# 金融商品取引法 / Financial Instruments and Exchange Act — 第百五十六条の二十五 (Article 156-25)

- 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: 第百五十六条の二十五 (Article 156-25)（免許審査基準） — address `art-156-25`
- 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-156-25
- Permanent URL (e-Gov law ID, never renamed): https://japanlaw.org/l/323AC0000000025/art-156-25
- 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.

---

### 第百五十六条の二十五（免許審査基準） — (Licensing Examination Criteria)
<sup>caption: Ministry of Justice translation — Japanese Law Translation Database System</sup>
<sup>art-156-25 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-156-25 · https://japanlaw.org/l/323AC0000000025/art-156-25</sup>

**第一項**  内閣総理大臣は、前条第二項の規定による申請書の提出があつた場合において、その申請者の人的構成、信用状態及び資金調達の能力に照らし、その申請者が証券金融会社としての業務を行うにつき十分な適格性を有するものであるかどうかを審査しなければならない。
<sup>art-156-25/par-1 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-156-25/par-1 · https://japanlaw.org/l/323AC0000000025/art-156-25/par-1</sup>
When a written application under the provisions of paragraph (2) of the preceding Article is submitted, the Prime Minister must examine whether the applicant is sufficiently qualified to conduct business as a securities finance company, in light of its personnel structure, credit status, and capacity for fund procurement.
<sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

**第二項**  内閣総理大臣は、前項の規定により審査した結果、その申請が同項の基準に適合していると認めたときは、次の各号のいずれかに該当する場合を除いて、その免許を与えなければならない。
<sup>art-156-25/par-2 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-156-25/par-2 · https://japanlaw.org/l/323AC0000000025/art-156-25/par-2</sup>
If, as a result of having conducted an examination pursuant to the provisions of the preceding paragraph, the Prime Minister finds that an application conforms to the criteria in that paragraph, the Prime Minister must grant the license, except in a case that falls under any of the following items:
<sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

  **一**  免許申請者が資本金の額が第百五十六条の二十三の政令で定める金額以上の株式会社でないとき。
  <sup>art-156-25/par-2/item-1 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-156-25/par-2/item-1 · https://japanlaw.org/l/323AC0000000025/art-156-25/par-2/item-1</sup>
  the license applicant is not a stock company with a stated capital exceeding the amount specified by Cabinet Order which is referred to in Article 156-23;
  <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

  **二**  免許申請者が株式会社（次に掲げる機関を置くものに限る。）でないとき。
  <sup>art-156-25/par-2/item-2 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-156-25/par-2/item-2 · https://japanlaw.org/l/323AC0000000025/art-156-25/par-2/item-2</sup>
  the license applicant is not a stock company (meaning a stock company that has the following organs):
  <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

    **イ**  取締役会
    <sup>art-156-25/par-2/item-2/sub-1 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-156-25/par-2/item-2/sub-1 · https://japanlaw.org/l/323AC0000000025/art-156-25/par-2/item-2/sub-1</sup>
    a board of directors; or
    <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

    **ロ**  監査役、監査等委員会又は指名委員会等
    <sup>art-156-25/par-2/item-2/sub-2 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-156-25/par-2/item-2/sub-2 · https://japanlaw.org/l/323AC0000000025/art-156-25/par-2/item-2/sub-2</sup>
    a company auditor, a supervisory committee, or a nominating committee, etc.;
    <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

  **三**  免許申請者が第二十九条の四第一項第一号ハに該当する者であるとき。
  <sup>art-156-25/par-2/item-3 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-156-25/par-2/item-3 · https://japanlaw.org/l/323AC0000000025/art-156-25/par-2/item-3</sup>
  the license applicant is a person that falls under Article 29-4, paragraph (1), item (i), (c);
  <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

  **四**  免許申請者が第百四十八条若しくは第百五十二条第一項の規定により第八十条第一項の免許を取り消され、第百五十六条の十七第一項若しくは第二項の規定により第百五十六条の二の免許を取り消され、若しくは次条において準用する第百四十八条若しくは第百五十六条の三十二第一項の規定により前条第一項の免許を取り消され、若しくは第五十二条第一項、第五十三条第三項、第五十四条若しくは第五十七条の六第三項の規定により第二十九条の登録を取り消され、第六十六条の二十第一項の規定により第六十六条の登録を取り消され、第六十六条の四十二第一項の規定により第六十六条の二十七の登録を取り消され、第六十六条の六十三第一項若しくは第六十六条の六十四の規定により第六十六条の五十の登録を取り消され、若しくは第六十六条の八十五第一項の規定により第六十六条の七十一の登録を取り消され、若しくは金融サービスの提供及び利用環境の整備等に関する法律第三十八条第一項（第二号、第三号及び第五号を除く。）の規定により同法第十二条の登録（有価証券等仲介業務の種別に係るものに限る。）を取り消され、又はこの法律若しくは金融サービスの提供及び利用環境の整備等に関する法律に相当する外国の法令の規定により当該外国において受けている同種類の免許若しくは登録（当該免許又は登録に類する許可その他の行政処分を含む。）を取り消され、その取消しの日から五年を経過するまでの会社であるとき。
  <sup>art-156-25/par-2/item-4 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-156-25/par-2/item-4 · https://japanlaw.org/l/323AC0000000025/art-156-25/par-2/item-4</sup>
  the license applicant is a company that has had the license referred to in Article 80, paragraph (1) rescinded pursuant to the provisions of Article 148 or Article 152, paragraph (1); a company that has had the license referred to in Article 156-2 rescinded pursuant to the provisions of Article 156-17, paragraph (1) or (2); a company that has had the license referred to in paragraph (1) of the preceding Article rescinded pursuant to the provisions of Article 148 or Article 156-32, paragraph (1) as applied mutatis mutandis pursuant to the following Article; a company that has had the registration referred to in Article 29 rescinded pursuant to the provisions of Article 52, paragraph (1), Article 53, paragraph (3), Article 54, or Article 57-6, paragraph (3); a company that has had the registration referred to in Article 66 rescinded pursuant to the provisions of Article 66-20, paragraph (1); a company that has had the registration referred to in Article 66-27 rescinded pursuant to the provisions of Article 66-42, paragraph (1); a company that has had the registration referred to in Article 66-50 rescinded pursuant to the provisions of Article 66-63, paragraph (1) or Article 66-64; a company that has had the registration referred to in Article 66-71 rescinded pursuant to the provisions of Article 66-85, paragraph (1); a company that has had the registration referred to in Article 12 of the Act on the Provision of Financial Services and the Development of the Accessible Environment Thereto (limited to the registration related to the type of securities, etc. intermediary business operations) rescinded pursuant to the provisions of Article 38, paragraph (1) of that Act (excluding items (ii), (iii), and (v)); or the license applicant is a company that had a license or registration of the same kind obtained in a foreign country rescinded pursuant to the provisions of a foreign law or regulation that is equivalent to this Act or the Act on the Provision of Financial Services and the Development of the Accessible Environment Thereto (including permission or any other administrative disposition similar to such a license or registration); for which five years have not passed since the date of the rescission;
  <sup>machine translation, not official</sup>

  **五**  免許申請者の取締役、会計参与、監査役又は執行役のうちに第八十二条第二項第三号イ、ロ又はホのいずれかに該当する者のある会社であるとき。
  <sup>art-156-25/par-2/item-5 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-156-25/par-2/item-5 · https://japanlaw.org/l/323AC0000000025/art-156-25/par-2/item-5</sup>
  the license applicant is a company that has a person falling under any of the categories in Article 82, paragraph (2), item (iii), (a), (b) and (e) as a director, accounting advisor, company auditor, or executive officer; or
  <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

  **六**  免許申請書又はこれに添付すべき書類若しくは電磁的記録のうちに重要な事項について虚偽の記載又は記録があるとき。
  <sup>art-156-25/par-2/item-6 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-156-25/par-2/item-6 · https://japanlaw.org/l/323AC0000000025/art-156-25/par-2/item-6</sup>
  the license application, or a document or electronic or magnetic record that is required to be attached to it contains a false statement or false record regarding a material particular.
  <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

---

## Cites
- art-156-25/par-1: 前条第二項 → 金融商品取引法 第百五十六条の二十四第二項 (Article 156-24, paragraph (2)), art-156-24/par-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-156-24/par-2 · https://japanlaw.org/l/323AC0000000025/art-156-24/par-2
- art-156-25/par-2: 前項 → 金融商品取引法 第百五十六条の二十五第一項 (Article 156-25, paragraph (1)), art-156-25/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-156-25/par-1 · https://japanlaw.org/l/323AC0000000025/art-156-25/par-1
- art-156-25/par-2/item-1: 第百五十六条の二十三 → 金融商品取引法 第百五十六条の二十三 (Article 156-23), art-156-23 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-156-23 · https://japanlaw.org/l/323AC0000000025/art-156-23
- art-156-25/par-2/item-3: 第二十九条の四第一項第一号 → 金融商品取引法 第二十九条の四第一項第一号 (Article 29-4, paragraph (1), item (i)), art-29-4/par-1/item-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-29-4/par-1/item-1 · https://japanlaw.org/l/323AC0000000025/art-29-4/par-1/item-1
- art-156-25/par-2/item-4: 第百四十八条 → 金融商品取引法 第百四十八条 (Article 148), art-148 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-148 · https://japanlaw.org/l/323AC0000000025/art-148
- art-156-25/par-2/item-4: 第百五十二条第一項 → 金融商品取引法 第百五十二条第一項 (Article 152, paragraph (1)), art-152/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-152/par-1 · https://japanlaw.org/l/323AC0000000025/art-152/par-1
- art-156-25/par-2/item-4: 第八十条第一項 → 金融商品取引法 第八十条第一項 (Article 80, paragraph (1)), art-80/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-80/par-1 · https://japanlaw.org/l/323AC0000000025/art-80/par-1
- art-156-25/par-2/item-4: 第百五十六条の十七第一項 → 金融商品取引法 第百五十六条の十七第一項 (Article 156-17, paragraph (1)), art-156-17/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-156-17/par-1 · https://japanlaw.org/l/323AC0000000025/art-156-17/par-1
- art-156-25/par-2/item-4: 第二項 → 金融商品取引法 第百五十六条の十七第二項 (Article 156-17, paragraph (2)), art-156-17/par-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-156-17/par-2 · https://japanlaw.org/l/323AC0000000025/art-156-17/par-2
- art-156-25/par-2/item-4: 第百五十六条の二 → 金融商品取引法 第百五十六条の二 (Article 156-2), art-156-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-156-2 · https://japanlaw.org/l/323AC0000000025/art-156-2
- art-156-25/par-2/item-4: 次条 → 金融商品取引法 第百五十六条の二十六 (Article 156-26), art-156-26 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-156-26 · https://japanlaw.org/l/323AC0000000025/art-156-26
- art-156-25/par-2/item-4: 第百五十六条の三十二第一項 → 金融商品取引法 第百五十六条の三十二第一項 (Article 156-32, paragraph (1)), art-156-32/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-156-32/par-1 · https://japanlaw.org/l/323AC0000000025/art-156-32/par-1
- art-156-25/par-2/item-4: 前条第一項 → 金融商品取引法 第百五十六条の二十四第一項 (Article 156-24, paragraph (1)), art-156-24/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-156-24/par-1 · https://japanlaw.org/l/323AC0000000025/art-156-24/par-1
- art-156-25/par-2/item-4: 第五十二条第一項 → 金融商品取引法 第五十二条第一項 (Article 52, paragraph (1)), art-52/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-52/par-1 · https://japanlaw.org/l/323AC0000000025/art-52/par-1
- art-156-25/par-2/item-4: 第五十三条第三項 → 金融商品取引法 第五十三条第三項 (Article 53, paragraph (3)), art-53/par-3 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-53/par-3 · https://japanlaw.org/l/323AC0000000025/art-53/par-3
- art-156-25/par-2/item-4: 第五十四条 → 金融商品取引法 第五十四条 (Article 54), art-54 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-54 · https://japanlaw.org/l/323AC0000000025/art-54
- art-156-25/par-2/item-4: 第五十七条の六第三項 → 金融商品取引法 第五十七条の六第三項 (Article 57-6, paragraph (3)), art-57-6/par-3 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-57-6/par-3 · https://japanlaw.org/l/323AC0000000025/art-57-6/par-3
- art-156-25/par-2/item-4: 第二十九条 → 金融商品取引法 第二十九条 (Article 29), art-29 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-29 · https://japanlaw.org/l/323AC0000000025/art-29
- art-156-25/par-2/item-4: 第六十六条の二十第一項 → 金融商品取引法 第六十六条の二十第一項 (Article 66-20, paragraph (1)), art-66-20/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-66-20/par-1 · https://japanlaw.org/l/323AC0000000025/art-66-20/par-1
- art-156-25/par-2/item-4: 第六十六条 → 金融商品取引法 第六十六条 (Article 66), art-66 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-66 · https://japanlaw.org/l/323AC0000000025/art-66
- art-156-25/par-2/item-4: 第六十六条の四十二第一項 → 金融商品取引法 第六十六条の四十二第一項 (Article 66-42, paragraph (1)), art-66-42/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-66-42/par-1 · https://japanlaw.org/l/323AC0000000025/art-66-42/par-1
- art-156-25/par-2/item-4: 第六十六条の二十七 → 金融商品取引法 第六十六条の二十七 (Article 66-27), art-66-27 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-66-27 · https://japanlaw.org/l/323AC0000000025/art-66-27
- art-156-25/par-2/item-4: 第六十六条の六十三第一項 → 金融商品取引法 第六十六条の六十三第一項 (Article 66-63, paragraph (1)), art-66-63/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-66-63/par-1 · https://japanlaw.org/l/323AC0000000025/art-66-63/par-1
- art-156-25/par-2/item-4: 第六十六条の六十四 → 金融商品取引法 第六十六条の六十四 (Article 66-64), art-66-64 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-66-64 · https://japanlaw.org/l/323AC0000000025/art-66-64
- art-156-25/par-2/item-4: 第六十六条の五十 → 金融商品取引法 第六十六条の五十 (Article 66-50), art-66-50 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-66-50 · https://japanlaw.org/l/323AC0000000025/art-66-50
- art-156-25/par-2/item-4: 第六十六条の八十五第一項 → 金融商品取引法 第六十六条の八十五第一項 (Article 66-85, paragraph (1)), art-66-85/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-66-85/par-1 · https://japanlaw.org/l/323AC0000000025/art-66-85/par-1
- art-156-25/par-2/item-4: 第六十六条の七十一 → 金融商品取引法 第六十六条の七十一 (Article 66-71), art-66-71 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-66-71 · https://japanlaw.org/l/323AC0000000025/art-66-71
- art-156-25/par-2/item-4: 金融サービスの提供及び利用環境の整備等に関する法律第三十八条第一項 → e-Gov law 412AC0000000101, 第三十八条第一項 (Article 38, paragraph (1)), art-38/par-1 — not held in this collection
- art-156-25/par-2/item-4: 第二号 → e-Gov law 412AC0000000101, 第三十八条第一項第二号 (Article 38, paragraph (1), item (ii)), art-38/par-1/item-2 — not held in this collection
- art-156-25/par-2/item-4: 第三号 → e-Gov law 412AC0000000101, 第三十八条第一項第三号 (Article 38, paragraph (1), item (iii)), art-38/par-1/item-3 — not held in this collection
- art-156-25/par-2/item-4: 第五号 → e-Gov law 412AC0000000101, 第三十八条第一項第五号 (Article 38, paragraph (1), item (v)), art-38/par-1/item-5 — not held in this collection
- art-156-25/par-2/item-4: 同法第十二条 → e-Gov law 412AC0000000101, 第十二条 (Article 12), art-12 — not held in this collection
- art-156-25/par-2/item-5: 第八十二条第二項第三号 → 金融商品取引法 第八十二条第二項第三号 (Article 82, paragraph (2), item (iii)), art-82/par-2/item-3 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-82/par-2/item-3 · https://japanlaw.org/l/323AC0000000025/art-82/par-2/item-3

## Cited by

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

- 金融商品取引法 第百五十六条の二十五第二項（免許審査基準） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-156-25/par-2 · https://japanlaw.org/l/323AC0000000025/art-156-25/par-2
- 金融商品取引法 第百五十六条の二十六第一項（免許の拒否等の準用） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-156-26/par-1 · https://japanlaw.org/l/323AC0000000025/art-156-26/par-1
- 金融商品取引法 第百五十六条の三十七第一項（内閣府令への委任） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-156-37/par-1 · https://japanlaw.org/l/323AC0000000025/art-156-37/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-20261023T033157-017, 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