Article 159Prohibition on Market Manipulation

一conducting a false purchase and sale of securities, a false market derivatives transaction (limited to one specified in Article 2, paragraph (21), item (i)), or a false over-the-counter derivatives transaction (limited to one specified in Article 2, paragraph (22), item (i)) without the intent to transfer the rights;

二conducting a false market derivatives transaction (limited to one specified in Article 2, paragraph (21), items (ii) and (iv) through (v)) or a false over-the-counter derivatives transaction (limited to one specified in Article 2, paragraph (22), items (ii), (v) and (vi)) without the intent to pay or receive money;

三conducting a false market derivatives transaction (limited to one specified in Article 2, paragraph (21), item (iii)) or a false over-the-counter derivatives transaction (limited to one specified in Article 2, paragraph (22), item (iii) or (iv)) without the intent to grant or acquire the options;

四selling financial instruments (limited to a sale conducted through a transaction set forth in Article 2, paragraph (21), item (i) or paragraph (22), item (i) of that Article, if they are financial instruments other than securities) after colluding in advance with another party that promises to purchase the financial instruments at the same price and around the same time as the sale (limited to a purchase conducted through a transaction set forth in Article 2, paragraph (21), item (i) or paragraph (22), item (i) of that Article, if they are financial instruments other than securities);

五making one's own purchase (limited, in the case of commodities, to a purchase through market derivatives transactions (limited to transactions set forth in Article 2, paragraph (21), item (i)), and limited, in the case of financial instruments other than securities and commodities, to a purchase through a transaction set forth in that item or in paragraph (22), item (i) of that Article) after colluding in advance with another person to sell the financial instruments at the same time as, and at the same price as, that purchase (limited, in the case of commodities, to a sale through market derivatives transactions (limited to transactions set forth in paragraph (21), item (i) of that Article), and limited, in the case of financial instruments other than securities and commodities, to a sale through a transaction set forth in that item or in paragraph (22), item (i) of that Article);

六making an offer in connection with a market derivatives transaction (limited to one set forth in Article 2, paragraph (21), item (ii)) or an over-the-counter derivatives transaction (limited to one set forth in paragraph (22), item (ii) of that Article) after colluding in advance with another party that promises to become the other party to the transaction at around the same time as the offer and at the same agreed figure as in the offered transaction;

七making an offer in connection with a market derivatives transaction (limited to one set forth in Article 2, paragraph (21), item (iii)) or an over-the-counter derivatives transaction (limited to one set forth in paragraph (22), item (iii) or (iv) of that Article) after colluding in advance with another party that promises to become the other party to the transaction at around the same time as the offer and for the same amount of consideration as in the offered transaction;

八making an offer in connection with a market derivatives transaction (limited to one set forth in Article 2, paragraph (21), items (iv) through (v)) or over-the-counter derivatives transaction (limited to one set forth in paragraph (22), item (v) or (vi) of that Article) after colluding in advance with another party that promises to become the other party to the transaction at around the same time as the offer and with the same conditions as in the offered transaction; or

九entrusting, etc. a person, etc. with an act set forth in the preceding items or becoming entrusted, etc. with such an act.

一conducting a series of purchase and sales of securities, etc. that are likely to mislead a person into believing that purchase and sales of securities, etc. are thriving or to cause fluctuations in market prices of listed financial instruments, etc. (meaning financial instruments, financial indexes, or options listed on a financial instruments exchange market; hereinafter the same applies in this Article) on a financial instruments exchange market or prices of over-the-counter traded securities on an over-the-counter securities market; offering to conduct such transactions; entrusting, etc. a person with conducting such transactions; or becoming entrusted, etc. with conducting such transactions;

二spreading a rumor that market prices of listed financial instruments, etc. on a financial instruments exchange market or market prices of over-the-counter traded securities on an over-the-counter securities market will fluctuate due to one's own or another party's market manipulation; or

三intentionally making a false representation regarding a material particular or a representation that causes a person to misunderstand something, in conducting a purchase and sale of securities, etc.