Article 1 These Provisions are formulated in accordance with Articles 46 and 70 of the Regulations on the Administration of Futures Trading in order to prevent and crack down on illegal acts of manipulating futures trading prices. Article 2. Frequent declaration or withdrawal of orders, or large declaration or withdrawal of orders for the purpose of closing transactions, affect the price or volume of futures trading, conduct transactions in the opposite direction of declaration or seek related interests, which constitutes manipulation. Article 3 Whoever fabricates or disseminates false or misleading information, affects the price or volume of futures trading, conducts related transactions or seeks related interests constitutes manipulation. Article 4 Making public comments, forecasts or investment suggestions on contracts or contract targets that affect the price or volume of futures trading, and conducting futures trading in the direction opposite to their comments, forecasts or investment suggestions, constitutes manipulation. Article 5 When the delivery month approaches or when the delivery month approaches, it constitutes manipulation to circumvent the position restriction by improper means, thus forming a position advantage and affecting the futures trading price. Article 6 No unit or individual may manipulate futures trading prices by other means. Article 7 Any unit or individual that commits any of the above acts shall be dealt with in accordance with the provisions of Article 70 of the Regulations on the Administration of Futures Trading. Article 8 These Provisions shall come into force as of the date of promulgation.

Annex 2

Drafting Notes on Item 5 of Article 70 of the Regulations on the Administration of Futures Trading "Other Acts of Manipulating Futures Trading Prices"

In order to crack down on the manipulation of futures trading prices and enhance the ability of the futures market to serve the real economy, according to the provisions of Articles 46 and 70 of the Regulations on the Administration of Futures Trading, we have formulated the provisions on other manipulation of futures trading prices in Item 5 of Article 70 of the Regulations on the Administration of Futures Trading (hereinafter referred to as the "Regulations"). The relevant situation is now explained as follows:

I. Drafting background

In recent years, I will find that some traders repeatedly use programmed trading tools or self-media platforms to manipulate futures trading prices through false declarations, bewitching, grabbing hats and squeezing positions, thus disrupting the order of the futures market.

This kind of behavior is not explicitly prohibited by the Regulations on the Administration of Futures Trading, showing a trend of multiple occurrences, which needs to be regulated urgently.

Second, the main content

Article 8 of the Regulations. Article 1 is the basis of formulation. Articles 2 to 5 explicitly prohibit four kinds of manipulation of futures trading prices, such as false declaration, demagoguery, hat grabbing and hoarding. Article 6 is the bottom clause, article 7 is the liability clause, and article 8 is the implementation date clause.

(1) Manipulating false declaration