# 金融商品取引法 / Financial Instruments and Exchange Act — 第百六十九条 (Article 169) - 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: 第百六十九条 (Article 169)（対価を受けて行う新聞等への意見表示の制限） — address `art-169` - 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-169 - Permanent URL (e-Gov law ID, never renamed): https://japanlaw.org/l/323AC0000000025/art-169 - 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. --- ### 第百六十九条（対価を受けて行う新聞等への意見表示の制限） — (Restriction on Presenting an Opinion in the Newspaper for a Consideration) caption: Ministry of Justice translation — Japanese Law Translation Database System art-169 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-169 · https://japanlaw.org/l/323AC0000000025/art-169 **第一項** 何人も、発行者、有価証券の売出しをする者、特定投資家向け売付け勧誘等をする者、引受人、金融商品取引業者等又は第二十七条の三第三項（第二十七条の二十二の二第二項において準用する場合を含む。）に規定する公開買付者等から対価を受け、又は受けるべき約束をして、有価証券、発行者又は第二十七条の三第二項（第二十七条の二十二の二第二項において準用する場合を含む。）に規定する公開買付者に関し投資についての判断を提供すべき意見を新聞紙若しくは雑誌に掲載し、又は文書、放送、映画その他の方法を用いて一般に表示する場合には、当該対価を受け、又は受けるべき約束をして行う旨の表示を併せてしなければならない。ただし、広告料を受け、又は受けるべき約束をしている者が、当該広告料を対価とし、広告として表示する場合については、この限りでない。 art-169/par-1 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-169/par-1 · https://japanlaw.org/l/323AC0000000025/art-169/par-1 Any person that receives or promises to receive consideration from an issuer, person making a secondary distribution of securities, person making a solicitation for selling, etc. only for professional investors, underwriter, or financial instruments business operator, etc., or from a tender offeror, etc. provided for in Article 27-3, paragraph (3) (including as applied mutatis mutandis pursuant to Article 27-22-2, paragraph (2)), to publish an opinion that is to provide a decision about investment in respect of securities, issuer, or a tender offeror provided for in Article 27-3, paragraph (2) (including as applied mutatis mutandis pursuant to Article 27-22-2, paragraph (2)) in a newspaper or magazine, or to present the opinion to the public in writing, through broadcasting, in a movie, or by any other means, must convey that the person has received or promised to receive consideration for doing so, together with the opinion; provided, however, that this does not apply if a person that receives or promises to receive an advertising fee presents the opinion as an advertisement in exchange for the advertising fee. Ministry of Justice translation — Japanese Law Translation Database System --- ## Cites - art-169/par-1: 第二十七条の三第三項 → 金融商品取引法 第二十七条の三第三項 (Article 27-3, paragraph (3)), art-27-3/par-3 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-27-3/par-3 · https://japanlaw.org/l/323AC0000000025/art-27-3/par-3 - art-169/par-1: 第二十七条の二十二の二第二項 → 金融商品取引法 第二十七条の二十二の二第二項 (Article 27-22-2, paragraph (2)), art-27-22-2/par-2 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-27-22-2/par-2 · https://japanlaw.org/l/323AC0000000025/art-27-22-2/par-2 - art-169/par-1: 第二十七条の三第二項 → 金融商品取引法 第二十七条の三第二項 (Article 27-3, paragraph (2)), art-27-3/par-2 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-27-3/par-2 · https://japanlaw.org/l/323AC0000000025/art-27-3/par-2 ## Cited by 1 provision cites this one. No official source publishes this direction. - 金融商品取引法 第二百五条第一項第二十号 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-205/par-1/item-20 · https://japanlaw.org/l/323AC0000000025/art-205/par-1/item-20 --- ## 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