# 金融商品取引法 / Financial Instruments and Exchange Act — 第二十七条の二十二の四 (Article 27-22-4) - 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: 第二十七条の二十二の四 (Article 27-22-4)（公表等の不実施又は虚偽の公表等による損害の賠償責任） — address `art-27-22-4` - 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-27-22-4 - Permanent URL (e-Gov law ID, never renamed): https://japanlaw.org/l/323AC0000000025/art-27-22-4 - 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. --- ### 第二十七条の二十二の四（公表等の不実施又は虚偽の公表等による損害の賠償責任） — (Compensatory Liability for Damage Due to Failure to Disclose or False Disclosure) caption: Ministry of Justice translation — Japanese Law Translation Database System art-27-22-4 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-22-4 · https://japanlaw.org/l/323AC0000000025/art-27-22-4 **第一項** 前条第一項又は第二項の規定による公表又は通知（以下この条において「公表等」という。）をしなければならない重要事実についての公表等をせず、又は虚偽の公表等をした発行者は、公開買付けに応じて上場株券等の売付け等をした者に対し、公表等がされず又は公表等が虚偽であることにより生じた損害を賠償する責めに任ずる。ただし、次に掲げる場合は、この限りでない。 art-27-22-4/par-1 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-22-4/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-22-4/par-1 An issuer that fails to make a disclosure or issue a notice under paragraph (1) or (2) of the preceding Article (hereinafter collectively referred to as "disclosure" in this Article) with regard to a material fact requiring disclosure, or an issuer that makes a false disclosure with regard to such a fact, is liable to compensate a person that sells, etc. its listed share certificates, etc. in response to the tender offer, for damage arising from the company's failure to make disclosure or from its false disclosure; provided, however, that this does not apply in the following cases: Ministry of Justice translation — Japanese Law Translation Database System **一** 当該公開買付けに応じて当該上場株券等の売付け等をした者が、当該発行者に重要事実が生じており又は公表等の内容が虚偽であることを知つていたとき。 art-27-22-4/par-1/item-1 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-22-4/par-1/item-1 · https://japanlaw.org/l/323AC0000000025/art-27-22-4/par-1/item-1 the person that sells, etc. the listed share certificates, etc. in response to the tender offer knows that the material fact has occurred at the issuer or knows that the content of the disclosure is false; or Ministry of Justice translation — Japanese Law Translation Database System **二** 当該発行者が、当該発行者に重要事実が生じており又は公表等の内容が虚偽であることを知らず、かつ、当該公開買付け当時（前条第一項の規定による公表にあつては当該公開買付届出書の提出の時、同条第二項の規定による公表又は通知にあつては当該公開買付届出書を提出した日以後当該公開買付期間の末日までの間をいう。次項において同じ。）において相当な注意を用いたにもかかわらず知ることができなかつたことを証明したとき。 art-27-22-4/par-1/item-2 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-22-4/par-1/item-2 · https://japanlaw.org/l/323AC0000000025/art-27-22-4/par-1/item-2 the issuer proves that it did not know that the material fact had occurred at that issuer or that the content of the disclosure was false, and that in the exercise of reasonable care it could not have known this at the time of the tender offer (meaning when the public notice of the commencement of the tender offer is submitted, in terms of disclosure under paragraph (1) of the preceding Article, or the period between when the public notice of the commencement of the tender offer is submitted and the last day of the tender offer period, in terms of the disclosure or notice under Article 27-22-3, paragraph (2); the same applies in the following paragraph). Ministry of Justice translation — Japanese Law Translation Database System **第二項** 前項本文の規定の適用がある場合において、当該公開買付け当時における当該発行者の役員は、当該発行者と連帯して同項の規定による賠償の責めに任ずる。ただし、当該役員が、当該発行者に重要事実が生じており又は公表等の内容が虚偽であることを知らず、かつ、当該公開買付け当時において相当な注意を用いたにもかかわらず知ることができなかつたことを証明したときは、この限りでない。 art-27-22-4/par-2 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-22-4/par-2 · https://japanlaw.org/l/323AC0000000025/art-27-22-4/par-2 In a case to which the main clause of the preceding paragraph is applicable, an officer of an issuer at the time of a tender offer is jointly and severally liable with the issuer for compensation under the preceding paragraph; provided, however, that this does not apply if the officer proves that the officer did not know that the material fact had occurred at the issuer or that the content of the disclosure was false, and in the exercise of reasonable care could not have known this at the time of the tender offer. Ministry of Justice translation — Japanese Law Translation Database System --- ## Cites - art-27-22-4/par-1: 前条第一項 → 金融商品取引法 第二十七条の二十二の三第一項 (Article 27-22-3, paragraph (1)), art-27-22-3/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-22-3/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-22-3/par-1 - art-27-22-4/par-1: 第二項 → 金融商品取引法 第二十七条の二十二の三第二項 (Article 27-22-3, paragraph (2)), art-27-22-3/par-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-22-3/par-2 · https://japanlaw.org/l/323AC0000000025/art-27-22-3/par-2 - art-27-22-4/par-1: この条 → 金融商品取引法 第二十七条の二十二の四 (Article 27-22-4), art-27-22-4 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-22-4 · https://japanlaw.org/l/323AC0000000025/art-27-22-4 - art-27-22-4/par-1/item-2: 前条第一項 → 金融商品取引法 第二十七条の二十二の三第一項 (Article 27-22-3, paragraph (1)), art-27-22-3/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-22-3/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-22-3/par-1 - art-27-22-4/par-1/item-2: 同条第二項 → 金融商品取引法 第二十七条の二十二の三第二項 (Article 27-22-3, paragraph (2)), art-27-22-3/par-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-22-3/par-2 · https://japanlaw.org/l/323AC0000000025/art-27-22-3/par-2 - art-27-22-4/par-1/item-2: 次項 → 金融商品取引法 第二十七条の二十二の四第二項 (Article 27-22-4, paragraph (2)), art-27-22-4/par-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-22-4/par-2 · https://japanlaw.org/l/323AC0000000025/art-27-22-4/par-2 - art-27-22-4/par-2: 前項 → 金融商品取引法 第二十七条の二十二の四第一項 (Article 27-22-4, paragraph (1)), art-27-22-4/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-22-4/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-22-4/par-1 ## Cited by 6 provisions cite this one. No official source publishes this direction. - 金融商品取引法 第二十四条の六第一項（自己株券買付状況報告書の提出） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-24-6/par-1 · https://japanlaw.org/l/323AC0000000025/art-24-6/par-1 - 金融商品取引法 第二十七条の二十二の三第一項（業務等に関する重要事実の公表等） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-22-3/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-22-3/par-1 - 金融商品取引法 第二十七条の二十二の三第二項（業務等に関する重要事実の公表等） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-22-3/par-2 · https://japanlaw.org/l/323AC0000000025/art-27-22-3/par-2 - 金融商品取引法 第二十七条の二十二の四第一項（公表等の不実施又は虚偽の公表等による損害の賠償責任） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-22-4/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-22-4/par-1 - 金融商品取引法 第二十七条の二十二の四第一項第二号（公表等の不実施又は虚偽の公表等による損害の賠償責任） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-22-4/par-1/item-2 · https://japanlaw.org/l/323AC0000000025/art-27-22-4/par-1/item-2 - 金融商品取引法 第二十七条の二十二の四第二項（公表等の不実施又は虚偽の公表等による損害の賠償責任） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-22-4/par-2 · https://japanlaw.org/l/323AC0000000025/art-27-22-4/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