# 金融商品取引法 / Financial Instruments and Exchange Act — 第百五十六条の二十の四 (Article 156-20-4)

- 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: 第百五十六条の二十の四 (Article 156-20-4)（免許審査基準） — address `art-156-20-4`
- 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-156-20-4
- Permanent URL (e-Gov law ID, never renamed): https://japanlaw.org/l/323AC0000000025/art-156-20-4
- 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.

---

### 第百五十六条の二十の四（免許審査基準） — (Licensing Examination Criteria)
<sup>caption: Ministry of Justice translation — Japanese Law Translation Database System</sup>
<sup>art-156-20-4 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-156-20-4 · https://japanlaw.org/l/323AC0000000025/art-156-20-4</sup>

  **第一項**  内閣総理大臣は、前条第一項の規定による免許の申請があつた場合においては、その申請が次に掲げる基準に適合するかどうかを審査しなければならない。
  <sup>art-156-20-4/par-1 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-156-20-4/par-1 · https://japanlaw.org/l/323AC0000000025/art-156-20-4/par-1</sup>
  When a license application under paragraph (1) of the preceding Article is filed, the Prime Minister must examine whether the application conforms to the following criteria:
  <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

    **一**  免許申請者がその本店又は主たる事務所が所在する国において第百五十六条の二の免許と同種類の免許又はこれに類する許可その他の行政処分を受けた者であること。
    <sup>art-156-20-4/par-1/item-1 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-156-20-4/par-1/item-1 · https://japanlaw.org/l/323AC0000000025/art-156-20-4/par-1/item-1</sup>
    the license applicant has obtained the same kind of license as that referred to in Article 156-2 or permission or any other administrative disposition similar to such a license in the state where its head office or principal office is located;
    <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

    **二**  定款及び業務方法書の規定が法令に適合し、かつ、金融商品債務引受業を適正かつ確実に遂行するために十分であること。
    <sup>art-156-20-4/par-1/item-2 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-156-20-4/par-1/item-2 · https://japanlaw.org/l/323AC0000000025/art-156-20-4/par-1/item-2</sup>
    the provisions of the articles of incorporation and business rules conform to laws and regulations and are sufficient to allow financial instruments obligation assumption services to be performed properly and reliably;
    <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

    **三**  金融商品債務引受業を健全に遂行するに足りる財産的基礎を有し、かつ、金融商品債務引受業に係る収支の見込みが良好であること。
    <sup>art-156-20-4/par-1/item-3 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-156-20-4/par-1/item-3 · https://japanlaw.org/l/323AC0000000025/art-156-20-4/par-1/item-3</sup>
    the applicant has a sufficient financial basis to soundly perform financial instruments obligation assumption services, and has good prospects in terms of expected income and expenditures in connection with financial instruments obligation assumption services;
    <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

    **四**  その人的構成に照らして、金融商品債務引受業を適正かつ確実に遂行することができる知識及び経験を有し、かつ、十分な社会的信用を有すること。
    <sup>art-156-20-4/par-1/item-4 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-156-20-4/par-1/item-4 · https://japanlaw.org/l/323AC0000000025/art-156-20-4/par-1/item-4</sup>
    in light of its personnel structure, the applicant has sufficient knowledge and experience to perform financial instruments obligation assumption service properly and reliably, and has sufficient social credibility; and
    <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

    **五**  未決済債務等の決済に充当する担保の適切な徴求、当該決済が円滑に行われるための信頼性の高い設備の運用その他当該決済が適正かつ確実に行われるための仕組み及び体制が十分に整備されていること。
    <sup>art-156-20-4/par-1/item-5 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-156-20-4/par-1/item-5 · https://japanlaw.org/l/323AC0000000025/art-156-20-4/par-1/item-5</sup>
    the applicant has an adequately developed structure and system for properly securing collateral to allocate for settling outstanding obligations, for managing highly reliable facilities in order to facilitate such settlement, and for otherwise executing such settlement properly and reliably.
    <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

  **第二項**  内閣総理大臣は、前項の規定により審査した結果、その申請が同項の基準に適合していると認めたときは、次の各号のいずれかに該当する場合を除いて、その免許を与えなければならない。
  <sup>art-156-20-4/par-2 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-156-20-4/par-2 · https://japanlaw.org/l/323AC0000000025/art-156-20-4/par-2</sup>
  If, as a result of having conducted an examination pursuant to the provisions of the preceding paragraph, the Prime Minister finds that an application conforms to the criteria in that paragraph, the Prime Minister must grant the license, except in a case that falls under any of the following items:
  <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

    **一**  免許申請者が外国の法令に準拠し、当該外国において金融商品債務引受業と同種類の業務を開始してから政令で定める期間を経過するまでの者であるとき（政令で定める場合に該当するときを除く。）。
    <sup>art-156-20-4/par-2/item-1 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-156-20-4/par-2/item-1 · https://japanlaw.org/l/323AC0000000025/art-156-20-4/par-2/item-1</sup>
    the license applicant is a person for whom the period specified by Cabinet Order pass since it commenced the same kind of business as financial instruments obligation assumption services in a foreign country based on foreign laws and regulations (unless this falls under a case specified by Cabinet Order);
    <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

    **二**  免許申請者がこの法律若しくは金融サービスの提供及び利用環境の整備等に関する法律又はこれらに相当する外国の法令の規定に違反し、罰金の刑（これに相当する外国の法令による刑を含む。）に処せられ、その刑の執行を終わり、又はその刑の執行を受けることがなくなつた日から五年を経過するまでの者であるとき。
    <sup>art-156-20-4/par-2/item-2 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-156-20-4/par-2/item-2 · https://japanlaw.org/l/323AC0000000025/art-156-20-4/par-2/item-2</sup>
    the license applicant is a person that has been sentenced to a fine (including an equivalent sentence under foreign laws and regulations) for violating the provisions of this Act or the Act on the Provision of Financial Services and the Development of the Accessible Environment Thereto or for violating the provisions of a foreign law or regulation that is equivalent to one of these Acts, and five years have not passed since the day on which the person finished serving the sentence or ceased to be subject to its enforcement;
    <sup>machine translation, not official</sup>

    **三**  免許申請者が第百五十六条の二十の十四第一項若しくは第二項の規定により免許を取り消され、第五十二条第一項、第五十三条第三項、第五十七条の六第三項、第六十六条の二十第一項、第六十六条の四十二第一項、第六十六条の六十三第一項若しくは第六十六条の八十五第一項の規定により登録を取り消され、第六十条の八第一項（第六十条の十四第二項において準用する場合を含む。）の規定により許可を取り消され、若しくは第百六条の七第一項、第百六条の二十一第一項、第百六条の二十八第一項、第百五十五条の六、第百五十五条の十第一項若しくは第百五十六条の五の九第一項の規定により認可を取り消され、若しくは金融サービスの提供及び利用環境の整備等に関する法律第三十八条第一項（第二号、第三号及び第五号を除く。）の規定により同法第十二条の登録（有価証券等仲介業務の種別に係るものに限る。）を取り消され、又はこの法律若しくは金融サービスの提供及び利用環境の整備等に関する法律に相当する外国の法令の規定により当該外国において受けている同種類の免許若しくは登録（当該免許又は登録に類する許可その他の行政処分を含む。）を取り消され、その取消しの日から五年を経過するまでの者であるとき。
    <sup>art-156-20-4/par-2/item-3 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-156-20-4/par-2/item-3 · https://japanlaw.org/l/323AC0000000025/art-156-20-4/par-2/item-3</sup>
    the license applicant is a person that has had its license rescinded pursuant to the provisions of Article 156-20-14, paragraph (1) or (2); a person that has had their registration rescinded pursuant to the provisions of Article 52, paragraph (1), Article 53, paragraph (3), Article 57-6, paragraph (3), Article 66-20, paragraph (1), Article 66-42, paragraph (1), Article 66-63, paragraph (1), or Article 66-85, paragraph (1); a person that has had their permission rescinded pursuant to the provisions of Article 60-8, paragraph (1) (including as applied mutatis mutandis pursuant to Article 60-14, paragraph (2)); a person that has had their authorization rescinded pursuant to the provisions of Article 106-7, paragraph (1), Article 106-21, paragraph (1), Article 106-28, paragraph (1), Article 155-6, Article 155-10, paragraph (1), or Article 156-5-9, paragraph (1); a person that has had its registration referred to in Article 12 of the Act on the Provision of Financial Services and the Development of the Accessible Environment Thereto (limited to the registration related to the type of securities, etc. intermediary business operations) rescinded pursuant to the provisions of Article 38, paragraph (1) of that Act (excluding items (ii), (iii), and (v)); or is a person that had a license or registration of the same kind obtained in a foreign country rescinded pursuant to the provisions of a foreign law or regulation that is equivalent to this Act or the Act on the Provision of Financial Services and the Development of the Accessible Environment Thereto (including permission or any other administrative disposition similar to the license or registration); for whom five years have not passed since the date of the rescission;
    <sup>machine translation, not official</sup>

    **四**  免許申請者の役員又は国内における代表者のうちに第八十二条第二項第三号イからヘまでのいずれかに該当する者があるとき。
    <sup>art-156-20-4/par-2/item-4 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-156-20-4/par-2/item-4 · https://japanlaw.org/l/323AC0000000025/art-156-20-4/par-2/item-4</sup>
    the license applicant has a person falling under any of the provisions of Article 82, paragraph (2), item (iii), (a) through (f) as an officer or domestic representative;
    <sup>machine translation, not official</sup>

    **五**  免許申請者の本店又は主たる事務所の所在する国のこの法律に相当する外国の法令を執行する当局の第百八十九条第二項第一号に規定する保証又はこれに準ずると認められるものがないとき。
    <sup>art-156-20-4/par-2/item-5 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-156-20-4/par-2/item-5 · https://japanlaw.org/l/323AC0000000025/art-156-20-4/par-2/item-5</sup>
    the authority responsible for the enforcement of the foreign law or regulation that is equivalent to this Act in the state where the head office or principal office of the license applicant is located has not given the assurance prescribed in Article 189, paragraph (2), item (i) or done anything else that is found to be equivalent to such assurance; or
    <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

    **六**  免許申請書又はこれに添付すべき書類若しくは電磁的記録のうちに重要な事項について虚偽の記載又は記録があるとき。
    <sup>art-156-20-4/par-2/item-6 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-156-20-4/par-2/item-6 · https://japanlaw.org/l/323AC0000000025/art-156-20-4/par-2/item-6</sup>
    the license application or a document or electronic or magnetic record that is required to be attached to it contains a false statement or false record regarding a material particular.
    <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

---

## Cites
- art-156-20-4/par-1: 前条第一項 → 金融商品取引法 第百五十六条の二十の三第一項 (Article 156-20-3, paragraph (1)), art-156-20-3/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-156-20-3/par-1 · https://japanlaw.org/l/323AC0000000025/art-156-20-3/par-1
- art-156-20-4/par-1/item-1: 第百五十六条の二 → 金融商品取引法 第百五十六条の二 (Article 156-2), art-156-2 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-156-2 · https://japanlaw.org/l/323AC0000000025/art-156-2
- art-156-20-4/par-2: 前項 → 金融商品取引法 第百五十六条の二十の四第一項 (Article 156-20-4, paragraph (1)), art-156-20-4/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-156-20-4/par-1 · https://japanlaw.org/l/323AC0000000025/art-156-20-4/par-1
- art-156-20-4/par-2/item-3: 第百五十六条の二十の十四第一項 → 金融商品取引法 第百五十六条の二十の十四第一項 (Article 156-20-14, paragraph (1)), art-156-20-14/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-156-20-14/par-1 · https://japanlaw.org/l/323AC0000000025/art-156-20-14/par-1
- art-156-20-4/par-2/item-3: 第二項 → 金融商品取引法 第百五十六条の二十の十四第二項 (Article 156-20-14, paragraph (2)), art-156-20-14/par-2 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-156-20-14/par-2 · https://japanlaw.org/l/323AC0000000025/art-156-20-14/par-2
- art-156-20-4/par-2/item-3: 第五十二条第一項 → 金融商品取引法 第五十二条第一項 (Article 52, paragraph (1)), art-52/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-52/par-1 · https://japanlaw.org/l/323AC0000000025/art-52/par-1
- art-156-20-4/par-2/item-3: 第五十三条第三項 → 金融商品取引法 第五十三条第三項 (Article 53, paragraph (3)), art-53/par-3 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-53/par-3 · https://japanlaw.org/l/323AC0000000025/art-53/par-3
- art-156-20-4/par-2/item-3: 第五十七条の六第三項 → 金融商品取引法 第五十七条の六第三項 (Article 57-6, paragraph (3)), art-57-6/par-3 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-57-6/par-3 · https://japanlaw.org/l/323AC0000000025/art-57-6/par-3
- art-156-20-4/par-2/item-3: 第六十六条の二十第一項 → 金融商品取引法 第六十六条の二十第一項 (Article 66-20, paragraph (1)), art-66-20/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-66-20/par-1 · https://japanlaw.org/l/323AC0000000025/art-66-20/par-1
- art-156-20-4/par-2/item-3: 第六十六条の四十二第一項 → 金融商品取引法 第六十六条の四十二第一項 (Article 66-42, paragraph (1)), art-66-42/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-66-42/par-1 · https://japanlaw.org/l/323AC0000000025/art-66-42/par-1
- art-156-20-4/par-2/item-3: 第六十六条の六十三第一項 → 金融商品取引法 第六十六条の六十三第一項 (Article 66-63, paragraph (1)), art-66-63/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-66-63/par-1 · https://japanlaw.org/l/323AC0000000025/art-66-63/par-1
- art-156-20-4/par-2/item-3: 第六十六条の八十五第一項 → 金融商品取引法 第六十六条の八十五第一項 (Article 66-85, paragraph (1)), art-66-85/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-66-85/par-1 · https://japanlaw.org/l/323AC0000000025/art-66-85/par-1
- art-156-20-4/par-2/item-3: 第六十条の八第一項 → 金融商品取引法 第六十条の八第一項 (Article 60-8, paragraph (1)), art-60-8/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-60-8/par-1 · https://japanlaw.org/l/323AC0000000025/art-60-8/par-1
- art-156-20-4/par-2/item-3: 第六十条の十四第二項 → 金融商品取引法 第六十条の十四第二項 (Article 60-14, paragraph (2)), art-60-14/par-2 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-60-14/par-2 · https://japanlaw.org/l/323AC0000000025/art-60-14/par-2
- art-156-20-4/par-2/item-3: 第百六条の七第一項 → 金融商品取引法 第百六条の七第一項 (Article 106-7, paragraph (1)), art-106-7/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-7/par-1 · https://japanlaw.org/l/323AC0000000025/art-106-7/par-1
- art-156-20-4/par-2/item-3: 第百六条の二十一第一項 → 金融商品取引法 第百六条の二十一第一項 (Article 106-21, paragraph (1)), art-106-21/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-21/par-1 · https://japanlaw.org/l/323AC0000000025/art-106-21/par-1
- art-156-20-4/par-2/item-3: 第百六条の二十八第一項 → 金融商品取引法 第百六条の二十八第一項 (Article 106-28, paragraph (1)), art-106-28/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-106-28/par-1 · https://japanlaw.org/l/323AC0000000025/art-106-28/par-1
- art-156-20-4/par-2/item-3: 第百五十五条の六 → 金融商品取引法 第百五十五条の六 (Article 155-6), art-155-6 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-155-6 · https://japanlaw.org/l/323AC0000000025/art-155-6
- art-156-20-4/par-2/item-3: 第百五十五条の十第一項 → 金融商品取引法 第百五十五条の十第一項 (Article 155-10, paragraph (1)), art-155-10/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-155-10/par-1 · https://japanlaw.org/l/323AC0000000025/art-155-10/par-1
- art-156-20-4/par-2/item-3: 第百五十六条の五の九第一項 → 金融商品取引法 第百五十六条の五の九第一項 (Article 156-5-9, paragraph (1)), art-156-5-9/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-156-5-9/par-1 · https://japanlaw.org/l/323AC0000000025/art-156-5-9/par-1
- art-156-20-4/par-2/item-3: 金融サービスの提供及び利用環境の整備等に関する法律第三十八条第一項 → e-Gov law 412AC0000000101, 第三十八条第一項 (Article 38, paragraph (1)), art-38/par-1 — not held in this collection
- art-156-20-4/par-2/item-3: 第二号 → e-Gov law 412AC0000000101, 第三十八条第一項第二号 (Article 38, paragraph (1), item (ii)), art-38/par-1/item-2 — not held in this collection
- art-156-20-4/par-2/item-3: 第三号 → e-Gov law 412AC0000000101, 第三十八条第一項第三号 (Article 38, paragraph (1), item (iii)), art-38/par-1/item-3 — not held in this collection
- art-156-20-4/par-2/item-3: 第五号 → e-Gov law 412AC0000000101, 第三十八条第一項第五号 (Article 38, paragraph (1), item (v)), art-38/par-1/item-5 — not held in this collection
- art-156-20-4/par-2/item-3: 同法第十二条 → e-Gov law 412AC0000000101, 第十二条 (Article 12), art-12 — not held in this collection
- art-156-20-4/par-2/item-4: 第八十二条第二項第三号 → 金融商品取引法 第八十二条第二項第三号 (Article 82, paragraph (2), item (iii)), art-82/par-2/item-3 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-82/par-2/item-3 · https://japanlaw.org/l/323AC0000000025/art-82/par-2/item-3
- art-156-20-4/par-2/item-5: 第百八十九条第二項第一号 → 金融商品取引法 第百八十九条第二項第一号 (Article 189, paragraph (2), item (i)), art-189/par-2/item-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-189/par-2/item-1 · https://japanlaw.org/l/323AC0000000025/art-189/par-2/item-1

## Cited by

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

- 金融商品取引法 第百五十六条の二十の三第二項第一号（免許の申請） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-156-20-3/par-2/item-1 · https://japanlaw.org/l/323AC0000000025/art-156-20-3/par-2/item-1
- 金融商品取引法 第百五十六条の二十の三第二項第六号（免許の申請） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-156-20-3/par-2/item-6 · https://japanlaw.org/l/323AC0000000025/art-156-20-3/par-2/item-6
- 金融商品取引法 第百五十六条の二十の四第二項（免許審査基準） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-156-20-4/par-2 · https://japanlaw.org/l/323AC0000000025/art-156-20-4/par-2
- 金融商品取引法 第百五十六条の二十の十四第一項（免許の取消し等） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-156-20-14/par-1 · https://japanlaw.org/l/323AC0000000025/art-156-20-14/par-1
- 金融商品取引法 第百五十六条の二十二第一項（内閣府令への委任） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-156-22/par-1 · https://japanlaw.org/l/323AC0000000025/art-156-22/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
- claude-sonnet-5-5 — Machine translation, batch financial-instruments-and-exchange-act-20261023T033157-017, 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