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

brokerage and obtain the approval and agreement of the futures exchange or futures brokerage on the basis of the stipulations of the preceding paragraph.

　　Article 49　No unit or individual may directly or indirectly engage in foreign futures trading without approval. Persons which truly need to use a foreign futures market to conduct hedging, shall, after the examination and approval of the C

SRC in conjunction with the relevant State Council authorities and the approval of the State Council, be issued a permit for the foreign futures business.

　　Futures brokerages are forbidden from engaging in foreign futures trading.

　　PART FIVE　SUPERVISION AND ADMINISTRATION

　　Article 50　Futures exchanges and futures brokerages shall periodically submit financial accounting statements, related documentation and auditor's reports to the CSRC.

　　Article 51　The CSRC may investigate a futures exchange or futures brokerage's business or financial position at any time, and it has the right to request a futures exchange or futures brokerage provide the relevant documentation, has the right to request a futures exchange or futures brokerage to respectively provide the relevant details and documentation on members or clients and, when necessary, it may investigate the futures trading related business and financial position of members and clients.

　　If in the course of an investigation the CSRC discovers suspected violations of the law, it may requisition or seal the relevant documents and materials and it shall timely make a decision on how the case is to be handled within the stipulated time period.

　　When conducting an investigation, the working personnel of the CSRC shall present a legal certificate.

　　Article 52　The CSRC has the right to question and investigate units and individuals which are suspected of violating futures laws; to make inquiries about unit deposit accounts opened by futures exchanges, futures brokerages, members and clients with commercial banks or other financial institutions; and to apply to the judicial authorities to freeze funds about which there is evidence of illegal diversion or concealment. The relevant units or individuals shall give their support and cooperation.

　　Article 53　When unusual circumstances occur in the futures market, the CSRC may adopt necessary risk handling measures.

　　Article 54　The CSRC shall implement a system for recognizing the qualifications of the senior management personnel and other futures working personnel of futures exchanges and futures brokerages.

　　Article 55　Futures exchanges shall soundly establish all the rules and systems stipulated herein and by the CSRC, and strengthen risk control over futures exchange trading activities and the supervision and administration of its members and its working personnel.

　　Futures brokerages shall establish sound internal business management rules, strengthen the examination of clients' credit standing and report to the futures exchange the list of its big clients and its trading details in accordance with the regulations of the futures exchange.

　　Article 56　When the general manager of futures exchange leaves his position, the futures exchange shall engage an intermediary organization with the relevant business audit qualifications to conduct a leaving of position audit on him. When necessary, the CSRC may designate the intermediary organization to conduct the leaving of position audit.

　　PART SIX　PENALTIES

　　Article 57　A futures exchange shall be given a rectification order, a warning and have its illegal income confiscated if:

　　1. it violates regulations in accepting members;

　　2. it violates regulations in collecting trade handling fees;

　　3. it violates regulations in using or distributing revenue;

　　4. it fails to publish information in accordance with regulations;

　　5. it fails to perform its reporting obligations to the CSRC in accordance with regulations;

　　6. it fails to submit relevant documents and materials to the CSRC in accordance with regulations;

　　7. it fails to allocate funds for, manage and use its risk reserve fund in accordance with regulations;

　　8. it restricts members' total volume of delivered physical goods;

　　9. it employs unqu

alified futures working personnel; or

　　10. it commits other acts which violate CSRC regulations.

　　If a futures exchange commits any of the acts mentioned in the preceding paragraph, its persons in charge who are directly responsible and other directly responsible persons shall be subjected to disciplinary sanctions and may be subjected to a fine of not less than Rmb 10,000 and not more than Rmb 100,000.

　　If a futures exchange commits the act mentioned in item (2) of the first paragraph of this article, it shall be ordered to return the excess collected trade handling fees.

　　Article 58　A futures exchange shall be given a rectification order, a warning, have its illegal income confiscated, be subjected to a fine of not less than 1 time and not more than 5 times its illegal income or, if it did not have any illegal income or the illegal income was less than Rmb 100,000, a fine of not less than Rmb 100,000 and not more than Rmb 500,000 and, in serious cases, ordered to suspend operations and undergo rectification if:

　　1. it formulates or amends its articles of association or operational rules without approval;

　　2. it lists, suspends, cancels or revives a futures trading commodity without approval;

　　3. it lists, amends or terminates a futures contract without approval;

　　4. it permits members to conduct futures trading without a sufficient security deposit;

　　5. it directly or indirectly participates in futures trading or engages in business unrelated to its functions;

　　6. it violates regulations in collecting security deposits or diverts security deposits;

　　7. it forges, alters or fails to preserve futures trading, settlement and delivery documentation in accordance with regulations;

　　8. it fails to establish or implement a fluctuation band trading suspension, or a position limit and large account position reporting system;

　　9. it refuses or hampers CSRC supervision and investigation; or

　　10. it commits other acts which violate CSRC regulations.

　　If a futures exchange commits any of the acts mentioned in the preceding paragraph, its persons in charge who are directly responsible and other directly responsible persons shall be subjected to disciplinary sanctions and a fine of not less than Rmb 10,000 and not more than Rmb 100,000.

　　Article 59　A futures brokerage shall be given a rectification order, a warning, have its illegal income confiscated, be subjected to a fine of not less than 1 time and not more than 3 times its illegal income or, if it did not have any illegal income or the illegal income was less than Rmb 100,000, a fine of not less than Rmb 100,000 and not more than Rmb 300,000 and, in serious cases, ordered to suspend operations and undergo rectification or have its futures brokerage business permit revoked if:

　　1. it accepts commissions from units or individuals who do not meet the stipulated conditions;

　　2. its accepts commissions from companies, enterprises or other economic organizations to conduct futures trading in the name of an individual;

　　3. it assigns commissioned business or accepts such assigned business;

　　4. it permits clients to conduct futures trading without a sufficient security deposit;

　　5. it engages in futures trading for its own account or breaches other business stipulated herein;

　　6. it fails to submit relevant documents and materials to the CSRC in accordance with regulations;

　　7. it fails to allocate funds for, manage and use its risk reserve fund in accordance with regulations;

　　8. it forges, alters or fails to preserve futures trading, settlement and delivery documentation in accordance with regulations;

　　9. it employs unqualified futures working personnel;

　　101. it establishes a business department without obtaining approval;

　　11. it carries out changes

without obtaining approval;

　　12. it forges, alters, rents, lends, or buys and sells its futures brokerage business permit and operational permit;

　　13. it conducts mixed code trading in violation of regulations;

　　14. it refuses or hampers CSRC supervision and investigation; or

　　15. it commits other acts which violate CSRC regulations.

　　If a futures brokerage commits any of the acts mentioned in the preceding paragraph, its persons in charge who are directly responsible and other directly responsible persons shall be subjected to disciplinary sanctions and a fine of not less than Rmb 10,000 and not more than Rmb 50,000.

　　Article 60　A futures brokerage shall be given a rectification order, a warning, have its illegal income confiscated, be subjected to a fine of not less than 1 time and not more than 5 times its illegal income or, if it did not have any illegal income or the illegal income was less than Rmb 100,000, a fine of not less than Rmb 100,000 and not more than Rmb 500,000 and, in serious cases, ordered to suspend operations and undergo rectification or have its futures brokerage business permit revoked if it commits one of the following acts of fraud against a client:

　　1. it fails to comply with regulations in not providing clients an explanation of the risks, giving clients a guarantee of profits o

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