Article 1 Individual investors participating in options trading shall meet the following conditions:

(1) The market value of the securities entrusted by the option management institution when applying for opening an account and the available balance of the fund account (excluding the securities and funds integrated through margin financing and securities lending), totaling not less than RMB 500,000;

(2) Having been trading in a securities company for more than 6 months and having the qualification experience of participating in margin trading or financial futures trading; Or have opened an account with a futures company for more than 6 months and have experience in financial futures trading;

(3) Having basic knowledge of options and passing relevant tests recognized by this Exchange.

(4) Having experience in simulated trading of options recognized by this Exchange.

(5) Having corresponding risk tolerance;

(6) There is no serious bad credit record, and options trading is prohibited or restricted by laws, regulations, rules and the business rules of this Exchange;

(7) Other conditions stipulated by this Exchange.

When individual investors participate in option trading, they shall make a comprehensive evaluation of the appropriateness of option investors organized by the option management institution (hereinafter referred to as "comprehensive evaluation").

Article 2 Ordinary institutional investors shall meet the following conditions when participating in options trading:

(1) The market value of the securities entrusted by the option management institution when applying for opening an account and the available balance of the fund account (excluding the securities and funds integrated through margin financing and securities lending), with a total of not less than RMB 6,543,800+0,000;

(2) Its net assets are not less than RMB 6,543,800+0,000;

(3) Relevant business personnel have basic knowledge of options and have passed relevant tests recognized by this Exchange;

(4) Relevant business personnel have experience in option simulation trading recognized by this Exchange;

(5) There is no serious bad credit record, and options trading is prohibited or restricted by laws, regulations, rules and the business rules of this Exchange;

(6) Other conditions stipulated by this Exchange.

Article 3 Except as otherwise provided by laws, regulations, rules and regulatory agencies, the following professional institutional investors do not need comprehensive evaluation to participate in option trading:

(1) Commercial banks, option operators, insurance institutions, trust companies, fund management companies, finance companies, qualified foreign institutional investors and other professional institutions and their branches;

(2) Securities investment funds, social security funds, pension funds, enterprise annuities, trust plans, asset management plans, banking and insurance wealth management products, and other funds or entrusted investment assets managed by the professional institutions listed in the first paragraph;

(3) Investors of regulatory agencies and other professional institutions as stipulated by this Exchange.

Section 2 Basic requirements of comprehensive evaluation

Article 4 An option management institution shall formulate implementation measures for comprehensive evaluation of option investors and select suitable investors to participate in option trading.

The option management institution shall timely report the operating guidelines and relevant working systems of investor suitability management to this Exchange for filing.

Article 5 An option management institution shall verify whether investors meet the conditions for participating in option trading as stipulated in these Guidelines.

Article 6 An option operating institution shall comprehensively evaluate the basic information, investment experience, financial assets, basic knowledge of options, risk tolerance and credit status of individual investors.

Investors shall truthfully provide the certification materials related to the comprehensive evaluation, and ensure that the certification materials are true, accurate and complete.

Article 7 An option management institution shall make a special assessment of the risk tolerance of customers through an assessment questionnaire.

The option management institution shall clearly inform the customer of the evaluation results, remind the customer to participate in the option trading cautiously, and record and save the tips.

Article 8 The option management institution shall require customers to open an account on site, and other account opening methods such as witness account opening and online account opening shall not be adopted during the pilot period.

Article 9 The option management institution shall keep the originals or copies of the certification documents and related materials provided by customers, the investor's knowledge test report and comprehensive evaluation form, the risk tolerance evaluation materials, the risk disclosure book, etc. as account opening materials.

Section 3 Knowledge Test of Option Investors

Article 10 An option operating institution shall carry out the knowledge test of option investors (hereinafter referred to as "knowledge test") in accordance with the requirements of these Guidelines, and the test results shall be used to verify the trading authority level of investors and score the basic knowledge of options.

Article 11 An investor who has participated in and passed the knowledge test at the corresponding level may apply to the option management institution for trading authority at the corresponding level in accordance with the provisions of Chapter III of these Guidelines and the provisions of the option brokerage contract.

Relevant business personnel designated by ordinary institutional investors shall take relevant knowledge tests recognized by this Exchange.

Twelfth individual investors should take the knowledge test step by step, and those who fail the previous examination shall not take the next examination.

Article 13 The knowledge test shall be conducted in the business premises of the option management institution. After the test is completed, the option management institution prints the test record and seals it for investors' use.

The investors themselves and relevant business personnel designated by ordinary institutional investors shall sign the record.

The client developer of the option operation institution shall not concurrently be the organizer of the knowledge test.

Fourteenth knowledge test results are valid for a long time and can be used to apply for opening an account in other options operating institutions.

Chapter III Classified Management of Investors

Article 15 An option management institution shall, in accordance with the provisions of these Guidelines, manage the rights of individual investors to participate in option trading at different levels.

The option management institution shall specify the specific standards, procedures and requirements for classified management of individual investors in the option brokerage contract, and fully explain the classified management matters to individual investors.

Article 16 The trading authority applied by individual investors can be divided into level one, level two and level three.

Article 17 An individual investor with the first-level trading authority may trade the following options:

(1) When holding the subject matter of the option contract, open the position with the corresponding amount of reserve.

(2) When holding the subject matter of the option contract, make a corresponding number of put options to buy and open positions;

(3) liquidate or exercise the contract held.

Article 18 Individual investors with secondary trading authority may trade the following options:

(1) transactions corresponding to the first-level trading authority;

(2) buying and opening positions.

Article 19 Individual investors, ordinary institutional investors and professional institutional investors with three-level trading authority may trade the following options:

(1) Transactions corresponding to the secondary trading authority;

(2) Selling margin and opening positions.

Article 20 An individual investor who applies for trading authority at all levels shall reach the required qualified score in the corresponding knowledge test and have the corresponding experience of option simulation trading.

Article 21 If individual investors' knowledge test scores, options and simulated trading experience of financial assets change and meet the qualification requirements corresponding to higher trading authority, they may apply to the options management institution for increasing trading authority.

In case of the circumstances specified in the preceding paragraph, the option management institution shall examine the application in strict accordance with the provisions of these Guidelines; If the application conforms to the provisions of these guidelines and the agreement in the option brokerage contract, the trading authority may be adjusted.

Twenty-second individual investors can apply to the option management institution to reduce the trading authority, and the option management institution shall adjust to the corresponding level according to its requirements.

Article 23 An option operating institution shall dynamically track the basic information provided by investors when they open a derivative contract account by means of telephone, e-mail, Internet and on-site communication of the business department, and keep abreast of the basic information, financial status and participation in option trading of investors.

If the basic information provided by investors changes, it shall promptly inform the option management institution. When the option management institution finds that important information such as contact information provided by customers has changed, it shall timely understand and update it.

Article 24 An option operating institution shall, on the basis of dynamic tracking and continuous understanding of customers' situation, make a comprehensive evaluation of the trading situation, credit records and risk tolerance of all account opening customers at least every two years to judge whether they meet the relevant requirements of appropriateness management and hierarchical management of trading rights. The evaluation results shall be recorded and kept.

Article 25 If the option management institution finds that the actual situation of the customer no longer meets the qualification requirements corresponding to its trading authority, or reduces the trading authority according to the agreement in the option brokerage contract, it may reduce the trading authority of the customer by itself.

Article 26 When adjusting the trading authority of customers, the option management institution shall remind customers of the possible investment risks or the possible loss of trading authority after adjustment, and keep relevant notices and prompt materials.

If the option management institution reduces the trading authority of the customer by itself, it shall also notify the customer in written or electronic form at least three trading days in advance, and keep records.

Article 27 When an option management institution adjusts the trading authority level of its clients, the clients shall conduct option trading according to the adjusted trading authority.

Article 28 The option management institution shall, according to the grading results of the trading authority of the clients, take appropriate measures to control the orders of the clients' options trading, and refuse the trading orders that do not meet the trading authority.

Article 29 An option operating institution shall refer to the results of investor suitability assessment, formulate corresponding service plans and management processes for customers with different trading rights, provide targeted services in options investment consultation, asset management and investor education, and guide customers to invest rationally.

Article 30 After approving or adjusting the rating results of customers' trading rights, the option operating institution shall submit the customer list and rating results to this Exchange in the time and format required by this Exchange.

Chapter IV Investor Education

Article 31 An option management institution shall establish an option investor education system, set up a special post for option investor education, strengthen the training and guidance of option knowledge for customers, and make specific arrangements for the form and content of option investor education according to the different needs and characteristics of customers.

Article 32 The option management institution shall set up an option investor education column on the company website and the website of the business department, continuously and comprehensively introduce the option knowledge, publicize the options laws, regulations, rules and business rules by effective means such as over-the-counter trading system, e-mail and SMS, and fully reveal the options trading risks.

Article 33 An option management institution shall establish a link with the option teaching area of the investor education website of this Exchange on the company website, and timely release the relevant information on option investor education provided by this Exchange to customers according to the needs or requirements of this Exchange.

Article 34 The option management institution shall timely release important information related to options, such as market announcements, risk warnings, suspension and resumption announcements, etc. The firm publishes it to customers through the company website, OTC system and other effective ways.

Chapter V Supplementary Provisions

Article 35 Where an option management institution keeps relevant records in accordance with the provisions of these Guidelines, the retention period of relevant records shall not be less than 20 years.