A financial instruments business operator, etc. may entrust the whole or part of the authority to make investments on behalf of a rights holder to another financial instruments business operator, etc. (limited to one does investment management business) or other person specified by Cabinet Order, but only if the matters specified by Cabinet Office Order are stipulated in a contract or other juridical act set forth in any of the following items:
the contract set forth in Article 2, paragraph (8), item (xii), (a) or (b);
第二条第八項第十二号イ又はロに掲げる契約
a contract concerning the rights indicated on securities or other rights specified by Cabinet Order as prescribed in Article 2, paragraph (8), item (xiv); and
第二条第八項第十四号に規定する有価証券に表示される権利その他の政令で定める権利に係る契約
a contract or other juridical act concerning the rights set forth in Article 2, paragraph (8), item (xv), (a) through (c) or other rights specified by Cabinet Order as prescribed in that item.
第二条第八項第十五号イからハまでに掲げる権利その他同号に規定する政令で定める権利に係る契約その他の法律行為
When a financial instruments business operator, etc. entrusts pursuant to the provisions of the preceding paragraph, it must indicate the objects and policy of investment to the person entrusted, and must, pursuant to the provisions of Cabinet Office Order, take measures for ensuring that the business pertaining to the entrustment is performed properly, such as management of the status of investment.
With regard to the application of the provisions of Article 42, paragraph (1) if a financial instruments business operator, etc. has entrusted another business operator, etc. or other persons the authority to make investments pursuant to the provisions of paragraph (1), the term "financial instruments business operator, etc." in Article 42, paragraph (1) is deemed to be replaced with "financial instruments business operator, etc. (including a person specified by Cabinet Order that is referred to in Article 42-3, paragraph (1) and that has been entrusted by the financial instruments business operator, etc. pursuant to that paragraph; the same applies in the following paragraph and the following Article)".
Read this with the articles around it
(Definitions)
conclusion of the following contracts, and the management of money or any other property (including instructions for that management; the same applies hereinafter), based on such contract…
次に掲げる契約を締結し、当該契約に基づき、金融商品の価値等の分析に基づく投資判断に基づいて有価証券又はデリバティブ取引に係る権利に対する投資として、金銭その他の財産の運用（その指図を含む。以下同じ。）を行うこと。
Open this provision(Definitions)
the management (excluding management that falls under the category of act set forth in item (xii)) of money or other property contributed by a person that holds rights indicated on the securities…
金融商品の価値等の分析に基づく投資判断に基づいて有価証券又はデリバティブ取引に係る権利に対する投資として、第一項第十号に掲げる有価証券に表示される権利その他の政令で定める権利を有する者から拠出を受けた金銭その他の財産の運用を行うこと（第十二号に掲げる行為に該当するものを除く。）。
Open this provision(Definitions)
the management (excluding management that falls under the category of act set forth in item (xii) or the preceding item) of money or other property invested or contributed by a person that holds the…
金融商品の価値等の分析に基づく投資判断に基づいて主として有価証券又はデリバティブ取引に係る権利に対する投資として、次に掲げる権利その他政令で定める権利を有する者から出資又は拠出を受けた金銭その他の財産の運用を行うこと（第十二号及び前号に掲げる行為に該当するものを除く。）。
Open this provision(Prohibited Actions)
A financial instruments business operator, etc. must not perform any of the following acts in connection with the investment management business it conducts; provided, however…
金融商品取引業者等は、その行う投資運用業に関して、次に掲げる行為をしてはならない。ただし、第一号及び第二号に掲げる行為にあつては、投資者の保護に欠け、若しくは取引の公正を害し、又は金融商品取引業の信用を失墜させるおそれのないものとして内閣府令で定めるものを除く。
Open this provision(Entrustment of Authority to Invest)
A financial instruments business operator, etc. may entrust the whole or part of the authority to make investments on behalf of a rights holder to another financial instruments business operator…
金融商品取引業者等は、次に掲げる契約その他の法律行為において内閣府令で定める事項の定めがある場合に限り、権利者のため運用を行う権限の全部又は一部を他の金融商品取引業者等（投資運用業を行う者に限る。）その他の政令で定める者に委託することができる。
Open this provision(Obligation to Right Holders)
A financial instruments business operator, etc. must work faithfully on behalf of right holders (meaning persons prescribed in the following items in accordance with the category of business set…
金融商品取引業者等は、権利者（次の各号に掲げる業務の区分に応じ当該各号に定める者をいう。以下この款において同じ。）のため忠実に投資運用業を行わなければならない。
Open this provision(Obligation to Right Holders)
A financial instruments business operator, etc. must conduct investment management business with the due care of a prudent manager for right holders.
金融商品取引業者等は、権利者に対し、善良な管理者の注意をもつて投資運用業を行わなければならない。
Open this provisionsecurities
「有価証券」
Securities as this Act defines them: the instruments listed in Article 2, paragraph (1), among them national government and local government bonds, corporate bonds, share certificates and share option certificates, preferred equity investment certificates, beneficiary certificates of investment trusts and other trusts, investment securities, certain promissory notes, mortgage securities, option certificates and depositary receipts, foreign instruments of the same nature, and other instruments a Cabinet Order (政令) specifies.
Defined inArticle 2, paragraph (1)· applies throughout the law
investment management business
「投資運用業」
Investment management business as defined in Article 28, paragraph (4): the part of financial instruments business (金融商品取引業) that consists in carrying on as a business the acts in Article 2, paragraph (8), items (xii), (xiv) and (xv) — managing money or other property, on investment decisions (投資判断) based on an analysis of the value, etc. of financial instruments, as an investment in securities or in rights under derivatives transactions, whether under a discretionary investment contract (投資一任契約) or an asset management contract with a registered investment corporation (登録投資法人), or for the holders of the rights items (xiv) and (xv) list who contributed it — including where a bank, a cooperative financial institution or another financial institution a Cabinet Order (政令) specifies carries them on.
Defined inArticle 28, paragraph (4)· applies only in this chapter
financial instruments business operator, etc.machine translation
「金融商品取引業者等」
A financial instruments business operator (金融商品取引業者) or a registered financial institution (登録金融機関).
Defined inArticle 34, paragraph (1)
right holdermachine translation
「権利者」
In the subsection on investment management business that begins with Article 42, the persons for whom that business is carried on: the counterparty to a contract for managing a registered investment corporation's assets or to a discretionary investment contract (投資一任契約); holders of investment trust beneficiary certificates or other rights a Cabinet Order (政令) specifies, whose contributed money is being invested; and holders of trust beneficial interests, partnership-type rights or other rights a Cabinet Order specifies, whose contributed money is being invested mainly in securities or derivatives.
Defined inArticle 42, paragraph (1)· applies only in this subsection
juridical act
法律行為
An act by which a person, by manifesting their intention (意思表示), brings about the legal effect they intend, such as making a contract or buying everyday goods (Civil Code, Articles 3-2, 9, paragraph (1), and 91; Act on General Rules for Application of Laws, Article 10, paragraphs (1) and (4)). A contract is formed when one party's offer, a manifestation of intention showing its terms, is accepted by the other (Civil Code, Article 522, paragraph (1)). Where the parties to a juridical act manifest an intention that differs from a provision of laws and regulations not related to public policy, their intention prevails (Article 91). It is void if a party lacked mental capacity (意思能力) when manifesting the intention (Article 3-2), or if it goes against public order or good morals (公の秩序又は善良の風俗) (Article 90). A minor (under 18, Article 4) needs the consent of their legal representative to do one, except one by which they merely acquire a right or are released from an obligation, or a disposal of property the representative has allowed them to dispose of, and one done without that consent may be rescinded (取消し) (Article 5); a rescinded act is treated as void from the start (Article 121), and a void act does not take effect even if the parties later confirm it, though confirming it knowing it is void counts as doing a new act (Article 119). One made subject to a condition precedent (停止条件) takes effect when the condition is fulfilled, and one subject to a condition subsequent (解除条件) loses effect then (Article 127, paragraphs (1) and (2)). Under the Act on General Rules for Application of Laws, the formation and effect of a juridical act are governed by the law of the place its parties chose when they did it (Article 7), or, where they chose none, by the law of the place most closely connected with it at that time (Article 8, paragraph (1)); but a consumer can ask for the protective rules of the law where they habitually live, which governs a consumer contract where no law was chosen, and a worker can ask for those of the place most closely connected with the labor contract, usually where the work is done (Articles 11 and 12) — except in the cases Article 11, paragraph (6) lists, such as a consumer who went to a place under the same law as the business's office and made the contract there, unless the business had invited them, where they habitually live, to make it there.
Written by AI using Civil Code, Arts. 3-2, 4, 5, 9, 90, 91, 119, 121, 127, 522 and Act on General Rules for Application of Laws, Arts. 7, 8, 10, 11, 12 as a reference.