# 金融商品取引法 / Financial Instruments and Exchange Act — 第百三十九条の十二 (Article 139-12)

- 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: 第百三十九条の十二 (Article 139-12)（債権者の異議） — address `art-139-12`
- 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-139-12
- Permanent URL (e-Gov law ID, never renamed): https://japanlaw.org/l/323AC0000000025/art-139-12
- 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.

---

### 第百三十九条の十二（債権者の異議） — (Objection of the Creditors)
<sup>caption: Ministry of Justice translation — Japanese Law Translation Database System</sup>
<sup>art-139-12 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-12 · https://japanlaw.org/l/323AC0000000025/art-139-12</sup>

      **第一項**  吸収合併存続株式会社金融商品取引所の債権者は、吸収合併存続株式会社金融商品取引所に対し、吸収合併について異議を述べることができる。
      <sup>art-139-12/par-1 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-12/par-1 · https://japanlaw.org/l/323AC0000000025/art-139-12/par-1</sup>
      The creditor of an incorporated financial instruments exchange surviving an absorption-type merger may state an objection to the incorporated financial instruments exchange surviving the absorption-type merger with regard to the absorption-type merger.
      <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

      **第二項**  吸収合併存続株式会社金融商品取引所は、次に掲げる事項を官報に公告し、かつ、知れている債権者（会社法第七百二条に規定する社債管理者（第八項において単に「社債管理者」という。）又は同法第七百十四条の二に規定する社債管理補助者がある場合にあつては、当該社債管理者又は社債管理補助者を含む。）には、各別にこれを催告しなければならない。ただし、第四号の期間は、一月を下ることができない。
      <sup>art-139-12/par-2 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-12/par-2 · https://japanlaw.org/l/323AC0000000025/art-139-12/par-2</sup>
      The incorporated financial instruments exchange surviving an absorption-type merger must give public notice of the following particulars in the Official Gazette, and must give an individual demand of those particulars to each of its known creditors (including the bond administrator under Article 702 of the Companies Act (simply referred to as the "bond administrator" in paragraph (8)) or the bond administration assistant provided for in Article 714-2 of that Act, if there is a bond administrator or a bond administration assistant); provided, however, that the period set forth in item (iv) may not be less than one month:
      <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

        **一**  吸収合併をする旨
        <sup>art-139-12/par-2/item-1 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-12/par-2/item-1 · https://japanlaw.org/l/323AC0000000025/art-139-12/par-2/item-1</sup>
        that an absorption-type merger is to be implemented;
        <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

        **二**  吸収合併消滅会員金融商品取引所の名称及び住所
        <sup>art-139-12/par-2/item-2 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-12/par-2/item-2 · https://japanlaw.org/l/323AC0000000025/art-139-12/par-2/item-2</sup>
        the name and address of the incorporated association-operated financial instruments exchange disappearing in the absorption-type merger;
        <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

        **三**  吸収合併存続株式会社金融商品取引所の計算書類に関する事項として内閣府令で定めるもの
        <sup>art-139-12/par-2/item-3 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-12/par-2/item-3 · https://japanlaw.org/l/323AC0000000025/art-139-12/par-2/item-3</sup>
        particulars specified by Cabinet Office Order as pertinent to the financial statements of the incorporated financial instruments exchange surviving the absorption-type merger; and
        <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

        **四**  債権者が一定の期間内に異議を述べることができる旨
        <sup>art-139-12/par-2/item-4 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-12/par-2/item-4 · https://japanlaw.org/l/323AC0000000025/art-139-12/par-2/item-4</sup>
        that a creditor may state an objection within a specified period.
        <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

      **第三項**  前項の規定にかかわらず、吸収合併存続株式会社金融商品取引所が同項の規定による公告を、官報のほか、会社法第九百三十九条第一項の規定による定款の定めに従い、同項第二号に掲げる公告方法（同法第二条第三十三号に規定する公告方法をいう。）又は電子公告によりするときは、前項の規定による各別の催告は、することを要しない。
      <sup>art-139-12/par-3 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-12/par-3 · https://japanlaw.org/l/323AC0000000025/art-139-12/par-3</sup>
      Notwithstanding the provisions of the preceding paragraph, if the incorporated financial instruments exchange surviving an absorption-type merger gives public notice under the provisions of that paragraph in the Official Gazette as well as by the means of public notice set forth in Article 939, paragraph (1), item (ii) of the Companies Act (meaning a means of public notice as defined in Article 2, item (xxxiii) of that Act) or through an electronic public notice, pursuant to the provisions of the articles of incorporation under the provisions of Article 939, paragraph (1) of that Act, the incorporated financial instruments exchange surviving the absorption-type merger is not required to give the individual demand under the provisions of the preceding paragraph.
      <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

      **第四項**  債権者が第二項第四号の期間内に異議を述べなかつたときは、当該債権者は、当該吸収合併について承認をしたものとみなす。
      <sup>art-139-12/par-4 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-12/par-4 · https://japanlaw.org/l/323AC0000000025/art-139-12/par-4</sup>
      If a creditor does not state an objection within the period referred to in paragraph (2), item (iv), the creditor is deemed to have accepted the absorption-type merger.
      <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

      **第五項**  債権者が第二項第四号の期間内に異議を述べたときは、吸収合併存続株式会社金融商品取引所は、当該債権者に対し、弁済し、若しくは相当の担保を提供し、又は当該債権者に弁済を受けさせることを目的として信託会社等に相当の財産を信託しなければならない。ただし、当該吸収合併をしても当該債権者を害するおそれがないときは、この限りでない。
      <sup>art-139-12/par-5 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-12/par-5 · https://japanlaw.org/l/323AC0000000025/art-139-12/par-5</sup>
      If a creditor states an objection within the period referred to in paragraph (2), item (iv), the incorporated financial instruments exchange surviving the absorption-type merger must pay its debt or provide reasonable collateral to the creditor, or must deposit reasonable property with a trust company, etc. for the purpose of allowing the creditor to receive payment for the debt; provided, however, that this does not apply if the absorption-type merger is unlikely to be detrimental to the creditor.
      <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

      **第六項**  会社法第九百四十条第一項（第三号に係る部分に限る。）及び第三項の規定は、吸収合併存続株式会社金融商品取引所が電子公告により第二項の規定による公告をする場合について準用する。この場合において、必要な技術的読替えは、政令で定める。
      <sup>art-139-12/par-6 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-12/par-6 · https://japanlaw.org/l/323AC0000000025/art-139-12/par-6</sup>
      The provisions of Article 940, paragraph (1) (limited to the part that involves item (iii)) and paragraph (3) of the Companies Act apply mutatis mutandis if the incorporated financial instruments exchange surviving an absorption-type merger makes a public notice under paragraph (2) through an electronic public notice. In such a case, the necessary technical replacement of terms is specified by Cabinet Order.
      <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

      **第七項**  第一項の規定により社債権者が異議を述べるには、社債権者集会の決議によらなければならない。この場合においては、裁判所は、利害関係人の申立てにより、社債権者のために異議を述べることができる期間を伸長することができる。
      <sup>art-139-12/par-7 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-12/par-7 · https://japanlaw.org/l/323AC0000000025/art-139-12/par-7</sup>
      In order for bondholders to state an objection pursuant to the provisions of paragraph (1), they must do so pursuant to a bondholders meeting resolution. In such a case, the court may extend the period for a bondholder to state an objection, at the petition of an interested party.
      <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

      **第八項**  前項の規定にかかわらず、社債管理者は、社債権者のために異議を述べることができる。ただし、会社法第七百二条の規定による委託に係る契約に別段の定めがある場合は、この限りでない。
      <sup>art-139-12/par-8 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-12/par-8 · https://japanlaw.org/l/323AC0000000025/art-139-12/par-8</sup>
      Notwithstanding the provisions of the preceding paragraph, a bond administrator may state an objection on behalf of a bondholder; provided, however, that this does not apply if otherwise provided for in the contract for entrustment under Article 702 of the Companies Act.
      <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

      **第九項**  会社法第八百六十八条第四項、第八百七十条第一項（第八号に係る部分に限る。）、第八百七十一条本文、第八百七十二条（第四号に係る部分に限る。）、第八百七十五条及び第八百七十六条の規定は、第七項の申立てに係る事件について準用する。
      <sup>art-139-12/par-9 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-12/par-9 · https://japanlaw.org/l/323AC0000000025/art-139-12/par-9</sup>
      The provisions of Article 868, paragraph (4); Article 870, paragraph (1) (limited to the part that involves item (viii)); the main clause of Article 871; Article 872 (limited to the part that involves item (iv)); Article 875; and Article 876 of the Companies Act apply mutatis mutandis to a case that is subject to the petition referred to in paragraph (7).
      <sup>machine translation, not official</sup>

---

## Cites
- art-139-12/par-2: 会社法第七百二条 → 会社法 第七百二条 (Article 702), art-702 — https://japanlaw.org/en/companies-act/art-702 · https://japanlaw.org/l/417AC0000000086/art-702
- art-139-12/par-2: 第八項 → 金融商品取引法 第百三十九条の十二第八項 (Article 139-12, paragraph (8)), art-139-12/par-8 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-12/par-8 · https://japanlaw.org/l/323AC0000000025/art-139-12/par-8
- art-139-12/par-2: 同法第七百十四条の二 → 会社法 第七百十四条の二 (Article 714-2), art-714-2 — https://japanlaw.org/en/companies-act/art-714-2 · https://japanlaw.org/l/417AC0000000086/art-714-2
- art-139-12/par-2: 第四号 → 金融商品取引法 第百三十九条の十二第二項第四号 (Article 139-12, paragraph (2), item (iv)), art-139-12/par-2/item-4 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-12/par-2/item-4 · https://japanlaw.org/l/323AC0000000025/art-139-12/par-2/item-4
- art-139-12/par-3: 前項 → 金融商品取引法 第百三十九条の十二第二項 (Article 139-12, paragraph (2)), art-139-12/par-2 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-12/par-2 · https://japanlaw.org/l/323AC0000000025/art-139-12/par-2
- art-139-12/par-3: 会社法第九百三十九条第一項 → 会社法 第九百三十九条第一項 (Article 939, paragraph (1)), art-939/par-1 — https://japanlaw.org/en/companies-act/art-939/par-1 · https://japanlaw.org/l/417AC0000000086/art-939/par-1
- art-139-12/par-3: 同項第二号 → 会社法 第九百三十九条第一項第二号 (Article 939, paragraph (1), item (ii)), art-939/par-1/item-2 — https://japanlaw.org/en/companies-act/art-939/par-1/item-2 · https://japanlaw.org/l/417AC0000000086/art-939/par-1/item-2
- art-139-12/par-3: 同法第二条第三十三号 → 会社法 第二条第一項第三十三号 (Article 2, paragraph (1), item (xxxiii)), art-2/par-1/item-33 — https://japanlaw.org/en/companies-act/art-2/par-1/item-33 · https://japanlaw.org/l/417AC0000000086/art-2/par-1/item-33
- art-139-12/par-4: 第二項第四号 → 金融商品取引法 第百三十九条の十二第二項第四号 (Article 139-12, paragraph (2), item (iv)), art-139-12/par-2/item-4 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-12/par-2/item-4 · https://japanlaw.org/l/323AC0000000025/art-139-12/par-2/item-4
- art-139-12/par-5: 第二項第四号 → 金融商品取引法 第百三十九条の十二第二項第四号 (Article 139-12, paragraph (2), item (iv)), art-139-12/par-2/item-4 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-12/par-2/item-4 · https://japanlaw.org/l/323AC0000000025/art-139-12/par-2/item-4
- art-139-12/par-6: 会社法第九百四十条第一項 → 会社法 第九百四十条第一項 (Article 940, paragraph (1)), art-940/par-1 — https://japanlaw.org/en/companies-act/art-940/par-1 · https://japanlaw.org/l/417AC0000000086/art-940/par-1
- art-139-12/par-6: 第三号 → 会社法 第九百四十条第一項第三号 (Article 940, paragraph (1), item (iii)), art-940/par-1/item-3 — https://japanlaw.org/en/companies-act/art-940/par-1/item-3 · https://japanlaw.org/l/417AC0000000086/art-940/par-1/item-3
- art-139-12/par-6: 第三項 → 会社法 第九百四十条第三項 (Article 940, paragraph (3)), art-940/par-3 — https://japanlaw.org/en/companies-act/art-940/par-3 · https://japanlaw.org/l/417AC0000000086/art-940/par-3
- art-139-12/par-6: 第二項 → 金融商品取引法 第百三十九条の十二第二項 (Article 139-12, paragraph (2)), art-139-12/par-2 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-12/par-2 · https://japanlaw.org/l/323AC0000000025/art-139-12/par-2
- art-139-12/par-7: 第一項 → 金融商品取引法 第百三十九条の十二第一項 (Article 139-12, paragraph (1)), art-139-12/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-12/par-1 · https://japanlaw.org/l/323AC0000000025/art-139-12/par-1
- art-139-12/par-8: 前項 → 金融商品取引法 第百三十九条の十二第七項 (Article 139-12, paragraph (7)), art-139-12/par-7 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-12/par-7 · https://japanlaw.org/l/323AC0000000025/art-139-12/par-7
- art-139-12/par-8: 会社法第七百二条 → 会社法 第七百二条 (Article 702), art-702 — https://japanlaw.org/en/companies-act/art-702 · https://japanlaw.org/l/417AC0000000086/art-702
- art-139-12/par-9: 会社法第八百六十八条第四項 → 会社法 第八百六十八条第四項 (Article 868, paragraph (4)), art-868/par-4 — https://japanlaw.org/en/companies-act/art-868/par-4 · https://japanlaw.org/l/417AC0000000086/art-868/par-4
- art-139-12/par-9: 第八百七十条第一項 → 会社法 第八百七十条第一項 (Article 870, paragraph (1)), art-870/par-1 — https://japanlaw.org/en/companies-act/art-870/par-1 · https://japanlaw.org/l/417AC0000000086/art-870/par-1
- art-139-12/par-9: 第八号 → 会社法 第八百七十条第一項第八号 (Article 870, paragraph (1), item (viii)), art-870/par-1/item-8 — https://japanlaw.org/en/companies-act/art-870/par-1/item-8 · https://japanlaw.org/l/417AC0000000086/art-870/par-1/item-8
- art-139-12/par-9: 第八百七十一条 → 会社法 第八百七十一条 (Article 871), art-871 — https://japanlaw.org/en/companies-act/art-871 · https://japanlaw.org/l/417AC0000000086/art-871
- art-139-12/par-9: 第八百七十二条 → 会社法 第八百七十二条 (Article 872), art-872 — https://japanlaw.org/en/companies-act/art-872 · https://japanlaw.org/l/417AC0000000086/art-872
- art-139-12/par-9: 第四号 → 会社法 第八百七十二条第一項第四号 (Article 872, paragraph (1), item (iv)), art-872/par-1/item-4 — https://japanlaw.org/en/companies-act/art-872/par-1/item-4 · https://japanlaw.org/l/417AC0000000086/art-872/par-1/item-4
- art-139-12/par-9: 第八百七十五条 → 会社法 第八百七十五条 (Article 875), art-875 — https://japanlaw.org/en/companies-act/art-875 · https://japanlaw.org/l/417AC0000000086/art-875
- art-139-12/par-9: 第八百七十六条 → 会社法 第八百七十六条 (Article 876), art-876 — https://japanlaw.org/en/companies-act/art-876 · https://japanlaw.org/l/417AC0000000086/art-876
- art-139-12/par-9: 第七項 → 金融商品取引法 第百三十九条の十二第七項 (Article 139-12, paragraph (7)), art-139-12/par-7 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-12/par-7 · https://japanlaw.org/l/323AC0000000025/art-139-12/par-7

## Cited by

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

- 金融商品取引法 第百三十九条の七第一項第三号（吸収合併契約に関する書面等の備置き及び閲覧等） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-7/par-1/item-3 · https://japanlaw.org/l/323AC0000000025/art-139-7/par-1/item-3
- 金融商品取引法 第百三十九条の十二第二項（債権者の異議） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-12/par-2 · https://japanlaw.org/l/323AC0000000025/art-139-12/par-2
- 金融商品取引法 第百三十九条の十二第三項（債権者の異議） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-12/par-3 · https://japanlaw.org/l/323AC0000000025/art-139-12/par-3
- 金融商品取引法 第百三十九条の十二第四項（債権者の異議） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-12/par-4 · https://japanlaw.org/l/323AC0000000025/art-139-12/par-4
- 金融商品取引法 第百三十九条の十二第五項（債権者の異議） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-12/par-5 · https://japanlaw.org/l/323AC0000000025/art-139-12/par-5
- 金融商品取引法 第百三十九条の十二第六項（債権者の異議） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-12/par-6 · https://japanlaw.org/l/323AC0000000025/art-139-12/par-6
- 金融商品取引法 第百三十九条の十二第七項（債権者の異議） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-12/par-7 · https://japanlaw.org/l/323AC0000000025/art-139-12/par-7
- 金融商品取引法 第百三十九条の十二第八項（債権者の異議） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-12/par-8 · https://japanlaw.org/l/323AC0000000025/art-139-12/par-8
- 金融商品取引法 第百三十九条の十二第九項（債権者の異議） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-12/par-9 · https://japanlaw.org/l/323AC0000000025/art-139-12/par-9
- 金融商品取引法 第百三十九条の十九第一項（準用規定） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-139-19/par-1 · https://japanlaw.org/l/323AC0000000025/art-139-19/par-1
- 金融商品取引法 第百四十二条第十項第一号（みなし免許等） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-142/par-10/item-1 · https://japanlaw.org/l/323AC0000000025/art-142/par-10/item-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 第二百八条第一項第二十一号 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-208/par-1/item-21 · https://japanlaw.org/l/323AC0000000025/art-208/par-1/item-21
- 金融商品取引法 第二百八条第一項第二十六号 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-208/par-1/item-26 · https://japanlaw.org/l/323AC0000000025/art-208/par-1/item-26

---

## 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
- claude-sonnet-5-5 — Machine translation, batch financial-instruments-and-exchange-act-20261023T035921-013, translated 2026-10-23
- This site's parser, version 212 — 金融商品取引法 — structure, counts, cross-references and defined terms, computed 2026-10-22