金融机构衍生产品交易业务管理暂行办法 Order of the China Banking Regulatory Commission

中国银行业监督管理委员会令[2004]年第1号

颁布日期：20040204 　实施日期：20040301 　颁布单位：中国银行业监督管理委员会

　　[2004] No. 1

　　Interim Measures for the Management of the Dealings of Derivative Products of Financial Institutions have been adopted at the chairman meeting of China Banking Regulatory Commission and are hereby promulgated. The present Measures shall come into effect as of March 1， 2004.

　　Liu Mingkang， Chairman

　　February 4， 2004

　　Interim Measures for the Management of the Dealings of Derivative Products of Financial Institutions

　　Chapter I General Provisions

　　Article 1 With a view to regulating the dealings of derivative products of banking institutions， effectively controlling the risk of banking institutions in the transaction of derivative products， the present Measures are formulated in accordance with Banking Supervision Law of People's Republic of China and Commercial Bank Law of People's Republic of China and other relevant laws and regulations.

　　Article 2 The term of financial institutions as mentioned in the present Measures refers to the banks， trust and investment companies， finance companies， financial leasing companies， legal person of auto financing companies and branches of foreign banks established within the territory of People's Republic of China （hereinafter referred to as branches of foreign banks）。

　　Article 3 The term of derivative products as mentioned in the present Measures refers to a certain type of financing contract the value of which subjects to one or more than one basic assets or index. Basic types of these contracts are futures， transaction at usance， swap transaction and futures rights. Derivative products also including structural financial tools that have one or more characteristic of futures， transaction at usance， swap transaction and futures rights.

　　Article 4 The dealings of derivation products of financial institutions referred to in the present Measures can be divided into two categories as followed：

　　（1） The derivative product transactions for the purpose of making profit or avoiding risk of their own capital and debt. The financial institutions are regarded as the final customer of derivative product.

　　（2） Financial institutions provide the derivative product transactions to clients （including financial institutions）。 Financial institutions are regarded as the broker of the derivative product transactions and those brokers who provide quoting service and negotiable service to other brokers and clients are regarded as the market manipulators of derivative products.

　　Article 5 China Banking Regulating Commission （hereinafter referred as to CBRC） shall be responsible for supervision over the derivative product transactions of financial institutions. Financial institutions shall pass the examination and approval of CBRC and accept the supervising and administration of CBRC in operating the derivative product transactions.

　　Any non-financial entity shall not provide the dealing services of derivative product to the clients.

　　Article 6 Financial institutions shall observe the provisions on foreign exchange and other relevant provisions in operating the derivative product transactions related with the foreign exchange， stocks and commodities and derivative product transactions on exchange.

　　Chapter II Administration of Market Access

　　Article 7 Financial institutions that apply for the operation of the derivative product transactions shall meet the following requirements

　　（1） Having a perfect risk control system and internal controlling system of the derivative product transactions；

　　（2） Having a operating system of auto-connection of the derivative product transactions and real-time risk control system；

　　（3） Operating staff of the derivative product transactions shall has an experience of directly

operating the derivative product transactions and risk control for more than 5 years， and shall not have any defective record；

　　（4） Having at least 2 operating staff that has over 2 years experience of the derivative product transactions and related derivative product transactions and over half a year experience of special training of operating skill of the derivative product transactions， 1 executive of risk control， 1 staff for risk model research or analyses. The mentioned staff shall be sole duty person and shall not hold a concurrent post or have any defective record；

　　（5） Having appropriate trading floor and equipment；

　　（6） If the branches of foreign banks plan to run the derivative product transactions， the registered country shall have a legal system of supervising and regulating the derivative product transactions and the competent authority of the country shall have the capability of supervising and regulating；

　　（7） Other requirements of CBRC.

　　The branches of foreign banks plans to run the derivative product transactions that can not meet the requirements of Item 1 to Item 5 shall conforms with Item 6， Item 7 of the preceding Paragraph and following requirements：

　　（1） Having formal authorization concerning type and quota of the derivative product transactions and other matters from its headquarter，

　　（2） Except definite provisions of its headquarter， all the derivative product transactions of the branches shall be operated through the real-time system of the authorized headquarter， and the inventory adjusting， risk exposure operation and risk control shall be operated by the headquarter.

　　Article 8 The Policy banks， Chinese-funded commercial banks （except the city commercial banks， rural commercial banks and rural cooperative banks）， trust and investment banks， finance companies， finance leasing companies， auto-financing companies shall， if they operate transactions of derivative products， apply for certificate from CBRC by their legal representatives and be examined and approved by CBRC.

　　City commercial banks， rural commercial banks and rural cooperative banks shall， if they operate transactions of derivative products， submit the application materials to the local Banking Regulatory Bureau by their legal representatives and shall be examined and approved by CBRC after the approval of local departments.

　　Foreign-funded financial institutions shall， if they operate the transactions of derivative products， submit application materials signed by the authorized signer to the local Banking Regulatory Bureau and shall be examined and approved by CBRC after the approval of local departments. Foreign-funded bank institutions that plan to operate the derivative product transactions in more than two branches in the territory of China may submit the application materials to the local Banking Regulatory Bureau by their headquarters or the main reporting bank of the foreign bank and shall be examined and approved by CBRC after the approval of local departments.

　　Article 9 Where financial institutions apply for the operation of the derivative product transactions， they shall submit the following documents and materials in triplicate to CBRC or its agencies，

　　（1） Application report， feasibility report， operation program or the derivative product transactions acquisition plan；

　　（2） Internal executive regulation of the derivative product transactions；

　　（3） Accounting system of the derivative product transactions；

　　（4） List and resume of the governor and main derivative product transactions staff；

　　（5） Authorized administrative system of risk exposure qualification or limitation；

　　（6） Security testing report of trading floor， equipment and system；

　　（7） Other documents and materials required by CBRC.

　　Branches of foreign banks operating the derivative product transac

tions that do not satisfy criteria listed in Item 1 to Item 5 of Article 7 shall submit following documents to the local Banking Regulatory Bureau at the time of application，

　　（1） Documents of formal written authorization from the headquarter to the branches of operating the derivative product transactions，

　　（2） Promising letter from the headquarter of insuring the real-time derivative product transactions of all the derivative product transactions of its branches through the system of the headquarters and taking charge of inventory adjusting， risk exposure operation and risk control.

　　Article 10 Internal executive regulations of the financial institutions that operate the derivative product transactions shall essentially involve following contents，

　　（1） Rudder， operational procedure that shall reflect the principle of separation of pre-phase， middle-phase and after-phase， emergency solution of the derivative product transactions；

　　（2） Risk model index and qualification operation index；

　　（3） Type of derivative product transactions and correspondent risk control system；

　　（4） Risk report and internal audit system；

　　（5） Executive and evaluation system of research and development of the derivative product transactions；

　　（6） Rules of brokers；

　　（7） Job responsibility system of derivative product transactions governors and questioning mechanism and prompting and restricting mechanism of the governor at all level and traders；

　　（8） Training program for the persons-in-charge and workers；

　　（9） Other contents required by CBRC.

　　Article 11 CBRC shall give response within 60 days after the reception of all application materials submitted by the financial institutions according to

┨网页设计特效库┠ http://www。z┗co⊙l。com/网页特效/