On October 29th, 2065 438+04 10/0, China Securities Regulatory Commission promulgated the Measures for the Supervision and Administration of Futures Companies (hereinafter referred to as the Measures), which will come into force as of the date of promulgation. The "Measures" have been publicly solicited for one month since August 29th, 20 14. As of September 28th, CSRC has received 12 written feedback. On the whole, all sectors of society generally recognize the Measures, believing that the Measures have implemented the nine opinions of New China on improving the competitiveness of the securities and futures service industry, and embodied the concept of functional supervision and moderate supervision. At the same time, we also put forward some opinions and suggestions. According to market opinions, we mainly made the following amendments to the Measures: First, from the perspective of equity incentives, the requirements on going concern time and profitability in the conditions of shareholders were deleted, which further reduced the entry threshold for shareholders holding more than 5% of shares in futures companies. Second, it is consistent with the subject of examination and approval for the establishment of branches by securities companies. The subject of examination and approval for the establishment of branches by futures companies is changed from "the agency of China Securities Regulatory Commission where the branch is to be established" to "the agency of China Securities Regulatory Commission where the company is located". Third, in view of the uniform application of the Interim Measures for the Supervision and Administration of Private Investment Funds to the asset management business of securities, funds and futures companies, we canceled the approval of asset management business in the Measures and adjusted it to be registered and filed according to law, which is consistent with the relevant provisions of the Measures. The fourth is to expand the scope of trading places that futures companies can participate in, and allow them to enter legal trading places such as stock exchanges to carry out derivatives and related businesses according to law. Fifth, in view of the fact that the relevant provisions of some normative documents have not adapted to the actual supervision or there are new provisions in the Measures, we abolished them and stipulated the parts that need to be retained in the Measures. Where the Measures have made uniform provisions on foreign-funded futures companies, the Notice on Relevant Issues Concerning Hong Kong and Macao Service Providers' Participation in Futures Brokerage Companies (Futures Zi [2005] 138) shall be abolished.

The opinions not adopted in the Measures involve the equity change of listed futures companies and the cancellation of some administrative licensing matters of futures companies. The reasons for not adopting it are as follows: First, we didn't absorb some deregulation suggestions for regulatory needs, so as to avoid regulatory arbitrage in practice; Second, some suggestions have been stipulated in other methods or are beyond the scope of authorization of the superior law, and we have not absorbed them.

The Measures issued this time implement the relevant opinions of the State Council on Further Promoting the Healthy Development of the Capital Market (hereinafter referred to as Article 9) on improving the competitiveness of the securities and futures service industry, as well as the relevant contents of the State Council's Decision on the Sixth Batch of Cancellation and Adjustment of Administrative Examination and Approval Items and the Decision on Revision (hereinafter referred to as the "Two Decisions"). It is the CSRC's response to the State Council's request for decentralization and implementation of the spirit of regulatory transformation.

The officially issued Measures mainly include the following contents: First, implement the requirements of decentralization and decentralization, and implement the spirit of regulatory transformation. The "Measures" stipulate the relevant contents of cancellation and decentralization of administrative examination and approval items, and clarify the equity changes that futures companies need to approve and the filing requirements for partial cancellation of examination and approval items. The second is to lower the entry threshold and optimize the shareholder conditions of futures companies. Expand the scope of shareholders of futures companies from China legal persons to units and natural persons; Clarify the qualifications of natural person shareholders and optimize the qualifications of non-natural person shareholders. The third is to improve the business scope of futures companies. The business that a futures company can engage in can be divided into four levels: the business that can be engaged when the company is established, the business that needs approval, the business that needs registration and other businesses that can be engaged after approval, and it has reserved space for license management and mixed operation in the future. The fourth is to clarify the relevant requirements for diversification of futures companies. Clarify the requirements for risk isolation and conflict of interest prevention, and adjust the requirements for business departments and post setting of futures companies. The fifth is to improve the supervision system and focus on safeguarding the legitimate rights and interests of investors. The "Measures" strengthened the supervision of futures companies during and after the event, improved and enriched relevant supervision means, and strengthened the investor education and protection system and transaction risk control requirements. Sixth, strengthen the information disclosure obligation of futures companies. The Measures adjust the notification requirements of shareholders of futures companies; Improve the reporting requirements of futures companies to shareholders and clarify the scope of information disclosure of futures companies. Seventh, improve the regulatory measures and legal responsibilities of futures companies. The "Measures" have increased the punishment for violations of laws and regulations, and refined and improved the relevant provisions on regulatory measures and legal responsibilities. Eighth, cooperate with overseas traders to engage in specific futures trading and make corresponding institutional arrangements. For example, relaxing the restrictions on customers opening futures accounts will clear the institutional obstacles for introducing overseas customers into the crude oil futures market. Nine is to clarify the relevant provisions for futures companies to introduce overseas shareholders and set up overseas institutions. The "Measures" have implemented the relevant commitments of China's opening to the outside world and made it clear that foreign capital can participate in futures companies; Clarify the basic requirements for a futures company to establish, acquire or participate in overseas futures operating institutions.