# 金融商品取引法 / Financial Instruments and Exchange Act — 第百七十二条の六 (Article 172-6) - 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: 第百七十二条の六 (Article 172-6)（虚偽表示のある公開買付開始公告を行つた者等に対する課徴金納付命令） — address `art-172-6` - 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-172-6 - Permanent URL (e-Gov law ID, never renamed): https://japanlaw.org/l/323AC0000000025/art-172-6 - 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. --- ### 第百七十二条の六（虚偽表示のある公開買付開始公告を行つた者等に対する課徴金納付命令） — (Administrative Monetary Penalty Payment Order Issued to a Person Issuing a Public Notice of the Commencement of a Tender Offer That Contains a False Representation) caption: Ministry of Justice translation — Japanese Law Translation Database System art-172-6 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-172-6 · https://japanlaw.org/l/323AC0000000025/art-172-6 **第一項** 重要な事項につき虚偽の表示があり、若しくは表示すべき重要な事項の表示が欠けている公開買付開始公告等（公開買付開始公告又は第二十七条の七第二項（第二十七条の二十二の二第二項において準用する場合を含む。）の規定により公開買付開始公告の内容を訂正する公告若しくは公表をいう。以下この章において同じ。）を行つた者又は重要な事項につき虚偽の記載があり、若しくは記載すべき重要な事項の記載が欠けている公開買付届出書等（第二十七条の三第二項（第二十七条の二十二の二第二項において準用する場合を含む。）に規定する公開買付届出書、第二十七条の八第一項から第四項まで（これらの規定を第二十七条の二十二の二第二項において準用する場合を含む。）の規定による訂正届出書、第二十七条の十第十一項に規定する対質問回答報告書又は同条第十二項において準用する第二十七条の八第一項から第四項までの規定による訂正報告書をいう。以下この章において同じ。）を提出した者があるときは、内閣総理大臣は、次節に定める手続に従い、これらの者に対し、第一号に掲げる額に第二号に掲げる数を乗じて得た額に相当する額の課徴金を国庫に納付することを命じなければならない。 art-172-6/par-1 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-172-6/par-1 · https://japanlaw.org/l/323AC0000000025/art-172-6/par-1 If a person makes a public notice of the commencement of a tender offer, etc. (meaning a public notice of the commencement of a tender offer or a public notice or public announcement amending the contents of a public notice of the commencement of the tender offer as prescribed in Article 27-7, paragraph (2) (including as applied mutatis mutandis pursuant to Article 27-22-2, paragraph (2)); hereinafter the same applies in this Chapter) that contains a false representation about a material particular or that lacks a representation of a material particular that is required to be represented, or if a person submits a tender offer statement, etc. (meaning a tender offer statement as prescribed in Article 27-3, paragraph (2) (including as applied mutatis mutandis pursuant to Article 27-22-2, paragraph (2)), an amended statement under Article 27-8, paragraphs (1) through (4) (including as applied mutatis mutandis pursuant to Article 27-22-2, paragraph (2)), a tender offeror's answer as prescribed in Article 27-10, paragraph (11), or an amended report under Article 27-8, paragraphs (1) through (4) as applied mutatis mutandis pursuant to Article 27-10, paragraph (12); hereinafter the same applies in this Chapter) that contains a false statement about a material particular or that lacks a statement of a material particular that is required to be stated, the Prime Minister, in accordance with the procedures prescribed in the following Section, must order that person to pay an administrative monetary penalty that is equivalent to the amount arrived at when the amount set forth in item (i) is multiplied by the amount set forth in item (ii) to the national treasury: Ministry of Justice translation — Japanese Law Translation Database System **一** 当該公開買付開始公告等又は公開買付届出書等に係る公開買付け（第二十七条の二第一項又は第二十七条の二十二の二第一項に規定する公開買付けをいう。以下この条並びに第百八十五条の七第八項及び第九項において同じ。）について公開買付開始公告を行つた日の前日における当該公開買付けに係る株券等又は上場株券等の第六十七条の十九又は第百三十条に規定する最終の価格（当該価格がない場合は、これに相当するものとして内閣府令で定める額）に、当該公開買付けにより買付け等を行つた当該株券等又は上場株券等の数を乗じて得た額 art-172-6/par-1/item-1 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-172-6/par-1/item-1 · https://japanlaw.org/l/323AC0000000025/art-172-6/par-1/item-1 the amount arrived at when the closing price of the share certificates, etc. or listed share certificates, etc. subject to the tender offer (meaning a tender offer as prescribed in Article 27-2, paragraph (1) or Article 27-22-2, paragraph (1); hereinafter the same applies in this Article and Article 185-7, paragraphs (8) and (9)) to which that public notice of the commencement of a tender offer, etc. or tender offer statement, etc. pertains (meaning the closing price as set forth in Article 67-19 or Article 130 as of the day immediately preceding the day of the public notice of the commencement of the tender offer (or, if there is no such price, the amount specified by Cabinet Office Order as being equivalent to this)), is multiplied by the number of share certificates, etc. or listed share certificates, etc. that the person purchases, etc. through that tender offer; Ministry of Justice translation with a slip corrected by this site — not the Ministry's text; the Ministry printed: "the amount arrived at when the closing price of the share certificates, etc. or listed share certificates, etc. subject to the tender offer (meaning a tender offer as prescribed in Article 27-2, paragraph (1) or Article 27-22-2, paragraph (1); hereinafter the same applies in this Article and Article 185-7, paragraphs (8) and (9)) to which that public notice of the commencement of a tender offer, etc. or tender offer statement, etc. pertains (meaning the closing price as set forth in Article 67-19 or Article 130 as of the day immediately preceding the day of the public notice of the commencement of the tender offer (or, if there is no such price, the amount specified by Cabinet Office Order as being equivalent to this), is multiplied by the number of share certificates, etc. or listed share certificates, etc. that the person purchases, etc. through that tender offer;" — https://www.japaneselawtranslation.go.jp/en/laws/view/4633/tb **二** 百分の二十五 art-172-6/par-1/item-2 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-172-6/par-1/item-2 · https://japanlaw.org/l/323AC0000000025/art-172-6/par-1/item-2 25 percent. Ministry of Justice translation — Japanese Law Translation Database System **第二項** 前項の規定は、公開買付訂正届出書等（第二十七条の三第二項（第二十七条の二十二の二第二項において準用する場合を含む。）に規定する公開買付届出書、第二十七条の八第二項（第二十七条の二十二の二第二項において準用する場合を含む。）の規定による訂正届出書、第二十七条の十第十一項に規定する対質問回答報告書又は同条第十二項において準用する第二十七条の八第二項の規定による訂正報告書をいう。以下この章において同じ。）を提出しない者がある場合について準用する。 art-172-6/par-2 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-172-6/par-2 · https://japanlaw.org/l/323AC0000000025/art-172-6/par-2 The provisions of the preceding paragraph apply mutatis mutandis if a person fails to submit an amended tender offer statement, etc. (meaning a tender offer statement prescribed in Article 27-3, paragraph (2) (including as applied mutatis mutandis pursuant to Article 27-22-2, paragraph (2)), an amended statement under Article 27-8, paragraph (2) (including as applied mutatis mutandis pursuant to Article 27-22-2, paragraph (2)), a tender offeror's answer prescribed in Article 27-10, paragraph (11), or an amended report under Article 27-8, paragraph (2) as applied mutatis mutandis pursuant to Article 27-10, paragraph (12); hereinafter the same applies in this Chapter). Ministry of Justice translation with a slip corrected by this site — not the Ministry's text; the Ministry printed: "The provisions of the preceding paragraph apply mutatis mutandis if a person fails to submit an amended tender offer statement, etc. (meaning a tender offer statement prescribed in Article 27-3, paragraph (2) (including as applied mutatis mutandis pursuant to Article 27-22-2, paragraph (2)), an amended statement under Article 27-8, paragraph (2) (including as applied mutatis mutandis pursuant to Article 27-22-2, paragraph (2), a tender offeror's answer prescribed in Article 27-10, paragraph (11), or an amended report under Article 27-8, paragraph (2) as applied mutatis mutandis pursuant to Article 27-10, paragraph (12); hereinafter the same applies in this Chapter)." — https://www.japaneselawtranslation.go.jp/en/laws/view/4633/tb --- ## Cites - art-172-6/par-1: 第二十七条の七第二項 → 金融商品取引法 第二十七条の七第二項 (Article 27-7, paragraph (2)), art-27-7/par-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-7/par-2 · https://japanlaw.org/l/323AC0000000025/art-27-7/par-2 - art-172-6/par-1: 第二十七条の二十二の二第二項 → 金融商品取引法 第二十七条の二十二の二第二項 (Article 27-22-2, paragraph (2)), art-27-22-2/par-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-22-2/par-2 · https://japanlaw.org/l/323AC0000000025/art-27-22-2/par-2 - art-172-6/par-1: 第二十七条の三第二項 → 金融商品取引法 第二十七条の三第二項 (Article 27-3, paragraph (2)), art-27-3/par-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-3/par-2 · https://japanlaw.org/l/323AC0000000025/art-27-3/par-2 - art-172-6/par-1: 第二十七条の八第一項から第四項まで → 金融商品取引法 第二十七条の八第一項 (Article 27-8, paragraph (1)), art-27-8/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-8/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-8/par-1 - art-172-6/par-1: 第二十七条の八第一項から第四項まで → 金融商品取引法 第二十七条の八第二項 (Article 27-8, paragraph (2)), art-27-8/par-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-8/par-2 · https://japanlaw.org/l/323AC0000000025/art-27-8/par-2 - art-172-6/par-1: 第二十七条の八第一項から第四項まで → 金融商品取引法 第二十七条の八第三項 (Article 27-8, paragraph (3)), art-27-8/par-3 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-8/par-3 · https://japanlaw.org/l/323AC0000000025/art-27-8/par-3 - art-172-6/par-1: 第二十七条の八第一項から第四項まで → 金融商品取引法 第二十七条の八第四項 (Article 27-8, paragraph (4)), art-27-8/par-4 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-8/par-4 · https://japanlaw.org/l/323AC0000000025/art-27-8/par-4 - art-172-6/par-1: 第二十七条の十第十一項 → 金融商品取引法 第二十七条の十第十一項 (Article 27-10, paragraph (11)), art-27-10/par-11 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-10/par-11 · https://japanlaw.org/l/323AC0000000025/art-27-10/par-11 - art-172-6/par-1: 同条第十二項 → 金融商品取引法 第二十七条の十第十二項 (Article 27-10, paragraph (12)), art-27-10/par-12 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-10/par-12 · https://japanlaw.org/l/323AC0000000025/art-27-10/par-12 - art-172-6/par-1: 第一号 → 金融商品取引法 第百七十二条の六第一項第一号 (Article 172-6, paragraph (1), item (i)), art-172-6/par-1/item-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-172-6/par-1/item-1 · https://japanlaw.org/l/323AC0000000025/art-172-6/par-1/item-1 - art-172-6/par-1: 第二号 → 金融商品取引法 第百七十二条の六第一項第二号 (Article 172-6, paragraph (1), item (ii)), art-172-6/par-1/item-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-172-6/par-1/item-2 · https://japanlaw.org/l/323AC0000000025/art-172-6/par-1/item-2 - art-172-6/par-1/item-1: 第二十七条の二第一項 → 金融商品取引法 第二十七条の二第一項 (Article 27-2, paragraph (1)), art-27-2/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-2/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-2/par-1 - art-172-6/par-1/item-1: 第二十七条の二十二の二第一項 → 金融商品取引法 第二十七条の二十二の二第一項 (Article 27-22-2, paragraph (1)), art-27-22-2/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-22-2/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-22-2/par-1 - art-172-6/par-1/item-1: この条 → 金融商品取引法 第百七十二条の六 (Article 172-6), art-172-6 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-172-6 · https://japanlaw.org/l/323AC0000000025/art-172-6 - art-172-6/par-1/item-1: 第百八十五条の七第八項 → 金融商品取引法 第百八十五条の七第八項 (Article 185-7, paragraph (8)), art-185-7/par-8 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-185-7/par-8 · https://japanlaw.org/l/323AC0000000025/art-185-7/par-8 - art-172-6/par-1/item-1: 第九項 → 金融商品取引法 第百八十五条の七第九項 (Article 185-7, paragraph (9)), art-185-7/par-9 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-185-7/par-9 · https://japanlaw.org/l/323AC0000000025/art-185-7/par-9 - art-172-6/par-1/item-1: 第六十七条の十九 → 金融商品取引法 第六十七条の十九 (Article 67-19), art-67-19 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-67-19 · https://japanlaw.org/l/323AC0000000025/art-67-19 - art-172-6/par-1/item-1: 第百三十条 → 金融商品取引法 第百三十条 (Article 130), art-130 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-130 · https://japanlaw.org/l/323AC0000000025/art-130 - art-172-6/par-2: 前項 → 金融商品取引法 第百七十二条の六第一項 (Article 172-6, paragraph (1)), art-172-6/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-172-6/par-1 · https://japanlaw.org/l/323AC0000000025/art-172-6/par-1 - art-172-6/par-2: 第二十七条の三第二項 → 金融商品取引法 第二十七条の三第二項 (Article 27-3, paragraph (2)), art-27-3/par-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-3/par-2 · https://japanlaw.org/l/323AC0000000025/art-27-3/par-2 - art-172-6/par-2: 第二十七条の二十二の二第二項 → 金融商品取引法 第二十七条の二十二の二第二項 (Article 27-22-2, paragraph (2)), art-27-22-2/par-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-22-2/par-2 · https://japanlaw.org/l/323AC0000000025/art-27-22-2/par-2 - art-172-6/par-2: 第二十七条の八第二項 → 金融商品取引法 第二十七条の八第二項 (Article 27-8, paragraph (2)), art-27-8/par-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-8/par-2 · https://japanlaw.org/l/323AC0000000025/art-27-8/par-2 - art-172-6/par-2: 第二十七条の十第十一項 → 金融商品取引法 第二十七条の十第十一項 (Article 27-10, paragraph (11)), art-27-10/par-11 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-10/par-11 · https://japanlaw.org/l/323AC0000000025/art-27-10/par-11 - art-172-6/par-2: 同条第十二項 → 金融商品取引法 第二十七条の十第十二項 (Article 27-10, paragraph (12)), art-27-10/par-12 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-10/par-12 · https://japanlaw.org/l/323AC0000000025/art-27-10/par-12 ## Cited by 15 provisions cite this one. No official source publishes this direction. - 金融商品取引法 第百七十二条の五第一項（公開買付開始公告を行わないで株券等の買付け等をした者に対する課徴金納付命令） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-172-5/par-1 · https://japanlaw.org/l/323AC0000000025/art-172-5/par-1 - 金融商品取引法 第百七十二条の六第一項（虚偽表示のある公開買付開始公告を行つた者等に対する課徴金納付命令） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-172-6/par-1 · https://japanlaw.org/l/323AC0000000025/art-172-6/par-1 - 金融商品取引法 第百七十二条の六第一項第一号（虚偽表示のある公開買付開始公告を行つた者等に対する課徴金納付命令） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-172-6/par-1/item-1 · https://japanlaw.org/l/323AC0000000025/art-172-6/par-1/item-1 - 金融商品取引法 第百七十二条の六第二項（虚偽表示のある公開買付開始公告を行つた者等に対する課徴金納付命令） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-172-6/par-2 · https://japanlaw.org/l/323AC0000000025/art-172-6/par-2 - 金融商品取引法 第百七十六条第一項（課徴金の額の端数計算等） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-176/par-1 · https://japanlaw.org/l/323AC0000000025/art-176/par-1 - 金融商品取引法 第百七十六条第二項（課徴金の額の端数計算等） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-176/par-2 · https://japanlaw.org/l/323AC0000000025/art-176/par-2 - 金融商品取引法 第百七十六条第三項（課徴金の額の端数計算等） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-176/par-3 · https://japanlaw.org/l/323AC0000000025/art-176/par-3 - 金融商品取引法 第百七十六条第四項（課徴金の額の端数計算等） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-176/par-4 · https://japanlaw.org/l/323AC0000000025/art-176/par-4 - 金融商品取引法 第百七十八条第一項第六号（審判手続開始の決定） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-178/par-1/item-6 · https://japanlaw.org/l/323AC0000000025/art-178/par-1/item-6 - 金融商品取引法 第百七十八条第十六項（審判手続開始の決定） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-178/par-16 · https://japanlaw.org/l/323AC0000000025/art-178/par-16 - 金融商品取引法 第百八十五条の七第一項（課徴金の納付命令の決定等） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-185-7/par-1 · https://japanlaw.org/l/323AC0000000025/art-185-7/par-1 - 金融商品取引法 第百八十五条の七第八項（課徴金の納付命令の決定等） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-185-7/par-8 · https://japanlaw.org/l/323AC0000000025/art-185-7/par-8 - 金融商品取引法 第百八十五条の七第十五項（課徴金の納付命令の決定等） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-185-7/par-15 · https://japanlaw.org/l/323AC0000000025/art-185-7/par-15 - 金融商品取引法 附則第十条第一項 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/suppl-4201-65/art-10/par-1 · https://japanlaw.org/l/323AC0000000025/suppl-4201-65/art-10/par-1 - 金融商品取引法 附則第十条第二項 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/suppl-4201-65/art-10/par-2 · https://japanlaw.org/l/323AC0000000025/suppl-4201-65/art-10/par-2 --- ## Sources - claude-opus-5-5 — Corrections to the Ministry of Justice's English of paragraphs, written 2026-10-23 - 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 (金融商品取引法), Article 172-6, paragraph (1), item (i) — the Ministry of Justice's English as printed (https://www.japaneselawtranslation.go.jp/en/laws/view/4633/tb), retrieved 2026-10-22 - Japanese Law Translation Database System, Ministry of Justice (法務省) — Financial Instruments and Exchange Act (金融商品取引法), Article 172-6, paragraph (2) — the Ministry of Justice's English as printed (https://www.japaneselawtranslation.go.jp/en/laws/view/4633/tb), 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