Overview: The FIEA is the main statute codifying securities law and regulating securities companies in Japan. Certain types of trades are expressly prohibited as unfair trades including insider trading and spoofing. The Japan Exchange Group warns that the Market Surveillance and Compliance Department closely monitors the market on a daily basis, investigating and examining suspicious trading activity.

• Article 68: An Authorized Association must stipulate in its articles of incorporation that it will endeavor to prevent fraudulent acts, market manipulation, the collection of unreasonable fees and costs, and profiteering by association members and Financial Instruments Intermediaries, as well as to promote the principle of good faith in their transactions. 
• Article 157: Prohibits using wrongful means, schemes, or techniques in a purchase and sale or other transaction of securities or in a derivatives transaction. It mentions false representations/misleading and false quotations to induce a purchase or sale.  
• Article 158: Prohibition on the spreading of rumors, the use of fraudulent means, and assault and intimidation. 
• Article 159: Prohibition on market manipulation. 
• Article 160: Compensatory liability for market manipulation. 
• Article 166: Acts prohibited for a company insider (insider trading). 
• Article 167: Acts prohibited for persons affiliated with the tender offeror (insider trading).