# 金融商品取引法 / Financial Instruments and Exchange Act — 第四十条の二 (Article 40-2) - 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: 第四十条の二 (Article 40-2)（最良執行方針等） — address `art-40-2` - 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-40-2 - Permanent URL (e-Gov law ID, never renamed): https://japanlaw.org/l/323AC0000000025/art-40-2 - 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. --- ### 第四十条の二（最良執行方針等） — (Best Execution Policy) caption: Ministry of Justice translation — Japanese Law Translation Database System art-40-2 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-40-2 · https://japanlaw.org/l/323AC0000000025/art-40-2 **第一項** 金融商品取引業者等は、有価証券の売買及びデリバティブ取引（政令で定めるものを除く。以下この条において「有価証券等取引」という。）に関する顧客の注文について、政令で定めるところにより、最良の取引の条件で執行するための方針及び方法（以下この条において「最良執行方針等」という。）を定めなければならない。 art-40-2/par-1 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-40-2/par-1 · https://japanlaw.org/l/323AC0000000025/art-40-2/par-1 A financial instruments business operator, etc., pursuant to the provisions of Cabinet Order, must establish a policy and method for executing orders from customers for the purchase and sale of securities and derivatives transactions (excluding those specified by Cabinet Order; hereinafter referred to as "transactions of securities, etc." in this Article) under the best terms and conditions (hereinafter referred to as the "best execution policy, etc." in this Article). Ministry of Justice translation — Japanese Law Translation Database System **第二項** 金融商品取引業者等は、内閣府令で定めるところにより、最良執行方針等を公表しなければならない。 art-40-2/par-2 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-40-2/par-2 · https://japanlaw.org/l/323AC0000000025/art-40-2/par-2 A financial instruments business operator, etc. must disclose its best execution policy, etc. pursuant to the provisions of Cabinet Office Order. Ministry of Justice translation — Japanese Law Translation Database System **第三項** 金融商品取引業者等は、最良執行方針等に従い、有価証券等取引に関する注文を執行しなければならない。 art-40-2/par-3 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-40-2/par-3 · https://japanlaw.org/l/323AC0000000025/art-40-2/par-3 A financial instruments business operator, etc. must execute orders for transactions of securities, etc. in accordance with its best execution policy, etc. Ministry of Justice translation — Japanese Law Translation Database System **第四項** 金融商品取引業者等は、金融商品取引所に上場されている有価証券及び店頭売買有価証券の売買その他の取引で政令で定めるものに関する顧客の注文を受けようとするときは、内閣府令で定めるところにより、あらかじめ、顧客に対し、当該取引に係る最良執行方針等に係る情報を提供しなければならない。ただし、既に当該情報（当該最良執行方針等を変更した場合にあつては、変更後のものに係る情報）を提供しているときは、この限りでない。 art-40-2/par-4 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-40-2/par-4 · https://japanlaw.org/l/323AC0000000025/art-40-2/par-4 Before accepting an order from a customer for a purchase and sale of securities listed on a financial instruments exchange, purchase and sale of over-the-counter traded securities, or other transaction specified by Cabinet Order, a financial instruments business operator, etc., pursuant to the provisions of Cabinet Office Order, must provide the customer in advance with information on its best execution policy, etc. for the relevant transaction; provided, however, that this does not apply if it has already provided such information (or information on the revised policy, if its best execution policy, etc. has been revised). machine translation, not official **第五項** 金融商品取引業者等は、有価証券等取引に関する顧客の注文を執行した後、内閣府令で定める期間内に当該顧客から求められたときは、当該注文が最良執行方針等に従つて執行された旨の説明その他の内閣府令で定める事項に係る情報を、内閣府令で定めるところにより、当該顧客に提供しなければならない。 art-40-2/par-5 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-40-2/par-5 · https://japanlaw.org/l/323AC0000000025/art-40-2/par-5 If a financial instruments business operator, etc. is so requested by a customer within a period specified by Cabinet Office Order after executing the customer's order for a transaction of securities, etc., it must provide the customer, pursuant to the provisions of Cabinet Office Order, with information on an explanation that the order has been executed in accordance with its best execution policy, etc. and other particulars specified by Cabinet Office Order. machine translation, not official --- ## Cites - art-40-2/par-1: この条 → 金融商品取引法 第四十条の二 (Article 40-2), art-40-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-40-2 · https://japanlaw.org/l/323AC0000000025/art-40-2 ## Cited by 10 provisions cite this one. No official source publishes this direction. - 資金決済に関する法律 第六十二条の十七第一項（金融商品取引法の準用） — https://japanlaw.org/ja/payment-services-act/art-62-17/par-1 · https://japanlaw.org/l/421AC0000000059/art-62-17/par-1 - 金融商品取引法 第四十条の二第一項（最良執行方針等） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-40-2/par-1 · https://japanlaw.org/l/323AC0000000025/art-40-2/par-1 - 金融商品取引法 第四十五条第一項第二号 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-45/par-1/item-2 · https://japanlaw.org/l/323AC0000000025/art-45/par-1/item-2 - 金融商品取引法 第六十五条の四第一項（内閣府令への委任） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-65-4/par-1 · https://japanlaw.org/l/323AC0000000025/art-65-4/par-1 - 金融商品取引法 第二百八条第一項第六号 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-208/par-1/item-6 · https://japanlaw.org/l/323AC0000000025/art-208/par-1/item-6 - 金融商品取引法 附則第九条第三項（金融商品取引契約に係る契約締結時等の情報の提供等に関する経過措置） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/suppl-5051-79/art-9/par-3 · https://japanlaw.org/l/323AC0000000025/suppl-5051-79/art-9/par-3 - 銀行法 第十三条の四第一項（金融商品取引法の準用） — https://japanlaw.org/ja/banking-act/art-13-4/par-1 · https://japanlaw.org/l/356AC0000000059/art-13-4/par-1 - 銀行法 第五十二条の二の五第一項（外国銀行代理銀行についての金融商品取引法の準用） — https://japanlaw.org/ja/banking-act/art-52-2-5/par-1 · https://japanlaw.org/l/356AC0000000059/art-52-2-5/par-1 - 銀行法 第五十二条の四十五の二第一項（銀行代理業者についての金融商品取引法の準用） — https://japanlaw.org/ja/banking-act/art-52-45-2/par-1 · https://japanlaw.org/l/356AC0000000059/art-52-45-2/par-1 - 銀行法 第五十二条の六十の十七第一項（金融商品取引法の準用） — https://japanlaw.org/ja/banking-act/art-52-60-17/par-1 · https://japanlaw.org/l/356AC0000000059/art-52-60-17/par-1 --- ## 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 - claude-sonnet-5-5 — Machine translation, batch financial-instruments-and-exchange-act-20261023T035921-007, translated 2026-10-23 - This site's parser, version 212 — 金融商品取引法 — structure, counts, cross-references and defined terms, computed 2026-10-22