# 金融商品取引法 / Financial Instruments and Exchange Act — 第百三条の二 (Article 103-2)

- 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: 第百三条の二 (Article 103-2)（議決権の保有制限） — address `art-103-2`
- Text in force since: 2026-08-12
- URL (the page that opens at this provision): https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-103-2
- Permanent URL (e-Gov law ID, never renamed): https://japanlaw.org/l/323AC0000000025/art-103-2
- 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.

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### 第百三条の二（議決権の保有制限） — (Restrictions on the Holding of Voting Rights)
<sup>caption: Ministry of Justice translation — Japanese Law Translation Database System</sup>
<sup>art-103-2 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-103-2 · https://japanlaw.org/l/323AC0000000025/art-103-2</sup>

      **第一項**  何人も、株式会社金融商品取引所の総株主の議決権の百分の二十（その財務及び営業の方針の決定に対して重要な影響を与えることが推測される事実として内閣府令で定める事実がある場合には、百分の十五。以下この章において「保有基準割合」という。）以上の数の議決権（社債、株式等の振替に関する法律第百四十七条第一項又は第百四十八条第一項の規定により発行者に対抗することができない株式に係る議決権を含み、取得又は保有の態様その他の事情を勘案して内閣府令で定めるものを除く。以下この章において「対象議決権」という。）を取得し、又は保有してはならない。ただし、認可金融商品取引業協会、金融商品取引所、金融商品取引所持株会社、商品取引所又は商品取引所持株会社が取得し、又は保有する場合は、この限りでない。
      <sup>art-103-2/par-1 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-103-2/par-1 · https://japanlaw.org/l/323AC0000000025/art-103-2/par-1</sup>
      It is prohibited for any person to acquire or hold a number of voting rights (including voting rights pertaining to shares that cannot be asserted against the issuer pursuant to the provisions of Article 147, paragraph (1) or Article 148, paragraph (1) of the Act on Book-Entry Transfer of Corporate Bonds and Shares, and excluding the voting rights that are specified by Cabinet Office Order in consideration of the manner in which they are acquired or held and any other circumstances; hereinafter referred to as "subject voting rights" in this Chapter) constituting 20 percent or more (or 15 percent or more, if a fact has occurred that is specified by Cabinet Office Order as a thing that is presumed to have a material influence on decisions about financial and operational policies; hereinafter referred to as the "threshold holding ratio" in this Chapter) of all shareholders' voting rights in an incorporated financial instruments exchange; provided, however, that this does not apply if an authorized financial instruments firms association, financial instruments exchange, financial instruments exchange holding company, commodity exchange, or commodity exchange holding company acquires or holds subject voting rights.
      <sup>machine translation, not official</sup>

      **第二項**  前項本文の規定は、保有する対象議決権の数に増加がない場合その他の内閣府令で定める場合において、株式会社金融商品取引所の総株主の議決権の保有基準割合以上の数の対象議決権を取得し、又は保有することとなるときには、適用しない。
      <sup>art-103-2/par-2 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-103-2/par-2 · https://japanlaw.org/l/323AC0000000025/art-103-2/par-2</sup>
      If the number of subject voting rights that the person holds does not increase or in any other case specified by Cabinet Office Order, the provisions of the main clause of the preceding paragraph do not apply to a person acquiring or holding a number of subject voting rights in an incorporated financial instruments exchange which is equal to or greater than the threshold holding ratio of all shareholders' voting rights.
      <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

      **第三項**  前項の場合において、株式会社金融商品取引所の総株主の議決権の保有基準割合以上の数の対象議決権を取得し、又は保有することとなつた者（以下この条において「特定保有者」という。）は、特定保有者になつた旨その他内閣府令で定める事項を、遅滞なく、内閣総理大臣に届け出なければならない。
      <sup>art-103-2/par-3 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-103-2/par-3 · https://japanlaw.org/l/323AC0000000025/art-103-2/par-3</sup>
      In the case referred to in the preceding paragraph, a person that comes to acquire or hold a number of subject voting rights in an incorporated financial instruments exchange which is equal to or greater than the threshold holding ratio of all shareholders' voting rights (hereinafter referred to as a "specified holder" in this Article) must notify the Prime Minister without delay that person has become a specified holder, and of the matters specified by Cabinet Office Order.
      <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

      **第四項**  第二項の場合において、特定保有者は、特定保有者となつた日から三月以内に、株式会社金融商品取引所の保有基準割合未満の数の対象議決権の保有者となるために必要な措置をとらなければならない。ただし、当該特定保有者が第百六条の三第一項に規定する地方公共団体等である場合であつて、当該地方公共団体等が同項の規定により内閣総理大臣の認可を受けたときは、この限りでない。
      <sup>art-103-2/par-4 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-103-2/par-4 · https://japanlaw.org/l/323AC0000000025/art-103-2/par-4</sup>
      In the case referred to in paragraph (2), a specified holder must take the necessary measures to become the holder of a number of subject voting rights in the incorporated financial instruments exchange which is less than the threshold holding ratio within three months from the day on which the person becomes a specified holder; provided, however, that this does not apply if the specified holder is a local government, etc. provided for in Article 106-3, paragraph (1) and that local government, etc. has obtained the authorization of the Prime Minister pursuant to the provisions of that paragraph.
      <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

      **第五項**  次の各号に掲げる場合における前各項の規定の適用については、当該各号に定める対象議決権は、これを取得し、又は保有するものとみなす。
      <sup>art-103-2/par-5 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-103-2/par-5 · https://japanlaw.org/l/323AC0000000025/art-103-2/par-5</sup>
      With regard to the application of the provisions of the preceding paragraphs to a case set forth in any of the following items, the relevant person is deemed to acquire or hold the subject voting rights prescribed in the relevant item:
      <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

        **一**  金銭の信託契約その他の契約又は法律の規定に基づき、株式会社金融商品取引所の対象議決権を行使することができる権限又は当該議決権の行使について指図を行うことができる権限を有し、又は有することとなる場合　当該対象議決権
        <sup>art-103-2/par-5/item-1 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-103-2/par-5/item-1 · https://japanlaw.org/l/323AC0000000025/art-103-2/par-5/item-1</sup>
        a person has or will have the authority to exercise subject voting rights in an incorporated financial instruments exchange or the authority to give instructions on the exercise of such voting rights, pursuant to the provisions of a money trust contract or other contract or based on the provisions of law:the subject voting rights in question; and
        <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

        **二**  株式の所有関係、親族関係その他の政令で定める特別の関係にある者が株式会社金融商品取引所の対象議決権を取得し、又は保有する場合　当該特別の関係にある者が取得し、又は保有する対象議決権
        <sup>art-103-2/par-5/item-2 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-103-2/par-5/item-2 · https://japanlaw.org/l/323AC0000000025/art-103-2/par-5/item-2</sup>
        a person that is related to the person in question through a shareholding relationship, familial relationship, or other special relationship specified by Cabinet Order, acquires or holds subject voting rights in an incorporated financial instruments exchange:the subject voting rights acquired or held by the person with the special relationship to the person in question.
        <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

      **第六項**  前各項の規定の適用に関し必要な事項は、政令で定める。
      <sup>art-103-2/par-6 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-103-2/par-6 · https://japanlaw.org/l/323AC0000000025/art-103-2/par-6</sup>
      Necessary particulars relevant to the application of the provisions of each of the preceding paragraphs are specified by Cabinet Order.
      <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

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## Cites
- art-103-2/par-2: 前項 → 金融商品取引法 第百三条の二第一項 (Article 103-2, paragraph (1)), art-103-2/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-103-2/par-1 · https://japanlaw.org/l/323AC0000000025/art-103-2/par-1
- art-103-2/par-3: 前項 → 金融商品取引法 第百三条の二第二項 (Article 103-2, paragraph (2)), art-103-2/par-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-103-2/par-2 · https://japanlaw.org/l/323AC0000000025/art-103-2/par-2
- art-103-2/par-3: この条 → 金融商品取引法 第百三条の二 (Article 103-2), art-103-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-103-2 · https://japanlaw.org/l/323AC0000000025/art-103-2
- art-103-2/par-4: 第二項 → 金融商品取引法 第百三条の二第二項 (Article 103-2, paragraph (2)), art-103-2/par-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-103-2/par-2 · https://japanlaw.org/l/323AC0000000025/art-103-2/par-2
- art-103-2/par-4: 第百六条の三第一項 → 金融商品取引法 第百六条の三第一項 (Article 106-3, paragraph (1)), art-106-3/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-106-3/par-1 · https://japanlaw.org/l/323AC0000000025/art-106-3/par-1
- art-103-2/par-5: 前各項 → 金融商品取引法 第百三条の二第一項 (Article 103-2, paragraph (1)), art-103-2/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-103-2/par-1 · https://japanlaw.org/l/323AC0000000025/art-103-2/par-1
- art-103-2/par-5: 前各項 → 金融商品取引法 第百三条の二第二項 (Article 103-2, paragraph (2)), art-103-2/par-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-103-2/par-2 · https://japanlaw.org/l/323AC0000000025/art-103-2/par-2
- art-103-2/par-5: 前各項 → 金融商品取引法 第百三条の二第三項 (Article 103-2, paragraph (3)), art-103-2/par-3 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-103-2/par-3 · https://japanlaw.org/l/323AC0000000025/art-103-2/par-3
- art-103-2/par-5: 前各項 → 金融商品取引法 第百三条の二第四項 (Article 103-2, paragraph (4)), art-103-2/par-4 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-103-2/par-4 · https://japanlaw.org/l/323AC0000000025/art-103-2/par-4
- art-103-2/par-6: 前各項 → 金融商品取引法 第百三条の二第一項 (Article 103-2, paragraph (1)), art-103-2/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-103-2/par-1 · https://japanlaw.org/l/323AC0000000025/art-103-2/par-1
- art-103-2/par-6: 前各項 → 金融商品取引法 第百三条の二第二項 (Article 103-2, paragraph (2)), art-103-2/par-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-103-2/par-2 · https://japanlaw.org/l/323AC0000000025/art-103-2/par-2
- art-103-2/par-6: 前各項 → 金融商品取引法 第百三条の二第三項 (Article 103-2, paragraph (3)), art-103-2/par-3 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-103-2/par-3 · https://japanlaw.org/l/323AC0000000025/art-103-2/par-3
- art-103-2/par-6: 前各項 → 金融商品取引法 第百三条の二第四項 (Article 103-2, paragraph (4)), art-103-2/par-4 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-103-2/par-4 · https://japanlaw.org/l/323AC0000000025/art-103-2/par-4
- art-103-2/par-6: 前各項 → 金融商品取引法 第百三条の二第五項 (Article 103-2, paragraph (5)), art-103-2/par-5 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-103-2/par-5 · https://japanlaw.org/l/323AC0000000025/art-103-2/par-5

## Cited by

17 provisions cite this one. No official source publishes this direction.

- 住民基本台帳法 別表第一 — https://japanlaw.org/ja/residential-basic-book-act/appdx-1 · https://japanlaw.org/l/342AC0000000081/appdx-1
- 金融商品取引法 第百三条の二第二項（議決権の保有制限） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-103-2/par-2 · https://japanlaw.org/l/323AC0000000025/art-103-2/par-2
- 金融商品取引法 第百三条の二第三項（議決権の保有制限） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-103-2/par-3 · https://japanlaw.org/l/323AC0000000025/art-103-2/par-3
- 金融商品取引法 第百三条の二第四項（議決権の保有制限） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-103-2/par-4 · https://japanlaw.org/l/323AC0000000025/art-103-2/par-4
- 金融商品取引法 第百三条の二第五項（議決権の保有制限） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-103-2/par-5 · https://japanlaw.org/l/323AC0000000025/art-103-2/par-5
- 金融商品取引法 第百三条の二第六項（議決権の保有制限） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-103-2/par-6 · https://japanlaw.org/l/323AC0000000025/art-103-2/par-6
- 金融商品取引法 第百三条の三第二項（対象議決権保有届出書の提出） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-103-3/par-2 · https://japanlaw.org/l/323AC0000000025/art-103-3/par-2
- 金融商品取引法 第百六条の三第一項（認可等） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-106-3/par-1 · https://japanlaw.org/l/323AC0000000025/art-106-3/par-1
- 金融商品取引法 第百六条の三第二項（認可等） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-106-3/par-2 · https://japanlaw.org/l/323AC0000000025/art-106-3/par-2
- 金融商品取引法 第百六条の九第一項（対象議決権に係る規定の準用） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-106-9/par-1 · https://japanlaw.org/l/323AC0000000025/art-106-9/par-1
- 金融商品取引法 第百六条の二十八第四項（監督上の処分） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-106-28/par-4 · https://japanlaw.org/l/323AC0000000025/art-106-28/par-4
- 金融商品取引法 第百八条第一項（対象議決権に係る規定の準用） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-108/par-1 · https://japanlaw.org/l/323AC0000000025/art-108/par-1
- 金融商品取引法 第百三十三条の二第一項（対象議決権に係る規定の準用） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-133-2/par-1 · https://japanlaw.org/l/323AC0000000025/art-133-2/par-1
- 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/ja/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 第二百条第一項第十六号 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-200/par-1/item-16 · https://japanlaw.org/l/323AC0000000025/art-200/par-1/item-16
- 金融商品取引法 第二百五条第一項第十三号 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-205/par-1/item-13 · https://japanlaw.org/l/323AC0000000025/art-205/par-1/item-13
- 金融商品取引法 附則第百八条第二項 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/suppl-4181-65/art-108/par-2 · https://japanlaw.org/l/323AC0000000025/suppl-4181-65/art-108/par-2

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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 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-20261023T035921-012, 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