Financial Instruments and Exchange Act

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.