Article 40-4Restrictions on the Purchase and Sale of Securities for Professional Investors
第四十条の四(特定投資家向け有価証券の売買等の制限)
A financial instruments business operator, etc. must not perform any of the acts set forth in Article 2, paragraph (8), items (i) through (iv) and (x) in connection with the securities for professional investors with a general investor (meaning a person other than a professional investor, etc. or issuer of securities for professional investors, or any other person specified by Cabinet Office Order; hereinafter the same applies in this Article); provided, however, that this does not apply in a case in which disclosure has been made (meaning a case in which disclosure has been made as prescribed in Article 4, paragraph (7); the same applies in Article 40-5, paragraph (1) and Article 66-14-2) with regard to the relevant securities for professional investors, nor does it apply in a case in which the financial instruments business operator, etc. intermediates a sale for the general investor without having solicited the general investors, nor does it in any case specified by Cabinet Office Order as one in which there is little likelihood of this resulting in insufficient investor protection.
金融商品取引業者等は、特定投資家向け有価証券について、一般投資家(特定投資家等、当該特定投資家向け有価証券の発行者その他内閣府令で定める者以外の者をいう。以下この条において同じ。)を相手方とし、又は一般投資家のために、第二条第八項第一号から第四号まで及び第十号に掲げる行為を行つてはならない。ただし、当該特定投資家向け有価証券に関して開示が行われている場合(第四条第七項に規定する開示が行われている場合をいう。次条第一項及び第六十六条の十四の二において同じ。)、一般投資家に対する勧誘に基づかないで一般投資家のために売付けの媒介を行う場合その他投資者の保護に欠けるおそれが少ない場合として内閣府令で定める場合は、この限りでない。
Read this with the articles around it
(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)
the purchase and sale of securities or intermediation, brokerage, or agency for it, using an electronic data processing system, conducted through any of the following methods for deciding the trading…
有価証券の売買又はその媒介、取次ぎ若しくは代理であつて、電子情報処理組織を使用して、同時に多数の者を一方の当事者又は各当事者として次に掲げる売買価格の決定方法又はこれに類似する方法により行うもの(取り扱う有価証券の種類等に照らして取引所金融商品市場又は店頭売買有価証券市場(第六十七条第二項に規定する店頭売買有価証券市…
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)
intermediation, brokerage, or agency for entrustment of the following transactions:
次に掲げる取引の委託の媒介、取次ぎ又は代理
Open this provision(Definitions)
over-the-counter derivatives transactions or intermediation, brokerage (excluding brokerage for clearing of securities, etc.), or agency for them…
店頭デリバティブ取引又はその媒介、取次ぎ(有価証券等清算取次ぎを除く。)若しくは代理(以下「店頭デリバティブ取引等」という。)
Open this provision(Notification of Public Offering or Secondary Distribution)
As set forth in paragraph (1), item (ii), (a) and (b) and item (iii), paragraph (2), paragraph (3) and the preceding two paragraphs, a case in which disclosure has been made means any of the…
第一項第二号イ及びロ並びに第三号、第二項、第三項並びに前二項に規定する開示が行われている場合とは、次に掲げる場合をいう。
Open this provision(Restrictions on the Purchase and Sale of Securities for Professional Investors)
A financial instruments business operator, etc. must not perform any of the acts set forth in Article 2, paragraph (8), items (i) through (iv) and (x) in connection with the securities for…
金融商品取引業者等は、特定投資家向け有価証券について、一般投資家(特定投資家等、当該特定投資家向け有価証券の発行者その他内閣府令で定める者以外の者をいう。以下この条において同じ。)を相手方とし、又は一般投資家のために、第二条第八項第一号から第四号まで及び第十号に掲げる行為を行つてはならない。
Open this provision(Obligation to Notify in Connection with Securities for Professional Investors)
If a financial instruments business operator, etc. sells securities for professional investors in a case not falling under the category of a case in which disclosure has been made…
金融商品取引業者等は、開示が行われている場合に該当しない特定投資家向け有価証券について、取得勧誘又は売付け勧誘等を行うことなく売付けその他の政令で定める行為を行う場合には、その相手方に対して、内閣府令で定めるところにより…
Open this provision(Limitation on Intermediation for the Purchase and Sale of Securities for Professional Investors)
A financial instruments intermediary service provider must not conduct any of the acts specified in Article 2, paragraph (11), item (i) or (ii) in connection with securities for professional…
金融商品仲介業者は、特定投資家向け有価証券について、一般投資家(特定投資家等、当該特定投資家向け有価証券の発行者その他内閣府令で定める者以外の者をいう。以下この条において同じ。)を相手方として、第二条第十一項第一号又は第二号に掲げる行為を行つてはならない。
Open this provisionprofessional investor, etc.machine translation
「特定投資家等」
A professional investor (特定投資家), or a non-resident (非居住者) as defined in Article 6, paragraph (1), item (vi) of the Foreign Exchange and Foreign Trade Act who is of a kind a Cabinet Order (政令) specifies.
Defined inArticle 2, paragraph (3), item (ii), (b), (2)
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)
securities for professional investorsmachine translation
「特定投資家向け有価証券」
Securities whose solicitation for acquisition was one only for professional investors (特定投資家向け取得勧誘), or whose solicitation for selling, etc. was one only for professional investors; securities of the same kind from the same issuer as a Cabinet Office Order (内閣府令) sets, and specified listed securities (特定上場有価証券) and securities a Cabinet Order (政令) specifies as circulating similarly — other than securities under any item of Article 24, paragraph (1) and securities a Cabinet Order specifies as unlikely to be held by many professional investors.
Short name set inArticle 4, paragraph (3)
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)
general investor
「一般投資家」
Anyone other than a professional investor, etc. (特定投資家等), the issuer of the securities concerned and others a Cabinet Office Order (内閣府令) specifies.
Defined inArticle 40-4, paragraph (1)· applies only in this article
case in which disclosure has been mademachine translation
「開示が行われている場合」
In Chapter II and in Articles 40-4, 40-5, paragraph (1) and 66-14-2, a case in which disclosure has been made as Article 4, paragraph (7) defines it: where a notification under Article 4, paragraph (1), (2) or (3) for an earlier public offering, secondary distribution or general solicitation of the same securities has taken effect (unless the issuer is exempt from filing annual securities reports under the proviso to Article 24, paragraph (1)), or a case a Cabinet Office Order (内閣府令) treats as equivalent.
Defined inArticle 40-4, paragraph (1)· applies only in this provision and in Article 40-5, paragraph (1); and Article 66-14-2