# 金融商品取引法 / Financial Instruments and Exchange Act — 第百六条の三 (Article 106-3)

- Law: 金融商品取引法 (Financial Instruments and Exchange Act), 昭和二十三年法律第二十五号
- English title "Financial Instruments and Exchange Act": Ministry of Justice translation
- Kind: Act — the distinction between 法律 (Act), 政令 (Cabinet Order), 省令 (Ministerial Order) and 条例 (local ordinance) decides who may issue it and what it may say.
- Provision: 第百六条の三 (Article 106-3)（認可等） — address `art-106-3`
- Text in force since: 2026-08-12
- URL (the page that opens at this provision): https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-3
- Permanent URL (e-Gov law ID, never renamed): https://japanlaw.org/l/323AC0000000025/art-106-3
- Every provision below carries its address and both URLs on the line under it.
- Japanese text: e-Gov 法令検索, Digital Agency (デジタル庁). English: as marked on each line below.

Only the Japanese as published by the government has legal effect; the text
below is a copy of it. Every English rendering below is a translation and
says which kind: the Ministry of Justice's translation, or this
site's machine translation, whose model and date the Sources list names.
They are never merged and never substituted for one another.

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### 第百六条の三（認可等） — (Authorization)
<sup>caption: Ministry of Justice translation — Japanese Law Translation Database System</sup>
<sup>art-106-3 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-3 · https://japanlaw.org/l/323AC0000000025/art-106-3</sup>

      **第一項**  地方公共団体その他の政令で定める者（以下この条、第百六条の十四及び第百六条の十七において「地方公共団体等」という。）は、第百三条の二第一項の規定にかかわらず、内閣府令で定めるところにより、内閣総理大臣の認可を受けて、株式会社金融商品取引所の総株主の議決権の保有基準割合以上百分の五十以下の数の対象議決権を取得し、又は保有することができる。
      <sup>art-106-3/par-1 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-3/par-1 · https://japanlaw.org/l/323AC0000000025/art-106-3/par-1</sup>
      Notwithstanding the provisions of Article 103-2, paragraph (1), the local government or any other person specified by Cabinet Order (hereinafter collectively referred to as the "local government, etc." in this Article, Article 106-14 and Article 106-17) may, with the authorization of the Prime Minister, acquire or hold a number of subject voting rights that is equal to or greater than the threshold holding ratio, but no greater than 50 percent, of all shareholders' voting rights in an incorporated financial instruments exchange, pursuant to the provisions of Cabinet Office Order.
      <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

      **第二項**  前項の認可を受けた地方公共団体等は、同項及び第百三条の二第一項の規定にかかわらず、その保有する対象議決権の数に増加がない場合その他の内閣府令で定める場合には、株式会社金融商品取引所の総株主の議決権の百分の五十を超える対象議決権を取得し、又は保有することができる。
      <sup>art-106-3/par-2 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-3/par-2 · https://japanlaw.org/l/323AC0000000025/art-106-3/par-2</sup>
      Notwithstanding the provisions of the preceding paragraph and Article 103-2, paragraph (1), if the number of subject voting rights that it holds does not increase, or in any other case specified by Cabinet Office Order, a local government, etc. that has obtained the authorization referred to in the preceding paragraph may acquire or hold subject voting rights exceeding 50 percent of all shareholders' voting rights in an incorporated financial instruments exchange.
      <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

      **第三項**  前項の場合において、株式会社金融商品取引所の総株主の議決権の百分の五十を超える対象議決権を取得し、又は保有することとなつた地方公共団体等（以下この条において「特定保有団体等」という。）は、特定保有団体等になつた旨その他内閣府令で定める事項を、遅滞なく、内閣総理大臣に届け出なければならない。
      <sup>art-106-3/par-3 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-3/par-3 · https://japanlaw.org/l/323AC0000000025/art-106-3/par-3</sup>
      In the case referred to in the preceding paragraph, the local government, etc. that has come to acquire or hold subject voting rights exceeding 50 percent of all shareholders' voting rights in an incorporated financial instruments exchange (hereinafter referred to as a "specified holding entity, etc." in this Article) must notify the Prime Minister without delay that it has become a specified holding entity, etc. and of the other matters specified by Cabinet Office Order.
      <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

      **第四項**  第二項の場合において、特定保有団体等は、特定保有団体等となつた日から三月以内に、株式会社金融商品取引所の総株主の議決権の百分の五十以下の数の対象議決権の保有者となるために必要な措置をとらなければならない。
      <sup>art-106-3/par-4 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-3/par-4 · https://japanlaw.org/l/323AC0000000025/art-106-3/par-4</sup>
      In the case referred to in paragraph (2), the specified holding entity, etc. must take the necessary measures for it to become the holder of a number of subject voting rights that constitutes 50 percent or less of all shareholders' voting rights in the incorporated financial instruments exchange, within three months from the day on which it becomes a specified holding entity, etc.
      <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

      **第五項**  特定保有団体等は、前項の規定により株式会社金融商品取引所の総株主の議決権の百分の五十以下の数の対象議決権の保有者となつたときは、遅滞なく、その旨を内閣総理大臣に届け出なければならない。
      <sup>art-106-3/par-5 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-3/par-5 · https://japanlaw.org/l/323AC0000000025/art-106-3/par-5</sup>
      If, pursuant to the provisions of the preceding paragraph, a specified holding entity, etc. becomes the holder of a number of subject voting rights that constitutes 50 percent or less of all shareholders' voting rights in the incorporated financial instruments exchange, it must notify the Prime Minister of this without delay.
      <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

      **第六項**  第三十条の二の規定は、第一項の認可について準用する。
      <sup>art-106-3/par-6 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-3/par-6 · https://japanlaw.org/l/323AC0000000025/art-106-3/par-6</sup>
      The provisions of Article 30-2 apply mutatis mutandis to the authorization referred to in paragraph (1).
      <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

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## Cites
- art-106-3/par-1: この条 → 金融商品取引法 第百六条の三 (Article 106-3), art-106-3 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-3 · https://japanlaw.org/l/323AC0000000025/art-106-3
- art-106-3/par-1: 第百六条の十四 → 金融商品取引法 第百六条の十四 (Article 106-14), art-106-14 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-14 · https://japanlaw.org/l/323AC0000000025/art-106-14
- art-106-3/par-1: 第百六条の十七 → 金融商品取引法 第百六条の十七 (Article 106-17), art-106-17 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-17 · https://japanlaw.org/l/323AC0000000025/art-106-17
- art-106-3/par-1: 第百三条の二第一項 → 金融商品取引法 第百三条の二第一項 (Article 103-2, paragraph (1)), art-103-2/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-103-2/par-1 · https://japanlaw.org/l/323AC0000000025/art-103-2/par-1
- art-106-3/par-2: 前項 → 金融商品取引法 第百六条の三第一項 (Article 106-3, paragraph (1)), art-106-3/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-3/par-1 · https://japanlaw.org/l/323AC0000000025/art-106-3/par-1
- art-106-3/par-2: 第百三条の二第一項 → 金融商品取引法 第百三条の二第一項 (Article 103-2, paragraph (1)), art-103-2/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-103-2/par-1 · https://japanlaw.org/l/323AC0000000025/art-103-2/par-1
- art-106-3/par-3: 前項 → 金融商品取引法 第百六条の三第二項 (Article 106-3, paragraph (2)), art-106-3/par-2 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-3/par-2 · https://japanlaw.org/l/323AC0000000025/art-106-3/par-2
- art-106-3/par-3: この条 → 金融商品取引法 第百六条の三 (Article 106-3), art-106-3 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-3 · https://japanlaw.org/l/323AC0000000025/art-106-3
- art-106-3/par-4: 第二項 → 金融商品取引法 第百六条の三第二項 (Article 106-3, paragraph (2)), art-106-3/par-2 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-3/par-2 · https://japanlaw.org/l/323AC0000000025/art-106-3/par-2
- art-106-3/par-5: 前項 → 金融商品取引法 第百六条の三第四項 (Article 106-3, paragraph (4)), art-106-3/par-4 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-3/par-4 · https://japanlaw.org/l/323AC0000000025/art-106-3/par-4
- art-106-3/par-6: 第三十条の二 → 金融商品取引法 第三十条の二 (Article 30-2), art-30-2 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-30-2 · https://japanlaw.org/l/323AC0000000025/art-30-2
- art-106-3/par-6: 第一項 → 金融商品取引法 第百六条の三第一項 (Article 106-3, paragraph (1)), art-106-3/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-3/par-1 · https://japanlaw.org/l/323AC0000000025/art-106-3/par-1

## Cited by

28 provisions cite this one. No official source publishes this direction.

- 住民基本台帳法 別表第一 — https://japanlaw.org/en/residential-basic-book-act/appdx-1 · https://japanlaw.org/l/342AC0000000081/appdx-1
- 金融商品取引法 第百三条の二第四項（議決権の保有制限） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-103-2/par-4 · https://japanlaw.org/l/323AC0000000025/art-103-2/par-4
- 金融商品取引法 第百六条の三第一項（認可等） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-3/par-1 · https://japanlaw.org/l/323AC0000000025/art-106-3/par-1
- 金融商品取引法 第百六条の三第二項（認可等） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-3/par-2 · https://japanlaw.org/l/323AC0000000025/art-106-3/par-2
- 金融商品取引法 第百六条の三第三項（認可等） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-3/par-3 · https://japanlaw.org/l/323AC0000000025/art-106-3/par-3
- 金融商品取引法 第百六条の三第四項（認可等） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-3/par-4 · https://japanlaw.org/l/323AC0000000025/art-106-3/par-4
- 金融商品取引法 第百六条の三第五項（認可等） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-3/par-5 · https://japanlaw.org/l/323AC0000000025/art-106-3/par-5
- 金融商品取引法 第百六条の三第六項（認可等） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-3/par-6 · https://japanlaw.org/l/323AC0000000025/art-106-3/par-6
- 金融商品取引法 第百六条の四第一項（認可基準） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-4/par-1 · https://japanlaw.org/l/323AC0000000025/art-106-4/par-1
- 金融商品取引法 第百六条の四第二項（認可基準） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-4/par-2 · https://japanlaw.org/l/323AC0000000025/art-106-4/par-2
- 金融商品取引法 第百六条の五第一項（認可の拒否等に係る規定の準用） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-5/par-1 · https://japanlaw.org/l/323AC0000000025/art-106-5/par-1
- 金融商品取引法 第百六条の六第一項（報告の徴取及び検査） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-6/par-1 · https://japanlaw.org/l/323AC0000000025/art-106-6/par-1
- 金融商品取引法 第百六条の七第一項（監督上の処分） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-7/par-1 · https://japanlaw.org/l/323AC0000000025/art-106-7/par-1
- 金融商品取引法 第百六条の七第二項（監督上の処分） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-7/par-2 · https://japanlaw.org/l/323AC0000000025/art-106-7/par-2
- 金融商品取引法 第百六条の八第一項（認可の失効） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-8/par-1 · https://japanlaw.org/l/323AC0000000025/art-106-8/par-1
- 金融商品取引法 第百六条の九第一項（対象議決権に係る規定の準用） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-9/par-1 · https://japanlaw.org/l/323AC0000000025/art-106-9/par-1
- 金融商品取引法 第百六条の十第四項（認可等） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-10/par-4 · https://japanlaw.org/l/323AC0000000025/art-106-10/par-4
- 金融商品取引法 第百六条の十七第四項（主要株主に係る認可等） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-17/par-4 · https://japanlaw.org/l/323AC0000000025/art-106-17/par-4
- 金融商品取引法 第百八条第一項（対象議決権に係る規定の準用） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-108/par-1 · https://japanlaw.org/l/323AC0000000025/art-108/par-1
- 金融商品取引法 第百五十四条の二第一項（内閣府令への委任） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-154-2/par-1 · https://japanlaw.org/l/323AC0000000025/art-154-2/par-1
- 金融商品取引法 第百九十四条の四第一項第十六号（財務大臣への通知） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-194-4/par-1/item-16 · https://japanlaw.org/l/323AC0000000025/art-194-4/par-1/item-16
- 金融商品取引法 第百九十四条の四第一項第十八号（財務大臣への通知） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-194-4/par-1/item-18 · https://japanlaw.org/l/323AC0000000025/art-194-4/par-1/item-18
- 金融商品取引法 第二百条第一項第十七号 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-200/par-1/item-17 · https://japanlaw.org/l/323AC0000000025/art-200/par-1/item-17
- 金融商品取引法 第二百一条第一項第二号 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-201/par-1/item-2 · https://japanlaw.org/l/323AC0000000025/art-201/par-1/item-2
- 金融商品取引法 第二百五条第一項第十三号 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-205/par-1/item-13 · https://japanlaw.org/l/323AC0000000025/art-205/par-1/item-13
- 金融商品取引法 第二百五条の二の三第一項第一号 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-205-2-3/par-1/item-1 · https://japanlaw.org/l/323AC0000000025/art-205-2-3/par-1/item-1
- 金融商品取引法 附則第百八条第一項 — https://japanlaw.org/en/financial-instruments-and-exchange-act/suppl-4181-65/art-108/par-1 · https://japanlaw.org/l/323AC0000000025/suppl-4181-65/art-108/par-1
- 金融商品取引法 附則第百十条第一項 — https://japanlaw.org/en/financial-instruments-and-exchange-act/suppl-4181-65/art-110/par-1 · https://japanlaw.org/l/323AC0000000025/suppl-4181-65/art-110/par-1

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## Sources

- e-Gov 法令検索, Digital Agency (デジタル庁) — 金融商品取引法 — the text in force from 2026-08-12 (https://laws.e-gov.go.jp/law/323AC0000000025/20260812_508AC0000000064), retrieved 2026-10-22
- Japanese Law Translation Database System, Ministry of Justice (法務省) — Financial Instruments and Exchange Act — Ministry of Justice translation (https://www.japaneselawtranslation.go.jp/en/laws/view/4633/tb), retrieved 2026-10-22
- This site's parser, version 212 — 金融商品取引法 — structure, counts, cross-references and defined terms, computed 2026-10-22