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Regulations on the Administration of Futures Trading

  • Categories:Propaganda
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  • Time of issue:2012-05-17 23:06
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(Summary description)In order to regulate futures trading behavior, strengthen the supervision and management of futures trading, maintain the order of the futures market, prevent risks, protect the legitimate rights and interests of all parties to the futures transaction and the public interest, and promote the active and stable development of the futures market, these regulations are formulated.

Regulations on the Administration of Futures Trading

(Summary description)In order to regulate futures trading behavior, strengthen the supervision and management of futures trading, maintain the order of the futures market, prevent risks, protect the legitimate rights and interests of all parties to the futures transaction and the public interest, and promote the active and stable development of the futures market, these regulations are formulated.

  • Categories:Propaganda
  • Author:
  • Origin:
  • Time of issue:2012-05-17 23:06
  • Views:
Information

Chapter One  General

Article 1   In order to regulate futures trading behavior, strengthen the supervision and management of futures trading, maintain the order of the futures market, prevent risks, protect the legitimate rights and interests of all parties to the futures transaction and the public interest, and promote the active and stable development of the futures market, these regulations are formulated.

Article 2   Any unit or individual engaged in futures transactions, including commodity and financial futures contracts, option contract transactions and related activities, shall abide by these Regulations.

Article 3   Engaging in futures trading activities shall follow the principles of openness, fairness, justice, and honesty. Illegal activities such as fraud, insider trading and manipulation of futures trading prices are prohibited.

Article 4   Futures trading shall be conducted in a legally established futures exchange or other trading venues approved by the futures regulatory agency of the State Council.

It is forbidden to conduct futures trading outside the futures trading venues approved by the futures regulatory agency of the State Council, and it is prohibited to conduct futures trading in disguised form.

Article 5 The futures regulatory agency of the State Council shall implement centralized and unified supervision and management of the futures market.

The agencies dispatched by the futures regulatory agency of the State Council shall perform their supervisory and administrative duties in accordance with the relevant provisions of these regulations and the authorization of the futures regulatory agency of the State Council.

Chapter Two   Futures Exchange

Article 6   The establishment of a futures exchange shall be subject to the approval of the futures regulatory agency of the State Council.

Without the approval of the futures regulatory agency of the State Council, no unit or individual may establish a futures exchange or organize futures trading and related activities in any form.

Article 7   The futures exchange shall not be profit-making, and shall implement self-discipline management in accordance with the provisions of its articles of association. The futures exchange bears civil liability for all its assets. The person in charge of the futures exchange shall be appointed and removed by the futures regulatory agency of the State Council.

The management measures of the futures exchange are formulated by the futures regulatory agency of the State Council.

Article 8   Futures exchange members shall be corporate legal persons or other economic organizations registered within the territory of the People's Republic of China.

The futures exchange may implement a member-level settlement system. The members of the futures exchange that implements the membership tiered settlement system are composed of clearing members and non-clearing members.

The clearing business qualifications of clearing members are approved by the futures regulatory agency of the State Council. The futures regulatory agency of the State Council shall make a decision of approval or disapproval within 3 months from the date of accepting the application for settlement business qualification.

Article 9   Under the circumstances specified in Article 147 of the "Company Law of the People's Republic of China" or one of the following circumstances, you shall not be the person in charge of the futures exchange or the financial accountant:

(1) Persons in charge of futures exchanges, stock exchanges, securities registration and clearing institutions, or directors, supervisors, and senior managers of futures companies or securities companies who have been dismissed due to violations of laws or disciplines, and the futures regulatory agency of the State Council Other personnel as required have not been more than 5 years since the date of dismissal;

(2) Lawyers, certified public accountants, or professionals of investment consulting agencies, financial consulting agencies, credit rating agencies, asset appraisal agencies, or verification agencies whose qualifications have been revoked due to violations of laws or disciplines have not exceeded 5 years since the date of disqualification year.

Article 10   Futures exchanges shall, in accordance with these Regulations and the provisions of the State Council’s futures regulatory agency, establish and improve various rules and regulations, strengthen the risk control of trading activities and the supervision and management of members and exchange staff. The futures exchange performs the following duties:

(1) Provide trading venues, facilities and services;

(2) Design the contract and arrange the listing of the contract;

(3) Organizing and supervising transactions, settlement and delivery;

(4) Guarantee the performance of the contract;

(5) Supervise and manage members in accordance with the articles of association and transaction rules;

(6) Other duties as prescribed by the futures regulatory agency of the State Council.

Futures exchanges shall not directly or indirectly participate in futures trading. Without the review by the futures regulatory agency of the State Council and the approval of the State Council, futures exchanges shall not engage in trust investment, stock investment, non-self-use real estate investment, and other businesses unrelated to their duties.

Article 11   Futures exchanges shall establish and improve the following risk management systems in accordance with relevant state regulations:

(1) Margin system;

(2) No debt settlement system on the day;

(3) Price limit system;

(4) Position limit and large position report system;

(5) Risk reserve system;

(6) Other risk management systems specified by the futures regulatory agency of the State Council.

A futures exchange that implements a tiered membership settlement system should also establish and improve a settlement guarantee fund system.

Article 12   When an abnormal situation occurs in the futures market, the futures exchange may, in accordance with the authority and procedures stipulated in its articles of association, decide to take the following emergency measures, and shall immediately report to the futures regulatory agency of the State Council:

(1) Increase the margin;

(2) Adjust the price limit range;

(3) Restrict the maximum position of a member or client;

(4) Temporarily suspend trading;

(5) Take other emergency measures.

The "abnormal situation" mentioned in the preceding paragraph refers to the occurrence of manipulation of futures trading prices or the occurrence of irresistible emergencies during the transaction, as well as other circumstances specified by the futures regulatory agency of the State Council.

After the abnormal situation disappears, the futures exchange shall promptly cancel the emergency measures.

Article 13   The following matters handled by the futures exchange shall be approved by the futures regulatory agency of the State Council:

(1) Formulate or modify the articles of association and trading rules;

(2) Listing, suspension, cancellation or resumption of trading products;

(3) Listing, modification or termination of contracts;

(4) Change of residence or business place;

(5) Merger, division or dissolution;

(6) Other matters specified by the futures regulatory agency of the State Council.

The futures regulatory agency of the State Council approves the listing of new trading products on the futures exchange, and shall seek the opinions of the relevant departments of the State Council.

Article 14  The proceeds of the futures exchange shall be managed and used in accordance with relevant state regulations, but shall be used first to ensure the operation and improvement of the futures trading place and facilities.

Chapter Three   Futures Company

Article 15   A futures company is a financial institution established in accordance with the "Company Law of the People's Republic of China" and these regulations to operate futures business. The establishment of a futures company shall be approved by the futures regulatory agency of the State Council and registered with the company registration authority.

Without the approval of the futures regulatory agency of the State Council, no unit or individual may establish or disguisely establish a futures company to operate futures business.

Article 16   An application for the establishment of a futures company shall comply with the provisions of the "Company Law of the People's Republic of China" and meet the following conditions:

(1) The minimum registered capital is RMB 30 million;

(2) Directors, supervisors, and senior management personnel have qualifications for holding positions, and practitioners have qualifications for futures business;

(3) Have the company's articles of association in compliance with laws and administrative regulations;

(4) The major shareholders and actual controllers have continuous profitability, good reputation, and no record of major violations of laws and regulations in the last 3 years;

(5) Have qualified business premises and business facilities;

(6) Have a sound risk management and internal control system;

(7) Other conditions specified by the futures regulatory agency of the State Council.

The futures regulatory agency of the State Council may increase the minimum amount of registered capital in accordance with the principle of prudential supervision and the risk level of various businesses. The registered capital should be paid-in capital. Shareholders shall make capital contributions in currency or non-monetary assets necessary for the operation of the futures company, and the proportion of currency capital contributions shall not be less than 85%.

The futures regulatory agency of the State Council shall, within 6 months from the date of accepting the application for the establishment of a futures company, conduct a review in accordance with the principle of prudential supervision and make a decision on approval or disapproval.

Without the approval of the futures regulatory agency of the State Council, no unit or individual may entrust or accept the entrustment of others to hold or manage equity in a futures company.

Article 17  The business of futures companies shall implement a licensing system, and the futures regulatory agency of the State Council shall issue licenses in accordance with its commodity futures and financial futures business types. In addition to applying for domestic futures brokerage business, futures companies may also apply for overseas futures brokerage, futures investment consulting, and other futures businesses prescribed by the futures regulatory agency of the State Council.

Futures companies shall not engage in activities unrelated to futures business, unless otherwise provided by laws, administrative regulations or the futures regulatory agency of the State Council.

Futures companies shall not engage in or engage in self-operating futures business in a disguised form.

A futures company shall not provide financing to its shareholders, actual controllers or other related parties, nor shall it provide external guarantees.

Article 18   A futures company engages in brokerage business, accepts clients' entrustment, and conducts futures transactions for clients in its own name, and the results of the transactions are borne by the clients.

Article 19   A futures company shall obtain the approval of the futures regulatory agency of the State Council when handling the following matters:

(1) Merger, division, suspension of business, dissolution or bankruptcy;

(2) Change of company form;

(3) Change of business scope;

(4) Change of registered capital;

(5) Change more than 5% of the equity;

(6) Establishing, acquiring, participating in shares or terminating overseas futures business institutions;

(7) Other matters specified by the futures regulatory agency of the State Council.

For the matters listed in items (4) and (7) of the preceding paragraph, the futures regulatory agency of the State Council shall make a decision of approval or disapproval within 20 days from the date of accepting the application; for other matters listed in the preceding paragraph, the State Council’s futures supervision The management agency shall make a decision of approval or disapproval within 2 months from the date of acceptance of the application.

Article 20   A futures company shall obtain the approval of the agency dispatched by the futures regulatory agency of the State Council when handling the following matters:

(1) Change of legal representative;

(2) Change of residence or business place;

(3) Establish or terminate domestic branches;

(4) Change the business premises, person in charge, or business scope of a domestic branch;

(5) Other matters specified by the futures regulatory agency of the State Council.

For the matters listed in items (1), (2), (4), and (5) of the preceding paragraph, the futures regulatory agency dispatched by the State Council shall approve or reject the application within 20 days from the date of acceptance of the application. Approval decision; For the matters listed in item (3) of the preceding paragraph, the dispatched agency of the futures regulatory agency of the State Council shall make a decision of approval or disapproval within 2 months from the date of acceptance of the application.

Article 21   If a futures company or its branch has the circumstances specified in Article 70 of the Administrative Licensing Law of the People’s Republic of China or one of the following circumstances, the futures regulatory agency of the State Council shall handle the cancellation of futures business licenses in accordance with the law:

(1) The business license is cancelled by the company registration authority according to law;

(2) It has not started business for more than 3 months after its establishment, or it has been closed for more than 3 consecutive months without a justified reason;

(3) Take the initiative to apply for cancellation;

(4) Other circumstances specified by the futures regulatory agency of the State Council.

Before canceling the futures business license, the futures company shall settle the relevant futures business and return the customer's margin and other assets in accordance with the law. The branch of a futures company shall terminate its business activities and properly dispose of client assets before canceling its business license.

Article 22 Futures companies shall establish, improve and strictly implement business management rules and risk management systems, abide by the information disclosure system, ensure the safety of customer deposits, and report to the futures exchange the list of major accounts and Transaction situation.

Article 23   Other futures operating institutions engaged in futures investment consulting and providing intermediary introductions for futures companies shall obtain business qualifications approved by the futures regulatory agency of the State Council. The specific management measures shall be formulated by the futures regulatory agency of the State Council.

Chapter 4   Basic Rules of Futures Trading

Article 24   Anyone who conducts futures trading on a futures exchange shall be a member of the futures exchange.

Article 25   When a futures company accepts a client’s entrustment to conduct futures transactions for it, it shall present the risk statement to the client in advance, and after the client has signed and confirmed it, sign a written contract with the client. The futures company shall not conduct futures transactions without the client's entrustment or in accordance with the content of the client's entrustment.

Futures companies shall not provide profit guarantees to clients; they shall not agree to share benefits or risks with clients in the brokerage business.

Article 26 The following units and individuals shall not engage in futures trading, and futures companies shall not accept their entrustment to conduct futures trading for them:

(1) State agencies and institutions;

(2) The staff of the State Council's futures regulatory agency, futures exchanges, futures margin security depository monitoring agencies, and futures industry associations;

(3) Those who are prohibited from entering the securities and futures markets;

(4) Units and individuals that failed to provide proof of account opening;

(5) Other units and individuals that are not allowed to engage in futures trading as stipulated by the futures regulatory agency of the State Council.

Article 27   Customers may issue trading instructions to futures companies in writing, by telephone, on the Internet or by other means prescribed by the futures regulatory agency of the State Council. The customer's transaction instructions should be clear and comprehensive.

Futures companies shall not conceal important matters or use other improper means to trick customers into issuing trading instructions.

Article 28 The futures exchange shall promptly announce the trading volume, trading price, open interest, highest and lowest prices, opening and closing prices, and other real-time market information that should be announced for listed contracts, and ensure that the real-time market information is true and correct. accurate. The futures exchange shall not release price forecast information.

Without the permission of the futures exchange, no unit or individual may publish real-time market quotations for futures trading.

Article 29   Futures trading shall strictly implement the margin system. The margin collected by futures exchanges from members and futures companies from customers shall not be lower than the standards set by the futures regulatory agency of the State Council and futures exchanges, and shall be separated from its own funds and deposited in a special account.

The margin collected by the futures exchange from the member belongs to the member and is strictly prohibited for other purposes except for the settlement of the member’s transaction.

The margin collected by the futures company from the customer belongs to the customer. Except for the following transferable circumstances, it is strictly prohibited to use it for other purposes:

(1) Pay available funds according to the customer's request;

(2) Deposit deposits for customers, pay handling fees and taxes;

(3) Other circumstances specified by the futures regulatory agency of the State Council.

Article 30   A futures company shall open a special account and set a transaction code for each customer separately, and shall not trade with mixed codes.

Article 31   If a futures company is engaged in futures brokerage business and other futures business at the same time, it shall strictly implement the business separation and capital separation system and shall not mix operations.

Article 32   Futures exchange members and customers can use standard warrants, treasury bonds and other securities with stable value and strong liquidity as margin deposits.

Article 33: The qualifications of banking financial institutions to engage in futures margin depository and futures settlement business shall be approved by the futures regulatory agency of the State Council after review and approval by the banking regulatory agency of the State Council.

Article 34   Futures exchanges, futures companies, and clearing members of non-futures companies shall withdraw, manage and use risk reserves in accordance with the provisions of the futures regulatory agency and financial department of the State Council, and shall not misappropriate them.

Article 35   The charging items, charging standards and management measures for futures trading shall be uniformly formulated and promulgated by the relevant competent departments of the State Council.

Article 36   Futures trading shall adopt open centralized trading methods or other methods approved by the futures regulatory agency of the State Council.

Article 37 The settlement of futures transactions shall be uniformly organized by the futures exchange.

The futures exchange implements a no-debt settlement system on the day. The futures exchange shall promptly notify the members of the settlement result on the same day.

The futures company shall settle the client based on the settlement result of the futures exchange, and shall promptly notify the client of the settlement result in the manner agreed with the client. Customers should inquire about and properly handle their trading positions in a timely manner.

Article 38   When the margin of a futures exchange member is insufficient, it shall promptly add the margin or close the position by itself. If the member fails to add margin or close the position by itself within the time specified by the futures exchange, the futures exchange shall forcibly close the member's contract, and the member shall bear the relevant expenses and losses incurred in the forced liquidation.

When the client's margin is insufficient, it shall promptly add margin or close the position by itself. If the client fails to add margin or close the position in a timely manner within the time specified by the futures company, the futures company shall forcibly close the client's contract, and the relevant costs and losses incurred in the forced liquidation shall be borne by the client.

Article 39   The delivery of futures trading shall be uniformly organized by the futures exchange.

The delivery warehouse is designated by the futures exchange. The futures exchange shall not limit the total amount of physical delivery, and shall sign an agreement with the delivery warehouse to clarify the rights and obligations of both parties. The delivery warehouse shall not have the following behaviors:

(1) Issue false warehouse receipts;

(2) Violating the business rules of the futures exchange and restricting the warehousing and outgoing of delivery commodities;

(3) Disclosure of trade secrets related to futures trading;

(4) Participating in futures trading in violation of relevant national regulations;

(5) Other acts prescribed by the futures regulatory agency of the State Council.

Article 40 If a member breaches a contract in a futures transaction, the futures exchange shall first assume the liability for breach of contract with the member’s margin; if the margin is insufficient, the futures exchange shall assume the liability for breach of contract with the risk reserve and its own funds, and obtain the result The corresponding right of recourse to the member.

If a client breaches a contract in a futures transaction, the futures company shall first assume the liability for breach of contract with the client’s margin; if the margin is insufficient, the futures company shall assume the liability for breach of contract with the risk reserve and its own funds, and obtain corresponding recovery from the client. right.

Article 41   A futures exchange that implements a member-level settlement system shall collect settlement guarantee funds from clearing members. The futures exchange only clears settlement members, collects and collects margin, uses settlement guarantee funds, risk reserves, and self-owned funds to assume liability for breach of contract, and takes other related measures; settlement, collection and collection of margins for non-settlement members , The responsibility for breach of contract and other related measures shall be taken by the clearing member.

Article 42   Clearing members of futures exchanges, futures companies and non-futures companies shall ensure the integrity and safety of futures trading, settlement and delivery materials.

Article 43   No unit or individual may fabricate or disseminate false information about futures trading, or maliciously collude, join hands in trading, or manipulate futures trading prices in other ways.

Article 44   No unit or individual may use credit funds or fiscal funds for futures transactions in violation of regulations.

The qualifications of banking financial institutions to engage in futures transaction financing or guarantee business shall be approved by the banking regulatory agency of the State Council.

Article 45   State-owned and state-controlled enterprises shall follow the principle of hedging when conducting domestic and foreign futures transactions, and strictly abide by the relevant regulations of the State-owned Assets Supervision and Administration Agency of the State Council and other relevant departments on enterprises entering the futures market with state-owned assets.

Article 46 The competent commercial department of the State Council shall approve the varieties of domestic entities or individuals engaged in overseas commodity futures transactions.

Foreign exchange purchases, foreign exchange settlements, and foreign exchange receipts and payments under overseas futures shall comply with relevant state foreign exchange management regulations.

The measures for domestic entities or individuals to engage in overseas futures transactions shall be formulated by the State Council’s futures regulatory agency in conjunction with the State Council’s competent commercial authority, state-owned assets regulatory agency, banking regulatory agency, foreign exchange regulatory agency and other relevant departments, and implemented after being approved by the State Council.

Chapter 5 Futures Industry Association

Article 47   The Futures Industry Association is a self-regulatory organization of the futures industry and a social organization as a legal person.

Futures companies and other institutions specializing in futures operations shall join the Futures Industry Association and pay membership fees.

Article 48 The authority of the futures industry association is the general assembly composed of all members.

The articles of association of the futures industry association shall be formulated by the general assembly and reported to the futures regulatory agency of the State Council for the record.

The Futures Industry Association has a council. The members of the board of directors are elected in accordance with the provisions of the charter.

Article 49 The Futures Industry Association shall perform the following duties:

(1) Educate and organize members to comply with futures laws, regulations and policies;

(2) Formulate industry self-discipline rules that members should abide by, supervise and inspect member behaviors, and give disciplinary sanctions in accordance with regulations for violations of the association’s articles of association and self-discipline rules;

(3) Responsible for the qualification, management and cancellation of futures practitioners;

(4) Accept customer complaints related to futures business and mediate disputes between members and between members and customers;

(5) Safeguard the legitimate rights and interests of members in accordance with the law, and reflect the suggestions and requirements of members to the futures regulatory agency of the State Council;

(6) Organize business training for futures practitioners and carry out business exchanges among members;

(7) Organizing members to conduct research on the development, operation and related content of the futures industry;

(8) Other duties as stipulated in the Articles of Association of the Futures Industry Association.

The business activities of the futures industry association shall accept the guidance and supervision of the futures regulatory agency of the State Council.

Chapter VI   Supervision and Management

Article 50 The futures regulatory agency of the State Council shall supervise and manage the futures market and perform the following duties in accordance with the law:

(1) Formulate regulations and rules related to the supervision and management of the futures market, and exercise the power of approval according to law;

(2) Supervise and manage futures trading and related activities such as the listing, trading, settlement, and delivery of the product;

(3) Supervise the futures business activities of relevant market participants such as futures exchanges, futures companies and other futures operating institutions, non-futures company clearing members, futures margin security depository monitoring institutions, futures margin depository banks, delivery warehouses, etc. management;

(4) Formulate qualification standards and management methods for futures practitioners, and supervise their implementation;

(5) Supervise and inspect the information disclosure of futures trading;

(6) To guide and supervise the activities of the Futures Industry Association;

(7) Investigate and deal with violations of laws and administrative regulations on the supervision and management of the futures market;

(8) Carrying out international exchanges and cooperation activities related to the supervision and management of the futures market;

(9) Other duties as provided by laws and administrative regulations.

Article 51 The futures regulatory agency of the State Council may take the following measures to perform its duties according to law:

(1) Conduct on-site inspections of futures exchanges, futures companies and other futures operating institutions, clearing members of non-futures companies, futures margin security depository monitoring institutions, and delivery warehouses;

(2) Entering the place where the suspected illegal act occurred to investigate and collect evidence;

(3) Ask the parties and units and individuals related to the incident under investigation, and ask them to explain matters related to the incident under investigation;

(4) Review and copy the property rights registration and other materials related to the investigated event;

(5) Consult and copy the futures transaction records, financial accounting data, and other related documents and materials of the parties and the units and individuals related to the incident under investigation; the documents and materials that may be transferred, concealed or damaged may be sealed;

(6) Query the margin account and bank account of the unit related to the incident under investigation;

(7) When investigating major futures illegal acts such as manipulation of futures trading prices, insider trading, etc., with the approval of the principal person in charge of the futures regulatory agency of the State Council, the futures trading of the parties under investigation may be restricted, but the restriction shall not exceed 15 trading days ; If the case is complicated, it can be extended to 30 trading days;

(8) Other measures stipulated by laws and administrative regulations.

Article 52   Futures exchanges, futures companies and other futures business institutions, and futures margin security depository monitoring institutions shall submit financial accounting reports, business data and other relevant materials to the futures regulatory agency of the State Council.

For the annual reports submitted by futures companies and other futures operating institutions, the futures regulatory agency of the State Council shall appoint a special person to review and prepare a review report. The auditor should sign the audit report. If problems are found during the review, the futures regulatory agency of the State Council shall take corresponding measures in a timely manner.

When necessary, the futures regulatory agency of the State Council may require non-futures company clearing members, delivery warehouses, and futures company shareholders, actual controllers or other related parties to submit relevant materials.

Article 53 When the futures regulatory agency of the State Council performs its duties in accordance with the law and conducts supervision and inspection or investigation, the units and individuals under inspection and investigation shall cooperate, provide relevant documents and materials truthfully, and shall not refuse, obstruct or conceal; other relevant departments and The unit should provide support and cooperation.

Article 54 The state shall establish a futures investor protection fund in accordance with the needs of the development of the futures market.

The specific measures for the raising, management and use of the futures investor protection fund shall be formulated by the futures regulatory agency of the State Council in conjunction with the financial department of the State Council.

Article 55 The futures regulatory agency of the State Council shall establish and improve the security deposit and monitoring system for the security deposit, and establish a security deposit and monitoring agency for the futures security deposit.

Customers and futures exchanges, futures companies and other futures operating institutions, clearing members of non-futures companies, and futures margin depository banks shall abide by the regulations of the State Council’s futures regulatory agency on the safe deposit and control of margin deposits.

Article 56   The futures margin security depository monitoring agency shall monitor the security of the security deposit in accordance with relevant regulations, conduct daily audits, and immediately report any problems to the futures regulatory agency of the State Council. The futures regulatory agency of the State Council shall deal with it in a timely manner in accordance with the relevant provisions of these Regulations according to different circumstances.

Article 57 The futures regulatory agency of the State Council shall implement a qualification management system for the directors, supervisors, senior managers and other futures practitioners of futures exchanges, futures companies and other futures operating institutions and futures margin safety depository monitoring institutions.

Article 58 The futures regulatory agency of the State Council shall formulate the continuous operation rules of futures companies, which shall determine the ratio of net capital to net assets of futures companies, the ratio of net capital to the scale of domestic futures brokerage, overseas futures brokerage, etc., and current assets to The proportion of current liabilities and other risk supervision indicators shall be stipulated; requirements shall be put forward on the operating conditions, risk management, internal control, margin depository, and related transactions of futures companies and their branches.

Article 59 If a futures company and its branches do not comply with the continuous operation rules or have operational risks, the futures regulatory agency of the State Council may take talks, reminders, and record credit records to the futures company and its directors, supervisors and senior managers. Wait for regulatory measures or order the futures company to make rectification within a time limit, and inspect and accept the rectification.

If a futures company fails to make corrections within the time limit, its behavior seriously endangers the stable operation of the futures company, damages the legitimate rights and interests of customers, or is suspected of serious violations of laws and regulations that are being investigated by the futures regulatory agency of the State Council, the futures regulatory agency of the State Council may distinguish between circumstances and take the following measures against it :

(1) Restrict or suspend some futures business;

(2) Stop approving new businesses or branches;

(3) Restrict the distribution of dividends, restrict the payment of remuneration to directors, supervisors, and senior management, and provide benefits;

(4) Restrict the transfer of property or set other rights on the property;

(5) Order the replacement of directors, supervisors, senior managers, or responsible personnel of relevant business departments or branches, or restrict their rights;

(6) Restrict the allocation and use of futures companies’ own funds or risk reserves;

(7) Order the controlling shareholder to transfer equity or restrict the relevant shareholders from exercising their shareholder rights.

For futures companies that have been rectified to meet the requirements of relevant laws, administrative regulations, and continuous operation rules, the futures regulatory agency of the State Council shall cancel the relevant measures taken against them within 3 days after the completion of the inspection and acceptance.

For futures companies that have not met the requirements of the continuous operation rules after rectification and have seriously affected normal operations, the futures regulatory agency of the State Council has the right to revoke some or all of its futures business licenses and close its branches.

Article 60   If a futures company operates illegally or presents major risks that seriously endanger the order of the futures market and harm the interests of customers, the futures regulatory agency of the State Council may take such regulatory measures as ordering the futures company to suspend business for rectification, appointing other institutions to take over or take over. With the approval of the futures regulatory agency of the State Council, the directors, supervisors, senior managers and other directly responsible personnel of the futures company may take the following measures:

(1) Notifying the exit management agency to prevent them from leaving the country in accordance with the law;

(2) Apply for judicial organs to prohibit them from transferring, transferring or disposing of property in other ways, or establishing other rights on the property.

Article 61   If the shareholders of a futures company make false capital contributions or withdraw capital, the futures regulatory agency of the State Council shall order them to make corrections within a time limit and may order them to transfer their equity in the futures company.

Before a shareholder corrects the illegal act and transfers the equity in the futures company in accordance with the requirements of the preceding paragraph, the futures regulatory agency of the State Council may restrict its shareholder rights.

Article 62   When an abnormal situation occurs in the futures market, the futures regulatory agency of the State Council may take necessary risk management measures.

Article 63   The trading software and settlement software of the futures company shall meet the requirements of the prudent operation and risk management of the futures company and the requirements of the futures regulatory agency of the State Council on the safe deposit and control of margin deposits. If the trading software and settlement software of the futures company do not meet the requirements, the futures regulatory agency of the State Council has the right to request the futures company to improve or replace it.

The futures regulatory agency of the State Council may require the suppliers of trading software and settlement software of futures companies to provide relevant information about the software, and the suppliers shall cooperate. The futures regulatory agency of the State Council is obliged to keep confidential the relevant materials provided by suppliers.

Article 64 When a futures company is involved in major litigation or arbitration, or when its stock is frozen or used for guarantee, or other major events occur, the futures company and its related shareholders and actual controllers shall report to the company within 5 days from the date of the event. The futures regulatory agency of the State Council submits a written report.

Article 65: When accounting firms, law firms, asset appraisal agencies and other intermediary service agencies provide relevant services to market-related participants such as futures exchanges and futures companies, they shall abide by futures laws, administrative regulations and relevant national regulations, and Provide relevant materials in accordance with the requirements of the futures regulatory agency of the State Council.

Article 66 The futures regulatory agency of the State Council shall establish a supervisory and administrative information sharing and coordination mechanism with relevant departments.

The futures regulatory agency of the State Council may establish a supervisory cooperation mechanism with futures regulatory agencies of other countries or regions to implement cross-border supervision and management.

Article 67 The staff of the State Council’s futures regulatory agency, futures exchanges, futures margin security depository monitoring agencies, futures margin depository banks and other relevant units shall be devoted to their duties, act in accordance with the law, be fair and honest, and keep state secrets and relevant The commercial secrets of the parties concerned shall not be used to obtain illegitimate benefits by taking advantage of their position.

Chapter Seven   Legal Liability

Article 68   If a futures exchange or non-futures company clearing member commits one of the following acts, he shall be ordered to make corrections, given warnings, and confiscated illegal gains:

(1) Accepting members in violation of regulations;

(2) Violating the regulations to charge handling fees;

(3) Use or distribute income in violation of regulations;

(4) Failing to publish real-time market information in accordance with regulations, or publishing price forecast information;

(5) Failure to perform reporting obligations to the futures regulatory agency of the State Council in accordance with regulations;

(6) Failing to submit relevant documents and materials to the futures regulatory agency of the State Council in accordance with regulations;

(7) Failure to establish and improve the settlement guarantee fund system in accordance with regulations;

(8) Failure to withdraw, manage and use risk reserves in accordance with regulations;

(9) Violating the relevant regulations of the State Council's futures regulatory agency on the safe deposit and control of margin deposits;

(10) Limiting the total amount of physical delivery by members;

(11) appointing unqualified futures practitioners;

(12) Other acts that violate the provisions of the futures regulatory agency of the State Council.

If one of the acts listed in the preceding paragraph is committed, the person directly in charge and other persons directly responsible shall be given disciplinary sanctions, and a fine of 10,000 yuan up to 100,000 yuan shall be imposed.

Anyone who commits the acts listed in item (2) of the first paragraph of this article shall be ordered to refund the overcharged handling fee.

If the futures margin security depository monitoring agency has the behaviors listed in items (5), (6), (9), (11), and (12) of the first paragraph of this article, this article shall The penalties and sanctions specified in the first and second paragraphs. Where a futures margin depository bank commits the acts listed in items (9) and (12) of the first paragraph of this article, it shall be punished and sanctioned in accordance with the provisions of the first and second paragraphs of this article.

Article 69 If a futures exchange or a clearing member of a non-futures company commits one of the following acts, it shall be ordered to make corrections, given a warning, the illegal income shall be confiscated, and a fine of 1 to 5 times the illegal income shall be imposed; there is no illegal income or illegal income If the amount is less than 100,000 yuan, a fine of 100,000 yuan up to 500,000 yuan shall be imposed; if the circumstances are serious, business operations shall be suspended for rectification:

(1) Handle the matters listed in Article 13 of these regulations without approval;

(2) Allowing members to trade futures when the margin is insufficient;

(3) Participating in futures trading directly or indirectly, or engaging in business unrelated to their duties in violation of regulations;

(4) Collecting security deposits in violation of regulations, or embezzling security deposits;

(5) Forging, altering or not keeping futures trading, settlement, and delivery materials in accordance with regulations;

(6) Failed to establish or implement no-liability settlement, price limit, position limit and large position report system on the day;

(7) Refusing or obstructing the supervision and inspection of the futures regulatory agency of the State Council;

(8) Other acts that violate the provisions of the futures regulatory agency of the State Council.

If one of the acts listed in the preceding paragraph is committed, the person directly in charge and other persons directly responsible shall be given disciplinary sanctions, and a fine of 10,000 yuan up to 100,000 yuan shall be imposed.

If the futures margin security depository monitoring agency has the actions listed in items (3), (7), and (8) of the first paragraph of this article, it shall be punished and sanctioned in accordance with the provisions of the first and second paragraphs of this article.

Article 70 If a futures company commits any of the following acts, it shall be ordered to make corrections, given warnings, confiscate the illegal gains, and impose a fine of 1 to 3 times the illegal gains; if there is no illegal gains or the illegal gains are less than 100,000 yuan, it shall be punished concurrently A fine of 100,000 yuan up to 300,000 yuan; if the circumstances are serious, the business shall be ordered to suspend business for rectification or the futures business license shall be revoked:

(1) Accepting entrustment by units or individuals that do not meet the prescribed conditions;

(2) Allowing customers to conduct futures transactions when the margin is insufficient;

(3) Handle the matters listed in Article 19 and Article 20 of these Regulations without approval;

(4) Engaging in activities unrelated to futures business in violation of regulations;

(5) Engaging in or disguisedly engaged in self-operating futures business;

(6) Providing financing for its shareholders, actual controllers or other related parties, or external guarantees;

(7) Violation of the relevant provisions of the State Council's futures regulatory agency on the safe deposit and control of margin funds;

(8) Failing to perform reporting obligations or submit relevant documents and materials to the futures regulatory agency of the State Council in accordance with regulations;

(9) The trading software and settlement software do not meet the requirements of the prudent operation and risk management of futures companies and the requirements of the futures regulatory agency of the State Council on the safe deposit and control of margin deposits;

(10) Failure to withdraw, manage and use risk reserves in accordance with regulations;

(11) Forging, altering or not keeping futures trading, settlement, and delivery materials in accordance with regulations;

(12) appointing unqualified futures practitioners;

(13) Forging, altering, renting, lending, trading futures business licenses or business licenses;

(14) Conducting mixed code transactions;

(15) Refusing or obstructing the supervision and inspection of the futures regulatory agency of the State Council;

(16) Other acts that violate the provisions of the futures regulatory agency of the State Council.

If a futures company commits one of the acts listed in the preceding paragraph, the directly responsible person in charge and other directly responsible persons shall be warned and imposed a fine of not less than 10,000 yuan but not more than 50,000 yuan; if the circumstances are serious, the qualification and futures qualification shall be suspended or revoked Practitioner qualifications.

Other futures operating institutions other than futures companies have the actions listed in items (8), (12), (13), (15), and (16) of the first paragraph of this article Those who are found to be punished in accordance with the first and second paragraphs of this article.

Shareholders, actual controllers, or other related parties of a futures company who entrust others or accept entrustment by others to hold or manage equity in a futures company without approval shall refuse to cooperate with the inspection by the futures regulatory agency of the State Council, and refuse to perform reporting obligations in accordance with regulations. Those who provide relevant information and materials, or the information and materials submitted or provided contain false records, misleading statements, or major omissions, shall be punished in accordance with the provisions of paragraphs 1 and 2 of this article.

Article 71 If a futures company commits one of the following acts of defrauding customers, it shall be ordered to make corrections, given warnings, confiscated illegal gains, and imposed a fine of 1 to 5 times the illegal gains; there is no illegal gains or the illegal gains are less than 100,000 yuan , And impose a fine of not less than 100,000 yuan but not more than 500,000 yuan; if the circumstances are serious, order to suspend business for rectification or revoke the futures business license:

(1) Making profit guarantees to customers or failing to present risk statements to customers in accordance with regulations;

(2) In the brokerage business, agree to share benefits and share risks with customers;

(3) Failing to accept the client's entrustment in accordance with the regulations or conducting futures transactions without authorization in accordance with the content of the client's entrustment;

(4) Concealing important matters or using other improper means to trick customers into issuing transaction instructions;

(5) Providing customers with false transaction returns;

(6) Failing to issue client trading instructions to the futures exchange;

(7) Misappropriating customer deposits;

(8) Failing to open a margin account in a futures margin depository bank in accordance with regulations, or transferring client margin in violation of the plan;

(9) Other acts of defrauding customers specified by the futures regulatory agency of the State Council.

If a futures company commits one of the acts listed in the preceding paragraph, the directly responsible person in charge and other directly responsible persons shall be warned and imposed a fine of 10,000 yuan up to 100,000 yuan; if the circumstances are serious, the qualifications for the position and futures shall be suspended or revoked Practitioner qualifications.

Any unit or individual who fabricates and disseminates false information about futures trading and disrupts the futures trading market shall be punished in accordance with the provisions of the first and second paragraphs of this article.

Article 72: Where futures companies and other futures business institutions, clearing members of non-futures companies, and futures margin depository banks provide false application documents or use other deceptive methods to conceal important facts to obtain futures business licenses, their futures business licenses shall be revoked and their futures business licenses shall be confiscated. Income.

Article 73: Insiders of inside information on futures trading or persons who illegally obtain inside information on futures trading use inside information to engage in futures trading or disclose inside information to others before the information that has a significant impact on the price of futures trading is disclosed. If others use inside information to conduct futures transactions, the illegal income shall be confiscated and a fine of 1 to 5 times of the illegal income shall be imposed; if there is no illegal income or the illegal income is less than 100,000 yuan, a fine of 100,000 yuan but less than 500,000 yuan shall be imposed . If an entity engages in insider trading, it shall also issue a warning to the directly responsible person in charge and other directly responsible persons, and impose a fine of 30,000 yuan up to 300,000 yuan.

Staff members of the State Council’s futures regulatory agency, futures exchanges, and futures margin security depository monitoring agencies who conduct insider trading shall be severely punished.

Article 74 Any unit or individual who commits one of the following acts to manipulate futures trading prices shall be ordered to make corrections, the illegal gains shall be confiscated, and a fine of 1 to 5 times the illegal gains shall be imposed; there is no illegal gains or the illegal gains are less than 200,000 Yuan, a fine of 200,000 yuan up to 1 million yuan shall be imposed:

(1) Individually or in collusion, concentrating capital advantage, position holding advantage, or using information advantage to combine or continuous trading contracts to manipulate futures trading prices;

(2) deliberately colluding to conduct futures transactions with each other at the time, price and method agreed in advance, which affects the futures transaction price or the futures transaction volume;

(3) Taking oneself as the trading object, buying and selling for themselves, affecting the futures trading price or futures trading volume;

(4) is to affect the futures market and hoard spot;

(5) Other acts of manipulating futures trading prices as prescribed by the futures regulatory agency of the State Council.

If a unit commits one of the acts listed in the preceding paragraph, the directly responsible person in charge and other directly responsible persons shall be given a warning and a fine of not less than 10,000 yuan but not more than 100,000 yuan.

Article 75 If the delivery warehouse has one of the acts listed in the second paragraph of Article 39 of these regulations, it shall be ordered to make corrections, given a warning, the illegal gains shall be confiscated, and a fine of 1 to 5 times the illegal gains shall be imposed; no illegal gains shall be imposed; If the income or illegal income is less than 100,000 yuan, a fine of 100,000 yuan up to 500,000 yuan shall be imposed; if the circumstances are serious, the futures exchange shall be ordered to suspend or cancel its delivery warehouse qualifications. The directly responsible persons in charge and other directly responsible persons shall be given a warning and a fine of not less than 10,000 yuan but not more than 100,000 yuan.

Article 76: State-owned and state-controlled enterprises violate these regulations and the relevant regulations of the State-owned Assets Supervision and Administration Agency of the State Council and other relevant departments regarding enterprises entering the futures market with state-owned assets to conduct futures transactions, or use credit funds or fiscal funds in violation of regulations For futures trading, a warning shall be given, the illegal income shall be confiscated, and a fine of 1 to 5 times the illegal income shall be imposed; if there is no illegal income or the illegal income is less than 100,000 yuan, a fine of 100,000 yuan up to 500,000 yuan shall be imposed. The directly responsible supervisor and other directly responsible personnel shall be given disciplinary sanctions ranging from demotion to expulsion.

Article 77: Any domestic unit or individual engaged in overseas futures trading in violation of the regulations shall be ordered to make corrections, given warnings, confiscated illegal gains, and imposed a fine of 1 to 5 times the illegal gains; there is no illegal gains or the illegal gains are less than 200,000 yuan If the circumstances are serious, the foreign futures trading shall be suspended. The directly responsible person in charge and other directly responsible persons shall be given a warning and a fine of not less than 10,000 yuan but not more than 100,000 yuan.

Article 78 Any unit or individual that illegally establishes or disguised establishment of futures exchanges, futures companies and other futures operating institutions, or engages in futures business without authorization, or organizes disguised futures trading activities shall be banned, the illegal gains shall be confiscated, and the law shall be imposed. A fine of more than 1 time but not more than 5 times the income; if there is no illegal income or the illegal income is less than 200,000 yuan, a fine of 200,000 yuan but less than 1 million yuan shall be imposed. The directly responsible persons in charge and other directly responsible persons shall be given a warning and a fine of not less than 10,000 yuan but not more than 100,000 yuan.

Article 79 The trading software and settlement software suppliers of the futures company refuse to cooperate with the investigation by the futures regulatory agency of the State Council, or fail to provide relevant software materials to the futures regulatory agency of the State Council in accordance with regulations, or the software materials provided are false or major omissions. In case of violation, it shall be ordered to make corrections and a fine of 30,000 yuan up to 100,000 yuan shall be imposed. The directly responsible persons in charge and other directly responsible persons shall be given a warning and a fine of not less than 10,000 yuan but not more than 50,000 yuan.

Article 80: Where accounting firms, law firms, asset appraisal agencies and other intermediary service agencies fail to perform their duties diligently, and the documents issued by them contain false records, misleading statements, or major omissions, they shall be ordered to make corrections, confiscated business income, and suspend or cancel the relevant Business permits and a fine of more than 1 time and less than 5 times the business income. The directly responsible persons in charge and other directly responsible persons shall be given a warning, and a fine of 30,000 yuan up to 100,000 yuan shall be imposed.

Article 81   If any unit or individual violates the provisions of these Regulations and the circumstances are serious, the futures regulatory agency of the State Council shall declare that the individual, the unit or the directly responsible personnel of the unit are prohibited from entering the futures market.

Article 82: The staff of the State Council’s futures regulatory agency, futures exchange, futures margin security depository monitoring agency, and futures margin depository bank and other relevant entities leak state secrets or trade secrets of members or customers, or engage in fraud for personal gain , Dereliction of duty, abuse of power, or acceptance of bribes shall be given administrative or disciplinary sanctions in accordance with the law.

Article 83   Violation of these regulations and constitutes a crime shall be investigated for criminal responsibility according to law.

Article 84 The administrative penalties for illegal acts stipulated in these Regulations shall be determined by the futures regulatory authority of the State Council; where the statutory authority of other relevant departments is involved, the futures regulatory authority of the State Council shall deal with it in conjunction with other relevant authorities; those that fall within the legal authority of other relevant departments , The futures regulatory agency of the State Council shall transfer to other relevant departments for handling.

Chapter Eight

Article 85   The meaning of the following terms in these regulations:

(1) Futures contract refers to a standardized contract formulated by the futures exchange to provide for the delivery of a certain amount of subject matter at a specific time and place in the future. According to the different subject matter of the contract, futures contracts are divided into commodity futures contracts and financial futures contracts. The subject matter of commodity futures contracts includes agricultural products, industrial products, energy and other commodities and their related index products; the subject matter of financial futures contracts includes financial products such as securities, interest rates, exchange rates, and related index products.

(2) Option contract refers to a standardized contract that is uniformly formulated by the futures exchange and stipulates that the buyer has the right to buy or sell the agreed subject matter (including futures contracts) at a certain time in the future.

(3) Margin refers to funds paid by futures traders in accordance with prescribed standards for settlement and guarantee performance.

(4) Settlement refers to the settlement and transfer of funds based on the settlement price announced by the futures exchange on the trading profit and loss of both parties.

(5) Delivery means that when the contract expires, in accordance with the rules and procedures of the futures exchange, both parties to the transaction transfer the ownership of the subject matter contained in the contract, or settle the difference in cash according to the prescribed settlement price, and settle the outstanding positions at the expiration date. The contract process.

(6) Closing a position refers to the act of closing a futures transaction by a futures trader who buys or sells a contract with the same type, quantity and delivery month of the contract held by the futures trader but in the opposite direction.

(7) Open interest refers to the number of open interest contracts held by futures traders.

(8) Position limit refers to the maximum amount stipulated by the futures exchange for the position of futures traders.

(9) Warehouse Receipt refers to the standardized delivery certificate issued by the delivery warehouse and recognized by the futures exchange.

(10) Price limit means that the trading price of a contract in a trading day shall not be higher or lower than the specified fluctuation range, and the quotation exceeding the fluctuation range will be deemed invalid and cannot be traded.

(11) Inside information refers to information that may have a significant impact on futures trading prices, including: policies formulated by the futures regulatory agency of the State Council and other relevant departments that may have a significant impact on futures trading prices, futures exchanges Decisions made that may have a significant impact on futures trading prices, the funds and trading trends of futures exchange members, customers, and other important information that has a significant impact on futures trading prices as determined by the futures regulatory agency of the State Council.

(12) Insiders of inside information refer to persons who can contact or obtain inside information due to their managerial, supervisory or professional status, or perform their duties as employees or professional consultants, including: managers of futures exchanges and Other practitioners who can obtain inside information due to their positions, staff of the futures regulatory agency of the State Council and other relevant departments, and other personnel specified by the futures regulatory agency of the State Council.

Article 86 The futures regulatory agency of the State Council may approve the establishment of a special settlement agency for futures to perform the settlement and related duties of the futures exchange, and bear corresponding legal responsibilities.

Article 87: The administrative measures for the establishment, acquisition, or equity participation of foreign institutions in domestic futures operating institutions, and the establishment of branches (including representative offices) by overseas futures operating institutions in China shall be governed by the futures regulatory agency of the State Council in conjunction with the competent commercial authority of the State Council and foreign exchange It is formulated by the management department and other relevant departments, and implemented after being approved by the State Council.

Article 88   Futures transactions conducted at trading venues approved by the futures regulatory agency of the State Council other than the futures exchanges shall be implemented in accordance with the relevant provisions of these regulations.

Article 89   Any institution or market, without the approval of the futures regulatory agency of the State Council, adopts a centralized transaction method to conduct standardized contract transactions, and at the same time adopts the following transaction mechanisms or has one of the following characteristics of the transaction mechanism, it is a disguised futures transaction:

(1) Provide performance guarantees for all buyers and sellers participating in a centralized transaction;

(2) Implementing the same-day no-debt settlement system and margin system, and the margin collection ratio is less than 20% of the contract (or contract) target amount.

Institutions or markets that adopt the transaction mechanism specified in the preceding paragraph or have one of the characteristics of the transaction mechanism specified in the preceding paragraph before the implementation of these Regulations shall carry out rectification within the time limit specified by the competent commercial department of the State Council.

Article 90   Other trading activities of commodities or financial products that do not belong to futures trading shall be supervised and managed by relevant state departments, and these regulations shall not apply.

Article 91   These regulations shall come into force on April 15, 2007. The "Interim Regulations on the Administration of Futures Trading" promulgated by the State Council on June 2, 1999 shall be repealed simultaneously.

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