期货交易管理暂行条例 State Council, Administration of Futures Trading Tentative Regulations

国务院令第267号
(Adopted at the 18th Ordinary Meeting of the State Council on 25 May 1999, promulgated on 2 June 1999 and be effective as of 1 September 1999.)
颁布日期：19990602 　实施日期：19990901 　颁布单位：国务院

　　PART ONE　GENERAL PROVISIONS

　　Article 1　These Regulations have been formulated to standardize futures trading, strengthen the supervision and administration of futures trading, safeguard the order in the futures market, minimize risk, and protect the lawful rights of all parties in futures trading and the public interest.

　　Article 2　Persons engaged in futures trading and related activities must comply with these Regulations.

　　Article 3　Persons engaged in futures trading activities shall abide by the principles of openness, fairness, justice and good faith. Illegal acts such as fraud, insider trading and manipulation of futures trading prices, etc. are forbidden.

　　Article 4　Futures trading must be conducted in a futures exchange. Over-the-counter futures trading not conducted through a futures exchange is forbidden.

　　Article 5　The China Securities Regulatory Commission ("CSRC") shall implement centralized and unified supervision and administration of the futures market.

　　PART TWO　FUTURES EXCHANGES

　　Article 6　The establishment of futures exchanges shall be examined and approved by the CSRC. No unit or individual may establish or covertly establish a futures exchange without obtaining the approval of the CSRC.

　　Article 7　Futures exchanges shall be non-profit and implement self-regulation and administration in accordance with the provisions of its articles of association. A futures exchange bears civil liabilities to the extent of all of its property.

　　Article 8　Futures exchange members shall be legal persons registered within the borders of the People's Republic of China. To obtain a futures exchange membership, the person shall obtain CSRC approval and pay the membership fee.

　　Futures exchange members shall be composed of members which are futures brokerages and members which are not futures brokerages.

　　Article 9　A futures exchange shall establish a board of directors. The chairman and the vice-chairman(en) shall be nominated by the CSRC and elected by the board.

　　A futures exchange shall have a general manager and assistant general manager(s) who are appointed and dismissed by the CSRC. The general manager shall be the futures exchange's legal representative.

　　Article 10　A person characterized by any of the conditions stipulated in Article 101 of the Securities Law or other conditions stipulated by the CSRC may not serve as senior management, financial or accounting personnel of a futures exchange.

　　Article 11　Working personnel of a futures exchange shall faithfully perform their duties, may not in any manner engage in futures trading for themselves, may not disclose insider information nor use insider information to obtain unlawful benefits.

　　Article 12　If in the performance of their duties the working personnel of a futures exchange encounter a situation in which they themselves or a relative has an interest, they shall withdraw.

　　Article 13　The working personnel of a futures exchange may not take up positions with a member unit of the futures exchange while under the employment of, or within one year of leaving, the futures exchange.

　　A State public servant may not take up a position with a futures exchange.

　　Article 14　A futures exchange shall perform the following functions:

　　1. providing a futures trading floor, facilities and services;

　　2. designing futures contracts and arranging the listing of such contracts;

　　3. organizing and supervising futures trading, settlement and delivery;

　　4. ensuring the performance of futures contracts;

　　5. formulating and implementing the risk management sys

tems stipulated in Article 35 herein; and

　　6. other functions stipulated by the CSRC.

　　Article 15　A futures exchange may not engage in such businesses as trust investment, stock trading, investment in immovable property not for its own use, etc. which are not related to its functions.

　　Futures exchanges are prohibited from directly or indirectly participating in futures trading.

　　Article 16　When unusual circumstances occur in the futures market, a futures exchange may adopt the following emergency measures in accordance with the powers and procedures stipulated in its articles of association, and it shall promptly make a report to the CSRC:

　　1. increase the security deposit;

　　2. adjust the fluctuation band for suspension of trading;

　　3. limit the maximum positions of members or clients;

　　4. temporarily suspend trading; or

　　5. adopt other emergency measures.

　　The unusual circumstances mentioned in the preceding paragraph refer to acts of market manipulation occurring during the course of trading which result in severe price distortions or the sudden occurrence of events of force majeure as well as other circumstances stipulated by the CSRC.

　　Once the unusual circumstances have passed, the futures exchange shall promptly cancel the emergency measures.

　　Article 17　A futures exchange shall obtain the approval of the CSRC:

　　1. if it formulates or amends its articles of association or operational rules;

　　2. if it lists, suspends, cancels or revives a futures trading product;

　　3. if it lists, amends or terminates a futures contract; or

　　4. for other matters stipulated by the CSRC.

　　Article 18　The revenues obtained by a futures exchange shall be managed and used in accordance with the relevant State regulations and may not be distributed to members or diverted for other uses.

　　All of the after-tax income of a futures exchange shall be converted into a common reserve fund, after setting aside the welfare funds as stipulated in the relevant State regulations, and used to make up losses which occur in future years.

　　Article 19　The merger or division of futures exchanges shall be examined and approved by the CSRC.

　　Article 20　A futures exchange shall be dissolved if:

　　1. at the expiration of the term of operation stipulated in its articles of association, the members' general meeting decides not to renew it;

　　2. the members' general meeting decides on dissolution; or

　　3. the CSRC decides to close it.

　　Dissolution of a futures exchange pursuant to items (1) and (2) of the preceding paragraph shall be examined and approved by the CSRC.

　　PART THREE　FUTURES BROKERAGES

　　Article 21　To be established, a futures brokerage shall comply with the provisions of the Company Law and meet the following conditions:

　　1. have a minimum registered capital of Rmb 30 million;

　　2. have main management personnel and working personnel who are qualified to engage in futures business;

　　3. have a fixed place of business and trading facilities which are up-to-standard;

　　4. have a sound management system; and

　　5. other conditions stipulated by the CSRC.

　　Article 22　To be established, a futures brokerage must be approved by the CSRC, obtain a brokerage business permit issued by the CSRC and register with the State Administration for Industry and Commerce.

　　No individual or unit may engage in the futures brokerage business or use the words "Futures Broker", "Futures Agent" or other similar words in its name without the approval of the CSRC.

　　Article 23　In response to business requirements, a futures brokerage may establish a business department as a branch. To be established, the business department shall comply with the conditions stipulated by the CSRC, be approved b

y the CSRC, obtain an operation permit issued by the CSRC and register with the State Administration for Industry and Commerce.

　　The business department shall legally conduct business within the scope authorized by the futures brokerage and its civil liability shall be borne by the futures brokerage.

　　Article 24　When a futures brokerage accepts a commission from a client and conducts futures trading in its own name for the client, the client shall bear the consequences of the trading.

　　Article 25　A futures brokerage may not engage in business other than accepting commissions from clients, engaging in the purchase and sale, settlement and delivery of futures contracts listed by the futures exchange and related service business.

　　A futures brokerage may not engage in or covertly engage in futures business for its own account.

　　Article 26　A futures brokerage shall obtain the approval of the CSRC and carry out change of registration procedures with the State Administration for Industry and Commerce if:

　　1. there is a change in its legal representative;

　　2. there is a change in its registered capital;

　　3. there is a change in its shareholders or its equity structure;

　　4. there is a change in its domicile or place of business;

　　5. there is a change in, or termination of, its business department; or

　　6. there are other circumstances stipulated by the CSRC.

　　Article 27　If a futures brokerage is dissolved under one of the following circumstances, it shall settle its commissioned business and refund clients' deposits in accordance with the law:

　　1. its term of operation expires and the shareholders' meeting decides not to renew it;

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