# 金融商品取引法 / Financial Instruments and Exchange Act — 第百七十二条の五 (Article 172-5) - 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: 第百七十二条の五 (Article 172-5)（公開買付開始公告を行わないで株券等の買付け等をした者に対する課徴金納付命令） — address `art-172-5` - 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-172-5 - Permanent URL (e-Gov law ID, never renamed): https://japanlaw.org/l/323AC0000000025/art-172-5 - 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. --- ### 第百七十二条の五（公開買付開始公告を行わないで株券等の買付け等をした者に対する課徴金納付命令） — (Administrative Monetary Penalty Payment Order Issued to a Person Making a Purchase of Share Certificates Without Issuing Public Notice of the Commencement of a Tender Offer) caption: Ministry of Justice translation with a slip corrected by this site — not the Ministry's text; the Ministry printed: "(Administrative Monetary Penelty Payment Order Issued to a Person Making a Purchase of Share Certificates Without Issuing Public Notice of the Commencement of a Tender Offer)" — https://www.japaneselawtranslation.go.jp/en/laws/view/4633/tb art-172-5 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-172-5 · https://japanlaw.org/l/323AC0000000025/art-172-5 **第一項** 第二十七条の三第一項（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。以下この条において同じ。）の規定に違反して、第二十七条の三第一項の規定による公告（以下この章において「公開買付開始公告」という。）を行わないで株券等（第二十七条の二第一項に規定する株券等をいう。以下この条、次条及び第百七十八条第十三項において同じ。）又は上場株券等（第二十四条の六第一項に規定する上場株券等をいう。以下この条、次条、第百七十八条第十三項及び第百八十五条の七第十五項において同じ。）の買付け等（第二十七条の二第一項又は第二十七条の二十二の二第一項に規定する買付け等をいう。以下この条、次条及び第百七十八条第十三項において同じ。）をした者があるときは、内閣総理大臣は、次節に定める手続に従い、その者に対し、第一号に掲げる額に第二号に掲げる数を乗じて得た額に相当する額の課徴金を国庫に納付することを命じなければならない。 art-172-5/par-1 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-172-5/par-1 · https://japanlaw.org/l/323AC0000000025/art-172-5/par-1 If a person violates the provisions of Article 27-3, paragraph (1) (including as applied mutatis mutandis pursuant to Article 27-22-2, paragraph (2); hereinafter the same applies in this Article) in effecting a purchase, etc. (meaning a purchase, etc. as prescribed in Article 27-2, paragraph (1) or Article 27-22-2, paragraph (1); hereinafter the same applies in this Article, the following Article, and Article 178, paragraph (13)) of share certificates, etc. (meaning the share certificates, etc. prescribed in Article 27-2, paragraph (1); hereinafter the same applies in this Article, the following Article and Article 178, paragraph (13)) or listed share certificates, etc. (meaning the listed share certificates, etc. prescribed in Article 24-6, paragraph (1); hereinafter the same applies in this Article, the following Article, Article 178, paragraph (13), and Article 185-7, paragraph (15)), without making the public notice under Article 27-3, paragraph (1) (hereinafter referred to as "public notice of the commencement of a tender offer" in this Chapter), the Prime Minister, in accordance with the proceedings prescribed in the following Section, must order that person to pay an administrative monetary penalty that is equivalent to the amount arrived at when the amount set forth in item (i) is multiplied by the amount set forth in item (ii) to the national treasury: Ministry of Justice translation — Japanese Law Translation Database System **一** 当該公開買付開始公告を行わないでした株券等又は上場株券等の買付け等の価格に当該買付け等の数量を乗じて得た額 art-172-5/par-1/item-1 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-172-5/par-1/item-1 · https://japanlaw.org/l/323AC0000000025/art-172-5/par-1/item-1 the amount arrived at when the prices for the purchases, etc. of share certificates, etc. or listed share certificates, etc. that it effects without making public notice of the commencement of the tender offer, are multiplied by the volumes of those purchases, etc.; Ministry of Justice translation — Japanese Law Translation Database System **二** 百分の二十五 art-172-5/par-1/item-2 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-172-5/par-1/item-2 · https://japanlaw.org/l/323AC0000000025/art-172-5/par-1/item-2 25 percent. Ministry of Justice translation — Japanese Law Translation Database System --- ## Cites - art-172-5/par-1: 第二十七条の三第一項 → 金融商品取引法 第二十七条の三第一項 (Article 27-3, paragraph (1)), art-27-3/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-27-3/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-3/par-1 - art-172-5/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-172-5/par-1: この条 → 金融商品取引法 第百七十二条の五 (Article 172-5), art-172-5 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-172-5 · https://japanlaw.org/l/323AC0000000025/art-172-5 - art-172-5/par-1: 第二十七条の二第一項 → 金融商品取引法 第二十七条の二第一項 (Article 27-2, paragraph (1)), art-27-2/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-27-2/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-2/par-1 - art-172-5/par-1: 次条 → 金融商品取引法 第百七十二条の六 (Article 172-6), art-172-6 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-172-6 · https://japanlaw.org/l/323AC0000000025/art-172-6 - art-172-5/par-1: 第百七十八条第十三項 → 金融商品取引法 第百七十八条第十三項 (Article 178, paragraph (13)), art-178/par-13 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-178/par-13 · https://japanlaw.org/l/323AC0000000025/art-178/par-13 - art-172-5/par-1: 第二十四条の六第一項 → 金融商品取引法 第二十四条の六第一項 (Article 24-6, paragraph (1)), art-24-6/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-24-6/par-1 · https://japanlaw.org/l/323AC0000000025/art-24-6/par-1 - art-172-5/par-1: 第百八十五条の七第十五項 → 金融商品取引法 第百八十五条の七第十五項 (Article 185-7, paragraph (15)), art-185-7/par-15 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-185-7/par-15 · https://japanlaw.org/l/323AC0000000025/art-185-7/par-15 - art-172-5/par-1: 第二十七条の二十二の二第一項 → 金融商品取引法 第二十七条の二十二の二第一項 (Article 27-22-2, paragraph (1)), art-27-22-2/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-27-22-2/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-22-2/par-1 - art-172-5/par-1: 第一号 → 金融商品取引法 第百七十二条の五第一項第一号 (Article 172-5, paragraph (1), item (i)), art-172-5/par-1/item-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-172-5/par-1/item-1 · https://japanlaw.org/l/323AC0000000025/art-172-5/par-1/item-1 - art-172-5/par-1: 第二号 → 金融商品取引法 第百七十二条の五第一項第二号 (Article 172-5, paragraph (1), item (ii)), art-172-5/par-1/item-2 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-172-5/par-1/item-2 · https://japanlaw.org/l/323AC0000000025/art-172-5/par-1/item-2 ## Cited by 11 provisions cite this one. No official source publishes this direction. - 金融商品取引法 第百七十二条の五第一項（公開買付開始公告を行わないで株券等の買付け等をした者に対する課徴金納付命令） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-172-5/par-1 · https://japanlaw.org/l/323AC0000000025/art-172-5/par-1 - 金融商品取引法 第百七十六条第一項（課徴金の額の端数計算等） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-176/par-1 · https://japanlaw.org/l/323AC0000000025/art-176/par-1 - 金融商品取引法 第百七十六条第二項（課徴金の額の端数計算等） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-176/par-2 · https://japanlaw.org/l/323AC0000000025/art-176/par-2 - 金融商品取引法 第百七十六条第三項（課徴金の額の端数計算等） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-176/par-3 · https://japanlaw.org/l/323AC0000000025/art-176/par-3 - 金融商品取引法 第百七十六条第四項（課徴金の額の端数計算等） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-176/par-4 · https://japanlaw.org/l/323AC0000000025/art-176/par-4 - 金融商品取引法 第百七十八条第一項第五号（審判手続開始の決定） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-178/par-1/item-5 · https://japanlaw.org/l/323AC0000000025/art-178/par-1/item-5 - 金融商品取引法 第百八十五条の七第一項（課徴金の納付命令の決定等） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-185-7/par-1 · https://japanlaw.org/l/323AC0000000025/art-185-7/par-1 - 金融商品取引法 第百八十五条の七第十五項（課徴金の納付命令の決定等） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-185-7/par-15 · https://japanlaw.org/l/323AC0000000025/art-185-7/par-15 - 金融商品取引法 附則第九条第一項 — https://japanlaw.org/en/financial-instruments-and-exchange-act/suppl-4201-65/art-9/par-1 · https://japanlaw.org/l/323AC0000000025/suppl-4201-65/art-9/par-1 - 金融商品取引法 附則第十条第一項 — https://japanlaw.org/en/financial-instruments-and-exchange-act/suppl-4201-65/art-10/par-1 · https://japanlaw.org/l/323AC0000000025/suppl-4201-65/art-10/par-1 - 金融商品取引法 附則第十条第二項 — https://japanlaw.org/en/financial-instruments-and-exchange-act/suppl-4201-65/art-10/par-2 · https://japanlaw.org/l/323AC0000000025/suppl-4201-65/art-10/par-2 --- ## Sources - claude-opus-5-5 — Corrections to the Ministry of Justice's English of paragraphs, written 2026-10-23 - 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 (金融商品取引法), Article 172-5 — the Ministry of Justice's English as printed (https://www.japaneselawtranslation.go.jp/en/laws/view/4633/tb), 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