(1) To examine and approve the articles of association and trading rules of the futures exchange and their revised drafts;

(2) Electing and replacing member directors;

(3) Examining and approving the work reports of the board of directors and the general manager;

(4) Examining and approving the financial budget plan and final accounts report of the futures exchange.

(5) Examining the use of risk reserves of futures exchanges.

(6) Deciding to increase or decrease the registered capital of the futures exchange.

(seven) to decide on the merger, division, dissolution and liquidation of the futures exchange;

(eight) to decide on other major matters submitted by the board of directors of the futures exchange;

(9) Other functions and powers as stipulated in the articles of association of the futures exchange. The Council holds a general meeting every year.

In any of the following circumstances, an extraordinary general meeting of shareholders shall be convened:

(a) the number of members is less than two-thirds of the number stipulated in the articles of association of the futures exchange;

(2) It is proposed jointly by more than 1/3 members;

(3) The Council deems it necessary. The general meeting of members is only valid if more than two-thirds of the members attend. The general meeting of members shall keep minutes of the voting matters, and the directors present at the meeting shall sign the minutes.

The futures exchange shall report all the documents of the shareholders' meeting to the China Securities Regulatory Commission within 10 days from the end of the shareholders' meeting. The Council shall exercise the following functions and powers:

(1) Convene a general meeting of members and report their work to the general meeting;

(2) To draft the articles of association, trading rules and amendments of the futures exchange and submit them to the general meeting of members for deliberation and adoption;

(3) To review the financial budget plan and final accounts report put forward by the general manager and submit them to the shareholders' meeting for adoption;

(4) To consider the merger, division, dissolution and liquidation plan of the futures exchange, and submit them to the general meeting of members for adoption.

(5) Deciding to set up a special committee;

(six) to decide the acceptance and withdrawal of members;

(seven) to decide on the disciplinary action against the violation of discipline;

(8) Deciding to change the name, domicile or business place of the futures exchange.

(nine) to examine and approve the detailed rules and measures formulated according to the articles of association and trading rules;

(10) Consider the use of settlement guarantee;

(eleven) to consider and approve the use plan of risk reserve;

(twelve) to examine and approve the development plan and annual work plan of the futures exchange proposed by the general manager;

(thirteen) to examine and approve the foreign investment plan of the futures exchange;

(XIV) Supervise the general manager to implement the resolutions of the shareholders' meeting and the board of directors;

(fifteen) to supervise the senior management and other staff of the futures exchange to abide by the relevant laws, administrative regulations, rules and policies of the state, as well as the articles of association, trading rules and implementation rules of the futures exchange;

(sixteen) to organize the audit of the annual financial accounting report of the futures exchange and decide on the appointment and replacement of accounting firms;

(seventeen) other functions and powers stipulated in the articles of association of the futures exchange and granted by the general meeting of members. The chairman shall exercise the following powers:

(a) to preside over the general meeting of members, the meeting of the Council and the daily work of the Council;

(2) Organizing and coordinating the work of special committees;

(three) to check the implementation of the resolutions of the Council and report to the Council.

The vice chairman assists the chairman in his work. If the chairman is temporarily unable to exercise his functions and powers, the vice-chairman or director designated by the chairman shall exercise his functions and powers on his behalf. Board meetings are held at least once every six months. Every meeting shall be notified to all directors 10 days before the meeting.

In any of the following circumstances, an interim Council meeting shall be convened:

Joint proposal of more than 65,438+0/3 directors;

(2) The circumstances stipulated in the articles of association of the futures exchange.

(3) Suggestions of China Securities Regulatory Commission.

When the Council convenes an interim meeting, it may separately determine the notification method and time limit for convening the interim meeting of the Council. The meeting of the board of directors shall be valid only if more than two thirds of the directors are present, and the resolution shall be passed by all directors at least 1/2.

Within 0/0 days after the meeting of the board of directors, the board of directors shall report the resolutions and other documents of the meeting to the China Securities Regulatory Commission. The board meeting shall be attended by the directors themselves. If the director is unable to attend for some reason, he shall entrust other directors to attend in writing; The power of attorney shall specify the scope of authorization. Each director can only accept the entrustment of one director.

The board of directors shall make minutes of the voting matters at the meeting, and the directors and recorders present at the meeting shall sign the minutes. The Council may set up special committees for supervision, transaction, settlement, delivery, membership review, punishment, mediation, finance and technology as needed.

The special committee shall be responsible to the Council, and its responsibilities, term of office and personnel composition shall be stipulated by the Council. Futures trading has 1 general manager and several deputy general managers. The general manager and deputy general manager shall be appointed and removed by the China Securities Regulatory Commission. The term of office of the general manager is 3 years, and the re-election shall not exceed two terms.

The general manager is the legal representative of the futures exchange, and the general manager is the ex officio director. The general manager shall exercise the following functions and powers:

(a) Organizing the implementation of rules and resolutions adopted by the General Assembly and the Council;

(two) to preside over the daily work of the futures exchange;

(3) Formulating relevant rules and measures according to the articles of association and trading rules;

(4) Deciding on the use of the settlement guarantee.

(5) Making plans for the use of risk reserves;

(six) to formulate and implement the approved development plan and annual work plan of the futures exchange;

(seven) to formulate and implement the approved foreign investment plan of the futures exchange;

(eight) to draft the financial budget plan and final report of the futures exchange;

(nine) to formulate plans for the merger, division, dissolution and liquidation of the futures exchange;

(10) To draw up a plan for changing the name, domicile or business place of the futures exchange.

(eleven) to decide on the institutional setup plan of the futures exchange, and to hire and dismiss the staff;

(12) To decide on the salaries, rewards and punishments of the staff of the futures exchange;

(thirteen) other functions and powers as stipulated in the articles of association of the futures exchange or authorized by the board of directors.

When the general manager is temporarily unable to exercise his functions and powers, the deputy general manager designated by the general manager shall exercise his functions and powers on his behalf. The shareholders' meeting shall exercise the following functions and powers:

(1) The functions and powers as stipulated in Items (1) and (4) to (7) of Article 20 of these Measures;

(2) Electing and replacing directors and supervisors who are not employee representatives;

(3) Examining and approving the work reports of the board of directors, the board of supervisors and the general manager;

(4) Deciding on other major matters submitted by the board of directors of the futures exchange.

(5) Other functions and powers as stipulated in the articles of association of the futures exchange. The convening and rules of procedure of the shareholders' meeting shall conform to the provisions of the articles of association of the futures exchange.

Within 0/0 days after the meeting, the futures exchange shall report all the documents of the meeting to the China Securities Regulatory Commission. The board of directors shall be responsible to the shareholders' meeting and exercise the following functions and powers:

(1) Convene the shareholders' meeting and report the work to the shareholders' meeting;

(2) To draft the articles of association, trading rules and amendments of the futures exchange and submit them to the shareholders' meeting for deliberation and approval;

(3) To review the financial budget plan and final accounts report put forward by the general manager and submit them to the shareholders' meeting for adoption;

(4) To consider the merger, division, dissolution and liquidation plan of the futures exchange and submit them to the shareholders' meeting for approval.

(five) to supervise the general manager to implement the resolutions of the shareholders' meeting and the board of directors;

(six) the functions and powers stipulated in items (5) to (13), (15) and (16) of Article 25 of these Measures;

(7) Other powers stipulated in the articles of association of the futures exchange and granted by the shareholders' meeting. The Chairman shall exercise the following powers:

(1) To preside over the shareholders' meeting, the board meeting and the daily work of the board;

(2) Organizing and coordinating the work of special committees;

(3) Check the implementation of the resolutions of the board of directors and report to the board of directors.

The vice chairman assists the chairman in his work. If the chairman is temporarily unable to exercise his functions and powers, the vice-chairman or director designated by the chairman shall exercise his functions and powers on his behalf. The convening and rules of procedure of the board meeting shall conform to the provisions of the articles of association of the futures exchange.

Within 0/0 days after the meeting of the board of directors, the board of directors shall report the resolutions and other documents of the meeting to the China Securities Regulatory Commission. A futures exchange may have a secretary to the board of directors. The secretary of the board of directors is nominated by China Securities Regulatory Commission and approved by the board of directors.

The secretary of the board of directors is responsible for the preparation of the shareholders' meeting and the board meeting of the futures exchange, the preservation of documents and the management of the shareholders' information of the futures exchange. Futures trading has 1 general manager and several deputy general managers. The general manager and deputy general manager shall be appointed and removed by the China Securities Regulatory Commission. The term of office of the general manager is 3 years, and the re-election shall not exceed two terms.

The general manager is the legal representative of the futures exchange, and the general manager shall be a director. The general manager shall exercise the following functions and powers:

(1) Organizing the implementation of the systems and resolutions adopted by the shareholders' meeting and the board of directors;

(two) the functions and powers stipulated in Article 34 (two) to (twelve);

(3) Other functions and powers stipulated in the articles of association of the futures exchange or granted by the board of directors.

When the general manager is temporarily unable to exercise his functions and powers, the deputy general manager designated by the general manager shall exercise his functions and powers on his behalf. The Board of Supervisors shall exercise the following functions and powers:

(a) to check the financial affairs of the futures exchange;

(2) Supervise the directors and senior managers of the futures exchange to perform their duties.

(3) Submitting proposals to the shareholders' meeting;

(4) Other functions and powers as stipulated in the articles of association of the futures exchange. The convening and rules of procedure of the meeting of the board of supervisors shall conform to the provisions of the articles of association of the futures exchange.

Within 65,438+00 days after the meeting of the Board of Supervisors, the Board of Supervisors shall report the meeting resolutions and other meeting documents to the China Securities Regulatory Commission. The membership of a futures exchange shall be approved by the futures exchange.

The approval or cancellation of the membership of a futures exchange shall be reported to the China Securities Regulatory Commission. Members of a membership-based futures exchange shall enjoy the following rights:

(a) to participate in the general meeting of members and exercise the right to vote, to be elected and to vote;

(2) engaging in the prescribed trading, settlement and delivery business in the futures exchange;

(3) Using the trading facilities provided by the futures exchange to obtain information and services related to futures trading.

(4) Transferring membership according to regulations;

(five) a joint proposal to convene an interim general meeting of members;

(6) Exercising the right of appeal according to the articles of association and trading rules of the futures exchange;

(7) Other rights stipulated in the articles of association of the futures exchange. Members of a membership-based futures exchange shall perform the following obligations:

(1) Abide by relevant state laws, administrative regulations, rules and policies;

(2) Abide by the articles of association, trading rules, implementation rules and relevant decisions of the futures exchange;

(three) to pay various fees in accordance with the provisions;

(four) to implement the resolutions of the general assembly and the Council;

(5) Accept the supervision and administration of the futures exchange. Members of the company-based futures exchange shall enjoy the following rights:

(a) the rights stipulated in items (2) and (3) of Article 56 of these Measures;

(2) exercising the right of appeal in accordance with the trading rules.

(3) Other rights stipulated in the trading rules of the futures exchange. The futures exchange shall conduct annual sampling or comprehensive inspection on members' compliance with the trading rules of the futures exchange and its detailed rules for implementation, and report the inspection results to the China Securities Regulatory Commission.

The futures exchange may, in exercising its supervisory power, investigate and collect evidence from its members in accordance with the authority and procedures stipulated in the articles of association, trading rules and detailed rules for their implementation, and members shall cooperate. The members of the futures exchange that implement the member grading settlement system are composed of settlement members and non-settlement members. Settlement members are qualified to settle with futures exchanges, while non-settlement members are not qualified to settle with futures exchanges.

The futures exchange shall settle accounts with settlement members, settlement members shall settle accounts with non-settlement members, and non-settlement members shall settle accounts with their clients. The settlement members are composed of transaction settlement members, comprehensive settlement members and special settlement members.

General settlement members and special settlement members can handle settlement business for non-settlement members who have signed settlement agreements with them. Trading settlement members shall not handle settlement business for non-settlement members. The margin collected by the futures exchange from its members can only be used to ensure the performance of futures contracts, and may not be sealed up, frozen, deducted or enforced. The futures exchange shall open a special settlement account in the depository bank of futures margin, and the margin shall be stored in a special account and shall not be misappropriated.

Margin is divided into settlement reserve and trading margin. Settlement reserve refers to the deposit that is not occupied by the contract; Trading margin refers to the margin that has been occupied by the contract.

The futures exchange that implements the member grading settlement system only collects the margin from the settlement members. A futures exchange shall establish a margin management system. The margin management system shall include the following contents:

(a) the standard and form of collecting the deposit from the members;

(2) The minimum balance of the member's settlement reserve in the special settlement account.

(3) the disposal method when the balance of the member's settlement reserve is lower than the minimum balance stipulated by the futures exchange.

The minimum balance of a member's settlement reserve shall be paid by the member to the futures exchange with its own funds. The futures exchange may accept the following securities to make up the margin:

(a) Standard warehouse receipts recognized by the futures exchange.

(2) negotiable national debt;

(3) Other securities recognized by the China Securities Regulatory Commission.

Where the securities specified in the preceding paragraph are used to offset the deposit, the offset period shall not exceed the effective period of the securities. Where the standard warehouse receipt is used to cover the margin, the futures exchange shall calculate the value based on the settlement price of the futures contract in the latest delivery month of the corresponding variety on the trading day before the offset date.

If the national debt is used to offset the deposit, the futures exchange will calculate the value of the national debt at the lower closing price of the Shanghai Stock Exchange and the Shenzhen Stock Exchange on the previous trading day.

The futures exchange may adjust the benchmark calculation value of the securities used to offset the margin according to market conditions. The amount of securities used to pay the deposit shall not be higher than the lower value of the following standards:

(1) 80% of the benchmark calculation value of securities;

(2) Four times the actual monetary capital of the member in the special settlement account of the futures exchange. If the customer pays the deposit with securities, the member shall submit the securities received to the futures exchange.

If a customer of a non-settlement member uses securities to offset the deposit, the non-settlement member shall submit the securities received to the settlement member, who shall submit them to the futures exchange. A futures exchange that implements the member grading settlement system shall establish a settlement guarantee system. Settlement guarantee includes basic settlement guarantee and variable settlement guarantee.

The settlement guarantee shall be paid by the settlement member to the futures exchange with its own funds. The settlement deposit belongs to the settlement member and is used to deal with the default risk of the settlement member. Futures exchanges shall be managed and used in accordance with relevant regulations and shall not be used for other purposes.

Where a futures exchange adjusts the basic settlement guarantee standard, it shall report to the China Securities Regulatory Commission before the adjustment. The futures exchange shall withdraw the risk reserve according to the proportion of 20% of the fee income, and the risk reserve shall be accounted for separately and stored in a special account.

China Securities Regulatory Commission can decide the scale of risk reserve according to the business scale, development plan and potential risks of the futures exchange. Futures trading implements a large position declaration system. If the positions of members or customers meet the reporting standards set by the futures exchange, they shall report to the futures exchange. If the customer fails to report, the member shall report to the futures exchange.

The futures exchange may formulate and adjust the reporting standards of positions according to market risks. The futures exchange that implements the full settlement system carries out risk management for its members, and the members carry out risk management for their clients.

The futures exchange that implements the member grading settlement system carries out risk management on the settlement members, the settlement members carry out risk management on the non-settlement members who have signed settlement agreements with them, and the members carry out risk management on their clients. If a member breaches a contract in futures trading, it shall bear the liability for breach of contract.

The futures exchange shall bear the liability for breach of contract of the defaulting member with the margin. If the margin is insufficient, it shall be borne by the default member's own funds, the risk reserve of the futures exchange and the own funds of the futures exchange, which implement the full settlement system; A futures exchange that implements a hierarchical settlement system for its members shall bear the default member's own funds, settlement guarantee, futures exchange risk reserve and its own funds.

After paying off the margin, the risk reserve of the futures exchange and the self-owned funds of the futures exchange, the futures exchange obtains the corresponding right of recourse against the defaulting member. There is evidence that members or customers violate the trading rules of futures exchanges and their implementation rules, which are or will have a significant impact on the market. In order to prevent the consequences of violation from further expanding, the futures exchange may take the following temporary measures for its members or customers:

(a) Restrict deposits;

(2) Restrict withdrawal;

(3) Limit the opening of positions.

(4) Raising the margin standard;

(5) Closing positions within a time limit.

(6) Forced liquidation.

Where a futures exchange adopts the measures mentioned in Items (4), (5) and (6) of the preceding paragraph in accordance with the procedures stipulated in the trading rules and detailed rules for its implementation, it shall report to the China Securities Regulatory Commission in time after taking the measures.

When a futures exchange takes temporary measures against its members or customers, it shall notify the members or customers in the manner stipulated in the trading rules of the futures exchange and its detailed rules for implementation, and specify the basis for taking temporary measures. In the process of futures trading, in any of the following circumstances, the futures exchange may declare an abnormal situation and take emergency measures to resolve risks:

(1) Due to force majeure such as earthquake, flood, fire, etc., or computer system failure, etc., which cannot be attributed to the futures exchange, the transaction cannot be conducted normally.

(2) The member has a settlement and delivery crisis, which is or will have a significant impact on the market.

(three) the circumstances stipulated in Article 86 of these Measures occur, and the risk has not been resolved after taking corresponding measures;

(4) Other circumstances stipulated in the trading rules of the futures exchange and its detailed rules for implementation.

The futures exchange shall report to the China Securities Regulatory Commission before announcing the abnormal situation and deciding to take emergency measures. The futures exchange shall publish the following information in an appropriate manner:

(1) real-time market;

(2) The ranking of positions and turnover;

(3) Other information stipulated in the trading rules of the futures exchange and its detailed rules for implementation.

Where futures trading involves the physical delivery of commodities, the futures exchange shall also announce the number of standard warehouse receipts and the available storage capacity. The futures exchange shall formulate measures to investigate and deal with violations of the trading rules of the futures exchange and its detailed rules for implementation, and report them to the China Securities Regulatory Commission for approval.

The futures exchange shall, within the scope of duties as prescribed in the preceding paragraph, promptly investigate and deal with the illegal futures activities of its members and their customers, designated delivery warehouses, futures margin depository banks and other participants in the futures market. Beyond the scope of duties stipulated in the preceding paragraph, it shall report to the China Securities Regulatory Commission. The senior managers of the futures exchange shall meet the requirements of the China Securities Regulatory Commission. Without the approval of China Securities Regulatory Commission, the chairman, vice-chairman, chairman, vice-chairman, supervisor, vice-chairman, general manager, deputy general manager and secretary of the board of directors of a futures exchange may not hold part-time jobs in any profit-making institution.

Without approval, other staff members and non-member directors of the futures exchange may not take part-time jobs in member units of the futures exchange and other profit-making organizations related to futures trading in any form. The staff of the futures exchange shall consciously abide by the relevant laws, administrative regulations, rules and policies, fulfill their duties, be diligent and conscientious, be honest and have good professional ethics.

The staff of the futures exchange shall not engage in futures trading, disclose inside information or use inside information to obtain illegal interests, and shall not seek interests for the members and customers of the futures exchange.

When performing their duties, the staff of the futures exchange who have an interest in themselves or their relatives shall withdraw. The futures exchange shall perform the following reporting obligations to the China Securities Regulatory Commission:

(a) within 4 months after the end of each year, submit the annual financial report audited by an accounting firm with securities and futures related business qualifications;

(2) Submit quarterly and annual work reports on the operation and implementation of relevant laws, administrative regulations, rules and policies within 0/5 days after the end of each quarter and within 30 days after the end of each year;

(3) Other matters stipulated by the China Securities Regulatory Commission. When the following major events occur, the futures exchange shall report to the China Securities Regulatory Commission in a timely manner:

(a) found that the staff of the futures exchange has or may have serious violations of relevant state laws, administrative regulations, rules and policies;

(2) The futures exchange is involved in litigation that accounts for more than 65,438+00% of its net assets or has a significant impact on its business risks;

(3) Major financial expenditures and investment matters of the futures exchange, as well as major financial decisions that may bring greater financial or operational risks.

(4) Other matters stipulated by the China Securities Regulatory Commission. The China Securities Regulatory Commission may send inspectors to the futures exchange. Inspectors shall perform their duties in accordance with the relevant provisions of the China Securities Regulatory Commission.

The futures exchange shall cooperate with the inspectors to perform their duties. Any of the following acts in futures trading shall be punished in accordance with the provisions of Article 69 of the Regulations on the Administration of Futures Trading:

(1) Changing its name or registered capital without approval;

(2) establishing branches or other trading places without approval;

(three) in violation of the provisions of the securities deposit;

(4) Failing to inspect the members in accordance with regulations;

(5) Failing to establish or implement a customer transaction coding system and a margin management system.

(6) The trading settlement system and trading settlement business do not conform to the provisions of Article 96 of these Measures. These Measures shall come into force as of April 5, 2007. The Measures for the Administration of Futures Exchanges (Order No.6 of China Securities Regulatory Commission) issued on May 17, 2002 shall be abolished at the same time.