Chapter I General Principles
Article 1 These Regulations are formulated for the purpose of regulating futures trading behavior, strengthening supervision and management of futures trading, maintaining the order of futures market, preventing risks, protecting the legitimate rights and interests of all parties to futures trading and the interests of the public, and promoting the positive and steady development of futures market.
Article 2 Units and individuals engaged in futures trading and related activities shall abide by these Regulations.
The term "futures trading" as mentioned in these Regulations refers to the trading activities in which futures contracts or options contracts are the trading targets by open centralized trading or other means approved by the the State Council Futures Regulatory Authority.
The term "futures contract" as mentioned in these Regulations refers to a standardized contract that is uniformly formulated by futures trading places and stipulates to deliver a certain amount of subject matter at a specific time and place in the future. Futures contracts include commodity futures contracts, financial futures contracts and other futures contracts.
The term option contract as mentioned in these Regulations refers to the standardized contract uniformly formulated by the futures exchange, which stipulates that the buyer has the right to buy or sell the agreed subject matter (including futures contracts) at a certain price in the future.
Article 3 Futures trading activities shall follow the principles of openness, fairness, impartiality and good faith. Fraud, insider trading, manipulation of futures trading prices and other illegal acts are prohibited.
Article 4 Futures trading shall be conducted in the futures exchange established in accordance with the provisions of the first paragraph of Article 6 of these Regulations and other futures trading places approved by the futures regulatory authority in the State Council or the State Council.
It is forbidden to conduct futures trading outside the futures trading places specified in the preceding paragraph.
Article 5 The futures regulatory authority of the State Council shall exercise centralized and unified supervision and management over the futures market.
The dispatched offices of the State Council futures regulatory agency shall perform their duties of supervision and management in accordance with the relevant provisions of these Regulations and the authorization of the State Council futures regulatory agency.
Chapter II Futures Exchange
Article 6 The establishment of a futures exchange shall be subject to examination and approval by the futures regulatory authority of the State Council.
Without the approval of the futures regulatory authority of the State Council or the State Council, no unit or individual may set up a futures trading place or organize futures trading and related activities in any form.
Article 7 A futures exchange shall not aim at making profits, and shall implement self-discipline management in accordance with the provisions of its articles of association. A futures exchange shall bear civil liability for all its property. The person in charge of the futures exchange shall be appointed and removed by the the State Council futures regulatory agency.
Measures for the administration of futures exchanges shall be formulated by the the State Council futures regulatory agency.
Article 8 The members of a futures exchange shall be enterprise legal persons or other economic organizations registered in People's Republic of China (PRC).
The futures exchange may implement the member grading settlement system. The members of the futures exchange that implement the member grading settlement system are composed of settlement members and non-settlement members.
Article 9 A person who falls under the circumstances specified in Article 147 of the Company Law of People's Republic of China (PRC) or any of the following circumstances shall not be the person in charge of a futures exchange or a financial accountant:
(1) The person-in-charge of a futures exchange, a stock exchange or a securities registration and settlement institution who has been dismissed due to illegal or disciplinary acts, or the directors, supervisors and senior managers of a futures company or a securities company, and other personnel specified by the the State Council Futures Regulatory Authority, has not been more than five years since he was dismissed from his post.
(2) Lawyers, certified public accountants or professionals of investment consulting institutions, financial consulting institutions, credit rating institutions, asset appraisal institutions and verification institutions whose qualifications have been revoked due to violation of laws and regulations have not been more than five years since the date of disqualification.
Article 10 A futures exchange shall, in accordance with these Regulations and the provisions of the the State Council Futures Regulatory Authority, establish and improve various rules and regulations, strengthen the risk control of trading activities, and supervise and manage its members and exchange staff. A futures exchange shall perform the following duties:
(1) Providing trading places, facilities and services;
(2) Designing the contract and arranging the listing of the contract;
(3) Organizing and supervising transactions, settlement and delivery;
(4) Providing centralized performance guarantee for futures trading.
(five) to supervise and manage the members in accordance with the articles of association and trading rules;
(six) other duties stipulated by the the State Council futures regulatory agency.
A futures exchange shall not directly or indirectly participate in futures trading. Without the examination and approval of the State Council Futures Regulatory Authority and the approval of the State Council, the futures exchange shall not engage in trust investment, stock investment, non-self-use real estate investment and other businesses unrelated to its duties.
Article 11 A futures exchange shall, in accordance with relevant state regulations, establish and improve the following risk management systems:
(a) the deposit system;
(2) Debt-free settlement system of the day;
(3) price limit system;
(four) the position limit and large position reporting system;
(5) Risk reserve system;
(6) Other risk management systems as stipulated by the the State Council Futures Regulatory Authority.
A futures exchange that implements the member classified settlement system shall also establish and improve the settlement guarantee system.
Article 12 When there is any abnormality in the futures market, the futures exchange may decide to take the following emergency measures according to the authority and procedures stipulated in its articles of association, and immediately report to the the State Council futures regulatory authority:
(1) Raising the deposit;
(2) Adjust the range of price limit;
(3) Limiting the maximum positions held by members or customers.
(4) Suspending trading temporarily.
(5) Take other emergency measures.
The abnormal situation mentioned in the preceding paragraph refers to the manipulation of futures trading prices or irresistible emergencies in the course of trading, as well as other circumstances stipulated by the the State Council Futures Regulatory Authority.
After the abnormal situation disappears, the futures exchange shall promptly lift the emergency measures.
Article 13 A futures exchange shall obtain the approval of the the State Council Futures Regulatory Authority for handling the following matters:
(1) To formulate or modify the articles of association and trading rules of the company;
(2) Varieties listed, suspended, cancelled or resumed;
(3) Listing, modification or termination of the contract;
(4) Change of domicile or business premises;
(5) merger, division or dissolution.
(six) other matters stipulated by the the State Council futures regulatory agency.
When approving the listing of new trading products on the futures exchange, the the State Council futures regulatory agency shall solicit the opinions of relevant departments in the State Council.
Article 14 The proceeds of futures exchanges shall be managed and used in accordance with the relevant provisions of the state, but they shall be used first to ensure the operation and improvement of futures trading places and facilities.
Chapter III Futures Companies
Article 15 A futures company is a financial institution established to engage in futures business in accordance with the Company Law of People's Republic of China (PRC) and these Regulations. The establishment of a futures company shall be approved by the futures regulatory authority of the State Council and registered with the company registration authority.
Without the approval of the the State Council futures regulatory authority, no unit or individual may set up a futures company or set up a futures company in disguise to operate futures business.
Article 16 To apply for the establishment of a futures company, it shall comply with the provisions of the Company Law of People's Republic of China (PRC) and meet the following conditions:
(a) the minimum registered capital is 30 million yuan;
(2) Directors, supervisors and senior managers are qualified to hold posts, and employees are qualified to engage in futures business;
(3) Having articles of association that comply with the provisions of laws and administrative regulations;
(4) The major shareholders and actual controllers have sustained profits and a good reputation, and have no record of major violations of laws and regulations in the last three years;
(5) Having qualified business premises and business facilities;
(6) Having a sound risk management and internal control system;
(seven) other conditions stipulated by the the State Council futures regulatory agency.
The State Council futures regulatory agency may raise the minimum registered capital according to the principle of prudent supervision and the risk degree of various businesses. Registered capital shall be paid-in capital. Shareholders shall make capital contribution in monetary or non-monetary property necessary for the operation of the futures company, and the proportion of monetary contribution shall not be less than 85%.
The State Council futures regulatory agency shall, within 6 months from the date of accepting the application for the establishment of a futures company, conduct a review according to the principle of prudent supervision, and make a decision on approval or disapproval.
Without the approval of the State Council Futures Regulatory Authority, no unit or individual may entrust or accept others to hold or manage the shares of futures companies.
Article 17 The business of a futures company shall be subject to a licensing system, and the the State Council Futures Regulatory Authority shall issue licenses according to the types of commodity futures and financial futures businesses it engages in. In addition to applying for domestic futures brokerage business, futures companies can also apply for overseas futures brokerage, futures investment consulting and other futures business as stipulated by the the State Council Futures Regulatory Authority.
A futures company shall not engage in activities unrelated to futures business, except as otherwise provided by laws, administrative regulations or the futures regulatory authority of the State Council.
A futures company shall not engage in or engage in futures proprietary business in disguised form.
A futures company shall not provide financing for its shareholders, actual controllers or other related parties, and shall not provide external guarantees.
Article 18 A futures company engages in brokerage business, accepts the entrustment of customers and conducts futures trading for customers in its own name, and the trading results are borne by customers.
Article 19 A futures company shall obtain the approval of the the State Council Futures Regulatory Authority for handling the following matters:
(a) merger, division, closure, dissolution or bankruptcy;
(2) Changing the business scope;
(3) Changing the registered capital and adjusting the ownership structure;
(four) the new shareholders holding more than 5% of the shares or the controlling shareholders have changed;
(five) the establishment, acquisition, equity participation or termination of overseas futures operating institutions;
(six) other matters stipulated by the the State Council futures regulatory agency.
For the items listed in Items (3) and (6) of the preceding paragraph, the the State Council Futures Regulatory Authority shall make a decision on approval or disapproval within 20 days from the date of accepting the application; Other matters listed in the preceding paragraph, the the State Council futures regulatory agency shall make a decision of approval or disapproval within 2 months from the date of accepting the application.
Article 20 A futures company shall obtain the approval of the agency dispatched by the State Council Futures Regulatory Authority for handling the following matters:
(1) Changing the legal representative;
(2) Change of domicile or business premises;
(3) Establishing or terminating domestic branches;
(4) Changing the business scope of domestic branches;
(five) other matters stipulated by the the State Council futures regulatory agency.
With regard to the matters listed in Items 1, 2, 4 and 5 of the preceding paragraph, the agency of the State Council Futures Regulatory Authority shall make a decision of approval or disapproval within 20 days from the date of accepting the application; For the matters listed in Item (3) of the preceding paragraph, the agency of the State Council Futures Regulatory Authority shall make a decision of approval or disapproval within 2 months from the date of accepting the application.
Article 21 Where a futures company or its branch has any of the circumstances specified in Article 70 of the Administrative Licensing Law of People's Republic of China (PRC) or any of the following circumstances, the futures regulatory agency of the State Council shall go through the formalities for cancellation of the futures business license according to law:
(1) The business license is cancelled by the company registration authority according to law;
(two) after the establishment of more than 3 months without justifiable reasons, or after the opening of business for more than 3 months without justifiable reasons;
(3) voluntarily applying for cancellation;
(4) Other circumstances as stipulated by the the State Council Futures Regulatory Authority.
Before canceling the futures business license, the futures company shall settle the relevant futures business according to law and return the customer's margin and other assets. Before revoking its business license, a branch of a futures company shall terminate its business activities and properly handle its clients' assets.
Article 22 A futures company shall establish, improve and strictly implement the business management system and risk management system, abide by the information disclosure system, ensure the safety of customer deposits, and report the list of large companies and transactions to the futures exchange in accordance with the provisions of the futures exchange.
Twenty-third other futures institutions engaged in futures investment consulting business, should obtain the business qualifications recognized by the the State Council futures regulatory agency, and the specific management measures shall be formulated by the the State Council futures regulatory agency.
Chapter IV Basic Rules of Futures Trading
Article 24 Anyone who engages in futures trading in a futures exchange shall be a member of the futures exchange.
Overseas institutions that meet the prescribed conditions may engage in specific kinds of futures trading on futures exchanges. The specific measures shall be formulated by the the State Council futures regulatory agency.
Article 25 When a futures company accepts a client's entrustment to conduct futures trading for it, it shall present a risk statement to the client in advance, and sign a written contract with the client after it is signed and confirmed by the client. A futures company may not conduct futures trading without the entrustment of its customers or in accordance with the contents entrusted by customers.
A futures company shall not make a profit guarantee to its customers; Do not agree with customers to share benefits or take risks in brokerage business.
Twenty-sixth the following units and individuals shall not engage in futures trading, and futures companies shall not accept their entrustment to conduct futures trading for them:
(1) State organs and institutions;
(two) the staff of the State Council futures regulatory agencies, futures exchanges, futures margin depository monitoring institutions and futures industry associations;
(3) It is forbidden to enter the securities and futures markets.
(4) Units and individuals that fail to provide proof of account opening;
(five) other units and individuals prohibited from engaging in futures trading by the the State Council futures regulatory agency.
Twenty-seventh customers can send trading instructions to futures companies in writing, by telephone, through the Internet or in other ways as stipulated by the the State Council futures regulatory authority. The customer's trading instructions should be clear and comprehensive.
A futures company shall not conceal important matters or deceive customers into issuing trading orders by other improper means.
Article 28 A futures exchange shall promptly announce the trading volume, trading price, positions, highest and lowest prices, opening and closing prices and other real-time quotes that should be announced, and ensure the truthfulness and accuracy of the real-time quotes. The futures exchange shall not publish price forecast information.
Without the permission of the futures exchange, no unit or individual may publish the real-time quotation of futures trading.
Twenty-ninth futures trading should strictly implement the margin system. The customer deposits charged by the futures exchange to its members and futures companies shall not be lower than the standards set by the the State Council Futures Regulatory Authority and the futures exchange, and a special account shall be set up separately from its own funds.
The margin collected by the futures exchange from members belongs to the members, and it is strictly prohibited to use it for other purposes than the settlement of members' transactions.
The margin charged by the futures company to the customer belongs to the customer, and it is strictly prohibited to use it for other purposes except for the following transferable circumstances:
(a) according to the requirements of customers to pay available funds;
(two) to deposit a deposit for the customer and pay the handling fee and tax;
(3) Other circumstances as stipulated by the the State Council Futures Regulatory Authority.
Article 30 A futures company shall open a special account for each customer, and set a trading code, and shall not trade with mixed codes.
Article 31 Where a futures company engages in futures brokerage business and other futures business at the same time, it shall strictly implement the system of business separation and capital separation, and shall not mix operations.
Article 32 The clearing members of futures exchanges, futures companies and non-futures companies shall withdraw, manage and use risk reserves in accordance with the provisions of the futures regulatory agency and the financial department of the State Council, and shall not misappropriate them.
Article 33 The charging items, charging standards and management measures for futures trading shall be uniformly formulated and promulgated by the relevant competent departments of the State Council.
Article 34 The settlement of futures trading shall be organized by the futures exchange.
The futures exchange shall implement the debt-free settlement system on the same day. The futures exchange shall promptly notify the members of the settlement results on the same day.
A futures company shall settle accounts with customers according to the settlement results of the futures exchange, and notify customers of the settlement results in a timely manner in the manner agreed with customers. Customers should promptly inquire about and properly handle their trading positions.
Article 35 When the members of a futures exchange have insufficient margin, they shall add margin in time or close their positions on their own. If a member fails to increase the margin or close the position by himself within the time specified by the futures exchange, the futures exchange shall forcibly close the contract of the member, and the relevant expenses and losses arising therefrom shall be borne by the member.
When the customer's margin is insufficient, it shall add the margin in time or close the position on its own. If the customer fails to add the margin in time or liquidate the position by himself within the time specified by the futures company, the futures company shall forcibly liquidate the contract of the customer, and the relevant expenses and losses arising from the forced liquidation shall be borne by the customer.
Article 36 The delivery of futures trading shall be organized by the futures exchange.
The delivery warehouse is designated by the futures exchange. The futures exchange shall not limit the total amount of physical delivery, and shall sign an agreement with the delivery warehouse to clarify the rights and obligations of both parties. The delivery warehouse shall not commit any of the following acts:
(1) Issuing false warehouse receipts;
(2) Restricting the storage and delivery of commodities in violation of the business rules of futures exchanges;
(3) disclosing commercial secrets related to futures trading.
(4) Participating in futures trading in violation of relevant state regulations;
(five) other acts stipulated by the the State Council futures regulatory agency.
Article 37 If a member breaches the contract in futures trading, the futures trading company shall bear the liability for breach of contract first. If the margin is insufficient, the futures exchange shall assume the liability for breach of contract on behalf of the risk reserve and its own funds, and thus obtain the corresponding right of recourse against the members.
If the customer breaches the contract in futures trading, the futures company shall bear the liability for breach of contract with the customer's deposit in advance; If the margin is insufficient, the futures company shall assume the liability for breach of contract on behalf of the risk reserve and its own funds, and thus obtain the corresponding right of recourse against customers.
Article 38 A futures exchange that implements the member classified settlement system shall collect the settlement guarantee from the settlement members. The futures exchange only settles accounts with clearing members, collects and recovers the margin, and assumes the liability for breach of contract with clearing margin, risk reserve and its own funds, and takes other relevant measures; Non-clearing members shall settle accounts, collect and recover deposits, assume liabilities for breach of contract on their behalf and take other relevant measures.
Article 39 clearing members of futures exchanges, futures companies and non-futures companies shall ensure the integrity and security of futures trading, settlement and delivery materials.
Article 40 No unit or individual may fabricate or disseminate false futures trading information, or maliciously collude, jointly buy or sell or manipulate futures trading prices in other ways.
Article 41 No unit or individual may illegally use credit funds or financial funds for futures trading.
The qualification of a banking financial institution to engage in futures trading financing or guarantee business shall be approved by the the State Council Banking Regulatory Authority.
Article 42 State-owned and state-holding enterprises shall follow the principle of hedging when conducting domestic and overseas futures trading, and strictly abide by the relevant provisions of the state-owned assets supervision and administration institution of the State Council and other relevant departments on enterprises entering the futures market with state-owned assets.
Article 43 The competent commerce department of the State Council shall approve the varieties of overseas commodity futures trading by domestic units or individuals.
The purchase of foreign exchange, settlement of foreign exchange and foreign exchange receipts and payments under overseas futures shall comply with the relevant provisions of the state on foreign exchange control.
Measures for domestic units or individuals to engage in overseas futures trading shall be formulated by the State Council Futures Regulatory Authority in conjunction with relevant departments such as the State Council Commercial Department, State-owned Assets Supervision and Administration Department, Banking Supervision and Administration Department and Foreign Exchange Administration Department, and shall be implemented after being submitted to the State Council for approval.
Chapter V Futures Association
Article 44 The futures industry association is a self-regulatory organization of the futures industry and a social organization as a legal person.
Futures companies and other institutions specializing in futures business shall join futures industry associations and pay membership fees.
Article 45 The authority of the futures commercial association shall be the general meeting of members.
The articles of association of the futures industry association shall be formulated by the general meeting of members and reported to the futures regulatory agency of the State Council for the record.
The futures industry association shall have a board of directors. Members of the board of directors shall be elected in accordance with the provisions of the articles of association.
Article 46 A futures commercial association shall perform the following obligations:
(1) Educating and organizing members to abide by futures laws, regulations and policies;
(two) to formulate the industry self-discipline rules that members should abide by, supervise and inspect the behavior of members, and impose disciplinary sanctions on acts that violate the articles of association and self-discipline rules in accordance with regulations;
(three) to be responsible for the identification, management and revocation of the qualifications of futures practitioners;
(4) Accepting customers' complaints about futures business and mediating disputes between members and between members and customers;
(five) to safeguard the legitimate rights and interests of members in accordance with the law, and to reflect the suggestions and requirements of members to the the State Council futures regulatory agency;
(6) Organizing business training for futures practitioners and conducting business exchanges among members;
(7) Organizing members to study the development, operation and related contents of the futures industry;
(eight) other duties stipulated in the articles of association of the futures industry association.
The business activities of the futures association shall be subject to the guidance and supervision of the futures regulatory agency of the State Council.
Chapter VI Supervision and Administration
Article 47 the State Council futures regulatory agency shall supervise and manage the futures market and perform the following duties according to law:
(a) to formulate rules and regulations for the supervision and management of the futures market, and exercise the power of examination and approval according to law;
(2) Supervise and manage futures trading and related activities such as listing, trading, settlement and delivery of varieties;
(3) To supervise and manage the futures business activities of futures trading institutions such as futures exchanges and futures companies, clearing members of non-futures companies, futures margin depository monitoring institutions, futures margin depository banks, delivery warehouses and other market-related participants;
(four) to formulate the qualification standards and management measures for futures practitioners, and supervise the implementation;
(5) To supervise and inspect the information disclosure of futures trading;
(six) to guide and supervise the activities of futures industry associations;
(seven) to investigate and deal with violations of laws and administrative regulations on the supervision and administration of the futures market;
(eight) to carry out international exchanges and cooperation activities related to the supervision and management of the futures market;
(9) Other duties as prescribed by laws and administrative regulations.
Article 48 When performing its duties according to law, the the State Council futures regulatory agency may take the following measures:
(1) Conducting on-site inspections on futures trading institutions such as futures exchanges and futures companies, clearing members of non-futures companies, monitoring institutions for the safe custody of futures deposits and delivery warehouses;
(two) to enter the place where the suspected illegal act occurred to investigate and collect evidence;
(3) Asking the parties, units and individuals related to the investigated events and asking them to explain the matters related to the investigated events;
(four) to consult and copy the information related to the registration of property rights in the event under investigation;
(five) to consult and copy the futures trading records, financial and accounting materials and other relevant documents and materials of the parties and the units and individuals related to the investigated events; Documents and materials that may be transferred, concealed or damaged may be sealed up;
(6) Inquiring about the margin account and bank account of the unit related to the incident under investigation;
(7) When investigating major futures violations such as manipulating futures trading prices and insider trading, with the approval of the principal responsible person of the State Council Futures Regulatory Authority, the futures trading of the parties involved in the investigated event may be restricted, but the period shall not exceed 15 trading days; If the case is complicated, it can be extended to 30 trading days;
(8) Other measures prescribed by laws and administrative regulations.
Article 49 Futures trading institutions, such as futures exchanges and futures companies, and futures margin safety custody monitoring institutions shall submit financial and accounting reports, business data and other relevant materials to the State Council futures regulatory authority.
The annual report submitted by futures companies and other futures trading institutions shall be audited by the the State Council Futures Regulatory Authority, and the audit report shall be made. Auditors should sign the audit report. If problems are found in the audit, the the State Council futures regulatory agency shall take corresponding measures in time.
When necessary, the the State Council futures regulatory authority may require the clearing members, delivery warehouses, shareholders, actual controllers or other related parties of non-futures companies to submit relevant materials.
Article 50 When the the State Council futures regulatory agency performs its duties according to law and conducts supervision, inspection or investigation, the units and individuals under inspection and investigation shall cooperate and truthfully provide relevant documents and materials, and shall not refuse, obstruct or conceal them; Other relevant departments and units shall give support and cooperation.
Article 51 The State shall establish a futures investor protection fund according to the needs of the development of the futures market.
Specific measures for the raising, management and use of the futures investor protection fund shall be formulated by the futures regulatory agency of the State Council in conjunction with the financial department of the State Council.
Article 52 The the State Council futures regulatory agency shall establish and improve the monitoring system for the safe custody of futures deposits, and set up a monitoring agency for the safe custody of futures deposits.
Customers, futures trading institutions such as futures exchanges and futures companies, settlement members of non-futures companies, and futures margin depository banks shall abide by the provisions of the State Council Futures Regulatory Authority on margin safety monitoring.
Fifty-third futures margin security depository monitoring institutions in accordance with the relevant provisions of the margin monitoring, daily audit, found that the problem should immediately report to the the State Council futures regulatory agency. The State Council futures regulatory agency shall, according to different situations, deal with it in a timely manner in accordance with the relevant provisions of these Regulations.
Article 54 The the State Council futures supervision and administration institution shall implement a qualification management system for directors, supervisors, senior managers and other futures practitioners of futures trading institutions such as futures exchanges and futures companies, and futures margin safety custody monitoring institutions.
Article 55 The the State Council futures regulatory agency shall formulate the rules for the sustainable operation of futures companies, and stipulate the risk supervision indicators such as the ratio of net capital to net assets, the ratio of net capital to the business scale of domestic futures brokerage institutions and overseas futures brokerage institutions, and the ratio of current assets to current liabilities. Put forward requirements for the operation status, risk management, internal control, margin and related transactions of futures companies and their branches.
Article 56 If a futures company and its branches do not meet the rules of going concern or have operational risks, the the State Council futures regulatory agency may take regulatory measures such as talking, prompting and recording in credit records, or order the futures company to make rectification within a time limit and accept the rectification.
If the futures company fails to make corrections within the time limit, and its behavior seriously endangers the stable operation of the futures company, damages the legitimate rights and interests of customers, or is suspected of serious violation of laws and regulations and is under investigation by the the State Council futures regulatory agency, the the State Council futures regulatory agency can distinguish the situation.