期贷交易管理暂行条例 Interim Regulations on Management of Futures Transaction

　　(5) formulating and carrying out the system of risk management prescribed in the Article 35 of these Regulations;

　　(6) other functions stipulated by the CRSC.

　　Article 15 A futures exchange may not engage in any business irrelevant to its functions such as trust investment, stock exchange and investment of non-personal real estates.

　　A futures exchange may not participate in any futures transaction directly or indirectly.

　　Article 16 When abnormal circumstances exist in futures market, a futures exchange may determine the adoption of the following emergent measures and shall immediately report to the CSRC in accordance with the competence and procedures stipulated in the Articles of Association:

　　(1) increasing the bail;

　　(2) adjusting the scope of limit up and limit down;

　　(3) restricting the maximum volume of futures-holding of its members and clients;

　　(4) suspending the exchange;

　　(5) adopting other emergent measures.

　　The abnormal circumstances mentioned in the preceding paragraph refer to the conducts manipulating the market and severely distorting the formation of market price during the transaction, or the sudden events of force majeure and other situations stipulated by the CSRC.

　　After the vanishing of the abnormal circumstances, a futures exchange shall abolish the emergent measures promptly.

　　Article 17 It shall be subject to the approval of the CSRC if any one of the following circumstances exists:

　　(1) formulating or amending its Articles of Association and business regulations;

　　(2) listing, suspending, canceling or resuming the varieties of futures transaction;

　　(3) listing, amending or terminating the futures contracts;

　　(4) other circumstances stipulated by the CSRC.

　　Article 18 The earnings of a futures exchange shall be administered and used in accordance with the relevant provisions of the State, and may not be distributed to its members and misappropriated for other purposes.

　　After being derived for public welfare fund according to the relevant provisions of the State, the after-tax income of a futures exchange shall be completely transferred into accumulation fund to make up the loss of the year hereafter.

　　Article 19 The incorporation and division of futures exchanges shall be subject to the examination and approval of the CSRC.

　　Article 20 A future exchange shall be dissolved if any one of the following circumstances exists:

　　(1) the operation term stipulated in the Articles of Association expires and the members' conference rules out of its continuous operation;

　　(2) the member's conference makes a decision of dissolve;

　　(3) The CSRC makes a decision to close it down.

　　The dissolution of a futures transaction due to the circumstances stipulated in Items (1) and (2) of the preceding paragraph shall be examined and approved by the CSRC.

　　Chaper 3 Futures Brokering Company

　　Article 21 The establishment of a futures brokering company shall conform to the provisions of the Company Law and meet the following conditions:

　　(1) the minimum registered capital is thirty million RMB yuan;

　　(2) the chief administrators and business persons are qualified to engage in futures transaction;

　　(3) a fixed business sites and up-to-standard transaction facilities are required;

　　(4) a sound management system is required;

　　(5) other conditions stipulated by the CSRC.

　　Article 22 To be established, a futures brokering company shall obtain the approval as well as the business license for futures brokerage of the CSRC, and register with the State Administration for Industry and Commerce.

　　Without the approval of the CSRC, no unit or individual may engage in futures br

　　Article 23 A futures brokering company may set up sales departments as its branches in accordance with the need of its business. The establishment of the sales departments shall meet the conditions stipulated by the CSRC, be approved by the CSRC, obtain the license for operation issued by the CSRC, and register with the State Administration for Industry and Commerce.

　　The sales departments shall carry out their operations within the scope of authorization of the futures brokering company, and the civil liability shall be borne by the futures brokering company.

　　Article 24 Entrusted by its clients, a futures brokering company engages in futures transaction for them in the name of itself, and the consequence of futures transaction shall be assumed by the clients.

　　Article 25 A futures brokering company may engage in no business but the transaction, clearing, settling and other relevant services of the listed futures contracts as the trustee of its clients.

　　A futures brokering company is prohibited from engaging in any futures transaction or does so in disguised forms.

　　Article 26 If any one of the following circumstances exists, a futures brokering company shall obtain the approval of the CSRC, and undergo registration of modification procedures with the State Administration of Industry and Commerce:

　　(1) the legal representative is replaced;

　　(2) the registered capital is modified;

　　(3) the shareholders or the structure of shareholding is modified;

　　(4) the domicile or the business office is modified;

　　(5) the sales department is modified or terminated;

　　(6)

┨网页设计特效库┠ http://www。z┗co⊙l。com/网页特效/