# 金融商品取引法 / Financial Instruments and Exchange Act — 第二十七条の十二 (Article 27-12) - 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: 第二十七条の十二 (Article 27-12)（応募株主等による契約の解除） — address `art-27-12` - 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-27-12 - Permanent URL (e-Gov law ID, never renamed): https://japanlaw.org/l/323AC0000000025/art-27-12 - 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. --- ### 第二十七条の十二（応募株主等による契約の解除） — (Cancellation of a Contract by a Tendering Shareholder) caption: Ministry of Justice translation — Japanese Law Translation Database System art-27-12 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-12 · https://japanlaw.org/l/323AC0000000025/art-27-12 **第一項** 応募株主等（公開買付けに係る株券等の買付け等の申込みに対する承諾又は売付け等の申込みをした者をいう。以下この節において同じ。）は、公開買付期間（第二十七条の八第八項の規定により延長しなければならない期間を含む。次条第一項及び第四項、第二十七条の十四第一項並びに第二十七条の二十一第一項第二号及び第二項第二号において同じ。）中においては、いつでも、当該公開買付けに係る契約の解除をすることができる。 art-27-12/par-1 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-12/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-12/par-1 A tendering shareholder, etc. (meaning a person that accepts an offer to purchase, etc. the share certificates, etc. involved in a tender offer or that offers to sell, etc. them; hereinafter the same applies in this Section) may cancel a contract involving a tender offer at any time during the tender offer period (including the period that is required to be extended pursuant to Article 27-8, paragraph (8); the same applies in paragraphs (1) and (4) of the following Article, Article 27-14, paragraph (1), and Article 27-21, paragraph (1), item (ii) and paragraph (2), item (ii)). Ministry of Justice translation — Japanese Law Translation Database System **第二項** 応募株主等は、前項の規定により契約の解除をする場合において、公開買付開始公告及び公開買付届出書において当該公開買付けに係る契約の解除に関し政令で定める方法による旨の条件が付されているときは、当該方法によらなければならない。この場合において、当該契約の解除は、政令で定める時に、その効力を生ずる。 art-27-12/par-2 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-12/par-2 · https://japanlaw.org/l/323AC0000000025/art-27-12/par-2 If a public notice of the commencement of a tender offer and a tender offer statement includes the condition that any cancellation of a contract connected with the tender offer be done by a means specified by Cabinet Order, a tendering shareholder, etc. that cancels a contract pursuant to the preceding paragraph must do so by that means. In this, the cancellation of the contract comes into effect at the time specified by Cabinet Order. Ministry of Justice translation — Japanese Law Translation Database System **第三項** 第一項の規定により応募株主等による契約の解除があつた場合においては、公開買付者は、当該契約の解除に伴う損害賠償又は違約金の支払を請求することができないものとし、応募株券等（応募株主等が公開買付けに応じて売付け等をした株券等をいう。以下この節において同じ。）を金融商品取引業者又は銀行等に管理させているときは、その返還に要する費用は、公開買付者の負担とする。 art-27-12/par-3 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-12/par-3 · https://japanlaw.org/l/323AC0000000025/art-27-12/par-3 If a tendering shareholder, etc. cancels a contract pursuant to paragraph (1), the tender offeror may not request the tendering shareholder, etc. to pay damages or penalties, and if the tender offeror is having a financial instruments business operator or a bank, etc. manage the tendered share certificates, etc. (meaning share certificates, etc. that the tendering shareholders, etc. sell, etc. in response to the tender offer; hereinafter the same applies in this Section), the tender offeror bears the cost required to return them. Ministry of Justice translation — Japanese Law Translation Database System --- ## Cites - art-27-12/par-1: 第二十七条の八第八項 → 金融商品取引法 第二十七条の八第八項 (Article 27-8, paragraph (8)), art-27-8/par-8 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-8/par-8 · https://japanlaw.org/l/323AC0000000025/art-27-8/par-8 - art-27-12/par-1: 次条第一項 → 金融商品取引法 第二十七条の十三第一項 (Article 27-13, paragraph (1)), art-27-13/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-13/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-13/par-1 - art-27-12/par-1: 第四項 → 金融商品取引法 第二十七条の十三第四項 (Article 27-13, paragraph (4)), art-27-13/par-4 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-13/par-4 · https://japanlaw.org/l/323AC0000000025/art-27-13/par-4 - art-27-12/par-1: 第二十七条の十四第一項 → 金融商品取引法 第二十七条の十四第一項 (Article 27-14, paragraph (1)), art-27-14/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-14/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-14/par-1 - art-27-12/par-1: 第二十七条の二十一第一項第二号 → 金融商品取引法 第二十七条の二十一第一項第二号 (Article 27-21, paragraph (1), item (ii)), art-27-21/par-1/item-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-21/par-1/item-2 · https://japanlaw.org/l/323AC0000000025/art-27-21/par-1/item-2 - art-27-12/par-1: 第二項第二号 → 金融商品取引法 第二十七条の二十一第二項第二号 (Article 27-21, paragraph (2), item (ii)), art-27-21/par-2/item-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-21/par-2/item-2 · https://japanlaw.org/l/323AC0000000025/art-27-21/par-2/item-2 - art-27-12/par-2: 前項 → 金融商品取引法 第二十七条の十二第一項 (Article 27-12, paragraph (1)), art-27-12/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-12/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-12/par-1 - art-27-12/par-3: 第一項 → 金融商品取引法 第二十七条の十二第一項 (Article 27-12, paragraph (1)), art-27-12/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-12/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-12/par-1 ## Cited by 4 provisions cite this one. No official source publishes this direction. - 金融商品取引法 第二十七条の二第四項（発行者以外の者による株券等の公開買付け） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-2/par-4 · https://japanlaw.org/l/323AC0000000025/art-27-2/par-4 - 金融商品取引法 第二十七条の十二第二項（応募株主等による契約の解除） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-12/par-2 · https://japanlaw.org/l/323AC0000000025/art-27-12/par-2 - 金融商品取引法 第二十七条の十二第三項（応募株主等による契約の解除） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-12/par-3 · https://japanlaw.org/l/323AC0000000025/art-27-12/par-3 - 金融商品取引法 第二十七条の二十二の二第二項（発行者による上場株券等の公開買付け） — 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 --- ## 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