2005 7 13 2005 7 13 15 12 24 15 12 24 16 16 2 1 7 2 2 1 7 2 1 715 3 3 2 2 1 7 2 15 3 3 2 13 13 15 15 13 13 16 16 1 1
15 2 1 1 15 2 1 1 15 3 15 3 15 15 13 1 13 1 200 3 16 200 3 16 18 18 2 18 18 2 15 2 2 15 2 2 2 2
9 9 15 2 2 15 2 2 10 10 10 10 but but 1 1 15 2 2 15 2 2 3 3
13 5 13 5 202 202 152 152 Cf 12 10 26 1734 18 Cf 12 10 26 1734 18 19 19 4 4
13 5 13 5 1 1 19 19 205 1 205 1 13 5 13 5 Cf. 33 5 (b)(1) free writing Cf. 33 5 (b)(1) free writing 33 2 (a)(10) 33 2 (a)(10) Cf. 19 13 5 Cf. 19 13 5 5 5
13 5 13 5 13 3 13 3 21 21 17 17 20 20 6 6
17 17 13 3 13 5 13 3 13 5 13 3 13 3 13 5 13 5 13 6 13 6 13 1 13 2 1 (2) 13 1 2 13 1 13 2 1 (2) 13 1 2 294 294 7 7
17 17 17 17 17 17 17 17 17 17 cf. 12 (2) 12 (a)(2) cf. 12 (2) 12 (a)(2) Gustafson v. Alloyd Company, Inc., 513 U.S. 561 (1995) 12 (2) Gustafson v. Alloyd Company, Inc., 513 U.S. 561 (1995) 12 (2) 12 (2) 12 (2) 12 (a)(2)prospectusoral communication 12 (a)(2)prospectusoral communication 17 2 10 17 2 10 10 preliminary prospectus 10 preliminary prospectus 8 8
10 (a) 10 (a) 134 134 free writing prospectus written offer free writing prospectus written offer 405 405 1 SEC 1 SEC SEC SEC cf. 1998 free writing cf. 1998 free writing 9 9
electronic road show SEC electronic road show SEC 10 (b) 10 (b) 11 11 12 (a)(2)17 (a) 12 (a)(2)17 (a) 10 10
159 159 at the time of sale at the time of sale SEC SEC cf. cf. 11 11
( ( 平 成 15 15 年 12 月 9 日 ) ) http://www.fsa.go.jp/singi/singi_kinyu/siryou/kinyu/dai1/f-20031224_sir/03a.pdf ( 17 4 ) () http://www.fsa.go.jp/guide/guidej/kaiji/01.pdf ( 16 12 ) 06.pdf () http://www.fsa.go.jp/guide/guidej/kaiji/02.pdf SEC 32 49-50 http://www.fsa.go.jp/singi/singi_kinyu/siryou/kinyu/dai1/f-20050628_d1sir/ - 3 -
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http://www.fsa.go.jp/singi/singi_kinyu/siryou/kinyu/dai1/f-20031224_sir/03a.pdf ( 17 4 ) () http://www.fsa.go.jp/guide/guidej/kaiji/01.pdf ( 16 12 ) () http://www.fsa.go.jp/guide/guidej/kaiji/02.pdf SEC 32 49-50 http://www.fsa.go.jp/singi/singi_kinyu/siryou/kinyu/dai1/f-20050628_d1sir/ 06.pdf
http://www.fsa.go.jp/guide/guidej/kaiji/01.pdf ( 16 12 ) () http://www.fsa.go.jp/guide/guidej/kaiji/02.pdf SEC 32 49-50 http://www.fsa.go.jp/singi/singi_kinyu/siryou/kinyu/dai1/f-20050628_d1sir/ 06.pdf
SEC SEC 32 49-50 32 49-50 http://www.fsa.go.jp/singi/singi_kinyu/siryou/kinyu/dai1/f-20050628_d1sir/06.pdf 06.pdf 1 SEC 1 unseasoned issuer (seasoned issuer) (well-known unseasoned issuer) issuer (seasoned issuer) SEC (well-known seasoned issuer) 2 SEC (1) 2 SEC 168 (1) SEC SEC 169 168 (2) SEC SEC 169 163A (3) (2) SEC SEC 163A 163 (3) 3 SEC 163 (1) 3 (1) 49 49
(2) free writing prospectus (2) free writing SEC prospectus SEC SEC SEC (3) SEC 433 SEC (4) (3) 1933 SEC 433 SEC SEC (4) 159 1933 (5) SEC SEC SEC 159 172 SEC 173 (5) SEC SEC 172 SEC 173 50 50