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

clients, 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 brokering company shall be ordered to suspend its business for rectification or have its business license for futures brokerage revoked:

　　(1) not to produce risk prospectus to the clients according to provisions, to give any form of commitment with respect to its clients' profits or make an agreement with the clients to share the interests and risks;

　　(2) to engage in futures transaction presumptuously on behalf of a client without the clients' instructions or contrary to the client's instructions;

　　(3) to inveigle a client into giving instructions by providing false market information or by other illegal means;

　　(4) to provide false transaction reciprocation to clients;

　　(5) to fail to issue instructions of clients to a futures exchange;

　　(6) to misappropriate clients' bails;

　　(7) other fraudulent acts against the clients prescribed by 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 be fined not less than 10,000 yuan nor more than 100,000 yuan. If the offense constitutes a crime, criminal liability shall be pursued according to law.

　　Any unit or individual, who fabricates and disseminates false information affecting futures transaction and disrupting the order of futures transaction market, shall be imposed punishments by reference to the provisions of Items 1 and 2 of this Article; if the offense constitutes a crime, criminal liability shall be pursued according to law.

　　Article 61 If, before information that may have a major effect on the price of futures is made public, a person who has knowledge of inside information or a person who illegally obtained such information engages in futures transaction with the use of the inside information, or divulges such information to another so that the other one could engage in futures transaction by using such information, shall have the illegal gains confiscated and also have a fine of not less than one time nor more than five times the illegal gains imposed; 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 offense constitutes a crime, criminal liability shall be pursued according to law.

　　Article 62 Any unit or individual, who manipulates the price of futures transaction by committing any one of the following acts, shall be ordered to make rectification, be confiscated the illegal gains and 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 200,000 yuan, a fine of not less than 200,000 yuan nor more than 1000,000 yuan shall be imposed; if the offense constitutes a crime, criminal liability shall be pursued according to law:

　　(1) whether independently or in collusion with others, carrying out combined or successive purchase or sales of futures contracts by building up an advantage in terms of funds or futures holding or using one's advantage in terms of information, thereby manipulating the trading price of futures;

　　(2) collaborating with another person to mutually trade futures at a prearranged time and price and by prearranged means, thereby affecting the price or volume of the futures traded;

　　(3) buying or selling futures from or to oneself by means of making oneself the other party to the transaction, thereby affecting the price or volume of the futures traded;

　　(4) stocking practicality in order to affect the futures market;

　　(5) other manipulating acts prescribed by the CSRC.

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

　　Article 63 If a settlement warehouse commits any one of the acts prescribed in Article 43 of these Regulations , it shall be ordered to make rectification, be given a warning, be confiscated the illegal gains, and be fined not less than one time nor more than fives 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, its qualification of settlement warehouse shall be ordered to be suspended or revoked; the persons in charge directly responsible and other directly responsible persons shall be imposed disciplinary sanctions.

　　Article 64 If the State-owned enterprises and the enterprises where the State-owned assets constitute a controlling or leading interest, in violation of these Regulations, engage in futures transaction, and any unit or individual engages in futures transaction with the use of credit fund and finance fund, a warning shall be given, their illegal gains shall be confiscated and in addition, a fine of not less than one time nor more than five times the illegal gains shall be imposed; 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; the persons in charge directly responsible and other directly responsible persons shall be given disciplinary sanctions of degradation or even dismissal; if the offense constitutes a crime, criminal liability shall be pursued according to law.

　　Article 65 Any unit or individual, engaging in futures transaction abroad without permit, shall be closed down, be confiscated the illegal gains and in addition, 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 200,000 yuan, a fine of not less than 200,000 yuan nor more than 1000,000 yuan shall be imposed; the persons in charge directly responsible and other directly responsible persons shall be fined not less than

10,000 yuan nor more less 100,000 yuan and in addition, be given disciplinary sanctions of degradation or even dismissal; if the offense constitutes a crime, criminal liability shall be pursued according to law.

　　Any unit or individual, establishing a futures exchange or a futures brokering company illegally or in disguised form, or engaging in futures brokerage without permit, shall be ordered to close down and be fined according to the stipulation of the preceding section; if the offense constitutes a crime, criminal liability shall be pursued according law.

　　Article 66 If the staff of a futures exchange hold a position in the members of the futures exchange or divulge State secrets or commercial secrets of the members or the clients during his office or within one year after his dismissal, disciplinary sanctions shall be given; if the offense constitutes a crime, criminal liability shall be pursued according to the law.

　　Article 67 If any unit or individual violates these Regulations seriously, the CSRC shall announce that the individual and the unit or its directly responsible persons are barred from entering the futures market.

　　Article 68 If the staff of the CSRC divulges State secrets or commercial secrets of the members or the clients, or engages in malpractice for personal gains, neglects his duties, abuses his powers and accepts bribery, and the offense is serious enough to constitute a crime, criminal liability shall be pursued according to law; if the offense does not constitute a crime, administrative sanctions shall be given according to law.

　　Article 69 The administrative punishments on a futures exchange and its members, on a futures brokering company and its clients, on the futures business persons and on the settlement warehouses, shall be subject to the CSRC; the administrative punishments on other units or individuals shall be subject to the institutions concerned according to its legal authority.

　　Chapter 7 Supplementary Provisions

　　Article 70 For purpose of these Regulations , the following terms are defined as:

　　(1) "Futures transaction" refers to the centralized transaction of purchasing and selling certain varieties of futures contracts inside Futures Exchange.

　　(2) "Futures Contract" refers to the standard contract uniformly formulated by a futures exchange to stipulate the settlement of commodities with certain quantity and quality at specific time and site hereafter.

　　(3) "Bail" refers to the capital paid by the futures traders in accordance with the prescribed standard for the clearing and warranting of performance.

　　(4) "Clearing" refers to the capital clearing of the parties' profits and losses in accordance with the clearing price announced by a futures exchange.

　　(5) "Settlement" refers to the course that the two parties, basing on the rules and procedures specified by a futures exchange, settle the contracts at the end of the term by shifting the ownership of the commodities recorded in the futures contracts, when the date prescribed in the contracts expires.

　　(6) "Selling the futures" refers to the conducts that the futures traders terminate futures tran

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