Guidelines for the Participation in Stock Index Futures Trading by Qualified Foreign Institutional Investors
合格境外机构投资者参与股指期货交易指引
Qualified foreign institutional investors allowed to trade stock index futures for hedging purposes.
(Promulgated by the China Securities Regulatory Commission on, and effective as of, May 4 2011.)
(中国证券监督管理委员会于二零一一年五月四日发布施行。)
Announcement of the CSRC [2011] No.12
证监会公告 [2011] 12号
Article 1: These Guidelines have been formulated pursuant to provisions such as the Measures for the Administration of Securities Investments in China by Qualified Foreign Institutional Investors (Order of the CSRC No.36) and the Provisions on Foreign Exchange Control in Connection with Securities Investments in China by Qualified Foreign Institutional Investors (Announcement of the State Administration of Foreign Exchange [2009] No.1) in order to regulate the participation in stock index futures trading by qualified foreign institutional investors (QFIIs).
第一条 为了规范合格境外机构投资者（以下简称合格投资者）参与股指期货交易的行为，根据《合格境外机构投资者境内证券投资管理办法》（证监会令第36号）、《合格境外机构投资者境内证券投资外汇管理规定》（国家外汇管理局公告〔2009〕第1号）等规定，制定本指引。
Article 2: For the purposes of these Guidelines, the term “stock index futures” means financial futures contracts, the subject matter of which is a stock price index, that are approved by the China Securities Regulatory Commission (the CSRC) and that are listed and traded on the China Financial Futures Exchange (the CFFEx).
第二条 本指引所称股指期货，是指经中国证券监督管理委员会（以下简称中国证监会）批准、在中国金融期货交易所（以下简称中金所）上市交易的、以股票价格指数为标的的金融期货合约。
Article 3: QFIIs that participate in stock index futures trading may only engage in hedging transactions and do so in accordance with relevant provisions of the CFFEx.
第三条 合格投资者参与股指期货交易，只能从事套期保值交易，并按照中金所的有关规定执行。
Article 4: When a QFII participates in stock index futures trading, it shall comply with the following requirements, unless otherwise specified by the CSRC:
第四条 合格投资者参与股指期货交易，除中国证监会另有规定外，应当遵守下列要求：
(1) at the end of any trading day, the value of the stock index futures contracts held by it may not exceed its investment limit;
（一）在任何交易日日终，合格投资者持有的股指期货合约价值不得超过其投资额度。
(2) during any trading day, its transacted amount of stock index futures (excluding the closing of positions) may not exceed its investment limit; and
（二）在任何交易日日内，合格投资者的股指期货成交金额（不包括平仓）不得超过其投资额度。
(3) other provisions of laws and regulations.
（三）法律法规的其他规定。
If the value of the futures contracts held by a QFII is in violation of the foregoing provisions due to price fluctuations in the securities and futures markets or other such reasons, it shall complete an adjustment within 10 trading days.
由于证券期货市场价格波动等原因导致持有的期货合约价值不符合上述规定的，合格投资者应当在10个交易日内调整完毕。
Article 5: A QFII that wishes to participate in stock index futures trading shall carry out matters such as account opening and applying for a hedging limit in accordance with relevant provisions of the CFFEx. If a change in its investment limit occurs, a QFII shall report the same to the CFFEx within three working days. If a QFII needs to revise its hedging limit, it shall do so in accordance with relevant provisions of the CFFEx.
第五条 参与股指期货交易的合格投资者应当按照中金所的有关规定，办理开户、申请套期保值额度等事宜。投资额度发生变化的，合格投资者应当在3个工作日内报告中金所。需要调整套期保值额度的，应当按照中金所的有关规定办理。
Article 6: A QFII that is to participate in stock index futures trading shall apply to the CFFEx for a trading number for each fund account that it has been approved to open by the People's Bank of China and the State Administration of Foreign Exchange (Safe). Each of the fund accounts of a QFII that is used to participate in stock index futures trading shall be operated separately.
第六条 合格投资者参与股指期货交易，应当根据中国人民银行、国家外汇管理局（以下简称国家外汇局）核准开立的不同资金账户分别向中金所申请交易编码。合格投资者的不同资金账户参与股指期货交易应当独立运作。
Each QFII may appoint not more than three domestic futures companies to carry out stock index futures trading on its behalf.
每个合格投资者可以分别委托不超过3家境内期货公司进行股指期货交易。
Article 7: A QFII, custodian and futures company shall determine, in accordance with the relevant provisions of the CFFEx, the trading settlement model for the stock index futures trading participated in by the QFII, clarify rights and obligations in matters such as transaction execution, fund transfer, fund settlement, accounting and margin deposit and establish a fund safety assurance mechanism.
第七条 合格投资者、托管人、期货公司应当根据中金所的有关规定，确定合格投资者参与股指期货交易的交易结算模式，明确交易执行、资金划拨、资金清算、会计核算、保证金存管等业务中的权利和义务，建立资金安全保障机制。
Article 8: A QFII shall perform its information disclosure obligations in a timely manner in strict compliance with relevant laws, regulations and the relevant business rules of the CFFEx.
第八条 合格投资者应当严格遵守相关法律法规和中金所的有关业务规则，及时履行信息披露义务。
Article 9: A custodian and futures company shall strictly implement relevant provisions on the participation in stock index futures trading by QFIIs, strengthen their monitoring, checking and risk control in respect of the trading by QFIIs, punctually perform their responsibility of statistical compilation and reporting of data required by the CSRC and Safe and, in a timely manner, report unusual transactions and violations of laws and regulations that they discover.
第九条 托管人、期货公司应当严格执行合格投资者参与股指期货交易的有关规定，加强对合格投资者交易行为的监督、核查和风险控制，按时履行中国证监会和国家外汇局要求的数据统计和报备责任，并及时报告所发现的异常交易和违法违规行为。
A custodian shall regularly report to the CSRC on the investment and trading relating to a QFII's participation in stock index futures trading.
托管人应当定期向中国证监会报告合格投资者参与股指期货交易的投资和交易情况。
Article 10: The CFFEx shall effect administration over the hedging limit, trading, etc. relating to the participation in stock index futures trading by QFIIs, and regularly report to the CSRC and Safe on the approved hedging limits of QFIIs.
第十条 中金所应当对合格投资者参与股指期货交易的套期保值额度、交易行为等进行管理，并定期向中国证监会和国家外汇局报告批准合格投资者的套期保值额度情况。
Article 11: If a QFII commits a major violation of a law or regulations in the course of participating in stock index futures trading, the CSRC will take penalty measures against it in accordance with the law.
第十一条 合格投资者参与股指期货交易发生重大违法违规行为的，中国证监会将依法采取处罚措施。
Article 12: For the purposes of these Guidelines, the term “investment limit” means the amount of the investment principal that has been approved by Safe and actually remitted in by the QFII or adjusted and confirmed by Safe.
第十二条 本指引所称投资额度，是指合格投资者获得国家外汇局批准并实际汇入的或者经国家外汇局调整确认的投资本金金额。
Article 13: These Guidelines shall be effective as of the date of promulgation.
clp reference:3700/11.05.04prc reference:证监会公告 [2011] 12号promulgated:2011-05-04effective:2011-05-04第十三条 本指引自公布之日起施行。
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