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

　　Article 49 No units or individuals may engage in trading futures abroad directly or indirectly without approval. If the market abroad is indeed in need for the hedging, it shall be examined by the CRSC together with the relevant departments under the State Council and be approved by the State Council before a license for overseas futures business is issued.

　　A futures brokering company is prohibited from engaging in overseas futures trading.

　　Chapter 5 Supervision and Administration

　　Article 50 A futures exchange and a futures brokering company shall periodically send statements of financial accounting, relevant materials and audit reports to the CSRC.

　　Article 51 The CSRC is entitled to inspect the business and finance situations of a futures exchange or a futures brokering company at any moment, to request them to hand in certain materials, and certain information and materials on their members or clients, and when necessary, to inspect the business and finance situations in connection with futures transaction of the members and clients.

　　During the inspection, if the CSRC finds they may have violated the law, the CSRC is entitled to obtain and seal up certain documents and materials, and to make a decision within a prescribed period.

　　When inspecting, the staff of the CSRC shall produce their legal credentials.

　　Article 52 The CSRC is entitled to inquire and investigate the units and individuals who are suspected of violating the law concerning futures, to inspect the deposit accounts of a futures exchange or a futures brokering company, as well as those opened by their members or clients in a commercial bank or other banking institutions, and to apply to the judicial organs to freeze the accounts if there is evidence to substantiate that illegally obtained funds have been removed or concealed. The units and individuals concerned may not refuse to provide support or cooperation.

　　Article 53 When abnormal circumstances exist in the futures market, the CSRC may take certain necessary measures to dispose of the risks.

　　Article 54 The CSRC executes a system of qualification cognizance for the senior management persons and other business persons of a futures exchange and a futures brokering company.

　　Article 55 A futures exchange shall, in accordance with the provisions of these Regulations and of the CSRC, set up and complete the different rules and systems, strengthen the control on the risk in its transaction conducts and the supervision and management on its members and staff.

　　A futures brokering company shall set up and complete its administrative rules of internal business, strengthen the examination on the client's credit status, and report the list and trading information of the pit traders to a futures exchange in accordance with its provisions.

　　Article 56 When its General Manager leaves his post, a futures exchange shall retain an intermediary organization qualified to engage in audit business to audit the manager. The CSRC may designate an intermediary organization to take such an audit when necessary.

　　Chapter 6 Legal Liability

　　Article 57 A futures exchange shall be ordered to make rectification and be given a warning, and its illegal gains shall be confiscated for any of the following acts:

　　(1) to recruit a member in violation of provisions;

　　(2) to charge handling fees in violation of provisions;

　　(3) to use and distribute profits in violation of provisions;

　　(4) not to publicize info

　　(5) not to fulfill the obligation of making reports to the CSRC according to provisions;

　　(6) not to submit relevant documents and materials to the CSRC according to provisions;

　　(7) not to withdraw, manage and use the risk reserve according to provisions;

　　(8) to restrict gross amount of the practicality settlement of its members;

　　(9) to appoint unqualified futures business persons;

　　(10) other acts that are in violation of the provisions of the CSRC.

　　If a futures exchange commits any one of the acts listed in the preceding paragraph, the persons in charge directly responsible and the other directly responsible persons shall be imposed disciplinary sanctions, and may also be fined not less than 10,000 yuan nor more than 100,000 yuan.

　　If a futures exchange commits the act stipulated in Item 2 of Paragraph 1 of this Article, it shall refund the overcharged handling fees.

　　Article 58 If a futures exchange commits any one of the following acts, it shall be ordered to make rectification, be given a warning, be confiscated the illegal gains and also be fined not less than one time nor more than five times the illegal gains; if there are no illegal gains or the illegal gain is less than 100,000 yuan, a fine of not less than 100,000 yuan nor more than 500,000 yuan shall be imposed; if the circumstances are serious, the futures exchange shall be ordered to suspend business for rectification:

　　(1) to formulate and modify the articles of association and business rules without approval;

　　(2) to list, suspend, cancel or resume the varieties of futures transaction without approval;

　　(3) to list, amend or terminate the futures contracts without approval;

　　(4) to permit its members to engage in futures transaction when the bail is insufficient;

　　(5) to participate in futures transaction directly or indirectly, or to engage in the businesses irrelevant to its functions;

　　(6) to charge bail in violation of provisions, or to misappropriate the bail;

　　(7) to forge, alter or preserve the materials of futures transaction, clearing and settling not comforting to provisions;

　　(8) not to set up or execute the system of limit up and limit down, of limit on futures holding or of reporting the pit traders;

　　(9) to refuse or obstruct the supervision and examination of the CSRC;

　　(10) other acts violating the provisions of the CSRC.

　　If a futures exchange commits any one of the acts listed in the preceding paragraph, the persons in charge directly responsible and the other directly responsible persons shall be imposed disciplinary sanctions and also be fined not less than 10,000 yuan nor more than 100,000 yuan.

　　Article 59 If a futures brokering company commits any one of the following acts, it shall be ordered to make rectification, be given a warning, be confiscated the illegal gains and also be fined no less than one time nor more than three times the illegal gains; if there are no illegal gains or the illegal gain is less than 100,000 yuan, a fine of not less than 100,000 yuan nor more than 300,000 yuan shall be imposed; if the circumstances are serious, the futures brokering company shall be ordered to suspend business for rectification or have its business license for futures brokerage revoked:

　　(1) to accept trust of units or individuals which does not conform to the prescribed conditions;

　　(2) to accept the trust of companies, enterprises or other economic organizations to engage in futures transaction in the name of an individual;

　　(3) to re-mandate entrusted business or to accept re-mandated business;

　　(4) to permit clients to engage in futures transaction when the bail is insufficient;

　　(5) to engage in futures transaction on his own account or other businesses that is in violat

　　(6) not to submit relevant documents and materials to the CSRC according to the provisions;

　　(7) not to withdraw, manage and use the risk reserve according to the provisions;

　　(8) to forge, alter or preserve the materials of futures transaction, clearing or settling not according to the provisions;

　　(9) to appoint unqualified business persons of futures transaction;

　　(10) to set up sales departments without approval;

　　(11) to undergo modification procedures without approval;

　　(12) to forge, alter, lease, lend, purchase or sell the business license for futures brokerage and license for operation;

　　(13) to engage in different transaction with single one code in violation of provisions;

　　(14) to refuse or obstruct the supervision and administration of the CSRC;

　　(15) other acts that are in violation of the provisions of the CSRC.

　　If a futures brokering company commits any one of the acts listed in the preceding paragraph, the persons in charge directly responsible and the other directly responsible persons shall be imposed disciplinary sanctions and also be fined not less than 10,000 yuan nor more than 50,000 yuan.

　　Article 60 If a futures brokering company commits any one of the following fraudulent acts against the

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