Financial Instruments and Exchange Act

(Administrative Monetary Penalty Payment Order Issued to a Person That Makes a Series of Purchase and Sales of Securities , etc. or Purchase and Sale of Crypto-and Other Assets, etc. for the Purpose of Inducing Transactions)

If a person makes a series of purchase and sales of securities, etc. (meaning purchase and sales of securities, etc. prescribed in Article 159, paragraph (2)); the same applies in Article 174-3, paragraph (1)) that is in violation of the provisions of Article 159, paragraph (2), (limited to the portion pertaining to item (i), ) or Article 171-5, paragraph (2) (limited to the portion pertaining to item (iv)), offers to make such a series of purchase and sales, or entrusts, etc. a person with making such a series of purchase and sales (, or makes a series of purchase and sale of crypto-and other assets, etc. (meaning purchase and sale of crypto-and other assets, etc. prescribed in Article 171-5, paragraph (2); the same applies in Article 174-3, paragraph (1)) that is in violation of the provisions of Article 159, paragraph (2) (limited to the portion pertaining to item (iv)) or Article 171-5, paragraph (2) (limited to the portion pertaining to item (i)), offers to make such a series of purchase and sale, or entrusts, etc. a person with making such a series of purchase and sale (hereinafter the act is referred to as a "violation" and the person is referred to as the "violator" in this Article), the Prime Minister must, in accordance with the procedures prescribed in the following Section, order the violator to pay an administrative monetary penalty to the national treasury in an amount that is equivalent to the total of the amounts set forth in each of the following items (referred to as the "total amount" in paragraphs (1014) and (11)15)) (in the case where the violation was committed in the name of another person, an amount equivalent to 1.5 times that amount):

the value of the sales, etc. of securities or the sales, etc. of crypto-and other assets on the violator's own account (limited to those connected with the volume of corresponding purchases orand sales that is involved in the relevant violation);

the value of the purchases, etc. of securities or the purchases, etc. of crypto-and other assets on the violator's own account (limited to those connected with the volume of corresponding purchases orand sales that is involved in the relevant violation);

the amount specified in the following sub-items (a) through (dg) in accordance with the category of cases set forth in the sub-items (a) through (dg) (or, if the violation falls under two or more cases set forth in the following sub-items (a) through (dg), the sum of the amounts specified in those two or more provisions of (a) through (dg)):

the amount arrived at when the lowest price, from among the lowest prices prescribed in Article 67-19 or Article 130 for the purchase, etc. of securities pertaining to the securities, etc. involved in the violation 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 since counting from the violation ended day following that day (if there is no such price, this means what isthe amount specified by Cabinet Office Order as being equivalent to it, and for the day on which the violation endsended, the amount specified by Cabinet Office Order), is multiplied by the volume that is in excess;

the amount arrived at when the highest price, from among the highest prices prescribed in Article 67-19 or Article 130 for the sale, etc. of securities pertaining to the securities, etc. involved in the violation 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 since counting from the violation ended day following that day (if there is no such price, this means what isthe amount specified by Cabinet Office Order as being equivalent to it, and for the day on which the violation endsended, the amount specified by Cabinet Office Order), is multiplied by the volume that is in excess;

during the period from the commencementvolume of the violation until one month has elapsed since the violation ended,sales, etc. of crypto-and other assets on the violator causes the securities involved inviolator's own account that the violation that they or a person set forth ininvolves exceeds the itemsvolume of paragraph (6) issues, to be acquired through a solicitation with a view to issuing new securities or delivers such securities in a corporate reorganizationpurchases, etc. of crypto-and other assets on the violator's own account that the violation involves: the amount arrived at when the amount specified in 2. below is deducted from the amount specified in 1. below (if the resulting amount is less than zero, it is deemed 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 endvalue 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; the highest price on the day on which the violation ends is the amount specified by Cabinet Office Order), is multiplied by the volumesale, etc. of securities that the violator causescrypto-and other assets pertaining to be acquired through the solicitation with a view to issuing new securities or deliversvolume in the corporate reorganizationexcess;

the amount arrived at when the lowest price atamong the commencement lowest prices prescribed in Article 43-9 or Article 130 for the purchase, etc. of crypto-and other assets pertaining to the violation for crypto-and other assets, etc. involved in the securities that violation on each day in the violator causes to be acquired throughperiod from the day on which the solicitation with a view to issuing new securities or delivers in violation ended until the day on which one month has elapsed counting from the corporate reorganization, day following that day (if there is multiplied by no such price, the volume of 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;

during the period from the commencementvolume of purchases, etc. of the violation until one month has elapsed since the violation ended,crypto-and other assets on the violator's own account that the violator commits a violation or makes a saleviolation involves exceeds the volume of sales, etc. of securities or a purchase, etc. of securities on crypto-and other assets on the violator's own account that the account of any person other than themselves:violation involves: the amount arrived at when the amount specified in 1. or 2. below in accordance with the category ofis deducted from the person that has conducted the violation,amount specified in 1. below (if the sale, etc. of securities or the purchase, etc. of securities set forth in 1. or 2.resulting amount is less than zero, it is deemed to be zero):

a person that has committedthe amount arrived at when the violation or has madehighest price among the sale, etc. of securities highest prices prescribed in Article 43-9 or Article 130 for the purchasesale, etc. of securities as an investment of property subjectcrypto-and other assets pertaining to investment:the amount obtained by multiplying by three, the amount specified by Cabinet Office Order as an amount equivalent tocrypto-and other assets, etc. involved in the violation on each day in the consideration for investment of such ofperiod from the day on which the property subject to investment as is specified by Cabinet Office Order, for the month that includes theviolation ended until the day on which one month has elapsed counting from the day following that day of the violation, the sale, etc. of securities or the purchase, etc. of securities (if the violation, the sale, etc. of securities or(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 purchase, etc. of securities has been conducted over two or more months,violation ended, the 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 1.:the amount specified by Cabinet Office Order as the amountvalue of the fee, remuneration, or purchase, etc. of crypto-and other considerationassets pertaining to the violation, the sale, etc. of securities or the purchase, etc. of securities.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 that they or a person set forth in the items of paragraph (8) issues, to be acquired through a solicitation with a view to issuing new securities or delivers such securities in a corporate reorganization: the amount arrived at when the amount specified in 2. below is deducted from the amount specified in 1. below (if the resulting amount is less than zero, it is deemed 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 price, the amount specified by Cabinet Office Order as being equivalent to it; the highest price on the day on which the violation ended 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 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 (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 (9) and (10))), 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 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 (8) 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 specified in 2. below is deducted from the amount specified in 1. below (if the resulting amount is less than zero, it is deemed to be zero):

the amount arrived at when the highest price among the highest prices prescribed in Article 43-9 for the specified cryptoasset that the violator caused to be acquired through that specified cryptoasset acquisition solicitation, etc. or sold, 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 caused to be acquired through that specified cryptoasset acquisition solicitation, etc. or sold;

the amount arrived at when the price at the commencement of the violation of the specified cryptoasset that the violator caused to be acquired through that specified cryptoasset acquisition solicitation, etc. or sold (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 (11) and (12))) is multiplied by the volume of the specified cryptoasset that the violator caused to be acquired through that specified cryptoasset acquisition solicitation, etc. or sold;

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 commits a violation or makes a sale, etc. of securities, a purchase, etc. of securities, 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 1. or 2. below in accordance with the category of the person that has conducted the violation, the sale, etc. of securities, the purchase, etc. of securities, the sale, etc. of crypto-and other assets, or the purchase, etc. of crypto-and other assets set forth in 1. or 2.:

a person that has committed the violation or has made the sale, etc. of securities, the purchase, etc. of securities, 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 such of the property subject to investment as is specified by Cabinet Office Order, for the month that includes the day of the violation, the sale, etc. of securities, the purchase, etc. of securities, the sale, etc. of crypto-and other assets, or the purchase, etc. of crypto-and other assets (if the violation, the sale, etc. of securities, the purchase, etc. of securities, 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 1.:the amount specified by Cabinet Office Order as the amount of the fee, remuneration, or other consideration pertaining to the violation, the sale, etc. of securities, the purchase, etc. of securities, 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 relevant person 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 the 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 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 those that fall under the purchase, etc. of crypto-and other assets).

The term "volume of corresponding purchases and salessale, etc. of crypto-and other assets" as used in this Article means selling crypto-and other assets, a transaction set forth in Article 2, paragraph (121), item (i) means either ii) (limited to a transaction in which the volume of sales, etc. of securities onrelevant person is the party to pay the violator's own account that are involved in the violation, or money if the actual figure (limited to a figure of a crypto-and other asset-related financial indicator) exceeds the volume agreed figure (limited to a figure of purchases, etc. of securities on the violator's own accounta crypto-and other asset-related financial indicator)), a transaction set forth in item (iii) of that are involved paragraph (limited to a transaction in which the violation, whicheverrelevant person is smallerthe party to grant the crypto-and other asset-related options), or any other transaction specified by Cabinet Order.

The term "valuepurchase, etc. of crypto-and other assets" as used in this Article means purchasing 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 by relevant person is the party to receive 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 acquire the volume of that purchase, etccrypto-and other asset-related options), or any other transaction specified by Cabinet Order.

In the case referred to The term "volume of corresponding purchases and sales" as used in paragraph (1), if the violator commits the violation or makesitem (i) means either the sale, etc.volume of securities or purchasesales, etc. of securities on the account of a person set forthviolator's own account that are involved in any of the following items, the violator is deemed to have committed the violation, or made the sale, etc.volume of securities or purchasepurchases, etc. of securities on their the violator's own account (if the person set forththat are involved in the relevant item commits the same violation as the violator, this excludes anything that constitutes, whichever is smaller, or either the same salevolume of sales, etc. of securities or purchase, etc. of securities as onecrypto-and other assets on the violator's own account that are involved in the person set forth in that item makes violation, or the volume of purchases, etc. of crypto-and other assets on their the violator's own account), and the provisions of that are involved in the preceding paragraphs apply:violation, whichever is smaller.

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 listedThe 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 the salesprice for sale, etc. of the securities or commodities subject to a violation without possessing those securities or commodities (inis multiplied by the casevolume of commodities, limited to sales conducted 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 any person listed in the itemsprice for purchase, etc. of the preceding paragraph (excluding a person that has committed the same violation; hereinaftersecurities is multiplied by the same applies in this paragraph), if the violator has, at the time of the commencement ofvolume of that purchase, etc., or when the violation, concluded an agreementprice for the transaction set forth in Article 2, paragraph (21), item (ii) (limited to the transactionssale, etc. of securities or commodities subject to the relevant 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 the account of any person listed inmultiplied by the itemsvolume of the preceding paragraph, or in any other cases specified by Cabinet Order,that sale, etc. or when the relevant violator is deemed to have made on their own account, the salesprice for purchase, etc. of securities subject to the violation at the time ofcrypto-and other assets is multiplied by the commencementvolume of the violation and the price at that timepurchase, etc.

For the purposes of calculatingIn the amount set forthcase referred to in the items of paragraph (1), if the violator possesses, atcommits the time of the commencement ofviolation or makes the violation, the sale, etc. of securities or commodities involved in purchase, etc. of securities or the violation, if the violator has, at the time of the commencement of the violation, agreed to conductsale, etc. of crypto-and other assets or purchase, etc. of crypto-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 committed the actual figure exceedsviolation or made the agreed figure (limited to a transaction of thesale, etc. of securities or purchase, etc. of securities or commodities involved in the violation) on their accountthe sale, etc. of crypto-and other assets or purchase, etc. of crypto-and other assets on the their own account of a(if the person set forth in any of the relevant item commits the items of paragraph (6) (excluding a person that has committedsame violation as the violator, this excludes anything that constitutes the same violation), and in any other case specified by Cabinet Order, the violator is deemed to have made thesale, etc. of securities or purchase, etc. of securities or sale, etc. of crypto-and other assets or purchase, etc. of securities on their own account atcrypto-and other assets as one that the time of 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 For the purposes of calculating the amounts listed in paragraph (1), item (i) and item (ii), (a), (b) and (g), if a violator has, at the time of the commencement of the violation, made the sales of the securities or commodities subject to a violation without possessing those 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))), on their own account or on the account of any person listed in the items of the preceding paragraph (1) are 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 the transaction set forth in Article 2, paragraph (21), item (ii) (limited to the transactions of securities or commodities subject to the relevant violation) under which the person is obligated to pay money if the actual figure exceeds the agreed figure on their own account or on the account of any person listed in the items of the preceding paragraph, or in any other cases specified by Cabinet Order (excluding the cases prescribed in paragraph (11)), the relevant violator is deemed to have made on their own account, the sales, etc. of securities subject to the violation 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 a negative amount arises fromFor the purposes of calculating the deductionamounts set forth in paragraph (1), item (i) for a single issue, and item (ii), (a), (b) and (g), if the total amount isviolator possesses, at the amount arrived at when that negative amount is deducted from time of the commencement of the violation, the securities or commodities involved in the amount specified 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) , in which the violator will be the party to receive money if the actual figure exceeds the agreed figure (limited to a transaction of that the securities or commodities involved in the violation) on their account or on the account of a person set forth in any of the items of paragraph for (8) (excluding a person that has committed the same issueviolation), and in any other case specified by Cabinet Order (excluding the case prescribed in paragraph (12)), the violator is deemed to have made the purchase, etc. of securities on their own account 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 there are two a violator, at the time of the commencement of the violation, is selling crypto-and other assets without holding the crypto-and other assets involved in the violation on their own account or more issues connected withon the account of a person set forth in any of the items of paragraph (8) (excluding a person that has committed the same violation and; hereinafter the amount for same applies in this paragraph), or if the violator has agreed, on their own account or on the account of a person set forth in any of those issues is still negative even after a deduction is made pursuant the items of paragraph (8), 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 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 provisions crypto-and other assets involved in the violation), or in any other case specified by Cabinet Order, then for the purposes of calculating the preceding amounts set forth in paragraph, (1), item (i) and item (ii), (c), (d) and (g), the negative amount violator is deemed to have made a sale, 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 deducted from no such price, the total amount for other issuesprice 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 (8) (excluding a person that has committed the same violation), to a transaction set forth in Article 2, paragraph (21), item (ii) is settled through in which the violator receives money if the payment and receipt actual figure (limited to a figure of money based on a crypto-and other asset-related financial indicator) exceeds the actualagreed figure; if the options on a transaction set forth in item (iii) of that paragraph extinguish without being exercised; and (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 as being similar; , then for the purposes of calculating the necessary particulars relevant amounts set forth in paragraph (1), item (i) and item (ii), (c), (d) and (g), the violator is deemed to have made a purchase, etc. of crypto-and other assets on their own account at the calculationtime of the administrative monetary penalty referred to in paragraph (1) are specified by Cabinet Ordercommencement of the violation at the price at that time (or, if there is no such price, the price immediately preceding the violation).

Beyond what is provided forThe amounts set forth 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.items of securities provided for in paragraph (1), and necessary particulars otherwise relevant to the calculation are calculated for each issue of the administrative monetary penalty referred to in that paragraph are specified by Cabinet Ordersecurities.

If a negative amount arises from the deduction set forth in paragraph (1), item (i) for a single issue, the total amount is the amount arrived at when that negative amount is deducted from the amount specified in item (ii) of that paragraph for the same issue.

If there are two or more issues connected with a violation and the amount for any of those issues is still negative even after a deduction is made pursuant to the provisions of the preceding paragraph, the negative amount is deducted from the total amount for other issues.

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.

If there is a person that has affected the price of securities, etc. or crypto-and other assets, etc. by a violation prescribed in Article 173, paragraph (1) (limited to the fraudulent means referred to in that paragraph; the same applies in the following paragraph) committed through high-speed trading (including an offer therefor; hereinafter the same applies in this paragraph and the following paragraph), a person that has committed a violation prescribed in Article 174, paragraph (1) through high-speed trading, or a person that has committed a violation prescribed in paragraph (1) of the preceding Article through high-speed trading (hereinafter referred to as the "violator" in this Article), then notwithstanding the provisions of the preceding three Articles, the Prime Minister must, in accordance with the procedures prescribed in the following Section, order the violator to pay an administrative monetary penalty to the national treasury in an amount that is equivalent to the sum of the amounts set forth in each of the following items (referred to as the "total amount" in paragraphs (15) and (16)) (in the case where a violation prescribed in the following paragraph was committed in the name of another person, an amount equivalent to 1.5 times that amount):

the amount arrived at when the amount set forth in (b) below is deducted from the amount set forth in (a) below:

the value of the sales, etc. of securities or the sales, etc. of crypto-and other assets on the violator's own account (limited to those connected with the volume of corresponding purchases and sales during the period from the day on which the violation commenced until the day on which the violation ended (hereinafter referred to as the "duration of the violation" in this Article));

the value of the purchases, etc. of securities or the purchases, etc. of crypto-and other assets on the violator's own account (limited to those connected with the volume of corresponding purchases and sales during the duration of the violation);

the amount specified in the following sub-items (a) through (g) in accordance with the category of cases set forth in the sub-items (a) through (g) (or, if the violation falls under two or more cases set forth in the following sub-items (a) through (g), the sum of the amounts specified in those two or more provisions of (a) through (g)):

during the duration of the violation, the volume of sales, etc. of securities that the violator has made on the violator's own account with regard to the securities, etc. involved in the violation exceeds the volume of purchases, etc. of securities that the violator has made on the violator's own account with regard to the securities, etc. involved in that violation: the amount arrived at when the amount specified in 2. below is deducted from the amount specified in 1. below (if the resulting amount is less than zero, it is deemed to be zero):

the value of the sale, etc. of securities pertaining to the volume in excess;

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

during the duration of the violation, the volume of purchases, etc. of securities that the violator has made on the violator's own account with regard to the securities, etc. involved in the violation exceeds the volume of sales, etc. of securities that the violator has made on the violator's own account with regard to the securities, etc. involved in that violation: the amount arrived at when the amount specified in 2. below is deducted from the amount specified in 1. below (if the resulting amount is less than zero, it is deemed to be zero):

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

the value of the purchase, etc. of securities pertaining to the volume in excess;

during the duration of the violation, the volume of sales, etc. of crypto-and other assets that the violator has made on the violator's own account with regard to the crypto-and other assets, etc. involved in the violation exceeds the volume of purchases, etc. of crypto-and other assets that the violator has made on the violator's own account with regard to the crypto-and other assets, etc. involved in that violation: the amount arrived at when the amount specified in 2. below is deducted from the amount specified in 1. below (if the resulting amount is less than zero, it is deemed to be zero):

the value of the sale, etc. of crypto-and other assets pertaining to the volume in excess;

the amount arrived at when the lowest price among the lowest prices prescribed in Article 43-9 or Article 130 for the purchase, etc. of crypto-and other assets pertaining to the crypto-and other assets, etc. involved in the violation on each day in the period from the day following the day on which the violation ended until the day on which one month has elapsed counting from the day following the day on which the violation ended (if there is no such price, the amount specified by Cabinet Office Order as being equivalent to it) is multiplied by the volume in excess;

during the duration of the violation, the volume of purchases, etc. of crypto-and other assets that the violator has made on the violator's own account with regard to the crypto-and other assets, etc. involved in the violation exceeds the volume of sales, etc. of crypto-and other assets that the violator has made on the violator's own account with regard to the crypto-and other assets, etc. involved in that violation: the amount arrived at when the amount specified in 2. below is deducted from the amount specified in 1. below (if the resulting amount is less than zero, it is deemed to be zero):

the amount arrived at when the highest price among the highest prices prescribed in Article 43-9 or Article 130 for the sale, etc. of crypto-and other assets pertaining to the crypto-and other assets, etc. involved in the violation on each day in the period from the day following the day on which the violation ended until the day on which one month has elapsed counting from the day following the day on which the violation ended (if there is no such price, the amount specified by Cabinet Office Order as being equivalent to it) is multiplied by the volume in excess;

the value of the purchase, etc. of crypto-and other assets pertaining to the volume in excess;

during the period from the day on which the violation commenced 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 (9) issues, to be acquired through a solicitation with a view to issuing new securities or delivers those securities in a corporate reorganization: the amount arrived at when the amount set forth in (2) below is deducted from the amount set forth in (1) 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 67-19 or Article 130 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, on each day in the period from the day following the day on which the violation ended until the day on which one month has elapsed counting from that day (if there is no such price, the amount specified by Cabinet Office Order as being equivalent to it), is multiplied by the volume of securities that the violator causes to be acquired through that solicitation with a view to issuing new securities or delivers in the corporate reorganization;

the amount arrived at when the closing price prescribed in Article 67-19 or Article 130, on the day preceding the day on which the violation commenced, 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 (if there is no such price, or if there are two or more such prices, the amount specified by Cabinet Office Order as being equivalent to it) is multiplied by the volume of securities that the violator causes to be acquired through that solicitation with a view to issuing new securities or delivers in the corporate reorganization;

during the period from the day on which the violation commenced 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 (9) 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 (2) below is deducted from the amount set forth in (1) 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 following the day on which the violation ended until the day on which one month has elapsed counting from that day (if there is no such price, the amount specified by Cabinet Office Order as being equivalent to it), 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 closing price prescribed in Article 43-9, on the day preceding the day on which the violation commenced, for 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, or if there are two or more such prices, the amount specified by Cabinet Office Order as being equivalent to it) 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;

in the case where the violator, on the account of a person other than the violator, during the period from the day on which the violation commenced until the day on which one month has elapsed counting from the day following the day on which the violation ended, 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 (if the violation relates to Article 174, paragraph (1) or paragraph (1) of the preceding Article, the violation or 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; the same applies in (g)): the amount specified in (1) or (2) below in accordance with the category of the person that has made the sale, 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 (1) or (2):

a person that has made the sale, 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 sale, 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 sale, 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 (1): the amount specified by Cabinet Office Order as the amount of fees, remuneration, or any other consideration for the sale, 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.

In this Article (excluding the portion of the preceding paragraph other than the items), "violation" means a violation prescribed in Article 173, paragraph (1) by high-speed trading, a violation prescribed in Article 174, paragraph (1) by high-speed trading, or a violation prescribed in paragraph (1) of the preceding Article by high-speed trading.

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 (limited to those pertaining to high-speed trading, and excluding those that fall 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 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 (limited to those pertaining to high-speed trading, and excluding those that fall under a purchase, etc. of crypto-and other assets).

The term "sale, 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 (21), item (ii) (limited to a transaction in which the violator is the party to pay the 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)), a transaction set forth in item (iii) of that paragraph (limited to a transaction in which the relevant person is the party to grant the crypto-and other asset-related options), or any other transaction specified by Cabinet Order (limited to those pertaining to high-speed trading).

The term "purchase, etc. of crypto-and other assets" as used in this Article means a purchase of crypto-and other assets, a transaction set forth in Article 2, paragraph (21), item (ii) (limited to a transaction in which the 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 agreed figure (limited to a figure of a crypto-and other asset-related financial indicator)), a transaction set forth in item (iii) of that paragraph (limited to a transaction in which the relevant person is the party to acquire the crypto-and other asset-related options), or any other transaction specified by Cabinet Order (limited to those pertaining to high-speed trading).

The term "volume of corresponding purchases and sales" in paragraph (1), item (i) means, during the duration of the violation, the lesser of the volume of the sale, etc. of securities made by the violator on the violator's own account with regard to the securities, etc. pertaining to the violation and the volume of the purchase, etc. of securities made by the violator on the violator's own account with regard to the securities, etc. pertaining to that violation, or the lesser of the volume of the sale, etc. of crypto-and other assets made by the violator on the violator's own account with regard to the crypto-and other assets, etc. pertaining to the violation and the volume of the purchase, etc. of crypto-and other assets made by the violator on the violator's own account with regard to the crypto-and other assets, etc. pertaining to that violation.

The term "value" in paragraph (1) means the amount arrived at when the price for the sale, etc. of securities, the purchase, etc. of securities, the sale, etc. of crypto-and other assets or the purchase, etc. of crypto-and other assets is multiplied by the respective volume.

In the case referred to in paragraph (1), if 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 (if the violation relates to paragraph (1) of the preceding Article, the violation or 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; hereinafter the same applies in this paragraph) on the account of a person set forth in any of the following items, the violator is deemed to have made the 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 their own account (if the person set forth in the relevant 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 crypto-and other assets as one that the person set forth in that item makes on their own account), and the provisions of the preceding paragraphs apply:

a person specified by Cabinet Office Order as a company in which the violator holds a majority of the voting rights of all shareholders, etc., or as any other person having a close relationship with the violator;

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

For the purposes of calculating the amounts set forth in paragraph (1), item (i) and item (ii), (a), (b) and (g), if the violator, at the time of the commencement of the duration of the violation, has made a sale of the securities or commodities pertaining to the violation (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))) without possessing those securities or commodities on their own account or on the account of a person set forth in the items of the preceding paragraph (excluding a person that has committed the same violation as the violation of the violator; hereinafter the same applies in this paragraph), if the violator has agreed, on their own account or on the account of a person set forth in the items of the preceding paragraph, to a transaction set forth in item (ii) of paragraph (21) of that Article under which money is paid if the actual figure exceeds the agreed figure (limited to a transaction pertaining to the securities or commodities pertaining to the violation), or in any other case specified by Cabinet Order (excluding the case prescribed in paragraph (12)), the violator is deemed to have made a sale, etc. of securities on their own account at the time of the commencement of the duration of the violation at the closing price prescribed in Article 67-19 or Article 130 for the sale, etc. of securities pertaining to the securities, etc. pertaining to the violation on the day preceding the day on which the violation commenced (if there is no such price, or if there are two or more such prices, the amount specified by Cabinet Office Order as being equivalent to it).

For the purposes of calculating the amounts set forth in paragraph (1), item (i) and item (ii), (a), (b) and (g), if the violator, at the time of the commencement of the duration of the violation, owns the securities or commodities pertaining to the violation, if the violator has agreed, on their own account or on the account of a person set forth in the items of paragraph (9) (excluding a person that has committed the same violation as the violation), to a transaction set forth in Article 2, paragraph (21), item (ii) under which money is received if the actual figure exceeds the agreed figure (limited to a transaction pertaining to the securities or commodities pertaining to the violation), or in any other case specified by Cabinet Order (excluding the case prescribed in paragraph (13)), the violator is deemed to have made a purchase, etc. of securities on their own account at the time of the commencement of the duration of the violation at the closing price prescribed in Article 67-19 or Article 130 for the purchase, etc. of securities pertaining to the securities, etc. pertaining to the violation on the day preceding the day on which the violation commenced (if there is no such price, or if there are two or more such prices, the amount specified by Cabinet Office Order as being equivalent to it).

For the purposes of calculating the amounts set forth in paragraph (1), item (i) and item (ii), (c), (d) and (g), if the violator, at the time of the commencement of the duration of the violation, has made a sale of the crypto-and other assets pertaining to the violation without having those crypto-and other assets on their own account or on the account of a person set forth in the items of paragraph (9) (excluding a person that has committed the same violation as the violation of the violator; hereinafter the same applies in this paragraph), if the violator has agreed, on their own account or on the account of a person set forth in the items of paragraph (9), to a transaction set forth in Article 2, paragraph (21), item (ii) under which money is paid 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 pertaining to the crypto-and other assets pertaining to the violation), or in any other case specified by Cabinet Order, the violator is deemed to have made a sale, etc. of crypto-and other assets on their own account at the time of the commencement of the duration of the violation at the closing price prescribed in Article 43-9 or Article 130 for the sale, etc. of crypto-and other assets pertaining to the crypto-and other assets, etc. pertaining to the violation on the day preceding the day on which the violation commenced (if there is no such price, or if there are two or more such prices, the amount specified by Cabinet Office Order as being equivalent to it).

For the purposes of calculating the amounts set forth in paragraph (1), item (i) and item (ii), (c), (d) and (g), if the violator, at the time of the commencement of the duration of the violation, holds the crypto-and other assets pertaining to the violation, if the violator has agreed, on their own account or on the account of a person set forth in the items of paragraph (9) (excluding a person that has committed the same violation as the violation), to a transaction set forth in Article 2, paragraph (21), item (ii) under which money is received 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 pertaining to the crypto-and other assets pertaining to the violation), or in any other case specified by Cabinet Order, 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 duration of the violation at the closing price prescribed in Article 43-9 or Article 130 for the purchase, etc. of crypto-and other assets pertaining to the crypto-and other assets, etc. pertaining to the violation on the day preceding the day on which the violation commenced (if there is no such price, or if there are two or more such prices, the amount specified by Cabinet Office Order as being equivalent to it).

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

If there is an amount that cannot be fully deducted from the amount set forth in paragraph (1), item (i) with regard to one issue, the total amount is the amount arrived at when that amount that cannot be fully deducted is deducted from the amount set forth in item (ii) of that paragraph with regard to that issue.

If there are two or more issues pertaining to the violation and, with regard to any of those issues, there is still an amount that cannot be fully deducted after the deduction under the preceding paragraph, that amount that cannot be fully deducted is to be deducted from the total amount with regard to the other issues.

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 the necessary particulars otherwise relevant to the calculation of the administrative monetary penalty referred to in that paragraph are specified by Cabinet Order.