# 金融商品取引法 / Financial Instruments and Exchange Act — 第百七十一条の二 (Article 171-2) - 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: 第百七十一条の二 (Article 171-2)（無登録業者による未公開有価証券の売付け等の効果） — address `art-171-2` - 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-171-2 - Permanent URL (e-Gov law ID, never renamed): https://japanlaw.org/l/323AC0000000025/art-171-2 - 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. --- ### 第百七十一条の二（無登録業者による未公開有価証券の売付け等の効果） — (Effect of Sale of Unlisted Securities by Unregistered Business Operators) caption: Ministry of Justice translation — Japanese Law Translation Database System art-171-2 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-171-2 · https://japanlaw.org/l/323AC0000000025/art-171-2 **第一項** 無登録業者（第二十九条の規定に違反して内閣総理大臣の登録を受けないで第二十八条第一項に規定する第一種金融商品取引業又は同条第二項に規定する第二種金融商品取引業を行う者をいう。以下この項において同じ。）が、未公開有価証券につき売付け等（売付け又はその媒介若しくは代理、募集又は売出しの取扱いその他これらに準ずる行為として政令で定める行為をいう。以下この項において同じ。）を行つた場合には、対象契約（当該売付け等に係る契約又は当該売付け等により締結された契約であつて、顧客による当該未公開有価証券の取得を内容とするものをいう。以下この項において同じ。）は、無効とする。ただし、当該無登録業者又は当該対象契約に係る当該未公開有価証券の売主若しくは発行者（当該対象契約の当事者に限る。）が、当該売付け等が当該顧客の知識、経験、財産の状況及び当該対象契約を締結する目的に照らして顧客の保護に欠けるものでないこと又は当該売付け等が不当な利得行為に該当しないことを証明したときは、この限りでない。 art-171-2/par-1 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-171-2/par-1 · https://japanlaw.org/l/323AC0000000025/art-171-2/par-1 In cases where an unregistered business operator (meaning a person that engages in type-I financial instruments business as defined in Article 28, paragraph (1) or type-II financial instruments business as defined in Article 28, paragraph (2) without obtaining registration from the Prime Minister in violation of Article 29; hereinafter the same applies in this paragraph) performed a sale, etc. of unlisted securities (meaning sales, or intermediary or agency therefor, dealings in public offering or secondary distribution or any other similar act specified by Cabinet Order; hereinafter the same applies in this paragraph), the subject contract (meaning a contract related to the relevant sale, etc. or a contract concluded based on the relevant sale, etc., in order for the customer to acquire the relevant unlisted securities; hereinafter the same applies in this paragraph) are void; provided, however, that this does not apply where the relevant unregistered business operator or the seller or issuer of the relevant unlisted securities related to the relevant subject contract (limited to the parties to the relevant subject contract) proves that the relevant sale, etc. neither impairs customer protection nor corresponds to an act of unfair profiting in light of the customer's knowledge, experience, the status of property or the purpose of concluding the relevant subject contract. Ministry of Justice translation — Japanese Law Translation Database System **第二項** 前項の「未公開有価証券」とは、社債券、株券、新株予約権証券その他の適正な取引を確保することが特に必要な有価証券として政令で定める有価証券であつて、次に掲げる有価証券のいずれにも該当しないものをいう。 art-171-2/par-2 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-171-2/par-2 · https://japanlaw.org/l/323AC0000000025/art-171-2/par-2 "Unlisted securities" under the preceding paragraph means bonds, share certificates, share option certificates and other securities specified by Cabinet Order for which it is particularly necessary to ensure appropriate transactions that do not correspond to: Ministry of Justice translation — Japanese Law Translation Database System **一** 金融商品取引所に上場されている有価証券 art-171-2/par-2/item-1 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-171-2/par-2/item-1 · https://japanlaw.org/l/323AC0000000025/art-171-2/par-2/item-1 securities listed on a financial instruments exchange; Ministry of Justice translation — Japanese Law Translation Database System **二** 店頭売買有価証券又は取扱有価証券 art-171-2/par-2/item-2 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-171-2/par-2/item-2 · https://japanlaw.org/l/323AC0000000025/art-171-2/par-2/item-2 over-the-counter traded securities or tradable securities; or Ministry of Justice translation — Japanese Law Translation Database System **三** 前二号に掲げるもののほか、その売買価格又は発行者に関する情報を容易に取得することができる有価証券として政令で定める有価証券 art-171-2/par-2/item-3 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-171-2/par-2/item-3 · https://japanlaw.org/l/323AC0000000025/art-171-2/par-2/item-3 beyond what is listed in the preceding two items, securities whose trading price or issuer's information can easily be obtained as specified by Cabinet Order. Ministry of Justice translation — Japanese Law Translation Database System --- ## Cites - art-171-2/par-1: 第二十九条 → 金融商品取引法 第二十九条 (Article 29), art-29 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-29 · https://japanlaw.org/l/323AC0000000025/art-29 - art-171-2/par-1: 第二十八条第一項 → 金融商品取引法 第二十八条第一項 (Article 28, paragraph (1)), art-28/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-28/par-1 · https://japanlaw.org/l/323AC0000000025/art-28/par-1 - art-171-2/par-1: 同条第二項 → 金融商品取引法 第二十八条第二項 (Article 28, paragraph (2)), art-28/par-2 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-28/par-2 · https://japanlaw.org/l/323AC0000000025/art-28/par-2 - art-171-2/par-1: この項 → 金融商品取引法 第百七十一条の二第一項 (Article 171-2, paragraph (1)), art-171-2/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-171-2/par-1 · https://japanlaw.org/l/323AC0000000025/art-171-2/par-1 - art-171-2/par-2: 前項 → 金融商品取引法 第百七十一条の二第一項 (Article 171-2, paragraph (1)), art-171-2/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-171-2/par-1 · https://japanlaw.org/l/323AC0000000025/art-171-2/par-1 - art-171-2/par-2/item-3: 前二号 → 金融商品取引法 第百七十一条の二第二項第一号 (Article 171-2, paragraph (2), item (i)), art-171-2/par-2/item-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-171-2/par-2/item-1 · https://japanlaw.org/l/323AC0000000025/art-171-2/par-2/item-1 - art-171-2/par-2/item-3: 前二号 → 金融商品取引法 第百七十一条の二第二項第二号 (Article 171-2, paragraph (2), item (ii)), art-171-2/par-2/item-2 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-171-2/par-2/item-2 · https://japanlaw.org/l/323AC0000000025/art-171-2/par-2/item-2 ## Cited by 4 provisions cite this one. No official source publishes this direction. - 金融商品取引法 第百七十一条の二第一項（無登録業者による未公開有価証券の売付け等の効果） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-171-2/par-1 · https://japanlaw.org/l/323AC0000000025/art-171-2/par-1 - 金融商品取引法 第百七十一条の二第二項（無登録業者による未公開有価証券の売付け等の効果） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-171-2/par-2 · https://japanlaw.org/l/323AC0000000025/art-171-2/par-2 - 金融商品取引法 第百七十一条の二第二項第三号（無登録業者による未公開有価証券の売付け等の効果） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-171-2/par-2/item-3 · https://japanlaw.org/l/323AC0000000025/art-171-2/par-2/item-3 - 金融商品取引法 附則第八条第一項 — https://japanlaw.org/en/financial-instruments-and-exchange-act/suppl-4231-49/art-8/par-1 · https://japanlaw.org/l/323AC0000000025/suppl-4231-49/art-8/par-1 --- ## 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