# 金融商品取引法 / Financial Instruments and Exchange Act — 第八十七条の三 (Article 87-3) - 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: 第八十七条の三 (Article 87-3)（子会社の範囲） — address `art-87-3` - 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-87-3 - Permanent URL (e-Gov law ID, never renamed): https://japanlaw.org/l/323AC0000000025/art-87-3 - 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. --- ### 第八十七条の三（子会社の範囲） — (Scope of Subsidiary Companies) caption: Ministry of Justice translation — Japanese Law Translation Database System art-87-3 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-3 · https://japanlaw.org/l/323AC0000000025/art-87-3 **第一項** 金融商品取引所は、取引所金融商品市場の開設及びこれに附帯する業務を行う会社以外の会社を子会社としてはならない。ただし、内閣総理大臣の認可を受けた場合には、取引所金融商品市場の開設に関連する業務、商品先物取引をするために必要な市場の開設の業務（これに附帯する業務を含む。以下「商品市場開設業務」という。）又は商品先物取引をするために必要な市場の開設に関連する業務を行う会社を子会社とすることができる。 art-87-3/par-1 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-3/par-1 · https://japanlaw.org/l/323AC0000000025/art-87-3/par-1 A financial instruments exchange must not have a company other than one that operates a financial instruments exchange market or engages in business incidental to this as its subsidiary company; provided, however, that with the authorization of the Prime Minister, it may have a company that engages business that is linked to the operation of a financial instruments exchange market, a company that is in the business of operating the necessary market for effecting commodity futures transactions (including business incidental thereto; hereinafter referred to as the "operation of a commodity market"), or a company that engages in business that is linked to the operation of the necessary market for effecting commodity futures transactions, as its subsidiary company. Ministry of Justice translation — Japanese Law Translation Database System **第二項** 商品市場開設金融商品取引所は、前項の規定にかかわらず、商品市場開設業務を行う会社を子会社とすることができる。 art-87-3/par-2 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-3/par-2 · https://japanlaw.org/l/323AC0000000025/art-87-3/par-2 Notwithstanding the provisions of the preceding paragraph, a financial instruments exchange engaged in the operation of a commodity market may have a company engaged in the operation of a commodity market as its subsidiary company. Ministry of Justice translation — Japanese Law Translation Database System **第三項** 前二項の「子会社」とは、法人がその総株主等の議決権の過半数を保有する会社をいう。この場合において、法人及びその一若しくは二以上の子会社又は法人の一若しくは二以上の子会社がその総株主等の議決権の過半数を保有する会社は、当該法人の子会社とみなす。 art-87-3/par-3 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-3/par-3 · https://japanlaw.org/l/323AC0000000025/art-87-3/par-3 The term "subsidiary company" as used in the preceding two paragraphs means a company in which a corporation holds the majority of the voting rights held by all the shareholders, etc. In such a case, a company in which a corporation and one or more of its subsidiary companies hold the majority of the voting rights held by all the shareholders, etc., or in which one or more of a corporation's subsidiary companies hold the majority of the voting rights held by all the shareholders, etc., is deemed to be the subsidiary company of that corporation. Ministry of Justice translation — Japanese Law Translation Database System **第四項** 第一項の規定にかかわらず、金融商品取引所は、内閣総理大臣の認可を受けて、自主規制法人を設立することができる。 art-87-3/par-4 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-3/par-4 · https://japanlaw.org/l/323AC0000000025/art-87-3/par-4 Notwithstanding the provisions of paragraph (1), a financial instruments exchange may incorporate a self-regulatory organization, with the authorization of the Prime Minister. Ministry of Justice translation — Japanese Law Translation Database System **第五項** 第三十条の二の規定は、第一項ただし書の認可について準用する。 art-87-3/par-5 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-3/par-5 · https://japanlaw.org/l/323AC0000000025/art-87-3/par-5 The provisions of Article 30-2 apply mutatis mutandis to the authorization referred to in the proviso to paragraph (1). Ministry of Justice translation — Japanese Law Translation Database System **第六項** 第一項の規定は、金融商品取引所が、現に子会社対象会社（取引所金融商品市場の開設及びこれに附帯する業務を行う会社並びに同項ただし書に規定する会社をいう。以下この条及び第八十七条の四の二第一項において同じ。）以外の外国会社を子会社としている子会社対象会社（外国会社に限る。以下この項及び第八項において「子会社対象外国会社」という。）又は特例対象持株会社（子会社対象外国会社を子会社としている持株会社又は外国会社であつて持株会社と同種のもの若しくは持株会社に類似するものをいう。第八項において同じ。）を子会社とすることにより子会社対象会社以外の外国会社を子会社とする場合には、適用しない。ただし、当該金融商品取引所は、当該子会社対象会社以外の外国会社が子会社となつた日から五年を経過する日までに当該子会社対象会社以外の外国会社が子会社でなくなるよう、所要の措置を講じなければならない。 art-87-3/par-6 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-3/par-6 · https://japanlaw.org/l/323AC0000000025/art-87-3/par-6 The provisions of paragraph (1) do not apply if a financial instruments exchange owns a foreign company other than a company eligible to be a subsidiary company (meaning a company that operates a financial instruments exchange market and performs other business incidental thereto and a company as prescribed in the proviso to that paragraph; hereinafter the same applies in this Article and Article 87-4-2, paragraph (1)) as its subsidiary company, by owning, as its subsidiary company, a company eligible to be a subsidiary company (limited to a foreign company; hereinafter referred to as a "foreign company eligible to be a subsidiary company" in this paragraph and paragraph (8)) or a holding company subject to special provisions (meaning a holding company or a foreign company which is the same type as a holding company or is similar to a holding company that currently owns a foreign company eligible to be a subsidiary company as its subsidiary company; the same applies in paragraph (8)) that currently owns a foreign company other than a company eligible to be a subsidiary company as its subsidiary company; provided, however, that the financial instruments exchange must take the necessary measures for making the foreign company other than a company eligible to be a subsidiary company cease to be its subsidiary company by the day on which five years have elapsed from the date on which the foreign company other than a company eligible to be a subsidiary company became its subsidiary company. Ministry of Justice translation — Japanese Law Translation Database System **第七項** 金融商品取引所は、前項ただし書の期限又はこの項の規定により延長された期限が到来する場合には、その子会社となつた子会社対象会社以外の外国会社を引き続き子会社とすることについて内閣総理大臣の承認を受けて、一年を限り、これらの期限を延長することができる。 art-87-3/par-7 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-3/par-7 · https://japanlaw.org/l/323AC0000000025/art-87-3/par-7 If the time limit referred to in the proviso to the preceding paragraph or the time limit as extended pursuant to the provisions of this paragraph is to arrive, the financial instruments exchange may have these time limits extended for up to one year by obtaining the Prime Minister's approval for allowing the financial instruments exchange to continue to own, as its subsidiary company, the foreign company other than a company eligible to be a subsidiary company which became its subsidiary company. Ministry of Justice translation — Japanese Law Translation Database System **第八項** 内閣総理大臣は、金融商品取引所につき次の各号のいずれかに該当する場合に限り、前項の承認をするものとする。 art-87-3/par-8 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-3/par-8 · https://japanlaw.org/l/323AC0000000025/art-87-3/par-8 The Prime Minister is to give the approval referred to in the preceding paragraph only if the financial instruments exchange falls under any of the following items: Ministry of Justice translation — Japanese Law Translation Database System **一** 当該金融商品取引所が、その子会社となつた子会社対象会社以外の外国会社又は当該外国会社を子会社としている子会社対象外国会社若しくは特例対象持株会社の本店又は主たる事務所の所在する国の資本市場の状況その他の事情に照らして、前項の期限までにその子会社となつた子会社対象会社以外の外国会社が子会社でなくなるよう、所要の措置を講ずることができないことについてやむを得ない事情があると認められること。 art-87-3/par-8/item-1 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-3/par-8/item-1 · https://japanlaw.org/l/323AC0000000025/art-87-3/par-8/item-1 it is found that there are unavoidable circumstances where the financial instruments exchange is unable to take the necessary measures for making the foreign company other than a company eligible to be a subsidiary company which became its subsidiary company cease to be its subsidiary company by the time limit referred to in the preceding paragraph, in light of the state of the capital market or any other circumstances in the country where the head office or principal office of the foreign company other than a company eligible to be a subsidiary company which became its subsidiary company, or of a foreign company eligible to be a subsidiary company or a holding company subject to special provisions that owns such foreign company as its subsidiary company is located; and Ministry of Justice translation — Japanese Law Translation Database System **二** 当該金融商品取引所が子会社とした子会社対象外国会社又は特例対象持株会社の事業の遂行のため、当該金融商品取引所がその子会社となつた子会社対象会社以外の外国会社を引き続き子会社とすることについてやむを得ない事情があると認められること。 art-87-3/par-8/item-2 · https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-3/par-8/item-2 · https://japanlaw.org/l/323AC0000000025/art-87-3/par-8/item-2 it is found that there are unavoidable circumstances which allow the financial instruments exchange to continue to own, as its subsidiary company, the foreign company other than a company eligible to be a subsidiary company which became its subsidiary company, for the purpose of executing the business of a foreign company eligible to be a subsidiary company or a holding company subject to special provisions which that financial instruments exchange made its subsidiary company. Ministry of Justice translation — Japanese Law Translation Database System --- ## Cites - art-87-3/par-2: 前項 → 金融商品取引法 第八十七条の三第一項 (Article 87-3, paragraph (1)), art-87-3/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-3/par-1 · https://japanlaw.org/l/323AC0000000025/art-87-3/par-1 - art-87-3/par-3: 前二項 → 金融商品取引法 第八十七条の三第一項 (Article 87-3, paragraph (1)), art-87-3/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-3/par-1 · https://japanlaw.org/l/323AC0000000025/art-87-3/par-1 - art-87-3/par-3: 前二項 → 金融商品取引法 第八十七条の三第二項 (Article 87-3, paragraph (2)), art-87-3/par-2 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-3/par-2 · https://japanlaw.org/l/323AC0000000025/art-87-3/par-2 - art-87-3/par-4: 第一項 → 金融商品取引法 第八十七条の三第一項 (Article 87-3, paragraph (1)), art-87-3/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-3/par-1 · https://japanlaw.org/l/323AC0000000025/art-87-3/par-1 - art-87-3/par-5: 第三十条の二 → 金融商品取引法 第三十条の二 (Article 30-2), art-30-2 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-30-2 · https://japanlaw.org/l/323AC0000000025/art-30-2 - art-87-3/par-5: 第一項 → 金融商品取引法 第八十七条の三第一項 (Article 87-3, paragraph (1)), art-87-3/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-3/par-1 · https://japanlaw.org/l/323AC0000000025/art-87-3/par-1 - art-87-3/par-6: 第一項 → 金融商品取引法 第八十七条の三第一項 (Article 87-3, paragraph (1)), art-87-3/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-3/par-1 · https://japanlaw.org/l/323AC0000000025/art-87-3/par-1 - art-87-3/par-6: この条 → 金融商品取引法 第八十七条の三 (Article 87-3), art-87-3 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-3 · https://japanlaw.org/l/323AC0000000025/art-87-3 - art-87-3/par-6: 第八十七条の四の二第一項 → 金融商品取引法 第八十七条の四の二第一項 (Article 87-4-2, paragraph (1)), art-87-4-2/par-1 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-4-2/par-1 · https://japanlaw.org/l/323AC0000000025/art-87-4-2/par-1 - art-87-3/par-6: この項 → 金融商品取引法 第八十七条の三第六項 (Article 87-3, paragraph (6)), art-87-3/par-6 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-3/par-6 · https://japanlaw.org/l/323AC0000000025/art-87-3/par-6 - art-87-3/par-6: 第八項 → 金融商品取引法 第八十七条の三第八項 (Article 87-3, paragraph (8)), art-87-3/par-8 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-3/par-8 · https://japanlaw.org/l/323AC0000000025/art-87-3/par-8 - art-87-3/par-7: 前項 → 金融商品取引法 第八十七条の三第六項 (Article 87-3, paragraph (6)), art-87-3/par-6 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-3/par-6 · https://japanlaw.org/l/323AC0000000025/art-87-3/par-6 - art-87-3/par-7: この項 → 金融商品取引法 第八十七条の三第七項 (Article 87-3, paragraph (7)), art-87-3/par-7 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-3/par-7 · https://japanlaw.org/l/323AC0000000025/art-87-3/par-7 - art-87-3/par-8: 前項 → 金融商品取引法 第八十七条の三第七項 (Article 87-3, paragraph (7)), art-87-3/par-7 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-3/par-7 · https://japanlaw.org/l/323AC0000000025/art-87-3/par-7 - art-87-3/par-8/item-1: 前項 → 金融商品取引法 第八十七条の三第七項 (Article 87-3, paragraph (7)), art-87-3/par-7 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-3/par-7 · https://japanlaw.org/l/323AC0000000025/art-87-3/par-7 ## Cited by 23 provisions cite this one. No official source publishes this direction. - 金融商品取引法 第二条第十八項（定義） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-2/par-18 · https://japanlaw.org/l/323AC0000000025/art-2/par-18 - 金融商品取引法 第八十七条の二第一項（業務の範囲） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-2/par-1 · https://japanlaw.org/l/323AC0000000025/art-87-2/par-1 - 金融商品取引法 第八十七条の三第二項（子会社の範囲） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-3/par-2 · https://japanlaw.org/l/323AC0000000025/art-87-3/par-2 - 金融商品取引法 第八十七条の三第三項（子会社の範囲） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-3/par-3 · https://japanlaw.org/l/323AC0000000025/art-87-3/par-3 - 金融商品取引法 第八十七条の三第四項（子会社の範囲） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-3/par-4 · https://japanlaw.org/l/323AC0000000025/art-87-3/par-4 - 金融商品取引法 第八十七条の三第五項（子会社の範囲） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-3/par-5 · https://japanlaw.org/l/323AC0000000025/art-87-3/par-5 - 金融商品取引法 第八十七条の三第六項（子会社の範囲） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-3/par-6 · https://japanlaw.org/l/323AC0000000025/art-87-3/par-6 - 金融商品取引法 第八十七条の三第七項（子会社の範囲） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-3/par-7 · https://japanlaw.org/l/323AC0000000025/art-87-3/par-7 - 金融商品取引法 第八十七条の三第八項（子会社の範囲） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-3/par-8 · https://japanlaw.org/l/323AC0000000025/art-87-3/par-8 - 金融商品取引法 第八十七条の三第八項第一号（子会社の範囲） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-3/par-8/item-1 · https://japanlaw.org/l/323AC0000000025/art-87-3/par-8/item-1 - 金融商品取引法 第八十七条の四第一項（審問に関する規定の準用） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-87-4/par-1 · https://japanlaw.org/l/323AC0000000025/art-87-4/par-1 - 金融商品取引法 第百二条の三第一項（発起人） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-102-3/par-1 · https://japanlaw.org/l/323AC0000000025/art-102-3/par-1 - 金融商品取引法 第百二条の二十三第三項（役員の選任等） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-102-23/par-3 · https://japanlaw.org/l/323AC0000000025/art-102-23/par-3 - 金融商品取引法 第百五十二条第一項第一号（金融商品取引所に対する監督上の処分） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-152/par-1/item-1 · https://japanlaw.org/l/323AC0000000025/art-152/par-1/item-1 - 金融商品取引法 第百五十二条第一項第四号（金融商品取引所に対する監督上の処分） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-152/par-1/item-4 · https://japanlaw.org/l/323AC0000000025/art-152/par-1/item-4 - 金融商品取引法 第百五十四条の二第一項（内閣府令への委任） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-154-2/par-1 · https://japanlaw.org/l/323AC0000000025/art-154-2/par-1 - 金融商品取引法 第百九十四条の六の三第一項第二号（商品市場所管大臣への事前通知） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-194-6-3/par-1/item-2 · https://japanlaw.org/l/323AC0000000025/art-194-6-3/par-1/item-2 - 金融商品取引法 第百九十四条の六の三第一項第四号（商品市場所管大臣への事前通知） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-194-6-3/par-1/item-4 · https://japanlaw.org/l/323AC0000000025/art-194-6-3/par-1/item-4 - 金融商品取引法 第百九十四条の六の三第一項第六号（商品市場所管大臣への事前通知） — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-194-6-3/par-1/item-6 · https://japanlaw.org/l/323AC0000000025/art-194-6-3/par-1/item-6 - 金融商品取引法 第百九十九条第一項 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-199/par-1 · https://japanlaw.org/l/323AC0000000025/art-199/par-1 - 金融商品取引法 第二百一条第一項第二号 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-201/par-1/item-2 · https://japanlaw.org/l/323AC0000000025/art-201/par-1/item-2 - 金融商品取引法 第二百六条第一項第一号 — https://japanlaw.org/en/financial-instruments-and-exchange-act/art-206/par-1/item-1 · https://japanlaw.org/l/323AC0000000025/art-206/par-1/item-1 - 金融商品取引法 附則第百一条第一項 — https://japanlaw.org/en/financial-instruments-and-exchange-act/suppl-4181-65/art-101/par-1 · https://japanlaw.org/l/323AC0000000025/suppl-4181-65/art-101/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