Article 171-2Effect of Sale of Unlisted Securities by Unregistered Business Operators
第百七十一条の二（無登録業者による未公開有価証券の売付け等の効果）
In cases where an unregistered business operator (meaning a person that engages in type-I financial instruments business as defined in Article 28, paragraph (1) or type-II financial instruments business as defined in Article 28, paragraph (2) without obtaining registration from the Prime Minister in violation of Article 29; hereinafter the same applies in this paragraph) performed a sale, etc. of unlisted securities (meaning sales, or intermediary or agency therefor, dealings in public offering or secondary distribution or any other similar act specified by Cabinet Order; hereinafter the same applies in this paragraph), the subject contract (meaning a contract related to the relevant sale, etc. or a contract concluded based on the relevant sale, etc., in order for the customer to acquire the relevant unlisted securities; hereinafter the same applies in this paragraph) are void; provided, however, that this does not apply where the relevant unregistered business operator or the seller or issuer of the relevant unlisted securities related to the relevant subject contract (limited to the parties to the relevant subject contract) proves that the relevant sale, etc. neither impairs customer protection nor corresponds to an act of unfair profiting in light of the customer's knowledge, experience, the status of property or the purpose of concluding the relevant subject contract.
無登録業者（第二十九条の規定に違反して内閣総理大臣の登録を受けないで第二十八条第一項に規定する第一種金融商品取引業又は同条第二項に規定する第二種金融商品取引業を行う者をいう。以下この項において同じ。）が、未公開有価証券につき売付け等（売付け又はその媒介若しくは代理、募集又は売出しの取扱いその他これらに準ずる行為として政令で定める行為をいう。以下この項において同じ。）を行つた場合には、対象契約（当該売付け等に係る契約又は当該売付け等により締結された契約であつて、顧客による当該未公開有価証券の取得を内容とするものをいう。以下この項において同じ。）は、無効とする。ただし、当該無登録業者又は当該対象契約に係る当該未公開有価証券の売主若しくは発行者（当該対象契約の当事者に限る。）が、当該売付け等が当該顧客の知識、経験、財産の状況及び当該対象契約を締結する目的に照らして顧客の保護に欠けるものでないこと又は当該売付け等が不当な利得行為に該当しないことを証明したときは、この限りでない。
"Unlisted securities" under the preceding paragraph means bonds, share certificates, share option certificates and other securities specified by Cabinet Order for which it is particularly necessary to ensure appropriate transactions that do not correspond to:
securities listed on a financial instruments exchange;
beyond what is listed in the preceding two items, securities whose trading price or issuer's information can easily be obtained as specified by Cabinet Order.
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(Effect of Sale of Unlisted Securities by Unregistered Business Operators)
In cases where an unregistered business operator (meaning a person that engages in type-I financial instruments business as defined in Article 28, paragraph (1) or type-II financial instruments…
無登録業者（第二十九条の規定に違反して内閣総理大臣の登録を受けないで第二十八条第一項に規定する第一種金融商品取引業又は同条第二項に規定する第二種金融商品取引業を行う者をいう。以下この項において同じ。）が…
Open this provision(Effect of Sale of Unlisted Securities by Unregistered Business Operators)
securities listed on a financial instruments exchange;
金融商品取引所に上場されている有価証券
Open this provision(Effect of Sale of Unlisted Securities by Unregistered Business Operators)
over-the-counter traded securities or tradable securities; or
店頭売買有価証券又は取扱有価証券
Open this provisionThe term "type-I financial instruments business" as used in this Chapter means the performance of any of the following acts on a regular basis, as part of financial instruments business:
この章において「第一種金融商品取引業」とは、金融商品取引業のうち、次に掲げる行為のいずれかを業として行うことをいう。
Open this provisionThe term "type-II financial instruments business" as used in this Chapter means the performance of any of the following acts on a regular basis, within the financial instruments business:
この章において「第二種金融商品取引業」とは、金融商品取引業のうち、次に掲げる行為のいずれかを業として行うことをいう。
Open this provision(Registration)
A person may not engage in financial instruments business if that person has not been registered by the Prime Minister.
金融商品取引業は、内閣総理大臣の登録を受けた者でなければ、行うことができない。
Open this provisionsecurities
「有価証券」
Securities as this Act defines them: the instruments listed in Article 2, paragraph (1), among them national government and local government bonds, corporate bonds, share certificates and share option certificates, preferred equity investment certificates, beneficiary certificates of investment trusts and other trusts, investment securities, certain promissory notes, mortgage securities, option certificates and depositary receipts, foreign instruments of the same nature, and other instruments a Cabinet Order (政令) specifies.
Defined inArticle 2, paragraph (1)· applies throughout the law
issuer
「発行者」
A person who issues or intends to issue securities, or for securities a Cabinet Office Order (内閣府令) specifies, the person it specifies; for rights treated as securities under Article 2, paragraph (2), the person a Cabinet Office Order specifies for each kind of right is treated as issuing them, at the time it specifies.
Defined inArticle 2, paragraph (5)
over-the-counter traded securities
「店頭売買有価証券」
Securities registered under Article 67-11, paragraph (1) by an authorized financial instruments firms association (認可金融商品取引業協会) for trading on the over-the-counter securities market it opens.
Short name set inArticle 2, paragraph (8), item (x), (c)
financial instruments exchange
「金融商品取引所」
A membership corporation (金融商品会員制法人) or stock company (株式会社) licensed by the Prime Minister under Article 80, paragraph (1) to open a financial instruments market (金融商品市場).
Defined inArticle 2, paragraph (16)· applies throughout the law
type-I financial instruments business
「第一種金融商品取引業」
The part of financial instruments business (金融商品取引業) that consists of carrying on, as a business, any of the acts listed in Article 28, paragraph (1), such as dealing in securities (other than most rights treated as securities) and brokerage for them, over-the-counter derivatives transactions, the underwriting of securities, and trading securities through an electronic system as Article 2, paragraph (8), item (x) describes.
Defined inArticle 28, paragraph (1)· applies only in this chapter
type-II financial instruments business
「第二種金融商品取引業」
In Chapter III, the part of financial instruments business (金融商品取引業) that consists of carrying on, as a business, any of the acts listed in Article 28, paragraph (2), such as the public offering or private placement of the securities set out in Article 2, paragraph (8), item (vii), and dealing in and brokerage for rights treated as securities under Article 2, paragraph (2).
Defined inArticle 28, paragraph (2)· applies only in this chapter
tradable securities
「取扱有価証券」
Share certificates, bonds with share options (新株予約権付社債券) and other securities a Cabinet Office Order (内閣府令) specifies, whose solicitation for purchase and sale an authorized association (認可協会) does not forbid in its rules, other than securities listed on a financial instruments exchange, over-the-counter traded securities (店頭売買有価証券) and securities the Prime Minister specifies as restricted in circulation under those rules.
Defined inArticle 67-18, paragraph (1), item (iv)
sale, etc.machine translation
「売付け等」
In Article 171-2, paragraph (1), a sale of securities, acting as intermediary or agent in one, handling a public offering or secondary distribution, or another act a Cabinet Order (政令) specifies as similar to these — here, one that an unregistered business operator (無登録業者) makes in unlisted securities (未公開有価証券).
Defined inArticle 171-2, paragraph (1)· applies only in this paragraph
subject contract
「対象契約」
In Article 171-2, paragraph (1), a contract for a sale, etc. of unlisted securities (未公開有価証券) made by an unregistered business operator, or concluded through such a sale, etc., under which a customer acquires those securities.
Defined inArticle 171-2, paragraph (1)· applies only in this paragraph
unregistered business operatormachine translation
「無登録業者」
In Article 171-2, paragraph (1), a person who carries on type-I or type-II financial instruments business without registration from the Prime Minister, in violation of Article 29.
Defined inArticle 171-2, paragraph (1)· applies only in this paragraph
unlisted securities
「未公開有価証券」
In Article 171-2, paragraph (1), corporate bond certificates, share certificates, share option certificates and other securities a Cabinet Order (政令) specifies as especially needing fair trading, other than securities listed on a financial instruments exchange, over-the-counter traded securities, tradable securities (取扱有価証券) and securities a Cabinet Order specifies as having trading prices or issuer information that can easily be obtained.
Defined inArticle 171-2, paragraph (2)
Prime Minister
内閣総理大臣
The head of the Cabinet. Designated by the Diet from among its own members, and appointed by the Emperor on that designation (Articles 67 and 6). The Prime Minister appoints and may dismiss the other Ministers of State at will, and a majority of them must be members of the Diet (Article 68). No Minister of State can be subjected to legal action while in office without the Prime Minister's consent (Article 75).
Written by AI using Constitution, Arts. 6, 67, 68, 75 and Wikipedia: Prime Minister of Japan as a reference.
void
無効
Having no legal effect from the start. A void act does not take effect even if the parties later confirm it; confirming it knowing it is void counts as making a new act (Civil Code, Article 119). An act against public order or good morals is void (Article 90). Some Acts that protect one side make void a term that takes that protection away: a term of a land lease that is worse for the tenant than the Act on Land and Building Leases' rules on how long the lease lasts and how it is renewed (Article 9), a clause of a consumer contract that frees a business from all liability for damage its failure to perform causes the consumer (Consumer Contract Act, Article 8, paragraph (1), item (i)), or the part of a labor contract that falls short of the Labor Standards Act's standards, which the Act's standard replaces (Labor Standards Act, Article 13).
Written by AI using Civil Code, Arts. 90, 119, Act on Land and Building Leases, Art. 9, Consumer Contract Act, Art. 8 and Labor Standards Act, Art. 13 as a reference.