares living expenses with the violator, or any other person specified by Cabinet Office Order as having a unique relationship with the violator.

The amount For the purposes of calculating the amounts set forth in paragraph (1), items (i), (ii) and (vii), if a violator has, at the time of the commencement of the violation, made sales of the securities or commodities subject to the violation without possessing those securities or commodities (in the case of commodities, limited to sales made through market derivatives transactions (limited to transactions set forth in Article 2, paragraph (21), item (i))) on their own account or on the account of any person listed in the items of the preceding paragraph (1) is calculated excluding a person that has committed the same violation; hereinafter the same applies in this paragraph), if the violator has, at the time of the commencement of the violation, concluded an agreement for each issue a transaction set forth in Article 2, paragraph (21), item (ii) (limited to the transactions of securities or commodities subject to the violation) under which the person is obligated to pay money if the actual figure exceeds the agreed figure on their own account or on account of any person listed in the items of the preceding paragraph, or in any other cases specified by Cabinet Order (excluding the case prescribed in paragraph (10)), the violator is deemed to have made on their own account, the sales, etc. of securities at the time of the commencement of the violation and the price at that time (or, if there is no such price, the price immediately preceding the violation).

If For the purposes of calculating the amounts set forth in paragraph (1), items (i), (ii) and (vii), if the violator possesses, at the time of the commencement of the violation, the securities or commodities involved in the violation, if the violator has, at the time of the commencement of the violation, agreed to conduct a transaction set forth in Article 2, paragraph (21), item (ii) is settled through, in which the payment and receipt of money based on violator will be the party to receive money if the actual figure, if exceeds the options on agreed figure (limited to a transaction of the securities or commodities involved in the violation) on their own account or on the account of a person set forth in item (iii) of any of the items of paragraph (7) (excluding a person that paragraph extinguish without being exercised,has committed the same violation); and in any other case specified by Cabinet Order as being similar, (excluding the case prescribed in paragraph (11)); the necessary particulars relevantviolator is deemed to have made on their own account, the calculation purchase, etc. of securities at the administrative monetary penalty referred to in paragraph (1) are specified by Cabinet Ordertime of the commencement of the violation and the price at that time (or, if there is no such price, the price immediately preceding the violation).

Beyond what If a violator, at the time of the commencement of the violation, is provided for selling the crypto-and other assets involved in the violation without holding them on their own account or on the account of a person set forth in any of the items of paragraph (2) through 7) (excluding a person that has committed the preceding same violation; hereinafter the same applies in this paragraph, ), or if the necessary particulars relevant to violator has agreed, on their own account or on the calculationaccount of the value a person set forth in any of the sale, etc. items of paragraph (7), to a transaction set forth in Article 2, paragraph (21), item (ii) in which the violator pays money if the actual figure (limited to a figure of securities and a crypto-and other asset-related financial indicator) exceeds the value agreed figure (limited to a figure of a crypto-and other asset-related financial indicator) (limited to a transaction concerning the purchase, etc. of securities provided crypto-and other assets involved in the violation), or in any other case specified by Cabinet Order, then for the purposes of calculating the amounts set forth in paragraph (1), items (iii), (iv) and necessary particulars otherwise relevant (vii), the violator is deemed to have made a sale, etc. of crypto-and other assets on their own account at the calculationtime of the administrative monetary penalty referred to in commencement of the violation at the price at that paragraph are specified by Cabinet Ordertime (or, if there is no such price, the price immediately preceding the violation).

If a violator holds, at the time of the commencement of the violation, the crypto-and other assets involved in the violation, or if the violator has agreed, on their own account or on the account of a person set forth in any of the items of paragraph (7) (excluding a person that has committed the same violation), to a transaction set forth in Article 2, paragraph (21), item (ii) in which the violator receives money if the actual figure (limited to a figure of a crypto-and other asset-related financial indicator) exceeds the agreed figure (limited to a figure of a crypto-and other asset-related financial indicator) (limited to a transaction concerning the crypto-and other assets involved in the violation), or in any other case specified by Cabinet Order, then for the purposes of calculating the amounts set forth in paragraph (1), items (iii), (iv) and (vii), the violator is deemed to have made a purchase, etc. of crypto-and other assets on their own account at the time of the commencement of the violation at the price at that time (or, if there is no such price, the price immediately preceding the violation).

The amounts set forth in the items of paragraph (1) are calculated for each issue.

If a transaction set forth in Article 2, paragraph (21), item (ii) is settled through the payment and receipt of money based on the actual figure, if the options on a transaction set forth in item (iii) of that paragraph extinguish without being exercised, and in any other case specified by Cabinet Order as being similar, the necessary particulars relevant to the calculation of the administrative monetary penalty referred to in paragraph (1) are specified by Cabinet Order.

Beyond what is provided for in paragraph (2) through the preceding paragraph, the necessary particulars relevant to the calculation of the value of the sale, etc. of securities and the value of the purchase, etc. of securities, and the value of the sale, etc. of crypto-and other assets and the value of the purchase, etc. of crypto-and other assets, provided for in paragraph (1), and necessary particulars otherwise relevant to the calculation of the administrative monetary penalty referred to in that paragraph are specified by Cabinet Order.