Search

Search provisions, jump to a law or an article

This text is not in force yetIt by 13 June 2028, on a day set by — at the latest in 2 years

Read the text in force →

Financial Instruments and Exchange Act

金融商品取引法(きんゆうしょうひんとりひきほう)

Chapter II-5 Provision or Disclosure of Specified Information on Securities (Articles 27-34 to 27-35)

The law as Act on the Arrangement of Related Acts to Promote the Use of Information and Communications Technology in Civil Procedures, etc. (Act No. 53 of 2023) leaves it, with the words it changes marked.

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

Article 27-34第二十七条の三十四

Compensatory Liability in Connection with False Specified Information(虚偽の特定情報に係る賠償責任)
Article 27-34, paragraph (1)

The provisions of Article 21-2 (excluding paragraph (3)), Article 21-3 and Article 22 (excluding paragraph (3)) apply mutatis mutandis to specified information (meaning specified information on securities, etc. or information on the issuer, etc. (meaning information on the issuer or amended information on the issuer; the same applies hereinafter); the same applies in Article 27-35, paragraph (1)). In this case, in Article 21-2, paragraph (1), the phrase "a document set forth in the items of Article 25, paragraph (1) (excluding items (iv) and (vii)) (hereinafter referred to as a 'document' in this Article (excluding paragraph (3)))" is deemed to be replaced with "specified information (meaning the specified information prescribed in Article 27-34; the same applies hereinafter) disclosed pursuant to the provisions of Article 27-31, paragraph (2), (4) or (5) or Article 27-32 (hereinafter referred to as 'disclosed information')", the phrase "false statement" is deemed to be replaced with "false information", the phrase "that is required to be stated" is deemed to be replaced with "that is required to be provided or disclosed", the phrase "a statement of a material fact" is deemed to be replaced with "information concerning a material fact", the phrase "the person submitting the document is liable" is deemed to be replaced with "the issuer that disclosed the disclosed information is liable", the phrase "the document is being made available for public inspection as required by Article 25, paragraph (1), acquires or disposes of securities of which the person submitting the document (excluding a document set forth in Article 25, paragraph (1), item (x)) or a person whose parent company, etc. (meaning a parent company, etc. as defined by Article 24-7, paragraph (1)) is the person submitting the document (limited to a document set forth in Article 25, paragraph (1), item (x)) is the issuer" is deemed to be replaced with "the disclosed information is being disclosed pursuant to these provisions, acquires or disposes of securities of that issuer", the phrase "or secondary distribution" is deemed to be replaced with ", secondary distribution, or specified solicitation, etc. (meaning the specified solicitation, etc. prescribed in Article 27-31, paragraph (1); the same applies hereinafter)", the phrase "statement being false" is deemed to be replaced with "information being false", and the phrase "false statement, etc." is deemed to be replaced with "false information, etc."; in paragraph (2) of that Article, the phrase "the false statement, etc. in the relevant document" is deemed to be replaced with "the false information, etc. pertaining to the relevant disclosed information"; in paragraph (4) of that Article, the phrases "a false statement, etc. in the relevant document" and "the document's false statement, etc." are deemed to be replaced with "false information, etc. pertaining to the relevant disclosed information" and "the false information, etc. pertaining to the disclosed information", respectively, and the phrase "the existence of the false statement, etc." is deemed to be replaced with "the existence of the false information, etc."; in paragraph (5) of that Article, the phrase "the existence of a false statement, etc." is deemed to be replaced with "the existence of false information, etc.", the phrase "means that the person submitting the document" is deemed to be replaced with "means that the issuer that disclosed the disclosed information", the phrase "the business or property of the person submitting the document" is deemed to be replaced with "the business or property of the issuer", the phrase "the document's false statement, etc." is deemed to be replaced with "the false information, etc. pertaining to the disclosed information", the phrase "that is required to be stated" is deemed to be replaced with "that is required to be provided or disclosed", and the phrase "through public inspection provided in Article 25, paragraph (1) or through other means" is deemed to be replaced with "pursuant to the provisions of Cabinet Office Order"; in paragraphs (6) and (7) of that Article, the phrase "the document's false statement, etc." is deemed to be replaced with "the false information, etc. pertaining to the disclosed information"; in Article 21-3, the phrase "Article 21-2" is deemed to be replaced with "Article 21-2 as applied mutatis mutandis pursuant to Article 27-34 following the deemed replacement of terms", the phrase "a document set forth in one of the items of Article 25, paragraph (1) (excluding items (iv) and (vii))" is deemed to be replaced with "the disclosed information (meaning disclosed information prescribed in Article 21-2, paragraph (1) as applied mutatis mutandis pursuant to Article 27-34 following the deemed replacement of terms; the same applies hereinafter)", the phrase "the term 'three years' is deemed to be replaced with 'two years'" is deemed to be replaced with "the term 'false statement' is deemed to be replaced with 'false information', the phrase 'that is required to be stated' is deemed to be replaced with 'that is required to be provided or disclosed', the phrase 'a statement of a material fact' is deemed to be replaced with 'information concerning a material fact', and the term 'three years' is deemed to be replaced with 'two years'", and the phrase "for five years from the time when the document is submitted" is deemed to be replaced with "for five years from the day on which the disclosed information is disclosed"; in Article 22, paragraph (1), the phrase "a securities registration statement contains" is deemed to be replaced with "specified information contains", the phrase "false statement" is deemed to be replaced with "false information", the phrase "that is required to be stated" is deemed to be replaced with "that is required to be provided or disclosed", the phrase "a statement of material fact" is deemed to be replaced with "information concerning a material fact", the phrase "persons set forth in Article 21, paragraph (1), items (i), (iii) and (iv)" is deemed to be replaced with "officers (meaning officers prescribed in Article 21, paragraph (1), item (i)), at the time of the provision or disclosure, of the issuer that provided or disclosed that specified information, or incorporators or other persons equivalent thereto of the issuer (limited to cases in which the provision or disclosure was made before the establishment or inception of the issuer)", the phrase "statement is false" is deemed to be replaced with "information is false", and the phrase "acquires or disposes of securities issued by the person submitting the securities registration statement other than through a public offering or secondary distribution" is deemed to be replaced with "acquires securities of the issuer that provided or disclosed the specified information (if the specified information has not been disclosed, this is limited to a person that was provided with the specified information, and if the specified information is specified information on securities, etc. (meaning the specified information on securities, etc. prescribed in Article 27-33), this is limited to a person that acquired the securities other than through a public offering, secondary distribution, or specified solicitation, etc.) or disposes of such securities (if the specified information has not been disclosed, this is limited to a person that was provided with the specified information)"; in paragraph (2) of that Article, the phrase "items (i) through (iii)" is deemed to be replaced with "item (i)"; and any other necessary technical replacement of terms is specified by Cabinet Order.

第二十一条の二(第三項を除く。)、第二十一条の三及び第二十二条(第三項を除く。)の規定は、特定情報(特定証券等情報又は発行者等情報(発行者情報又は訂正発行者情報をいう。以下同じ。)をいう。第二十七条の三十五第一項において同じ。)について準用する。この場合において、第二十一条の二第一項中「第二十五条第一項各号(第四号及び第七号を除く。)に掲げる書類(以下この条(第三項を除く。)において「書類」という。)」とあるのは「特定情報(第二十七条の三十四に規定する特定情報をいう。以下同じ。)であつて第二十七条の三十一第二項、第四項若しくは第五項又は第二十七条の三十二の規定により公表されたもの(以下「公表情報」という。)」と、「虚偽の記載」とあるのは「虚偽の情報」と、「記載すべき」とあるのは「提供し、若しくは公表すべき」と、「事実の記載」とあるのは「事実に関する情報」と、「書類の提出者」とあるのは「公表情報を公表した発行者」と、「書類が第二十五条第一項の規定により公衆の縦覧に供されている間に当該書類(同項第十号に掲げる書類を除く。)の提出者又は当該書類(同号に掲げる書類に限る。)の提出者を親会社等(第二十四条の七第一項に規定する親会社等をいう。)とする者が発行者である」とあるのは「公表情報がこれらの規定により公表されている間に当該発行者の」と、「若しくは売出し」とあるのは「若しくは売出し若しくは特定勧誘等(第二十七条の三十一第一項に規定する特定勧誘等をいう。以下同じ。)」と、「記載が虚偽」とあるのは「情報が虚偽」と、「虚偽記載等」とあるのは「虚偽情報等」と、同条第二項中「書類の虚偽記載等」とあるのは「公表情報に係る虚偽情報等」と、同条第四項中「書類の虚偽記載等」とあるのは「公表情報に係る虚偽情報等」と、「当該虚偽記載等」とあるのは「当該虚偽情報等」と、同条第五項中「虚偽記載等の」とあるのは「虚偽情報等の」と、「書類の提出者」とあるのは「公表情報を公表した発行者」と、「当該提出者」とあるのは「当該発行者」と、「書類の虚偽記載等」とあるのは「公表情報に係る虚偽情報等」と、「記載すべき」とあるのは「提供し、若しくは公表すべき」と、「第二十五条第一項の規定による公衆の縦覧その他の手段により」とあるのは「内閣府令で定めるところにより」と、同条第六項及び第七項中「書類の虚偽記載等」とあるのは「公表情報に係る虚偽情報等」と、第二十一条の三中「第二十一条の二」とあるのは「第二十七条の三十四において読み替えて準用する第二十一条の二」と、「第二十五条第一項各号(第四号及び第七号を除く。)に掲げる書類」とあるのは「公表情報(第二十七条の三十四において読み替えて準用する第二十一条の二第一項に規定する公表情報をいう。以下同じ。)」と、「「三年間」とあるのは「二年間」と」とあるのは「「虚偽の記載」とあるのは「虚偽の情報」と、「記載すべき」とあるのは「提供し、若しくは公表すべき」と、「事実の記載」とあるのは「事実に関する情報」と、「三年間」とあるのは「二年間」と」と、「当該書類が提出された時から五年間」とあるのは「当該公表情報が公表された日から五年間」と、第二十二条第一項中「有価証券届出書のうちに」とあるのは「特定情報のうちに」と、「虚偽の記載」とあるのは「虚偽の情報」と、「記載すべき」とあるのは「提供し、若しくは公表すべき」と、「事実の記載」とあるのは「事実に関する情報」と、「第二十一条第一項第一号、第三号及び第四号に掲げる者」とあるのは「当該特定情報を提供し、若しくは公表した発行者の、その提供若しくは公表の時における役員(第二十一条第一項第一号に規定する役員をいう。)又は当該発行者の発起人その他これに準ずる者(その提供又は公表が発行者の成立又は発足前にされたときに限る。)」と、「記載が虚偽」とあるのは「情報が虚偽」と、「有価証券届出書の届出者が発行者である」とあるのは「特定情報を提供し、若しくは公表した発行者の」と、「募集若しくは売出しによらないで取得した者又は処分した者」とあるのは「取得した者(当該特定情報が公表されていない場合にあつては、当該特定情報の提供を受けた者に限り、当該特定情報が特定証券等情報(第二十七条の三十三に規定する特定証券等情報をいう。)である場合にあつては、募集若しくは売出し又は特定勧誘等によらないで取得した者に限る。)又は処分した者(当該特定情報が公表されていない場合にあつては、当該特定情報の提供を受けた者に限る。)」と、同条第二項中「第一号から第三号まで」とあるのは「第一号」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

Article 27-34-2第二十七条の三十四の二

Compensatory Liability of a Violator in Connection with Foreign Securities Information(外国証券情報に係る違反行為者の賠償責任)
Article 27-34-2, paragraph (1)

A financial instruments business operator, etc. that violates the provisions of Article 27-32-2, paragraph (1) in selling securities is liable to compensate a person that purchases those securities, for damage arising from the violation.

第二十七条の三十二の二第一項の規定に違反して有価証券を売り付けた金融商品取引業者等は、これを買い付けた者に対し当該違反行為により生じた損害を賠償する責めに任ずる。

Article 27-34-2, paragraph (2)

A financial instruments business operator, etc. that sells securities through a secondary distribution of foreign securities, using foreign securities information that contains false information regarding a material particular, lacks information about a material particular that is required to be provided or disclosed, or lacks information concerning a material fact that is necessary to prevent it from being misleading, is liable to compensate for damage sustained by a person that purchases the relevant securities without knowing that the information is false or has been omitted; provided, however, that this does not apply if the financial instruments business operator, etc. that would be liable for such compensation proves that it did not know, and in the exercise of reasonable care could not have known, that the information was false or had been omitted.

外国証券売出しについて、重要な事項について虚偽の情報があり、又は提供し、若しくは公表すべき重要な事項若しくは誤解を生じさせないために必要な事実に関する情報が欠けている外国証券情報を使用して有価証券を売り付けた金融商品取引業者等は、情報が虚偽であり、又は欠けていることを知らないで当該有価証券を買い付けた者が受けた損害を賠償する責めに任ずる。ただし、賠償の責めに任ずべき金融商品取引業者等が、情報が虚偽であり、又は欠けていることを知らず、かつ、相当な注意を用いたにもかかわらず知ることができなかつたことを証明したときは、この限りでない。

Article 27-34-2, paragraph (3)

If foreign securities information that is disclosed pursuant to the provisions of Article 27-32-2, paragraph (3) (hereinafter referred to as "disclosed information" in this paragraph) contains false information about a material particular, lacks information about a material particular that is required to be provided or disclosed, or lacks information concerning a material fact that is necessary to prevent it from being misleading, the financial instruments business operator, etc. that discloses the disclosed information is liable to compensate a person that, without knowing that the information is false or has been omitted, acquires or disposes of securities to which the disclosed information pertains from the financial instruments business operator other than through a public offering or secondary distribution or exclusive solicitation for acquisition, etc., during the period in which the disclosed information is being disclosed pursuant to paragraph (3) of that Article, for damage arising from the information being false or having been omitted; provided, however, that this does not apply if the financial instruments business operator, etc. that would be liable for such damages proves that it did not know, and in the exercise of reasonable care could not have known, that the information was false or had been omitted.

外国証券情報であつて第二十七条の三十二の二第三項の規定により公表されたもの(以下この項において「公表情報」という。)のうちに、重要な事項について虚偽の情報があり、又は提供し、若しくは公表すべき重要な事項若しくは誤解を生じさせないために必要な重要な事実に関する情報が欠けているときは、当該公表情報を公表した金融商品取引業者等は、当該公表情報が同条第三項の規定により公表されている間に情報が虚偽であり、又は欠けていることを知らないで当該金融商品取引業者等から当該公表情報に係る有価証券を募集若しくは売出し若しくは特定勧誘等によらないで取得した者又は処分した者に対し、情報が虚偽であり、又は欠けていることにより生じた損害を賠償する責めに任ずる。ただし、賠償の責めに任ずべき金融商品取引業者等が、情報が虚偽であり、又は欠けていることを知らず、かつ、相当な注意を用いたにもかかわらず知ることができなかつたことを証明したときは、この限りでない。

Article 27-35第二十七条の三十五

Collection of Reports and Inspection of a Provider of Specified Information(特定情報の提供者等に対する報告の徴取及び検査)
Article 27-35, paragraph (1)

When the Prime Minister finds it to be necessary and appropriate in the public interest or for the protection of investors, the Prime Minister may order an issuer that has provided or disclosed specified information, an issuer that is found to be required to provide or disclose specified information, the underwriter of securities to which specified information pertains, or any other concerned party or witness to submit reports or materials that should serve as a reference, and may have the relevant officials inspect that person's books, documents, and any other articles of theirs.

内閣総理大臣は、公益又は投資者保護のため必要かつ適当であると認めるときは、特定情報を提供し、若しくは公表した発行者若しくは特定情報を提供し、若しくは公表すべきであると認められる発行者若しくは当該特定情報に係る有価証券の引受人その他の関係者若しくは参考人に対し参考となるべき報告若しくは資料の提出を命じ、又は当該職員をしてその者の帳簿書類その他の物件を検査させることができる。

Article 27-35, paragraph (2)

If the Prime Minister finds it necessary with regard to an order for a report or submission of materials or the inspection under the preceding paragraph, the Prime Minister may make inquiries to public offices or public or private organizations and request a report on necessary particulars.

内閣総理大臣は、前項の規定による報告若しくは資料の提出の命令又は検査に関して必要があると認めるときは、公務所又は公私の団体に照会して必要な事項の報告を求めることができる。

© 2026 japanlaw.orgA copy for reading and reference — not an official source, and not legal advice. Only the Japanese text published by the government has legal effect.Run by Genjido LLC (Genjido 合同会社) · contact@genjido.comContactSourcesTermsPrivacy