# 金融商品取引法 / Financial Instruments and Exchange Act — 第二十七条の十八 (Article 27-18)

- 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: 第二十七条の十八 (Article 27-18) — address `art-27-18`
- 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-27-18
- Permanent URL (e-Gov law ID, never renamed): https://japanlaw.org/l/323AC0000000025/art-27-18
- 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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### 第二十七条の十八
<sup>art-27-18 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-18 · https://japanlaw.org/l/323AC0000000025/art-27-18</sup>

  **第一項**  第二十七条の十三第四項の規定に違反して公開買付けによる株券等の買付け等に係る受渡しその他の決済を行つた者（以下この条において「公開買付けをした者」という。）は、当該公開買付けに応じて株券等の売付け等をした者（次項第一号に掲げる場合にあつては公開買付価格より有利な価格（これに相当する利益の供与を含む。以下この条において同じ。）で売付け等をした者を除くものとし、次項第二号に掲げる場合にあつては当該公開買付けをした者が同号の異なる方式で株券等の買付け等をしたことにより株券等の売付け等ができなかつた者を含む。）に対し、損害賠償の責めに任ずる。
  <sup>art-27-18/par-1 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-18/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-18/par-1</sup>
  A person that, in acquiring share certificates, etc. or effecting other settlement procedures for a purchase, etc. of share certificates, etc. through a tender offer (hereinafter referred to as a "tender offer purchaser" in this Article) violates the provisions of Article 27-13, paragraph (4), is liable to compensate for damage sustained by a person that sells, etc. its share certificates, etc. in response to the tender offer (in a case set forth in item (i) of the following paragraph, this excludes a person that sells, etc. its share certificates, etc. at a price that is more favorable than the tender offer price (this includes being provided with a benefit equivalent to such a price; hereinafter the same applies in this Article); and in a case set forth in item (ii) of the following paragraph, it includes a person that could not sell, etc. its share certificates, etc. due to the tender offer purchaser's use of the different method referred to in item (ii)).
  <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

  **第二項**  前項の規定により賠償の責めに任ずべき額は、次に掲げる場合には、次の各号に掲げる区分に応じ当該各号に定める額とする。
  <sup>art-27-18/par-2 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-18/par-2 · https://japanlaw.org/l/323AC0000000025/art-27-18/par-2</sup>
  In the following cases, the amount of compensation for which a tender offer purchaser is liable pursuant to the preceding paragraph is the amount specified in the relevant of the following items for the category set forth in that item:
  <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

    **一**  当該公開買付けをした者が、当該公開買付けに応じて株券等の売付け等をした者の一部の者に対し、公開買付価格より有利な価格で買付け等を行つた場合　当該有利な価格（当該有利な価格が均一でないときは、その最も有利な価格とする。）から公開買付価格を控除した金額に前項の規定による請求権者の応募株券等の数を乗じた額
    <sup>art-27-18/par-2/item-1 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-18/par-2/item-1 · https://japanlaw.org/l/323AC0000000025/art-27-18/par-2/item-1</sup>
    if the tender offer purchaser only purchases, etc. share certificates, etc. at a price that is more favorable than the tender offer price from a part of the persons that sell, etc. their share certificates, etc. in response to the tender offer:the favorable price (if two or more favorable prices are used for the purchases, etc., the most favorable price) less the tender offer price, multiplied by the number of tendered share certificates, etc. of a claimant under the preceding paragraph; and
    <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

    **二**  当該公開買付けをした者が公開買付届出書に記載されたあん分比例方式と異なる方式で株券等の買付け等をした場合　当該あん分比例方式で計算した場合に前項の規定による請求権者から買付け等がされるべき株券等の数から当該公開買付けをした者が当該請求権者から買付け等をした株券等の数を控除した数（当該請求権者から買付け等をしなかつた場合には、当該あん分比例方式で計算した場合に当該請求権者から買付け等がされるべき株券等の数とする。）に公開買付価格（前条第一項に該当する場合にあつては同条第二項に規定する公開買付者が支払つた価格、前号に掲げる場合に該当する場合にあつては同号に定める有利な価格とし、そのいずれにも該当する場合にあつてはそのいずれか有利な価格とする。）から前項の規定による損害賠償を請求する時における当該株券等の市場価格（市場価格がないときはその時における処分推定価格とし、当該請求時前に当該株券等を処分した場合においてはその処分価格とする。）を控除した金額を乗じた額
    <sup>art-27-18/par-2/item-2 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-18/par-2/item-2 · https://japanlaw.org/l/323AC0000000025/art-27-18/par-2/item-2</sup>
    if the tender offer purchaser purchases, etc. share certificates, etc. through a method that is different from the pro rata method stated in the tender offer statement:the number of share certificates, etc. that should have been purchased, etc. from a claimant under the preceding paragraph, as calculated using that pro rata method, less the number of share certificates, etc. that the tender offer purchaser actually purchased, etc. from the claimant (or, if the tender offer purchaser did not purchase, etc. any share certificates, etc. from the claimant, the number of the share certificates, etc. that should have been purchased, etc. from the claimant, as calculated using that pro rata method), multiplied by the difference between the tender offer price (or the price paid by the tender offeror as specified in Article 27-17, paragraph (2), in a case to which paragraph (1) of the preceding Article is also applicable; the favorable price referred to in the preceding item, in a case to which the preceding item is also applicable; or the more favorable of these prices, in a case to which both Article 27-17, paragraph (1) and the preceding item are also applicable) and the market price of the share certificates, etc. at the time the claimant claims damages under the preceding paragraph (this is the estimated disposal price, if there is no market price for the share certificates, etc., or the disposal price, if the share certificates, etc. are disposed of prior to the claim being filed).
    <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

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## Cites
- art-27-18/par-1: 第二十七条の十三第四項 → 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-27-18/par-1: この条 → 金融商品取引法 第二十七条の十八 (Article 27-18), art-27-18 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-18 · https://japanlaw.org/l/323AC0000000025/art-27-18
- art-27-18/par-1: 次項第一号 → 金融商品取引法 第二十七条の十八第二項第一号 (Article 27-18, paragraph (2), item (i)), art-27-18/par-2/item-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-18/par-2/item-1 · https://japanlaw.org/l/323AC0000000025/art-27-18/par-2/item-1
- art-27-18/par-1: 次項第二号 → 金融商品取引法 第二十七条の十八第二項第二号 (Article 27-18, paragraph (2), item (ii)), art-27-18/par-2/item-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-18/par-2/item-2 · https://japanlaw.org/l/323AC0000000025/art-27-18/par-2/item-2
- art-27-18/par-2: 前項 → 金融商品取引法 第二十七条の十八第一項 (Article 27-18, paragraph (1)), art-27-18/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-18/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-18/par-1
- art-27-18/par-2/item-1: 前項 → 金融商品取引法 第二十七条の十八第一項 (Article 27-18, paragraph (1)), art-27-18/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-18/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-18/par-1
- art-27-18/par-2/item-2: 前項 → 金融商品取引法 第二十七条の十八第一項 (Article 27-18, paragraph (1)), art-27-18/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-18/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-18/par-1
- art-27-18/par-2/item-2: 前条第一項 → 金融商品取引法 第二十七条の十七第一項 (Article 27-17, paragraph (1)), art-27-17/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-17/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-17/par-1
- art-27-18/par-2/item-2: 同条第二項 → 金融商品取引法 第二十七条の十七第二項 (Article 27-17, paragraph (2)), art-27-17/par-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-17/par-2 · https://japanlaw.org/l/323AC0000000025/art-27-17/par-2
- art-27-18/par-2/item-2: 前号 → 金融商品取引法 第二十七条の十八第二項第一号 (Article 27-18, paragraph (2), item (i)), art-27-18/par-2/item-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-18/par-2/item-1 · https://japanlaw.org/l/323AC0000000025/art-27-18/par-2/item-1

## Cited by

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

- 金融商品取引法 第二十七条の十七第一項 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-17/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-17/par-1
- 金融商品取引法 第二十七条の十七第二項 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-17/par-2 · https://japanlaw.org/l/323AC0000000025/art-27-17/par-2
- 金融商品取引法 第二十七条の十八第一項 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-18/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-18/par-1
- 金融商品取引法 第二十七条の十八第二項 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-18/par-2 · https://japanlaw.org/l/323AC0000000025/art-27-18/par-2
- 金融商品取引法 第二十七条の十八第二項第一号 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-18/par-2/item-1 · https://japanlaw.org/l/323AC0000000025/art-27-18/par-2/item-1
- 金融商品取引法 第二十七条の十八第二項第二号 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-18/par-2/item-2 · https://japanlaw.org/l/323AC0000000025/art-27-18/par-2/item-2
- 金融商品取引法 第二十七条の二十第二項（虚偽記載等のある公開買付開始公告を行つた者等の賠償責任） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-20/par-2 · https://japanlaw.org/l/323AC0000000025/art-27-20/par-2
- 金融商品取引法 第二十七条の二十一第一項（公開買付けに係る違反行為による賠償請求権の時効） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-21/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-21/par-1
- 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

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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
- This site's parser, version 212 — 金融商品取引法 — structure, counts, cross-references and defined terms, computed 2026-10-22