Foreign Exchange and Foreign Trade Act

Before a foreign investor conducts a specified acquisition (meaning a specified acquisition as provided in Article 26, paragraph (3), and excluding a specified acquisition as prescribed by Cabinet Order in consideration of inheritance, bequest, merger of a corporation, or any other circumstances; the same applies hereinafter, except in Article 29-2 and Article 69-4) prescribed by Cabinet Order as being likely to constitute a specified acquisition that requires the examination under paragraph (3), the foreign investor must first file a notification of the business purpose of the specified acquisition, its amount, its timing, and any other information that Cabinet Order prescribes following matters (limited, as for the matter stated in item (iv), to the case where the foreign investor takes the measure relating to national security provided for in that item) concerning that specified acquisition with the Minister of Finance and the competent minister for the business, pursuant to the provisions of Cabinet Order.:

the purpose of the business of the company provided for in Article 26, paragraph (3);

the amount of that specified acquisition;

the timing of the execution of that specified acquisition;

a restriction on the involvement of that foreign investor in the management of the company relating to that specified acquisition, or any other measure to eliminate the risk of that specified acquisition giving rise to a situation that would compromise national security (hereinafter referred to as a "measure relating to national security");

any other matters prescribed by Cabinet Order.

A foreign investor that has filed a notification under the preceding paragraph with regard to a specified acquisition must not undertake the specified acquisition that is subject to that notification during the period until the final day in the 30-day period that starts on the date that the Minister of Finance and the competent minister for the business receive the notification; provided, however, that on finding, before the end of this period, that, based on the business purposepurpose of the business provided for in item (i) of that paragraph or any other consideration, the specified acquisition that is subject to that notification does not constitute one necessitating an examination under the following paragraph, the Minister of Finance and the competent minister for the business may shorten this period.

When a notification under paragraph (1) has been filed, on finding it necessary to examine whether the specified acquisition that is subject to the notification constitutes a specified acquisition that is highly likely to cause a situation that would compromise national security (but only a specified acquisition that is undertaken by a foreign investor from a member state of a multilateral treaty or other international agreement on specified acquisition that Cabinet Order prescribes and to which Japan has acceded (hereinafter referred to as a "treaty or other agreement" in this paragraph), if there is no obligation to remove restrictions on that specified acquisition based on the treaty or other agreement; as well as a specified acquisition that is undertaken by a foreign investor from a state other than the member state of such a treaty or other agreement, if there would be no obligation to remove restrictions on the specified acquisition if the state in question were a member state of the treaty or other agreement; hereinafter referred to as a "specified acquisition that is a matter of national security"), the Minister of Finance and the competent minister for the business may extend the period during which the specified acquisition that is subject to the notification must not be undertaken, but only to a period of four months starting, pursuant to the provisions of Cabinet Order, extend the prohibition period (meaning the period prescribed in the main clause of the preceding paragraph that relates to that notification; hereinafter the same applies in this Article and Article 28-3), but only until the final day in the four-month period that starts on the day on which the notification is received.

If the Minister of Finance and the competent minister for the business have extended the period during which a specified acquisition must not be undertakenprohibition period pursuant to the provisions of the preceding paragraph, but they find, as a result of an examination under that paragraph and before the expiration of the extended prohibition period, that the specified acquisition that is subject to the notification under paragraph (1) does not constitute a specified acquisition that is a matter of national security, the ministers may shorten the extended prohibition period.

If the Minister of Finance and the competent minister for the business have extended the period during which a specified acquisition must not be undertakenprohibition period pursuant to the provisions of paragraph (3), but they find, as a result of the examination under that paragraph, that the specified acquisition that is subject to the notification under paragraph (1) constitutes a specified acquisition that is a matter of national security, the ministers, pursuant to the provisions of Cabinet Order, may recommend the person that filed the notification of the specified acquisition to modifychange the substance of the acquisition or discontinue it, make a modification of a measure relating to national security (meaning to file with the Minister of Finance and the competent minister for the business a notification of a modification relating to the matters set out in paragraph (1), item (iv) that pertain to the notification; the same applies hereinafter), or discontinue the specified acquisition, after hearing the opinions of the Council on Customs, Tariffs, Foreign Exchange, and Other Transactions; provided, however, that the period during which the ministers may recommend the modification or discontinuance starts from the day on which they receive the notification change, the modification of a measure relating to national security, or the discontinuance is up until the final day inof the prohibition period as extended pursuant to the provisions of paragraph (3) or the following paragraph or Article 28-3, paragraph (2).

Notwithstanding the provisions of paragraph (3), ifIf the Minister of Finance and the competent minister for the business hear the opinion of the Council on Customs, Tariffs, Foreign Exchange, and Other Transactions pursuant to the preceding paragraph, but the Council makes a filing indicating that, considering the character of the matter in question, it will be difficult for it to state its opinion within the period of four months prescribed in paragraph (3), the period during which a specified acquisition must not be undertaken as prescribed in that paragraph is five monthsending on the day on which four months elapse from the day on which the notification under paragraph (1) was accepted (or, if the prohibition period has been extended beyond that period pursuant to the provisions of Article 28-3, paragraph (2), the period until the final day of the extended prohibition period), the prohibition period is, notwithstanding the provisions of paragraph (3) or paragraph (2) of that Article, the period ending on the day on which five months elapse from the day on which the notification under paragraph (1) was accepted (or, if the prohibition period has been extended pursuant to the provisions of paragraph (2) of that Article beyond the period ending on the day on which four months elapse from the day on which the notification under paragraph (1) was accepted, the period ending on the day on which one month elapses from the day following the final day of the extended prohibition period).

The provisions of Article 27, paragraphs (7) through (12) apply mutatis mutandis if the recommendation under paragraph (5) is issued. In this case, the phrase "modification of a measure relating to national security or a similar concern" in paragraph (8) of that Article is deemed to be replaced with "modification of a measure relating to national security prescribed in Article 28, paragraph (5) (hereinafter referred to as "modification of a measure relating to national security" in this Article)", and the phrase "modification of a measure relating to national security or a similar concern" in paragraphs (10) through (12) of that Article is deemed to be replaced with "modification of a measure relating to national security", and Cabinet Order prescribes any other necessary technical replacement of terms.

Assets and rights that a partner of a specified partnership or similar organization acquires through an action that is comparable to the specified acquisitions that the specified partnership or similar organization undertakes are deemed to be acquired, owned, or held by the specified partnership or similar organization, and the provisions of the preceding paragraphs , Article 28-3, Article 28-4, and Article 29, paragraphs (1) through (4)(6) apply.

A person (including a corporation or any other organization) not constituting a foreign investor is deemed to be a foreign investor in connection with any action comparable to a specified acquisition which that person conducts on behalf of a foreign investornon-resident, etc. but not in the name of that foreign investornon-resident, etc. that falls under any of the following items, and the provisions of paragraphs (1) through (7) , Article 28-3, Article 28-4, and Article 29, paragraphs (1) through (4)(6) apply thereto.

that is carried out for the account of the non-resident, etc.;

that is carried out based on a contract, the laws and regulations of a foreign country, or anything similar to these (limited to those specified by Cabinet Order, and excluding those set out in the preceding item);

that is carried out by a person that has a special relationship with the non-resident, etc. specified by Cabinet Order, such as a permanent economic relationship based on ownership of shares, a familial relationship, or an employment relationship (limited to those specified by Cabinet Order, and excluding those set out in the preceding two items).

Beyond what is provided for in the preceding two paragraphs, Cabinet Order prescribes the procedures for issuing recommendations under paragraph (3)and orders under these provisions, and provides for other necessary particulars in connection with these recommendations and orders.

Assets and rights that a partner of a specified partnership or similar organization acquires through an action that is comparable to the specified acquisitions that the specified partnership or similar organization undertakes are deemed to be acquired, owned, or held by the specified partnership or similar organization, and the provisions of the preceding paragraphs and paragraph (5) of the following ArticleArticle 29, paragraph (7) apply.

A person (including a corporation or any other organization) not constituting a foreign investor is deemed to be a foreign investor in connection with any action comparable to a specified acquisition which that person undertakes on behalf of a foreign investornon-resident, etc. but not in the name of that foreign investornon-resident, etc. that falls under any of the following items, and the provisions of paragraphs (1) through (5) and paragraph (5) of the following ArticleArticle 29, paragraph (7) apply.

that is carried out for the account of the non-resident, etc.;

that is carried out based on a contract, the laws and regulations of a foreign country, or anything similar to these (limited to those specified by Cabinet Order, and excluding those set out in the preceding item);

that is carried out by a person that has a special relationship with the non-resident, etc. specified by Cabinet Order, such as a permanent economic relationship based on ownership of shares, a familial relationship, or an employment relationship (limited to those specified by Cabinet Order, and excluding those set out in the preceding two items).

A foreign investor that has filed a notification under Article 28, paragraph (1) may, when it intends to make a modification relating to the matters set out in Article 28, paragraph (1), item (iv) that pertain to the notification during the prohibition period (if the prohibition period has been extended pursuant to the provisions of paragraph (3) of that Article or shortened pursuant to the provisions of the proviso to paragraph (2) or paragraph (4) of that Article, the prohibition period as so extended or shortened), notify the Minister of Finance and the competent minister for the business of the modification, pursuant to the provisions of Cabinet Order.

If a notification under the preceding paragraph has been made, and the final day of the prohibition period (if the prohibition period has been extended pursuant to the provisions of Article 28, paragraph (3) or shortened pursuant to the provisions of the proviso to paragraph (2) or paragraph (4) of that Article, the prohibition period as so extended or shortened) is before the day on which 14 days elapse from the day on which the notification under the preceding paragraph was accepted, the prohibition period is, notwithstanding the provisions of paragraphs (2) through (4) of that Article, the period until the day on which those 14 days elapse.

A foreign investor that has filed a notification under Article 28, paragraph (1) must, when it intends to make a change, after the expiration of the prohibition period prescribed in paragraph (8) of the following Article, relating to the matters set out in Article 28, paragraph (1), item (iv) that pertain to the notification (if a notification of modification or change has been made in accordance with a recommendation under Article 28, paragraph (5) (including as applied mutatis mutandis pursuant to the following paragraph), or based on an order under Article 27, paragraph (10) as applied mutatis mutandis pursuant to Article 28, paragraph (7) (including as applied mutatis mutandis pursuant to the following paragraph), or pursuant to the provisions of paragraph (1) of the preceding Article (including as applied mutatis mutandis pursuant to the following paragraph), or pursuant to the provisions of this paragraph, the matters as so modified or changed), notify the Minister of Finance and the competent minister for the business of the change in advance, pursuant to the provisions of Cabinet Order.

The provisions of Article 28, paragraphs (2) through (9) and the preceding Article apply mutatis mutandis to a notification of a change under the preceding paragraph. In this case, the phrase "undertake the specified acquisition" in Article 28, paragraph (2) is deemed to be replaced with "make the change to the matters stated in item (iv) of the preceding paragraph"; the phrase "would compromise national security" in Article 28, paragraph (3) is deemed to be replaced with "would, by a change to the matters stated in paragraph (1), item (iv) that relate to the notification under Article 28-4, paragraph (1), compromise national security"; in Article 28, paragraph (5), the phrase "the person that filed the notification of the specified acquisition to change the substance of the acquisition" is deemed to be replaced with "the person that filed the notification of the specified acquisition", the phrase "relating to the matters set out in paragraph (1), item (iv) that pertain to the notification" is deemed to be replaced with "of the change relating to the matters set out in paragraph (1), item (iv) that pertain to the notification under Article 28-4, paragraph (1)", and the phrase "discontinue the specified acquisition" is deemed to be replaced with "discontinue the change to the matters stated in that item that relate to the notification under Article 28-4, paragraph (1)"; the phrase "provided, however, that the period during which the ministers may recommend the change" in the proviso to Article 28, paragraph (5) is deemed to be replaced with "provided, however, that the period during which the ministers may recommend"; the phrase "Article 27, paragraphs (7) through (12)" in Article 28, paragraph (7) is deemed to be replaced with "Article 27, paragraphs (7) through (12) as applied mutatis mutandis pursuant to paragraph (2) of the preceding Article"; and the phrase "relating to the matters set out in Article 28, paragraph (1), item (iv) that pertain to the notification" in paragraph (1) of the preceding Article is deemed to be replaced with "of the change relating to the matters set out in Article 28, paragraph (1), item (iv) that pertain to the notification of a change under paragraph (1) of the following Article", and the phrase "of the modification" in paragraph (1) of the preceding Article is deemed to be replaced with "of the modification of that change"; in addition, Cabinet Order prescribes any necessary technical replacement of terms.

if a foreign investor that has filed a notification under Article 27, paragraph (1) or Article 28, paragraph (1) fails to take a measure relating to national security or a similar concern with regard to the matters that are subject to the notification under Article 27, paragraph (1) and are stated in item (iv) of that paragraph (or, where a notification of a modification or change to those matters has been filed in compliance with a recommendation under Article 27, paragraph (5) (including as applied mutatis mutandis pursuant to Article 27-4, paragraph (2)), based on an order under Article 27, paragraph (10) (including as applied mutatis mutandis pursuant to Article 27-4, paragraph (2)), pursuant to Article 27-3, paragraph (1) (including as applied mutatis mutandis pursuant to Article 27-4, paragraph (2)), or pursuant to Article 27-4, paragraph (1), those matters as so modified or changed), or fails to take a measure relating to national security with regard to the matters that are subject to the notification under Article 28, paragraph (1) and are stated in item (iv) of that paragraph (or, where a notification of a modification or change to those matters has been filed in compliance with a recommendation under Article 28, paragraph (5) (including as applied mutatis mutandis pursuant to paragraph (2) of the preceding Article), based on an order under Article 27, paragraph (10) as applied mutatis mutandis pursuant to Article 28, paragraph (7) (including as applied mutatis mutandis pursuant to paragraph (2) of the preceding Article), pursuant to Article 28-3, paragraph (1) (including as applied mutatis mutandis pursuant to paragraph (2) of the preceding Article), or pursuant to paragraph (1) of the preceding Article, those matters as so modified or changed).

If a foreign investor that has filed a notification under Article 27, paragraph (1), Article 27-4, paragraph (1), Article 28, paragraph (1) or paragraph (1) of the preceding Article fails to follow a recommendation for a modification of a measure relating to national security or a similar concern or a modification of a measure relating to national security, of which the foreign investor has given notice of acceptance pursuant to Article 27, paragraph (7) (including as applied mutatis mutandis pursuant to Article 27-4, paragraph (2) or Article 28, paragraph (7) (including as applied mutatis mutandis pursuant to paragraph (2) of the preceding Article)), or violates an order for a modification of a measure relating to national security or a similar concern or a modification of a measure relating to national security under Article 27, paragraph (10) (including as applied mutatis mutandis pursuant to Article 27-4, paragraph (2) or Article 28, paragraph (7) (including as applied mutatis mutandis pursuant to paragraph (2) of the preceding Article)), the Minister of Finance and the competent minister for the business may order the foreign investor, pursuant to Cabinet Order, to dispose of all or part of the shares or equity acquired through the inward direct investment or equivalent action or the specified acquisition that is subject to the notification, or to take other necessary measures.

If a foreign investor that has filed a notification under Article 27-4, paragraph (1) or paragraph (1) of the preceding Article fails to follow a recommendation to discontinue the change relating to those notifications, of which the foreign investor has given notice of acceptance pursuant to Article 27, paragraph (7) as applied mutatis mutandis pursuant to Article 27-4, paragraph (2) (including as applied mutatis mutandis pursuant to Article 28, paragraph (7) as applied mutatis mutandis pursuant to paragraph (2) of the preceding Article), or violates an order to discontinue the change relating to those notifications under Article 27, paragraph (10) as applied mutatis mutandis pursuant to Article 27-4, paragraph (2) (including as applied mutatis mutandis pursuant to Article 28, paragraph (7) as applied mutatis mutandis pursuant to paragraph (2) of the preceding Article), the Minister of Finance and the competent minister for the business may order the foreign investor, pursuant to Cabinet Order, to dispose of all or part of the shares or equity acquired through the inward direct investment or equivalent action or the specified acquisition that is subject to the notification, or to take other necessary measures.

If, pursuant to the provisions of Article 27-2, paragraph (1) or paragraph (1) of the preceding ArticleArticle 28-2, paragraph (1), a foreign investor as provided in Article 27-2, paragraph (1) or paragraph (1) of the preceding ArticleArticle 28-2, paragraph (1) has carried out an inward direct investment or equivalent action or a specified acquisition without filing a notification under Article 27, paragraph (1) or Article 28, paragraph (1), and has violated an order under Article 27-2, paragraph (4) or paragraph (4) of the preceding ArticleArticle 28-2, paragraph (4), and if the Minister of Finance and the competent minister for the business find that the inward direct investment or equivalent action constitutes an inward direct investment or equivalent action that is a matter of national security or a similar concern or that the specified acquisition constitutes a specified acquisition that is a matter of national security, the ministers, pursuant to the provisions of Cabinet Order and after hearing the opinions of the Council on Customs, Tariffs, Foreign Exchange, and Other Transactions, may order the foreign investor that has carried out the inward direct investment or equivalent action or the specified acquisition to dispose of all or part of the shares or equity acquired through the inward direct investment or equivalent action or through the specified acquisition, or to take any other necessary measures.

The term "prohibition period" referred to in paragraph (1), item (ii) means the prohibition period prescribed in the main clause of Article 27, paragraph (2)(3) (or, if the period is extended pursuant to the provisions of paragraph (3) or (6) of that Article or that paragraph or paragraph (6) of that Article or Article 27-3, paragraph (2), or shortened pursuant to the provisions of the proviso to paragraph (2) of that ArticleArticle 27, paragraph (2) or paragraph (4) of that Article, the period so extended or shortened), or the prohibition period prescribed in the main clause of Article 28, paragraph (2)(3) (or, if the period is extended pursuant to the provisions of paragraph (3) or (6) of that Article or that paragraph or paragraph (6) of that Article or Article 28-3, paragraph (2), or shortened pursuant to the provisions of the proviso to paragraph (2) of that ArticleArticle 28, paragraph (2) or paragraph (4) of that Article, the period so extended or shortened).

In the cases prescribed in paragraph (1) and paragraphs (3) through (6), if, due to the ownership or holding, by a directly held corporation or other organization prescribed in Article 26, paragraph (5), of shares or equity in a company (excluding a listed or equivalent company; the same applies hereinafter in this paragraph) or of shares owned or otherwise managed under contract or voting rights held or otherwise exercisable under contract of a listed or equivalent company, in connection with an inward direct investment or equivalent action (limited to an act stated in Article 26, paragraph (2), item (ix) or (x), or an act stated in item (xi) of that paragraph (limited to an act prescribed by Cabinet Order as being equivalent to the acts stated in items (ix) and (x) of that paragraph)), there is actually a risk of giving rise to either of the situations stated in Article 27, paragraph (3), item (i), (a) or (b), and it is extremely difficult to eliminate that risk by an order to the foreign investor that undertook the inward direct investment or equivalent action, the Minister of Finance and the competent minister for the business may order the directly held corporation or other organization, pursuant to Cabinet Order, to dispose of all or part of the shares or equity in a company or the shares owned or otherwise managed under contract or voting rights held or otherwise exercisable under contract of a listed or equivalent company that it owns or holds, or to take other necessary measures. In this case, if the directly held corporation or other organization is an organization similar to a specified partnership, assets or rights that a member of that organization similar to a specified partnership owns or holds as assets of that organization are deemed to be owned or held by that organization similar to a specified partnership.

If the Minister of Finance and the competent minister for the business find it particularly necessary, with regard to an inward direct investment or equivalent action undertaken by a foreign investor (meaning an inward direct investment or equivalent action prescribed in Article 27, paragraph (1), limited to one that falls under an act stated in Article 26, paragraph (2), items (i) through (iv) or (viii), or an act stated in item (xi) of that paragraph (limited to an act prescribed by Cabinet Order as being equivalent to the acts stated in items (i) through (iv) and (viii) of that paragraph), and excluding one for which a notification has been filed, or should have been filed, pursuant to Article 27, paragraph (1) in undertaking that inward direct investment or equivalent action and one for which filing a notification was not required pursuant to Article 27-2, paragraph (1); the same applies hereinafter in this Article) or a specified acquisition (meaning a specified acquisition prescribed in Article 28, paragraph (1), excluding one for which a notification has been filed, or should have been filed, pursuant to that paragraph in undertaking that specified acquisition and one for which filing a notification was not required pursuant to Article 28-2, paragraph (1); the same applies hereinafter in this Article) that falls under an inward direct investment or equivalent action or a specified acquisition prescribed by Cabinet Order as being highly likely to come to fall under an inward direct investment or equivalent action that is a matter of national security (meaning an inward direct investment or equivalent action that is a matter of national security or a similar concern and is highly likely to give rise to the situation stated in Article 27, paragraph (3), item (i), (a) (limited to a situation that compromises national security); the same applies hereinafter in this Article and Article 69-4, item (iii)) or a specified acquisition that is a matter of national security, in the future due to a change in the international situation or any other reason, they may, pursuant to Cabinet Order, request the foreign investor to report, with regard to that inward direct investment or equivalent action or specified acquisition, the purpose of the business prescribed in Article 27, paragraph (1), item (i) or Article 28, paragraph (1), item (i), the number of shares relating to that inward direct investment or equivalent action or specified acquisition that the foreign investor owns, and other matters prescribed by Cabinet Order.

If the Minister of Finance and the competent minister for the business find that the inward direct investment or equivalent action or the specified acquisition that is subject to the report under the preceding paragraph constitutes an inward direct investment or equivalent action that is a matter of national security or a specified acquisition that is a matter of national security, the ministers, after hearing the opinions of the Council on Customs, Tariffs, Foreign Exchange, and Other Transactions, may recommend the person that made the report to dispose of all or part of the shares or equity acquired through the inward direct investment or equivalent action or the specified acquisition that is subject to the report, or to take other necessary measures.

If, in response to a request for a report under paragraph (1), a foreign investor fails without justifiable grounds to comply with the request or makes a false report, the Minister of Finance and the competent minister for the business, after hearing the opinions of the Council on Customs, Tariffs, Foreign Exchange, and Other Transactions, may recommend the foreign investor to dispose of all or part of the shares or equity acquired through the inward direct investment or equivalent action or the specified acquisition relating to the request, or to take other necessary measures.

A person that has received a recommendation under the preceding two paragraphs must, within 10 days from the day of receiving the recommendation, notify the Minister of Finance and the competent minister for the business whether the person accepts the recommendation or not.

A person that has given notice of acceptance of a recommendation pursuant to the preceding paragraph must take the measures relating to the recommendation in accordance with what was recommended.

If a person that has received a recommendation under paragraph (2) or (3) has failed to give the notice under paragraph (4) or has given notice that the person does not accept the recommendation, the Minister of Finance and the competent minister for the business may order the person that has received the recommendation to dispose of all or part of the shares or equity acquired through the inward direct investment or equivalent action or the specified acquisition relating to the recommendation, or to take other necessary measures.

If the Minister of Finance and the competent minister for the business find, due to a change in the international situation or any other reason, that the inward direct investment or equivalent action or the specified acquisition relating to the request for a report under paragraph (1) has ceased to fall under an inward direct investment or equivalent action that is a matter of national security or a specified acquisition that is a matter of national security, or find that it has become clear that it does not so fall, they may rescind all or part of the recommendation or order with respect to a person that has given notice of acceptance of the recommendation pursuant to paragraph (4) or a person that has received an order under the preceding paragraph.

In addition to what is provided for in paragraph (2) through the preceding paragraph, the procedures for recommendations and orders to dispose of all or part of shares or equity acquired through an inward direct investment or equivalent action or a specified acquisition under these provisions, or to take other necessary measures, and other particulars necessary for these recommendations and orders are prescribed by Cabinet Order.

If, having requested a foreign investor to report pursuant to paragraph (1), the Minister of Finance and the competent minister for the business find that the inward direct investment or equivalent action or the specified acquisition relating to the request is extremely highly likely to give rise to a situation that compromises national security and that it is therefore necessary to take urgent measures, they may, notwithstanding paragraph (2) through the preceding paragraph, after hearing the opinions of the Council on Customs, Tariffs, Foreign Exchange, and Other Transactions, order the foreign investor, pursuant to Cabinet Order, to take measures prescribed by Cabinet Order as measures necessary to prevent the occurrence of a situation that compromises national security, such as not newly undertaking an inward direct investment or equivalent action or a specified acquisition.

If the Minister of Finance and the competent minister for the business find that it has become unnecessary to take the measures ordered pursuant to the preceding paragraph due to a change in the international situation or any other reason, they may, pursuant to Cabinet Order, rescind all or part of the order with respect to a person that has received an order under that paragraph.

The period during which a report may be requested under paragraph (1) regarding an inward direct investment or equivalent action or a specified acquisition is until the day on which five years have elapsed from the day on which the inward direct investment or equivalent action or specified acquisition was undertaken.

Assets and rights that a partner of a specified partnership or similar organization acquires through an action that is comparable to an inward direct investment or equivalent action or a specified acquisition that the specified partnership or similar organization conducts are deemed to be acquired, owned, or held by the specified partnership or similar organization, and the provisions of the preceding paragraphs apply.

A person (including a corporation or any other organization) not constituting a foreign investor is deemed to be a foreign investor in connection with any of the following actions comparable to an inward direct investment or equivalent action or a specified acquisition which that person conducts on behalf of a non-resident, etc. but not in the name of that non-resident, etc., and the provisions of paragraphs (1) through (11) apply.

that is carried out for the account of the non-resident, etc.;

that is carried out based on a contract, the laws and regulations of a foreign country, or anything similar to these (limited to those specified by Cabinet Order, and excluding those set out in the preceding item);

that is carried out by a person that has a permanent economic relationship based on ownership of shares, a familial relationship, an employment relationship, or any other special relationship specified by Cabinet Order with the non-resident, etc. (limited to those specified by Cabinet Order, and excluding those set out in the preceding two items).

A person (including a corporation or any other organization) not constituting a foreign investor is deemed to be a foreign investor in connection with any action of the following actions comparable to an inward direct investment or equivalent action or a specified acquisition which that person conducts on behalf of a foreign investornon-resident, etc. but not in the name of that foreign investornon-resident, etc., and the provisions of paragraph (1) apply.

that is carried out for the account of the non-resident, etc.;

that is carried out based on a contract, the laws and regulations of a foreign country, or anything similar to these (limited to those specified by Cabinet Order, and excluding those set out in the preceding item);

that is carried out by a person that has a permanent economic relationship based on ownership of shares, a familial relationship, an employment relationship, or any other special relationship specified by Cabinet Order with the non-resident, etc. (limited to those specified by Cabinet Order, and excluding those set out in the preceding two items).

the Minister of Finance and the competent minister for the business:Article 27, paragraph (3), Article 27-2, paragraph (3), Article 28, paragraph (3), or Article 28-2, paragraph (3) (including as applied mutatis mutandis pursuant to Article 27-4, paragraph (2)), Article 27-2, paragraph (3), Article 28, paragraph (3) (including as applied mutatis mutandis pursuant to Article 28-4, paragraph (2)), Article 28-2, paragraph (3), or Article 29-2, paragraph (1), (2), or (9).

On finding that it is particularly necessary to do so in order for Japan to faithfully perform its obligations under a treaty or other international agreement that it has concluded or to allow Japan to contribute to international efforts toward international peace, the Minister for Foreign Affairs or the head of any other relevant administrative organ may state their opinion to any of the ministers stated in items (i) through (iii) with regard to the operation of the provisions stated in each of those items; on finding it to be particularly necessary to do so in order to maintain international peace and security, the Minister for Foreign Affairs or the head of any other relevant administrative organ may state their opinion to the minister specified in item (iv) with regard to the operation of the provisions stated in that item; on finding it to be particularly necessary to do so due to the likelihood of a situation that would compromise national security, interfere with the maintenance of public order, or create an obstacle to the preservation of public safety, or due to the likelihood of a situation that would have a significant adverse effect on the smooth operation of the Japanese economy, the Minister for Foreign Affairs or the head of any other relevant administrative organ may state their opinion to the minister specified in item (v) with regard to the operation of the provisions stated in that item; and on finding it to be particularly necessary to do so due to the high likelihood of a situation that would undermine national security, the Minister for Foreign Affairs or the head of any other relevant administrative organ may state their opinion to the ministereach of the ministers specified in itemitems (vi) and (vii) with regard to the operation of the provisions stated in that itemeach of those items:

Article 27, paragraph (3) (including as applied mutatis mutandis pursuant to Article 27-4, paragraph (2)) or Article 27-2, paragraph (3):the Minister of Finance and the competent minister for the business; and

Article 28, paragraph (3) (including as applied mutatis mutandis pursuant to Article 28-4, paragraph (2)) or Article 28-2, paragraph (3):the Minister of Finance and the competent minister for the business.; and

Article 29-2, paragraph (1), (2), or (9):the Minister of Finance and the competent minister for the business.

an inward direct investment or equivalent action prescribed in Article 29-2, paragraph (1) or a specified acquisition prescribed in that paragraph, either of which is the subject of a request for a report under that paragraph: inward direct investment or equivalent action that is a matter of national security or specified acquisition that is a matter of national security.

If a person has carried out an inward direct investment or equivalent action or specified acquisition or anything that is equivalent to these actions during the prohibition period prescribed in Article 29, paragraph (6)(8) in violation of the provisions of Article 27, paragraph (2) (including the cases where these provisions are applied by deeming pursuant to paragraph (13) or (14) of the same Article) or Article 28, paragraph (2) (including the cases where these provisions are applied by deeming pursuant to paragraph (8) or (9) of the same Article);

If a person has carried out an inward direct investment or equivalent action or a specified acquisition or anything that is equivalent to these actions in violation of an order of modification, modification of a measure relating to national security or a similar concern (or, in the case of an order under Article 27, paragraph (10) as applied mutatis mutandis pursuant to Article 28, paragraph (7), modification of a measure relating to national security), or discontinuance under Article 27, paragraph (10) (including the cases where these provisions are applied by deeming pursuant to paragraph (13) or paragraph (14) of the same Article and as applied mutatis mutandis pursuant to Article 28, paragraph (7));

If a person has violated the provisions of Article 27, paragraph (8) as applied mutatis mutandis pursuant to Article 27-4, paragraph (2) (including the cases where these provisions are applied by deeming pursuant to Article 27, paragraph (13) or (14) as applied mutatis mutandis pursuant to Article 27-4, paragraph (2)), or the provisions of Article 27, paragraph (8) as applied mutatis mutandis pursuant to Article 27-4, paragraph (2), as applied mutatis mutandis pursuant to Article 28, paragraph (7) as applied mutatis mutandis with replacement of terms pursuant to Article 28-4, paragraph (2) (including the cases where these provisions are applied by deeming pursuant to Article 28, paragraph (8) or (9) as applied mutatis mutandis pursuant to Article 28-4, paragraph (2); the same applies in the following item);

If a person has violated an order of modification of a measure relating to national security or a similar concern, modification of a measure relating to national security, or discontinuance of a change under Article 27, paragraph (10) as applied mutatis mutandis pursuant to Article 27-4, paragraph (2) (including the cases where these provisions are applied by deeming pursuant to Article 27, paragraph (13) or (14) as applied mutatis mutandis pursuant to Article 27-4, paragraph (2)), or under Article 27, paragraph (10) as applied mutatis mutandis pursuant to Article 27-4, paragraph (2), as applied mutatis mutandis pursuant to Article 28, paragraph (7) as applied mutatis mutandis with replacement of terms pursuant to Article 28-4, paragraph (2);

If a person has violated an order under Article 29, paragraphs (1) through (4)(6) (including the cases where these provisions are applied by deeming pursuant to Article 27, paragraph (13) or (14), or Article 28, paragraph (8) or (9)), or if a person has violated an order under Article 29, paragraph (5)(7) (including the cases where these provisions are applied by deeming pursuant to Article 27-2, paragraph (6) or (7), or Article 28-2, paragraph (6) or (7)), or if a person has violated an order under Article 29, paragraph (9) (including the cases where these provisions are applied by deeming pursuant to Article 27, paragraph (13) or (14));

If a person has failed to make a report under Article 29-2, paragraph (1) (including the cases where these provisions are applied by deeming pursuant to paragraph (12) or (13) of the same Article) or made a false report;

If a person has violated the provisions of Article 29-2, paragraph (5) (including the cases where these provisions are applied by deeming pursuant to paragraph (12) or (13) of the same Article);

If a person has violated an order under Article 29-2, paragraph (6) (including the cases where these provisions are applied by deeming pursuant to paragraph (12) or (13) of the same Article);

If a person has violated an order under Article 29-2, paragraph (9) (including the cases where these provisions are applied by deeming pursuant to paragraph (12) or (13) of the same Article);

If the representative of a corporation (including an organization that falls under any of the categories of organizations prescribed in Article 26, paragraph (1), items (ii), (iv), and (v), Article 27, paragraph (14), Article 27-2, paragraph (7), Article 28, paragraph (9), Article 28-2, paragraph (7), Article 29-2, paragraph (13), and Article 55-5, paragraph (3); hereinafter the same applies in this paragraph), or an agent, employee or any other worker of a corporation or individual commits a violation referred to in any of the provisions stated in the following items with regard to the business or assets of the corporation or individual, in addition to the offender being punished, the corporation is subject to the fine specified in the relevant item and the individual is subject to the fine referred to in the relevant Article:

If an organization that falls within any of the categories of organizations prescribed in Article 26, paragraph (1), items (ii), (iv), and (v); Article 27, paragraph (14); Article 27-2, paragraph (7); Article 28, paragraph (9); Article 28-2, paragraph (7); Article 29-2, paragraph (13); and Article 55-5, paragraph (3) is to be punished, the representative or administrator of the organization represents the organization with regard to procedural acts, and the provisions of laws on criminal proceedings applicable if a corporation is the accused apply mutatis mutandis to them.