①The provisions of Article 166 of the New Financial Instruments and Exchange Act (excluding the part pertaining to paragraph (6), item (vii)) apply to purchase and sale, etc. under that Article by a person who came to know a material fact concerning business or other particulars prescribed in paragraph (1) of that Article that arose on or after the effective date (limited, in the case of a decision not to carry out the matter set forth in item (ix) of paragraph (2) of that Article made by the organ of a listed company, etc. which is responsible for making decisions on the execution of operations prescribed in that item, to cases where the decision of that organ to carry out that matter was made on or after the effective date, limited, in the case of the fact set forth in item (xi) of that paragraph, to one that arose in comparison with the last disclosed forecasts or the actual figures for the preceding business period prescribed in that item for which the announcement under paragraph (4) of that Article was made on or after the effective date, and limited, in the case of a decision not to carry out the matter set forth in Article 166, paragraph (2), item (xii) of the New Financial Instruments and Exchange Act made by the organ of the asset management company of a listed company, etc. prescribed in that item which is responsible for making decisions on the execution of operations, to cases where the decision of that organ to carry out that matter was made on or after the effective date) or by a person who received communication of such facts, and the provisions then in force continue to govern the purchase and sale, etc. under Article 166 of the Financial Instruments and Exchange Act by a person who came to know a material fact concerning business or other particulars prescribed in Article 166, paragraph (1) of the Former Financial Instruments and Exchange Act that arose before the effective date or by a person who received communication of such facts.

②The provisions of Article 167-2, paragraph (1) of the New Financial Instruments and Exchange Act (limited to the part pertaining to those prescribed in Article 166, paragraph (2), items (ix) through (xiv) of the New Financial Instruments and Exchange Act among the material facts concerning business or other particulars prescribed in Article 166, paragraph (1) of the New Financial Instruments and Exchange Act) apply to the act of making the communication under Article 167-2, paragraph (1) of the New Financial Instruments and Exchange Act or recommending the purchase and sale, etc. under that paragraph, in the case of coming to know a material fact concerning business or other particulars prescribed in Article 166, paragraph (1) of the New Financial Instruments and Exchange Act (limited to those prescribed in paragraph (2), items (ix) through (xiv) of that Article) that arose on or after the effective date (limited, in the case of a decision not to carry out the matter set forth in item (ix) of paragraph (2) of that Article made by the organ of a listed company, etc. which is responsible for making decisions on the execution of operations prescribed in that item, to cases where the decision of that organ to carry out that matter was made on or after the effective date, limited, in the case of the fact set forth in item (xi) of that paragraph, to one that arose in comparison with the last disclosed forecasts or the actual figures for the preceding business period prescribed in that item for which the announcement under paragraph (4) of that Article was made on or after the effective date, and limited, in the case of a decision not to carry out the matter set forth in Article 166, paragraph (2), item (xii) of the New Financial Instruments and Exchange Act made by the organ of the asset management company of a listed company, etc. prescribed in that item which is responsible for making decisions on the execution of operations, to cases where the decision of that organ to carry out that matter was made on or after the effective date).

①The provisions of Articles 173 through 174-3 of the New Financial Instruments and Exchange Act apply to a violation prescribed in Article 173, paragraph (1), Article 174, paragraph (1), Article 174-2, paragraph (1) or Article 174-3, paragraph (1) of the New Financial Instruments and Exchange Act 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), Article 174, paragraph (1), Article 174-2, paragraph (1) or Article 174-3, paragraph (1) of the Former Financial Instruments and Exchange Act that commenced before the effective date.

②The 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.

③The provisions of Article 175-2 of the New Financial Instruments and Exchange Act apply to a violation prescribed in paragraph (1) or (2) of that Article or a specified act of providing information, etc. prescribed in paragraph (13) or (14) of that Article that is committed on or after the effective date.

①The provisions of Article 166 of the Financial Instruments and Exchange Act as amended by the provisions of Article 2 (hereinafter in this Article referred to as the "New Financial Instruments and Exchange Act") apply to the purchase and sale, etc. under that Article by a person who came to know a material fact concerning business or other particulars prescribed in Article 166, paragraph (1) of the New Financial Instruments and Exchange Act that arose on or after the date of enforcement of the provisions set forth in Article 1, item (iii) of the Supplementary Provisions (hereinafter referred to as the "item (iii) effective date") (limited, in the case of a decision not to carry out the matter set forth in item (ix) of paragraph (2) of that Article made by the organ of a listed company, etc. which is responsible for making decisions on the execution of operations prescribed in that item, to cases where the decision of that organ to carry out that matter was made on or after the item (iii) effective date) or by a person who received communication of such facts, and the provisions then in force continue to govern the purchase and sale, etc. under Article 166 of the Financial Instruments and Exchange Act by a person who came to know a material fact concerning business or other particulars prescribed in Article 166, paragraph (1) of the Financial Instruments and Exchange Act prior to amendment by the provisions of Article 2 that arose before the item (iii) effective date (including, in the case of a decision not to carry out the matter set forth in item (ix) of paragraph (2) of that Article made by the organ of a listed company, etc. which is responsible for making decisions on the execution of operations prescribed in that item, cases where the decision of that organ to carry out that matter was made before the item (iii) effective date and the decision not to carry out that matter was made on or after the item (iii) effective date) or by a person who received communication of such facts.

②The provisions of Article 167-2, paragraph (1) of the New Financial Instruments and Exchange Act (limited to the part pertaining to those prescribed in Article 166, paragraph (2), item (ix), (c) or (d) among the material facts concerning business or other particulars prescribed in Article 166, paragraph (1) of the New Financial Instruments and Exchange Act) apply to the act of making the communication under Article 167-2, paragraph (1) of the New Financial Instruments and Exchange Act or recommending the purchase and sale, etc. under that paragraph, in the case of coming to know a material fact concerning business or other particulars prescribed in Article 166, paragraph (1) of the New Financial Instruments and Exchange Act (limited to those prescribed in item (ix), (c) or (d) of paragraph (2) of that Article) that arose on or after the item (iii) effective date (limited, in the case of a decision not to carry out the matter set forth in (c) or (d) of that item made by the organ of a listed company, etc. which is responsible for making decisions on the execution of operations prescribed in that item, to cases where the decision of that organ to carry out that matter was made on or after the item (iii) effective date).

If the date of enforcement of the provisions set forth in Article 1, item (ii) of the Supplementary Provisions is before the date of enforcement of the Act Partially Amending the Financial Instruments and Exchange Act, etc. (Act No. 86 of 2012), the provisions in Article 1 amending Article 79-49, paragraph (1) of the Financial Instruments and Exchange Act and the phrase "Article 79-49, paragraph (1)" in that item are deemed to be replaced with "Article 79-49".

If the effective date is before the date of enforcement of the Act Partially Amending the Employees' Pension Insurance Act, etc. for Ensuring the Soundness and Reliability of the Public Pension System (Act No. 63 of 2013), with regard to the application of the provisions of Article 3-2 of the Supplementary Provisions of the New Financial Instruments and Exchange Act during the period from the effective date until the day preceding the date of enforcement of that Act, the phrase "surviving employees' pension funds prescribed in Article 3, item (xi) of the Supplementary Provisions of the Act Partially Amending the Employees' Pension Insurance Act, etc. for Ensuring the Soundness and Reliability of the Public Pension System (Act No. 63 of 2013) (excluding those for which a structure for the management and investment of reserve funds for pension benefits, etc. prescribed in Article 136-3, paragraph (4) of the Employees' Pension Insurance Act (Act No. 115 of 1954) prior to its amendment by the provisions of Article 1 of the Act Partially Amending the Employees' Pension Insurance Act, etc. for Ensuring the Soundness and Reliability of the Public Pension System, which is to remain in force pursuant to the provisions of Article 5, paragraph (1) of the Supplementary Provisions of that amending Act" in that Article is deemed to be replaced with "employees' pension funds (excluding those for which a structure for the management and investment of reserve funds for pension benefits, etc. prescribed in Article 136-3, paragraph (4) of the Employees' Pension Insurance Act (Act No. 115 of 1954)".

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 Articles 2 through 15 and the preceding Article of the Supplementary Provisions, transitional measures necessary in connection with the enforcement of this Act (including transitional measures concerning penal provisions) are specified by Cabinet Order.

The government is to, with a target of five years after this Act comes into effect, taking into account the status, etc. of the enforcement of the respective Acts as amended by this Act (hereinafter referred to in this Article as "the respective Acts as amended"), when it finds it necessary, review the provisions of the respective Acts as amended, and take the required measures based on the results of that review.