Supreme People's Court, Provisions on Several Issues Concerning the Trial of Futures Disputes (2)
最高人民法院关于审理期货纠纷案件若干问题的规定(二)
New provisions to protect clearing margins of non-clearing members.
Promulgated: December 31 2010
Effective: January 17 2011
Main contents: Commercial cases arising from the performance of duties of a futures exchange in which the exchange is named as the defendant or a third party shall come under the jurisdiction of the intermediate people's court in the place where the exchange is located (Article 1). Where a clearing member of a futures exchange that implements a clearance system by member grade is a debtor, and a creditor requests that the following funds or negotiable securities of the clearing member be frozen or transferred, the people's court shall reject such request:
(1) a non-clearing member's funds kept in the margin account of a clearing member; and
(2) the negotiable securities provided to a clearing member by a non-clearing member as part of the margins (Article 5).
Where the futures exchange that implements a clearance system by member grade or its clearing member is a debtor, and a creditor requests that the clearing margin collected from the clearing member by the futures exchange in accordance with law be frozen or transferred, the people's court shall reject such request (Article 7).
Related legislation: PRC Civil Procedure Law (2nd Revision)
clp reference:3700/10.12.31promulgated:2010-12-31effective:2011-01-17This premium content is reserved for
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