# 金融商品取引法 / Financial Instruments and Exchange Act — 第二十七条の五 (Article 27-5) - 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: 第二十七条の五 (Article 27-5)（公開買付けによらない買付け等の禁止） — address `art-27-5` - 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-27-5 - Permanent URL (e-Gov law ID, never renamed): https://japanlaw.org/l/323AC0000000025/art-27-5 - 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. --- ### 第二十七条の五（公開買付けによらない買付け等の禁止） — (Prohibition of Purchases Not through a Tender Offer) caption: Ministry of Justice translation — Japanese Law Translation Database System art-27-5 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-5 · https://japanlaw.org/l/323AC0000000025/art-27-5 **第一項** 公開買付者等は、公開買付期間（公開買付開始公告を行つた日から公開買付けによる買付け等の期間の末日までをいい、当該期間を延長した場合には、延長した期間を含む。以下この節において同じ。）中においては、公開買付けによらないで当該公開買付けに係る株券等の発行者の株券等の買付け等を行つてはならない。ただし、次に掲げる場合は、この限りでない。 art-27-5/par-1 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-5/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-5/par-1 A tender offeror, etc. must not purchase, etc. share certificates, etc. that are issued by the issuer of the share certificates, etc. involved in the relevant tender offer, other than through that tender offer, during the tender offer period (meaning the period from the day on which it issues the public notice of the commencement of the tender offer to the last day of the purchase, etc. period, and including the extended period, if any; hereinafter the same applies in this Section); provided, however, that this does not apply in the following cases: Ministry of Justice translation — Japanese Law Translation Database System **一** 当該株券等の発行者の株券等の買付け等を公開買付けによらないで行う旨の契約を公開買付開始公告を行う前に締結している場合で公開買付届出書において当該契約があること及びその内容を明らかにしているとき。 art-27-5/par-1/item-1 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-5/par-1/item-1 · https://japanlaw.org/l/323AC0000000025/art-27-5/par-1/item-1 if the contract for effecting a purchase, etc. of share certificates, etc. that are issued by the issuer of the relevant share certificates, etc., other than through that tender offer, is concluded before the public notice of the commencement of the tender offer, and the existence and details of that contract are stated in the tender offer statement; Ministry of Justice translation — Japanese Law Translation Database System **二** 第二十七条の二第七項第一号に掲げる者（同項第二号に掲げる者に該当するものを除く。）が、内閣府令で定めるところにより、同項第二号に掲げる者に該当しない旨の申出を内閣総理大臣に行つた場合 art-27-5/par-1/item-2 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-5/par-1/item-2 · https://japanlaw.org/l/323AC0000000025/art-27-5/par-1/item-2 if a person set forth in Article 27-2, paragraph (7), item (i) (except one that also falls under the category of persons specified in Article 27-2, paragraph (7), item (ii)) notifies the Prime Minister, pursuant to the provisions of Cabinet Office Order, that the person does not fall under the category of persons specified in Article 27-2, paragraph (7), item (ii); or Ministry of Justice translation — Japanese Law Translation Database System **三** その他政令で定める場合 art-27-5/par-1/item-3 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-5/par-1/item-3 · https://japanlaw.org/l/323AC0000000025/art-27-5/par-1/item-3 other cases specified by Cabinet Order. Ministry of Justice translation — Japanese Law Translation Database System --- ## Cites - art-27-5/par-1/item-2: 第二十七条の二第七項第一号 → 金融商品取引法 第二十七条の二第七項第一号 (Article 27-2, paragraph (7), item (i)), art-27-2/par-7/item-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-2/par-7/item-1 · https://japanlaw.org/l/323AC0000000025/art-27-2/par-7/item-1 - art-27-5/par-1/item-2: 同項第二号 → 金融商品取引法 第二十七条の二第七項第二号 (Article 27-2, paragraph (7), item (ii)), art-27-2/par-7/item-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-2/par-7/item-2 · https://japanlaw.org/l/323AC0000000025/art-27-2/par-7/item-2 ## Cited by 10 provisions cite this one. No official source publishes this direction. - 金融商品取引法 第二十七条の八第十項（公開買付届出書の訂正届出書の提出） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-8/par-10 · https://japanlaw.org/l/323AC0000000025/art-27-8/par-10 - 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 - 金融商品取引法 第二十七条の二十二の二第五項（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-5 · https://japanlaw.org/l/323AC0000000025/art-27-22-2/par-5 - 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三第五項（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-5 · https://japanlaw.org/l/323AC0000000025/art-27-22-3/par-5 - 金融商品取引法 第二十七条の二十二の三第八項（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-8 · https://japanlaw.org/l/323AC0000000025/art-27-22-3/par-8 - 金融商品取引法 第二十七条の三十の二第一項（開示用電子情報処理組織の定義） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-27-30-2/par-1 · https://japanlaw.org/l/323AC0000000025/art-27-30-2/par-1 - 金融商品取引法 第二百条第一項第三号 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-200/par-1/item-3 · https://japanlaw.org/l/323AC0000000025/art-200/par-1/item-3 --- ## 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