The provisions of Article 172-3 of the New Financial Instruments and Exchange Act apply to an annual securities report prescribed in paragraph (1) of that Article or a quarterly or semiannual securities report prescribed in paragraph (2) of that Article for which the business year subject to disclosure (meaning the business year specified in the relevant of the items of Article 185-7, paragraph (29) of the New Financial Instruments and Exchange Act for the category of documents or information set forth in that item; the same applies in the following Article) is a business year (or, if the issuer prescribed in each paragraph of Article 172-3 of the New Financial Instruments and Exchange Act is an issuer of specified securities prescribed in Article 5, paragraph (1) of the New Financial Instruments and Exchange Act (including as applied mutatis mutandis pursuant to Article 27 of the New Financial Instruments and Exchange Act), the specified period prescribed in Article 24, paragraph (1) of the New Financial Instruments and Exchange Act as applied mutatis mutandis pursuant to Article 24, paragraph (5) of the New Financial Instruments and Exchange Act (including as applied mutatis mutandis pursuant to Article 27 of the New Financial Instruments and Exchange Act) with regard to those specified securities; hereinafter the same applies in this Article and the following Article) commencing on or after the effective date.

The provisions of Article 172-4 of the New Financial Instruments and Exchange Act apply to an annual securities report, etc. prescribed in paragraph (1) of that Article, a quarterly, semiannual, or extraordinary report, etc. prescribed in paragraph (2) of that Article, or an extraordinary report prescribed in paragraph (3) of that Article for which the business year subject to disclosure is a business year commencing on or after the effective date, and the provisions then in force continue to govern an annual securities report, etc. prescribed in Article 172-2, paragraph (1) of the Former Financial Instruments and Exchange Act or a quarterly, semiannual, or extraordinary report, etc. prescribed in paragraph (2) of that Article for which the business year subject to disclosure is a business year that commenced before the effective date.

The provisions of Article 172-5 of the New Financial Instruments and Exchange Act apply to a purchase, etc. prescribed in that Article of share certificates, etc. or listed share certificates, etc. prescribed in that Article that is carried out on or after the effective date.

①The provisions of Article 172-6, paragraph (1) of the New Financial Instruments and Exchange Act apply to a public notice of the commencement of a tender offer, etc. or a tender offer statement, etc. prescribed in Article 172-6, paragraph (1) of the New Financial Instruments and Exchange Act that is made or submitted with regard to a tender offer (meaning a tender offer prescribed in Article 27-2, paragraph (1) or Article 27-22-2, paragraph (1) of the New Financial Instruments and Exchange Act; the same applies in the following paragraph) pertaining to a public notice of the commencement of a tender offer prescribed in Article 172-5 of the New Financial Instruments and Exchange Act that is made on or after the effective date.

②The provisions of Article 172-6, paragraph (2) of the New Financial Instruments and Exchange Act apply to an amended tender offer statement, etc. prescribed in that paragraph that is to be submitted with regard to a tender offer pertaining to a public notice of the commencement of a tender offer prescribed in Article 172-5 of the New Financial Instruments and Exchange Act that is made on or after the effective date.

The provisions of Article 172-7 of the New Financial Instruments and Exchange Act apply to a statement of large-volume holdings or changes prescribed in that Article for which the due date for submission arrives on or after the effective date.

The provisions of Article 172-8 of the New Financial Instruments and Exchange Act apply to a statement of large-volume holdings or changes, etc. prescribed in that Article that is submitted on or after the effective date.

The provisions of Article 173 of the New Financial Instruments and Exchange Act apply to a violation prescribed in paragraph (1) of that Article that commences on or after the effective date, and the provisions then in force continue to govern a violation prescribed in Article 173, paragraph (1) of the Former Financial Instruments and Exchange Act that commenced before the effective date.

The provisions of Article 174 of the New Financial Instruments and Exchange Act apply to a violation prescribed in paragraph (1) of that Article that commences on or after the effective date.

The provisions of Article 174-2 of the New Financial Instruments and Exchange Act apply to a violation prescribed in paragraph (1) of that Article that commences on or after the effective date, and the provisions then in force continue to govern a violation prescribed in Article 174, paragraph (1) of the Former Financial Instruments and Exchange Act that commenced before the effective date.

The provisions of Article 174-3 of the New Financial Instruments and Exchange Act apply to a violation prescribed in paragraph (1) of that Article that commences on or after the effective date.

The provisions of Article 175 of the New Financial Instruments and Exchange Act apply to a purchase and sale, etc. prescribed in Article 166, paragraph (1) of the New Financial Instruments and Exchange Act, or a purchase, etc. of specified share certificates, etc. or related share certificates, etc. or a sale, etc. of share certificates, etc. prescribed in Article 167, paragraph (1) of the New Financial Instruments and Exchange Act, that is carried out on or after the effective date, and the provisions then in force continue to govern a purchase and sale, etc. prescribed in Article 166, paragraph (1) of the Former Financial Instruments and Exchange Act, or a purchase, etc. of specified share certificates, etc. or related share certificates, etc. or a sale, etc. of share certificates, etc. prescribed in Article 167, paragraph (1) of the Former Financial Instruments and Exchange Act, that was carried out before the effective date.

①With regard to a disclosure document for offerings prescribed in Article 172, paragraph (3) of the Former Financial Instruments and Exchange Act that contains a false statement regarding a material particular and for which three years have elapsed since the day on which the document was submitted, without a decision to commence trial procedures having been issued under Article 178, paragraph (1) of the Former Financial Instruments and Exchange Act at the time this Act comes into effect, notwithstanding Article 178, paragraph (7) of the New Financial Instruments and Exchange Act, no decision to commence trial procedures under paragraph (1) of that Article may be issued for the fact set forth in item (ii) of that paragraph.

②With regard to a secondary distribution prescribed in Article 172, paragraph (4) of the Former Financial Instruments and Exchange Act that pertains to a prospectus prescribed in that paragraph that contains a false statement regarding a material particular, and for which three years have elapsed since the day on which the act was commenced, without a decision to commence trial procedures having been issued under Article 178, paragraph (1) of the Former Financial Instruments and Exchange Act at the time this Act comes into effect, notwithstanding Article 178, paragraph (8) of the New Financial Instruments and Exchange Act, no decision to commence trial procedures under paragraph (1) of that Article may be issued for the fact set forth in item (ii) of that paragraph.

③With regard to an ongoing disclosure document prescribed in Article 178, paragraph (5) of the Former Financial Instruments and Exchange Act that contains a false statement regarding a material particular and for which three years have elapsed since the day on which the document was submitted, without a decision to commence trial procedures having been issued under paragraph (1) of that Article at the time this Act comes into effect, notwithstanding Article 178, paragraph (11) of the New Financial Instruments and Exchange Act, no decision to commence trial procedures under paragraph (1) of that Article may be issued for the fact set forth in item (iv) of that paragraph.

④With regard to a violation prescribed in Article 173, paragraph (1) of the Former Financial Instruments and Exchange Act for which three years have elapsed since the day on which the act was committed, without a decision to commence trial procedures having been issued under Article 178, paragraph (1) of the Former Financial Instruments and Exchange Act at the time this Act comes into effect, notwithstanding Article 178, paragraph (22) of the New Financial Instruments and Exchange Act, no decision to commence trial procedures under paragraph (1) of that Article may be issued for the fact set forth in item (xii) of that paragraph.

⑤With regard to a violation prescribed in Article 174, paragraph (1) of the Former Financial Instruments and Exchange Act for which three years have elapsed since the day on which the act ended, without a decision to commence trial procedures having been issued under Article 178, paragraph (1) of the Former Financial Instruments and Exchange Act at the time this Act comes into effect, notwithstanding Article 178, paragraph (24) of the New Financial Instruments and Exchange Act, no decision to commence trial procedures under paragraph (1) of that Article may be issued for the fact set forth in item (xiv) of that paragraph.

⑥With regard to a purchase and sale, etc. prescribed in Article 166, paragraph (1) of the Former Financial Instruments and Exchange Act for which three years have elapsed since the day on which the act was carried out, without a decision to commence trial procedures having been issued under Article 178, paragraph (1) of the Former Financial Instruments and Exchange Act at the time this Act comes into effect, notwithstanding Article 178, paragraph (26) of the New Financial Instruments and Exchange Act, no decision to commence trial procedures under paragraph (1) of that Article may be issued for the fact set forth in item (xvi) of that paragraph.

⑦With regard to a purchase, etc. of specified share certificates, etc. or related share certificates, etc. prescribed in Article 167, paragraph (1) of the Former Financial Instruments and Exchange Act, or a sale, etc. of share certificates, etc. prescribed in that paragraph, for which three years have elapsed since the day on which the act was carried out, without a decision to commence trial procedures having been issued under Article 178, paragraph (1) of the Former Financial Instruments and Exchange Act at the time this Act comes into effect, notwithstanding Article 178, paragraph (27) of the New Financial Instruments and Exchange Act, no decision to commence trial procedures under paragraph (1) of that Article may be issued for the fact set forth in item (xvi) of that paragraph.

In the case where a decision must be made under Article 185-7, paragraph (1), (2), (4) through (8), or (10) through (12) of the New Financial Instruments and Exchange Act, if a person set forth in the left-hand column of the table in paragraph (13) of that Article has, within five years going back from the day set forth in the middle column of that table, been subject to an administrative monetary penalty payment order prescribed in Article 185-15, paragraph (1) of the Former Financial Instruments and Exchange Act (if an action under Article 185-18, paragraph (1) of the Former Financial Instruments and Exchange Act has been filed with regard to that administrative monetary penalty payment order, limited to where the judgment on that action has become final and binding) or been subject to a decision prescribed in Article 185-7, paragraph (6) of the Former Financial Instruments and Exchange Act (limited to where the case falls under the proviso to paragraph (3), the proviso to paragraph (4), or the proviso to paragraph (5) of that Article), Article 185-7, paragraph (13) of the New Financial Instruments and Exchange Act applies by deeming that administrative monetary penalty payment order or decision to be an administrative monetary penalty payment order prescribed in Article 185-15, paragraph (1) of the New Financial Instruments and Exchange Act for which the judgment on the action under Article 185-18, paragraph (1) of the New Financial Instruments and Exchange Act pertaining to that administrative monetary penalty payment order has become final and binding.

With regard to the application of penal provisions to acts committed before this Act (or, for the provisions set forth in the items of Article 1 of the Supplementary Provisions, those provisions; the same applies hereinafter in this Article) comes into effect and to acts committed after this Act comes into effect in the cases where the provisions then in force continue to govern pursuant to the provisions of these Supplementary Provisions, the provisions then in force continue to govern.

Beyond what is provided for in Article 2 through Article 19 of the Supplementary Provisions, transitional measures necessary for the enforcement of this Act are specified by Cabinet Order.

Within five years after this Act comes into effect, the government is to review the implementation status of the provisions amended by this Act, and take the required measures based on the results of the review if it finds this to be necessary.