Without the approval of the China Securities Regulatory Commission, no unit or individual may set up or set up a futures exchange in disguise. Article 7 A futures exchange shall not aim at making profits, and shall implement self-discipline management in accordance with the provisions of its articles of association. A futures exchange shall bear civil liability for all its property. Article 8 A member of a futures exchange shall be an enterprise legal person registered in People's Republic of China (PRC). To obtain the membership of a futures exchange, it shall be approved by the futures exchange and the membership fee shall be paid.
The members of the futures exchange are composed of members of futures brokerage companies and members of non-futures brokerage companies. Article 9 A futures exchange shall have a board of directors. The chairman and vice-chairman are nominated by the China Securities Regulatory Commission and elected by the Board of Directors.
The futures exchange shall have a general manager and deputy general managers, who shall be appointed and removed by the China Securities Regulatory Commission. The general manager is the legal representative of the futures exchange. Article 10 A person who falls under the circumstances stipulated in Article 101 of the Securities Law or other circumstances stipulated by the China Securities Regulatory Commission may not be a senior manager or financial accountant of a futures exchange. Article 11 The staff of a futures exchange shall faithfully perform their duties, and shall not engage in futures trading for themselves in any way, and shall not disclose inside information or use inside information to obtain illegal benefits. Article 12 When performing their duties, staff members of a futures exchange who have an interest in themselves or their relatives should withdraw. Article 13 A staff member of a futures exchange may not serve in a member unit of the futures exchange during his tenure or after leaving the futures exchange for less than one year.
National civil servants are not allowed to serve in futures exchanges. Article 14 A futures exchange shall perform the following duties:
(1) Providing places, facilities and services for futures trading;
(2) Designing futures contracts and arranging the listing of futures contracts;
(3) Organizing and supervising futures trading, settlement and delivery;
(four) to ensure the performance of futures contracts;
(five) to formulate and implement the risk management system as stipulated in Article 35 of these regulations;
(six) other functions stipulated by the China Securities Regulatory Commission. Article 15 A futures exchange shall not engage in trust investment, stock trading, non-self-use real estate investment and other businesses unrelated to its functions.
It is forbidden for futures exchanges to directly or indirectly participate in futures trading. Article 16 When there is any abnormality in the futures market, the futures exchange may decide to take the following emergency measures according to the authority and procedures stipulated in its articles of association, and immediately report to the China Securities Regulatory Commission:
(1) Raising the deposit;
(2) Adjust the range of price limit;
(3) Limiting the maximum positions held by members or customers.
(4) Suspending trading temporarily.
(5) Take other emergency measures.
The abnormal situation mentioned in the preceding paragraph refers to the manipulation of the market, serious distortion of price formation or force majeure emergencies in transactions and other circumstances stipulated by the China Securities Regulatory Commission.
After the abnormal situation disappears, the futures exchange shall promptly lift the emergency measures. Seventeenth futures trading in any of the following circumstances, shall be approved by the China Securities Regulatory Commission:
(1) To formulate or modify the articles of association and business rules of the company;
(2) Listing, suspension, cancellation or resumption of futures trading varieties;
(3) Listing, modification or termination of futures contracts.
(4) Other circumstances stipulated by the China Securities Regulatory Commission. Article 18 The proceeds of a futures exchange shall be managed and used in accordance with the relevant provisions of the state, and shall not be distributed to members or used for other purposes.
After the after-tax income of the futures exchange is withdrawn from the public welfare fund in accordance with the relevant provisions of the state, all of it shall be converted into provident fund to make up for the losses in future years. Article 19 The merger and division of a futures exchange shall be approved by the China Securities Regulatory Commission. Article 20 Futures trading shall be dissolved under any of the following circumstances:
(1) When the business term stipulated in the Articles of Association expires, the general meeting of members decides not to extend it;
(2) The general meeting of members decides to dissolve;
(3) China Securities Regulatory Commission decided to suspend business.
Where a futures exchange is dissolved due to the circumstances mentioned in Items (1) and (2) of the preceding paragraph, it shall be approved by the China Securities Regulatory Commission. Chapter III Futures Brokerage Companies Article 21 The establishment of a futures brokerage company shall comply with the provisions of the Company Law and meet the following conditions:
(a) the minimum registered capital is 30 million yuan;
(two) the main management personnel and business personnel must have the qualification of futures business;
(3) Having a fixed business place and qualified trading facilities;
(4) Having a sound management system;
(5) Other conditions stipulated by the China Securities Regulatory Commission.