Financial Instruments and Exchange Act

A specified cryptoasset issuer must, if the specified cryptoassets of that specified cryptoasset issuer fall under specified cryptoassets that were subject to the application of the main clause of Article 27-39, paragraph (1) or the main clause of Article 27-39, paragraph (2) with regard to a public offering or secondary distribution of specified cryptoassets, disclose, pursuant to Cabinet Office Order, for each business year (or, where the specified cryptoasset issuer is a person other than a company or in any other case specified by Cabinet Office Order, for a period specified by Cabinet Office Order; the same applies in Article 172-16, paragraph (1) and Article 185-7, paragraph (42)), the information set forth in Article 27-39, paragraph (1), items (i) and (iii) within three months after the end of that business year (or, if it is found that it cannot be disclosed within that period due to unavoidable reasons, within a period approved in advance by the Prime Minister pursuant to Cabinet Office Order); provided, however, that this does not apply if, pursuant to Cabinet Office Order, in consideration of the transferability of those specified cryptoassets and other circumstances, it has obtained the approval of the Prime Minister that this does not damage the public interest or result in insufficient investor protection.

When the Prime Minister has granted the approval under the proviso to the preceding paragraph, the Prime Minister must disclose that fact pursuant to Cabinet Office Order.

A specified cryptoasset issuer that must disclose periodic information on specified cryptoassets (meaning the information that must be disclosed pursuant to the provisions of paragraph (1) of the preceding Article; the same applies hereinafter) must, when it comes to fall under a case specified by Cabinet Office Order as necessary and appropriate in the public interest or for investor protection, promptly disclose, pursuant to Cabinet Office Order, information on the content thereof (hereinafter referred to as "extraordinary information on specified cryptoassets").

A specified cryptoasset issuer that has disclosed information on specified cryptoassets, periodic information on specified cryptoassets, or extraordinary information on specified cryptoassets (hereinafter referred to as "information on specified cryptoassets, etc.") must, if there is a particular to be amended in the relevant information on specified cryptoassets, etc. during the period prescribed in Article 27-54, paragraph (1), disclose, pursuant to Cabinet Office Order, information to the effect that it is amended (hereinafter referred to as "amended specified cryptoasset information, etc.").

A financial instruments business operator must, when it intends to newly conduct services for purchase and sale, etc. of cryptoassets for specified cryptoassets of a given issue (limited to those that fall under the case set forth in Article 27-39, paragraph (3), item (i)), disclose in advance, pursuant to Cabinet Office Order, all the information on specified cryptoassets, etc. pertaining to the relevant specified cryptoassets that is being continuously disclosed pursuant to the provisions of paragraph (1) of the following Article (excluding the information on specified cryptoassets that the financial instruments business operator discloses pursuant to the provisions of Article 27-39, paragraph (4)). In this case, if a financial instruments business operator comes to know that the information on specified cryptoassets, etc. to be disclosed contains false information regarding a material particular, lacks information about a material particular that is to be disclosed, or lacks information concerning a material fact that is necessary to prevent it from being misleading (hereinafter in this paragraph and paragraph (4) referred to as "false information, etc."), it must not disclose the information on specified cryptoassets, etc. pertaining to that false information, etc., and must not commence services for purchase and sale, etc. of cryptoassets for the relevant specified cryptoassets, until amended specified cryptoasset information, etc. that resolves that false information, etc. is disclosed.

When information on specified cryptoassets has been disclosed under the provisions of the main clause of Article 27-39, paragraph (1) or the main clause of Article 27-39, paragraph (2) for specified cryptoassets for which a financial instruments business operator is conducting services for purchase and sale, etc. of cryptoassets (excluding those that fall under the case set forth in Article 27-39, paragraph (3), item (i)), the financial instruments business operator must, except where it discloses that information on specified cryptoassets pursuant to the provisions of Article 27-39, paragraph (4), disclose that information on specified cryptoassets, pursuant to Cabinet Office Order, within the period specified by Cabinet Office Order counting from the day on which that information on specified cryptoassets was disclosed under the provisions of the main clause of Article 27-39, paragraph (1) or the main clause of Article 27-39, paragraph (2).

A financial instruments business operator referred to in the preceding two paragraphs must, when the specified cryptoasset issuer that disclosed the information on specified cryptoassets, etc. referred to in the preceding two paragraphs has newly disclosed information on specified cryptoassets, etc. regarding the specified cryptoassets pertaining to that information on specified cryptoassets, etc., except where it discloses that information on specified cryptoassets, etc. pursuant to the provisions of Article 27-39, paragraph (4), disclose that information on specified cryptoassets, etc., pursuant to Cabinet Office Order, within the period specified by Cabinet Office Order counting from the day on which that specified cryptoasset issuer disclosed that information on specified cryptoassets, etc.; provided, however, that this does not apply if that financial instruments business operator has discontinued the services for purchase and sale, etc. of cryptoassets for the relevant specified cryptoassets, or in any other case specified by Cabinet Office Order.

In the case of the preceding two paragraphs, if a financial instruments business operator comes to know that there is false information, etc. in the information on specified cryptoassets, etc. to be disclosed, it must not, notwithstanding the provisions of the preceding two paragraphs, disclose the information on specified cryptoassets, etc. pertaining to that false information, etc., until amended specified cryptoasset information, etc. that resolves that false information, etc. is disclosed.

A specified cryptoasset issuer that has disclosed information on specified cryptoassets, etc. must, pursuant to Cabinet Office Order, continuously disclose that information on specified cryptoassets, etc. (including amended specified cryptoasset information, etc. pertaining to that information on specified cryptoassets, etc.) until the day on which five years elapse from the day on which it disclosed that information on specified cryptoassets, etc. (or, in a case specified by Cabinet Office Order as one in which it is found that this does not damage the public interest or result in insufficient investor protection, for the period specified by Cabinet Office Order).

A financial instruments business operator that has disclosed information on specified cryptoassets, etc. pursuant to the provisions of Article 27-39, paragraph (4) or paragraphs (1) through (3) of the preceding Article must, pursuant to Cabinet Office Order, continuously disclose that information on specified cryptoassets, etc. until the day on which the period prescribed in the preceding paragraph elapses (or, in a case specified by Cabinet Office Order as one in which it is found that this does not damage the public interest or result in insufficient investor protection, for the period specified by Cabinet Office Order).

A financial instruments business operator prescribed in the preceding paragraph must, if it comes to know that the information on specified cryptoassets, etc. to be continuously disclosed under the provisions of that paragraph contains false information regarding a material particular, lacks information about a material particular that is to be disclosed, or lacks information concerning a material fact that is necessary to prevent it from being misleading (hereinafter in this paragraph referred to as "false information, etc."), suspend, notwithstanding the provisions of the preceding paragraph, the disclosure of the information on specified cryptoassets, etc. pertaining to that false information, etc., until amended specified cryptoasset information, etc. that resolves that false information, etc. is disclosed.

A specified cryptoasset issuer must, when it has disclosed information on specified cryptoassets, etc., notify the Prime Minister of that information on specified cryptoassets, etc., pursuant to Cabinet Office Order, within the period specified by Cabinet Office Order counting from the day on which it disclosed that information on specified cryptoassets, etc.

If a specified cryptoasset issuer has had another person succeed to the authority to issue specified cryptoassets (for a specified cryptoasset specified by Cabinet Office Order under Article 2, paragraph (50), the authority specified by Cabinet Office Order), the successor that has succeeded to that authority succeeds to the predecessor's obligation to disclose periodic information on specified cryptoassets under the provisions of Article 27-50, paragraph (1) regarding those specified cryptoassets.

A successor that has succeeded to the obligation to disclose periodic information on specified cryptoassets pursuant to the provisions of the preceding paragraph must promptly notify the Prime Minister to that effect.

When the Prime Minister discovers that information on specified cryptoassets, etc. contains false information regarding a material particular, lacks information about a material particular that is to be disclosed, or lacks information concerning a material fact that is necessary to prevent it from being misleading (hereinafter in this Article referred to as "false information, etc."), the Prime Minister may order the specified cryptoasset issuer that disclosed that information on specified cryptoassets, etc. to publish amended specified cryptoasset information, etc. pertaining to that information on specified cryptoassets, etc. In this case, irrespective of the category of proceeding for hearing statements of opinion under Article 13, paragraph (1) of the Administrative Procedure Act, the Prime Minister must conduct a hearing.

When the Prime Minister has ordered the publication of amended specified cryptoasset information, etc. pursuant to the provisions of the preceding paragraph, if the Prime Minister finds it necessary, the Prime Minister may order a person that disclosed the relevant information on specified cryptoassets, etc. pursuant to the provisions of this Section to stay the disclosure of all or part of that information on specified cryptoassets, etc. until amended specified cryptoasset information, etc. that resolves the false information, etc. is disclosed based on the order to publish under the provisions of that paragraph. In this case, irrespective of the category of proceeding for hearing statements of opinion under Article 13, paragraph (1) of the Administrative Procedure Act, the Prime Minister must conduct a hearing.

When the Prime Minister has ordered a stay of the disclosure of all or part of information on specified cryptoassets, etc. pursuant to the provisions of the preceding paragraph, the provisions of Article 27-54, paragraphs (1) and (2) do not apply to the information on specified cryptoassets, etc. pertaining to that stay order until amended specified cryptoasset information, etc. that resolves the false information, etc. is disclosed based on the order to publish under the provisions of 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 a specified cryptoasset issuer that has disclosed information on specified cryptoassets, etc., a person that is found to be a specified cryptoasset issuer required to disclose information on specified cryptoassets, etc., an underwriter of specified cryptoassets, 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 these persons' books, documents, and any other articles.

When the Prime Minister finds it necessary with regard to the order for 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 them to report necessary matters.