Investors in the futures investment activities due to fluctuations in the futures market or changes in the value of the investment products themselves, the losses caused by the investors themselves. Article 4 The guarantee fund shall be raised on the principle of taking it from the market and using it for the market. The scale of the guarantee fund should be commensurate with the development of the futures market and the level of market risk. Article 5 Securities funds shall be centrally managed and used by China Securities Regulatory Commission. Article 6 The management and application of the security fund shall follow the principles of openness, rationality and effectiveness. Article 7 The use of the guarantee fund shall follow the principles of safeguarding the legitimate rights and interests of investors and fair assistance, and shall be compensated in proportion. Chapter II Raising of Guarantee Funds Article 8 A guarantee fund management institution shall set up a special fund account in the name of the guarantee fund for storing the guarantee fund. Article 9 The start-up fund of the guarantee fund is formed by the futures exchange withdrawing 15% of the total risk reserve account as of June 36, 2006+February 36, 2006 +0.
The follow-up sources of funds for the guarantee fund include:
(1) The futures exchange pays a certain percentage of the transaction fees it collects to the members of the futures company;
(2) The futures company shall pay a certain percentage of the transaction fees charged by it according to the trading agent amount;
(3) Other lawful property recovered or accepted by the security fund management institution.
The proportion of follow-up funds paid by the guarantee fund shall be determined by the China Securities Regulatory Commission and the Ministry of Finance, and may be adjusted according to the development of the futures market and the market risk level.
For futures companies with high risks due to financial deterioration and poor risk control, protection funds shall be paid in a higher proportion, and the specific proportion of each futures company shall be determined by the China Securities Regulatory Commission according to the risk status of futures companies. The guarantees paid by futures exchanges and futures companies are included in their operating costs. Article 10 Futures exchanges and futures companies shall pay the deposit every year. The futures exchange shall pay the guarantee fund payable in the previous year within 30 working days after the end of each year, and withhold and remit the guarantee fund payable by the futures company according to the proportion determined by the China Securities Regulatory Commission and the Ministry of Finance. Eleventh in any of the following circumstances, with the approval of the China Securities Regulatory Commission and the Ministry of Finance, futures exchanges and futures companies may suspend the payment of protection funds:
(1) The total amount of the guarantee fund is sufficient to cover market risks;
(2) Futures exchanges and futures companies encounter major sudden market risks or force majeure.
After the status quo is eliminated, payment can only be resumed with the approval of the China Securities Regulatory Commission and the Ministry of Finance. Article 12 A newly established futures company shall be included in the scope of margin payment after generating brokerage business income; If the company stops operating, it shall notify the futures exchange and withhold its share of the guarantee fund that should be paid in the current year. Thirteenth to encourage the diversification of sources of security funds, security funds can accept social donations and other legitimate property.
The interest generated by the security fund and the various benefits generated by the application belong to the security fund. Chapter III Management and Supervision of Guarantee Funds Article 14 The China Securities Regulatory Commission and the Ministry of Finance may designate relevant institutions as guarantee fund management institutions to manage guarantee funds on their behalf. Fifteenth security fund management should follow the principle of security and stability, to ensure the security of the security fund.
The use of funds of the security fund is limited to bank deposits, the purchase of government bonds, central bank bonds (including central bank bills) and financial bonds issued by central financial institutions, as well as other ways of using funds approved by the China Securities Regulatory Commission and the Ministry of Finance. Article 16 The security fund shall be independently accounted for and managed, and effectively separated from other assets managed by the security fund management institution.
Security fund management institutions shall regularly prepare reports on the collection, management and use of security funds, which shall be audited by accounting firms and submitted to the China Securities Regulatory Commission and the Ministry of Finance. Seventeenth protection fund management institutions, futures exchanges and futures companies shall properly keep the financial vouchers, account books and statements related to the protection fund to ensure the integrity and authenticity of financial records and files. Article 18 The Ministry of Finance shall be responsible for the financial supervision of safety funds. The annual revenue and expenditure plan and final accounts of the security fund shall be submitted to the Ministry of Finance for approval. Nineteenth China Securities Regulatory Commission is responsible for the supervision of the security fund business, and regularly check the collection, management and use of the security fund.
China Securities Regulatory Commission regularly reports the overall risk status of futures companies to the safeguard fund management institutions. A high-risk futures company shall provide financial supervision statements to the safeguard fund management institution every month. Chapter IV Use of Guarantee Fund Article 20 If a futures company has a margin gap due to serious violations of laws and regulations or poor risk control, the China Securities Regulatory Commission may decide to use the guarantee fund in accordance with the provisions of these Measures to compensate investors for the margin loss that cannot be paid off.