Regulatory Name: State Administration for Industry and Commerce's Reply on the Basis for Penalties for Illegal Futures Operations

Promulgating Department: State Administration for Industry and Commerce Regulation Number: Gongshang Shizi [1997] No. 195

Issuance date 1997-07-26 Implementation date 1997-07-26

Whether the normative document of effectiveness level is valid

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Full text Reply of the State Administration for Industry and Commerce on the Basis for Penalties for Illegal Futures Operations Gongshangshizi [1997] No. 195

Shaanxi Provincial Administration for Industry and Commerce Bureau:

Your Bureau has received the "Request for Instructions on the Punishment Basis for Illegal Futures Operations" (Shaanxi Industrial and Commercial Law Letter [1997] No. 010). After research. The reply is as follows:

1. The industrial and commercial administrative agencies must strictly implement Guobanfa [1994] No. 69 document and persist in investigating and punishing various illegal futures trading activities. According to the provisions of Guobanfa [1994] No. 69, all types of futures consulting institutions, investment service enterprises and institutions are not allowed to engage in futures agency business. Violators will be fined individually or in combination depending on the severity of the case, and their illegal gains will be confiscated until Business license revoked.

2. In the process of investigating and punishing illegal futures trading, the industrial and commercial administrative authorities may refer to the "illegal income" issue from illegal futures trading by referring to the regulations jointly issued by the State Administration of Foreign Exchange, the China Securities Regulatory Commission and the State Administration for Industry and Commerce. [95] The relevant provisions of Huiguanhanzi Document No. 191 shall be recognized.

July 26, 1997