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

other circumstances as stipulated by the CSRC exist.

　　Article 27 A futures brokering company shall settle its entrusted business and refund the clients' bails in accordance with the law, if it is dissolved for any one of the following circumstances:

　　(1) the operation term expires, and the decision of the shareholders' conference rules out of its continuous operation;

　　(2) the shareholders' conference makes a decision of dissolution;

　　(3) it is need to be dissolved because of merger or division;

　　(4) bankruptcy;

　　(5) the CSRC makes a decision to close it down.

　　If a futures brokering company is dissolved because of the circumstances stipulated in Items (1), (2) and (3) of the preceding paragraph, the matter shall be examined and approved by the CSRC.

　　To dissolve a futures brokering company, the cancellation registration procedures shall be undergone with the State Administration of Industry and Commerce.

　　Chapter 4 Fundamental Principles for Futures Transaction

　　Article 28 Only the members of a futures exchange may trade inside a futures exchange. A futures brokering company may engage in no business but futures brokerage entrusted by its clients, and non-futures brokering company may engage in no business but futures transaction on his own account.

　　The members of a futures exchange shall accredit a representative to enter a future exchange to trade. The representative may only obey the transaction instructions from his own company, and is prohibited from obeying any instruction from other units or individuals, from providing any consultation for them, and trading for himself.

　　Article 29 When accepting entrust of a client to conduct futures transaction, a futures brokering company shall produce its Risk Prospectus to the clients in advance, and after the clients have signed to affirm it, the futures brokering company shall sign a written contract with the clients.

　　A futures brokering company may not give any commitment of profits, or make an agreement with the clients to share the profits or the risks, or accept the trust of futures transaction f

rom any company, enterprise or other economic organizations in the name of an individual, or re-mandate the business or accepted re-mandated business.

　　Article 30 The following units or individuals may not engage in futures transaction, nor a futures brokering company may accept their entrustment to engage in futures transaction for them:

　　(1) banking institutions, institutions and State organs;

　　(2) staff of the CSRC;

　　(3) those who are barred from entering into a futures market;

　　(4) units which do not provide any certifying document of account-opening;

　　(5) other units or individuals who are prohibited from engaging in futures trading by the CSRC.

　　Article 31 Clients may issue their transaction instructions to a futures brokering company by means of writing, telephoning, or other ways as provided by the CSRC.

　　Clients' transaction instructions shall be clear and complete.

　　Article 32 A futures brokering company shall engage in futures transaction in accordance with clients' transaction instructions, and is prohibited from engaging in futures transaction without the trust of the clients or exceeding the scope of authorization.

　　Article 33 A futures brokering company shall provide truthful and accurate information on futures market to clients, and may not inveigle clients into issuing transaction instructions by holding back major information or by other illegal means.

　　Article 34 A futures exchange shall announce the information on the listed varieties of futures contracts promptly such as turnover, purchase price, amount of storage, ceiling and floor prices, opening price and closing price, etc…… Meanwhile, the futures exchange shall guarantee the truthfulness and accuracy of the information. However, the futures exchange may not announce any forecast information on price.

　　Article 35 A futures exchange shall set up and complete the following systems of risk administration in accordance with the relevant provisions of the State:

　　(1) the system of bail;

　　(2) the system of daily clearing;

　　(3) the system of limit up and limit down;

　　(4) the system of limitation on futures holding and reporting the futures holding of the pit traders;

　　(5) the system of risk reserve;

　　(6) other systems of risk administration stipulated by the CSRC.

　　Article 36 The system of bail shall be implemented in futures transaction. The bail that a futures exchange collects from its members or a futures brokering company collects from its clients may not be lower than the standard prescribed by the CSRC, and shall be separated from their own funds and be deposited in a special account.

　　The bail that a futures exchange collects from its members is still in the ownership of the members; a futures exchange is prohibited from appropriating it except for the transaction and clearing of the members.

　　The bail that a futures brokering company collects from its clients is still in the ownership of its clients; a futures brokering company is prohibited from appropriating it except depositing it in a futures exchange and clearing the transaction for its clients in accordance with the provisions of the CSRC.

　　A futures brokering company shall open an account, set a transaction code for each of its clients respectively, and the different transactions with only one code are prohibited.

　　Article 37 A futures exchange and a futures brokering company shall derive, manage and utilize the risk reserve in accordance with the provisions of the CSRC and the Ministry of Finance, and they are prohibited from misappropriating it.

　　Article 38 The collection of handling fees by a futures exchange from its members or by a futures brokering company from its clients shall be executed in accordance with the uniform provisions of relevant departments under the State Coun

cil.

　　Article 39 Centralized price competition shall be implemented in futures transaction, and shall follow the match transaction principle of price precedence and time precedence.

　　Article 40 A futures exchange executes uniform administration on the clearing of futures transaction.

　　A futures exchange implements a system of daily clearing and shall inform its members of the clearing results of the same day immediately after the closing.

　　A futures brokering company shall make clearing for its clients in accordance with the clearing results of the futures exchange, and shall inform its clients of the results promptly.

　　Article 41 When the bail of one member of a futures exchange is insufficient, the member shall supplement the bail. If the bail is not supplemented within the term prescribed by the futures exchange, the latter shall execute a mandatory selling order for the member's futures contract, and the fee and loss thus induced shall be taken on by the member.

　　When the client's bail is insufficient and is not supplemented within the term prescribed by a futures exchange, a futures brokering company shall execute a mandatory selling order for the client's futures contract. The fee and the loss thus induced shall be taken on by the client.

　　Article 42 The settlement of futures transaction shall be organized and executed uniformly by a futures exchange. A futures exchange may not place any restriction on the amount of practicality settlement.

　　The settlement warehouse shall be designated by a futures exchange, and the two parties shall make an agreement to definitude the rights and obligations.

　　Article 43 It is prohibited for the settlement warehouse from committing any one of the following acts:

　　(1) to provide false warehouse warrants;

　　(2) to restrict the storing and the selling of the settled commodities in violation of the business rules of a futures exchange;

　　(3) to divulge commercial secrets in connection with futures transaction;

　　(4) to participate in futures transaction;

　　(5) other acts stipulated by the CSRC.

　　Article 44 When breaching agreement in futures transaction, the member shall assume the liability with its bail first; if the bail is insufficient, the futures exchange shall assume the liability with the risk reserve and its own fund for the member, and the futures exchange acquires the right of recourse to the member by this way.

　　When the client breaches agreement in futures transaction, a futures brokering company shall take the measures by reference to the provisions of the preceding paragraph.

　　Article 45 A futures exchange and a futures brokering company shall ensure the completeness and safety of materials of futures transaction, clearing and settling.

　　Article 46 It is prohibited for any unit or individual from fabricating and disseminating false information on futures transaction, and from manipulating the transaction price of futures by malicious collaboration, joint transaction and other means.

　　Article 47 It is prohibited for any unit or individual from engaging in any futures transaction with credit fund and financial fund.

　　Banking institutions may not finance futures transaction by providing funds and offer any warrant.

　　Article 48 Futures transaction of State-owned enterprises and enterprises where State-owned assets constitute a controlling and leading interest is only restricted to hedging, and the following provisions s

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