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Type 1 Securities Sales Representative Examination study materials
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Type 1 Securities Sales Representative Examination practice questions

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Question 1Regulatory framework and licensing regime for securities dealing

Under Japan's Financial Instruments and Exchange Act, which activity requires registration as a Type 1 Financial Instruments Business Operator?

  1. Offering investment trust beneficiary certificates through a licensed distributor
  2. Providing investment advisory services under a discretionary investment management contract
  3. Acting as an intermediary for the conclusion of a securities sales contract on behalf of a client
  4. Soliciting and selling unlisted corporate bonds to retail investors on the firm's own account Correct answer.

Explanation

Type 1 registration covers the core dealing activities of solicitation, subscription and sale of securities, including proprietary dealing in unlisted corporate bonds. Acting as an intermediary for a securities contract falls under Type 2, while discretionary investment management is a separate registration category. Distribution of investment trusts is typically carried out under Type 2 registration by a licensed distributor.

Question 2Regulatory framework and licensing regime for securities dealing

Which body is primarily responsible for granting registration to a Type 1 Financial Instruments Business Operator in Japan?

  1. The Bank of Japan's supervisory department
  2. The Financial Services Agency, acting through the Prime Minister's delegated authority Correct answer.
  3. The Securities and Exchange Surveillance Commission
  4. The Tokyo Stock Exchange's listing committee

Explanation

Registration is granted by the Prime Minister, and in practice the authority is delegated to the Financial Services Agency or to a Local Finance Bureau for certain operators. The Bank of Japan, exchanges and the SESC perform other functions such as supervision, listing review and market surveillance.

Question 3Regulatory framework and licensing regime for securities dealing

A Type 1 Financial Instruments Business Operator intends to open a new sales branch. Which statement best describes the general regulatory position on branch openings?

  1. The opening of a branch must be notified to the authorities in advance, and the firm must ensure the branch has a compliant internal control system Correct answer.
  2. A new registration must be obtained for each branch before it opens
  3. Branch openings are entirely unrestricted once the head office is registered
  4. Written approval from the exchange where the firm is a member is required

Explanation

Branch opening is generally handled through notification rather than a fresh registration, but the firm must maintain internal control and compliance arrangements at the new location. Registration attaches to the operator, not to each individual office. Exchange membership is a separate matter from regulatory notification.

Question 4Regulatory framework and licensing regime for securities dealing

Which of the following is a standard ground on which a Type 1 Financial Instruments Business registration application may be refused?

  1. The applicant has fewer than three directors
  2. The applicant has not yet joined a self-regulatory organization
  3. The applicant's capital is below the minimum prescribed by Cabinet Office Ordinance for the business Correct answer.
  4. The applicant operates only in one prefecture

Explanation

The registration requirements include a minimum stated capital prescribed by Cabinet Office Ordinance, and an applicant failing that threshold cannot be registered. The number of directors, self-regulatory organization membership and geographic scope are not registration refusal grounds in themselves.

Question 5Regulatory framework and licensing regime for securities dealing

A registered Type 1 operator appoints a new senior managing director responsible for sales. What is the firm's obligation regarding this appointment?

  1. The appointment must be approved by a majority of the firm's clients
  2. The appointment must be notified to the authorities as a change in officers under the notification regime Correct answer.
  3. The appointment requires prior approval from the Financial Services Agency before it takes effect
  4. No notification is required because directors are covered by the firm's existing registration

Explanation

Changes in directors and other specified matters must be notified to the authorities under the change notification regime. The registration itself continues, but the regulator must be kept informed of key officer changes. Prior approval and client voting are not part of the regime.

Question 6Regulatory framework and licensing regime for securities dealing

Which activity falls within the definition of Type 2 Financial Instruments Business rather than Type 1?

  1. Brokering the conclusion of a sales contract for investment trust beneficiary certificates Correct answer.
  2. Dealing in listed shares on a proprietary basis
  3. Underwriting newly issued shares for a corporate issuer
  4. Selling government bonds to retail customers from the firm's own inventory

Explanation

Type 2 business covers activities such as brokerage and intermediation of certain securities contracts, including investment trust beneficiary certificates, where the firm does not deal on its own account. Underwriting and proprietary dealing in shares or bonds are Type 1 activities.

Question 7Regulatory framework and licensing regime for securities dealing

The sales representative registration system in Japan means that an individual engaging in solicitation of securities transactions must do which of the following?

  1. Be a member of the relevant stock exchange in their own name
  2. Hold a personal securities dealer licence independent of any employer
  3. Hold a registration as a sales representative for the financial instruments business operator employing them Correct answer.
  4. Complete only an internal training course with no regulatory filing

Explanation

Sales representative registration is tied to the employing financial instruments business operator, and the individual is registered to conduct solicitation on its behalf. There is no personal dealer licence independent of an employer, and exchange membership is corporate. Internal training alone does not satisfy the registration requirement.

Question 8Regulatory framework and licensing regime for securities dealing

A firm's sales representative registration for an employee is refused by the authorities. Which statement is most accurate?

  1. The employee may solicit only existing clients of the firm
  2. The employee may solicit if supervised by a registered colleague
  3. The employee may continue soliciting clients until the appeal period expires
  4. The employee must not engage in solicitation activities for the firm while unregistered Correct answer.

Explanation

Solicitation of securities transactions requires valid sales representative registration, so an unregistered person must not conduct solicitation. There is no interim permission, no grandfathering for existing clients and no workaround through supervision.

Question 9Regulatory framework and licensing regime for securities dealing

When an individual ceases to be an officer or employee of a Type 1 operator, what happens to that person's sales representative registration?

  1. It converts into an investment advisory licence
  2. It lapses upon loss of the position, and the firm must notify the authorities of the fact Correct answer.
  3. It remains valid indefinitely and can be used at any future employer
  4. It transfers automatically to the person's next employer without filing

Explanation

Sales representative registration is tied to the position held at the registered operator and ceases when that position is lost. The operator must file the required notification of the change with the authorities. The registration does not persist, transfer or convert automatically.

Question 10Regulatory framework and licensing regime for securities dealing

Which of the following best describes the purpose of the self-regulatory organization in the Japanese securities market?

  1. To manage the settlement of government bond trades
  2. To set and enforce rules on sales practices and market conduct among its members Correct answer.
  3. To grant financial instruments business registration to new entrants
  4. To conduct criminal prosecutions of insider trading offenders

Explanation

Self-regulatory organizations such as the Japan Securities Dealers Association establish and enforce conduct rules for their members, complementing statutory regulation. Registration is granted by the authorities, prosecutions are brought by public prosecutors, and settlement is handled by clearing institutions.

Question 11Regulatory framework and licensing regime for securities dealing

A Type 1 operator wishes to change its trade name. What is the correct regulatory step?

  1. File a change notification with the authorities after the change Correct answer.
  2. Seek approval from the self-regulatory organization before the change
  3. Obtain a new registration before using the new name
  4. No step is required because the trade name is not a registered matter

Explanation

A change of trade name is a notifiable change under the financial instruments business regime, with the notification filed in accordance with the prescribed timing. It does not require a new registration or prior regulatory approval. The self-regulatory organization has no approval role over the trade name.

Question 12Regulatory framework and licensing regime for securities dealing

Which statement correctly distinguishes the Financial Services Agency from the Securities and Exchange Surveillance Commission?

  1. The FSA conducts market surveillance while the SESC grants business registration
  2. The FSA is the regulator responsible for registration and supervision, while the SESC investigates and recommends action on market misconduct Correct answer.
  3. The SESC issues business registration and the FSA prosecutes offenders
  4. Both bodies are independent of the Prime Minister's authority

Explanation

The FSA handles registration, supervision and rule-making within the financial regulatory framework, while the SESC is an investigative body that examines market misconduct and recommends administrative action. Neither body prosecutes offenders, which is a function of public prosecutors.

Question 13Regulatory framework and licensing regime for securities dealing

Under the Financial Instruments and Exchange Act, which of the following persons is generally excluded from the requirement to register as a sales representative?

  1. A part-time employee who solicits retail clients by telephone
  2. An employee whose duties are limited to clerical processing with no solicitation of clients Correct answer.
  3. A contract worker who distributes product brochures to prospective clients
  4. An officer of the firm who solicits corporate clients

Explanation

The registration requirement attaches to persons who engage in solicitation of securities transactions. Purely clerical staff who do not solicit clients fall outside that requirement, whereas part-time, contract and officer-level staff who solicit must be registered.

Question 14Regulatory framework and licensing regime for securities dealing

Which of the following is a typical condition attached to Type 1 registration regarding the firm's financial soundness?

  1. The firm must hold all client assets in a single bank account
  2. The firm must maintain a branch in every prefecture
  3. The firm must guarantee a fixed return to clients
  4. The firm must maintain a minimum capital and net assets position prescribed by Cabinet Office Ordinance Correct answer.

Explanation

Registration requires the firm to satisfy minimum capital and net assets thresholds set by Cabinet Office Ordinance, supporting financial soundness. There is no requirement for a single client asset account, no permitted return guarantee, and no nationwide branch network requirement.

Question 15Regulatory framework and licensing regime for securities dealing

A registered Type 1 operator plans to begin a new type of business involving the solicitation of unlisted shares. Which regulatory consideration is most relevant?

  1. The firm must obtain exchange listing approval for the shares before soliciting
  2. No consideration is needed because the firm already holds Type 1 registration
  3. The firm must assess whether the new activity falls within its registered scope and notify or amend its registration as required Correct answer.
  4. The firm must transfer its registration to a new entity

Explanation

Holding Type 1 registration does not automatically authorise every dealing activity; the firm must confirm the activity is within its registered scope and complete any required notification or amendment. Transfer of registration and exchange listing approval are not the relevant steps for scope assessment.

Question 16Regulatory framework and licensing regime for securities dealing

Which of the following best describes the statutory basis for the licensing regime for securities dealing in Japan?

  1. The Banking Act
  2. The Companies Act
  3. The Financial Instruments and Exchange Act Correct answer.
  4. The Antimonopoly Act

Explanation

The Financial Instruments and Exchange Act establishes the registration regime for financial instruments business operators, including Type 1 dealing. The Banking Act governs banking, the Companies Act governs corporate law matters and the Antimonopoly Act addresses competition.

Question 17Regulatory framework and licensing regime for securities dealing

A Type 1 operator is subject to on-site inspection by the authorities. Which statement best reflects the firm's obligation?

  1. The firm must respond to inspection requests and provide records and explanations as required Correct answer.
  2. The firm may delegate all inspection responses to its external auditor
  3. The firm may provide only records relating to the current fiscal year
  4. The firm may refuse inspection unless a court warrant is produced

Explanation

Registered operators are subject to supervision and inspection and must cooperate by providing records and explanations. Refusal on warrant grounds, arbitrary limitation of records and delegation to an external auditor are not consistent with the firm's obligations.

Question 18Regulatory framework and licensing regime for securities dealing

Which of the following activities would most likely require the firm to hold both Type 1 registration and additional registration as an Investment Management Business?

  1. Managing client assets on a discretionary basis while also soliciting securities Correct answer.
  2. Providing administrative custody services for client securities
  3. Acting as an intermediary for the conclusion of a securities sales contract
  4. Selling listed shares to retail clients on a proprietary basis

Explanation

Discretionary investment management requires Investment Management Business registration, which is separate from Type 1 dealing registration. A firm conducting both activities must hold both registrations. Proprietary selling, intermediation and custody do not by themselves require the investment management registration.

Question 19Regulatory framework and licensing regime for securities dealing

What is the general effect of registration as a Type 1 Financial Instruments Business Operator on the firm's ability to conduct business across Japan?

  1. The firm may conduct business only through exchange member offices
  2. The firm must obtain separate registration in each prefecture where it solicits clients
  3. The firm may conduct business only in the prefecture where it registered
  4. The firm may conduct business nationwide, subject to any required notifications for new offices Correct answer.

Explanation

Registration is granted at the national level, allowing the operator to conduct business throughout Japan, with notifications required when establishing new offices. There is no prefecture-by-prefecture registration system and no restriction to exchange member offices.

Question 20Regulatory framework and licensing regime for securities dealing

Which of the following statements about the prohibition on unregistered securities dealing is correct?

  1. Unregistered dealing is permitted if the person is supervised by a registered firm
  2. A person who deals in securities without registration commits an offence under the Financial Instruments and Exchange Act Correct answer.
  3. Unregistered dealing is permitted if the transactions are small in value
  4. Unregistered dealing is permitted if all clients are professional investors

Explanation

Conducting securities dealing business without the required registration is a criminal offence under the Financial Instruments and Exchange Act. There is no de minimis exception based on transaction size, no professional-investor carve-out for unregistered dealing, and supervision by a registered firm does not cure the absence of registration.

Question 21Regulatory framework and licensing regime for securities dealing

A Type 1 operator's registration was obtained by submitting false information about its capital. What is the most likely regulatory consequence?

  1. The registration may be rescinded or suspended, and the firm may face criminal liability Correct answer.
  2. The registration converts automatically into a Type 2 registration
  3. Only a warning letter may be issued with no further action
  4. The registration remains valid because it has already been granted

Explanation

Registration obtained through false statements can be rescinded or suspended, and the conduct may attract criminal liability under the Financial Instruments and Exchange Act. The registration does not remain valid, convert to another type, or limit the response to a warning.

Question 22Regulatory framework and licensing regime for securities dealing

Which of the following is the correct description of the relationship between a Type 1 operator and its registered sales representatives?

  1. The operator has no responsibility for the conduct of its registered representatives
  2. Registered representatives are personally liable for the operator's corporate compliance failures
  3. The operator is responsible for supervising its registered representatives and for their compliance with solicitation rules Correct answer.
  4. Representatives may solicit on behalf of any operator once registered

Explanation

The operator must supervise its registered sales representatives and is responsible for ensuring their solicitation complies with the rules. Representatives act on behalf of their registered operator and cannot solicit for other firms under that registration.

Question 23Regulatory framework and licensing regime for securities dealing

Which of the following best explains why the registration regime distinguishes between Type 1 and Type 2 financial instruments business?

  1. The distinction reflects different risk profiles and investor protection needs associated with proprietary dealing versus intermediation activities Correct answer.
  2. The distinction is based solely on the size of the firm's capital
  3. The distinction reflects whether the firm is listed on an exchange
  4. The distinction is based on the number of employees in the sales department

Explanation

The Type 1 and Type 2 distinction is grounded in the different nature and risk of the activities, with proprietary dealing and underwriting carrying different investor protection implications from intermediation. Capital size, listing status and staff numbers are not the organising principle of the classification.

Question 24Regulatory framework and licensing regime for securities dealing

An individual previously registered as a sales representative at one Type 1 operator joins another Type 1 operator. What must occur before the individual solicits clients at the new firm?

  1. The new operator must complete the registration procedure for the individual Correct answer.
  2. Nothing, because the individual's prior registration carries over
  3. The individual must obtain a personal licence from the Financial Services Agency
  4. The individual must wait one year before soliciting at the new firm

Explanation

Sales representative registration is tied to the employing operator, so the new operator must register the individual before solicitation begins. Prior registration does not carry over automatically, no personal licence exists, and there is no mandatory waiting period.

Question 25Corporate finance and equity capital markets

A Japanese issuer conducts a public offering of new shares in Japan. Under the Financial Instruments and Exchange Act, which document must be filed with the Prime Minister (through the Kanto Local Finance Bureau) before the offering can be solicited?

  1. 大量保有報告書
  2. 目論見書
  3. 臨時報告書
  4. 有価証券届出書 Correct answer.

Explanation

有価証券届出書は、1億円以上の募集または売出しを行う際に金融商品取引法第4条に基づき提出が義務付けられる開示書類である。提出は勧誘開始前に完了している必要があり、効力発生後に勧誘が可能となる。目論見書は届出書の内容を投資家に交付する書類であり、提出書類そのものではない。

Question 26Corporate finance and equity capital markets

An issuer wants to set a preliminary price range for an IPO on the Tokyo Stock Exchange. Which practice is standard in Japanese book-building?

  1. 公開価格を先に確定し、その後に投資家の需要を聞く
  2. 仮条件を提示して需要を集め、その後に公開価格を決定する Correct answer.
  3. 主幹事のみが価格を決め、他の引受人は関与しない
  4. 入札方式により全投資家が同一価格で応札する

Explanation

日本のブックビルディングでは、まず仮条件（プライスレンジ）を提示して投資家の需要を把握し、その結果を踏まえて公開価格を決定する。仮条件は需要状況に応じて変更されることもあり、価格決定プロセスは主幹事と発行体の協議による。

Question 27Corporate finance and equity capital markets

A company listed on the Prime Market of the Tokyo Stock Exchange plans a third-party allotment of new shares to a strategic partner. Which statement best describes the typical approval requirement?

  1. 監査役会の承認のみで足りる
  2. 原則として株主総会の特別決議による承認が必要となる Correct answer.
  3. 金融庁の認可を得れば株主総会決議は不要である
  4. 取締役会決議のみで実行でき、株主総会決議は不要である

Explanation

有利発行に該当する第三者割当増資は、原則として株主総会の特別決議による承認が必要である。特に支配株主が異動するような場合は、会社法上の手続に加えて上場規程上の適時開示や独立社外取締役の意見も求められる。

Question 28Corporate finance and equity capital markets

Which of the following is a key difference between a public offering (公募) and a secondary offering (売出し) in Japanese equity capital markets?

  1. 公募は発行体が新株を発行して資金を調達するのに対し、売出しは既存株主が保有株を売却する Correct answer.
  2. 公募も売出しも発行体の資金調達を目的とする
  3. 公募は既存株主の売却であり、売出しは新株発行である
  4. 売出しは必ず海外投資家のみを対象とする

Explanation

公募増資では発行体が新株を発行し、調達資金が会社に入る。一方、売出しは既存株主が保有する株式を投資家に売却するものであり、資金は売却した株主に帰属する。

Question 29Corporate finance and equity capital markets

An underwriter agrees to purchase any shares not subscribed by investors in an offering, at the offering price. Which underwriting arrangement is this?

  1. 残株引受け Correct answer.
  2. ベストエフォート引受け
  3. 売り切り引受け
  4. コミットメント引受け

Explanation

残株引受けは、投資家の応募が募集株式数を下回った場合に、引受人である証券会社が残りの株式を自己資金で引き受ける契約である。これにより発行体は予定通りの資金調達が可能となる。

Question 30Corporate finance and equity capital markets

A Japanese company issues new shares to existing shareholders in proportion to their holdings at a price below market. What is this capital-raising method called, and what is its main purpose?

  1. 新株予約権無償割当であり、買収防衛を目的とする
  2. 第三者割当増資であり、特定の投資家との提携を目的とする
  3. 公募増資であり、広く一般投資家から資金を集めることを目的とする
  4. 株主割当増資であり、既存株主の持株比率を維持することを目的とする Correct answer.

Explanation

株主割当増資は、既存株主に対して持株比率に応じて新株を割り当てる方法で、持株比率の希薄化を防ぐことを主な目的とする。割当価格は市場価格より低く設定されることが多く、株主は割当権を行使するか売却するかを選択できる。

Question 31Corporate finance and equity capital markets

In an IPO, the lead managing underwriter conducts a roadshow and collects indications of interest. Which of the following best describes the role of the lead managing underwriter?

  1. 発行体の株式を上場後に継続保有することを保証する
  2. 投資家に代わって株式の売買注文を執行する
  3. 発行体の財務内容を監査し、監査意見を表明する
  4. 投資家需要を集約し、公開価格の決定や引受幹事団の取りまとめを行う Correct answer.

Explanation

主幹事証券会社は、ロードショーを通じて投資家の需要を集約し、仮条件や公開価格の決定に関与するとともに、引受幹事団の取りまとめ役を担う。発行体と投資家の間の橋渡しとして、価格形成と販売の中心的な役割を果たす。

Question 32Corporate finance and equity capital markets

A company wishes to raise capital by issuing bonds with share subscription rights (新株予約権付社債). Which statement about this instrument is most accurate?

  1. 社債部分と新株予約権部分が一体となっており、権利行使時に新株が発行される Correct answer.
  2. 社債部分と新株予約権部分は必ず分離して取引される
  3. 権利行使があっても発行体の株式数は変わらない
  4. 新株予約権付社債は株主総会決議を経ずに発行できる

Explanation

新株予約権付社債は、社債としての性質と新株予約権としての性質を併せ持つ複合金融商品である。権利行使がなされると新株が発行され、発行体の株式数が増加する。

Question 33Corporate finance and equity capital markets

A listed company discloses its consolidated financial results. Which document is required for timely disclosure under the Tokyo Stock Exchange rules?

  1. 決算短信 Correct answer.
  2. 事業報告
  3. 内部統制報告書
  4. 有価証券報告書

Explanation

決算短信は、上場会社が決算内容を速報として投資家に開示するために東京証券取引所の適時開示規則に基づき作成する書類である。有価証券報告書は金融商品取引法に基づく法定開示書類であり、提出時期や目的が異なる。

Question 34Corporate finance and equity capital markets

An issuer is considering a global offering combining a domestic public offering and an overseas offering. Which consideration is most relevant under Japanese securities regulation?

  1. 海外での募集は国内の開示規制の対象外となるため、届出書の提出は不要である
  2. 海外募集分は必ず国内募集分と同一価格でなければならない
  3. 海外募集分についても、国内の投資家向け勧誘の有無に応じて開示規制の適用を検討する必要がある Correct answer.
  4. 海外募集分については引受人の選定は不要である

Explanation

グローバル・オファリングでは、国内投資家への勧誘が行われる場合には金融商品取引法上の開示規制が適用される。海外募集分であっても、国内投資家への割当てや勧誘の態様によっては届出書の提出や目論見書の交付が必要となる。

Question 35Corporate finance and equity capital markets

Which of the following best describes the purpose of a green shoe option (over-allotment option) in an IPO?

  1. 発行体の株式を上場後に買い戻す
  2. 公開価格を引き下げるために需要を調整する
  3. 引受手数料を増やすために設定される
  4. 需要が旺盛な場合に追加で株式を販売できるようにする Correct answer.

Explanation

グリーンシューオプションは、需要が旺盛な場合に引受人が追加で株式を販売できる権利であり、需要に応じた供給調整を可能にする。これにより価格の安定化や需給調整が図られる。

Question 36Corporate finance and equity capital markets

A company plans to issue new shares through a public offering. Which of the following is most likely to be required before the offering can proceed?

  1. 有価証券届出書の効力発生 Correct answer.
  2. 上場廃止の決定
  3. 株主総会の普通決議のみ
  4. 監査法人による上場審査

Explanation

公募増資では、有価証券届出書の提出後、効力発生を待ってから勧誘を開始することが必要である。効力発生前に勧誘を行うことは原則として認められない。

Question 37Corporate finance and equity capital markets

In the context of Japanese equity capital markets, what is the primary function of a stabilization operation (価格安定操作)?

  1. 上場直後の株価の急激な変動を抑制する Correct answer.
  2. 発行体の資金調達額を増加させる
  3. 公開価格を意図的に高く維持する
  4. 引受人の在庫リスクを完全に排除する

Explanation

価格安定操作は、上場直後の株価が需給の偏りにより急激に変動することを抑制し、市場の安定を図るために行われる。一定の条件下で認められる例外的な操作であり、無制限に行えるものではない。

Question 38Corporate finance and equity capital markets

Which of the following statements about the book-building process for a Japanese IPO is correct?

  1. 需要が少ない場合は公開価格を仮条件の上限に設定する
  2. 仮条件の範囲内で投資家の需要を集め、その結果に基づき公開価格を決定する Correct answer.
  3. 公開価格は仮条件の範囲外に設定することはできない
  4. ブックビルディングは上場後にのみ行われる

Explanation

ブックビルディングでは、仮条件の範囲内で投資家の需要を集め、その需要状況を踏まえて公開価格を決定する。需要が弱い場合には仮条件の下限に近い価格となることが多い。

Question 39Corporate finance and equity capital markets

An issuer conducts a rights offering to existing shareholders. Which risk is most directly associated with this method?

  1. 引受手数料が不要になる
  2. 既存株主の持株比率が大幅に希薄化する
  3. 割当権を行使しない株主の持株比率が相対的に低下する Correct answer.
  4. 公開価格が市場価格を上回る

Explanation

株主割当増資では、割当権を行使しない株主の持株比率は相対的に低下する。割当権を行使するか売却するかの選択により、株主の持株比率や投資判断が影響を受ける。

Question 40Corporate finance and equity capital markets

Which of the following is a characteristic of a shelf registration (発行登録) system in Japan?

  1. 発行登録書を提出し、一定期間内に複数回の募集を機動的に行える Correct answer.
  2. 発行登録は株式の売出しには利用できない
  3. 一度の提出で無期限に募集を行える
  4. 発行登録書の提出後は目論見書の交付が不要となる

Explanation

発行登録制度は、発行登録書を提出することで、一定期間内に複数回の募集や売出しを機動的に行える仕組みである。都度の届出書提出に比べて迅速な資金調達が可能となる。

Question 41Corporate finance and equity capital markets

A company is considering an initial public offering on the Tokyo Stock Exchange Growth Market. Which of the following is most likely to be a key consideration for the issuer?

  1. 上場前の株主数の削減
  2. 上場後の配当政策の禁止
  3. 公開価格の上限規制の遵守
  4. 上場後の流動性確保と投資家層の拡大 Correct answer.

Explanation

IPOを検討する発行体にとって、上場後の流動性確保や投資家層の拡大は重要な検討事項である。市場区分の選択は、企業規模や成長段階、想定される投資家層を踏まえて行われる。

Question 42Corporate finance and equity capital markets

An underwriter is evaluating the demand for an IPO. Which of the following best describes the concept of 'book-building' in this context?

  1. 引受人が自己資金で全株式を引き受けるプロセス
  2. 発行体が直接投資家に株式を販売するプロセス
  3. 投資家の需要を価格帯ごとに集計し、価格決定に反映させるプロセス Correct answer.
  4. 上場後に株式を買い戻すプロセス

Explanation

ブックビルディングは、投資家の需要を価格帯ごとに集計し、その結果を公開価格の決定に反映させるプロセスである。引受人は需要の強さを把握し、適正な価格形成を図る。

Question 43Corporate finance and equity capital markets

Which of the following statements about the disclosure obligations for a listed company's material facts is correct under Japanese rules?

  1. 重要事実が発生した場合、一定の要件のもとで適時開示が必要となる Correct answer.
  2. 適時開示は任意であり、義務ではない
  3. 重要事実は決算発表時のみ開示すればよい
  4. 重要事実の開示は海外投資家に対してのみ行えばよい

Explanation

上場会社は、重要事実が発生した場合、取引所の適時開示規則に基づき一定の要件のもとで速やかに開示する義務を負う。投資家の投資判断に影響を与える情報を適時に提供することが求められる。

Question 44Corporate finance and equity capital markets

A company issues new shares to a strategic partner at a price significantly below market. Which of the following is the most appropriate concern from a corporate governance perspective?

  1. 引受手数料が発生しない
  2. 発行体の資金調達額が増加しすぎる
  3. 公開価格が市場価格を上回る
  4. 既存株主の利益が損なわれる可能性がある Correct answer.

Explanation

市場価格を大きく下回る価格での第三者割当は有利発行に該当する可能性があり、既存株主の利益が損なわれるおそれがある。そのため、株主総会の特別決議や独立社外取締役の意見など、慎重な手続が求められる。

Question 45Debt securities and fixed income products

A Japanese government bond pays a fixed semiannual coupon of 1.2% per annum on a face value of ¥1,000,000. What is the amount of each coupon payment?

  1. ¥6,000 Correct answer.
  2. ¥12,000
  3. ¥120,000
  4. ¥1,200

Explanation

The annual coupon is 1.2% of ¥1,000,000, which equals ¥12,000. Because the coupon is paid semiannually, each payment is half of that amount, or ¥6,000. The face value is returned only at maturity and does not change the coupon calculation.

Question 46Debt securities and fixed income products

Which statement best describes the relationship between bond prices and market yields in the secondary market?

  1. Prices and yields move in the same direction because both reflect credit risk.
  2. Prices are unaffected by yields once the bond is issued.
  3. Prices and yields move in opposite directions for a fixed-coupon bond. Correct answer.
  4. Prices rise with yields only when the coupon exceeds the yield.

Explanation

A fixed-coupon bond's cash flows do not change, so its price must adjust to deliver the prevailing market yield. When yields rise, the present value of those cash flows falls, and when yields fall, price rises. This inverse relationship is the core pricing principle for all fixed-coupon debt.

Question 47Debt securities and fixed income products

A bond has a modified duration of 5.2. If its yield rises by 0.30 percentage points, what is the approximate percentage change in price?

  1. About −15.6%
  2. About +1.56%
  3. About −0.58%
  4. About −1.56% Correct answer.

Explanation

Modified duration estimates the percentage price change as duration multiplied by the yield change, with the sign reversed. Multiplying 5.2 by 0.0030 gives 0.0156, so the price falls approximately 1.56%. Convexity would refine the estimate but does not change the direction.

Question 48Debt securities and fixed income products

Which bond feature gives the issuer the right to redeem the issue before maturity at specified prices?

  1. A conversion provision
  2. A put provision
  3. A call provision Correct answer.
  4. A sinking fund provision

Explanation

A call provision grants the issuer an option to retire the bond early, typically when refinancing is cheaper. Because this option benefits the issuer and disadvantages the investor, callable bonds usually carry higher yields than comparable non-callable bonds.

Question 49Debt securities and fixed income products

A government bond is quoted on a clean price basis. Which statement correctly distinguishes the clean price from the dirty price?

  1. The dirty price is the clean price discounted by the coupon rate.
  2. The clean price includes accrued interest while the dirty price excludes it.
  3. The two prices are identical on every settlement date.
  4. The dirty price equals the clean price plus accrued interest. Correct answer.

Explanation

The clean price is the quoted market price excluding accrued interest, while the dirty price, also called the full price, is the actual settlement amount. The difference between them is the accrued interest the buyer owes the seller for the portion of the coupon period already elapsed.

Question 50Debt securities and fixed income products

A corporate bond is rated BBB by a major rating agency. How is this bond generally classified?

  1. Speculative grade
  2. Unrated
  3. Defaulted
  4. Investment grade Correct answer.

Explanation

The boundary between investment grade and speculative grade is BBB− for the major agencies, so a BBB rating sits in the lowest tier of investment grade. Ratings below BBB− are speculative grade, often called high yield or junk. Many institutional portfolios are restricted to investment grade holdings.