国务院关于进一步整顿和规范期货市场的通知 Circular of the State Council Concerning the Further Consolidation and Standard

s trading on their own in violation of the afore-said provisions, persons-in-charge and persons directly responsible of the enterprises shall be imposed the penalty from removal from office to expulsion by their higher competent departments, and the leadership of their higher competent departments shall be investigated of their responsibilities; where a crime has been constituted, the case shall be transferred to the judicial organ for the investigation of criminal liability according to law.

　　V. Acceleration of Legislation and Further Strengthening of Supervision and Control over Futures Markets

　　As futures markets are highly risky and speculative, legislation for futures markets shall be accelerated to realize supervision and control in accordance with law. The Legislative Affairs Office under the State Council and China Securities Commission should make good use of time in drafting the regulations on futures trading administration to be submitted to the State Council for review. China Securities Commission should further step up supervision and control over futures markets, standardize and unify the rules of futures markets on trading, settlement and delivery. Financial institutions, institutions, Party and government organs are strictly prohibited to participate in futures trading, state-owned enterprises are strictly prohibited to engage in futures trading in violation of regulations, credit funds and financial funds are strictly prohibited to flow into futures markets in any form, and financial institutions shall not provide financing or guaranty for futures trading. No institution shall engage in financial futures trading without approval. Domestic financial institutions' foreign exchange trading in violation of regulations shall be investigated and handled in accordance with law. Internal management of and external supervision and control over the financial institutions engaging in forward exchange as well as straddling, exchange rate swap and other businesses shall be strengthened.

　　As of the date of issuance of this Circular, all futures exchanges

shall stop forthwith to roll out any new contract, trading may be conducted to the last trading day for the contracts already listed. As of January 1, 1999, operations shall start officially in accordance with the new futures commodities varieties and rate of trading guaranty funds. China Securities Commission should further step up supervision and control and intensify its efforts in law enforcement. All regions and departments should earnestly implement the spirit of this Circular, exerting efforts in coordination and rendering active support for China Securities Commission in doing well the work of futures markets standardization and consolidation so as to maintain market and social stability

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