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Article 162Prohibition of Short Selling and Stop Orders

第百六十二条（空売り及び逆指値注文の禁止）

It is prohibited for any person to engage the following acts in a way that constitutes a violation of the provisions of Cabinet Order:

何人も、政令で定めるところに違反して、次に掲げる行為をしてはならない。

selling securities without having them or by borrowing them (including cases specified by Cabinet Order as being equivalent thereto), entrusting, etc. a person with such a sale, or becoming entrusted, etc. with such a sale; or

有価証券を有しないで若しくは有価証券を借り入れて（これらに準ずる場合として政令で定める場合を含む。）その売付けをすること又は当該売付けの委託等若しくは受託等をすること。

entrusting, etc. a person with making an immediate purchase of securities if the market price rises above the market price at the time of entrustment to at least the level that the entrusting person indicates, or with making an immediate sale of securities if the market price falls below the market price at the time of entrustment to at least the level that the entrusting person indicates.

有価証券の相場が委託当時の相場より騰貴して自己の指値以上となつたときには直ちにその買付けをし、又は有価証券の相場が委託当時の相場より下落して自己の指値以下となつたときには直ちにその売付けをすべき旨の委託等をすること。

The provisions of item (ii) of the preceding paragraph apply mutatis mutandis to transactions specified in Article 2, paragraph (21), items (ii) and (iii). In this case, with regard to a transaction set forth in Article 2, paragraph (21), item (ii), in item (ii) of the preceding paragraph, the term "securities" is deemed to be replaced with "the agreed figure", the term "rises" is deemed to be replaced with "goes up to", the phrase "purchase of" is deemed to be replaced with "transaction, so that the entrusting person will receive money in the event that the actual figure rises above", the term "falls" is deemed to be replaced with "goes down to", and the phrase "sale of" is deemed to be replaced with "transaction, so that the entrusting person will receive money in the event that the actual figure falls below"; and with regard to a transaction set forth in Article 2, paragraph (21), item (iii), in item (ii) of the preceding paragraph, the term "securities" is deemed to be replaced with "options", the phrase "purchase of" is deemed to be replaced with "transaction wherein the entrusting party will acquire", and the phrase "sale of" is deemed to be replaced with "transaction wherein the entrusting party will grant".

前項第二号の規定は、第二条第二十一項第二号及び第三号に規定する取引について準用する。この場合において、同項第二号の取引にあつては前項第二号中「有価証券」とあるのは「約定数値」と、「騰貴して」とあるのは「上昇して」と、「その買付けをし」とあるのは「現実数値が約定数値を上回つた場合に金銭を受領する立場の当事者となる取引をし」と、「下落して」とあるのは「低下して」と、「その売付けをすべき」とあるのは「現実数値が約定数値を下回つた場合に金銭を受領する立場の当事者となる取引をすべき」と、同条第二十一項第三号の取引にあつては前項第二号中「有価証券」とあるのは「オプション」と、「その買付けをし」とあるのは「オプションを取得する立場の当事者となり」と、「その売付けをすべき」とあるのは「オプションを付与する立場の当事者となるべき」と読み替えるものとする。

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Article 162Prohibition of Short Selling and Stop Orders