# 金融商品取引法 / Financial Instruments and Exchange Act — 第二章の六 (Chapter 2-6)

- 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: 第二章の六 (Chapter 2-6) — address `ch-2-6`
- Text: the text as amended with effect from 2028-06-13 (On a day set by Cabinet Order, no later than 13 June 2028 — the amending law allows up to five years from promulgation. The exact day is not fixed yet.) — NOT yet in force (revision 20280613_505AC0000000053)
- URL (this text's page, at this provision): https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-2-6
- The same address in the text in force (its wording there may differ): https://japanlaw.org/ja/financial-instruments-and-exchange-act/ch-2-6
- Every provision below carries its address and its place on this text's page 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.
The Ministry's English is given only where this text's Japanese is a wording
the Ministry translated — the same as the text in force, or for a text not yet
in force, a wording it translated ahead; every other paragraph's English is
machine translation.

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## 第二章の六　重要情報の公表 — Chapter II-6 Disclosure of Material Information
<sup>heading: Ministry of Justice translation — Japanese Law Translation Database System</sup>
<sup>ch-2-6 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-2-6</sup>

### 第二十七条の三十六（重要情報の公表） — (Disclosure of Material Information)
<sup>caption: Ministry of Justice translation — Japanese Law Translation Database System</sup>
<sup>art-27-36 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-2-6#art-27-36</sup>

**第一項**  第二条第一項第五号、第七号、第九号若しくは第十一号に掲げる有価証券（政令で定めるものを除く。）で金融商品取引所に上場されているもの若しくは店頭売買有価証券に該当するものその他の政令で定める有価証券の発行者（以下この条において「上場会社等」という。）若しくは投資法人（投資信託及び投資法人に関する法律第二条第十二項に規定する投資法人をいう。第一号において同じ。）である上場会社等の資産運用会社（同法第二条第二十一項に規定する資産運用会社をいう。）（以下この項及び次項において「上場投資法人等の資産運用会社」という。）又はこれらの役員（会計参与が法人であるときは、その社員）、代理人若しくは使用人その他の従業者（第一号及び次項において「役員等」という。）が、その業務に関して、次に掲げる者（以下この条において「取引関係者」という。）に、当該上場会社等の運営、業務又は財産に関する公表されていない重要な情報であつて、投資者の投資判断に重要な影響を及ぼすもの（以下この章において「重要情報」という。）の伝達（重要情報の伝達を行う者が上場会社等又は上場投資法人等の資産運用会社の代理人又は使用人その他の従業者である場合にあつては、当該上場会社等又は当該上場投資法人等の資産運用会社において取引関係者に情報を伝達する職務を行うこととされている者が行う伝達。以下この条において同じ。）を行う場合には、当該上場会社等は、当該伝達と同時に、当該重要情報を公表しなければならない。ただし、取引関係者が、法令又は契約により、当該重要情報が公表される前に、当該重要情報に関する秘密を他に漏らし、かつ、当該上場会社等の第二条第一項第五号、第七号、第九号又は第十一号に掲げる有価証券（政令で定めるものを除く。）、これらの有価証券に係るオプションを表示する同項第十九号に掲げる有価証券その他の政令で定める有価証券（以下この項及び第三項において「上場有価証券等」という。）に係る売買その他の有償の譲渡若しくは譲受け、合併若しくは分割による承継（合併又は分割により承継させ、又は承継することをいう。）又はデリバティブ取引（上場有価証券等に係るオプションを取得している者が当該オプションを行使することにより上場有価証券等を取得することその他の内閣府令で定めるものを除く。）（第二号及び第三項において「売買等」という。）をしてはならない義務を負うときは、この限りでない。
<sup>art-27-36/par-1 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-2-6#art-27-36/par-1</sup>
When an issuer of the securities set forth in Article 2, paragraph (1), item (v), (vii), (ix) or (xi) (excluding those specified by Cabinet Order) which are listed in a financial instruments exchange or fall under the category of over-the-counter traded securities or any other securities specified by Cabinet Order (hereinafter referred to as a "listed company, etc." in this Article) or an asset management company (meaning an asset management company as prescribed in Article 2, paragraph (21) of the Act on Investment Trusts and Investment Corporations) of a listed company, etc. which is an investment corporation (meaning an investment corporation as prescribed in Article 2, paragraph (12) of that Act; the same applies in item (i)) (hereinafter referred to as an "asset management company of a listed investment corporation, etc." in this paragraph and the following paragraph) or an officer (if the accounting advisor is a corporation, its staff member), agent, employee, or any other worker (hereinafter referred to as an "officer, etc." in item (i) and the following paragraph) of such company provides, with regard to the company's business, undisclosed material information about the operations, business, or assets of the listed company, etc. which has a material influence on investors' investment decisions (hereinafter referred to as "material information" in this Chapter) to the following persons (hereinafter referred to as "business associates" in this Article) (if the person that provides the material information is an agent, employee, or any other worker of a listed company, etc. or an asset management company of a listed investment corporation, etc., the provision of information by a person in the listed company, etc. or the asset management company of a listed investment corporation, etc. that has been assigned the duty to provide information to business associates; hereinafter the same applies in this Article), the listed company, etc. must disclose the material information at the same time as the provision of information; provided, however, that this does not apply if a business associate has an obligation under laws, regulations, or contract to the effect that the business associate must not divulge a secret concerning the material information and must not effect a purchase and sale, or any other transfer or acquisition for value, or succession upon a merger or company split (meaning to cause the other party to succeed or to succeed upon merger or company split) of the securities issued by the listed company, etc. which fall under any of the categories of securities set forth in Article 2, paragraph (1), item (v), (vii), (ix), or (xi) (excluding those specified by Cabinet Order), securities set forth in item (xix) of that paragraph which indicate options involving these securities, or other securities specified by Cabinet Order (hereinafter referred to as "listed securities, etc." in this paragraph and paragraph (3)), nor effect a derivatives transaction (excluding transactions in which a person that has acquired an option on listed securities, etc. acquires listed securities, etc. by exercising that option or other transactions specified by Cabinet Office Order) connected with the same (hereinafter referred to as "purchase and sale, etc." in item (ii) and paragraph (3)), before the disclosure of the material information:
<sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

  **一**  金融商品取引業者、登録金融機関、信用格付業者若しくは投資法人その他の内閣府令で定める者又はこれらの役員等（重要情報の適切な管理のために必要な措置として内閣府令で定める措置を講じている者において、金融商品取引業に係る業務に従事していない者として内閣府令で定める者を除く。）
  <sup>art-27-36/par-1/item-1 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-2-6#art-27-36/par-1/item-1</sup>
  financial instruments business operators, registered financial institutions, credit rating agencies, investment corporations, and any other persons specified by Cabinet Office Order, or their officers, etc. (excluding the person specified by Cabinet Office Order as a person that is not engaged in a financial instruments business in an entity that has taken the measures specified by Cabinet Office Order as those necessary for appropriately managing material information); and
  <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

  **二**  当該上場会社等の投資者に対する広報に係る業務に関して重要情報の伝達を受け、当該重要情報に基づく投資判断に基づいて当該上場会社等の上場有価証券等に係る売買等を行う蓋然性の高い者として内閣府令で定める者
  <sup>art-27-36/par-1/item-2 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-2-6#art-27-36/par-1/item-2</sup>
  the persons specified by Cabinet Office Order as those that receive material information concerning services involving public relations aimed at investors in the listed company, etc. and that have a high probability of effecting purchase and sale, etc. of listed securities, etc. of the listed company, etc. based on investment decisions that are grounded in the material information.
  <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

**第二項**  前項本文の規定は、上場会社等若しくは上場投資法人等の資産運用会社又はこれらの役員等が、その業務に関して、取引関係者に重要情報の伝達を行つた時において伝達した情報が重要情報に該当することを知らなかつた場合又は重要情報の伝達と同時にこれを公表することが困難な場合として内閣府令で定める場合には、適用しない。この場合においては、当該上場会社等は、取引関係者に当該伝達が行われたことを知つた後、速やかに、当該重要情報を公表しなければならない。
<sup>art-27-36/par-2 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-2-6#art-27-36/par-2</sup>
The provisions of the main clause of the preceding paragraph do not apply to the cases specified by Cabinet Office Order as cases in which a listed company, etc., an asset management company of a listed investment corporation, etc., or an officer, etc. of such company did not know, with regard to the company's business, that the information provided constituted material information at the time of providing material information to business associates, or cases in which it is difficult to disclose the material information at the same time as the provision of the information to business associates. In this case, the listed company, etc. must disclose the material information promptly after learning that the information was provided to business associates.
<sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

**第三項**  第一項ただし書の場合において、当該上場会社等は、当該重要情報の伝達を受けた取引関係者が、法令又は契約に違反して、当該重要情報が公表される前に、当該重要情報に関する秘密を他の取引関係者に漏らし、又は当該上場会社等の上場有価証券等に係る売買等を行つたことを知つたときは、速やかに、当該重要情報を公表しなければならない。ただし、やむを得ない理由により当該重要情報を公表することができない場合その他の内閣府令で定める場合は、この限りでない。
<sup>art-27-36/par-3 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-2-6#art-27-36/par-3</sup>
In the case referred to in the proviso to paragraph (1), if the listed company, etc. learns that a business associate that has received the material information has divulged a secret concerning the material information to another business associate or made a purchase and sale, etc. of listed securities, etc. of the listed company, etc. before the disclosure of the material information in violation of laws, regulations, or a contract, the listed company, etc. must promptly disclose the material information; provided, however, that this does not apply if the material information cannot be disclosed due to a compelling reason or any other cases specified by Cabinet Office Order.
<sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

**第四項**  前三項の規定により重要情報を公表しようとする上場会社等は、当該重要情報を、内閣府令で定めるところにより、インターネットの利用その他の方法により公表しなければならない。
<sup>art-27-36/par-4 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-2-6#art-27-36/par-4</sup>
A listed company, etc. seeking to disclose material information pursuant to the provisions of the preceding three paragraphs must disclose the material information using the internet or through other means, pursuant to the provisions of Cabinet Office Order.
<sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

### 第二十七条の三十七（公表者等に対する報告の徴取及び検査） — (Collection of Reports and Inspection of a Discloser)
<sup>caption: Ministry of Justice translation — Japanese Law Translation Database System</sup>
<sup>art-27-37 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-2-6#art-27-37</sup>

**第一項**  内閣総理大臣は、公益又は投資者保護のため必要かつ適当であると認めるときは、重要情報を公表した者若しくは公表すべきであると認められる者若しくは参考人に対し参考となるべき報告若しくは資料の提出を命じ、又は当該職員をしてその者の帳簿書類その他の物件を検査させることができる。
<sup>art-27-37/par-1 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-2-6#art-27-37/par-1</sup>
When the Prime Minister finds it to be necessary and appropriate in the public interest or for the protection of investors, the Prime Minister may order a person that has disclosed material information, a person that is found to be required to disclose material information, or a witness to submit reports or materials that should serve as a reference, and may have the relevant officials inspect that person's books, documents, and any other articles of theirs.
<sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

**第二項**  内閣総理大臣は、前項の規定による報告若しくは資料の提出の命令又は検査に関して必要があると認めるときは、公務所又は公私の団体に照会して必要な事項の報告を求めることができる。
<sup>art-27-37/par-2 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-2-6#art-27-37/par-2</sup>
If the Prime Minister finds it necessary with regard to an order for a report or submission of materials or the inspection under the preceding paragraph, the Prime Minister may make inquiries to public offices or public or private organizations and request a report on necessary particulars.
<sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

### 第二十七条の三十八（公表の指示等） — (Instruction to Disclose)
<sup>caption: Ministry of Justice translation — Japanese Law Translation Database System</sup>
<sup>art-27-38 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-2-6#art-27-38</sup>

**第一項**  内閣総理大臣は、第二十七条の三十六第一項から第三項までの規定により公表されるべき重要情報が公表されていないと認めるときは、当該重要情報を公表すべきであると認められる者に対し、重要情報の公表その他の適切な措置をとるべき旨の指示をすることができる。
<sup>art-27-38/par-1 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-2-6#art-27-38/par-1</sup>
When the Prime Minister finds that material information that is required to be disclosed pursuant to Article 27-36, paragraphs (1) through (3) has not been disclosed, the Prime Minister may instruct a person that is found to be required to disclose the material information to disclose the material information or to take any other appropriate measure.
<sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

**第二項**  内閣総理大臣は、前項の規定による指示を受けた者が、正当な理由がないのにその指示に係る措置をとらなかつたときは、その者に対し、その指示に係る措置をとるべきことを命ずることができる。
<sup>art-27-38/par-2 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-2-6#art-27-38/par-2</sup>
If a person that has received an instruction under the provisions of the preceding paragraph fails to take a measure that the instruction involves without just cause, the Prime Minister may order that person to take the measure that the instruction involves.
<sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

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## Cites
- art-27-36/par-1: 第二条第一項第五号 → 金融商品取引法 第二条第一項第五号 (Article 2, paragraph (1), item (v)), art-2/par-1/item-5 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-1/from-art-2#art-2/par-1/item-5
- art-27-36/par-1: 第七号 → 金融商品取引法 第二条第一項第七号 (Article 2, paragraph (1), item (vii)), art-2/par-1/item-7 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-1/from-art-2#art-2/par-1/item-7
- art-27-36/par-1: 第九号 → 金融商品取引法 第二条第一項第九号 (Article 2, paragraph (1), item (ix)), art-2/par-1/item-9 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-1/from-art-2#art-2/par-1/item-9
- art-27-36/par-1: 第十一号 → 金融商品取引法 第二条第一項第十一号 (Article 2, paragraph (1), item (xi)), art-2/par-1/item-11 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-1/from-art-2#art-2/par-1/item-11
- art-27-36/par-1: この条 → 金融商品取引法 第二十七条の三十六 (Article 27-36), art-27-36 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-2-6#art-27-36
- art-27-36/par-1: 投資信託及び投資法人に関する法律第二条第十二項 → e-Gov law 326AC0100000198, 第二条第十二項 (Article 2, paragraph (12)), art-2/par-12 — not held in this collection
- art-27-36/par-1: 第一号 → 金融商品取引法 第二十七条の三十六第一項第一号 (Article 27-36, paragraph (1), item (i)), art-27-36/par-1/item-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-2-6#art-27-36/par-1/item-1
- art-27-36/par-1: 同法第二条第二十一項 → e-Gov law 326AC0100000198, 第二条第二十一項 (Article 2, paragraph (21)), art-2/par-21 — not held in this collection
- art-27-36/par-1: この項 → 金融商品取引法 第二十七条の三十六第一項 (Article 27-36, paragraph (1)), art-27-36/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-2-6#art-27-36/par-1
- art-27-36/par-1: 次項 → 金融商品取引法 第二十七条の三十六第二項 (Article 27-36, paragraph (2)), art-27-36/par-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-2-6#art-27-36/par-2
- art-27-36/par-1: 同項第十九号 → 金融商品取引法 第二条第一項第十九号 (Article 2, paragraph (1), item (xix)), art-2/par-1/item-19 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-1/from-art-2#art-2/par-1/item-19
- art-27-36/par-1: 第三項 → 金融商品取引法 第二十七条の三十六第三項 (Article 27-36, paragraph (3)), art-27-36/par-3 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-2-6#art-27-36/par-3
- art-27-36/par-1: 第二号 → 金融商品取引法 第二十七条の三十六第一項第二号 (Article 27-36, paragraph (1), item (ii)), art-27-36/par-1/item-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-2-6#art-27-36/par-1/item-2
- art-27-36/par-2: 前項 → 金融商品取引法 第二十七条の三十六第一項 (Article 27-36, paragraph (1)), art-27-36/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-2-6#art-27-36/par-1
- art-27-36/par-3: 第一項 → 金融商品取引法 第二十七条の三十六第一項 (Article 27-36, paragraph (1)), art-27-36/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-2-6#art-27-36/par-1
- art-27-36/par-4: 前三項 → 金融商品取引法 第二十七条の三十六第一項 (Article 27-36, paragraph (1)), art-27-36/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-2-6#art-27-36/par-1
- art-27-36/par-4: 前三項 → 金融商品取引法 第二十七条の三十六第二項 (Article 27-36, paragraph (2)), art-27-36/par-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-2-6#art-27-36/par-2
- art-27-36/par-4: 前三項 → 金融商品取引法 第二十七条の三十六第三項 (Article 27-36, paragraph (3)), art-27-36/par-3 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-2-6#art-27-36/par-3
- art-27-37/par-2: 前項 → 金融商品取引法 第二十七条の三十七第一項 (Article 27-37, paragraph (1)), art-27-37/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-2-6#art-27-37/par-1
- art-27-38/par-1: 第二十七条の三十六第一項から第三項まで → 金融商品取引法 第二十七条の三十六第一項 (Article 27-36, paragraph (1)), art-27-36/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-2-6#art-27-36/par-1
- art-27-38/par-1: 第二十七条の三十六第一項から第三項まで → 金融商品取引法 第二十七条の三十六第二項 (Article 27-36, paragraph (2)), art-27-36/par-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-2-6#art-27-36/par-2
- art-27-38/par-1: 第二十七条の三十六第一項から第三項まで → 金融商品取引法 第二十七条の三十六第三項 (Article 27-36, paragraph (3)), art-27-36/par-3 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-2-6#art-27-36/par-3
- art-27-38/par-2: 前項 → 金融商品取引法 第二十七条の三十八第一項 (Article 27-38, paragraph (1)), art-27-38/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/amendments/20280613_505AC0000000053/text/ch-2-6#art-27-38/par-1

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## Sources

- e-Gov 法令検索, Digital Agency (デジタル庁) — 金融商品取引法 — the text as 令和五年法律第五十三号 leaves it, from a date not yet fixed (https://laws.e-gov.go.jp/law/323AC0000000025/20280613_505AC0000000053), 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