The provisions of this Act come up when a firm obtains a license for commodity futures trading business, delivers a document and explanation before a contract, and manages solicitation. A party that conducts OTC commodity transactions also checks whether a transaction is excluded from commodity derivatives transactions (Figure 1).

What the Commodity Derivatives Transaction Act provides

The purpose of the Commodity Derivatives Transaction Act is to provide for the organization of commodity exchanges and the management of transactions on commodity markets, and so ensure their sound operation. It aims to ensure that commodity futures trading business operators conduct their business properly, and to make transactions in commodities and the consignment of transactions on commodity markets fair. The Act also lists, as purposes, the smooth production and distribution of commodities and a contribution to the protection of "consignors, etc."1. The map of Japanese regulation as a whole is covered in Japan's Derivatives Regulation at a Glance.

The Act is divided into nine chapters. Chapter 1 defines commodities, Chapter 2 covers commodity exchanges, Chapter 4 covers commodity futures trading business operators, and Chapter 8 sets out the penal provisions2.

Chapter Content
Chapter 1 General provisions (purpose and definitions)
Chapter 2 Commodity exchanges
Chapter 3 Commodity clearing organizations, etc.
Chapter 4 Commodity futures trading business operators
Chapter 4-2 Commodity futures trading intermediaries
Chapter 5 Commodity futures associations
Chapter 6 Consignor Protection Fund
Chapter 7 Miscellaneous provisions
Chapter 8 Penal provisions

Who oversees the Act is determined by the provisions on the competent ministers and the competent ministerial orders. For commodity futures trading business operators, commodity futures trading intermediaries, commodity futures associations, and the Consignor Protection Fund, the competent ministers are both the Minister of Agriculture, Forestry and Fisheries and the Minister of Economy, Trade and Industry. For commodity exchanges and the major shareholders of joint-stock commodity exchanges, the competent ministers depend on the category of commodity handled. The Minister of Agriculture, Forestry and Fisheries is competent if only commodities within the jurisdiction of that Ministry are handled. The Minister of Economy, Trade and Industry is competent if only commodities within the jurisdiction of that Ministry are handled. If both kinds are handled, both ministers are competent. The competent ministerial orders are an order of the Ministry of Agriculture, Forestry and Fisheries and an order of the Ministry of Economy, Trade and Industry3.

The laws that set out the details are as follows. Matters that the Act leaves to a "Cabinet Order" are in the Order for Enforcement of the Commodity Derivatives Transaction Act (the Order), and matters that it leaves to a "competent ministerial order" are in the competent ministerial orders.

Law Subject Provisions
Commodity Derivatives Transaction Act Definitions Article 2
Commodity Derivatives Transaction Act Commodity exchanges Articles 5, 6, 9, and 78
Commodity Derivatives Transaction Act License for commodity futures trading business Articles 190 and 193
Commodity Derivatives Transaction Act Specified consignors and specified trade-related parties Articles 197-3 to 197-9
Commodity Derivatives Transaction Act Conduct rules Articles 213 to 220-4
Commodity Derivatives Transaction Act Supervision Articles 231 to 236
Commodity Derivatives Transaction Act Specified OTC commodity derivatives transactions Article 349
Commodity Derivatives Transaction Act Competent ministers Article 354
Commodity Derivatives Transaction Act Penal provisions Article 357 and others
Order for Enforcement of the Commodity Derivatives Transaction Act Part of the designation of commodities Article 1
Order for Enforcement of the Commodity Derivatives Transaction Act Commodity transaction contracts for which unsolicited solicitation is prohibited Article 30

The provisions are based on the versions published on e-Gov Laws and Regulations Search as of October 12, 2026 (the Act took effect on January 1, 2026, and the Order on April 1, 2025)4.

Commodity derivatives transactions and the scope of commodities

The regulated "commodity derivatives transactions" are of three kinds: transactions on commodity markets, foreign commodity market transactions, and OTC commodity derivatives transactions. Two groups of OTC commodity derivatives transactions are excluded: transactions that a Cabinet Order specifies as posing no obstacle to the protection of the parties, and transactions with certain counterparties5.

The "commodities" covered are set out in four items of the Act6.

Item Scope
Item 1 Agricultural, forestry, livestock, and fishery products, and articles made from them as raw materials or ingredients that are food or drink. It also includes articles specified by a Cabinet Order (cattle, pigs, rapeseed, timber, natural rubber, cotton, and others)7
Item 2 Minerals defined in the Mining Act, and minerals specified by a Cabinet Order (lithium ore, precious stones, and others). It also includes articles obtained by smelting or refining them7
Item 3 Articles specified by a Cabinet Order as raw materials or ingredients that are important to the national economy, whose prices fluctuate widely and which are likely to become the subject of transactions similar to futures transactions
Item 4 Electricity. Limited to electricity that can be the subject of transactions in which a fixed amount of electricity over a fixed period is the unit

Item 4, which includes electricity among commodities, is the provision as amended by Act No. 72 of 2014, promulgated on June 18, 2014. The supplementary provisions of that Act set out transitional measures on the premise of the amended item8.

A number based on the price of commodities is called a "commodity index". It includes a number that comprehensively represents the price level of two or more commodities, and a number based on the difference between the prices of two commodities9.

The types of transactions run in the same order for market transactions (futures transactions) and OTC transactions, as the following table shows. A futures transaction is a transaction on a commodity market in accordance with the standards and methods set by the commodity exchange. An OTC commodity derivatives transaction is a transaction conducted without going through any of a commodity market, a foreign commodity market, or an exchange financial instruments market10.

Type of transaction Futures transaction (paragraph 3) OTC commodity derivatives transaction (paragraph 14)
A sale and purchase in which goods and consideration are delivered at a future time (one that can be settled by the difference through resale or repurchase). The type of futures and forwards Item 1 Item 1
A transaction in which money is paid or received based on the difference between an agreed price and the actual price at a future time Item 2 Item 2 (including similar transactions)
A transaction in which money is paid or received based on the difference between an agreed figure and the actual figure for a commodity index Item 3 Item 3 (including similar transactions)
A transaction in which one party is granted a right to bring about a transaction above by a declaration of intent, and pays consideration. The type of options Item 4 Items 4 and 5 (including similar transactions)
A transaction in which the parties pay each other money based on the rate of change in the price of a commodity or in a commodity index. The type of swaps Item 5 (commodity price), Item 6 (commodity index) Item 6 (including similar transactions)
Transactions similar to the above that a Cabinet Order specifies Item 7 Item 7

Commodity exchanges and commodity markets

Commodity exchanges are of two kinds: membership commodity exchanges and joint-stock commodity exchanges. A membership commodity exchange is established under the Act as an association with a membership organization. A joint-stock commodity exchange is a joint-stock company that opens a market with a license from the competent ministers11. The competent ministers issue both the license to establish an exchange and the license to become a joint-stock commodity exchange12.

A commodity exchange opens a commodity market for each listed commodity (goods or electricity) or commodity index. A commodity exchange may not open a market other than the commodity markets set out in its articles of incorporation and similar documents, and may not open two or more commodity markets for the same listed commodity13. In this Act, a "listed commodity" means goods or electricity that a commodity exchange trades on one commodity market. It is not used in the general sense of derivatives that are listed and traded on an exchange (listed derivatives)14.

No one may open a facility for transactions similar to futures transactions in commodities or commodity indices, except an exchange financial instruments market. Some facilities are exempted, such as a facility used only for transactions that trade-related parties conduct for their own business15.

The business of assuming obligations arising from transactions on commodity markets is commodity transaction obligation assumption business. A person that has received a license or approval from the competent ministers is a commodity clearing organization (central counterparty)16.

Comprehensive exchanges and the Financial Instruments and Exchange Act

Even when a financial instruments exchange opens a market for commodities, the FIEA governs those transactions. The FIEA treats those commodities that a Cabinet Order specifies, among the commodities of the Commodity Derivatives Transaction Act, as one kind of financial instrument. A market derivatives transaction in such a commodity conducted on a financial instruments market is a "commodity-related market derivatives transaction"17. The Order for Enforcement of the FIEA specifies the scope as those commodities of the Commodity Derivatives Transaction Act that the Commissioner of the Financial Services Agency designates after consulting the competent minister for commodity markets. Commodities for which a law provides measures to balance supply and demand are excluded18. An exchange that is a financial instruments exchange and also handles agricultural products, such as the Osaka Exchange, is called a comprehensive exchange19. As of March 2025, there were two commodity exchanges, the Osaka Dojima Exchange and the Tokyo Commodity Exchange19.

The legal position of a comprehensive exchange has three points.

  • On the side of the Commodity Derivatives Transaction Act, an exchange financial instruments market is excluded from the prohibition on opening commodity-market-like facilities and from the definition of OTC commodity derivatives transactions15.
  • On the side of the FIEA, a market that conducts only commodity-related market derivatives transactions is excluded from the definition of "financial instruments market"20. Brokerage and similar acts for commodity-related market derivatives transactions are Type I financial instruments business21.
  • The authority under the FIEA belongs to the Prime Minister. For certain commodity-related dispositions, the Prime Minister must consult the competent minister for commodity markets in advance and obtain consent (for example, the license of a financial instruments exchange), or notify that minister (for example, some orders). The competent minister for commodity markets is the Minister of Agriculture, Forestry and Fisheries or the Minister of Economy, Trade and Industry, according to the categories of competent ministers in the Commodity Derivatives Transaction Act22.

License for commodity futures trading business and FIEA registration

Commodity futures trading business means conducting any of the following five acts as a business. The core is acts relating to the consignment of transactions, such as passing a customer's order on to a market23.

Item Act
Item 1 Receiving a consignment of a transaction on a commodity market (other than a commodity clearing transaction), or intermediating, forwarding, or acting as an agent for that consignment
Item 2 Receiving a consignment of forwarding a commodity clearing transaction, or intermediating, forwarding, or acting as an agent for that consignment
Item 3 Receiving a consignment of a foreign commodity market transaction (other than a transaction similar to a commodity clearing transaction), or intermediating, forwarding, or acting as an agent for that consignment
Item 4 The same acts as in Item 2, for a foreign commodity market transaction that is similar to a commodity clearing transaction
Item 5 An OTC commodity derivatives transaction, or intermediating, forwarding, or acting as an agent for it

Under Item 5, acting as the counterparty and bringing about a transaction is covered alongside intermediation and the like. Acts that a Cabinet Order specifies as posing no obstacle to the protection of consignors, etc., and OTC commodity derivatives transactions with certain counterparties, are excluded from commodity futures trading business23.

Conducting commodity futures trading business requires a license from the competent ministers. The license loses its effect when the period has passed unless it is renewed every six years24. The competent ministers may attach to the license the minimum conditions necessary for maintaining order in commodity markets and protecting "consignors, etc."25.

The competent ministers grant a license only when they find that the applicant satisfies the criteria for a license. There are five criteria26.

  • The applicant is a joint-stock company or similar.
  • The applicant has a financial base and a good outlook for income and expenditure. If its net assets are below the amount set by a competent ministerial order, it is treated as having no financial base.
  • The applicant has knowledge, experience, and social credibility, and conducting the business would not impair the protection of consignors, etc.
  • The applicant does not fall under any ground for disqualification.
  • The application contains no false statement on an important matter.

A licensed commodity futures trading business operator has its officers and employees who solicit customers and perform similar acts (registered sales representatives) registered with the competent ministers27.

A person whose business is only to intermediate on consignment from a commodity futures trading business operator is a commodity futures trading intermediary and is registered with the competent ministers30.

Financial instruments business under the FIEA rests on a different governing law and a different registration system from commodity futures trading business. The applicable law, and the license or registration needed, differ by the venue of the transaction21.

Venue of the transaction Applicable law Business of passing on customers' orders and similar acts
Commodity market of a commodity exchange Commodity Derivatives Transaction Act Commodity futures trading business (license from the competent ministers)
Transaction in a designated commodity on the market of a financial instruments exchange FIEA (commodity-related market derivatives transactions) Type I financial instruments business (registration with the Prime Minister)
Commodity transaction not on an exchange market Commodity Derivatives Transaction Act (OTC commodity derivatives transactions) Commodity futures trading business (license from the competent ministers)
Financial derivatives transaction not on an exchange market FIEA (OTC derivatives transactions) Type I financial instruments business (registration with the Prime Minister)

Registration under the FIEA and the definition of derivatives transactions are covered in The Financial Instruments and Exchange Act and Derivatives.

Treatment of OTC commodity derivatives transactions

A commodity transaction not on an exchange market is an OTC commodity derivatives transaction. As a rule it is a commodity derivatives transaction, and conducting it as a business, or intermediating it and similar acts, requires a license for commodity futures trading business. In that case, the registration of sales representatives and the conduct rules for commodity futures trading business operators also apply23.

Of the OTC commodity derivatives transactions, the following two kinds are taken out of commodity derivatives transactions.

  • Transactions that a Cabinet Order specifies as posing no risk of harming the parties. This is an exclusion based on the content of the transaction.
  • Transactions conducted with a person that a competent ministerial order specifies as having advanced capability in OTC commodity derivatives transactions, or with a joint-stock company whose capital is at least the amount set by a competent ministerial order (including transactions conducted for such persons). This is an exclusion based on the counterparty, and the Act calls these "excluded OTC commodity derivatives transactions"5.

The definition of commodity futures trading business also excludes transactions with a person or joint-stock company under the competent ministerial order23.

Whether an OTC commodity derivatives transaction is a commodity derivatives transaction depends on the content of the transaction and on the counterparty. Figure 1 sets out the conditions of this section in the order of the questions.

YesNoIs it a transaction in acommodity or commodityindex, not on an exchangemarket?Not an OTCcommodityderivativestransactionNoYesIs it a transaction aCabinet Order excludes?Excluded fromcommodityderivativestransactionsNoYesIs the counterparty a setperson or a joint-stockcompany at or above theset capital?As a rule,excludedCommodity derivativestransaction (licenseneeded if conducted as abusiness)
Figure 1Whether an OTC commodity derivatives transaction is excluded from commodity derivatives transactions
Figure description

If the content or the counterparty meets an exclusion condition, the transaction is, as a rule, excluded from commodity derivatives transactions. However, some transactions are subject to notification and similar requirements even when excluded (for the counterparty exclusion, see the next paragraph). A transaction that meets none of the exclusions and goes to the end is a commodity derivatives transaction, and conducting it as a business requires a license for commodity futures trading business.

Even among excluded OTC commodity derivatives transactions, a transaction in a commodity that corresponds to a listed commodity published in the Official Gazette, and a transaction in a commodity index that corresponds or is similar to a listed commodity index so published, do not leave the regulation. A person who conducts these OTC commodity derivatives transactions (specified OTC commodity derivatives transactions) as a business notifies the competent ministers. The competent ministers make the list of notifying persons available for public inspection, may require reports and conduct on-site inspections, and may order an improvement of operations. If the person violates the Act, an order, or a disposition, the ministers may also order a suspension of business for up to three months. The prohibition on compensation for losses and similar acts also applies mutatis mutandis (that is, with the necessary changes)31.

Consider a hypothetical example in which Trading Company K and Company L conduct, as a business, a transaction in electricity not on an exchange market.

  • Trading Company K conducts, as a business, a transaction with Company L not on an exchange market, in which they pay each other money based on the price of electricity. The transaction is not one that a Cabinet Order excludes, and Company L is neither a person set by competent ministerial order nor a joint-stock company with capital at or above the amount set by competent ministerial order. Because none of the exclusions applies, the transaction is a commodity derivatives transaction, and Trading Company K, conducting it as a business, needs a license for commodity futures trading business.
  • Trading Company K conducts a transaction of the same content with Company L as a business, at a different time. The transaction is not one that a Cabinet Order excludes, and the electricity concerned does not correspond to a listed commodity published in the Official Gazette or the like. Company L, however, is a joint-stock company with capital at or above the amount set by competent ministerial order. Because the counterparty exclusion applies, the transaction is excluded from commodity derivatives transactions as an excluded OTC commodity derivatives transaction, and it is not subject to the notification for specified OTC commodity derivatives transactions either.

Conduct rules for commodity futures trading business operators

The conduct rules for commodity futures trading business operators are in Chapter 4 (commodity futures trading business operators) of the Act. The main provisions are as follows32.

Provision Content
Article 213 The operator and its officers and employees conduct business toward customers in good faith and fairly
Article 213-2 Advertisements and similar materials state the trade name, the fact that the operator is a commodity futures trading business operator, and important matters that a Cabinet Order specifies. They contain no representation that differs markedly from the facts, or markedly misleads people, about the prospect of profit and similar matters
Article 214 Prohibited acts (the next table)
Article 214-3 Prohibition on compensation for losses and similar acts (the customer is also prohibited from certain acts)
Article 215 The operator does not solicit in a way that is unsuitable in light of the customer's knowledge, experience, and financial condition and the purpose of the contract, so as not to impair the protection of consignors, etc. (securing suitability)
Article 217 Before a contract, the operator delivers a document stating the ratio of the transaction amount to the trading margin, etc., where the amount may exceed the margin, the fact that the loss may exceed the margin where there is such a risk, and other matters
Article 218 Before a contract, the operator explains the matters in Article 217, paragraph 1 by a method and to an extent necessary for the customer to understand them, in light of the customer's knowledge, experience, and financial condition and the purpose of the contract
Article 219 Before a contract, the operator makes clear which item of the definition of commodity futures trading business its own act falls under
Article 220 When a transaction is concluded, the operator notifies the consignor, etc. in writing without delay
Article 220-2 When it receives trading margin, etc., the operator immediately delivers a document stating that fact
Article 220-3 Articles 7 to 10 of the Financial Services Provision Act apply mutatis mutandis

The document before a contract may be provided using information and communications technology if the customer consents. When the operator is about to receive an order for an OTC commodity derivatives transaction, it also makes clear in advance whether it will be the counterparty or will intermediate or perform a similar act.

The ideas behind the suitability principle and the duty to explain are also common to securing suitability and to the explanation before a contract in this table.

The Act prohibits the following ten acts33.

Item Prohibited act
Item 1 Soliciting a consignment of a transaction or similar by giving a conclusive judgment on an uncertain matter, or by telling the customer something that may mislead them into believing the matter is certain
Item 2 Telling the customer something false in connection with concluding a commodity transaction contract or soliciting it
Item 3 Receiving a consignment of a transaction without instructions from the customer on quantity, price, and similar matters (excluding business related to a commodity investment advisory contract and other cases a competent ministerial order specifies)
Item 4 After receiving a customer's consignment but before placing the order, transacting on its own account in order to conclude the same transaction at a more favorable price than the customer's transaction
Item 5 Soliciting a customer who has indicated that they do not wish to transact, or do not wish to be solicited
Item 6 Soliciting in a way that makes the customer feel annoyed
Item 7 Soliciting without first telling the customer its trade name or name and that the contact is a solicitation, and without confirming whether the customer is willing to be solicited
Item 8 Recommending that a customer, in a specific listed commodity, conduct a sale or purchase and an offsetting transaction that reduces the loss, with the same quantity and the same time limit
Item 9 Visiting or telephoning a customer who has not requested solicitation to solicit the conclusion of a commodity transaction contract that a Cabinet Order specifies (excluding acts that a competent ministerial order specifies)
Item 10 In addition to the above, acts that a competent ministerial order specifies as impairing the protection of consignors, etc. and harming the fairness of transactions

The solicitation that Item 9 prohibits is called unsolicited solicitation. The name is shared with the FIEA field, and the term "unsolicited solicitation" does not appear in the text of the Commodity Derivatives Transaction Act (the heading of the Order's provision reads "commodity transaction contracts for which unsolicited solicitation is prohibited", in our translation)34. The prohibited contracts are set by the Order. They are contracts with individual customers, of the following two kinds35.

  • Among contracts for the consignment of transactions on commodity markets, foreign commodity market transactions, and similar, those under which the loss may exceed the amount of trading margin, etc.
  • Contracts for OTC commodity derivatives transactions

The application of the conduct rules changes with the category of customer. When the counterparty is a specified consignor or a specified trade-related party, the provisions below do not apply. This does not apply, however, where a competent ministerial order specifies that the public interest or the protection of the customer may be impaired36.

Stage of the counterparty Provisions that do not apply
Counterparty being solicited Regulation of advertisements (Article 213-2), Article 214, items 5, 7, and 9, and securing suitability (Article 215)
Counterparty that has applied or concluded a contract Article 209, Article 214, item 8, the document and explanation before a contract, the prior clarification, and the notification of a concluded transaction (Articles 217 to 220-3)

Specified consignors include commodity futures trading business operators, commodity investment advisors, the State, the Bank of Japan, members of commodity exchanges, and the Consignor Protection Fund, and also persons that a competent ministerial order specifies as having specialized knowledge and experience in commodity derivatives transactions37. A specified trade-related party is a juridical person that conducts, as a business, the sale and purchase, production, processing, use, or similar dealing in all of the commodities that are the subject of the contract, and that meets the requirements of a competent ministerial order. A juridical person that is a specified consignor is excluded38. The category is close to the professional investor category under the FIEA, but the provisions and the scope are different.

The category can be changed by a request and consent.

Customer Content of the request Provision
Among specified consignors, a member of a facility corresponding to a foreign exchange, the Consignor Protection Fund, and similar Requests to be treated as a general customer Article 197-4
Specified trade-related party Requests to be treated as a general customer Article 197-8
A juridical person that is neither a specified consignor nor a specified trade-related party (excluding a juridical person that is a trade-related party for all of the commodities that are the subject of the transaction) Requests to be treated as a specified consignor. The expiry date is on or before the day one year after the date of consent Article 197-5
An individual who meets the requirements of a competent ministerial order Requests to be treated as a specified consignor Article 197-6
A juridical person that is a trade-related party for all of the commodities that are the subject of the transaction Requests to be treated as a specified trade-related party Article 197-9

Effects of violations

The effects of a violation fall into three kinds: administrative dispositions, penalties, and civil liability.

Kind Provision Content
Administrative disposition Article 232 The operator may be ordered to take measures to improve its financial condition or the operation of its business. In certain cases, it may be ordered to suspend business for up to three months41
Administrative disposition Article 236 The license may be revoked, or the operator may be ordered to suspend transactions or business for up to six months42
Penalty Article 357 A person who conducts the business without a license. Imprisonment of up to three years or a fine of up to 3 million yen (both may be imposed)43
Penalty Article 362 A person who tells a customer something false. Imprisonment of up to one year or a fine of up to 3 million yen (both may be imposed)44
Penalty Article 367 A person who violates a duty to deliver a document or to notify. Imprisonment of up to six months or a fine of up to 500,000 yen (both may be imposed)45
Civil Article 218, paragraph 4, and Article 220-3 When the operator has provided a conclusive judgment or similar, or has not explained the matters in Article 217, paragraph 1, items 1 to 3 before a contract, it is liable to compensate the customer for the damage46
  • The competent ministers may issue an improvement order when it is necessary for maintaining order in commodity markets or protecting consignors, etc. The suspension covers transactions on commodity markets or commodity futures trading business.
  • The competent ministers may revoke the license or order a suspension in several cases. These include a ground for disqualification, a failure to satisfy some of the license criteria (being a joint-stock company or similar, and net assets), and a violation of the Act, an order, a disposition, or a condition of the license.
  • The penalty for telling something false applies to a violation of item 2 of the prohibited acts. The penalty for the document duties applies to a violation of the duty to deliver the document before a contract, to notify of a concluded transaction, or to deliver the document on receipt of trading margin, etc.
  • Civil liability arises when the operator has provided a conclusive judgment or similar, or has not explained the matters in items 1 to 3 of the matters stated in the document before a contract. The provisions of the Financial Services Provision Act, including the one that presumes the amount of the loss of principal to be the amount of damage, apply mutatis mutandis.

Chapter 8 of the Act has no penal provision that lists violations of the prohibitions on solicitation (items 5 to 9 of the prohibited acts). Those violations are subject to the administrative dispositions for violation of the Act47.

What this page does not cover

The content of the competent ministerial orders, including the persons and amounts they set, is not covered on this page. The transitional provisions of each amendment are not covered on this page either.

Notes

  1. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 1 (purpose). ↩

  2. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), table of contents (Chapters 1 to 8 and Chapter 4-2). ↩

  3. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 354, paragraph 1, items 1 to 3 (competent ministers), and paragraph 2 (competent ministerial orders are orders of the Ministry of Agriculture, Forestry and Fisheries and of the Ministry of Economy, Trade and Industry). Item 1 covers commodity markets and others that list only commodities related to the Ministry of Agriculture, Forestry and Fisheries, item 2 those that list only commodities related to the Ministry of Economy, Trade and Industry, and item 3 operators, intermediaries, associations, the Consignor Protection Fund, and others. ↩

  4. e-Gov Laws and Regulations Search: the Commodity Derivatives Transaction Act (version ID 325AC0000000239_20260101_506AC0000000056, amended by Act No. 56 of 2024 (Reiwa 6)) and the Order for Enforcement of the Commodity Derivatives Transaction Act (version ID 325CO0000000280_20250401_506CO0000000306). ↩

  5. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 2, paragraph 15 (commodity derivatives transactions). ↩ ↩2

  6. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 2, paragraph 1, items 1 to 4 (commodities). ↩

  7. "商品先物取引法施行令" (Order for Enforcement of the Commodity Derivatives Transaction Act, in Japanese; the title is our translation), Article 1, paragraph 1 (articles specified by Cabinet Order under Article 2, paragraph 1, item 1 of the Act) and paragraph 2 (minerals specified by Cabinet Order under item 2 of the same paragraph). The examples in the table are chosen from the articles that each paragraph lists. ↩ ↩2

  8. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), among the supplementary provisions, Article 32 of the supplementary provisions of Act No. 72 of June 18, 2014 (transitional measures premised on electricity in Article 2, paragraph 1, item 4 of the Commodity Derivatives Transaction Act "as amended by Article 2"). The promulgation date follows the heading of the supplementary provisions on e-Gov Laws and Regulations Search (Act No. 72 of June 18, 2014). ↩

  9. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 2, paragraph 2 (commodity index). ↩

  10. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 2, paragraph 3, items 1 to 7 (futures transactions) and paragraph 14, items 1 to 7 (OTC commodity derivatives transactions). Paragraph 3, item 4 and paragraph 14, items 4 and 5 are the option type, and paragraph 3, items 5 and 6 and paragraph 14, item 6 are the swap type. ↩

  11. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 2, paragraphs 4 to 6. ↩

  12. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 9 (license to establish a membership commodity exchange) and Article 78 (license to become a joint-stock commodity exchange). ↩

  13. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 2, paragraph 9 (commodity market), and Article 5, paragraphs 1 and 2. ↩

  14. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 2, paragraph 7 (listed commodity). ↩

  15. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 6 (prohibition on opening commodity-market-like facilities, excluding an exchange financial instruments market), Article 331 (facilities exempted), and Article 2, paragraph 14 (OTC commodity derivatives transactions). ↩ ↩2

  16. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 2, paragraphs 17 and 18 (commodity transaction obligation assumption business and commodity clearing organization), Article 167 (license), and Article 173, paragraph 1 (approval). ↩

  17. "金融商品取引法" (Financial Instruments and Exchange Act, in Japanese; English translation: Japanese Law Translation), Article 2, paragraph 24, item 3-3 (commodities) and Article 2, paragraph 8, item 1 (definition of commodity-related market derivatives transactions). ↩

  18. "金融商品取引法施行令" (Order for Enforcement of the Financial Instruments and Exchange Act, in Japanese), Article 1-17-2 (what is specified by Cabinet Order in Article 2, paragraph 24, item 3-3 of the Act). ↩

  19. Ministry of Agriculture, Forestry and Fisheries, "商品先物取引とは" (What is commodity futures trading), Q&A, Q1 (as of March 2025) (in Japanese). ↩ ↩2

  20. "金融商品取引法" (Financial Instruments and Exchange Act, in Japanese; English translation: Japanese Law Translation), Article 2, paragraph 14 (financial instruments market). ↩

  21. "金融商品取引法" (Financial Instruments and Exchange Act, in Japanese; English translation: Japanese Law Translation), Article 2, paragraph 8, items 1 to 4 (financial instruments business; item 1 excludes commodity-related market derivatives transactions), Article 28, paragraph 1, item 1-2 (acts in items 2, 3, and 5 of Article 2, paragraph 8 concerning commodity-related market derivatives transactions are Type I financial instruments business) and item 2 (acts in item 4 of the same paragraph concerning OTC derivatives transactions), and Article 29 (registration). ↩ ↩2

  22. "金融商品取引法" (Financial Instruments and Exchange Act, in Japanese; English translation: Japanese Law Translation), Article 194-6-2 (consultation with and consent of the competent minister for commodity markets) and Article 194-6-3 (prior notification). The categories of the competent minister for commodity markets are in Article 354, paragraph 1 of the Commodity Derivatives Transaction Act. ↩

  23. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 2, paragraph 22, items 1 to 5 (commodity futures trading business), and Article 200, paragraph 1, item 6 (the registration of sales representatives covers solicitation of OTC commodity derivatives transactions). ↩ ↩2 ↩3 ↩4

  24. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 190, paragraphs 1 and 2. ↩

  25. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 191. ↩

  26. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 193, paragraph 1, items 1 to 5, and paragraph 2. ↩

  27. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 200, paragraphs 1 and 2 (registration of sales representatives). ↩

  28. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 210 (segregated management of customers' property and similar). ↩

  29. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 211, paragraph 1 (reporting, including the parenthetical "excluding banks and other persons specified by Cabinet Order") and paragraph 2 (not falling below 120%). ↩

  30. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 2, paragraphs 28 and 29 (commodity futures trading intermediary business and commodity futures trading intermediary), and Article 240-2, paragraph 1 (registration). ↩

  31. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 349, paragraphs 1 to 8 (specified OTC commodity derivatives transaction business operators), and Article 352 (publication of listed commodities and similar). The prohibition on compensation for losses and similar acts is Article 214-3, applied mutatis mutandis. ↩

  32. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Chapter 4 (commodity futures trading business operators), Articles 213, 213-2, 214, 214-3, 215, and 217 to 220-3. Article 220-3 applies mutatis mutandis Articles 7 to 10 of the "金融サービスの提供及び利用環境の整備等に関する法律" (Act on the Provision of Financial Services and the Development of the Accessible Environment Thereto, in Japanese; English translation: Japanese Law Translation). ↩

  33. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 214, items 1 to 10. ↩

  34. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 214, item 9, and the heading of Article 30 of "商品先物取引法施行令" (Order for Enforcement of the Commodity Derivatives Transaction Act, in Japanese; the title is our translation) ("不招請勧誘が禁止される商品取引契約", commodity transaction contracts for which unsolicited solicitation is prohibited). ↩

  35. "商品先物取引法施行令" (Order for Enforcement of the Commodity Derivatives Transaction Act, in Japanese; the title is our translation), Article 30. The first item covers contracts whose content is the acts in items 1 to 4 of Article 2, paragraph 22, limited to those under which the loss may exceed the amount of trading margin, etc. The second item covers contracts whose content is the act in item 5 of the same paragraph. ↩

  36. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 220-4, paragraphs 1 and 2. Item 1 covers the counterparty being solicited (Article 213-2, Article 214, items 5, 7, and 9, and Article 215), and item 2 covers the counterparty that has applied or concluded a contract (Article 209, Article 214, item 8, and Articles 217 to 220-3). ↩

  37. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 2, paragraph 25, items 1 to 8 (specified consignor). ↩

  38. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 2, paragraph 26 (specified trade-related party). ↩

  39. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 197-3 (duty to inform a specified consignor) and Article 197-7 (duty to inform a specified trade-related party). Article 2, paragraph 25, items 7 and 8 are members of a facility corresponding to a foreign exchange and the Consignor Protection Fund and similar. ↩

  40. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 197-4, paragraphs 3 and 9. ↩

  41. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 232, paragraphs 1 and 2 (business improvement orders and similar). ↩

  42. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 236, paragraph 1, items 1 to 5 (supervisory dispositions). ↩

  43. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 357, item 4. ↩

  44. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 362, item 8. ↩

  45. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 367, items 7, 8, and 9 (violations of the duties in Article 217, paragraph 1, Article 220, paragraph 1, and Article 220-2, paragraph 1). ↩

  46. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Article 218, paragraph 4 (liability for damages when a violation falls under the part of Article 214 relating to item 1, and similar cases) and Article 220-3. The matters to be explained are in Article 217, paragraph 1, items 1 to 3. The Financial Services Provision Act provisions applied are Articles 7 to 10, and Article 7 presumes the amount of the loss of principal to be the amount of damage. ↩

  47. "商品先物取引法" (Commodity Derivatives Transaction Act, in Japanese; English translation: Japanese Law Translation), Chapter 8 (Articles 356 to 375), in which no provision was found that lists violations of Article 214, items 5 to 9, and Article 236, paragraph 1, item 5. ↩