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

r agreeing with clients to share the profits or the risks;

　　2. it conducts futures trading without a commission from the client or by not complying with the scope of the client's commission;

　　3. it provides fraudulent futures market quotations or information, or uses other improper means to induce a client to issue a trade order;

　　4. it provides false statements to clients concerning their transaction returns;

　　5. it fails to transmit a client's trade order to the futures exchange floor;

　　6. it diverts clients' security deposits; or

　　7. it commits other acts which violate CSRC regulations on fraud against clients.

　　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 100,000; if a criminal offence is constituted, criminal liability shall be pursued in accordance with the law.

　　Any unit or individual who fabricates and spreads false information which affects futures trading or disrupts the futures trading market shall be punished by making reference to the provisions of items (1) and (2) of this article; if a criminal offence is constituted, criminal liability shall be pursued in accordance with the law.

　　Article 61　If an insider with insider information on futures trading or a person who illegally obtains insider information on futures trading uses such information to engage in futures trading or discloses such information to a third party causing that third party to use the insider information to engage in futures trading before information with a major impact on futures trading prices is publicly disclosed, he shall be subjected to confiscation of his illegal income and a fine of no less than 1 time and not more than 5 times the illegal income. If he did not have any illegal income or the illegal income was less than Rmb 100,000, he shall be subjected to a fine of not less than Rmb 100,000 and not more than Rmb 500,000. If a criminal offence is constituted, criminal liability shall be pursued in accordance with the law.

　　Article 62　Any unit or individual shall be given a rectification order, a warning, have its/his illegal income confiscated, be subjected to a fine of not less than 1 time and not more than 5 times the illegal income or, if there was no illegal income or the illegal income was less than Rmb 200,000, a fine of not less than Rmb 200,000

and not more than Rmb 1,000,000 and, if a criminal offence is constituted, be subjected to pursuit of criminal liability if it/he manipulates futures trading prices by:

　　1. singly or in conspiracy concentrating dominant funds, dominant position or using a dominance of information to jointly or successively buy and sell futures contracts and manipulate futures trading prices;

　　2. maliciously colluding to mutually conduct futures trading at a predetermined time and price and in a predetermined manner, thereby influencing futures trading prices or futures trading volume;

　　3. using oneself as a trading partner, buying from oneself and selling to oneself, thereby influencing futures trading prices or futures trading volume;

　　4. hoarding physical goods in order to influence futures market quotations; or

　　5. committing other acts which violate CSRC regulations on the manipulation of futures trading prices.

　　If a unit 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 63　If a delivery warehouse commits any of the acts enumerated in Article 43 herein, it 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, the futures exchanges shall be ordered to suspend or revoke its delivery warehouse qualifications. Its persons in charge who are directly responsible and other directly responsible persons shall be subjected to disciplinary sanctions.

　　Article 64　If a State-owned enterprise or an enterprise in which State-owned assets have a controlling or dominant position conducts futures trading in violation of the provisions herein, or any unit or individual uses loan funds or public finance funds to conduct futures trading, it/he shall be given a warning, have its/his illegal income confiscated, be subjected to a fine of not less than 1 time and not more than 5 times the illegal income or, if there was no 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; persons in charge who are directly responsible and other directly responsible persons shall be subjected to disciplinary sanctions ranging from demotion to dismissal; and, if a criminal offence is constituted, criminal liability shall be pursued in accordance with the law.

　　Article 65　If any unit or individual engages in unauthorized foreign futures trading in violation of the provisions herein, such trading shall be banned, it/he shall have its/his illegal income confiscated, be subjected to a fine of not less than 1 time and not more than 5 times the illegal income or, if there was no illegal income or the illegal income was less than Rmb 200,000, a fine of not less than Rmb 200,000 and not more than Rmb 1,000,000; persons in charge who are directly responsible and other directly responsible persons shall be subjected to a fine of not less than Rmb 10,000 and not more than Rmb 100,000 and disciplinary sanctions ranging from demotion to dismissal; and, if a criminal offence is constituted, criminal liability shall be pursued in accordance with the law.

　　If any unit or individual illegally establishes or covertly establishes a futures exchange, a futures brokerage or engages in futures brokerage business without authorization, such activities shall be banned, penalties applied in accordance with the provisions stipulated in the preceding paragraph, and, if a criminal offence is constituted, criminal liabili

ty shall be pursued in accordance with the law.

　　Article 66　If working personnel of a futures exchange take up positions with a member of that futures exchange while under the employ of the futures exchange or within one year of leaving it, or disclose State secrets or a member or a client's trade secrets known to them, they shall be subjected to disciplinary sanctions; if a criminal offence is constituted, criminal liability shall be pursued in accordance with the law.

　　Article 67　If any unit or individual seriously violates the provisions herein, the CSRC shall declare that person, that unit or the persons directly responsible in that unit are forbidden from entering into the futures market.

　　Article 68　If working personnel of the CSRC disclose State secrets or a member or client's trade secrets known to them, or practice favouritism or graft, neglect their duties, abuse their authority, or accept bribes and such constitutes a criminal offence, criminal liability shall be pursued in accordance with the law; if a criminal offence is not constituted, they shall be subjected to administrative sanctions in accordance with the law.

　　Article 69　The administrative sanctions against a futures exchange and its members, a futures brokerage and its clients, futures working personnel, and delivery warehouses shall be decided by the CSRC; the administrative sanctions against other units or individuals shall be decided by the relevant authorities in accordance with their legally defined authority.

　　PART SEVEN　SUPPLEMENTARY PROVISIONS

　　Article 70　Definitions for the following terms used herein:

　　1. The term "futures trading" refers to a trading activity in which a certain type of futures contract is centrally bought and sold on the floor of a futures exchange.

　　2. The term "futures contract" refers to a standard contract, formulated in a unified manner by a futures exchange, which specifies the delivery of a certain amount and quality of a commodity at a specified time in a specified place.

　　3. The term "security deposit" refers to funds paid by a futures trader in accordance with stipulated standards and used for settlement and to ensure contract performance.

　　4. The term "settlement" refers to fund settlement conducted upon the trading profit and loss position of the parties to a trade in accordance with the settlement price published by the futures exchange.

　　5. The term "delivery" refers to the process at the time a futures contract reaches maturity whereby the parties to the trade liquidate the matured unclosed contract by transferring the ownership rights to the commodity stated in the futures contract in accordance with the rules and procedures of the futures exchange.

　　6. The term "close" refers to the act whereby a futures trader buys or sells a futures contract equivalent in terms of commodity, quantity and delivery date to one he holds but with the trade going in the opposite direction thereby concluding the futures trade.

　　7. The term "position" refers to the quantity of unclosed contracts held by a futures trader.

　　8. The term "position limit" refers to the largest position permi

┨网页设计特效库┠ http://www。z┗co⊙l。com/网页特效/