The "Pilot Measures for Asset Management Business of Futures Companies" was deliberated and adopted at the 1 8th Chairman's Office Meeting of China Securities Regulatory Commission on May 22, 20/2. It is hereby promulgated and shall come into force as of September12065438.

Pilot measures for asset management business of futures companies

Chapter I General Principles

Article 1 In order to carry out the pilot work of asset management business of futures companies in an orderly manner, standardize the asset management business activities during the pilot period and protect the legitimate rights and interests of investors, these Measures are formulated in accordance with the relevant provisions of the Regulations on the Administration of Futures Trading.

Article 2 Asset management refers to the business activities in which a futures company accepts the written entrustment of a single customer or a specific number of customers, invests with the assets entrusted by customers in accordance with the provisions of these Measures and the contract, and collects fees or remuneration in accordance with the contract.

Article 3 Futures companies engaged in asset management business shall follow the principles of fairness, justice, honesty and standardization, abide by their duties, be cautious and diligent, protect the legitimate rights and interests of customers, treat all customers fairly, prevent conflicts of interest, prohibit various forms of interest transfer and maintain the normal order of the futures market.

Customers shall bear the investment risks independently, and shall not harm the national interests, social public interests or the legitimate rights and interests of others.

Article 4 The China Securities Regulatory Commission and its dispatched offices shall supervise and manage the asset management business according to law.

Article 5 The China Futures Association (hereinafter referred to as the CICPA) shall, according to its own responsibilities, exercise self-discipline management over the asset management business and related senior managers and business personnel.

The futures exchange shall, according to its own responsibilities, conduct self-discipline management of the asset management business according to law.

China Futures Margin Monitoring Center Company (hereinafter referred to as the Monitoring Center) shall monitor the asset management business according to law.

Chapter II Qualification of Commercial Pilots

Article 6 A futures company may apply for the pilot qualification of asset management business if it meets the following conditions:

(a) the net capital is not less than 500 million yuan;

(2) The risk supervision indicators for the six months before the application date continuously meet the supervision requirements;

(3) The futures company's last two classified regulatory ratings are not lower than Grade B and Grade B;

(4) It has not been subjected to administrative punishment or criminal punishment for illegal business operation in the past three years, and there is no case that it is being investigated by the competent authority for suspected illegal business operation;

(5) It has not been subject to the regulatory measures stipulated in Paragraph 2 of Article 59 and Article 60 of the Regulations on the Administration of Futures Trading in recent 1 year;

(6) Having a feasible implementation plan for asset management business;

(7) There are no fewer than 65,438+0 senior managers who have more than 5 years experience in futures, securities or funds, and have obtained the qualifications for futures investment consulting business or securities investment consulting, securities investment funds and other securities; The above-mentioned senior managers and business personnel have no bad credit records in the last three years, have not been subjected to administrative punishment or criminal punishment, and are not being investigated by the competent authorities for suspected violations of laws and regulations;

(8) Having an independent business place and facilities to meet the needs of business development;

(9) Having a sound asset management business management system;

(ten) other conditions stipulated by the China Securities Regulatory Commission in accordance with the principle of prudent supervision.

Article 7 A futures company applying for the pilot qualification of asset management business shall submit the following materials:

(1) An application for the pilot of asset management business;

(2) An implementation plan for the asset management business, including the target market and target customer orientation, major investment strategies, business development plans, institutional arrangements for preventing conflicts of interest, etc. ;

(3) The resolution document of the shareholders' meeting on the futures company's application for the pilot qualification to engage in asset management business;

(4) Copies of the Business License for Enterprise as a Legal Person and the Futures Business License affixed with the official seal of the company;

(5) Risk supervision statements of the futures company for six months before the date of application;

(6) An explanation of the compliance operation of the futures company in the last three years;

(seven) the text of the asset management business management system shall include business management, personnel management, business operation, risk control, transaction monitoring, conflict of interest prevention, compliance inspection and other contents. ;

(8) The names, resumes, relevant qualifications and qualification certificates of the senior managers and business personnel who intend to engage in asset management business, and the certification materials of integrity and compliance issued by the company;

(9) Description of the business premises and facilities;

(10) The financial report of the previous year audited by an accounting firm with securities and futures-related business qualifications; If the application date is in the second half of the year, an audited semi-annual financial report shall also be provided;

(eleven) the legal opinions issued by the law firm on whether the futures company meets the conditions stipulated in Items (4) and (7) of Article 6 of these Measures and whether the resolutions of the shareholders' meeting are legal;

(twelve) other materials as prescribed by the China Securities Regulatory Commission.

Article 8 The China Securities Regulatory Commission shall make a decision of approval or disapproval within 2 months from the date of accepting the application for the pilot qualification of asset management business of futures companies.

Futures companies that have not obtained the pilot qualification for asset management business shall not engage in asset management business.

Chapter III Business Norms

Article 9 Clients of asset management business shall have strong financial strength and risk tolerance. The initial entrusted assets of a single customer shall not be less than RMB 654,380,000. Futures companies can raise the requirements for initial entrusted assets.

Article 10 The directors, supervisors, senior managers, employees and their spouses of a futures company shall not be clients of the company's asset management business.

Shareholders, actual controllers and their related parties of a futures company, as well as parents and children of directors, supervisors, senior management personnel and employees of the futures company, become clients of the company's asset management business, and shall, within five working days from the date of signing the asset management contract, file with the dispatched office of the China Securities Regulatory Commission at their domicile, and disclose their relationship or kinship on the company's website.

Article 11 A futures company shall sign a written asset management contract with its customers, provide asset management services to customers as agreed in the contract, and bear the fiduciary responsibility for asset management.

Futures companies shall formulate and implement asset management investment strategies for customers diligently, professionally and in compliance, manage entrusted assets according to the contract, and control investment risks.

Article 12 The investment scope of asset management business includes:

(1) Financial derivatives such as futures and options;

(2) Stocks, bonds, securities investment funds, collective asset management plans, central bank bills, short-term financing bills, asset-backed securities, etc. ;

(3) Other investment products recognized by China Securities Regulatory Commission.

The investment scope of asset management business shall conform to the contract, and shall not exceed the scope specified in the preceding paragraph, and match the risk perception and tolerance of customers.

Article 13 A futures company shall keep the assets entrusted by customers and its own assets independent of each other, and independently establish accounts, independently account and manage the entrusted assets of different customers.

Where the asset management business invests in futures products, the futures company and customers shall manage and access the entrusted assets in accordance with the relevant provisions on the safe deposit of futures deposits.

In the event of a debt dispute between a futures company and a third party, bankruptcy or liquidation of the futures company, the assets entrusted by customers shall not be used to pay off the debts of the futures company, and shall not belong to its bankruptcy property or liquidation property.

Article 14 A futures company shall not publicize and promote asset management business or attract customers to the public through public media such as television, newspapers and radio.

Futures companies shall not publicly publicize the expected income of asset management business, and shall not deceive customers by exaggerating the performance of asset management.

Article 15 A client shall entrust a futures company with asset management in its true identity, and the source and use of entrusted assets shall comply with the provisions of laws and regulations, and shall not raise funds from the public in violation of the provisions.

The customer shall make a written commitment to the legality of the source and use of the entrusted assets.

Article 16 A futures company shall fully disclose the risks of asset management business to customers, explain and explain the investment strategies and contract terms related to asset management, and submit the risk disclosure to customers for signature or seal confirmation.

Article 17 Customers should correctly understand the market and product risks, take the initiative to understand the risk-return characteristics of asset management investment strategies, and conduct self-assessment in combination with their own risk tolerance.

A futures company shall carefully evaluate the appropriateness of customers.

Article 18 An asset management contract shall clearly stipulate that the client shall bear the investment risks independently.

A futures company shall not promise or guarantee the minimum income of entrusted assets or share losses to customers.

The customer commitment letter, risk disclosure letter and asset management contract text used by the futures company shall include the necessary terms of the contract formulated by the temporary agreement, and shall be reported to the dispatched office of the China Securities Regulatory Commission for the record.

Article 19 Where an asset management business invests in futures products, a futures company shall open or cancel a custody account (hereinafter referred to as the futures asset management account) for its customers, apply for or cancel the transaction code, and separately identify and manage the futures asset management account and its transaction code.

Where the asset management business invests in non-futures products, the futures company shall abide by the relevant market account opening regulations and open or cancel asset management accounts such as joint accounts. The futures company shall file with the monitoring center within 5 working days from the date of opening an account.

Before opening an account for the record, the futures company shall not carry out asset management trading activities.

Article 20 A futures company shall clearly stipulate in the asset management contract the term of entrustment, the way and time of adding or withdrawing entrusted assets, etc.

Article 21 A futures company shall provide the investor inquiry system of the monitoring center with the profit and loss and net value information of the assets entrusted by customers every day.

Futures companies and monitoring centers shall ensure that customers can inquire about the profit and loss and net value information of entrusted assets in a timely manner.

Article 22 A futures company may charge a certain percentage of management fees as agreed with its customers, and may also charge corresponding remuneration according to the agreement on asset management performance.

Article 23 A futures company shall clearly agree on a risk warning mechanism with its customers, and the futures company shall promptly warn the customers of risks according to the loss of entrusted assets.

The futures company shall clearly agree with the customer that when the loss of entrusted assets reaches a certain proportion of the initial entrusted assets within the entrustment period.

Article 24 When a futures company engages in asset management business, changes investment managers and other major matters that may affect the rights and interests of customers, the futures company shall promptly inform the customers in the manner and time agreed in the contract, and the customers have the right to terminate the asset management entrustment in advance.

Article 25 When the assets entrusted by the customer have major circumstances such as ownership change, which may affect the normal development of asset management business, the futures company has the right to terminate the asset management entrustment in advance in accordance with the contract.

Article 26 A futures company shall clearly agree with the customer in the asset management contract on the specific reasons for the termination of the asset management entrustment, the handling of subsequent matters, the responsibility bearing and other related matters.

Where the entrustment of asset management is terminated, the futures company shall go through the following procedures in accordance with the contract:

(1) Settle the related expenses in time and return the remaining entrusted assets to customers;

(2) Cancel the futures asset management account in time;

(3) Cancel the non-futures investment account in time.

Chapter IV Business Management and Risk Control System

Article 27 A futures company shall establish, improve and effectively implement the asset management business management system, strengthen the transaction monitoring of asset management business, guard against business risks and ensure fair transactions.

Article 28 A futures company shall centrally manage its asset management business, and its personnel, business and premises shall be independent from other business departments, and a business separation wall system shall be established.

Article 29 A futures company shall effectively implement the asset management personnel management and business operation system, take effective measures to strengthen the internal supervision and restriction and the reward and punishment mechanism, strengthen the professional ethics of investment managers and related asset managers, and prevent conflicts of interest and moral hazard.

Thirtieth asset management business investment manager, transaction execution, risk control and other positions must be independent of each other, and equipped with full-time business personnel, not concurrently.

The futures company shall, within 5 working days from the date of arrival or change of personnel, file with the dispatched office of China Securities Regulatory Commission the business personnel in the positions of investment manager, transaction execution and risk control of asset management business and their changes.

Article 31 A futures company shall effectively implement the risk control system for asset management business, identify and monitor the daily transactions of futures asset management accounts and non-futures investment accounts, and timely implement risk control measures.

Article 32 A futures company shall effectively implement the transaction monitoring system for asset management business, monitor suspicious or unfair transactions between futures asset management accounts, between futures asset management accounts and futures brokerage customers' accounts, and between non-futures investment accounts, monitor asset management investment strategies and their implementation, positions and positions, and report to the dispatched offices and monitoring centers of China Securities Regulatory Commission within 5 working days after the end of each month.

Article 33 A futures company and its asset managers shall not conduct unfair transactions in the same account or between different accounts for the purpose of obtaining commissions and transferring profits and losses, thus harming the legitimate rights and interests of customers.

Article 34 A futures company shall monitor and analyze the trading opportunities and trading spreads between different futures asset management accounts, between futures asset management accounts and futures brokerage customers' accounts, and between non-futures investment accounts, in the same day, in the same direction and in the reverse trading near the trading day, so as to prevent unfair trading and interest transfer.

A futures company shall strictly prohibit reverse transactions on the same day between different futures asset management accounts, between futures asset management accounts and futures brokerage customers' accounts, and between non-futures investment accounts that may lead to unfair transactions and benefit transfer.

Article 35 Under any of the following circumstances, the asset management department of a futures company shall immediately report to the general manager and chief risk officer of the company:

(1) The asset management business is investigated by the exchange or risk control measures are taken, or is investigated by the competent authority.

(2) The client terminates the asset management entrustment in advance.

(3) Other circumstances that may affect the development of asset management business and the rights and interests of customers.

Article 36 The chief risk officer of a futures company is responsible for supervising the formulation and implementation of relevant systems for asset management business, regularly checking the compliance of asset management business, and fulfilling the obligation of urging rectification and reporting according to law.

The quarterly report and annual report submitted by the chief risk officer of a futures company to the dispatched office of the China Securities Regulatory Commission where he resides shall include the compliance and inspection of the company's asset management business.

Article 37 A futures company shall, in accordance with these Measures and the relevant requirements of information disclosure of futures companies, publicize basic information such as the pilot qualification, employees, main investment strategies, investment direction and risk characteristics of asset management business on the website of AICPA.

Chapter V Account Monitoring

Article 38 A futures company shall submit the data information of the futures asset management account to the monitoring center in accordance with the provisions on the safe deposit of futures deposits.

A futures company shall submit the profit and loss, net value and other data information of non-futures investment accounts to the monitoring center every day.

Article 39 The futures asset management account of a futures company shall conform to the risk control management regulations of the futures exchange and other relevant requirements.

Article 40 A futures exchange shall focus on monitoring the futures asset management accounts of futures companies and their trading codes. If illegal transactions are found in the futures asset management account, they shall be disposed of in a timely manner according to their duties and report to the China Securities Regulatory Commission.

Article 41 The monitoring center shall focus on monitoring the futures asset management accounts of futures companies and their trading codes, and shall report to the China Securities Regulatory Commission and its dispatched offices in a timely manner in accordance with its duties if it finds any major abnormality in the futures asset management accounts.

Article 42 Where the dispatched office of China Securities Regulatory Commission finds illegal acts or major anomalies in the asset management business, it shall check the futures company or take corresponding regulatory measures, and the relevant verification results and regulatory measures shall be reported to China Securities Regulatory Commission in a timely manner.

Chapter VI Supervision, Management and Legal Responsibility

Forty-third futures companies engaged in asset management business, its net capital should continue to meet the provisions and requirements of the China Securities Regulatory Commission on the risk supervision indicators of futures companies.

Article 44 A futures company shall submit a monthly report on asset management business to the China Securities Regulatory Commission and its dispatched offices within 7 working days after the end of each month in accordance with the prescribed content and format requirements.

A futures company shall submit an annual report on the asset management business of the previous year to the China Securities Regulatory Commission and its dispatched offices within 3 months after the end of the year.

The periodic reports specified in the first and second paragraphs of this article shall be signed by the person in charge of the asset management business, the chief risk officer and the general manager of the futures company.

Article 45 A futures company shall, in accordance with the years and requirements stipulated in the Measures for the Administration of Futures Companies, properly keep business data and information such as implementation plan, investment strategy, customer commitment letter, risk disclosure letter, contract, finance, transaction records and monitoring records.

Article 46 Where the asset management business is terminated in advance, investigated by the exchange, taken risk control measures or investigated by the competent authority, the futures company shall immediately report to the China Securities Regulatory Commission and its dispatched offices.

Article 47 The China Securities Regulatory Commission and its dispatched offices may conduct regular or irregular inspections on the asset management business of futures companies.

Article 48 Where the asset management business of a futures company and its business personnel does not conform to the provisions of these Measures and is suspected of violating laws and regulations or having potential risks, the China Securities Regulatory Commission and its dispatched offices shall order them to make rectification within a time limit according to law, and at the same time, they may take regulatory measures such as regulatory talks and ordering the replacement of relevant responsible personnel, and record them in credit files.

Article 49 If a futures company fails to complete the rectification within the time limit or under any of the following circumstances, the China Securities Regulatory Commission may suspend its new asset management business:

(a) the risk supervision indicators do not meet the requirements;

(two) senior management personnel and business personnel do not meet the requirements;

(3) engaging in asset management business beyond the investment scope stipulated in these Measures or agreed in the contract;

(four) other circumstances that affect the normal development of asset management business.

After the circumstances specified in the preceding paragraph are eliminated and accepted, the futures company may continue to carry out new asset management business.

Article 50 Where a futures company and its business personnel engage in asset management business under any of the following circumstances, if the circumstances are serious, the China Securities Regulatory Commission may revoke its pilot qualification for asset management business and impose administrative penalties in accordance with Articles 70 and 71 of the Regulations on the Administration of Futures Trading; Suspected of a crime, transferred to judicial organs according to law:

(a) to promote and publicize the asset management business to the public or attract customers in the public media;

(2) exaggerating the performance of asset management and defrauding customers;

(3) The initial entrusted assets of a single customer are lower than the minimum amount stipulated in these Measures;

(four) knowing that the client's funds come from illegal fund-raising, but still accepting its entrustment to carry out asset management business;

(5) Accepting the entrustment of clients who have not made a written commitment on the source and legality of assets to carry out asset management business;

(six) to promise or guarantee the minimum income of the entrusted assets or share the losses to the customers;

(7) conducting unfair transactions in the same account or between different accounts for the purpose of obtaining commissions and transferring profits and losses;

(8) Embezzling or misappropriating assets entrusted by customers;

(9) illegally participating in the asset management business of a futures company with its own assets or under the guise of others.

(10) Submitting or providing false account information;

(eleven) other acts in violation of the provisions of these measures.

Chapter VII Supplementary Provisions

Article 51 The specific provisions for futures companies to engage in asset management business entrusted by specific customers as mentioned in Article 2 of these Measures shall be formulated separately by the China Securities Regulatory Commission.

Article 52 When a futures company conducts asset management business and invests in non-futures products specified in Item (2) of Paragraph 1 of Article 12 of these Measures, it shall abide by the provisions of relevant laws and regulations and relevant regulatory requirements.

Article 53 These Measures shall come into force on September 1 day, 2065.