Article 40-3Prohibition of Purchase and Sale If Separate Management Is Not Ensured
第四十条の三（分別管理が確保されていない場合の売買等の禁止）
With regard to the rights set forth in Article 2, paragraph (2), item (v) or (vi) or the securities set forth in Article 2, paragraph (1), item (xxi) (limited to those specified by Cabinet Order) or the rights set forth in Article 2, paragraph (2), item (vii) (limited to those specified by Cabinet Order), a financial instruments business operator, etc. must not perform any of the acts set forth in Article 2, paragraph (8), item (i) or (ii), or items (vii) through (ix) unless the relevant right or securities are specified by Cabinet Office Order as those for which a contract or other juridical act involving the right or securities ensures that the money invested or contributed for the right or securities (including anything specified by Cabinet Order as being similar to money; hereinafter the same applies in this Article) is managed separately from the assets that belong to the person conducting the relevant business conducts by allocating such money, and is managed separately from any other assets connected with other business conducted by that person.
金融商品取引業者等は、第二条第二項第五号若しくは第六号に掲げる権利又は同条第一項第二十一号に掲げる有価証券（政令で定めるものに限る。）若しくは同条第二項第七号に掲げる権利（政令で定めるものに限る。）については、当該権利又は有価証券に関し出資され、又は拠出された金銭（これに類するものとして政令で定めるものを含む。以下この条において同じ。）が、当該金銭を充てて行われる事業を行う者の固有財産その他当該者の行う他の事業に係る財産と分別して管理することが当該権利又は有価証券に係る契約その他の法律行為において確保されているものとして内閣府令で定めるものでなければ、第二条第八項第一号、第二号又は第七号から第九号までに掲げる行為を行つてはならない。
Read this with the articles around it
(Definitions)
instruments or certificates other than those set forth in the preceding items, which are specified by Cabinet Order as those with regard to which, in consideration of transferability and other…
前各号に掲げるもののほか、流通性その他の事情を勘案し、公益又は投資者の保護を確保することが必要と認められるものとして政令で定める証券又は証書
Open this provision(Definitions)
among the rights based on a partnership contract provided for in Article 667, paragraph (1) of the Civil Code (Act No. 89 of 1896), a silent partnership agreement provided for in Article 535 of the…
民法（明治二十九年法律第八十九号）第六百六十七条第一項に規定する組合契約、商法（明治三十二年法律第四十八号）第五百三十五条に規定する匿名組合契約、投資事業有限責任組合契約に関する法律（平成十年法律第九十号）第三条第一項に規定する投資事業有限責任組合契約又は有限責任事業組合契約に関する法律（平成十七年法律第四十号）第三…
Open this provision(Definitions)
rights based on foreign laws and regulations which are similar to those specified in the preceding item; or
外国の法令に基づく権利であつて、前号に掲げる権利に類するもの
Open this provision(Definitions)
rights other than specified electronically recorded monetary claims and the rights set forth in the preceding items, which are specified by Cabinet Order as rights in connection with which it is…
特定電子記録債権及び前各号に掲げるもののほか、前項に規定する有価証券及び前各号に掲げる権利と同様の経済的性質を有することその他の事情を勘案し、有価証券とみなすことにより公益又は投資者の保護を確保することが必要かつ適当と認められるものとして政令で定める権利
Open this provision(Definitions)
the purchase and sale of securities (excluding those falling under the category of derivatives transactions; the same applies hereinafter), market derivatives transactions…
有価証券の売買（デリバティブ取引に該当するものを除く。以下同じ。）、市場デリバティブ取引（金融商品（第二十四項第三号の三に掲げるものに限る。）又は金融指標（当該金融商品の価格及びこれに基づいて算出した数値に限る。）に係る市場デリバティブ取引（以下「商品関連市場デリバティブ取引」という。）を除く。）又は外国市場デリバテ…
Open this provision(Definitions)
intermediation, brokerage (excluding brokerage for clearing of securities, etc.), or agency for the purchase and sale of securities, market derivatives transactions…
有価証券の売買、市場デリバティブ取引又は外国市場デリバティブ取引の媒介、取次ぎ（有価証券等清算取次ぎを除く。）又は代理（有価証券の売買の媒介、取次ぎ又は代理にあつては、第十号に掲げるものを除く。）
Open this provision(Definitions)
the public offering or private placement of securities (limited to those set forth in the following items):
有価証券（次に掲げるものに限る。）の募集又は私募
Open this provision(Definitions)
secondary distribution of securities or solicitation for selling, etc. only for professional investors;
有価証券の売出し又は特定投資家向け売付け勧誘等
Open this provision(Definitions)
the handling of a public offering or secondary distribution of securities, or the handling of a private placement of securities or solicitation for selling, etc. only for professional investors;
有価証券の募集若しくは売出しの取扱い又は私募若しくは特定投資家向け売付け勧誘等の取扱い
Open this provision(Prohibition of Purchase and Sale If Separate Management Is Not Ensured)
With regard to the rights set forth in Article 2, paragraph (2), item (v) or (vi) or the securities set forth in Article 2, paragraph (1), item (xxi) (limited to those specified by Cabinet Order) or…
金融商品取引業者等は、第二条第二項第五号若しくは第六号に掲げる権利又は同条第一項第二十一号に掲げる有価証券（政令で定めるものに限る。）若しくは同条第二項第七号に掲げる権利（政令で定めるものに限る。）については、当該権利又は有価証券に関し出資され…
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
financial instruments business operator, etc.machine translation
「金融商品取引業者等」
A financial instruments business operator (金融商品取引業者) or a registered financial institution (登録金融機関).
Defined inArticle 34, paragraph (1)
juridical act
法律行為
An act by which a person, by manifesting their intention (意思表示), brings about the legal effect they intend, such as making a contract or buying everyday goods (Civil Code, Articles 3-2, 9, paragraph (1), and 91; Act on General Rules for Application of Laws, Article 10, paragraphs (1) and (4)). A contract is formed when one party's offer, a manifestation of intention showing its terms, is accepted by the other (Civil Code, Article 522, paragraph (1)). Where the parties to a juridical act manifest an intention that differs from a provision of laws and regulations not related to public policy, their intention prevails (Article 91). It is void if a party lacked mental capacity (意思能力) when manifesting the intention (Article 3-2), or if it goes against public order or good morals (公の秩序又は善良の風俗) (Article 90). A minor (under 18, Article 4) needs the consent of their legal representative to do one, except one by which they merely acquire a right or are released from an obligation, or a disposal of property the representative has allowed them to dispose of, and one done without that consent may be rescinded (取消し) (Article 5); a rescinded act is treated as void from the start (Article 121), and a void act does not take effect even if the parties later confirm it, though confirming it knowing it is void counts as doing a new act (Article 119). One made subject to a condition precedent (停止条件) takes effect when the condition is fulfilled, and one subject to a condition subsequent (解除条件) loses effect then (Article 127, paragraphs (1) and (2)). Under the Act on General Rules for Application of Laws, the formation and effect of a juridical act are governed by the law of the place its parties chose when they did it (Article 7), or, where they chose none, by the law of the place most closely connected with it at that time (Article 8, paragraph (1)); but a consumer can ask for the protective rules of the law where they habitually live, which governs a consumer contract where no law was chosen, and a worker can ask for those of the place most closely connected with the labor contract, usually where the work is done (Articles 11 and 12) — except in the cases Article 11, paragraph (6) lists, such as a consumer who went to a place under the same law as the business's office and made the contract there, unless the business had invited them, where they habitually live, to make it there.
Written by AI using Civil Code, Arts. 3-2, 4, 5, 9, 90, 91, 119, 121, 127, 522 and Act on General Rules for Application of Laws, Arts. 7, 8, 10, 11, 12 as a reference.