Article 27-21Prescription of the Right to Claim Compensation Due to a Violation of Provisions Relevant to a Tender Offer
第二十七条の二十一（公開買付けに係る違反行為による賠償請求権の時効）
A claim under the provisions of Article 27-17, paragraph (1) or a claim under the provisions Article 27-18, paragraph (1) in a case to which the provisions of Article 27-18, paragraph (2) is applicable extinguishes by prescription in the following cases:
第二十七条の十七第一項の規定による請求権及び第二十七条の十八第二項の規定の適用がある場合における同条第一項の規定による請求権は、次に掲げる場合には、時効によつて消滅する。
when the claim is not exercised for one year from the time when the claimant comes to know, or in exercise of reasonable care could have come to know, of the presence of the violation; or
請求権者が当該違反を知つた時又は相当な注意をもつて知ることができる時から一年間行使しないとき。
when the claim is not exercised for five years that runs from the day following the last day of the tender offer period for the relevant tender offer.
A claim under Article 27-20, paragraph (1) in a case to which paragraph (2) of the preceding Article is applicable extinguishes by prescription in the following cases:
when the claim is not exercised for one year starting from the time when the claimant comes to know, or in exercise of reasonable care could have come to know, that the public notice of the commencement of the tender offer, etc., tender offer statement, tender offer explanation, or tender offeror's answer contains a false statement or false representation regarding a material particular, lacks a statement of a material particular that is required to be stated or represented, or lacks a statement of a material fact that is necessary to prevent it from being misleading; or
when the claim is not exercised for a period of five years that runs from the day following the last day of the tender offer period for the relevant tender offer.
Read this with the articles around it
A tender offeror, etc. that violates the provisions of Article 27-5 (including as applied mutatis mutandis pursuant to Article 27-8, paragraph (10); hereinafter the same applies in this paragraph) in…
第二十七条の五（第二十七条の八第十項において準用する場合を含む。以下この項において同じ。）の規定に違反して株券等の買付け等をした公開買付者等は、当該公開買付けに応じて株券等の売付け等をした者（第二十七条の五の規定に該当する株券等の売付け等を行つた者及び次条第二項第一号に規定する一部の者を除く。）に対し…
Open this provisionA person that, in acquiring share certificates, etc. or effecting other settlement procedures for a purchase, etc. of share certificates, etc. through a tender offer…
第二十七条の十三第四項の規定に違反して公開買付けによる株券等の買付け等に係る受渡しその他の決済を行つた者（以下この条において「公開買付けをした者」という。）は、当該公開買付けに応じて株券等の売付け等をした者（次項第一号に掲げる場合にあつては公開買付価格より有利な価格（これに相当する利益の供与を含む。以下この条において…
Open this provisionIn the following cases, the amount of compensation for which a tender offer purchaser is liable pursuant to the preceding paragraph is the amount specified in the relevant of the following items for…
前項の規定により賠償の責めに任ずべき額は、次に掲げる場合には、次の各号に掲げる区分に応じ当該各号に定める額とする。
Open this provision(Compensatory Liability of a Person Issuing a Public Notice of the Commencement of a Tender Offer Which Contains a False Statement)
The provisions of Article 18, paragraph (1) apply mutatis mutandis to the following persons. In this case, in Article 18, paragraph (1), the phrase "a person that acquires the securities through the…
第十八条第一項の規定は、次に掲げる者について準用する。この場合において、同項中「当該有価証券を当該募集又は売出しに応じて取得した者」とあるのは「公開買付け（第二十七条の三第一項に規定する公開買付けをいう。以下この項において同じ。）に応じて株券等（第二十七条の二第一項に規定する株券等をいう。以下この項において同じ。）の…
Open this provision(Compensatory Liability of a Person Issuing a Public Notice of the Commencement of a Tender Offer Which Contains a False Statement)
If the provisions of the preceding paragraph (excluding items (i) and (iv)) are applicable and, in spite of having concluded a contract to purchase, etc.…
前項（第一号及び第四号を除く。）の規定の適用がある場合において、公開買付者が、当該公開買付期間の末日後に当該公開買付けに係る株券等の買付け等を当該公開買付けによらないで行う契約があるにもかかわらず、公開買付届出書又は公開買付説明書にその旨の記載をすることなく…
Open this provisiontender offer
「公開買付け」
In Section 1 of Chapter 2-2, a tender offer as defined in Article 27-2, paragraph (1) that a person must make under the main clause of that paragraph: a tender offer by someone other than the issuer of the share certificates, etc. (株券等).
Short name set inArticle 27-3, paragraph (1)· applies only in this section
tender offer statementmachine translation
「公開買付届出書」
In Section 1 of Chapter 2-2, Article 197, paragraph (1), item (iii) and Article 197-2, paragraph (1), item (v), the statement, with the attachments a Cabinet Office Order (内閣府令) specifies, that a tender offeror (公開買付者) must submit to the Prime Minister on the day of its public notice of the commencement of a tender offer, stating the purchase price, the number of share certificates, etc. it plans to buy, the purchase period and its other terms, any contract to buy them outside the tender offer, and the other matters Article 27-3, paragraph (2) lists.
Short name set inArticle 27-3, paragraph (2)· applies only in this section and in Article 197, paragraph (1), item (iii); and Article 197-2, paragraph (1), item (v)
tender offer period
「公開買付期間」
In Section 1 of Chapter 2-2, the period from the day of the public notice of the commencement of a tender offer (公開買付開始公告) to the last day of its purchase period, including any extension.
Defined inArticle 27-5, paragraph (1)· applies only in this section
tender offer explanation
「公開買付説明書」
In Section 1 of Chapter 2-2 and Articles 197-2 and 200, the document a tender offeror (公開買付者) must prepare, as a Cabinet Office Order (内閣府令) specifies, stating the matters from its tender offer statement (公開買付届出書) that the Order specifies and other matters it requires in the public interest or for investor protection.
Short name set inArticle 27-9, paragraph (1)· applies only in this section and in Articles 197-2 and 200
tender offeror's answer
「対質問回答報告書」
The document a tender offeror (公開買付者) must submit to the Prime Minister answering the questions the target company put to it in its position statement (意見表明報告書), or giving its reasons for not answering, with other particulars a Cabinet Office Order (内閣府令) specifies.
Short name set inArticle 27-10, paragraph (11)
public notice of the commencement of a tender offer, etc.
「公開買付開始公告等」
In Articles 27-20 and 27-21, a public notice of the commencement of a tender offer (公開買付開始公告), or a public notice or announcement under Article 27-6, paragraph (2) or (3), Article 27-7, paragraph (1) or (2) (including as Article 27-8, paragraph (12) applies them) or Article 27-8, paragraph (8) or (11).
Short name set inArticle 27-20, paragraph (1), item (i)· applies only in this article and in Article 27-21