# 金融商品取引法 / Financial Instruments and Exchange Act — 第四十条の四 (Article 40-4) - 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: 第四十条の四 (Article 40-4)（特定投資家向け有価証券の売買等の制限） — address `art-40-4` - 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-40-4 - Permanent URL (e-Gov law ID, never renamed): https://japanlaw.org/l/323AC0000000025/art-40-4 - 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. --- ### 第四十条の四（特定投資家向け有価証券の売買等の制限） — (Restrictions on the Purchase and Sale of Securities for Professional Investors) caption: Ministry of Justice translation — Japanese Law Translation Database System art-40-4 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-40-4 · https://japanlaw.org/l/323AC0000000025/art-40-4 **第一項** 金融商品取引業者等は、特定投資家向け有価証券について、一般投資家（特定投資家等、当該特定投資家向け有価証券の発行者その他内閣府令で定める者以外の者をいう。以下この条において同じ。）を相手方とし、又は一般投資家のために、第二条第八項第一号から第四号まで及び第十号に掲げる行為を行つてはならない。ただし、当該特定投資家向け有価証券に関して開示が行われている場合（第四条第七項に規定する開示が行われている場合をいう。次条第一項及び第六十六条の十四の二において同じ。）、一般投資家に対する勧誘に基づかないで一般投資家のために売付けの媒介を行う場合その他投資者の保護に欠けるおそれが少ない場合として内閣府令で定める場合は、この限りでない。 art-40-4/par-1 · https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-40-4/par-1 · https://japanlaw.org/l/323AC0000000025/art-40-4/par-1 A financial instruments business operator, etc. must not perform any of the acts set forth in Article 2, paragraph (8), items (i) through (iv) and (x) in connection with the securities for professional investors with a general investor (meaning a person other than a professional investor, etc. or issuer of securities for professional investors, or any other person specified by Cabinet Office Order; hereinafter the same applies in this Article); provided, however, that this does not apply in a case in which disclosure has been made (meaning a case in which disclosure has been made as prescribed in Article 4, paragraph (7); the same applies in Article 40-5, paragraph (1) and Article 66-14-2) with regard to the relevant securities for professional investors, nor does it apply in a case in which the financial instruments business operator, etc. intermediates a sale for the general investor without having solicited the general investors, nor does it in any case specified by Cabinet Office Order as one in which there is little likelihood of this resulting in insufficient investor protection. Ministry of Justice translation — Japanese Law Translation Database System --- ## Cites - art-40-4/par-1: この条 → 金融商品取引法 第四十条の四 (Article 40-4), art-40-4 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-40-4 · https://japanlaw.org/l/323AC0000000025/art-40-4 - art-40-4/par-1: 第二条第八項第一号から第四号まで → 金融商品取引法 第二条第八項第一号 (Article 2, paragraph (8), item (i)), art-2/par-8/item-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-2/par-8/item-1 · https://japanlaw.org/l/323AC0000000025/art-2/par-8/item-1 - art-40-4/par-1: 第二条第八項第一号から第四号まで → 金融商品取引法 第二条第八項第二号 (Article 2, paragraph (8), item (ii)), art-2/par-8/item-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-2/par-8/item-2 · https://japanlaw.org/l/323AC0000000025/art-2/par-8/item-2 - art-40-4/par-1: 第二条第八項第一号から第四号まで → 金融商品取引法 第二条第八項第三号 (Article 2, paragraph (8), item (iii)), art-2/par-8/item-3 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-2/par-8/item-3 · https://japanlaw.org/l/323AC0000000025/art-2/par-8/item-3 - art-40-4/par-1: 第二条第八項第一号から第四号まで → 金融商品取引法 第二条第八項第四号 (Article 2, paragraph (8), item (iv)), art-2/par-8/item-4 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-2/par-8/item-4 · https://japanlaw.org/l/323AC0000000025/art-2/par-8/item-4 - art-40-4/par-1: 第十号 → 金融商品取引法 第二条第八項第十号 (Article 2, paragraph (8), item (x)), art-2/par-8/item-10 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-2/par-8/item-10 · https://japanlaw.org/l/323AC0000000025/art-2/par-8/item-10 - art-40-4/par-1: 第四条第七項 → 金融商品取引法 第四条第七項 (Article 4, paragraph (7)), art-4/par-7 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-4/par-7 · https://japanlaw.org/l/323AC0000000025/art-4/par-7 - art-40-4/par-1: 次条第一項 → 金融商品取引法 第四十条の五第一項 (Article 40-5, paragraph (1)), art-40-5/par-1 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-40-5/par-1 · https://japanlaw.org/l/323AC0000000025/art-40-5/par-1 - art-40-4/par-1: 第六十六条の十四の二 → 金融商品取引法 第六十六条の十四の二 (Article 66-14-2), art-66-14-2 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-66-14-2 · https://japanlaw.org/l/323AC0000000025/art-66-14-2 ## 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 第四十条の四第一項（特定投資家向け有価証券の売買等の制限） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-40-4/par-1 · https://japanlaw.org/l/323AC0000000025/art-40-4/par-1 - 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 第六十五条の五第二項（適用除外） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-65-5/par-2 · https://japanlaw.org/l/323AC0000000025/art-65-5/par-2 - 金融商品取引法 第六十五条の五第四項（適用除外） — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-65-5/par-4 · https://japanlaw.org/l/323AC0000000025/art-65-5/par-4 - 金融商品取引法 第百九十七条の二第一項第十号の四 — https://japanlaw.org/ja/financial-instruments-and-exchange-act/art-197-2/par-1/item-10-4 · https://japanlaw.org/l/323AC0000000025/art-197-2/par-1/item-10-4 - 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 - This site's parser, version 212 — 金融商品取引法 — structure, counts, cross-references and defined terms, computed 2026-10-22