(China Securities Regulatory Commission, State Economic and Trade Commission, Ministry of Foreign Economic Relations and Trade Cooperation, State Administration for Industry and Commerce and State Administration of Foreign Exchange jointly issued on May 24th, 20001).

Chapter I General Principles

Article 1 In order to strengthen the management of overseas futures business, these Measures are formulated in accordance with the Provisional Regulations on the Administration of Futures Trading.

Article 2 These Measures shall apply to state-owned enterprises registered within the territory of People's Republic of China (PRC) (including enterprises in which state-owned assets occupy a controlling or leading position).

Article 3 The term "overseas futures business" as mentioned in these Measures refers to the business activities of domestic enterprises engaged in standardized contract transactions on overseas futures exchanges.

Article 4 The China Securities Regulatory Commission shall supervise and manage overseas futures business in accordance with these Measures.

Chapter II Acquisition of Qualification for Overseas Futures Business

Article 5 The China Securities Regulatory Commission shall implement a licensing system for enterprises engaged in overseas futures business. Enterprises engaged in overseas futures business must be approved by the State Council and obtain the overseas futures business license issued by China Securities Regulatory Commission.

An enterprise that has not obtained an overseas futures business license shall not engage in overseas futures business.

Article 6 An enterprise applying to engage in overseas futures business shall meet the following conditions:

(a) in line with the national futures trading laws, regulations and policies;

(2) Having the right to import and export;

(3) Import and export commodities or other commodities traded in overseas spot markets really need to be hedged in overseas futures markets;

(4) Having a sound overseas futures business management system;

(5) Having trading, communication and information service facilities that meet the requirements;

(6) There are at least three employees who have been engaged in overseas futures business for more than 65,438+0 years and have obtained the qualification certificates of futures practitioners issued by China Securities Regulatory Commission or overseas futures regulatory agencies, including full-time futures risk managers; At least 65,438+0 senior managers know about overseas futures business and meet other regulations of China Securities Regulatory Commission;

(seven) other conditions stipulated by the China Securities Regulatory Commission.

Article 7 An enterprise applying for overseas futures business shall submit the following materials to the audit department:

(1) An application report for overseas futures business;

(2) An application form for overseas futures business;

(3) Management system for overseas futures business;

(4) Business license of enterprise as a legal person;

(5) Qualification certificates of import and export enterprises;

(six) the experience of employees engaged in overseas futures business and the qualification certificate of employees;

(seven) other materials prescribed by the audit department.

Article 8 The China Securities Regulatory Commission shall, jointly with the relevant departments of the State Council, examine the enterprises applying for engaging in overseas futures business, and issue a reply notice to the applicant enterprises after being approved by the State Council.

An enterprise that has passed the examination shall, with the approval notice, go to the administrative department for industry and commerce to register the change of the corresponding business scope and change its business license.

The enterprise shall obtain the overseas futures business license from China Securities Regulatory Commission with the changed business license.

The enterprise shall apply to the State Administration of Foreign Exchange for opening an overseas futures margin account and a special domestic futures foreign exchange account with the overseas futures business license and the changed business license.

Chapter III Basic Rules for Overseas Futures Business

Article 9 Enterprises that have obtained overseas futures business licenses (hereinafter referred to as licensed enterprises) can only engage in hedging transactions in overseas futures markets and may not engage in speculative transactions.

Hedging mentioned in the preceding paragraph refers to the act of buying and selling futures contracts to offset the spot price risk.

Article 10 A licensed enterprise engaged in hedging transactions shall abide by the following provisions:

(a) the variety of futures trading is limited to the products produced and operated by the enterprise or the raw materials needed;

(two) future positions shall not exceed the normal settlement capacity of enterprises, and shall not exceed the number stipulated in import and export quotas and licenses;

(3) The holding time of futures should match the pricing period required for spot hedging;

(4) Other provisions of the China Securities Regulatory Commission.

Article 11 The holding time of a hedging position shall generally not exceed 65,438+02 months, unless it is approved by the China Securities Regulatory Commission.

After signing the spot contract, the holding time of the corresponding hedging position shall not exceed the time specified in the spot contract or the actual execution time of the contract.

Article 12 Overseas futures posts shall be subject to quota management. Hedging amount is the maximum amount of future positions held by a licensed enterprise in a specific period.

Article 13 When determining the hedging quota of commodities restricted by the state, the licensed enterprise shall also provide the approval documents of relevant state departments to the China Securities Regulatory Commission.

Article 14 A licensed enterprise shall formulate a hedging plan according to the production and operation plan and report it to the China Securities Regulatory Commission for the record.

Article 15 The hedging plan shall specify the spot varieties and their quantities, futures varieties and their quantities to be hedged.

Article 16 The hedging plan of a licensed enterprise shall be approved once a year. The total amount of hedging positions for consecutive 12 months shall not exceed the hedging amount for the same period.

When the futures position of a licensed enterprise exceeds the specified hedging amount, it shall report to the China Securities Regulatory Commission within 2 working days and explain the reasons.

Seventeenth certified enterprises should allocate future jobs according to the needs of value-added goods.

Article 18 The overseas futures brokerage institution selected by a franchised enterprise shall be a settlement member of an overseas futures exchange or an overseas futures settlement institution with good credit.

Article 19 A licensed enterprise shall open a trading account in an overseas futures brokerage institution in its own name and engage in futures business through an overseas futures brokerage institution in its own name.

Article 20 The overseas futures exchanges selected by licensed enterprises shall be standardized in management and active in trading, and the futures varieties traded shall be representative of similar futures exchanges.

Article 21 The futures trading varieties selected by licensed enterprises shall be approved by the State Economic and Trade Commission or the Ministry of Foreign Trade and Economic Cooperation, and reported to the China Securities Regulatory Commission for the record.

Twenty-second certified enterprises to choose overseas brokerage institutions and overseas futures exchanges shall be approved by the China Securities Regulatory Commission.

Article 23 A licensed enterprise shall establish a strict and effective internal management and risk control system, clearly define the responsibilities of decision makers, transaction order executors, fund managers or risk managers in overseas futures trading, and shall not overstep or exceed its authority to exercise these responsibilities.

Article 24 The authorization of a licensed enterprise to the executor of a trading order shall be confirmed by an overseas futures brokerage institution and reported to the China Securities Regulatory Commission for the record.

Chapter IV Administration of Foreign Exchange

Article 25 The China Securities Regulatory Commission is responsible for supervising the authenticity and annual risk exposure of hedging transactions of licensed enterprises. The annual risk exposure refers to the balance allowed to be retained in the overseas futures margin account of the licensed enterprise at the end of last year, the accumulated additional guarantee amount and the maximum futures compensation amount in that year.

Twenty-sixth licensed enterprises at the beginning of each year to put forward the risk exposure supported by data, after the approval of the China Securities Regulatory Commission, go through the registration formalities with the State Administration of Foreign Exchange. The State Administration of Foreign Exchange issues a confirmation letter for the annual risk limit registration of enterprise futures business, and sends a copy to the bank where the account is opened, so that the bank can check it when the funds are remitted.

Article 27 The State Administration of Foreign Exchange is responsible for monitoring the margin account of overseas futures business and the domestic futures foreign exchange account of licensed enterprises.

The number of overseas accounts shall be controlled by the State Administration of Foreign Exchange in consultation with the China Securities Regulatory Commission according to the business needs of enterprises; Only one domestic special account can be opened.

Twenty-eighth licensed enterprises to carry out overseas futures business remittance and remittance of funds shall be handled through futures accounts.

The income of the special futures account is limited to the self-owned foreign exchange funds used for remittance of futures margin or futures compensation, and the profit income under overseas futures trading. Expenditure is limited to the remittance of futures margin or futures compensation, the payment of futures brokerage fees and bank charges under futures.

Twenty-ninth banks are responsible for the authenticity of remittance vouchers and remittance funds of certified enterprises. When an enterprise needs to remit funds or purchase foreign exchange due to futures trading, the deposit bank can go through the formalities of remittance of funds within the quota approved and registered by the State Administration of Foreign Exchange after checking the Confirmation of Annual Risk Limit of Futures Business issued by overseas futures brokerage institutions.

Article 30 The funds used by a licensed enterprise for futures margin or futures compensation shall first use its own foreign exchange funds, and the insufficient part can only be purchased. Its own funds come from other cash accounts approved by the State Administration of Foreign Exchange. Enterprises can apply to the State Administration of Foreign Exchange to increase the scope of use of cash accounts, that is, under futures, the funds in cash accounts can be transferred to special futures accounts. The transfer of funds between approved accounts shall be remitted abroad at the latest the next day; The foreign exchange purchase funds shall be remitted abroad through the special futures account on the same day.

Article 31 The profits of a licensed enterprise engaged in futures trading shall be transferred back to the special domestic futures account in time, and all foreign exchange settlement shall be handled on the same day, and the bank shall set up an account to register one by one. Repatriation of profits is an important basis for enterprises to apply for risk exposure in the next year.

Article 32 For the spot import and export of hedging, the licensed enterprise shall write off the import and export receipts and payments according to general trade.

Article 33 The bank opening a special futures account shall report to the State Administration of Foreign Exchange the import, export, transfer and purchase of foreign exchange of the licensed enterprise last month within 10 working days before each month.

An enterprise shall, within 10 working days before each month, submit to the State Administration of Foreign Exchange a report on the purchase and payment of foreign exchange funds and futures brokerage institutions, cash and positions. Within 10 working days before July and 10 every year, report the credit line of overseas institutions in the first half of the year and its use, futures gains and losses and corresponding spot gains and losses to the State Administration of Foreign Exchange, and the State Administration of Foreign Exchange and the China Securities Regulatory Commission will conduct a double-line check every six months.

Chapter V Supervision and Administration

Article 34 A licensed enterprise shall report the overseas futures business of last month to the China Securities Regulatory Commission within 10 working days before each month. The monthly report shall include the following contents:

(1) Credit lines of futures trading and credit institutions;

(2) The amount of futures trading margin occupied.

(3) The variety, month, quantity, position direction and floating profit and loss amount of the futures contract;

(4) The variety, month, quantity, trading direction, price and liquidation profit and loss amount of the futures trading liquidation contract;

(five) the variety, quantity and delivery place of the delivery place;

(6) Spot transactions corresponding to futures transactions;

(seven) the amount of foreign exchange purchased in the futures foreign exchange account, the remittance destination and the name of the institution;

(8) The remittance amount and source of the futures foreign exchange account.

(nine) other matters stipulated by the China Securities Regulatory Commission.

Article 35 A licensed enterprise shall report the following acts to the China Securities Regulatory Commission for the record within 10 working days:

(a) the right to import and export has changed;

(2) The person in charge of overseas futures business, risk management personnel, trading order executors and other employees have changed;

(3) Division, merger or joint operation;

(4) Changing the business scope;

(5) Other matters stipulated by the China Securities Regulatory Commission.

Article 36 If a licensed enterprise commits any of the following acts, it shall change its business license within 10 working days:

(1) Changing its legal representative;

(2) Change of name and domicile;

(3) Change of registered capital;

(4) Other matters stipulated by the China Securities Regulatory Commission.

Article 37 The China Securities Regulatory Commission may conduct routine inspections on the following matters of licensed enterprises:

(1) Whether the procedures for examination and approval, approval and filing of establishment or change matters are complete;

(two) whether the contents of the application materials are consistent with the actual situation;

(three) whether to engage in overseas futures business beyond the scope;

(four) whether to carry out speculative trading;

(five) whether it violates the provisions of the state on foreign exchange control;

(six) whether to submit relevant materials in accordance with the provisions;

(seven) the formulation and implementation of the management system;

(eight) other matters that the China Securities Regulatory Commission deems necessary to check.

Article 38 A licensed enterprise shall invite an accounting firm with good reputation in the place where the futures trading is located every two months to inspect the internal control, risk management and position allocation of overseas futures trading, and report the inspection to the China Securities Regulatory Commission.

Article 39 A certified enterprise shall report to the China Securities Regulatory Commission within 3 working days after the following circumstances occur or become known:

(1) overseas future positions was forced to close its position;

(2) Legal disputes with overseas futures brokerage institutions;

(3) Significant financial losses and legal disputes have occurred in the selected overseas futures brokerage institution or exchange;

(four) other major events that affect the futures interests of licensed enterprises.

Article 40 Business records such as trading statements and monthly statements of licensed enterprises shall be kept for 3 years.

Article 41 The overseas futures business license shall be uniformly designed and printed by the China Securities Regulatory Commission.

It is prohibited to forge, alter, lend, transfer or buy or sell overseas futures business licenses.

Article 42 If the overseas futures business license is lost or seriously damaged, it shall report to the China Securities Regulatory Commission within 10 working days from the date of discovery and re-apply.

Article 43 The relevant contents of the overseas futures business license and the business license shall be consistent.

Article 44 The China Securities Regulatory Commission shall implement an annual inspection system for licensed enterprises to confirm their qualifications for engaging in overseas futures business.

The format of the annual inspection report, the annual inspection logo style and the annual inspection seal style shall be uniformly formulated by the China Securities Regulatory Commission.

Article 45 The main contents of the annual inspection include:

(a) the operating and financial status of the licensed enterprise;

(2) Change of overseas futures business license.

(3) The operation and financial status of overseas futures business;

(four) the formulation and implementation of the management system;

(5) hedging operations.

(six) the implementation of foreign exchange management regulations;

(7) Qualifications of futures managers and employees;

(eight) other matters stipulated by the China Securities Regulatory Commission.

Article 46 If a licensed enterprise passes the annual inspection, the China Securities Regulatory Commission shall affix the annual inspection mark on its overseas futures business license.

Article 47 The administrative departments involved in these Measures shall keep confidential the overseas futures trading and funds of the licensed enterprises.

Chapter VI Punishment Rules

Article 48 Licensed enterprises and banks that violate foreign exchange control regulations in overseas futures business shall be punished by the State Administration of Foreign Exchange in accordance with the Regulations of People's Republic of China (PRC) on Foreign Exchange Control. If the case constitutes a crime, the relevant institutions and responsible persons shall be investigated for criminal responsibility according to law.

Article 49 The China Securities Regulatory Commission may, depending on the seriousness of the case, order a licensed enterprise that is seriously illegal or suspected of being seriously illegal to suspend its overseas futures business or revoke its overseas futures business license.

Fiftieth licensed enterprises in violation of the provisions of these measures, one of the following acts, the China Securities Regulatory Commission shall be ordered to correct, given a warning and other penalties. If the circumstances are serious, its overseas futures business qualification shall be suspended or its overseas futures business license shall be revoked:

(1) The application materials contain false records, major omissions or misleading statements;

(2) Failing to fulfill the obligation of reporting or filing as required;

(3) engaging in overseas futures trading without authorization in accordance with the provisions of Article 8 of these Measures.

(4) Failing to submit relevant materials and documents to the China Securities Regulatory Commission as required;

(5) Forging, tampering with or failing to keep the futures trading, settlement and delivery data as required.

(6) Forging, altering, lending, transferring or buying or selling overseas futures business licenses.

(seven) refusing or obstructing the China Securities Regulatory Commission from performing its supervision and management duties according to law;

(eight) other acts in violation of the provisions of the China Securities Regulatory Commission.

Article 51 The persons who are directly responsible for engaging in overseas futures business in violation of regulations shall be given administrative sanctions according to law; If a crime is constituted, criminal responsibility shall be investigated according to law.

Chapter VII Supplementary Provisions

Fifty-second of these Measures shall be interpreted by the publishing units.

Article 53 These Measures shall come into force as of the date of promulgation.