# 金融商品取引法 / Financial Instruments and Exchange Act — 第二十一条の二 (Article 21-2) - 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: 第二十一条の二 (Article 21-2)（虚偽記載等のある書類の提出者の賠償責任） — address `art-21-2` - 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-21-2 - Permanent URL (e-Gov law ID, never renamed): https://japanlaw.org/l/323AC0000000025/art-21-2 - 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. --- ### 第二十一条の二（虚偽記載等のある書類の提出者の賠償責任） — (Compensatory Liability of a Person Submitting a Document That Contains a False Statement) caption: Ministry of Justice translation — Japanese Law Translation Database System art-21-2 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-21-2 · https://japanlaw.org/l/323AC0000000025/art-21-2 **第一項** 第二十五条第一項各号（第四号及び第七号を除く。）に掲げる書類（以下この条において「書類」という。）のうちに、重要な事項について虚偽の記載があり、又は記載すべき重要な事項若しくは誤解を生じさせないために必要な重要な事実の記載が欠けているときは、当該書類の提出者は、当該書類が同項の規定により公衆の縦覧に供されている間に当該書類（同項第十号に掲げる書類を除く。）の提出者又は当該書類（同号に掲げる書類に限る。）の提出者を親会社等（第二十四条の七第一項に規定する親会社等をいう。）とする者が発行者である有価証券を募集若しくは売出しによらないで取得した者又は処分した者に対し、第十九条第一項の規定の例により算出した額を超えない限度において、記載が虚偽であり、又は欠けていること（以下この条において「虚偽記載等」という。）により生じた損害を賠償する責めに任ずる。ただし、当該有価証券を取得した者又は処分した者がその取得又は処分の際虚偽記載等を知つていたときは、この限りでない。 art-21-2/par-1 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-21-2/par-1 · https://japanlaw.org/l/323AC0000000025/art-21-2/par-1 If a document set forth in the items of Article 25, paragraph (1) (excluding items (iv) and (vii)) (hereinafter referred to as a "document" in this Article) contains a false statement regarding a material particular, lacks a statement of a material particular that is required to be stated, or lacks a statement of a material fact that is necessary to prevent it from being misleading, the person submitting the document is liable to compensate a person that, during the period the document is being made available for public inspection as required by Article 25, paragraph (1), acquires or disposes of securities of which the person submitting the document (excluding a document set forth in Article 25, paragraph (1), item (x)) or a person whose parent company, etc. (meaning a parent company, etc. as defined by Article 24-7, paragraph (1)) is the person submitting the document (limited to a document set forth in Article 25, paragraph (1), item (x)) is the issuer, other than through a public offering or secondary distribution, for damage arising from the statement being false or having been omitted (hereinafter collectively referred to as a "false statement, etc." in this Article), to an extent not exceeding the amount calculated in accordance with the rule provided in Article 19, paragraph (1); provided, however, that this does not apply if the person that acquires or disposes of the securities knows of the false statement, etc. at the time of the acquisition or disposal. machine translation, not official **第二項** 前項の場合において、賠償の責めに任ずべき者は、当該書類の虚偽記載等について故意又は過失がなかつたことを証明したときは、同項に規定する賠償の責めに任じない。 art-21-2/par-2 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-21-2/par-2 · https://japanlaw.org/l/323AC0000000025/art-21-2/par-2 In the case referred to in the preceding paragraph, if the person that would be liable to compensate proves that they did not intentionally or negligently make the false statement, etc. in the relevant document, that person is not liable for the compensation under the provisions of that paragraph. Ministry of Justice translation — Japanese Law Translation Database System **第三項** 第一項本文の場合において、当該書類の虚偽記載等の事実の公表がされたときは、当該虚偽記載等の事実の公表がされた日（以下この項において「公表日」という。）前一年以内に当該有価証券を取得し、当該公表日において引き続き当該有価証券を所有する者は、当該公表日前一月間の当該有価証券の市場価額（市場価額がないときは、処分推定価額。以下この項において同じ。）の平均額から当該公表日後一月間の当該有価証券の市場価額の平均額を控除した額を、当該書類の虚偽記載等により生じた損害の額とすることができる。 art-21-2/par-3 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-21-2/par-3 · https://japanlaw.org/l/323AC0000000025/art-21-2/par-3 In the case referred to in the main clause of paragraph (1), if the fact that a false statement, etc. in the relevant document is contained is disclosed, a person that has acquired the relevant securities within the one year prior to the day of the disclosure of the existence of the false statement, etc. (hereinafter referred to as the "disclosure date" in this paragraph) and that continues to hold the securities on the disclosure date, may assert the amount calculated by deducting the average market value (or, if no market value exists, the estimated disposal value; hereinafter the same applies in this paragraph) during the one month after the disclosure date from the average market value during one month prior to the disclosure date, to be the amount of damage arising from the document's false statement, etc. Ministry of Justice translation — Japanese Law Translation Database System **第四項** 前項の「虚偽記載等の事実の公表」とは、当該書類の提出者又は当該提出者の業務若しくは財産に関し法令に基づく権限を有する者により、当該書類の虚偽記載等に係る記載すべき重要な事項又は誤解を生じさせないために必要な重要な事実について、第二十五条第一項の規定による公衆の縦覧その他の手段により、多数の者の知り得る状態に置く措置がとられたことをいう。 art-21-2/par-4 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-21-2/par-4 · https://japanlaw.org/l/323AC0000000025/art-21-2/par-4 The term "disclosure of the existence of a false statement, etc." as used in the preceding paragraph means that the person submitting the document or a person that has statutory authority over the person submitting the document has taken measures to put the material particular that is required to be stated and that the document's false statement, etc. concerns or the material fact that is necessary to prevent the document from being misleading in connection with the same, into a form that allows for a large number of persons to learn of it through public inspection provided in Article 25, paragraph (1) or through other means. Ministry of Justice translation — Japanese Law Translation Database System **第五項** 第三項の場合において、その賠償の責めに任ずべき者は、その請求権者が受けた損害の額の全部又は一部が、当該書類の虚偽記載等によつて生ずべき当該有価証券の値下り以外の事情により生じたことを証明したときは、その全部又は一部については、賠償の責めに任じない。 art-21-2/par-5 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-21-2/par-5 · https://japanlaw.org/l/323AC0000000025/art-21-2/par-5 In the case referred to in paragraph (3), if the person that would be liable to compensate proves that the whole or part of the damage sustained by the claimant was due to circumstances other than the decline in the value of the securities that could have arisen from the document's false statement, etc., the person is not liable for the whole or such part of the compensation. Ministry of Justice translation — Japanese Law Translation Database System **第六項** 前項の場合を除くほか、第三項の場合において、その請求権者が受けた損害の全部又は一部が、当該書類の虚偽記載等によつて生ずべき当該有価証券の値下り以外の事情により生じたことが認められ、かつ、当該事情により生じた損害の性質上その額を証明することが極めて困難であるときは、裁判所は、口頭弁論の全趣旨及び証拠調べの結果に基づき、賠償の責めに任じない損害の額として相当な額の認定をすることができる。 art-21-2/par-6 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-21-2/par-6 · https://japanlaw.org/l/323AC0000000025/art-21-2/par-6 In a case referred to in paragraph (3) other than one referred to in the preceding paragraph, if the court finds that the whole or part of the damage sustained by the claimant was due to circumstances other than the decline in the value of the securities that could have arisen from the document's false statement, etc., but that it is extremely difficult to prove the amount of damage arising from such other circumstances due to the nature, based on the entire import of oral arguments and the results of an examination of evidence, the court may determine an appropriate amount as the amount of damage for which the relevant person is not liable to compensate. Ministry of Justice translation — Japanese Law Translation Database System --- ## Cites - art-21-2/par-1: 第二十五条第一項 → 金融商品取引法 第二十五条第一項 (Article 25, paragraph (1)), art-25/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-25/par-1 · https://japanlaw.org/l/323AC0000000025/art-25/par-1 - art-21-2/par-1: 第四号 → 金融商品取引法 第二十五条第一項第四号 (Article 25, paragraph (1), item (iv)), art-25/par-1/item-4 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-25/par-1/item-4 · https://japanlaw.org/l/323AC0000000025/art-25/par-1/item-4 - art-21-2/par-1: 第七号 → 金融商品取引法 第二十五条第一項第七号 (Article 25, paragraph (1), item (vii)), art-25/par-1/item-7 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-25/par-1/item-7 · https://japanlaw.org/l/323AC0000000025/art-25/par-1/item-7 - art-21-2/par-1: この条 → 金融商品取引法 第二十一条の二 (Article 21-2), art-21-2 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-21-2 · https://japanlaw.org/l/323AC0000000025/art-21-2 - art-21-2/par-1: 同項第十号 → 金融商品取引法 第二十五条第一項第十号 (Article 25, paragraph (1), item (x)), art-25/par-1/item-10 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-25/par-1/item-10 · https://japanlaw.org/l/323AC0000000025/art-25/par-1/item-10 - art-21-2/par-1: 第二十四条の七第一項 → 金融商品取引法 第二十四条の七第一項 (Article 24-7, paragraph (1)), art-24-7/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-24-7/par-1 · https://japanlaw.org/l/323AC0000000025/art-24-7/par-1 - art-21-2/par-1: 第十九条第一項 → 金融商品取引法 第十九条第一項 (Article 19, paragraph (1)), art-19/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-19/par-1 · https://japanlaw.org/l/323AC0000000025/art-19/par-1 - art-21-2/par-2: 前項 → 金融商品取引法 第二十一条の二第一項 (Article 21-2, paragraph (1)), art-21-2/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-21-2/par-1 · https://japanlaw.org/l/323AC0000000025/art-21-2/par-1 - art-21-2/par-3: 第一項 → 金融商品取引法 第二十一条の二第一項 (Article 21-2, paragraph (1)), art-21-2/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-21-2/par-1 · https://japanlaw.org/l/323AC0000000025/art-21-2/par-1 - art-21-2/par-3: この項 → 金融商品取引法 第二十一条の二第三項 (Article 21-2, paragraph (3)), art-21-2/par-3 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-21-2/par-3 · https://japanlaw.org/l/323AC0000000025/art-21-2/par-3 - art-21-2/par-4: 前項 → 金融商品取引法 第二十一条の二第三項 (Article 21-2, paragraph (3)), art-21-2/par-3 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-21-2/par-3 · https://japanlaw.org/l/323AC0000000025/art-21-2/par-3 - art-21-2/par-4: 第二十五条第一項 → 金融商品取引法 第二十五条第一項 (Article 25, paragraph (1)), art-25/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-25/par-1 · https://japanlaw.org/l/323AC0000000025/art-25/par-1 - art-21-2/par-5: 第三項 → 金融商品取引法 第二十一条の二第三項 (Article 21-2, paragraph (3)), art-21-2/par-3 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-21-2/par-3 · https://japanlaw.org/l/323AC0000000025/art-21-2/par-3 - art-21-2/par-6: 前項 → 金融商品取引法 第二十一条の二第五項 (Article 21-2, paragraph (5)), art-21-2/par-5 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-21-2/par-5 · https://japanlaw.org/l/323AC0000000025/art-21-2/par-5 - art-21-2/par-6: 第三項 → 金融商品取引法 第二十一条の二第三項 (Article 21-2, paragraph (3)), art-21-2/par-3 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-21-2/par-3 · https://japanlaw.org/l/323AC0000000025/art-21-2/par-3 ## Cited by 10 provisions cite this one. No official source publishes this direction. - 金融商品取引法 第二十一条の二第一項（虚偽記載等のある書類の提出者の賠償責任） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-21-2/par-1 · https://japanlaw.org/l/323AC0000000025/art-21-2/par-1 - 金融商品取引法 第二十一条の二第二項（虚偽記載等のある書類の提出者の賠償責任） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-21-2/par-2 · https://japanlaw.org/l/323AC0000000025/art-21-2/par-2 - 金融商品取引法 第二十一条の二第三項（虚偽記載等のある書類の提出者の賠償責任） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-21-2/par-3 · https://japanlaw.org/l/323AC0000000025/art-21-2/par-3 - 金融商品取引法 第二十一条の二第四項（虚偽記載等のある書類の提出者の賠償責任） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-21-2/par-4 · https://japanlaw.org/l/323AC0000000025/art-21-2/par-4 - 金融商品取引法 第二十一条の二第五項（虚偽記載等のある書類の提出者の賠償責任） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-21-2/par-5 · https://japanlaw.org/l/323AC0000000025/art-21-2/par-5 - 金融商品取引法 第二十一条の二第六項（虚偽記載等のある書類の提出者の賠償責任） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-21-2/par-6 · https://japanlaw.org/l/323AC0000000025/art-21-2/par-6 - 金融商品取引法 第二十一条の三第一項（虚偽記載等のある書類の提出者に対する賠償請求権の時効） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-21-3/par-1 · https://japanlaw.org/l/323AC0000000025/art-21-3/par-1 - 金融商品取引法 第二十七条第一項（会社以外の発行者に関する準用規定） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-27/par-1 · https://japanlaw.org/l/323AC0000000025/art-27/par-1 - 金融商品取引法 第二十七条の三十四第一項（虚偽の特定情報に係る賠償責任） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-27-34/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-34/par-1 - 金融商品取引法 附則第二条第一項（金融商品取引法の一部改正に伴う経過措置） — https://japanlaw.org/en/financial-instruments-and-exchange-act/suppl-4261-44/art-2/par-1 · https://japanlaw.org/l/323AC0000000025/suppl-4261-44/art-2/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 - claude-sonnet-5-5 — Machine translation, batch financial-instruments-and-exchange-act-20261023T035921-001, 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