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Article 175-2Administrative Monetary Penalty Payment Order Issued to a Person That Has Violated the Prohibition on Providing Information on Unpublished Material Facts

第百七十五条の二（未公表の重要事実の伝達等の禁止に違反した者に対する課徴金納付命令）

When a person has, in violation of the provisions of Article 167-2, paragraph (1), performed the act of providing information set forth in that paragraph or recommending the purchase and sale, etc. set forth in that paragraph (hereinafter the act is referred to as a "violation" and the person is referred to as the "violator" in this paragraph), the Prime Minister must, in accordance with the procedures prescribed in the following Section, order the violator to pay an administrative monetary penalty to the national treasury in an amount that is equivalent to the amount prescribed in the following items in accordance with the category of the cases set forth in each of those items only when the person that has received information or the person that has been recommended to make the purchase and sale, etc. by the violation (hereinafter referred to as the "information recipient, etc." in this paragraph and paragraph (3)) makes the purchase and sale, etc. of regulated securities, etc. related to the violation before the disclosure set forth in Article 166, paragraph (1) is made with regard to the material facts related to business or other particulars prescribed in that paragraph related to the violation (excluding cases that fall under the cases set forth in the items of paragraph (6) of that Article):

第百六十七条の二第一項の規定に違反して、同項の伝達をし、又は同項の売買等をすることを勧める行為（以下この項において「違反行為」という。）をした者（以下この項において「違反者」という。）があるときは、当該違反行為により当該伝達を受けた者又は当該売買等をすることを勧められた者（以下この項及び第三項において「情報受領者等」という。）が当該違反行為に係る第百六十六条第一項に規定する業務等に関する重要事実について同項の公表がされたこととなる前に当該違反行為に係る特定有価証券等に係る売買等をした場合（同条第六項各号に掲げる場合に該当するときを除く。）に限り、内閣総理大臣は、次節に定める手続に従い、当該違反者に対し、次の各号に掲げる場合の区分に応じ、当該各号に定める額に相当する額の課徴金を国庫に納付することを命じなければならない。

when the violation has been committed in relation to business related to the acts set forth in Article 2, paragraph (8), item (ii) or (iii), the acts set forth in item (iv) of that paragraph (excluding over-the-counter derivatives transactions), the acts listed in item (x) of that paragraph (excluding purchase and sale of securities), or acts specified by Cabinet Order as being equivalent to them (including acts specified by Cabinet Office Order as business incidental to them; hereinafter referred to as "intermediation-related business" in this paragraph and the following paragraph) concerning regulated securities, etc. (excluding the case specified in the following item):the amount obtained by multiplying by three, the amount specified by Cabinet Office Order as an amount equivalent to the consideration for intermediation-related business in the month that includes the day of the violation (if the violation has been committed over two or more months, the last month of those months) to be paid by the information recipient, etc. to the violator;

特定有価証券等に係る第二条第八項第二号又は第三号に掲げる行為、同項第四号に掲げる行為（店頭デリバティブ取引を除く。）、同項第十号に掲げる行為（有価証券の売買を除く。）その他これらに類するものとして政令で定める行為に係る業務（これらに付随する業務として内閣府令で定めるものを含む。以下この項及び次項において「仲介関連業務」という。）に関し違反行為をした場合（次号に掲げる場合を除く。）　当該情報受領者等から当該違反者に対し支払われる当該違反行為をした日の属する月（当該月が二以上ある場合には、これらの月のうち最後の月）における仲介関連業務の対価の額に相当する額として内閣府令で定める額に三を乗じて得た額

when the violation has been committed in relation to business related to the acts set forth in Article 2, paragraph (8), item (ix) concerning regulated securities, etc. (hereinafter referred to as "business of public offering, etc." in this item, item (ii) of the following paragraph, and Article 185-7, paragraphs (12) and (13)): the sum of the amounts listed in (a) and (b):

当該特定有価証券等に係る第二条第八項第九号に掲げる行為に係る業務（以下この号、次項第二号並びに第百八十五条の七第十二項及び第十三項において「募集等業務」という。）に関し違反行為をした場合　次のイ及びロに掲げる額の合計額

the amount obtained by multiplying by three, the amount specified by Cabinet Office Order as an amount equivalent to the consideration for intermediation-related business in the month that includes the day of the violation (if the violation has been committed over two or more months, the last month of those months) to be paid by the information recipient, etc. to the violator; and

当該情報受領者等から当該違反者に対し支払われる当該違反行為をした日の属する月（当該月が二以上ある場合には、これらの月のうち最後の月）における仲介関連業務の対価の額に相当する額として内閣府令で定める額に三を乗じて得た額

the amount obtained by multiplying by one-half, the amount specified by Cabinet Office Order as an amount equivalent to the consideration for the business of public offering, etc. and the business related to the acts set forth in Article 2, paragraph (8), item (vi) performed together with the business of public offering, etc.; and

当該募集等業務及び当該募集等業務に併せて行われる第二条第八項第六号に掲げる行為に係る業務の対価の額に相当する額として内閣府令で定める額に二分の一を乗じて得た額

cases other than those set forth in the preceding two items:the amount obtained by multiplying by one-half, the amount equivalent to the profit obtained from the purchase and sale, etc. made by the information recipient, etc. through the violation.

前二号に掲げる場合以外の場合　当該違反行為により当該情報受領者等が行つた当該売買等によつて得た利得相当額に二分の一を乗じて得た額

When a person has, in violation of the provisions of Article 167-2, paragraph (2), performed the act of providing information set forth in that paragraph or recommending the purchase, etc. or the sales, etc. set forth in that paragraph (hereinafter the act is referred to as a "violation" and the person is referred to as the "violator" in this paragraph), the Prime Minister must, in accordance with the procedures prescribed in the following Section, order the violator to pay to the national treasury an administrative monetary penalty equivalent to the amount as prescribed in the following items in accordance with the category of the cases listed in each of those items only when the person that has received information or the person that has been recommended to make the purchase, etc. or the sales, etc. by the violation (hereinafter referred to as the "information recipient, etc." in this paragraph and paragraph (4)) makes the purchase, etc. or the sales, etc. of share certificates, etc. related to the violation before the publication set forth in Article 167, paragraph (1) is made with regard to the fact concerning tender offer, etc. related to the violation (excluding cases that fall under the cases set forth in the items of paragraph (5) of the Article):

第百六十七条の二第二項の規定に違反して、同項の伝達をし、又は同項の買付け等若しくは売付け等をすることを勧める行為（以下この項において「違反行為」という。）をした者（以下この項において「違反者」という。）があるときは、当該違反行為により当該伝達を受けた者又は当該買付け等若しくは売付け等をすることを勧められた者（以下この項及び第四項において「情報受領者等」という。）が当該違反行為に係る公開買付け等事実について第百六十七条第一項の公表がされたこととなる前に当該違反行為に係る株券等に係る買付け等又は売付け等をした場合（同条第五項各号に掲げる場合に該当するときを除く。）に限り、内閣総理大臣は、次節に定める手続に従い、当該違反者に対し、次の各号に掲げる場合の区分に応じ、当該各号に定める額に相当する額の課徴金を国庫に納付することを命じなければならない。

when the violation has been committed in relation to intermediation-related business related to share certificates, etc. (excluding the case set forth in the following item):the amount obtained by multiplying, by three, the amount specified by Cabinet Office Order as an amount equivalent to the consideration for intermediation-related business in the month that includes the day of the violation (if the violation has been committed over two or more months, the last month of those months) to be paid by the information recipient, etc. to the violator;

株券等に係る仲介関連業務に関し違反行為をした場合（次号に掲げる場合を除く。）　当該情報受領者等から当該違反者に対し支払われる当該違反行為をした日の属する月（当該月が二以上ある場合には、これらの月のうち最後の月）における仲介関連業務の対価の額に相当する額として内閣府令で定める額に三を乗じて得た額

when the violation has been committed in relation to business of public offering, etc. related to the share certificates, etc.: the sum of the amounts listed in (a) and (b):

当該株券等に係る募集等業務に関し違反行為をした場合　次のイ及びロに掲げる額の合計額

the amount obtained by multiplying by one-half, the amount specified by Cabinet Office Order as an amount equivalent to the consideration for the business of public offering, etc. and the business related to the acts set forth in Article 2, paragraph (8), item (vi) conducted together with the business of public offering, etc.; and

cases other than those set forth in the preceding two items:the amount obtained by multiplying by one-half, the amount equivalent to the profit obtained from the purchase, etc. or the sales, etc. made by the information recipient, etc. through the violation.

前二号に掲げる場合以外の場合　当該違反行為により当該情報受領者等が行つた当該買付け等又は売付け等によつて得た利得相当額に二分の一を乗じて得た額

The term "amount equivalent to the profit" as used in paragraph (1), item (iii) means the amount prescribed in the following items in accordance with the category of the cases set forth in each of those items (if the information recipient, etc. falls under both of the following items, the sum of the amounts prescribed in those items):

第一項第三号の「利得相当額」とは、次の各号に掲げる場合の区分に応じ、当該各号に定める額（次の各号のいずれにも該当する場合は、当該各号に定める額の合計額）をいう。

when the information recipient, etc. has made sales, etc. of regulated securities, etc.: the amount obtained by deducting the amount set forth in (b) below from the amount set forth in (a) below:

情報受領者等が特定有価証券等の売付け等をした場合　次のイに掲げる額から次のロに掲げる額を控除した額

the amount obtained by multiplying the price for the sales, etc. of the regulated securities, etc. by the volume of the sales, etc. of the regulated securities, etc.; and

当該特定有価証券等の売付け等について当該特定有価証券等の売付け等をした価格にその数量を乗じて得た額

the amount obtained by multiplying the lowest price during the two weeks after the disclosure set forth in paragraph (1) is made with regard to the sales, etc. of regulated securities, etc. by the volume of the sales, etc. of regulated securities, etc.;

当該特定有価証券等の売付け等について第一項の公表がされた後二週間における最も低い価格に当該特定有価証券等の売付け等の数量を乗じて得た額

when the information recipient, etc. has made a purchase, etc. of regulated securities, etc.: the amount obtained by deducting the amount set forth in (b) below from the amount set forth in (a) below:

情報受領者等が特定有価証券等の買付け等をした場合　次のイに掲げる額から次のロに掲げる額を控除した額

the amount obtained by multiplying the highest price during the two weeks after the disclosure set forth in paragraph (1) with regard to the purchase, etc. of regulated securities, etc. is made by the volume of the purchase, etc. of regulated securities, etc.; and

当該特定有価証券等の買付け等について第一項の公表がされた後二週間における最も高い価格に当該特定有価証券等の買付け等の数量を乗じて得た額

the amount obtained by multiplying the price for the purchase, etc. of regulated securities, etc. by the volume of the purchase, etc. of the regulated securities;

当該特定有価証券等の買付け等について当該特定有価証券等の買付け等をした価格にその数量を乗じて得た額

The term "amount equivalent to the profit" as used in paragraph (2), item (iii) means the amount prescribed in the following items in accordance with the category of the cases set forth in each of those items (if the information recipient, etc. falls under both of the following items, the sum of the amounts prescribed in those items):

第二項第三号の「利得相当額」とは、次の各号に掲げる場合の区分に応じ、当該各号に定める額（次の各号のいずれにも該当する場合は、当該各号に定める額の合計額）をいう。

when the information recipient, etc. has made sales, etc. of share certificates, etc.: the amount obtained by deducting the amount set forth in (b) below from the amount set forth in (a) below:

情報受領者等が株券等の売付け等をした場合　次のイに掲げる額から次のロに掲げる額を控除した額

the amount obtained by multiplying the price for the sales, etc. of the share certificates, etc. by the volume of the sales, etc. of the share certificates; and

当該株券等の売付け等について当該株券等の売付け等をした価格にその数量を乗じて得た額

the amount obtained by multiplying the lowest price during the two weeks after the disclosure set forth in paragraph (2) with regard to the sales, etc. of the share certificates, etc. is made by the volume of the sales, etc. of the share certificates, etc.;

当該株券等の売付け等について第二項の公表がされた後二週間における最も低い価格に当該株券等の売付け等の数量を乗じて得た額

when the information recipient, etc. has made a purchase, etc. of share certificates, etc.: the amount obtained by deducting the amount set forth in (b) below from the amount set forth in (a) below:

情報受領者等が株券等の買付け等をした場合　次のイに掲げる額から次のロに掲げる額を控除した額

the amount obtained by multiplying the highest price during the two weeks after the disclosure set forth in paragraph (2) with regard to the purchase, etc. of the share certificates, etc. is made by the volume of the purchase, etc. of the share certificates, etc.; and

当該株券等の買付け等について第二項の公表がされた後二週間における最も高い価格に当該株券等の買付け等の数量を乗じて得た額

the amount obtained by multiplying the price for the purchase, etc. of the share certificates, etc. by the volume of the purchase, etc. of the share certificates, etc.

当該株券等の買付け等について当該株券等の買付け等をした価格にその数量を乗じて得た額

The term "sales, etc. of regulated securities, etc." as used in paragraph (3), item (i) means sales of regulated securities, etc., a transaction set forth in Article 2, paragraph (21), item (ii) (limited to a transaction in which the person becomes the party to pay money when the actual figure exceeds the agreed figure), a transaction set forth in item (iii) of that paragraph (limited to the transaction in which the person becomes a party to grant options) and any other transaction specified by Cabinet Order.

第三項第一号の「特定有価証券等の売付け等」とは、特定有価証券等の売付け、第二条第二十一項第二号に掲げる取引（現実数値が約定数値を上回つた場合に金銭を支払う立場の当事者となるものに限る。）、同項第三号に掲げる取引（オプションを付与する立場の当事者となるものに限る。）その他の政令で定める取引をいう。

The term "lowest price during the two weeks after the disclosure set forth in paragraph (1)" as used in paragraph (3), item (i), (b) means the lowest price among the lowest prices prescribed in Article 67-19 or Article 130 for each day in the period between the day the disclosure set forth in paragraph (1) is made and the day two weeks have elapsed from the disclosure (when there is no such price, what is specified by Cabinet Office Order as being equivalent, and for the day of the disclosure, the amount specified by Cabinet Office Order).

第三項第一号ロの「第一項の公表がされた後二週間における最も低い価格」とは、第一項の公表がされた時から二週間を経過するまでの間の各日における第六十七条の十九又は第百三十条に規定する最低の価格（当該価格がない場合は、これに相当するものとして内閣府令で定めるものをいい、当該公表がされた日にあつては、内閣府令で定める額とする。）のうち最も低い価格をいう。

The term "purchase, etc. of regulated securities, etc." as used in paragraph (3), item (ii) means the purchase of regulated securities, etc., a transaction set forth in Article 2, paragraph (21), item (ii) (limited to a transaction in which the person becomes the party to receive money when the actual figure exceeds the agreed figure), a transaction set forth in item (iii) of that paragraph (limited to the transaction in which the person becomes a party to acquire options) and any other transaction specified by Cabinet Order.

第三項第二号の「特定有価証券等の買付け等」とは、特定有価証券等の買付け、第二条第二十一項第二号に掲げる取引（現実数値が約定数値を上回つた場合に金銭を受領する立場の当事者となるものに限る。）、同項第三号に掲げる取引（オプションを取得する立場の当事者となるものに限る。）その他の政令で定める取引をいう。

The term "highest price during the two weeks after the disclosure set forth in paragraph (1)" as used in paragraph (3), item (ii), (a) means the highest price among the highest prices prescribed in Article 67-19 or Article 130 for each day in the period between the day the disclosure set forth in paragraph (1) is made and the day two weeks have elapsed from the disclosure (when there is no such price, what is specified by Cabinet Office Order as being equivalent, and for the day of the disclosure, the amount specified by Cabinet Office Order).

第三項第二号イの「第一項の公表がされた後二週間における最も高い価格」とは、第一項の公表がされた時から二週間を経過するまでの間の各日における第六十七条の十九又は第百三十条に規定する最高の価格（当該価格がない場合は、これに相当するものとして内閣府令で定めるものをいい、当該公表がされた日にあつては、内閣府令で定める額とする。）のうち最も高い価格をいう。

The term "sale, etc. of share certificates, etc." as used in paragraph (4), item (i) means the sale of share certificates, etc., a transaction as set forth in Article 2, paragraph (21), item (ii) (limited to a transaction in which the person becomes the party to pay money when the actual figure exceeds the agreed figure), a transaction set forth in item (iii) of that paragraph (limited to a transaction in which the person becomes the party to grant options) and any other transaction specified by Cabinet Order.

第四項第一号の「株券等の売付け等」とは、株券等の売付け、第二条第二十一項第二号に掲げる取引（現実数値が約定数値を上回つた場合に金銭を支払う立場の当事者となるものに限る。）、同項第三号に掲げる取引（オプションを付与する立場の当事者となるものに限る。）その他の政令で定める取引をいう。

The term "lowest price during the two weeks after the disclosure set forth in paragraph (2)" as used in paragraph (4), item (i), (b) means the lowest price among the lowest prices prescribed in Article 67-19 or Article 130 for each day in the period between the day the disclosure set forth in paragraph (2) is made and the day two weeks have elapsed from the disclosure (when there is no such price, what is specified by Cabinet Office Order as being equivalent, and for the day of the disclosure, the amount specified by Cabinet Office Order).

第四項第一号ロの「第二項の公表がされた後二週間における最も低い価格」とは、第二項の公表がされた時から二週間を経過するまでの間の各日における第六十七条の十九又は第百三十条に規定する最低の価格（当該価格がない場合は、これに相当するものとして内閣府令で定めるものをいい、当該公表がされた日にあつては、内閣府令で定める額とする。）のうち最も低い価格をいう。

The term "purchase, etc. of share certificates, etc." as used in paragraph (4), item (ii) means the purchase of share certificates, etc., a transaction set forth in Article 2, paragraph (21), item (ii) (limited to a transaction in which the person becomes the party to receive money when the actual figure exceeds the agreed figure), a transaction set forth in item (iii) of that paragraph (limited to a transaction in which the person becomes the party to acquire options) and any other transaction specified by Cabinet Order.

第四項第二号の「株券等の買付け等」とは、株券等の買付け、第二条第二十一項第二号に掲げる取引（現実数値が約定数値を上回つた場合に金銭を受領する立場の当事者となるものに限る。）、同項第三号に掲げる取引（オプションを取得する立場の当事者となるものに限る。）その他の政令で定める取引をいう。

The term "highest price during the two weeks after the disclosure set forth in paragraph (2)" as used in paragraph (4), item (ii), (a) means the highest price among the highest prices prescribed in Article 67-19 or Article 130 for each day between the period the disclosure set forth in paragraph (2) is made and the day two weeks have elapsed from the disclosure (when there is no such price, what is specified by Cabinet Office Order as being equivalent, and for the day of the disclosure, the amount specified by Cabinet Office Order).

第四項第二号イの「第二項の公表がされた後二週間における最も高い価格」とは、第二項の公表がされた時から二週間を経過するまでの間の各日における第六十七条の十九又は第百三十条に規定する最高の価格（当該価格がない場合は、これに相当するものとして内閣府令で定めるものをいい、当該公表がされた日にあつては、内閣府令で定める額とする。）のうち最も高い価格をいう。

The provisions of paragraph (1) apply mutatis mutandis to the case in which an officer, etc. specified in Article 166, paragraph (1), item (i) of a listed company, etc. has conducted a specified act of providing information, etc. (meaning an act of providing information set forth in Article 167-2, paragraph (1) or recommending the purchase and sale, etc. set forth in that paragraph for the purpose prescribed in that paragraph) as the business of the listed company, etc. In this case, the term "the violator" in paragraph (1) is deemed to be replaced with "the listed company, etc."

第一項の規定は、上場会社等の業務として特定伝達等行為（第百六十七条の二第一項に規定する目的をもつて同項の伝達をし、又は同項の売買等をすることを勧める行為をいう。）をした当該上場会社等の第百六十六条第一項第一号に規定する役員等がある場合について準用する。この場合において、第一項中「当該違反者」とあるのは、「当該上場会社等」と読み替えるものとする。

The provisions of paragraph (2) apply mutatis mutandis to the case in which an officer, etc. specified in Article 166, paragraph (1), item (i) of a tender offeror, etc. (meaning the tender offeror, etc. prescribed in Article 167, paragraph (1), and including the parent company prescribed in item (i) of that paragraph) has conducted a specified act of providing information, etc. (meaning an act of providing information set forth in Article 167-2, paragraph (2) or recommending the purchase, etc. or the sales, etc. set forth in that paragraph for the purpose prescribed in that paragraph) as the business of the tender offeror, etc. In this case, the term "the violator" in paragraph (2) is deemed to be replaced with "the tender offeror, etc."

第二項の規定は、公開買付者等（第百六十七条第一項に規定する公開買付者等をいい、同項第一号に規定する親会社を含む。）の業務として特定伝達等行為（第百六十七条の二第二項に規定する目的をもつて同項の伝達をし、又は同項の買付け等若しくは売付け等をすることを勧める行為をいう。）をした当該公開買付者等の第百六十六条第一項第一号に規定する役員等がある場合について準用する。この場合において、第二項中「当該違反者」とあるのは、「当該公開買付者等」と読み替えるものとする。

Beyond what is prescribed in paragraphs (3) through (12), when the sales, etc. of regulated securities, etc. or the purchase, etc. of regulated securities, etc. prescribed in paragraph (3) or the sales, etc. of share certificates, etc. or the purchase, etc. of share certificates, etc. prescribed in paragraph (4) falls under the transaction set forth in Article 2, paragraph (21), item (ii), the price and volume and any other necessary particulars relevant to the calculation of an administrative monetary penalty set forth in paragraph (1) (including as applied mutatis mutandis pursuant to paragraph (13)) or paragraph (2) (including as applied mutatis mutandis pursuant to the preceding paragraph) is specified by Cabinet Order.

第三項から第十二項までに規定するもののほか、第三項に規定する特定有価証券等の売付け等又は特定有価証券等の買付け等及び第四項に規定する株券等の売付け等又は株券等の買付け等が第二条第二十一項第二号に掲げる取引である場合の価格及び数量その他第一項（第十三項において準用する場合を含む。）及び第二項（前項において準用する場合を含む。）の課徴金の計算に関し必要な事項は、政令で定める。

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Article 175-2Administrative Monetary Penalty Payment Order Issued to a Person That Has Violated the Prohibition on Providing Information on Unpublished Material Facts