Article 1.　The purpose of this Law shall be to prescribe necessary provisions with respect to the organization of a commodity exchange and the supervision, management and so on of transactions on a commodity market, and to attain a fair price, an equitable buying and selling or other trading of commodities and a smooth circulation and production thereof by securing the wholesome operation of a commodity exchange for the purpose of contributing to the proper operation of national economy.

Article 2.　The "commodity exchange" as used in this Law shall mean a person whose primary purpose is to provide facilities for a commodity market necessary for the future transactions of one of several kinds of commodities and who is established in accordance with this Law.

2　The "commodities" as used in this Law shall be as follows:

3　The "commodity market" as used in this Law shall mean a place established by the exchange for each listed commodity where the transaction thereof be done under the provisions of this Law primarily for future delivery.

4　The "future transaction" as used in this Law shall mean a transaction binding on both parties to deliver or receive actually a specified commodity which is the object of the transaction and its consideration at a specified future date, in accordance with the standard and method prescribed by a commodity exchange, and which may be settled by offset in case where actual resale or repurchase be effected.

5　The "listing" as used in this Law shall mean to make any commodity an object of transaction on a commodity market.

6　The "commodity commission merchant" as used in this Law shall mean the member of the exchange who is authorized under this Law to be entrusted by other persons with the transaction on a commodity market.

Article 3.　A commodity exchange shall be a juridical person.

2　A commodity exchange shall be of membership system.

3　A commodity exchange shall not operate its business for the purpose of making profit.

Article 4.　A commodity exchange shall not carry on any other business not directly essential for the attainment of its objective;provided that it may carry on the survey of quality, publication and other business appertaining thereto when it has obtained the approval of the competent Minister.

Article 5.　The address of a commodity exchange shall be located on a site of its main business office.

Article 6.　A commodity exchange shall use the word "exchange" in its title.

2　No person other than commodity exchange or securities exchange established under the Securities and Exchanges Law (Law No.2 of 1948) shall use in its trade name (including the title;hereinafter the same) the word exchange or other similar words.

Article 7.　A commodity exchange (hereinafter referred to as the "exchange" ) may provide facilities for commodity markets where future transactions are effected.

2　An exchange shall not provide a market other than markets where the listed commodities registered on the Commodity Exchanges Registration Ledger in accordance with the provision of Article 9 paragraph 5 are transacted.

3　An exchange shall not provide not less than two commodity markets with respect to one kind of commodity.

Article 8.　No person shall provide an institute similar to a commodity market where future transactions are effected (excluding the securities market prescribed in Article 2 paragraph 12 of the Securities and Exchange Law).

2　No person shall transact on the institute referred to in the preceding paragraph.

Article 9.　An exchange shall not be established unless promoted by not less than ten persons with respect to each one kind of commodity to be listed on the exchange.

2　A promoter shall be a person who is actually engaged in, for more than one year continuously in the place where this Law is enforced, the buying and selling, intermodiary in trading, production or processing (hereinafter referred to as "buying and selling or other dealing" ) of commodities to be listed on a commodity market provided by the exchange to be established.

3　An exchange shall not be established unless it has not less than twenty members with respect to each one kind of commodity to be listed on it.

4　A person who is actually engaged in buying and selling or other dealing of not less than two kinds of commodities shall be deemed to be one person with respect to each one kind of commodity concerned in case of the computation of the number of promoters or members as provided for in paragraph 1 and the preceding paragraph, Article 98 paragraph 1 item (5) and Article 99.

5　When promoters desire to establish an exchange, they shall get registration on the Commodity Exchanges Registration Ledger provided by the competent Minister.

Article 10.　Promoters shall formulate the Articles of Association, entering therein the following particulars and sign their names on it:

Article 11.　Any person who desires to become a member of an exchange shall state his address and the amount of share to be subscribed by him and the commodity which he is to buy and sell on the commodity market on the application for entrance and sign on it.

2　In cases where establishment of an exchange is intended, application for entrance shall be prepared by promoters and the following particulars shall be entered therein:

3　Application for entrance after the establishment of an exchange shall be prepared by a president and the following particulars shall be entered therein:

Article 12.　Promoters shall call for persons who desire to be members after the formulation of the Articles of Association and when the number of persons who paid up the amount of their shares in full is not less than the number as prescribed under the provision of Article 9 paragraph 3 they shall hold a Constituent General Meeting not later than five days from the day ten days after the later day which is either the date of payment of share referred to in the provision of item (3) of paragraph 2 of the preceding Article or the date on which the number of members reaches the number as prescribed under the provision of Article 9 paragraph 3.

2　The approval of the Articles of Association, and other matters necessary for the establishment shall be resolved at the Constituent General Meeting.

3　The Articles of Association may be amended at the Constituent General Meeting, except the provisions concerning qualification for membership.

4　The agenda of the Constituent General Meeting shall be decided by two-thirds or more of the votes of these present at the said meeting attended by one half or more of those who desire to be members (only those who have completed the payment of the amount of their shares in full can attend the meeting, hereinafter the same in paragraphs 5 and 6).

5　Each person who desires to be a member shall be entitled to one vote in a Constituent General Meeting regardless of the number of the shares held by him.

6　The officers at the time of establishment shall be elected by those who intend to become members at the Constituent General Meeting in accordance with the provisions of the Articles of Association. In this case, each person who desires to be a member shall be entitled to one vote irrespective of the number of the shares held by him.

7　The provisions of Article 66 paragraph 6 and Article 70 of this Law as well as the provisions of Article 239 paragraph 4 and Article 240 votes of interested parties), Article 244 (minutes) and Articles 247 to 253 inclusive (annulment or cancellation of resolution) of the Commercial Code (Law No.48 of 1899) shall apply mutatis mutandis to the Constituent General Meeting;in this case, "Article 343" in Article 247 paragraph 1 of the Commercial Code shall read "Article 12 paragraph 4 of the Commodity Exchange Law."

Article 13.　In cases where promoters desire to effect registration referred to in Article 9 paragraph 5, they shall, after the conclusions of the Constituent Meeting, file, without delay, with the competent Minister an application for registration, entering therein the particulars enumerated in the following:

2　The application for registration as prescribed in the preceding paragraph shall be accompanied by following documents:

Article 14.　In cases where the registration has been applied for in accordance with the provisions of paragraph 1 of the preceding Article, the competent Minister shall, except the case where the registration is denied in accordance with the provision of Article 15, make entry of the matters as prescribed under each item of paragraph 1 of the preceding Article and the date of registration on the Commodity Exchanges Registration Ledger by the date not more than sixty days from the date on which the competent Minister received the application statement for registration.

2　When the competent Minister has effected registration in accordance with the provisions of the preceding paragraph, he shall notify such fact to the applicant without delay.

Article 15.　In case where the application for registration has been made in accordance with the provision of Article 13 paragraph 1, the competent Minister shall deny the registration, if he finds that the said application comes under any of following items:

2　In cases where the competent Minister intends to deny the registration, in compliance with the preceding paragraph, he shall notify beforehand the applicant for registration of such fact, order the attendance of him or his agent and cause the competent official to hold hearing for him for the purpose of giving him the opportunity of producing testimony of an explanation.

3　In the case of the preceding paragraph, if persons for whom hearing is to be held fail to attend without justifiable cause, the competent Minister may cancel their registration without holding hearing.

4　In cases where the competent Minister gives a notice referred to in paragraph 2, he shall specify matters, place and date of hearing.

5　All hearings, as stipulated in paragraph 2 shall be open to the public; provided that, if deemed necessary for maintaining business secrets of persons for whom hearing is to be held or for the public interest, the hearing may not be opened to the public.

6　The competent Minister may, if he deems it necessary to hold the hearing under paragraph 2, order the attendance of witness and hear the opinions thereof or ask the submission of their opinions or reports or request the attendance of appraisers and have them make appraisal.

7　In cases where the competent Minister denied the registration under the provision of paragraph 1, he shall notify such fact without delay to the applicant for registration by showing the reason.

Article 16.　The establishment of an exchange shall become effective upon the registration thereof.

Article 17.　Promoters shall, after registration under the Article 14 paragraph 1 has been effected, transfer, without delay, the business to the president.

Article 18.　The provisions of Article 193, Article 194 and Article 196 (responsibility of promoters) and Article 197 (lawsuit against promoter) of the Commercial Code shall apply mutatis mutandis to the promoters of an exchange and the provisions of Article 428 (annulment of establishment of company) of the same Code shall apply mutatis mutandis to the establishment of an exchange;in this case, "Article 343" in Article 196 of the Commercial Code shall read "Article 68 paragraph 1 of the Commodity Exchange Law," and "shareholders holding shares representing not less than one tenth of the capital" in Article 197 shall read "not less than one-fifth of members."

Article 19.　If any change occures in the matters enumerated in Article 13 paragraph 1 item (1), item (2), item (5) or item (6), a notice for alteration shall be filed with the competent Minister without delay.

2　The statement certifying such alteration and documents enumerated in the following shall be attached to the notice for alteration mentioned in the preceding paragraph;provided, however, that this shall not apply to the case referred to in Article 13 paragraph 1 item (2):

3　The provisions of Article 14 as well as Article 15 paragraph 1 item (3) and paragraphs 2 to 7 inclusive shall apply mutatis mutandis to the filing of an application for alteration of registration in accordance with the prevision of paragraph 1. In this case, "application statement for registration" as mentioned in Article 14 paragraph 1 and Article 15 paragraph 1 item (3) shall read "notice for alteration" ; "Applicant for registration" in Article 14 paragraph 2 and Article 15 paragraph 7 shall read "Applicant for alteration of registration" ; "documents enumerated in each item of Article 13 paragraph 2" in Article 15 paragraph 1 item (3) shall read "attached documents as prescribed in Article 19 paragraph 2," and "notify beforehand the applicant for registration of such fact, order the attendance of the applicant for registration" in the same Article paragraph 2 shall read "notify beforehand the applicant for alteration of such fact, order the attendance of the officer who is the applicant for alteration."

Article 20.　If there is any change in matters mentioned in Article 13 paragraph 1 item (3) and item (4), the exchange shall file an application for alteration of registration with the competent Minister to that effect.

2　The documents enumerated in the following particulars shall be attached to the application for alteration of registration mentioned in the preceding paragraph:

3　The provisions of Article 14 and Article 15 shall apply mutatis mutandis to the application for alteration of registration under paragraph 1. In this case, "application statement for registration" as mentioned in Article 14 paragraph 1 and Article 15 paragraph 1 item (3) shall read "the application for alteration of registration" ; "applicant for registration" in Article 14 paragraph 2 and Article 15 paragraph 7 shall read "applicant for alteration of registration" ; "documents enumerated in each item of Article 13 paragraph 2" in Article 15 paragraph 1 item (3) shall read "documents as enumerated in each item of Article 19 paragraph 2" ; "establishment of an exchange" in the same paragraph item (4) shall read "addition of commodity to be listed" and "notify beforehand the applicant for registration of such fact, order the attendance of the applicant for registration" in the same Article paragraph 2 shall read "notify beforehand the applicant for alteration of registration of such fact, order the attendance of an officers who is the applicant for alteration."

Article 21.　In the cases coming under any of the following items, the competent Minister may cancel the registration of the exchange or order the modification of a part of registered matters, excepting the case where the registration of the exchange is cancelled in accordance with the provision of Article 121 paragraph 1 item (1):

2　The provisions of Article 15 paragraphs 2 to 7 inclusive shall apply mutatis mutandis to the cancellation of registration referred to in the preceding paragraph. In this case, "notify beforehand the applicant for registration of such fact, order the attendance of the applicant for registration" as mentioned in Article 15 paragraph 2 shall read "notify beforehand the exchange concerned of such fact, order the attendance of officers of the exchange," and "applicant for registration" in the same Article paragraph 7 shall read "the exchange concerned."

Article 22.　In cases where the competent Minister cancels the registration of an exchange in accordance with the provision of the preceding paragraph or Article 121 paragraph 1 item (1) or the filing of an report has been made with him in accordance with the provision of Article 98 paragraph 2 he shall strike out the registration of the exchange concerned on the Commodity Exchange Registration Ledger.

Article 23.　The person qualified for membership of the exchange shall be limited to a person who is actually engaged in, the place where this Law is enforced, buying and selling or other dealing (including buying and selling or other dealing effected by security brokers;hereinafter the same in paragraph 2) of the listed commodity (including the commodities which are important materials of the said commodities or manufactured from the said commodities and shall be designated by Cabinet Order;hereinafter the same in paragraph 2) as a business.

2　In the case a death of a member, his successor shall be qualified for membership from the time of the death of the decedent, if the successor comes to engage in the business of buying and selling or other dealing of the listed commodities which the decedent transacted on the commodity market by the date not more than three months from the date of death of the decedent.

3　In the case of the preceding paragraph, if there are two or more successors, the provision of the preceding paragraph shall apply to only one of them who has been selected with the consent of all the successors.

Article 24.　Any person who comes under any of the following items cannot become a member:

2　A corporation which continues to exist after amalgamation or was established as a result of amalgamation shall be deemed to be the same person as the corporation which ceased to exist due to amalgamation with respect to the application of items (2), (3) and (6) of the preceding paragraph.

Article 25.　An exchange shall, with respect to each commodity listed, prescribe in its Articles of Association the minimum amount of net assets of the member who transacts of the said commodity on a commodity market;provided that the minimum amount of net assets shall not fall below the amount as prescribed by Cabinet Orders with respect to each commodity, trading unit, trading amount or other trading situations of the commodity being taken into consideration.

2　In case where a member effects transactions of two or more commodities on a commodity market, the minimum amount of not assets of the member shall be the highest amount of the minimum amounts of net assets as prescribed in the preceding paragraph with respect to each commodity.

3　If the amount of the not assets of any member falls below the minimum amount as prescribed in accordance with the provisions of the preceding two paragraphs, the exchange shall suspend his transactions on the commodity market and at the same time notify such fact to the competent Minister.

4　In the case of the preceding paragraph, if the amount of net assets of the member recovers not more than six months from the date on which he was ordered to suspend his transactions on the commodity market to the extent of over and above the amount as prescribed in paragraph 1 or paragraph 2, the exchange shall release the suspensions of transaction prescribed in the preceding paragraph and notify such fact to the competent Minister.

5　In case where the amount of net assets of a member who transacts of two or more commodities on the commodity market and whose transaction has been suspended in accordance with the provision of paragraph 3 does not fall below of any of the minimum amounts as prescribed in paragraph 2, if he offers to the exchange within the period provided for in the preceding paragraph that the desires to transact on the commodity market only the commodity concerning the minimum amount which is below the amount of his net assets and obtain the approval thereof, the exchange shall cancel the suspension of transaction of the said commodity as prescribed in the preceding paragraph and notify such fact to the competent Minister.

6　In the case of paragraph 3 if the amount of net assets a member does not recover within the term as prescribed in paragraph 4, not less than the minimum amount as prescribed in accordance with the provision of paragraph 1 or does not recover within the term as prescribed in paragraph 4 not less than the minimum amount as prescribed in paragraph 2 and no offering under the preceding paragraph has been made by a member, the exchange shall expel the said member, without delay.

7　When the exchange suspended the transaction of a member in accordance with the provision of paragraph 3 or expelled the member in accordance with the provision of the preceding paragraph, it shall, without delay, notify such fact to such member by showing the cause.

8　The amount of net assets as prescribed in paragraph 1 shall be the amount computed by deducting the total amount of liabilities from the total amount of assets and in accordance with the provisions of the competent Ministerial Ordinance.

Article 26.　Each member shall hold not less than one share.

2　No member shall be allowed to hold share by property other than money.

3　The amount of each share shall be the same.

4　Each member shall be entitled to one vote in the general meeting, regardless of the number of shares he has.

5　The liability of a member for the debt of an exchange shall be limited to the amount of shares subscribed by him, except the impositions of expenses prescribed under Article 27 and the payment of the amount of loss under Article 36 paragraph 3.

6　No member may avail himself of a setoff against the exchange with respect to the payment of his shares in the exchange.

Article 27.　The exchange may charge its expenses on its members in accordance with the Articles of Association.

2　The provision of paragraph 6 of the preceding Article shall apply mutatis mutandis to the payment of the expenses as prescribed in the preceding paragraph.

Article 28.　Persons who desire to be admitted to the exchange at the time of its establishment and have completed the payment of the amount of shares subscribed by him shall become member at the time when the establishment of an exchange becomes effective.

2　Persons who desire to be admitted to the exchange at the time of its establishment and do not complete the payment as prescribed in the preceding paragraph by the time of establishment of the exchange shall be deemed to have cancelled the application for admission at the time of establishment of the exchange.

3　The person who desires to be admitted to the exchange after the establishment thereof shall, in accordance with the provisions of the Articles of Association and after securing the approval by the exchange of his admission, become a member at the time of the completion of payment of the amount of shares subscribed by him and of the admission fee, if the collection of the admission fee is provided for by the exchange, or at the time of transference of the whole or a part of the shares of the member or of the completion of payment of the admission fee, if the collection of the admission fee is provided for by the exchange.

4　A qualified person who has met the legally established prerequisites cannot be denied membership unless cause is shown.

Article 29.　Member may, in accordance with the provisions of the Articles of Association, transfer the whole or a part of their shares to members or persons who are qualified for membership in the exchange.

2　If persons who are qualified for membership desire to obtain shares by transfer, they shall follow the example of admission.

3　The transfer of shares shall succeed to the rights and duties of the transferer in respect to the shares concerned.

Article 30.　In the case of death or dissolution due to amalgamation of a member if the successor or legattee, or the corporation which continues to exist after amalgamation or is established due to amalgamation (hereinafter referred to as the "successor, etc." in this Article) is a member, the said preson shall succeed to the shares of the decedent as well as the rights and duties of the decedent relative to such shares. In this case, the successor shall notify such fact to the exchange without delay.

2　If, in the case of the preceding paragraph, the successors, etc. are qualified for membership, the said persons may, with the approval of the exchange, succeed to the shares of the decedent and the rights and duties of the decedent relative to such shares.

3　If, in the case of the preceding paragraph, the successors, etc. have succeeded to the shares of the decedent and the rights and duties of the decedent relative to such shares, the said person shall be deemed to have become a member at the time of death or dissolution of the decedent.

4　If, in the case of paragraph 1 or paragraph 2 there are two or more successors or legattees, the provisions of paragraph 1 or 2 shall apply to only one of the successors or legattees who has been selected from among them with the consent of all successors or legattees.

Article 31.　Members shall not hold the shares in joint ownership.

Article 32.　Any member may, with a previous notice not less than sixty days, withdraw from the exchange.

2　The term for giving a previous notice referred to in the preceding paragraph may be extended by the Articles of Association, provided, however, that the term shall not exceed one year.

Article 33.　Besides the cases as prescribed in the preceding Article and Article 35 paragraph 1, members shall withdraw owing to the following reason:

Article 34.　If a member comes under any of facts as prescribed in the Articles of Association, he shall be expelled by a resolution of the general meeting provided for in Article 68 paragraph 1, except the case where he is expelled in accordance with the provision of Article 25 paragraph 6 or by an order of the competent Minister in accordance with the provision of Article 122.

2　In the case of the preceding paragraph, the exchange shall send to the member the document stating therein such fact and cause of expulsion not less than ten days before the date of the general meeting and give him the opportunity of explanation at the general meeting.

3　Expulsion cannot be set up against the member expelled unless such fact is notified to the member.

Article 35.　Creditors who attached the shares of mambers may cause the members to withdraw from the exchange;provided that they must give not less than sixty days'previous notice to the member and the exchange.

2　The provisoins of Article 90 (effect of attachment of shares) and Article 91 paragraph 2 (invalidation of a previous notice) of the Commercial Code shall apply mutatis mutandis to the case referred to in the preceding paragraph.

Article 36.　Any member who has seceded from membership is entitled to, in accordance with the Articles of Association, the refund of his shares.

2　The amount of the share under the preceding paragraph shall be computed on the basis of the assets and liabilities existing at the end of the month previous to the month to which the date of withdrawal of the member concerned belong.

3　In the computation of the amount of the share referred to in the preceding paragraph, if the assets of the exchange cannot meet its liabilities, the exchange may request the member who has seceded from membership to pay the amount of loss to be assigned to him.

4　The right of claim under paragraph 1 or the preceding paragraph shall be extinguished by prescription, in case the said right has not been exercised for two years since the time of withdrawal.

5　The exchange may, until persons who have withdrawn from membership have completely paid off the debts to the exchange, suspend the refund of the amount of his shares.

Article 37.　In the case where a member withdraw from membership and he has not completed the settlement of transactions on the commodity market, the exchange shall in accordance with the provisions of the Articles of Association, cause the person himself, his general successor or any other member (meaning members who can effect transactions on a commodity market, hereinafter the same in this Article) to complete the said settlement of transactions.

2　In case of the preceding paragraph, the person or his general successor (except a person who is a member) shall be deemed to be a member only for the purpose of completing the said settlement of transactions.

3　In case the exchange cause any other member to complete the transaction in accordance with the provisions of the preceding paragraph, a mandate contract shall be deemed to be existing between the person or his general successor and such other member.

4　In case the exchange cause any successor or other to complete the transaction in accordance with the provisions of paragraph 1, if the transaction is entrustment, the same mandate contract shall be deemed to be existing between the general successor of the principal or such member and client who entrusted with such transaction.

Article 38.　A member shall, in accordance with the provisions of the Articles of Association, deposit the membership guarantee fund with the exchange with respect to each commodity to be transacted by them on the commodity market.

2　A member shall not engage in transaction on the commodity market before the payment of the membership guarantee fund referred to in the preceding paragraph.

3　The membership guarantee funds may be furnished in the form of securities (meaning national bonds, local bonds and or debentures or stocks) listed on the securities exchange which may be designated by the exchange with the approval of the competent Minister.

4　Appraisement of the securities mentioned in the preceding paragraph shall not exceed the price computed in accordance with the provisions of the Cabinet Order.

5　A person who has entrusted a commodity commission merchant with transactions on the commodity market shall, with respect to the membership guarantee fund of such commodity commission merchant concerning the commodity to be transacted on the commodity market, have a right to receive payment in preference to other creditors regarding the claims arising from such entrustment.

6　In cases where the rights to receive payment in preference to others referred to in the preceding paragraph concurs, the preferential right of a client who is not a member shall be in preference to the preferential right of a client who is a member.

Article 39.　Members shall, in accordance with the provisions prescribed by the Competent Ministrial Ordinance, keep account of the transactions on commodity market separately from the trading outside the market and keep the books and other documents relating to their business.

Article 40.　The exchange shall provide, in its Articles of Association, to the effect that a member who violates this Law, Cabinet Orders or competent Ministerial Ordinance issued on the basis of this Law, the disposition to be made by the competent Minister on the basis of these laws and orders, the Articles of Association, Business Rules, Entrustment Contract Regulations or such other rules and regulations of the exchange concerned or whose acts are considered inconsistent with the just and equitable principles of trade as specified by Cabinet Order shall, if the exchange deems it necessary to do so in order to secures the wholesome operation of the exchange or to secure the interests of clients entrusting transactions on the commodity market, be imposed a negligence fine of one hundred thousand yen or less or shall be ordered the suspension or restriction of his transactions on the commodity market or be expelled from membership.

Article 41.　The commodity commission merchant who can conduct transactions on the said commodity market shall be limited to those members who can conduct transactions on the commodity market and have been registered on the Commodity Commission Mar-chants Registration Ledger provided for each exchange by the competent Ministry.

Article 42.　An exchange shall, with respect to each listed commodity, prescribe in its Articles of Association the minimum amount of net assets of a commodity commission merchant who effects transactions of the commodity concerned in the commodity market;provided, however, that the minimum amount shall not fall below the amount as prescribed by the Cabinet Order with respect to each commodity, trading unit, trading amount or other trading situation of the commodity and the protection of the client being taken into consideration.

2　In the case where the commodity commission merchant effect transactions of two or more commodities on a commodity market, the minimum amount of net assets of the commodity commission merchant shall be the highest amount of the minimum amounts as prescribed under the preceding paragraph with respect to each commodity.

3　If the amount of the net assets of any commodity commission merchant falls below the minimum amount as prescribed by the preceding two paragraphs, the competent Minister shall, showing the cause, without delay, order the suspension of the commodity commission merchant from being entrusted with transactions on the commodity market and at the same time notify such fact to the exchange he belongs to.

4　In the case of the preceding paragraph, if the amount of net assets of the commodity commission merchant recovers not more than six months from the date on which he was ordered suspension from being entrusted with transaction, not less than the minimum amount as prescribed under the provisions of paragraph 1 or 2, the competent Minister shall release the suspension from being entrusted with transactions as prescribed under the preceding paragraph.

5　In the case where the amount of net assets of a commodity commission merchant who is entrusted with transactions of two or more commodities on the commodity market and who has been suspended from being entrusted with transaction in accordance with the provision of paragraph 3 not less than the minimum amounts as prescribed in paragraph 1 with respect to any one of the commodities be transacted, even if it does not amount to the minimum amounts as prescribed in paragraph 2, if the commodity commission merchant submits to the competent Minister within the term as prescribed in the preceding paragraph an application stating therein that he desires to transact on the commodity market only the commodity concerning the said minimum amount, the competent Minister shall release the suspention from being entrusted transaction under the provision of paragraph 3 with respect to said commodity.

6　In the case of paragraph 3, if the amount of net assets of the commodity commission merchant does not recover, within the term as prescribed in paragraph 4 not less than the minimum amount as prescribed in paragraph 1 or if it does not recover within the term as prescribed in paragraph 4 to the extent of ever and above the minimum amount as prescribed in paragraph 2 and moreover, the commodity commission merchant does not submit the application as prescribed in the preceding paragraph, the competent Minister shall cancel the registration of the said commodity commission merchant.

7　In the case of paragraph 5, if there is any commodity, with respect to which the suspension from being entrusted with transaction has not been released under the provision of paragraph 3, the competent Minister shall strike out the part relating to the said commodity of the registered matters of the commodity commission merchant concerned as soon as possible after the lapse of the term provided for in paragraph 4.

8　If the competent Minister releases the suspension of entrustment in accordance with the provisions of paragraph 4 or paragraph 5, or cancel registration in accordance with the provision of paragraph 6, or strike out the registered matters in accordance with the provision of the preceding paragraph, the competent Minister shall notify, by giving the reason for such action, such fact to the person himself and the exchange he belongs to without delay.

9　The provisions of Article 15 paragraphs 2 to 6 inclusive shall, in accordance with the provisions of paragraphs 3 to 7 inclusive, apply mutatis mutandis to the case where the competent Minister orders the suspension of the entrustment or release it or strike out the registered matter, and the provision of Article 25 paragraph 8 shall apply mutatis mutandis to the computation of net assets as referred to in paragraph 1. In this case, "notify beforehand the applicant for registration of such fact, order the attendance of the applicant for registration" in Article 15 paragraph 2 shall read "notify beforehand the commodity commission merchant of such fact, order the attendance of the commodity commission merchant (in cases where it is a corporation, its officers)."

Article 43.　No person other than commodity commission merchants shall be entrusted with transactions on the commodity market.

Article 44.　Any person who intend to become a commodity commission merchant shall make an application statement for registration, stating therein the following particulars, with respect to each exchange which provides commodity markets whereon he desires to effect transactions as a commodity commission merchant, and submit it to be competent Minister through an exchange which he belongs to:

2　In the case of the preceding paragraph, the exchange concerned shall accept the application statement if the applicants for registration are members who can transact the commodity mentioned in item (3) of the preceding paragraph on the commodity market, and send it, without delay, to the competent Minister.

3　The application for registration as prescribed in paragraph 1 shall be accompanied by the following documents:

4　The statement concerned the net assets as prescribed in each item of the preceding paragraph, shall be made as of the date not more than thirty days before the date of application for registration.

Article 45.　When an application for registration has been made in accordance with the provision of paragraph 1 of the preceding Article, the competent Minister shall, except the cases where registration is to be denied under the provisions of Article 48, enter the matters provided for in each item of paragraph 1 of the preceding Article and date of registration in the Commodity Commission Merchant Registration Ledger by the date on which sixty days have elapsed from the date of acceptance of the application for registration.

2　In cases where the competent Minister has made entry in accordance with the provision of the preceding paragraph, he shall notify, without delay, such fact to the applicant and the exchange which he belongs to.

Article 46.　The applicant who has received the notice under paragraph 2 of the preceding Article, shall, as may be prescribed by Cabinet Order, pay three thousand yen as the registration fee not more than thirty days from the day of his receipt of the notice

2　The applicant shall not be entrusted with transaction on the commodity market before the payment of the registration fee referred to in the preceding paragraph and the deposit on the commission merchant guarantee money referred to in Article 47 paragraph 1.

Article 47.　A commodity commission merchant shall, when he has received the notice under of Article 45 paragraph 2, deposit, in accordance with the provisions of the Article of Association, the commission merchant guarantee money as prescribed by the Articles of Association with the exchange pursuant to provision of paragraph 2, for each of the commodities registered under Article 45 paragraph 1 and for each of the head office or main business office and branch offices or other subordinate offices or business offices registered under the same paragraph.

2　The amount of a commission merchant guarantee money as prescribed in the preceding paragraph and Article 50 paragraph 1 shall not be less than three hundred thousand yen for head office or main business office and fifty thousand yen for each branch office, other subordinate office or business office as prescribed in the preceding, paragraph.

3　A person who has entrusted a commodity commission merchant with transaction on the commodity market shall, with respect to the commission merchant guarantee money concerning the commodity to be transacted on the commodity market, have a preferential right over any other or editors regarding the claims arising from such entrustment.

4　The provisions of Article 38 paragraphs 3, 4 and 6 shall apply mutatis mutandis to the commission merchant guarantee money.

Article 48.　The competent Minister shall, deny the registration, if he deems the applicant for a commodity commission merchant to come under any of the following items:

2　The provisions of Article 15 paragraphs 2 to 6 inclusive and Article 45 paragraph 2 shall apply mutatis mutandis to the denial of registration under the provisions of the preceding paragraph. In this case, "the attendance of applicant for registration or" as mentioned in Article 15 paragraph 2 shall read "the attendance of applicant for registration (in case he is a corporation, its officer) or."

Article 49.　If any change occurs in matters in Article 44 paragraph 1 item (1), (2), (4) or (5), a commodity commission merchant shall file a notice for alteration with the competent Minister, without delay, through an exchange which he belongs to.

2　To the notice for alteration mentioned in the preceding paragraph shall be attached the documents certifying such change, and, if the notice for alteration is concerned with the officer newly appointed, curriculum vitae of the officers, copy of his abstract of census register or certificate of census register and the statement vowing that he does not come under any of Article 24 paragraph 1 items (1) to (6) inclusive;provided, that this shall not apply to the change of matters as prescribed in Article 44 paragraph 1 item (2).

3　In cases where a commodity commission merchant intends to change the matters enumerated in Article 44 paragraph 1 item (3), he shall file an application statement for alteration of registration with the competent Minister through the exchange which he belongs to.

4　The provisions of Article 15 paragraphs 2 to 6 inclusive, Article 14 paragraph 2, Article 45, Article 46 paragraph 2 and paragraph 1 of the preceding Article as well as the stipulations of the same Article paragraph 2 concerning the application mutatis mutandis of Article 45 paragraph 2 shall apply mutatis mutandis to the filing of a notice for alteration under paragraph 1 and the notice for alteration under the preceding paragraph. In this case, "Applicant for registration" as mentioned in Article 15 paragraph 2, Article 44 paragraph 2, Article 45 paragraph 2, and item (4) of paragraph 1 of the preceding Article shall read "sender of notice for alteration or applicant for alteration of registration," "notify beforehand the applicant for registration, of such fact, order the attendance of the applicant for registration" in Article 15 paragraph 2 shall read "notify beforehand the sender of notice for alteration or applicant for alteration of registration of such fact, order the attendance of the sender of notice for alteration or applicant for alteration of registration (in case he is a corporation, its officer)" ; "application for registration" in Article 45 paragraph 1 and paragraph 1 item (4) of the preceding Article shall read "notice for alteration or application for alteration of registration" ; "entry in accordance with the provisions of the preceding paragraph" in Article 45 paragraph 2 shall read "alteration of registration or denial of alterations registration under the provision of the preceding paragraph or Article 48 paragraph 1 which applies mutatis mutandis in Article 49 paragraph 4," and "applicant for registration of commodity commission merchant" in paragraph 1 of the preceding Article shall read "sender of notice for alteration or applicant for alteration of registration."

Article 50.　In the case where a commodity commission merchant established a new branch office or other subordinate office of business office wherein he may be entrusted with transactions, if he received a notice from the competent Minister regarding alteration of registration thereof, he shall deposit a commission merchant guarantee money for such office or business office with the exchange in accordance with provisions of the Articles of Association.

2　The commodity commission merchant shall not be entrusted with transactions on the commodity market in the said branch office, other subordinate office or other bnsiness office, before the deposit of the commission merchant guarantee money as referred to in the preceding paragraph.

Article 51.　If a commodity commission merchant comes under any of the following items, he shall report such fact to the competent Minister without delay, excepting the case where they report in accordance with the provisions of Article 42 paragraph 5 and Article 49 paragraph 1:

2　If a commodity commission merchant comes under any of the following items, the person enumerated respectively in each of such items shall report such fact to the competent Minister without delay:

Article 52.　In the case where a commodity commission merchant comes under any of the following items, the competent Minister shall cancel the registration, excepting the case where the cancellation of registrations is made in accordance with the provisions of Article 42 paragraph 6:

2　If a commodity commission merchant comes under any of the following items, the competent Minister may cancel his registration, excepting the case where the cancellation of his registration is made in accordance with the provisions of Article 123:

3　The provisions of Article 15 paragraphs 2 to 6 inclusive or Article 42 paragraph 8 shall apply mutatis mutandis to the cancellation of registration under the provisions of the preceding two paragraphs. In this case, "notify beforehand the applicant for registration of such fact, order the attendance of the applicant for registration" as mentioned in Article 15 paragraph 2 shall read "notify beforehand the commodity commission merchant of such fact, order the attendance of the commodity commission merchant (if he is a corporation, its officer)," and "applicant for registration" in Article 45 paragraph 2 shall read "the commodity commission merchant concerned."

Article 53.　In such cases as enumerated in any of following items, the competent Minister shall strike out the registration of the commodity commission merchant of the Commodity Commission Merchants Registration Ledger:

2　In the case coming under any of the following items, if the competent Minister designated the period not exceeding thirty days counting from the respective date prescribed in each of the following items, and notifies it to the commodity commission merchant concerned, the cancellation of registration under the preceding paragraph may not be made until the lapse of the said period, notwithstanding the provision of the same paragraph:

3　The provisions of Article 15 paragraphs 3 to 6 inclusive shall apply mutatis mutandis to the hearing as prescribed in paragraph 1 item (3) and the provision of Article 45 paragraph 2 to the case where the registration is striken out due to the reason as prescribed in paragraph 1 item (2) or (3). In this case, "applicant for registration" in Article 45 paragraph 2 shall read "the commodity commission merchant concerned."

Article 54.　In the case where a commodity commission merchant is required to keep separate accounting in accordance with the provision of Article 39, they shall, in accordance with the provisions of the competent Ministerial Ordinance, keep account of the transactions for their own accounts separately from the transactions for their clients accounts with respect to the transactions on the commodity market.

Article 55.　There shall be the following officers in an exchange:

Article 56.　The president shall represent the exchange and preside over the business thereof.

2　The directors shall, in accordance with the provisions of the Articles of Association, represent the exchange, assist the president, manage the affairs of the exchange, act as proxy if the president is prevented from performing his duties, and carry out the duties of the president if the seat of the president is vacant.

3　The auditors shall audit the affairs of the exchange.

Article 57.　No person who comes under any of items (1) to (6) inclusive of Article 24 paragraph 1 shall become an office.

Article 58.　Officers (except officers at the time of establishment) shall be elected by members at a general meeting in accordance with the provisions of the Articles of Association.

2　In the case of the preceding paragraph, each member has one vote, regardless of his shares.

Article 59.　The term of office for officers of the exchange shall be provided for in the Articles of Association, but shall not exceed three years.

2　Notwithstanding the provision of the preceding paragraph, the term of officers at the time of establishment shall be that resolved at the constituent General Meeting;provided that the term shall not exceed one year.

Article 60.　In cases where there is no person who carries out the duties of director or auditor, the competent Minister may, if deemed necessary, appoint an acting director or acting auditor.

Article 61.　Members may request the dismissal of officers with the joint signature of not less than one-fifth of total number of members. In this case, if the request was approved by a majority of these present at the general meeting where not less than one-half of members attended, the officer concerned shall lose his office.

2　The request for recall mentioned in the preceding paragraph shall apply only to the president and the whole members of directors or auditors as a whole at the same time;provided, however, that this shall not apply to the case where the recall is requested on account of the violation of laws and orders, Articles of Association or business rule.

3　The request for dismissal under the provision of paragraph 1 shall be made through the submission to the president of a document stating therein reasons for requesting such recall.

4　In cases where the recall under the provision of paragraph 1 is requested, the president shall require the resolution of the general meeting and send to the officer concerned the document as prescribed in the preceding paragraph not later than ten days before the date of the general meeting, and give him the opportunity of explanation in the general meeting.

Article 62.　An officer shall not hold the post of the other exchange.

2　A president or a director can not be at the same time an auditor of the same exchange and an auditor can not be at the same time a president, a director or an employee of the same exchange.

Article 63.　In case the exchange concludes a contract with any of its president or directors, an auditor shall represent the exchange. The same shall apply to any law suit between the exchange and its president or directors.

Article 64.　The president shall keep the Article of Association, Business Rule, minutes of General Meeting at each office and the registor of members at the principal office.

2　In the register of members, there shall be stated the following particulars with respect to each of the members:

3　Any creditor or member of the exchange may at any time during office hour demand of its president inspection of any book or records mentioned in paragraph 1. In this case, the directors shall not, without due cause, refuse the inspection.

Article 65.　The provisions of Article 254 paragraph 2 (relations between director and company), Article 266 (joint responsibility of director) and Article 284 (relieving of responsibility) of the Commercial Code shall apply mutatis mutandis to presidents, directors or auditors of the exchange;and the provisions of Article 55 (delegation of representative right) of the Civil Law (Law No.89 of 1896) as well as Articles 260 to 262 inclusive (execution and representation), Article 267 and Article 268 (lawsuit to director) and Article 269 (reward of director) of the Commercial Code shall apply mutatis mutandis to presidents of the exchanges and the provisions of Article 274 and Article 275 (report and inspection of document, etc.), Article 278 (joint responsibility of directors and auditors) and Article 279 (lawsuit against auditors) of the Commercial Code shall apply mutatis mutandis to auditors of the exchanges. In this case "shareholder holding shares of not less than one tenth of Capital" in Article 268 paragraph 1 and Article 279 paragraph 1 of the Commercial Code shall read "not less than one-fifth of members."

Article 66.　The president of an exchange shall convene or ordinary general meeting once every business year in accordance with the provisions of the Articles of Association.

2　The president may convene an extraordinary general meeting, whenever he deems it necessary, in accordance with the provisions of the Articles of Association.

3　In case the members by filing a petition stating the matters forming the object of the meeting and the reason thereof signed by not less than one-fifth of the total members have requested for convening of an extraordinary general meeting, the president shall convene it not later than 20 days after the date of receiving such petition.

4　In case there is no person who performs the duties of the president, or the president has, without due cause, failed to proceed to convene the general meeting in case of the submission of request under the preceding paragraph, any one of auditors of the exchange shall convene a general meeting without delay.

5　In case of the preceding paragraph, if there is no person who performs the duty of the auditor or the auditor has, without due cause, failed to take procedure as prescribed in the preceding paragraph, the member mentioned in paragraph 3 may convene general meeting upon the approval of the competent Minister.

6　A general meeting shall be convened by giving notice to members at least 10 days prior to the day appointed for the general meeting, provided that the said term as to the convening as provided for in paragraphs 2 to 5 inclusive may be curtailed by the Articles of Association.

7　In the notice under the preceding paragraph the matters forming the subject or meeting shall be stated.

Article 67.　In order to effect any of the following matters, unless otherwise provided for by this Law, a resolution of a general meeting shall be required:

Article 68.　The following matters shall require a resolution adopted by two-thirds or more of the members present at the meeting at which not less than one-half of the members shall be present:

2　Should there be any change in the Articles of Association, an exchange shall file such fact with the competent Minister without delay.

Article 69.　Proceedings of a general meeting shall be adopted by the majority of vote of the members present;and in case of a tie, the chairman may have the casting vote, unless otherwise provided by this Law or by the Articles of Association.

2　The chairman shall be elected at each general meeting.

3　The chairman shall have no right for the resolution of a general meeting as a member.

4　At a general meeting, only the matters notified of beforehand in accordance with the provision of Article 66 paragraph 6 shall be decided. Provided that the same shall not apply if otherwise provided for by the Articles of Association.

Article 70.　A member of the exchange may exercise his vote by his proxy in accordance with the Articles of Association.

2　A person who exercise his vote in accordance with provision of the preceding paragraph shall be regarded as a person present at the general meeting.

3　A proxy under paragraph 1 must be a member of the exchange.

4　A proxy under paragraph 1 shall file a document certifying his right of representative with the exchange.

Article 71.　The provisions of Article 239 paragraph 4, Article 240 (vote of interested parties), Article 244 (minutes), Article 245 (excluding paragraph 1 items (1) to (3) inclusive)(special resolution concerning exemption of responsibility of a director or an auditor) and Articles 247 to 253 inclusive (annulment or cancellation of resolution) of the Commercial Code shall apply mutatis mutandis to the general meeting. In this case, "Article 343" in Article 245 paragraph 1 and Article 247 paragraph 1 of the Commercial Code shall read "Article 68 paragraph 1 of the Commodity Exchange Law" and "Shareholders having shares not less than one-tenth of capital" in Article 268 paragraph 1 and Article 279 paragraph 1 which apply mutatis mutandis in Article 245 paragraph 2 of the same Code shall read "not less than one-fifth of members."

Article 72.　The exchange shall make use of funds deposited as membership guarantee funds in the following manner:

2　When an exchange intends to effect monetary trusts in accordance with the provision of item (3) of the preceding paragraph, it shall contract with the trust company or bank engaging in the business of trust under the conditions of making the exchange a receiver of the principal and its interest.

Article 73.　The exchange shall set aside as deficit-covering reserve fund of ten per cent or more of surplus existing at the close of each business year.

2　The reserve fund under the preceding paragraph shall be used exclusively to make up for deficits.

Article 74.　No surplus shall be distributed by the exchange among members.

Article 75.　The president shall submit to the auditors at least two weeks prior to the day appointed for an ordinary general meeting an inventory, a balance sheet, a profit or loss Account, a business report, proposals relating to the surplus fund and the disposal of loss.

Article 76.　The provisions of Article 282 to Article 285 inclusive (Account of corporation) of the Commercial Code shall apply mutatis mutandis to the account of an exchange. In this case "documents listed in the preceding Article" and "documents listed in Article 281" in Article 282 paragraph 1 and Article 283 paragraph 1 of the Commercial Code shall read "documents prescribed in Article 75 of the Commodity Exchange Law."

Article 77.　The transactions on the commodity market shall be conducted only by the members of the exchange who establish the commodity market concerned and who have registered that they will conduct transactions of the listed commodities on the commodity market concerned in accordance with the provisions of Article 14 paragraph 1.

Article 78.　An exchange shall provide in the Business Rule detail in regard to the following particulars:

2　In case where the exchange has revised the provisions of their Business Rule, it shall make notification to that effect to competent Minister without delay.

Article 79.　The exchange may, in accordance with the provisions of the Articles of Association, let members deposit the margins with respect to the transactions on the commodity market.

2　The margins under the preceding paragraph may, in accordance with the provisions of the Articles of Association, be furnished in the form of securities as prescribed in Article 38 paragraph 3, or the warehouse receipt certifying the custody of the listed commodity on the commodity market.

3　The provisions of Article 38 paragraph 4 shall apply mutatis mutandis to the application of value of the securities or warehouse receipt under the preceding paragraph.

Article 80.　The matters concerning the method of grading, list of grading or other necessary matters in respect to grading shall be provided for by the Business Rule.

2　In the case of the preceding paragraph, if there exist Official Japanese Government Standards for the grade of commodity transacted on the commodity market, the exchange shall follow thereto.

3　Members shall follow the grading determined by the exchange in accordance with the provisions of its Business Rule.

4　In the case where the exchange deems it necessary to provide inspectors and samplers, such persons shall not be members of the exchange.

5　The inspectors and samplers in the preceding paragraph must be employees of the exchange.

Article 81.　The settlement of transactions on the commodity market shall be made through the exchange in accordance with the provisions of the Business Rule.

2　The business concerning settlement of transaction under the preceding paragraph shall be carried on by exchange itself.

Article 82.　The settlement term of transactions on the commodity market shall not be deferred, except the case of delay of grading in the exchange or other cause due to the exchange.

Article 83.　First session after the establishment, extraordinary opening, closing or suspension or release of suspension of session of exchanges shall be reported to the competent Minister without delay.

Article 84.　With regard to the claims arising from non-fulfilment of obligation based upon the transaction on the commodity market, a member who has such claims shall have a right to receive the payment in preference to any other creditors with respect to membership guarantee fund and commission merchant guarantee money concerning the commodity market by a member who is the other party of the transaction concerned and margins of such members for the transaction on a commodity market concerned.

2　Preferential right to receive the payment for clients of transaction on a commodity market under Article 38 paragraph 5 and Article 47 paragraph 3 shall be regardless of the preceding paragraph, in preference to the preferential right concerning the membership guarantee funds and commission merchant guarantee money under the same paragraph.

Article 85.　The exchange shall publicize on the same day at the commodity market concerned the total volume of transactions and the settled trading prices of every day on the commodity market established thereby.

2　The exchange shall make public on the same day a table of quotation showing the highest, lowest and closing prices of every day with respect to commodities listed on the commodity market established thereby.

Article 86.　The exchange shall, as may be prescribed by the competent Ministerial Ordinance, prepare monthly and daily report on quotation and volume of trading on the commodity market provided thereby and file the same with the competent Minister.

Article 87.　The provisions of Article 37 shall apply mutatis mutandis to the case where transactions by members on the commodity market has been suspended in accordance with the provisions of this Law or the Articles of Association of the exchange.

Article 88.　No person shall make such acts as mentioned in the following items:

Article 89.　Any member who acted in contravention of the provisions of the preceding Article shall be liable to compensate the damage sustained by any person who made or contrusted transaction of any commodity at a price which was effected by such act.

2　The right to demand compensation for damage under the provision of the preceding paragraph shall be cancelled under prescription after the lapse of one year from the date on which the claimant discovered the act constituting a violation or of three years from such act.

Article 90.　The competent Minister may, prevent or regulate the transactions or entrustments on the commodity market by members or commodity commission merchants if he deems necessary for maintenance of order on the commodity market or securing public interests, in the cases where he acknowledges the corner, selling off or other excessive transactions being conducted or undue price being formed.

Article 91.　No commodity commission merchant shall, at any place other than the offices or the business offices registered under the provisions of Article 45 paragraph 1 (including the case where this provision applies mutatis mutandis in Article 49 paragraph 4), engage in entrustment with transaction on the commodity market or make any person other than himself (in case of juridical person, the officer) solicit for an entrustment with transactions.

2　Commodity commission merchant shall hang up mark as may be designated by the competent Ministerial Ordinance at a conspicious place of every office of business office.

Article 92.　Commodity commission merchants shall not, unless consent in writing of clients has been obtained in writing, hypothecate, lend to any other person or dispose in contravention to the purpose of entrustment the commodities or securities deposited by their clients or hold by them in the accounts of their clients.

Article 93.　No person other than commodity commission merchants can act as broker, agent or proxy of the entrustment with transactions on the commodity market.

Article 94.　Any commodity commission merchant who is entrusted with transactions on the commodity market or is entrusted to act as broker, agent or proxy thereof shall not perform such transactions as are ordered by the clients to be consummated on the commodity market by taking the opposite side of the clients without actual buying or selling on the commodity market or without acting as broker, agent or proxy thereof.

Article 95.　In case where the transactions on a commodity market which have been entrusted have been effected, a commodity commission merchant shall report in writing the price, quantity and date of the transaction effected to the clients.

Article 96.　As for the entrustment with transactions on the commodity market, commodity commission merchant shall act in accordance with Entrustment Contract Regulation as may be prescribed by the exchange which they belong to.

2　The exchange shall prescribe in its Entrustment Contract Regulation the detailed rule relating to the following matters:

3　The exchange shall, if it alters the provisions of its Entrustment Contract Regulation, make notification to that effect to the competent Minister without delay.

Article 97.　A commodity commission merchant shall, with respect to entrustment with transaction on a commodity market, collect from the client the entrustment commission and entrustment marging as mortgage.

2　The competent Minister may, if he deems it necessary for securing fair trading and protection of both parties of entrustment, prescribe by the competent Ministerial Ordinance the rate of entrustment commission, etc. or entrustment margin, in accordance with the price, quality and so on or each kind of commodity.

Article 98.　The exchange shall be dissolved by any of the following causes:

2　When an exchange has dissolved in accordance with the provisions of items (1) to (3) inclusive or item (5) of the preceding paragraph, it shall make notification to that effect to the competent Minister without delay.

Article 99.　In cases where members who effect transactions on the commodity market established by an exchange have happened to become not less than ten, the exchange shall suspend the transactions on the commodity market concerned, except in the case where the exchange is dissolved in accordance with the provision of item (5) of paragraph 1 of the preceding Article, and file an application statement for alteration of registration under Article 20 paragraph 1.

Article 100.　In case where the exchange has been dissolved due to causes other than bankruptcy the president and directors shall become its liquidators. However, the same shall not apply in the case where a general meeting of its member has selected other liquidators.

2　In cases where an exchange has been dissolved in accordance with the provision of Article 98 paragraph 1 item (4) or there is no person who performs the duties of a liquidator available, the competent Minister shall, appoint a liquidator.

Article 101.　The provisions of Article 116, Article 124, Article 125, Article 128, Article 129 paragraphs 2 and 3 (liquidation of unlimited partnership), Article 418 to Article 425, Article 426 paragraph 1 as well as Article 427 (liquidation of company) of the Commercial Code shall apply mutatis mutandis to liquidation of the exchange.

2　The provisions of Article 62 to Article 64 inclusive, Article 66 and Article 75 of this Law and Article 244 paragraph 2 (person having duty for signing on minutes), Article 245 paragraph 1 item (4)(only portion concerning relieving of director of responsibility), Article 247 and Article 249 (cancellation of decision at a general meeting), Article 254 paragraph 2 (relation between director and company), Article 261 (representation right of director), Article 266 to Article 269 inclusive (responsibility of director and lawsuit to director), Article 274 and Article 275 (inspection of auditor, etc.), Article 278 (joint liability of director and auditor) and Article 282 to Article 284 inclusive (relieving director or auditor of responsibility, etc.) of the Commercial Code shall apply mutatis mutandis to the liquidator. In this case, "Article 343" as mentioned in Article 245 paragraph 1 and Article 247 paragraph 1 shall read "Article 68 paragraph 1 of the Commodity Exchange Law," "shareholders having shares not less than one-tenth of capital" as mentioned in Article 268 paragraph 1 of the same Law shall read "not less than one-fifth of members," and, "documents listed in the preceding Article" and "documents listed in Article 281" as mentioned in Article 282 paragraph 1 and Article 283 paragraph 1 of the same Law shall read "documents designated in Article 75 of the Commodity Exchange Law which applies mutatis mutandis in Article 101 paragraph 2 of the same Law."

Article 102.　Registration of establishment shall be made in the district where the main office is located not later than two weeks from the day of which notice of the competent Minister was given under the provisions of Article 14 paragraph 2.

2　The following matters shall be entered in the registration of establishments:

3　The exchange shall, after registration of establishment, make registration concerning matters enumerated in the preceding paragraph in the district where subordinate offices are located, not later than two weeks.

Article 103.　In cases where a subordinate office has been established after the establishment of an exchange, the fact that such subordinate office has been established shall be registered not later than two weeks in the district where the main office is located, and particulars enumerated in paragraph 2 of the preceding Article shall be registered not later than three weeks in the district where such subordinate offices are located, and also the fact that such subordinate office has been established shall be registered in the districts where other subordinate offices are located within said period.

2　In cases where a subordinate office has been newly established in the district under the jurisdiction of a registry having jurisdiction over the districts where the main office or subordinate office have been located, the registration of establishment of the subordinate office is sufficed.

Article 104.　In cases where an exchange has removed its main office;registration of such removal shall be effected not later than two weeks in the district where such office has formerly been located, and registration on matters enumerated in Article 102 paragraph 2 shall be effected not later than three weeks in the district where such office has newly been located, and in cases where an exchange remove a subordinate office, registration of such removal shall be effected not later than three weeks in the district where such office has formerly been located, and registration of particular enumerated in said paragraph shall be effected not later than four weeks in the district where such office has newly been established.

2　in cases where the main office or the subordinate office has been removed in the district under the jurisdiction of one and the same registry, registration of such removal is sufficed.

Article 105.　In cases where any alteration has occurred in any of the matters enumerated in each item of Article 102 paragraph 2, registration on such alteration shall be effected not later than two weeks in the district where the main office is located and not later than three weeks in the district where subordinate offices are located.

2　With regard to the registration of alteration on such matters as prescribed in Article 102 paragraph 2 item (1), so far as the alteration is concerned to the listed commodities on the commodity market, the period under the preceding Article shall, notwithstanding the provision of the preceding paragraph, be computed from the day when it was notice by the competent Minister under the provisions of Article 14 paragraph 2 which applies mutatis mutandis in Article 20 paragraph 3.

3　Registration of alteration of such matters as enumerated in Article 102 paragraph 2 item (5) may, notwithstanding the provision of paragraph 1, be effected as of the end of every business year, not later than four weeks after the end of the business year in the district where the main office is located, and not later than five weeks in the districts where subordinate offices are located.

Article 106.　In cases where an exchange has been dissolved, except the case of bankruptcy, registration of dissolution shall be effected not later than two weeks in the district where the main office is located and not later than three weeks in the districts where subordinate offices are located.

Article 107.　When the liquidator has entered into service, an exchange shall effect court registration on the following matters not later than two weeks in the district where the main office is located and not later than three weeks in the districts where subordinate offices are located:

2　The provisions of Article 105 paragraph 1 shall apply mutatis mutandis to registration of amendment of matters on alteration of matters required in accordance with the provision of the preceding paragraph.

Article 108.　In cases where liquidation of an exchange has been completed, the liquidators shall effect registration on the completion of liquidation not later than two weeks in the district where the main office is located and not later than three weeks in the districts where subordinate offices are located, after the day the approval was given under Article 427 paragraph 1 of the Commercial Code which applies mutatis mutandis in Article 101 paragraph 1.

Article 109.　With regard to the affairs of the registration on an exchange shall, as a competent registry be conducted by Legal Affairs Bureau, District Legal Affairs Bureau, its Branch Bureau or its Branch Offices which has jurisdiction over the district where an office of the exchange is located.

2　Each registry shall have a Commodity Exchange Register.

Article 110.　The registration of establishment of an exchange shall be effected by application from the whole members of the officers.

2　An application for registration of establishment as prescribed by the preceding paragraph shall be accompanied with a document certifying that the exchange has got registration on the Commodity Exchange Registration Ledger in accordance with the provisions of Article 14 paragraph 1, the Articles of Association and document certifying that subscriptions of shares have been made and that officers have been appointed.

Article 111.　The registration as prescribed by Article 102 paragraph 3 shall be effected by application of the president.

Article 112.　The registration of establishment of a new subordinate office, removal of the main office or a subordinate office, or other alteration of matters, enumerated in each item of Article 102 paragraph 2 shall be effected by applications of the president or liquidators.

2　An application for registration as prescribed by the preceding paragraph shall be accompanied with a document certifying the establishment of new subordinate office or alteration on matters to be registered.

3　An application for registration as prescribed by Article 105 paragraph 3 shall be accompanied with a document certifying alteration of registration as effected under the provision of Article 14 paragraph 1 which applies mutatis mutandis in Article 20 paragraph 3, besides the document under the preceding paragraph.

Article 113.　The registration of dissolution of an exchange shall be effected by application of liquidators, except the case of bankruptcy and the cases as prescribed in paragraph 3.

2　An application statement for registration under the provision of the preceding paragraph shall be accompanied with a document showing the cause of dissolution and, in case the president or a director is not a liquidator, document certifying the qualification of the liquidator.

3　The registration of dissolution in cases where an exchange is dissolved due to the disposition of cancellation of the registration by the competent Minister, shall be effected on the assignment from the competent Minister.

Article 114.　The registration under the provision of Article 107 paragraph 1 shall be effected by application of liquidators.

2　An application for registration under the provision of Article 107 paragraph 1 shall be accompanied with a document certifying the qualification of applicants, in cases where the president or a director has not become a liquidator.

3　An application for registration on alternation under the provision of Article 105 paragraph 1 which applies mutatis mutandis in Article 107 paragraph 2 shall be accompanied with a document certifying alteration on the matters to be registered.

Article 115.　Registration under the provision of Article 108 shall be effected by application of a liquidator.

2　An application for registration under the provision of Article 108 shall be accompanied with a document certifying that liquidators have obtained the approval as prescribed in Article 427 paragraph 1 of the Commercial Code which applies mutatis mutandis in Article 101 paragraph 1.

Article 116.　The matters that have been registered shall be made public by registry without delay.

Article 117.　As for the matters to be registered in accordance with the provisions of this Law, it can not set up against a third person unless they have been registered.

Article 118.　The provisions of Article 139-(2), Article 142 to Article 150 inclusive, Article 153-(3) to Article 151-(6) inclusive and Article 154 to Article 157 (general provisions of commercial register) inclusive of the Non-Contentious Cases Procedure Law (Law No.14 of 1895) shall apply mutatis mutandis to the registration under this Law.

Article 119.　The competent Minister may, if he deems it necessary for his supervision, order the exchange or member to submit reports or data which serve as reference to their business or property.

Article 120.　The competent Minister may, if he deems it necessary and appropriate to protect the public interest or to secure just and equitable principles of trade by preventing excessive speculation in any commodity under contracts for future delivery causing sudden or unreasonable fluctuation or unwarranted changes in the price of such commodity, cause the competent official to enter the offices or business offices of the exchanges or members, to question to their officers or employees, or to audit books, documents or other articles concerning their business.

2　In the case where the inspection has been made in the offices or business offices of the members in accordance with the provision of the preceding paragraph, the competent official, if he deems it necessary for the purpose of attaining the object of inspection, to audit the commodities owned by the said member or deposited by other person which are stored at the place other than his office or business office referred in the preceding paragraph, may order the member concerned to submit to the custodian of the place the document certifying the custody of the said commodities, and inspect the commodities in the presence of the member.

3　In the case of the preceding two paragraphs, the competent officials shall carry with them an identification card and show it to the other party or parties.

Article 121.　In case an exchange comes under any of the following items, the competent Minister may, if he deems necessary and appropriate to protect the public interest or secure just and equitable principles of trade by preventing excessive speculation in any commodity under contracts for future delivery causing sudden or unreasonable fluctuation or unwarranted changes in the price of such commodity, make disposition against the exchange mentioned in the following items:

2　In cases where the competent Minister finds a person who has become an officer by illegal means or any officer of an exchange violates this Law or the Cabinet Orders or Ministerial Ordinances issued under this Law or dispositions to be made by the competent Minister under this Law, the competent Minister may order an exchange to dismiss the officer concerned.

Article 122.　In cases where a member violates this Law or the Cabinet Orders or Ministerial Ordinances issued under this Law or dispositions to be made by the competent Minister under this Law, the competent Minister may order the exchange to expel the member or to suspend his transaction on the commodity market for a period not exceeding six months, or order the member to dismiss the officer who violates the statutes if the violation of statutes is concerned with an officer or member who is a corporation.

Article 123.　In cases where a commodity commission merchant violates this Law or the Cabinet Orders or Ministerial Ordinances issued under this Law or dispositions to be made by the competent Minister under this Law, the competent Minister may cancel their registration or order the commodity commission merchant to suspend his transaction or acceptation of entrustment the commodity market for a period not exceeding six months or to dismiss the officer if the violation of statutes is concerned with an officer of a commodity commission merchant who is a corporation.

Article 124.　The competent Minister may, with respect to the Articles of Association, Business Rule, Entrustment Contract Regulation or other rules or practices of exchanges, order the exchanges to make such changes or other actions as are deemed necessary to protect the public interest and consigners by such means as to prevent the purchase and sales transaction of commodities in extremely out of proportion with their amount in circulation, or prevent the Exchange from neglecting to receive from the commodities broker the entrustment of brokerage bonds.

Article 125.　The provisions of Article 15 paragraph 2 to paragraph 7 inclusive shall apply mutatis mutandis to the case where the competent Minister makes dispositions referred to in the provisions of the preceding four Articles. In this case, "notify beforehand the applicant for registration of such fact, order the attendance of the applicant for registration" as mentioned in Article 15 paragraph 2 shall read "notify beforehand the person of such fact for whom disposition is to be made, order the attendance of the person for whom disposition is to be made (in case he is a corporation, its officer)," and "applicant for registration" in the same Article paragraph 7 shall read "person for whom disposition to be made."

Article 126.　In case there is a conflict between members or between exchanges and members or commodity commission merchants and clients with regard to the transaction on the commodity market, the parties concerned may apply for the mediation of the Commodity Exchange Transaction Conflict Deliberation Committee (hereinafter referred to as "Deliberation Committee" ), in order to settle the conflict.

Article 127.　The plea for mediation as prescribed in the preceding Article shall be made to the Deliberation Committee in a document stating the following particulars:

Article 128.　In case the Deliberation Committee receives the document as prescribed in the preceding Article, it requests the attendance of both parties of conflict on the date which may be designated thereby and mediates by listening to their opinions.

2　The parties who are requested the attendance pursuant to the preceding paragraph shall attend in person, provided, however, that under inevitable circumstances, they may, upon approval of the Deliberation Committee, send in a proxy.

3　The Deliberation Committee may, if it deems it necessary for effecting mediation referred to in paragraph 1, take such dispositions as enumerated in the following items:

4　The Deliberation Committees may, if it deems it necessary for effecting mediation referred to in paragraph 1, request the competent Minister to investigate books, documents or other articles concerning the conflict, hold or occupied by the persons concerned.

5　The competent Minister may, when requested in accordance with the provision of the preceding paragraph, cause the competent official enter the offices or business offices of the person concerned and inspect the Articles concerned.

6　The provisions of Article 120 paragraphs 2 and 3 shall apply mutatis mutandis to the inspection referred to in the preceding paragraph. In this case, "offices or business offices of the members" as mentioned in the same Article paragraph 2 shall read "offices or business offices of the person concerned" , "the said member" shall read "the person concerned," and "offices or business office referred to in the preceding paragraph" shall read "office or business office concerned."

Article 129.　The Deliberation Committee shall prepare an agreement proposal due to the mediation, submit the same to the parties of conflicts and advise them to accept the same.

Article 130.　In case the parties accept the agreement proposal as prescribed by the preceding Article, they shall prepare an agreement statement with signature and seal of both parties concerned, and submit the same to the Deliberation Committee.

Article 131.　In case one of the parties fail to fulfil the agreement after both of parties have accepted the agreement proposal as prescribed in Article 129, the other party shall report such to the Deliberation Committee.

Article 132.　In case an exchange or member fail to fulfil the agreement due to the mediation after both of parties have accepted the agreement proposal as prescribed in Article 129, the competent Minister may order the exchange to dismiss its officers or to suspend the transactions of the member concerned on the commodity market or order the member concerned to dismiss his officer in the case where the member is a corporation.

2　The provisions of Article 15 paragraphs 2 to 7 inclusive shall apply mutatis mutandis to the case where the competent Minister makes the disposition as referred to in the preceding paragraph. In this case, "notify beforehand the applicant for registration of such fact, order the attendance of the applicant for registration" as mentioned in Article 15 paragraph 2 shall read "notify beforehand the exchange or member of such fact for whom disposition is to be made under the preceding paragraph, order the attendance of the exchange or member concerned (in case he is a corporation, his officer)," and "applicant for registration" in the same Article paragraph 7 shall read "exchange or member for whom disposition is to be made under the preceding paragraph."

Article 133.　In the case where one or both of parties refuses to accept agreement proposal as prescribed by Article 129, the competent Minister may, if he deems it necessary and appropriate for securing fair transactions on the commodity market or for protection of consigner or consignee, make public, by showing the cause, the process of mediation and agreement proposal concerned except the business secrets of both parties.

Article 134.　In the case where both of parties have accepted the agreement proposal for mediation, the parties shall not make the plea for mediation again on the conflict already mediated.

Article 135.　In order to effect the mediation as prescribed in Article 128 paragraph 2, there shall be established a Deliberation Committee as an attached-organ of the Ministry of International Trade and Industry.

Article 136.　The Deliberation Committee shall be composed of three Commissioners.

2　The Commissioners shall be composed of the following persons and be appointed by the Minister of International Trade and Industry:

3　The Commissioners shall be in part-time service.

Article 137.　In order to make research and deliberation on the important matters in relation to the enforcement of this Law, there shall be established a Commodity Exchange Council (hereinafter referred to as "the Council" ) as an attached organ of the Ministry of International Trade and Industry.

Article 138.　The competent Minister shall obtain the decision of the Council in cases where he is engaged in any activities coming under any of the following Reins:

Article 139.　The council shall consist of one chairman and four commissioners.

2　The chairman and commissioner shall be appointed from among persons of learning and experience by the Prime Minister with the consent of both Houses of the Diet.

3　In the case where the term of office of the chairman or commissioner expires or where there is a vacancy, if the consent of the Diet is unobtainable due to the Diet being out of session or the dissolution of the House of Representatives, the Prime Minister shall appoint the chairman and commissioners from among persons of learning and experience notwithstanding the provision of the preceding paragraph.

4　In the case of the preceding paragraph, the ex post facto approval of both the Houses shall be obtained in the first session after appointment. In this case, if ex post facto approval of both Houses of the Diet is unobtainable, the Prime Minister shall immediately dismiss the chairman or commissioners.

5　During the term of office, the chairman or commissioner shall not be associated with any trade association concerned with commodities dealers, nor shall be an officer, advisor or councillor of, or participate in the management of, or receive any compensation from, or hold any investment in, any company or partnership engaged in the commodity commission business, either directly or indirectly.

6　The chairman and commissioner may, notwithstanding the provision of the preceding paragraph, engage in any other enterprise under the preceding paragraph for profit, and retain or acquire securities of the said enterprise, only after full disclosure thereof is made and approval is given by the Prime Minister and the Council.

Article 140.　The term of office of the chairman and commissioner shall be three years;provided that the chairman of commissioner who was appointed to fill the vacancy before the expiration of the term of office of the predecessor shall render service during the remaining term of office of the predecessor.

2　The chairman and commissioner may be reappointed.

Article 141.　In case the chairman or commissioner falls under one of the following categories, the Prime Minister shall dismiss the chairman or commissioner:

2　In case the chairman or commissioner falls under one of the following categories or in case the Prime Minister finds him incompetent as a chairman or commissioner, the Prime Minister shall dismiss him with the consent of both Houses of the Diet:

3　In the case of the preceding paragraph, the Prime Minister shall make clear the reasons.

Article 142.　The chairman and commissioners shall receive travelling expenses and fees and other expenses for execution of duties in accordance with the provisions of Cabinet Order.

Article 143.　Courts may, if it deems it urgent and essential, and necessary and appropriate for the public interest, upon plea from the competent Minister, order any person who engages or is about to engage in any act which constitutes a violation of this Law to stop such action.

2　The prohibition order under the preceding paragraph shall be issued only if necessary in order to prevent serious irreparable damage and shall be cancelled as soon as such necessity ceases to exist.

3　Court may cancel or modify such order which has been issued by the court under the provision of the preceding paragraph.

4　Such case as prescribed in paragraphs 1 and 3 shall be placed under the jurisdiction of a local court where the other party of such plea is domiciled.

5　Trial as prescribed in the provisions of paragraphs 1 and 3 shall be carried out in accordance with the provisions of the Non-Contentious Cases Procedures Law.

Article 144.　Officials or employees of the exchange or any persons who have been in such post shall not divulge or make surreptitious use of secrets that they may have acquired in course of carrying out their duties.

Article 145.　No person shall make such actions as purporting to give and take differences in prices passed upon the quotations on the commodity market without resorting to the transaction on the commodity market.

Article 146.　Witness or appraisers who are requested to attend or appraise pursuant to the provisions of Article 15 paragraph 6 (including the cases where this provisions applies mutatis mutandis in Article 19 paragraph 3, Article 20 paragraph 3, Article 21 paragraph 2, Article 42 paragraph 9, Article 48 paragraph 2, Article 49 paragraph 4, Article 52 paragraph 3, Article 53 paragraph 3, Article 125 and Article 132 paragraph 2) or the provisions of Article 128 paragraph 3 item (1) or (2) may demand travel expenses, daily allowance, and other expenses, in accordance with the provisions of Cabinet Order.

Article 147.　The procedure concerning registration, application and report, and other detailed regulations under this Law shall be prescribed by Cabinet Orders.

Article 148.　"Competent Minister" or "Competent Ministry" as mentioned in this Law shall mean the Minister of Agriculture and Forestry or the Ministry of Agriculture and Forestry with respect to exchange where only commodities concerning the Ministry of Agriculture and Forestry (meaning the commodities as prescribed in Article 2 paragraph 2 item (4) or (5) as well as commodities designated by Cabinet Order in accordance with the same paragraph item (10), hereinafter the same) are listed, the Minister of International Trade and Industry and the Ministry of International Trade and Industry with respect to the exchanges where only commodities other than commodities concerning the Ministry of Agriculture and Forestry (hereinafter referred to as "commodities concerning the Ministry of International Trade and Industry" ) are listed, and the Minister of Agriculture and Forestry and the Minister of International Trade and Industry and the Ministry of Agriculture and Forestry and the Ministry of International Trade and Industry with respect to the exchanges where commodities concerning the Ministry of Agriculture and Forestry and the Ministry of International Trade and Industry are listed.

2　The provisions of the preceding paragraph shall apply mutatis mutandis to the competent Minister and competent Ministry with respect to commodity commission merchant. In this case, "the exchange where...... are listed" as mentioned in the preceding paragraph shall read "commodity commission merchants who may transact...... by entrustment."

3　In this Law, "the competent Ministerial Ordinance" shall mean "the Ministry of Agriculture and Forestry Ordinance, the Ministry of International Trade and Industry Ordinance."

4　The Minister of International Trade and Industry may cause chief of International Trade and Industry Bureau to handle a part of his power under this Law.

Article 149.　The provisions of this Law shall not be construed to exclude the application of Law relating to Prohibition of Private Monopoly and Methods of Preserving Fair Trade (Law No.54 of 1947) or to restrict the authority of the Fair Trade Commission.

Article 150.　Cabinet Order or Ministerial Ordinance to be issued under this Law or disposition to be made on the basis of this Law by the competent Minister shall not be unreasonable or operates so as to discriminate unfairly or unequally against any individual or corporation.

Article 151.　No person shall evade the obligation of testifying or making a report at a hearing as provided for in Article 15 paragraph 2 (including the cases where this provision applies mutatis mutandis in Article 19 paragraph 3, Article 20 paragraph 3, Article 21 paragraph 2, Article 42 paragraph 9, Article 48 paragraph 2, Article 49 paragraph 4, Article 52 paragraph 3, Article 125 or Article 132 paragraph 2) or Article 53 paragraph 1 item (3), or in mediation as provided for in Article 128 paragraph 1 or disposition effected under paragraph 3 of the same Article, the obligation of making a report or submitting data under the provision of Article 119, or the obligation of undergoing examination or investigation of books, documents or other articles as provided for in Article 120 paragraph 1 or 2, or Article 128 paragraph 3 item (3), (4) or (5), on the ground (apprehension) that it may lead to prosecution or punishment. However, no individual who has been required to testify, report, submit data or undergo examination or investigation of books, documents or other articles after claiming or asserting his apprehension of being prosecuted or punished upon his obligation shall be prosecuted or punished by using for evidence the testimony, report, date or books, documents or other articles, except in the case where the contents of the obligation of the testimony, report, or the drafting, presentation, public opening or preservation of other articles or submission of data are specifically provided for in advance in laws and order.

2　The proviso to the preceding paragraph shall, in no way, be construed to exempt person who have made false statements, reports or data from prosecution or punishment.

Article 152.　A person who comes under any of the following items shall be liable to penal servitude not exceeding three years or a fine not exceeding one hundred thousand yen or to both:

Article 153.　In the case where an exchange has made false statement in application statements or documents attached thereto as prescribed in Article 20 paragraph 1 and submitted the same, the representative, agent, employee or other workers of the exchange shall be liable to penal servitude not exceeding three years or a fine not exceeding one hundred thousand yen or to both.

Article 154.　Officers (including action directors and acting auditors) or staff personnel of the exchange who, with respect to their duties, has received, demanded or promised-bribe shall be liable to penal servitude not exceeding three years.

2　In the case of the preceding paragraph, the bribe received shall be confiscated. If the whole or a part of the bribe is unable to be confiscated, the amount corresponding to it shall be forfeited.

3　Those who give or apply for or commit themselves to bribe as prescribed in paragraph 1 shall be liable to penal servitude not exceeding three years or a fine not exceeding one hundred thousand yen.

Article 155.　A person who comes under any of the following items shall be liable to penal servitude not exceeding one year or a fine not exceeding thirty thousand yen or to both:

Article 156.　In case where there is any violation mentioned in any of the following items, the representative, agent, employee or other worker of the exchange who took such action constituting the violation shall be liable to penal servitude not exceeding one year or a fine not exceeding thirty thousand yen or to both:

Article 157.　One who has violated the provision of Article 145 shall be liable to penal servitude not exceeding one year or a fine not exceeding thirty thousand yen or to both; provided that the above shall not interfere with the application of the provision of Article 186 of the Criminal Code (Law No.45 of 1907).

Article 158.　One who has violated the provisions of Article 144 shall be liable to penal servitude not exceeding one year or a fine not exceeding thirty thousand yen.

Article 159.　A person who comes under any of the following items shall be liable to penal servitude not exceeding six months, or a fine not exceeding fifteen thousand yen or to both:

Article 160.　In cases where there is any violation mentioned in any of the following items, the representative, agent, employee or other worker of the exchange who took such action constituting the violation shall be liable to penal servitude not exceeding six months or a fine not exceeding fifteen thousand yen or to both:

Article 161.　A person who comes under any of the following items shall be liable to a fine not exceeding ten thousand yen

Article 162.　In cases where there is any action constituting the violation mentioned in the following items, representative, agent, employee or other worker of a commodity exchange or member who commits such action shall be liable to a fine not exceeding ten thousand yen:

Article 163.　In cases where any representative of a juridical person, proxy, employee, or other worker of a juridical or of a natural person commits the violation under the provisions of Article 152 item (2), Article 153, Article 155, Article 156, Article 159 to the preceding Article inclusive, for business of the juridical person or the natural person, not only the offender be punished, but the juridical person or the natural person concerned shall be liable to a fine under each Article in the Penal Provision;provided that it shall not apply to the case where it is proved that due care and supervision has been exercised over the business in order to prevent the aforesaid violation committed by his proxy, employee or other worker.

Article 164.　A person who has violated the provision of Article 91 paragraph 2 shall be liable to a fine not exceeding five thousand yen.

Article 165.　The promoters, officers (including acting directors) or liquidators of the exchange shall be liable to penal servitude not exceeding five thousand yen in the case of violation mentioned in the following items:

Article 166.　A person who comes under any of the following items shall be liable to penal servitude not exceeding three thousand yen: