Regulations for the Administration of Futures Trading (Revised)
期货交易管理条例 (修订)
Foreign investors allowed to engage in futures trading
(Promulgated by the State Council on October 24 2012 and effective as of December 1 2012.)
(国务院于二零一二年十月二十四日发布, 自二零一二年十二月一日起施行。)
国务院令第627号
第一章 总则
第一条 为了规范期货交易行为，加强对期货交易的监督管理，维护期货市场秩序，防范风险，保护期货交易各方的合法权益和社会公共利益，促进期货市场积极稳妥发展，制定本条例。
第二条 任何单位和个人从事期货交易及其相关活动，应当遵守本条例。
本条例所称期货交易，是指采用公开的集中交易方式或者国务院期货监督管理机构批准的其他方式进行的以期货合约或者期权合约为交易标的的交易活动。
本条例所称期货合约，是指期货交易场所统一制定的、规定在将来某一特定的时间和地点交割一定数量标的物的标准化合约。期货合约包括商品期货合约和金融期货合约及其他期货合约。
本条例所称期权合约，是指期货交易场所统一制定的、规定买方有权在将来某一时间以特定价格买入或者卖出约定标的物（包括期货合约）的标准化合约。
第三条 从事期货交易活动，应当遵循公开、公平、公正和诚实信用的原则。禁止欺诈、内幕交易和操纵期货交易价格等违法行为。
第四条 期货交易应当在依照本条例第六条第一款规定设立的期货交易所、国务院批准的或者国务院期货监督管理机构批准的其他期货交易场所进行。
禁止在前款规定的期货交易场所之外进行期货交易。
第五条 国务院期货监督管理机构对期货市场实行集中统一的监督管理。
国务院期货监督管理机构派出机构依照本条例的有关规定和国务院期货监督管理机构的授权，履行监督管理职责。
第二章 期货交易所
第六条 设立期货交易所，由国务院期货监督管理机构审批。
未经国务院批准或者国务院期货监督管理机构批准，任何单位或者个人不得设立期货交易场所或者以任何形式组织期货交易及其相关活动。
第七条 期货交易所不以营利为目的，按照其章程的规定实行自律管理。期货交易所以其全部财产承担民事责任。期货交易所的负责人由国务院期货监督管理机构任免。
期货交易所的管理办法由国务院期货监督管理机构制定。
第八条 期货交易所会员应当是在中华人民共和国境内登记注册的企业法人或者其他经济组织。
期货交易所可以实行会员分级结算制度。实行会员分级结算制度的期货交易所会员由结算会员和非结算会员组成。
第九条 有《中华人民共和国公司法》第一百四十七条规定的情形或者下列情形之一的，不得担任期货交易所的负责人、财务会计人员：
（一）因违法行为或者违纪行为被解除职务的期货交易所、证券交易所、证券登记结算机构的负责人，或者期货公司、证券公司的董事、监事、高级管理人员，以及国务院期货监督管理机构规定的其他人员，自被解除职务之日起未逾5年；
（二）因违法行为或者违纪行为被撤销资格的律师、注册会计师或者投资咨询机构、财务顾问机构、资信评级机构、资产评估机构、验证机构的专业人员，自被撤销资格之日起未逾5年。
第十条 期货交易所应当依照本条例和国务院期货监督管理机构的规定，建立、健全各项规章制度，加强对交易活动的风险控制和对会员以及交易所工作人员的监督管理。期货交易所履行下列职责：
（一）提供交易的场所、设施和服务；
（二）设计合约，安排合约上市；
（三）组织并监督交易、结算和交割；
（四）为期货交易提供集中履约担保；
（五）按照章程和交易规则对会员进行监督管理；
（六）国务院期货监督管理机构规定的其他职责。
期货交易所不得直接或者间接参与期货交易。未经国务院期货监督管理机构审核并报国务院批准，期货交易所不得从事信托投资、股票投资、非自用不动产投资等与其职责无关的业务。
第十一条 期货交易所应当按照国家有关规定建立、健全下列风险管理制度：
（一）保证金制度；
（二）当日无负债结算制度；
（三）涨跌停板制度；
（四）持仓限额和大户持仓报告制度；
（五）风险准备金制度；
（六）国务院期货监督管理机构规定的其他风险管理制度。
实行会员分级结算制度的期货交易所，还应当建立、健全结算担保金制度。
第十二条 当期货市场出现异常情况时，期货交易所可以按照其章程规定的权限和程序，决定采取下列紧急措施，并应当立即报告国务院期货监督管理机构：
（一）提高保证金；
（二）调整涨跌停板幅度；
（三）限制会员或者客户的最大持仓量；
（四）暂时停止交易；
（五）采取其他紧急措施。
前款所称异常情况，是指在交易中发生操纵期货交易价格的行为或者发生不可抗拒的突发事件以及国务院期货监督管理机构规定的其他情形。
异常情况消失后，期货交易所应当及时取消紧急措施。
第十三条 期货交易所办理下列事项，应当经国务院期货监督管理机构批准：
（一）制定或者修改章程、交易规则；
（二）上市、中止、取消或者恢复交易品种；
（三）上市、修改或者终止合约；
（四）变更住所或者营业场所；
（五）合并、分立或者解散；
（六）国务院期货监督管理机构规定的其他事项。
国务院期货监督管理机构批准期货交易所上市新的交易品种，应当征求国务院有关部门的意见。
第十四条 期货交易所的所得收益按照国家有关规定管理和使用，但应当首先用于保证期货交易场所、设施的运行和改善。
第三章 期货公司
第十五条 期货公司是依照《中华人民共和国公司法》和本条例规定设立的经营期货业务的金融机构。设立期货公司，应当经国务院期货监督管理机构批准，并在公司登记机关登记注册。
未经国务院期货监督管理机构批准，任何单位或者个人不得设立或者变相设立期货公司，经营期货业务。
第十六条 申请设立期货公司，应当符合《中华人民共和国公司法》的规定，并具备下列条件：
（一）注册资本最低限额为人民币3000万元；
（二）董事、监事、高级管理人员具备任职资格，从业人员具有期货从业资格；
（三）有符合法律、行政法规规定的公司章程；
（四）主要股东以及实际控制人具有持续盈利能力，信誉良好，最近3年无重大违法违规记录；
（五）有合格的经营场所和业务设施；
（六）有健全的风险管理和内部控制制度；
（七）国务院期货监督管理机构规定的其他条件。
国务院期货监督管理机构根据审慎监管原则和各项业务的风险程度，可以提高注册资本最低限额。注册资本应当是实缴资本。股东应当以货币或者期货公司经营必需的非货币财产出资，货币出资比例不得低于85%。
国务院期货监督管理机构应当在受理期货公司设立申请之日起6个月内，根据审慎监管原则进行审查，作出批准或者不批准的决定。
未经国务院期货监督管理机构批准，任何单位和个人不得委托或者接受他人委托持有或者管理期货公司的股权。
第十七条 期货公司业务实行许可制度，由国务院期货监督管理机构按照其商品期货、金融期货业务种类颁发许可证。期货公司除申请经营境内期货经纪业务外，还可以申请经营境外期货经纪、期货投资咨询以及国务院期货监督管理机构规定的其他期货业务。
期货公司不得从事与期货业务无关的活动，法律、行政法规或者国务院期货监督管理机构另有规定的除外。
期货公司不得从事或者变相从事期货自营业务。
期货公司不得为其股东、实际控制人或者其他关联人提供融资，不得对外担保。
第十八条 期货公司从事经纪业务，接受客户委托，以自己的名义为客户进行期货交易，交易结果由客户承担。
第十九条 期货公司办理下列事项，应当经国务院期货监督管理机构批准：
（一）合并、分立、停业、解散或者破产；
（二）变更业务范围；
（三）变更注册资本且调整股权结构；
（四）新增持有5%以上股权的股东或者控股股东发生变化；
（五）设立、收购、参股或者终止境外期货类经营机构；
（六）国务院期货监督管理机构规定的其他事项。
前款第三项、第六项所列事项，国务院期货监督管理机构应当自受理申请之日起20日内作出批准或者不批准的决定；前款所列其他事项，国务院期货监督管理机构应当自受理申请之日起2个月内作出批准或者不批准的决定。
第二十条 期货公司办理下列事项，应当经国务院期货监督管理机构派出机构批准：
（一）变更法定代表人；
（二）变更住所或者营业场所；
（三）设立或者终止境内分支机构；
（四）变更境内分支机构的经营范围；
（五）国务院期货监督管理机构规定的其他事项。
前款第一项、第二项、第四项、第五项所列事项，国务院期货监督管理机构派出机构应当自受理申请之日起20日内作出批准或者不批准的决定；前款第三项所列事项，国务院期货监督管理机构派出机构应当自受理申请之日起2个月内作出批准或者不批准的决定。
第二十一条 期货公司或者其分支机构有《中华人民共和国行政许可法》第七十条规定的情形或者下列情形之一的，国务院期货监督管理机构应当依法办理期货业务许可证注销手续：
（一）营业执照被公司登记机关依法注销；
（二）成立后无正当理由超过3个月未开始营业，或者开业后无正当理由停业连续3个月以上；
（三）主动提出注销申请；
（四）国务院期货监督管理机构规定的其他情形。
期货公司在注销期货业务许可证前，应当结清相关期货业务，并依法返还客户的保证金和其他资产。期货公司分支机构在注销经营许可证前，应当终止经营活动，妥善处理客户资产。
第二十二条 期货公司应当建立、健全并严格执行业务管理规则、风险管理制度，遵守信息披露制度，保障客户保证金的存管安全，按照期货交易所的规定，向期货交易所报告大户名单、交易情况。
第二十三条 从事期货投资咨询业务的其他期货经营机构应当取得国务院期货监督管理机构批准的业务资格，具体管理办法由国务院期货监督管理机构制定。
第四章 期货交易基本规则
第二十四条 在期货交易所进行期货交易的，应当是期货交易所会员。
符合规定条件的境外机构，可以在期货交易所从事特定品种的期货交易。具体办法由国务院期货监督管理机构制定。
第二十五条 期货公司接受客户委托为其进行期货交易，应当事先向客户出示风险说明书，经客户签字确认后，与客户签订书面合同。期货公司不得未经客户委托或者不按照客户委托内容，擅自进行期货交易。
期货公司不得向客户作获利保证；不得在经纪业务中与客户约定分享利益或者共担风险。
第二十六条 下列单位和个人不得从事期货交易，期货公司不得接受其委托为其进行期货交易：
（一）国家机关和事业单位；
（二）国务院期货监督管理机构、期货交易所、期货保证金安全存管监控机构和期货业协会的工作人员；
（三）证券、期货市场禁止进入者；
（四）未能提供开户证明材料的单位和个人；
（五）国务院期货监督管理机构规定不得从事期货交易的其他单位和个人。
第二十七条 客户可以通过书面、电话、互联网或者国务院期货监督管理机构规定的其他方式，向期货公司下达交易指令。客户的交易指令应当明确、全面。
期货公司不得隐瞒重要事项或者使用其他不正当手段诱骗客户发出交易指令。
第二十八条 期货交易所应当及时公布上市品种合约的成交量、成交价、持仓量、最高价与最低价、开盘价与收盘价和其他应当公布的即时行情，并保证即时行情的真实、准确。期货交易所不得发布价格预测信息。
未经期货交易所许可，任何单位和个人不得发布期货交易即时行情。
第二十九条 期货交易应当严格执行保证金制度。期货交易所向会员、期货公司向客户收取的保证金，不得低于国务院期货监督管理机构、期货交易所规定的标准，并应当与自有资金分开，专户存放。
期货交易所向会员收取的保证金，属于会员所有，除用于会员的交易结算外，严禁挪作他用。
期货公司向客户收取的保证金，属于客户所有，除下列可划转的情形外，严禁挪作他用：
（一）依据客户的要求支付可用资金；
（二）为客户交存保证金，支付手续费、税款；
（三）国务院期货监督管理机构规定的其他情形。
第三十条 期货公司应当为每一个客户单独开立专门账户、设置交易编码，不得混码交易。
第三十一条 期货公司经营期货经纪业务又同时经营其他期货业务的，应当严格执行业务分离和资金分离制度，不得混合操作。
第三十二条 期货交易所、期货公司、非期货公司结算会员应当按照国务院期货监督管理机构、财政部门的规定提取、管理和使用风险准备金，不得挪用。
第三十三条 期货交易的收费项目、收费标准和管理办法由国务院有关主管部门统一制定并公布。
第三十四条 期货交易的结算，由期货交易所统一组织进行。
期货交易所实行当日无负债结算制度。期货交易所应当在当日及时将结算结果通知会员。
期货公司根据期货交易所的结算结果对客户进行结算，并应当将结算结果按照与客户约定的方式及时通知客户。客户应当及时查询并妥善处理自己的交易持仓。
第三十五条 期货交易所会员的保证金不足时，应当及时追加保证金或者自行平仓。会员未在期货交易所规定的时间内追加保证金或者自行平仓的，期货交易所应当将该会员的合约强行平仓，强行平仓的有关费用和发生的损失由该会员承担。
客户保证金不足时，应当及时追加保证金或者自行平仓。客户未在期货公司规定的时间内及时追加保证金或者自行平仓的，期货公司应当将该客户的合约强行平仓，强行平仓的有关费用和发生的损失由该客户承担。
第三十六条 期货交易的交割，由期货交易所统一组织进行。
交割仓库由期货交易所指定。期货交易所不得限制实物交割总量，并应当与交割仓库签订协议，明确双方的权利和义务。交割仓库不得有下列行为：
（一）出具虚假仓单；
（二）违反期货交易所业务规则，限制交割商品的入库、出库；
（三）泄露与期货交易有关的商业秘密；
（四）违反国家有关规定参与期货交易；
（五）国务院期货监督管理机构规定的其他行为。
第三十七条 会员在期货交易中违约的，期货交易所先以该会员的保证金承担违约责任；保证金不足的，期货交易所应当以风险准备金和自有资金代为承担违约责任，并由此取得对该会员的相应追偿权。
客户在期货交易中违约的，期货公司先以该客户的保证金承担违约责任；保证金不足的，期货公司应当以风险准备金和自有资金代为承担违约责任，并由此取得对该客户的相应追偿权。
第三十八条 实行会员分级结算制度的期货交易所，应当向结算会员收取结算担保金。期货交易所只对结算会员结算，收取和追收保证金，以结算担保金、风险准备金、自有资金代为承担违约责任，以及采取其他相关措施；对非结算会员的结算、收取和追收保证金、代为承担违约责任，以及采取其他相关措施，由结算会员执行。
第三十九条 期货交易所、期货公司和非期货公司结算会员应当保证期货交易、结算、交割资料的完整和安全。
第四十条 任何单位或者个人不得编造、传播有关期货交易的虚假信息，不得恶意串通、联手买卖或者以其他方式操纵期货交易价格。
第四十一条 任何单位或者个人不得违规使用信贷资金、财政资金进行期货交易。
银行业金融机构从事期货交易融资或者担保业务的资格，由国务院银行业监督管理机构批准。
第四十二条 国有以及国有控股企业进行境内外期货交易，应当遵循套期保值的原则，严格遵守国务院国有资产监督管理机构以及其他有关部门关于企业以国有资产进入期货市场的有关规定。
第四十三条 国务院商务主管部门对境内单位或者个人从事境外商品期货交易的品种进行核准。
境外期货项下购汇、结汇以及外汇收支，应当符合国家外汇管理有关规定。
境内单位或者个人从事境外期货交易的办法，由国务院期货监督管理机构会同国务院商务主管部门、国有资产监督管理机构、银行业监督管理机构、外汇管理部门等有关部门制订，报国务院批准后施行。
第五章 期货业协会
第四十四条 期货业协会是期货业的自律性组织，是社会团体法人。
期货公司以及其他专门从事期货经营的机构应当加入期货业协会，并缴纳会员费。
第四十五条 期货业协会的权力机构为全体会员组成的会员大会。
期货业协会的章程由会员大会制定，并报国务院期货监督管理机构备案。
期货业协会设理事会。理事会成员按照章程的规定选举产生。
第四十六条 期货业协会履行下列职责：
（一）教育和组织会员遵守期货法律法规和政策；
（二）制定会员应当遵守的行业自律性规则，监督、检查会员行为，对违反协会章程和自律性规则的，按照规定给予纪律处分；
（三）负责期货从业人员资格的认定、管理以及撤销工作；
（四）受理客户与期货业务有关的投诉，对会员之间、会员与客户之间发生的纠纷进行调解；
（五）依法维护会员的合法权益，向国务院期货监督管理机构反映会员的建议和要求；
（六）组织期货从业人员的业务培训，开展会员间的业务交流；
（七）组织会员就期货业的发展、运作以及有关内容进行研究；
（八）期货业协会章程规定的其他职责。
期货业协会的业务活动应当接受国务院期货监督管理机构的指导和监督。
第六章 监督管理
第四十七条 国务院期货监督管理机构对期货市场实施监督管理，依法履行下列职责：
（一）制定有关期货市场监督管理的规章、规则，并依法行使审批权；
（二）对品种的上市、交易、结算、交割等期货交易及其相关活动，进行监督管理；
（三）对期货交易所、期货公司及其他期货经营机构、非期货公司结算会员、期货保证金安全存管监控机构、期货保证金存管银行、交割仓库等市场相关参与者的期货业务活动，进行监督管理；
（四）制定期货从业人员的资格标准和管理办法，并监督实施；
（五）监督检查期货交易的信息公开情况；
（六）对期货业协会的活动进行指导和监督；
（七）对违反期货市场监督管理法律、行政法规的行为进行查处；
（八）开展与期货市场监督管理有关的国际交流、合作活动；
（九）法律、行政法规规定的其他职责。
第四十八条 国务院期货监督管理机构依法履行职责，可以采取下列措施：
（一）对期货交易所、期货公司及其他期货经营机构、非期货公司结算会员、期货保证金安全存管监控机构和交割仓库进行现场检查；
（二）进入涉嫌违法行为发生场所调查取证；
（三）询问当事人和与被调查事件有关的单位和个人，要求其对与被调查事件有关的事项作出说明；
（四）查阅、复制与被调查事件有关的财产权登记等资料；
（五）查阅、复制当事人和与被调查事件有关的单位和个人的期货交易记录、财务会计资料以及其他相关文件和资料；对可能被转移、隐匿或者毁损的文件和资料，可以予以封存；
（六）查询与被调查事件有关的单位的保证金账户和银行账户；
（七）在调查操纵期货交易价格、内幕交易等重大期货违法行为时，经国务院期货监督管理机构主要负责人批准，可以限制被调查事件当事人的期货交易，但限制的时间不得超过15个交易日；案情复杂的，可以延长至30个交易日；
（八）法律、行政法规规定的其他措施。
第四十九条 期货交易所、期货公司及其他期货经营机构、期货保证金安全存管监控机构，应当向国务院期货监督管理机构报送财务会计报告、业务资料和其他有关资料。
对期货公司及其他期货经营机构报送的年度报告，国务院期货监督管理机构应当指定专人进行审核，并制作审核报告。审核人员应当在审核报告上签字。审核中发现问题的，国务院期货监督管理机构应当及时采取相应措施。
必要时，国务院期货监督管理机构可以要求非期货公司结算会员、交割仓库，以及期货公司股东、实际控制人或者其他关联人报送相关资料。
第五十条 国务院期货监督管理机构依法履行职责，进行监督检查或者调查时，被检查、调查的单位和个人应当配合，如实提供有关文件和资料，不得拒绝、阻碍和隐瞒；其他有关部门和单位应当给予支持和配合。
第五十一条 国家根据期货市场发展的需要，设立期货投资者保障基金。
期货投资者保障基金的筹集、管理和使用的具体办法，由国务院期货监督管理机构会同国务院财政部门制定。
第五十二条 国务院期货监督管理机构应当建立、健全保证金安全存管监控制度，设立期货保证金安全存管监控机构。
客户和期货交易所、期货公司及其他期货经营机构、非期货公司结算会员以及期货保证金存管银行，应当遵守国务院期货监督管理机构有关保证金安全存管监控的规定。
第五十三条 期货保证金安全存管监控机构依照有关规定对保证金安全实施监控，进行每日稽核，发现问题应当立即报告国务院期货监督管理机构。国务院期货监督管理机构应当根据不同情况，依照本条例有关规定及时处理。
第五十四条 国务院期货监督管理机构对期货交易所、期货公司及其他期货经营机构和期货保证金安全存管监控机构的董事、监事、高级管理人员以及其他期货从业人员，实行资格管理制度。
第五十五条 国务院期货监督管理机构应当制定期货公司持续性经营规则，对期货公司的净资本与净资产的比例，净资本与境内期货经纪、境外期货经纪等业务规模的比例，流动资产与流动负债的比例等风险监管指标作出规定；对期货公司及其分支机构的经营条件、风险管理、内部控制、保证金存管、关联交易等方面提出要求。
第五十六条 期货公司及其分支机构不符合持续性经营规则或者出现经营风险的，国务院期货监督管理机构可以对期货公司及其董事、监事和高级管理人员采取谈话、提示、记入信用记录等监管措施或者责令期货公司限期整改，并对其整改情况进行检查验收。
期货公司逾期未改正，其行为严重危及期货公司的稳健运行、损害客户合法权益，或者涉嫌严重违法违规正在被国务院期货监督管理机构调查的，国务院期货监督管理机构可以区别情形，对其采取下列措施：
（一）限制或者暂停部分期货业务；
（二）停止批准新增业务或者分支机构；
（三）限制分配红利，限制向董事、监事、高级管理人员支付报酬、提供福利；
（四）限制转让财产或者在财产上设定其他权利；
（五）责令更换董事、监事、高级管理人员或者有关业务部门、分支机构的负责人员，或者限制其权利；
（六）限制期货公司自有资金或者风险准备金的调拨和使用；
（七）责令控股股东转让股权或者限制有关股东行使股东权利。
对经过整改符合有关法律、行政法规规定以及持续性经营规则要求的期货公司，国务院期货监督管理机构应当自验收完毕之日起3日内解除对其采取的有关措施。
对经过整改仍未达到持续性经营规则要求，严重影响正常经营的期货公司，国务院期货监督管理机构有权撤销其部分或者全部期货业务许可、关闭其分支机构。
第五十七条 期货公司违法经营或者出现重大风险，严重危害期货市场秩序、损害客户利益的，国务院期货监督管理机构可以对该期货公司采取责令停业整顿、指定其他机构托管或者接管等监管措施。经国务院期货监督管理机构批准，可以对该期货公司直接负责的董事、监事、高级管理人员和其他直接责任人员采取以下措施：
（一）通知出境管理机关依法阻止其出境；
（二）申请司法机关禁止其转移、转让或者以其他方式处分财产，或者在财产上设定其他权利。
第五十八条 期货公司的股东有虚假出资或者抽逃出资行为的，国务院期货监督管理机构应当责令其限期改正，并可责令其转让所持期货公司的股权。
在股东按照前款要求改正违法行为、转让所持期货公司的股权前，国务院期货监督管理机构可以限制其股东权利。
第五十九条 当期货市场出现异常情况时，国务院期货监督管理机构可以采取必要的风险处置措施。
第六十条 期货公司的交易软件、结算软件，应当满足期货公司审慎经营和风险管理以及国务院期货监督管理机构有关保证金安全存管监控规定的要求。期货公司的交易软件、结算软件不符合要求的，国务院期货监督管理机构有权要求期货公司予以改进或者更换。
国务院期货监督管理机构可以要求期货公司的交易软件、结算软件的供应商提供该软件的相关资料，供应商应当予以配合。国务院期货监督管理机构对供应商提供的相关资料负有保密义务。
第六十一条 期货公司涉及重大诉讼、仲裁，或者股权被冻结或者用于担保，以及发生其他重大事件时，期货公司及其相关股东、实际控制人应当自该事件发生之日起5日内向国务院期货监督管理机构提交书面报告。
第六十二条 会计师事务所、律师事务所、资产评估机构等中介服务机构向期货交易所和期货公司等市场相关参与者提供相关服务时，应当遵守期货法律、行政法规以及国家有关规定，并按照国务院期货监督管理机构的要求提供相关资料。
第六十三条 国务院期货监督管理机构应当与有关部门建立监督管理的信息共享和协调配合机制。
国务院期货监督管理机构可以和其他国家或者地区的期货监督管理机构建立监督管理合作机制，实施跨境监督管理。
第六十四条 国务院期货监督管理机构、期货交易所、期货保证金安全存管监控机构和期货保证金存管银行等相关单位的工作人员，应当忠于职守，依法办事，公正廉洁，保守国家秘密和有关当事人的商业秘密，不得利用职务便利牟取不正当的利益。
第七章 法律责任
第六十五条 期货交易所、非期货公司结算会员有下列行为之一的，责令改正，给予警告，没收违法所得：
（一）违反规定接纳会员的；
（二）违反规定收取手续费的；
（三）违反规定使用、分配收益的；
（四）不按照规定公布即时行情的，或者发布价格预测信息的；
（五）不按照规定向国务院期货监督管理机构履行报告义务的；
（六）不按照规定向国务院期货监督管理机构报送有关文件、资料的；
（七）不按照规定建立、健全结算担保金制度的；
（八）不按照规定提取、管理和使用风险准备金的；
（九）违反国务院期货监督管理机构有关保证金安全存管监控规定的；
（十）限制会员实物交割总量的；
（十一）任用不具备资格的期货从业人员的；
（十二）违反国务院期货监督管理机构规定的其他行为。
有前款所列行为之一的，对直接负责的主管人员和其他直接责任人员给予纪律处分，处1万元以上10万元以下的罚款。
有本条第一款第二项所列行为的，应当责令退还多收取的手续费。
期货保证金安全存管监控机构有本条第一款第五项、第六项、第九项、第十一项、第十二项所列行为的，依照本条第一款、第二款的规定处罚、处分。期货保证金存管银行有本条第一款第九项、第十二项所列行为的，依照本条第一款、第二款的规定处罚、处分。
第六十六条 期货交易所有下列行为之一的，责令改正，给予警告，没收违法所得，并处违法所得1倍以上5倍以下的罚款；没有违法所得或者违法所得不满10万元的，并处10万元以上50万元以下的罚款；情节严重的，责令停业整顿：
（一）未经批准，擅自办理本条例第十三条所列事项的；
（二）允许会员在保证金不足的情况下进行期货交易的；
（三）直接或者间接参与期货交易，或者违反规定从事与其职责无关的业务的；
（四）违反规定收取保证金，或者挪用保证金的；
（五）伪造、涂改或者不按照规定保存期货交易、结算、交割资料的；
（六）未建立或者未执行当日无负债结算、涨跌停板、持仓限额和大户持仓报告制度的；
（七）拒绝或者妨碍国务院期货监督管理机构监督检查的；
（八）违反国务院期货监督管理机构规定的其他行为。
有前款所列行为之一的，对直接负责的主管人员和其他直接责任人员给予纪律处分，处1万元以上10万元以下的罚款。
非期货公司结算会员有本条第一款第二项、第四项至第八项所列行为之一的，依照本条第一款、第二款的规定处罚、处分。
期货保证金安全存管监控机构有本条第一款第三项、第七项、第八项所列行为的，依照本条第一款、第二款的规定处罚、处分。
第六十七条 期货公司有下列行为之一的，责令改正，给予警告，没收违法所得，并处违法所得1倍以上3倍以下的罚款；没有违法所得或者违法所得不满10万元的，并处10万元以上30万元以下的罚款；情节严重的，责令停业整顿或者吊销期货业务许可证：
（一）接受不符合规定条件的单位或者个人委托的；
（二）允许客户在保证金不足的情况下进行期货交易的；
（三）未经批准，擅自办理本条例第十九条、第二十条所列事项的；
（四）违反规定从事与期货业务无关的活动的；
（五）从事或者变相从事期货自营业务的；
（六）为其股东、实际控制人或者其他关联人提供融资，或者对外担保的；
（七）违反国务院期货监督管理机构有关保证金安全存管监控规定的；
（八）不按照规定向国务院期货监督管理机构履行报告义务或者报送有关文件、资料的；
（九）交易软件、结算软件不符合期货公司审慎经营和风险管理以及国务院期货监督管理机构有关保证金安全存管监控规定的要求的；
（十）不按照规定提取、管理和使用风险准备金的；
（十一）伪造、涂改或者不按照规定保存期货交易、结算、交割资料的；
（十二）任用不具备资格的期货从业人员的；
（十三）伪造、变造、出租、出借、买卖期货业务许可证或者经营许可证的；
（十四）进行混码交易的；
（十五）拒绝或者妨碍国务院期货监督管理机构监督检查的；
（十六）违反国务院期货监督管理机构规定的其他行为。
期货公司有前款所列行为之一的，对直接负责的主管人员和其他直接责任人员给予警告，并处1万元以上5万元以下的罚款；情节严重的，暂停或者撤销任职资格、期货从业人员资格。
期货公司之外的其他期货经营机构有本条第一款第八项、第十二项、第十三项、第十五项、第十六项所列行为的，依照本条第一款、第二款的规定处罚。
期货公司的股东、实际控制人或者其他关联人未经批准擅自委托他人或者接受他人委托持有或者管理期货公司股权的，拒不配合国务院期货监督管理机构的检查，拒不按照规定履行报告义务、提供有关信息和资料，或者报送、提供的信息和资料有虚假记载、误导性陈述或者重大遗漏的，依照本条第一款、第二款的规定处罚。
第六十八条 期货公司有下列欺诈客户行为之一的，责令改正，给予警告，没收违法所得，并处违法所得1倍以上5倍以下的罚款；没有违法所得或者违法所得不满10万元的，并处10万元以上50万元以下的罚款；情节严重的，责令停业整顿或者吊销期货业务许可证：
（一）向客户作获利保证或者不按照规定向客户出示风险说明书的；
（二）在经纪业务中与客户约定分享利益、共担风险的；
（三）不按照规定接受客户委托或者不按照客户委托内容擅自进行期货交易的；
（四）隐瞒重要事项或者使用其他不正当手段，诱骗客户发出交易指令的；
（五）向客户提供虚假成交回报的；
（六）未将客户交易指令下达到期货交易所的；
（七）挪用客户保证金的；
（八）不按照规定在期货保证金存管银行开立保证金账户，或者违规划转客户保证金的；
（九）国务院期货监督管理机构规定的其他欺诈客户的行为。
期货公司有前款所列行为之一的，对直接负责的主管人员和其他直接责任人员给予警告，并处1万元以上10万元以下的罚款；情节严重的，暂停或者撤销任职资格、期货从业人员资格。
任何单位或者个人编造并且传播有关期货交易的虚假信息，扰乱期货交易市场的，依照本条第一款、第二款的规定处罚。
第六十九条 期货公司及其他期货经营机构、非期货公司结算会员、期货保证金存管银行提供虚假申请文件或者采取其他欺诈手段隐瞒重要事实骗取期货业务许可的，撤销其期货业务许可，没收违法所得。
第七十条 期货交易内幕信息的知情人或者非法获取期货交易内幕信息的人，在对期货交易价格有重大影响的信息尚未公开前，利用内幕信息从事期货交易，或者向他人泄露内幕信息，使他人利用内幕信息进行期货交易的，没收违法所得，并处违法所得1倍以上5倍以下的罚款；没有违法所得或者违法所得不满10万元的，处10万元以上50万元以下的罚款。单位从事内幕交易的，还应当对直接负责的主管人员和其他直接责任人员给予警告，并处3万元以上30万元以下的罚款。
国务院期货监督管理机构、期货交易所和期货保证金安全存管监控机构的工作人员进行内幕交易的，从重处罚。
第七十一条 任何单位或者个人有下列行为之一，操纵期货交易价格的，责令改正，没收违法所得，并处违法所得1倍以上5倍以下的罚款；没有违法所得或者违法所得不满20万元的，处20万元以上100万元以下的罚款：
（一）单独或者合谋，集中资金优势、持仓优势或者利用信息优势联合或者连续买卖合约，操纵期货交易价格的；
（二）蓄意串通，按事先约定的时间、价格和方式相互进行期货交易，影响期货交易价格或者期货交易量的；
（三）以自己为交易对象，自买自卖，影响期货交易价格或者期货交易量的；
（四）为影响期货市场行情囤积现货的；
（五）国务院期货监督管理机构规定的其他操纵期货交易价格的行为。
单位有前款所列行为之一的，对直接负责的主管人员和其他直接责任人员给予警告，并处1万元以上10万元以下的罚款。
第七十二条 交割仓库有本条例第三十六条第二款所列行为之一的，责令改正，给予警告，没收违法所得，并处违法所得1倍以上5倍以下的罚款；没有违法所得或者违法所得不满10万元的，并处10万元以上50万元以下的罚款；情节严重的，责令期货交易所暂停或者取消其交割仓库资格。对直接负责的主管人员和其他直接责任人员给予警告，并处1万元以上10万元以下的罚款。
第七十三条 国有以及国有控股企业违反本条例和国务院国有资产监督管理机构以及其他有关部门关于企业以国有资产进入期货市场的有关规定进行期货交易，或者单位、个人违规使用信贷资金、财政资金进行期货交易的，给予警告，没收违法所得，并处违法所得1倍以上5倍以下的罚款；没有违法所得或者违法所得不满10万元的，并处10万元以上50万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予降级直至开除的纪律处分。
第七十四条 境内单位或者个人违反规定从事境外期货交易的，责令改正，给予警告，没收违法所得，并处违法所得1倍以上5倍以下的罚款；没有违法所得或者违法所得不满20万元的，并处20万元以上100万元以下的罚款；情节严重的，暂停其境外期货交易。对单位直接负责的主管人员和其他直接责任人员给予警告，并处1万元以上10万元以下的罚款。
第七十五条 非法设立期货交易场所或者以其他形式组织期货交易活动的，由所在地县级以上地方人民政府予以取缔，没收违法所得，并处违法所得1倍以上5倍以下的罚款；没有违法所得或者违法所得不满20万元的，处20万元以上100万元以下的罚款。对单位直接负责的主管人员和其他直接责任人员给予警告，并处1万元以上10万元以下的罚款。
非法设立期货公司及其他期货经营机构，或者擅自从事期货业务的，予以取缔，没收违法所得，并处违法所得1倍以上5倍以下的罚款；没有违法所得或者违法所得不满20万元的，处20万元以上100万元以下的罚款。对单位直接负责的主管人员和其他直接责任人员给予警告，并处1万元以上10万元以下的罚款。
第七十六条 期货公司的交易软件、结算软件供应商拒不配合国务院期货监督管理机构调查，或者未按照规定向国务院期货监督管理机构提供相关软件资料，或者提供的软件资料有虚假、重大遗漏的，责令改正，处3万元以上10万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处1万元以上5万元以下的罚款。
第七十七条 会计师事务所、律师事务所、资产评估机构等中介服务机构未勤勉尽责，所出具的文件有虚假记载、误导性陈述或者重大遗漏的，责令改正，没收业务收入，暂停或者撤销相关业务许可，并处业务收入1倍以上5倍以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处3万元以上10万元以下的罚款。
第七十八条 任何单位或者个人违反本条例规定，情节严重的，由国务院期货监督管理机构宣布该个人、该单位或者该单位的直接责任人员为期货市场禁止进入者。
第七十九条 国务院期货监督管理机构、期货交易所、期货保证金安全存管监控机构和期货保证金存管银行等相关单位的工作人员，泄露知悉的国家秘密或者会员、客户商业秘密，或者徇私舞弊、玩忽职守、滥用职权、收受贿赂的，依法给予行政处分或者纪律处分。
第八十条 违反本条例规定，构成犯罪的，依法追究刑事责任。
第八十一条 对本条例规定的违法行为的行政处罚，除本条例已有规定的外，由国务院期货监督管理机构决定；涉及其他有关部门法定职权的，国务院期货监督管理机构应当会同其他有关部门处理；属于其他有关部门法定职权的，国务院期货监督管理机构应当移交其他有关部门处理。
第八章 附则
第八十二条 本条例下列用语的含义：
（一）商品期货合约，是指以农产品(5.68,-0.09,-1.56%)、工业品、能源和其他商品及其相关指数产品为标的物的期货合约。
（二）金融期货合约，是指以有价证券、利率、汇率等金融产品及其相关指数产品为标的物的期货合约。
（三）保证金，是指期货交易者按照规定交纳的资金或者提交的价值稳定、流动性强的标准仓单、国债等有价证券，用于结算和保证履约。
（四）结算，是指根据期货交易所公布的结算价格对交易双方的交易结果进行的资金清算和划转。
（五）交割，是指合约到期时，按照期货交易所的规则和程序，交易双方通过该合约所载标的物所有权的转移，或者按照规定结算价格进行现金差价结算，了结到期未平仓合约的过程。
（六）平仓，是指期货交易者买入或者卖出与其所持合约的品种、数量和交割月份相同但交易方向相反的合约，了结期货交易的行为。
（七）持仓量，是指期货交易者所持有的未平仓合约的数量。
（八）持仓限额，是指期货交易所对期货交易者的持仓量规定的最高数额。
（九）标准仓单，是指交割仓库开具并经期货交易所认定的标准化提货凭证。
（十）涨跌停板，是指合约在1个交易日中的交易价格不得高于或者低于规定的涨跌幅度，超出该涨跌幅度的报价将被视为无效，不能成交。
（十一）内幕信息，是指可能对期货交易价格产生重大影响的尚未公开的信息，包括：国务院期货监督管理机构以及其他相关部门制定的对期货交易价格可能发生重大影响的政策，期货交易所作出的可能对期货交易价格发生重大影响的决定，期货交易所会员、客户的资金和交易动向以及国务院期货监督管理机构认定的对期货交易价格有显著影响的其他重要信息。
（十二）内幕信息的知情人员，是指由于其管理地位、监督地位或者职业地位，或者作为雇员、专业顾问履行职务，能够接触或者获得内幕信息的人员，包括：期货交易所的管理人员以及其他由于任职可获取内幕信息的从业人员，国务院期货监督管理机构和其他有关部门的工作人员以及国务院期货监督管理机构规定的其他人员。
第八十三条 国务院期货监督管理机构可以批准设立期货专门结算机构，专门履行期货交易所的结算以及相关职责，并承担相应法律责任。
第八十四条 境外机构在境内设立、收购或者参股期货经营机构，以及境外期货经营机构在境内设立分支机构（含代表处）的管理办法，由国务院期货监督管理机构会同国务院商务主管部门、外汇管理部门等有关部门制订，报国务院批准后施行。
第八十五条 在期货交易所之外的国务院期货监督管理机构批准的交易场所进行的期货交易，依照本条例的有关规定执行。
第八十六条 不属于期货交易的商品或者金融产品的其他交易活动，由国家有关部门监督管理，不适用本条例。
第八十七条 本条例自2007年4月15日起施行。1999年6月2日国务院发布的《期货交易管理暂行条例》同时废止。
Order of the State Council No.627
Part One: General provisions
Article 1: These Regulations have been formulated to standardise futures trading, strengthen the regulation of futures trading, safeguard the order in the futures market, minimise risk, protect the lawful rights of all parties in futures trading and the public interest, and promote the active and steady development of the futures market.
Article 2: Any entity or individual that engages in futures trading and related activities shall comply herewith.
For the purposes of these Regulations, the term “futures trading” or “futures transaction” means the trading activity wherein futures contracts or option contracts are the subject matter of trading that is conducted in a public and centralised manner or other manner approved by the State Council's futures regulatory authority.
For the purposes of these Regulations, the term “futures contract” means a standard contract uniformly formulated by the futures trading venue and that specifies that a certain quantity of the subject matter will be delivered at a certain specific time and place in the future. Futures contracts include commodity futures contracts, financial futures contracts and other futures contracts.
For the purposes of these Regulations, the term “option contract” means a standard contract uniformly formulated by the futures trading venue and that specifies that the buyer has the right to buy or sell the specified subject matter (including futures contracts) at a certain time in future at a specific price.
Article 3: Those engaged in futures trading activities shall abide by the principles of openness, fairness, impartiality and good faith. Illegal acts such as fraud, insider trading and manipulation of futures trading prices are forbidden.
Article 4: Futures shall be traded on a futures exchange established in accordance with the first paragraph of Article 6 hereof or in another futures trading venue approved by the State Council or the State Council's futures regulatory authority.
The trading of futures in a futures trading venue other than one specified in the preceding paragraph is prohibited.
Article 5: The State Council's futures regulatory authority shall implement centralised and unified regulation of the futures market.
The agencies of the State Council's futures regulatory authority shall perform their oversight duties in accordance with the relevant provisions hereof and as authorised by the State Council's futures regulatory authority.
Part Two: Futures exchanges
Article 6: The establishment of futures exchanges shall be subject to the examination and approval of the State Council's futures regulatory authority.
No entity or individual may establish a futures exchange, or organise futures trading or related activities in any manner, without obtaining the approval of the State Council or the State Council's futures regulatory authority.
Article 7: Futures exchanges shall be non-profit and implement self-regulation in accordance with its articles of association. A futures exchange bears civil liabilities to the extent of all of its property. The State Council's futures regulatory authority shall be responsible for the appointment and dismissal of the person in charge of a futures exchange.
The measures for the administration of futures exchanges shall be formulated by the State Council's futures regulatory authority.
Article 8: Futures exchange members shall be legal persons or other economic organisations registered within the borders of the People's Republic of China.
A futures exchange may implement a clearance system by member grade. The membership of a futures exchange that implements the clearance system by member grade shall be composed of clearing members and non-clearing members.
Article 9: A person characterised by any of the circumstances specified in Article 147 of the PRC Company Law or either of the circumstances set forth below may not serve as the person in charge or a member of the financial accounting personnel of a futures exchange:
(1) the person in charge of a futures exchange, stock exchange or a securities depositary and clearing institution, a director, supervisor or senior officer of a futures company or securities company or another person as specified by the State Council's futures regulatory authority who was dismissed from his/her position due to a violation of the law or a breach of discipline and less than five years have elapsed since the date of his/her dismissal; or
(2) a lawyer, certified public accountant or a professional of an investment consulting firm, financial consulting firm, credit rating agency, asset appraisal institution or verification institution who has had his/her qualifications revoked due to a violation of the law or a breach of discipline and less than five years have elapsed since the date of such revocation.
Article 10: A futures exchange shall formulate and enhance various rules and regulations in accordance with these Regulations and the provisions of the State Council's futures regulatory authority, and strengthen risk control over trading activities and oversight of members and its working personnel. A futures exchange shall perform the following functions:
(1) providing a trading floor, facilities and services;
(2) designing contracts and arranging the listing of such contracts;
(3) organising and supervising trading, settlement and delivery;
(4) providing centralised performance bonds for futures trading;
(5) overseeing members in accordance with articles of association and trading rules; and
(6) other functions as specified by the State Council's futures regulatory authority.
A futures exchange may not directly or indirectly take part in futures trading. Without the examination of the State Council's futures regulatory authority and the approval of the State Council, a futures exchange may not engage in trust investment, stock investment, investment in immovable property not for its own use or other such business unrelated to its functions.
Article 11: A futures exchange shall establish the following sound risk management systems in accordance with the relevant state provisions:
(1) a margin system;
(2) a daily settlement system;
(3) a price limit system;
(4) a position limit system and reporting limits system;
(5) a risk reserve system; and
(6) other risk management systems as specified by the State Council's futures regulatory authority.
A futures exchange that implements the clearance system by member grade shall additionally establish a sound clearing fund system.
Article 12: When unusual circumstances occur in the futures market, a futures exchange may adopt the following emergency measures in accordance with the powers and procedures specified in its articles of association, and it shall promptly make a report to the State Council's futures regulatory authority:
(1) increase the margin;
(2) adjust the price limits;
(3) limit the maximum positions of members or customers;
(4) temporarily suspend trading; or
(5) adopt other emergency measures.
For the purposes of the preceding paragraph, the term "unusual circumstance" means the manipulation of futures trading prices in the course of trading, or the occurrence of a force majeure event or of another circumstance as specified by the State Council's futures regulatory authority.
Once the unusual circumstances have passed, the futures exchange shall cancel the emergency measures in a timely manner.
Article 13: A futures exchange shall obtain the approval of the State Council's futures regulatory authority:
(1) if it is to formulate or amend its articles of association or trading rules;
(2) if it is to list, suspend, cancel or revive a trading product;
(3) if it is to list, amend or end a contract;
(4) if it is to change its domiciles or place of business;
(5) if it is to undergo a merger, division or dissolution; or
(6) for other matters as specified by the State Council's futures regulatory authority.
When the State Council's futures regulatory authority is to approve the listing of a new trading product on a futures exchange, it shall seek the opinions of the relevant departments of the State Council.
Article 14: The revenue obtained by a futures exchange shall be managed and used in accordance with relevant state provisions, but shall first be used to ensure the operation and improvement of the futures trading venue and facilities.
Part Three: Futures companies
Article 15: A futures company is a financial institution established in accordance with the PRC Company Law and these Regulations and that engages in futures business. The establishment of a futures company shall require the approval of the State Council's futures regulatory authority and registration with the company registration authority.
No entity or individual may establish or in disguised manner establish a futures company or engage in futures business without the approval of the State Council's futures regulatory authority.
Article 16: To apply for establishment of a futures company, the PRC Company Law shall be complied with and the following conditions shall be met:
(1) having a minimum registered capital of Rmb30 million;
(2) having directors, supervisors and senior management personnel with the qualifications for their positions and practitioners with the qualifications to engage in futures business;
(3) having articles of association that comply with laws and administrative regulations;
(4) the major shareholder or de facto controller having the capacity to be continuously profitable, having a good credit rating and not having a record of a major violation of laws or regulations during the most recent three years;
(5) having a compliant place of business and business facilities;
(6) having sound risk management systems and internal control systems; and
(7) other conditions as specified by the State Council's futures regulatory authority.
In line with the principle of prudent regulation and the degree of risk attaching to various types of business, the State Council's futures regulatory authority may increase the minimum registered capital. Registered capital shall be paid-in capital. A shareholder shall make its capital contribution in cash or in the form of non-monetary property that is required for the operations of a futures company. Cash may not account for less than 85% of a capital contribution.
The State Council's futures regulatory authority shall conduct an examination in line with the principle of prudent regulation and render its decision on whether or not to grant its approval within six months from the date of accepting an application for the establishment of a futures company.
No unit or individual may appoint, or accept an appointment from, a third party to hold or manage equity of a futures company without the approval of the State Council's futures regulatory authority.
Article 17: The business of a futures company shall be subject to a permit system, with the State Council's futures regulatory authority issuing such permits based on the types of commodity futures or financial futures business the futures company engages in. In addition to applying to engage in domestic futures brokering, a futures company may apply to engage in overseas futures brokering, futures investment consulting and other futures business specified by the State Council's futures regulatory authority.
A futures company may not engage in activities unrelated to futures business, unless otherwise specified in laws, administrative regulations or by the State Council's futures regulatory authority.
A futures company may not engage in or in a disguised manner engage in futures business for its own account.
A futures company may not provide financing to its shareholders, de facto controller or other affiliated parties, nor may it provide security for third parties.
Article 18: When a futures company engaging in futures brokering accepts a commission from a customer to conduct futures trading for the customer in the company's own name, the consequences of the trading shall be borne by the customer.
Article 19: A futures company shall obtain the approval of the State Council's futures regulatory authority:
(1) if it is to undergo a merger, divide, suspend operations, be dissolved or go bankrupt;
(2) if it is to change its scope of business;
(3) if it is to change its registered capital and adjust its equity structure;
(4) if it is to add a new shareholder holding at least 5% of its equity or have a change in its controlling shareholder;
(5) if it is to establish, acquire, take an equity interest in, or terminate the business of, a futures business establishment abroad; or
(6) for other matters as specified by the State Council's futures regulatory authority.
The State Council's futures regulatory authority shall render its decision on whether or not to grant its approval in respect of a matter specified in Item (3) or (6) of the preceding paragraph within 20 days from the date of acceptance of the application therefor and in respect of any of the other matters specified in the preceding paragraph within two months from the date of acceptance of the application therefor.
Article 20: A futures company shall obtain the approval of an agency of the State Council's futures regulatory authority:
(1) if it is to replace its legal representative;
(2) if it is to change its domicile or place of business;
(3) if it is to establish or terminate the business of a branch or sub-branch in China;
(4) if it is to change the scope of business of a branch or sub-branch in China; or
(5) for other matters as specified by the State Council's futures regulatory authority.
The agency of the State Council's futures regulatory authority shall render its decision on whether or not to grant its approval in respect of a matter specified in Item (1), (2), (4) or (5) of the preceding paragraph within 20 days from the date of acceptance of the application therefor and in respect of a matter specified in Item (3) of the preceding paragraph within two months from the date of acceptance of the application therefor.
Article 21: If a futures company or a branch or sub-branch thereof is characterised by any of the circumstances specified in Article 70 of the PRC Administrative Licensing Law or any of the circumstances set forth below, the State Council's futures regulatory authority shall carry out the procedure for the cancellation of its futures business permit in accordance with the law:
(1) its business licence is cancelled by the company registry in accordance with the law;
(2) more than three months have elapsed since its establishment and it has not yet commenced operations without any legitimate reason or, after commencing operations, it suspends operations for a continuous period of at least three months without any legitimate reason;
(3) it itself files an application for cancellation; or
(4) other circumstances as specified by the State Council's futures regulatory authority.
A futures company shall, before its futures business permit is cancelled, fully settle relevant futures matters and refund customers' margins and other assets in accordance with the law. A branch or sub-branch of a futures company shall, before its futures business permit is cancelled, terminate its business activities and duly dispose of customers' assets.
Article 22: A futures company shall establish, enhance and strictly implement business management regulations and risk management systems, abide by rules and regulations on information disclosure, ensure the safe custody of customers' margins and, in accordance with the provisions of the futures exchange, submit to it lists of large positions and information on their transactions.
Article 23: Another futures business firm that wishes to engage in futures investing consulting business shall secure business qualifications approved by the State Council's futures regulatory authority. The specific administration measures therefor shall be formulated by the State Council's futures regulatory authority.
Part Four: Basic rules of futures trading
Article 24: A party conducting futures trading in a futures exchange shall be a member of that exchange.
Qualified foreign institutions may engage in the trading of specific types of futures on a futures exchange. The specific measures therefor shall be formulated by the State Council's futures regulatory authority.
Article 25: When a futures company accepts a commission to conduct futures trading for a customer, it shall first provide an explanation of the risks and after the customer signs in acknowledgment, the company shall execute a written contract with the customer. A futures company may not carry out futures trading without commission from customers or in violation of customers' instructions.
A futures company may not guarantee profits to its customers or, in its brokering business, agree with the customer to share returns or jointly bear risks.
Article 26: The following entities and individuals may not engage in futures trading and futures companies may not accept their commissions and conduct futures trading for them:
(1) state authorities and public institutions;
(2) working personnel of the State Council's futures regulatory authority, futures exchanges, institutions responsible for monitoring the safe custody of futures margins, or futures associations;
(3) parties that are prohibited from entering the stock or futures market;
(4) entities and individuals that are unable to produce bank account documentation; and
(5) other entities and individuals that the State Council's futures regulatory authority stipulates may not engage in futures trading.
Article 27: Customers may transmit their trading instructions to a futures company in writing, by telephone, through the internet or by other means as specified by the State Council's futures regulatory authority. A customer's trading instructions shall be clear and comprehensive.
A futures company may not conceal important matters or use other improper means to induce a customer to issue trading instructions.
Article 28: A futures exchange shall, in a timely manner, publish the trading volume, trading price, position, ceiling price, floor price, opening price and closing price of listed products contracts and other market updates that should be published, and it shall ensure that such updates are true and accurate. A futures exchange may not publish information on price predictions.
Without permission of the futures exchange, no entity or individual may publicise futures market updates.
Article 29: A margin system shall be strictly implemented for futures trading. The margins collected by a futures exchange from its members and by a futures company from its customers may not be lower than the standards set by the State Council's futures regulatory authority and the futures exchange, and must be kept separate from the exchange's or the futures company's own funds and deposited in a dedicated account.
The margins collected from a member by the futures exchange shall belong to the member and, aside from using it to settle the member's transactions, their use for other purposes is strictly prohibited.
The margins that a futures company collects from a customer shall belong to such customer and, aside from the transfers set forth below, their use for other purposes is strictly prohibited:
(1) paying funds available as requested by the customer;
(2) depositing the margins and paying handling charges and taxes for the customer; and
(3) other circumstances as specified by the State Council's futures regulatory authority.
Article 30: A futures company shall open an independent dedicated account for, and assign a trading code to, each customer, and may not conduct mixed code trading.
Article 31: A futures company that engages in both futures brokering and other futures businesses shall strictly implement a system of segregating the businesses and the funds and may not mix the operation of both.
Article 32: Futures exchanges, futures companies and non-futures company settlement members shall allocate funds for, manage and use its risk reserve in accordance with the provisions of the State Council's futures regulatory authority and the finance department, and may not divert it for other uses.
Article 33: The fee items and fee rates for futures trading and the measures for the administration thereof shall be centrally formulated and published by the relevant competent departments of the State Council.
Article 34: The settlement of futures transactions shall be organised and conducted centrally by a futures exchange.
Futures exchanges shall implement a daily settlement system. They shall, in a timely manner, notify members of the settlement results daily.
A futures company shall settle with its customers based on the settlement results of the futures exchange and notify the customers of the settlement results by the method agreed with the customers in a timely manner. A customer shall, in a timely manner, check such results and duly dispose of its trading positions.
Article 35: When a futures exchange member's margin is insufficient, it shall, in a timely manner, supplement its margin or close the position itself. If the member fails to supplement its margin or close the position itself within the time period mandated by the futures exchange, the futures exchange shall forcibly close the member's position in the contract and the charges related to and the losses incurred from the forced closure shall be borne by the member.
When a customer's margin is insufficient, it shall, in a timely manner, supplement its margin or close the position itself. If the customer fails to supplement its margin or close the position itself within the time period mandated by the futures company, the futures company shall forcibly close the customer's position in the contract and the charges related to and the losses incurred from the forced closure shall be borne by the customer.
Article 36: The delivery of futures transactions shall be organised and conducted centrally by the futures exchange.
The delivery warehouse shall be designated by the futures exchange. The futures exchange may not limit the total volume of physical goods delivered and shall execute an agreement with the delivery warehouse specifying the rights and obligations of both parties. A delivery warehouse may not:
(1) issue fraudulent warehouse receipts;
(2) breach the futures exchange's operational rules, restrict the entry into and exit from the warehouse of delivered commodities;
(3) disclose futures trading related commercial secrets;
(4) participate in futures trading in violation of relevant state provisions; or
(5) be involved in other acts as specified by the State Council's futures regulatory authority.
Article 37: If a member defaults on a futures transaction, the futures exchange shall first use the member's margin to offset the liability for default. If the member's margin is insufficient, the futures exchange shall use its risk reserve and its own funds to offset the liability for default on the member's behalf and, in this manner, obtain the attendant right of recourse against the member.
If a customer defaults on a futures transaction, the futures company shall first use the customer's margin to offset the liability for default. If the customer's margin is insufficient, the futures company shall use its risk reserve and its own funds to offset the liability for default on the customer's behalf and, in this manner, obtain the attendant right of recourse against the customer.
Article 38: A futures exchange that implements a clearing system by member grade shall collect clearing funds from clearing members. The futures exchange shall only effect clearance with, and collect and call margins from, clearing members, and shall offset liability for default on behalf of clearing members by using the clearing fund, risk reserve and its own funds and by taking other relevant measures. Clearance with, and the collection and calling of margins from, non-clearing members, the bearing of liability for default on their behalves and the taking of other measures shall be carried out by clearing members.
Article 39: Futures exchanges, futures companies and non-futures company clearing members shall ensure the completeness and security of futures transaction, settlement and delivery documentation.
Article 40: No entity or individual may fabricate or spread false futures trading related information, collude in bad faith, carry out joint purchases or sales, or use any other means to manipulate futures trading prices.
Article 41: No entity or individual may use loan funds or public finance funds to conduct futures trading in violation of regulations.
The qualifications of a banking financial institution to engage in the financing of, or the provision of security for, futures trading shall be subject to the approval of the State Council's banking regulatory authority.
Article 42: When a state-owned or state controlled enterprise engages in futures trading in China or abroad, it shall comply with the principle of hedging and strictly observe provisions of the State Council's state-owned assets supervision and administration authority and other relevant departments on the entry by enterprises into the futures market with state-owned assets.
Article 43: Types of commodities whose futures are to be traded abroad by entities or individuals in China shall be subject to the approval of the State Council's department in charge of commerce.
The purchase, settlement, receipt and expenditure of foreign exchange in connection with overseas futures trading shall comply with relevant state provisions on exchange control.
The measures for the engagement in overseas futures trading by domestic entities and individuals shall be formulated by the State Council's futures regulatory authority in concert with relevant departments, such as the State Council's department in charge of commerce, state-owned assets supervision and administration authority, banking regulatory authority and foreign exchange control department and shall be implemented after approval by the State Council.
Part Five: Futures associations
Article 44: A futures association is a self-regulatory organisation of the futures industry and is a social organisation with legal personality.
Futures companies and other firms that specialise in futures business shall join a futures association and pay membership fees.
Article 45: The highest authority of a futures association shall be the members' general meeting comprising all the members.
The charter of a futures association shall be formulated by the members' general meeting and submitted to the State Council's futures regulatory authority for the record.
A futures association shall have a council. The members of the council shall be elected in accordance with the charter,
Article 46: A futures association shall perform the following duties:
(1) educating and organising members in complying with futures laws, regulations and policies;
(2) formulating self-regulatory rules for the industry that members are required to abide by, monitoring and inspecting members' acts and imposing disciplinary sanctions on members that breach the association charter or the self-regulatory rules;
(3) being responsible for the recognition, administration and revocation of the qualifications of futures practitioners;
(4) accepting futures business related complaints from customers and mediating disputes between members and between members and customers;
(5) safeguarding the lawful rights and interests of members in accordance with the law and reporting the proposals and requests of members to the State Council's futures regulatory authority;
(6) organising the vocational training of futures practitioners and arranging business exchanges among members;
(7) organising research by members on the development and operation of the futures industry and relevant information; and
(8) other duties as specified in the futures association's charter.
The business activities of futures associations shall be subject to the guidance and monitoring of the State Council's futures regulatory authority.
Part Six: Oversight
Article 47: The State Council's futures regulatory authority is responsible for overseeing the futures market and shall perform the following duties in accordance with the law:
(1) formulating the rules and regulations for the oversight of the futures market, and exercising its examination and approval authority in accordance with the law;
(2) overseeing futures trading and related activities, such as the listing of new products, trading, clearance and delivery;
(3) overseeing the futures business activities of relevant market participants, such as futures exchanges, futures companies, other futures business firms, non-futures company clearing members, institutions responsible for monitoring the safe custody of futures margins, futures margin custody banks and delivery warehouses;
(4) formulating the standards for, and the measures for the administration of, the qualifications of futures practitioners, and monitoring the implementation thereof;
(5) monitoring and inspecting the disclosure of futures trading information;
(6) guiding and monitoring the activities of futures associations;
(7) investigating and dealing with violations of futures market oversight laws and administrative regulations;
(8) engaging in international exchanges and cooperative activities relating to futures market oversight; and
(9) other duties as specified in laws and administrative regulations.
Article 48: When performing its duties in accordance with the law, the State Council's futures regulatory authority may take the following measures:
(1) conducting onsite inspections of futures exchanges, futures companies, other futures business firms, non-futures company clearing members, institutions responsible for monitoring the safe custody of futures margins and delivery warehouses;
(2) entering premises where a violation of the law is suspected of having been committed to investigate and obtain evidence;
(3) interviewing concerned parties, and entities and individuals that are connected to the event being investigated and requiring them to provide an explanation of matters relating to the event being investigated;
(4) reviewing and taking copies of property title registrations relating to the event being investigated, etc.;
(5) reviewing and taking copies of the futures transaction records, financial accounting information and other relevant documents and information of the concerned parties and of entities and individuals that are connected to the event being investigated; and sealing those documents and information that could be removed, concealed or destroyed;
(6) making inquiries about the margin accounts and bank accounts of entities that are connected to the event being investigated;
(7) when investigating major violations of futures laws, such as the manipulation of futures trading prices and insider trading, it may, with the approval of the main person in charge of the State Council's futures regulatory authority, restrict futures trading by the concerned parties of the event being investigated, provided that such restriction does not exceed 15 trading days; if the case is complex, the restriction may be extended to 30 trading days; and
(8) other measures as specified in laws and administrative regulations.
Article 49: Futures exchanges, futures companies, other futures business firms and institutions responsible for monitoring the safe custody of futures margins shall submit their financial accounting reports, business information and other relevant information to the State Council's futures regulatory authority.
The State Council's futures regulatory authority shall designate specific persons to review the annual reports submitted by futures companies and other futures business firms and prepare review reports. The review personnel shall sign the review reports. If a problem is discovered in the course of a review, the State Council's futures regulatory authority shall take appropriate measures in a timely manner.
When necessary, the State Council's futures regulatory authority may require non-futures company clearing members, delivery warehouses as well as the shareholders, de facto controller or other affiliated parties of a futures company to submit relevant information.
Article 50: When the State Council's futures regulatory authority is performing its duties in accordance with the law by conducting a monitoring inspection or an investigation, the entity and individuals being inspected or investigated shall give their cooperation, provide relevant documents and information in a truthful manner and may not refuse to do so, interfere or conceal such documents and information. Other relevant departments and entities shall give their support and cooperation.
Article 51: The state shall, as required by the development of the futures market, establish a futures investor protection fund.
The specific measures for raising, managing and using the futures investor protection fund shall be formulated by the State Council's futures regulatory authority in concert with the State Council's finance department.
Article 52: The State Council's futures regulatory authority shall establish a sound system for monitoring the safe custody of futures margins and establish institutions responsible for monitoring the safe custody of futures margins.
Customers, futures exchanges, futures companies, other futures business firms, non-futures company clearing members and futures margin custody banks shall abide by the provisions of the State Council's futures regulatory authority on the monitoring of the safe custody of futures margins.
Article 53: An institution responsible for monitoring the safe custody of futures margins shall monitor the security of margins in accordance with relevant provisions, conduct daily audits and, if it discovers a problem, promptly report the same to the State Council's futures regulatory authority. The State Council's futures regulatory authority shall handle the matter in a timely manner in accordance with the relevant provisions hereof based on the circumstances.
Article 54: The State Council's futures regulatory authority shall implement a system for the administration of the qualifications of the directors, supervisors, senior management personnel and other futures business personnel of futures exchanges, futures companies, other futures business firms, and institutions responsible for monitoring the safe custody of futures margins.
Article 55: The State Council's futures regulatory authority shall formulate rules for the sustained operations of futures companies, specify risk monitoring indicators for futures companies, such as the ratio of net capital to net assets, the ratios of net capital to the scale of domestic futures brokering, overseas futures brokering and other such businesses, and the ratio of currant assets to current liabilities, and set forth requirements in respect of the operating conditions, risk management, internal controls, margin custody, affiliated transactions, etc., of futures companies and their branches and sub-branches.
Article 56: If a futures company or a branch or sub-branch thereof fails to comply with the rules on sustained operations or a risk to its operations arises, the State Council's futures regulatory authority may take regulatory measures against the futures company and its directors, supervisors and senior management personnel such as the giving of a regulatory discussion, giving of a reminder and making a notation in the trustworthiness record, or may order the futures company to rectify the matter within a specified period of time and conduct an inspection and acceptance of such rectification.
If the futures company fails to rectify the matter within the specified period of time, and if its act seriously jeopardises its stable operation and harms the lawful rights and interests of customers or the futures company is suspected of constituting a serious violation of laws or regulations and is being investigated by the State Council's futures regulatory authority, the State Council's futures regulatory authority may, depending on the circumstances, take the following measures against it:
(1) restricting or suspending part of its futures business;
(2) suspending approval of new business or branches and sub-branches;
(3) restricting the distribution of dividends and restricting the payment of remuneration and the provision of benefits to directors, supervisors and senior management personnel;
(4) restricting transfers of property or encumbering such property with other rights;
(5) ordering it to replace directors, supervisors and senior management personnel, or the persons in charge of relevant business departments or branches and sub-branches or restricting their rights;
(6) restricting the allocation and use of the futures company's own funds or risk reserve; and/or
(7) ordering its controlling shareholder to transfer its equity or restricting the exercise by the relevant shareholders of their shareholder rights.
The State Council's futures regulatory authority shall revoke the measures it has taken against a futures company within three days from completing the acceptance check thereof if, after undergoing rectification, such company satisfies the requirements of relevant laws, administrative regulations and the rules on sustained operations.
If, after rectification, the futures company still fails to satisfy the requirements of the rules on sustained operations, seriously affecting its normal operations, the State Council's futures regulatory authority shall have the right to revoke some or all of its futures business permits and/or close branches and sub-branches thereof.
Article 57: If a futures company operates in violation of the law or faces a material risk, seriously jeopardising the order of the futures market and harming the interests of customers, the State Council's futures regulatory authority may take regulatory measures against it such as ordering it to suspend operations and undergo rectification or appointing an entrusted management or receiver for it. With the approval of the State Council's futures regulatory authority, the following measures may be taken against the directors, supervisors and senior management personnel of the futures company who are directly in charge and other directly responsible persons:
(1) notifying the exit control authority to bar them, in accordance with the law, from leaving the country; and/or
(
2) submitting an application to the judicial authority to prohibit them from transferring, assigning or otherwise disposing of property, or encumbering the property with other rights.
Article 58: If the shareholder of a futures company makes a fraudulent capital contribution or illegally withdraws its capital contribution, the State Council's futures regulatory authority shall order it to rectify the matter within a specified period of time, and may order it to transfer its equity in the futures company.
Until the shareholder rectifies its violation of the law and transfers its equity in the futures company in accordance with the requirements of the preceding paragraph, the State Council's futures regulatory authority may restrict its shareholder rights.
Article 59: In the event an extraordinary circumstance arises in the futures market, the State Council's futures regulatory authority may take necessary measures to deal with the risks.
Article 60: The trading software and settlement software of a futures company shall satisfy the requirements of prudent operations and risk management by futures companies and the relevant provisions of the State Council's futures regulatory authority on the monitoring of the safe custody of futures margins. If the trading software or settlement software of a futures company fails to satisfy requirements, the State Council's futures regulatory authority shall have the right to require it to improve or replace such software.
The State Council's futures regulatory authority may require the supplier of the trading software or settlement software of a futures company to provide relevant information on the software, and the supplier shall give its cooperation. The State Council's futures regulatory authority shall bear an obligation of confidentiality in respect of the relevant information provided by the supplier.
Article 61: If a futures company is involved in a material lawsuit or arbitration, or if its equity is frozen or used to provide security, or if another material event occurs, it, the relevant shareholders and its de facto controller shall submit a written report thereon to the State Council's futures regulatory authority within five days from the date of occurrence of such event.
Article 62: When an accounting firm, law firm, asset appraisal institution or other such intermediary service organisation provides relevant services to a relevant market participant, such as a futures exchange and futures company, it shall comply with futures laws and administrative regulations and relevant state provisions, and provide relevant information as required by the State Council's futures regulatory authority.
Article 63: The State Council's futures regulatory authority shall establish a regulatory information sharing, coordination and cooperation mechanism with relevant departments.
The State Council's futures regulatory authority may establish regulatory cooperation mechanisms with the futures regulatory authorities of other countries or regions to implement cross-border oversight.
Article 64: The working personnel of the State Council's futures regulatory authority, futures exchanges, institutions responsible for monitoring the safe custody of futures margins, futures margin custody banks and other such relevant entities shall loyally perform their duties, handle matters in accordance with the law, act impartially and with integrity, maintain the confidentiality of state secrets and the trade secrets of relevant parties and may not use the advantages of their positions to seek improper gains.
Part Seven: Legal liability
Article 65: A futures exchange or a non-futures company clearing member shall be given a rectification order, a warning and have its illegal income confiscated if:
(1) it violates provisions in accepting members;
(2) it violates provisions in collecting handling fees;
(3) it violates provisions in using or distributing revenue;
(4) it fails to publish market updates or issue forecast price information in accordance with provisions;
(5) it fails to perform its reporting obligations to the State Council's futures regulatory authority in accordance with provisions;
(6) it fails to submit relevant documents and materials to the State Council's futures regulatory authority in accordance with provisions;
(7) it fails to establish a sound clearing fund system;
(8) it fails to allocate funds for, manage and use its risk reserve in accordance with provisions;
(9) it violates the provisions of the State Council's futures regulatory authority on the monitoring of the safe custody of futures margins;
(10) it restricts members' total volume of delivered physical goods;
(11) it employs unqualified futures practitioners; or
(12) it commits another act of violation as specified by the State Council's futures regulatory authority.
If a futures exchange or a non-futures company clearing member commits any of the acts mentioned in the preceding paragraph, the supervisors directly in charge and other directly responsible persons shall be subjected to disciplinary sanctions and a fine of not less than Rmb10,000 and not more than Rmb100,000.
If a futures exchange or a non-futures company clearing member commits the act mentioned in Item (2) of the first paragraph of this Article, it shall be ordered to return the excess collected handling fees.
If an institution responsible for monitoring the safe custody of futures margins commits any of the acts specified in Item (5), (6), (9), (11) or (12) of the first paragraph of this Article, punishments and penalties shall be imposed in accordance with the first and second paragraphs of this Article. If a futures margin custody bank commits any of the acts specified in Item (9) or (12) of the first paragraph of this Article, punishments and penalties shall be imposed in accordance with the first and second paragraphs of this Article.
Article 66: 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 one time and not more than five times its illegal income or, if it did not have any illegal income or the illegal income was less than Rmb100,000, a fine of not less than Rmb100,000 and not more than Rmb500,000 and, in serious cases, ordered to suspend operations and undergo rectification if:
(1) it conducts any matter listed under Article 13 hereof without approval;
(2) it permits members to conduct futures trading without a sufficient margin;
(3) it directly or indirectly participates in futures trading or engages in business unrelated to its functions in violation of provisions;
(4) it violates provisions in collecting margins or diverts margins;
(5) it forges, alters or fails to preserve futures transaction, settlement and delivery documentation in accordance with provisions;
(6) it fails to establish or implement a daily settlement system, price limit system, position limit system or reporting limits system;
(7) it refuses or hampers supervision and inspection of the State Council's futures regulatory authority; or
(8) it commits another act of violation as specified by the State Council's futures regulatory authority.
If a futures exchange or a non-futures company clearing member commits any of the acts mentioned in the preceding paragraph, the supervisors directly in charge and other directly responsible persons shall be subjected to disciplinary sanctions and a fine of not less than Rmb10,000 and not more than Rmb100,000.
If a clearing member that is not a futures company has committed any of the acts set forth in Item (2) or Items (4) to (8) of the first paragraph of this Article, it shall be penalised or sanctioned in accordance with the first and second paragraphs of this Article.
If an institution responsible for monitoring the safe custody of futures margins commits any of the acts specified in Item (3), (7), or (8) of the first paragraph of this Article, punishments and penalties shall be imposed in accordance with the first and second paragraphs of this Article.
Article 67: A futures company shall be given a rectification order, a warning, have its illegal income confiscated, be subjected to a fine of not less than one time and not more than three times its illegal income or, if it did not have any illegal income or the illegal income was less than Rmb100,000, a fine of not less than Rmb100,000 and not more than Rmb300,000 and, in serious cases, ordered to suspend operations and undergo rectification or have its futures business permit revoked if:
(1) it accepts commissions from entities or individuals who do not meet the specified conditions;
(2) it permits customers to conduct futures trading without a sufficient margin;
(3) it conducts any matter listed under Article 19 or 20 hereof without approval;
(4) it engages in activities unrelated to futures business in violation of provisions;
(5) it engages in or in a disguised manner engages in futures business for its own account;
(6) it provides financing to its shareholders, de facto controller or other affiliated parties or provides security for third parties;
(7) it violates the provisions of the State Council's futures regulatory authority on the monitoring of the safe custody of futures margins;
(8) it fails to perform its reporting obligations with or submit relevant documents or information to the State Council's futures regulatory authority in accordance with provisions;
(9) its trading software or settlement software fails to satisfy the requirements of prudent operations and risk management by futures companies or the provisions of the State Council's futures regulatory authority on the monitoring of the safe custody of futures margins;
(10) it fails to allocate funds for, manage or use its risk reserve in accordance with provisions;
(11) it forges, alters or fails to preserve futures transaction, settlement and delivery documentation in accordance with provisions;
(12) it employs unqualified futures practitioners;
(13) it forges, alters, leases out, lends, purchases or sells its futures business permit or business licence;
(14) it conducts mixed code trading;
(15) it refuses or hampers the supervision and inspection of the State Council's futures regulatory authority; or
(16) it commits another act of violation as specified by the State Council's futures regulatory authority.
If a futures company commits any of the acts specified in the preceding paragraph, the supervisors directly in charge and other directly responsible persons shall be given a warning and fined not less than Rmb10,000 and not more than Rmb50,000 and, in serious cases, have their qualifications for their positions and/or futures practitioners' qualifications suspended or revoked.
If a firm engaging in futures business other than a futures company commits any of the acts specified in Item (8), (12), (13), (15) or (16) of the first paragraph of this Article, punishment shall be imposed in accordance with the first and second paragraphs of this Article.
If a shareholder, the de facto controller or other affiliated party of a futures company appoints another party or accepts the appointment of another party to hold or manage the equity of the futures company without approval, refuses to cooperate in an inspection by the State Council's futures regulatory authority or refuses to perform its reporting obligations or provide relevant information and data in accordance with provisions, or if the information or data it submits or provides contains false or misleading statements or material omissions, punishment shall be imposed in accordance with the first and second paragraphs of this Article.
Article 68: A futures company shall be given a rectification order, a warning, have its illegal income confiscated, be subjected to a fine of not less than one time and not more than five times its illegal income or, if it did not have any illegal income or the illegal income was less than Rmb100,000, a fine not less than Rmb100,000 and not more than Rmb500,000 and, in serious cases, ordered to suspend operations and undergo rectification or have its futures business permit revoked if it commits one of the following acts of fraud against a customer:
(1) it guarantees profits to a customer or fails to present to it a risk explanation in accordance with provisions;
(2) in its brokering business, it agrees with a customer to share returns or jointly bear risks;
(3) it fails to accept instructions from a customer in accordance with provisions or fails to conduct futures transactions in accordance with a customer's instructions;
(4) it conceals material matters or uses other illegitimate means to inveigle a customer into issuing transaction instructions;
(5) it provides false statements to customers concerning their transaction returns;
(6) it fails to transmit a customer's transaction instructions to the futures exchange;
(7) it diverts customers' margins;
(8) it fails to open margin accounts with a futures margin custody bank in accordance with provisions or transfers a customer's margins in violation of provisions; or
(9) it commits another act of fraud against customers as specified by the State Council's futures regulatory authority.
If a futures company commits any of the acts mentioned in the preceding paragraph, the supervisors directly in charge and other directly responsible persons shall be given a warning and a fine of not less than Rmb10,000 and not more than Rmb100,000 and, in serious cases, have their qualifications for their positions and/or futures practitioners' qualifications suspended or revoked.
If an entity or individual fabricates and disseminates false information concerning futures transactions, disrupting the futures trading market, it/he/she shall be punished in accordance with the first and second paragraphs of this Article.
Article 69: If a futures company, other futures business firm, non-futures company clearing member or futures margin custody bank provides false application documents or takes other fraudulent means to conceal material facts in order to fraudulently obtain a futures business permit, such permit shall be revoked and its illegal income shall be confiscated.
Article 70: If an insider with inside information on futures trading or a person who illegally obtains inside 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 inside information to engage in futures trading before information with a major impact on futures trading prices is publicly disclosed, he/she shall be subjected to confiscation of his/her illegal income and a fine of not less than one time and not more than five times the illegal income. If he/she did not have any illegal income or the illegal income was less than Rmb100,000, he/she shall be fined not less than Rmb100,000 and not more than Rmb500,000. If an entity engages in insider trading, its supervisors directly in charge and other directly responsible persons shall be given a warning and fined not less than Rmb30,000 and not more than Rmb300,000.
If a member of the working personnel of the State Council's futures regulatory authority, a futures exchange or institution responsible for monitoring the safe custody of futures margins engages in insider trading, he/she shall be subjected to a heavier punishment.
Article 71: Any entity or individual shall be given a rectification order, have its/his/her illegal income confiscated, and be subjected to a fine of not less than one time and not more than five times the illegal income or, if there was no illegal income or the illegal income was less than Rmb200,000, a fine of not less than Rmb200,000 and not more than Rmb1,000,000 if it/he/she 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 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 spots in order to influence futures market quotations; or
(5) committing another act of manipulating futures trading prices as specified by the State Council's futures regulatory authority.
If an entity commits any of the acts mentioned in the preceding paragraph, its supervisors directly in charge and other directly responsible persons shall be given a warning and fined not less than Rmb10,000 and not more than Rmb100,000.
Article 72: If a delivery warehouse commits any of the acts specified in the second paragraph of Article 39 hereof, it shall be given a rectification order, a warning, have its illegal income confiscated, be subjected to a fine of not less than one time and not more than five times its illegal income or, if it did not have any illegal income or the illegal income was less than Rmb100,000, a fine of not less than Rmb100,000 and not more than Rmb500,000 and, in serious cases, the futures exchanges shall be ordered to suspend or revoke its delivery warehouse qualifications. The supervisors directly in charge and other directly responsible persons shall be given a warning and fined not less than Rmb10,000 and not more than Rmb100,000.
Article 73: If a state-owned or state controlled enterprise engages in futures trading in violation of these Regulations or the relevant provisions of the State Council's state-owned asset regulatory authority or other relevant departments on the entry by enterprises into the futures market with state-owned assets, or if a entity or individual engages in futures trading by using loan proceeds or fiscal funds in violation of provisions, it/he/she shall be given a warning, have its/his/her illegal income confiscated, be subjected to a fine of not less than one time and not more than five times its/his/her illegal income or, if it/he/she did not have any illegal income or the illegal income was less than Rmb100,000, a fine of not less than Rmb100,000 and not more than Rmb500,000. The supervisors directly in charge and other directly responsible persons shall be subjected to disciplinary sanctions ranging from demotion to dismissal.
Article 74: If a domestic entity or individual violates provisions in engaging in overseas futures trading, it/he/she shall be ordered to rectify the matter, given a warning, have its/his/her illegal income confiscated and be subjected to a fine of not less than one time and not more than five times its/his/her illegal income; if there was no illegal income or if the illegal income was less than Rmb200,000, a fine not less than Rmb200,000 and not more than Rmb1,000,000. If the circumstances are serious, its/his/her overseas futures trading shall be suspended. The supervisors directly in charge and other directly responsible persons shall be given a warning and fined not less than Rmb10,000 and not more than Rmb100,000.
Article 75: If a futures trading venue is established illegally or futures trading activities are organised in another manner, the people's government at the county level or above of the place where it is located shall shut it down, confiscate its illegal income and fine it not less than the equivalent of and not more than five times the illegal income; if there was no illegal income or if such illegal income was less than Rmb200,000, a fine of not less than Rmb200,000 and not more than Rmb1,000,000 shall be imposed. The manager directly in charge of the entity and other directly responsible persons shall be given a warning and fined not less than Rmb10,000 and not more than Rmb100,000.
If a futures company or other futures business firm is established illegally or if futures business is engaged in without authorisation, it shall be shut down, its illegal income confiscated and a fine of not less than the equivalent of and not more than five times the illegal income imposed; if there was no illegal income or if such illegal income was less than Rmb200,000, a fine of not less than Rmb200,000 and not more than Rmb1,000,000 shall be imposed. The manager directly in charge of the entity and other directly responsible persons shall be given a warning and fined not less than Rmb10,000 and not more than Rmb100,000.
Article 76: If the supplier of a futures company's trading software or settlement software refuses to cooperate in an investigation by the State Council's futures regulatory authority, or fails to provide relevant information on the software to the State Council's futures regulatory authority in accordance with provisions, or if the information on the software that it provides contains false statements or material omissions, it shall be ordered to rectify the matter and fined not less than Rmb30,000 and not more than Rmb100,000. Its supervisors directly in charge and other directly responsible persons shall be given a warning and fined not less than Rmb10,000 and not more than Rmb50,000.
Article 77: If an accounting firm, law firm, asset appraisal institution or other such intermediary service organisation fails to act with due diligence, resulting in the documents it issues containing false records, misleading statements or material omissions, it shall be ordered to rectify the matter, its income from the business shall be confiscated, its relevant business permit shall be suspended or revoked and it shall be fined not less than one time and not more than five times the income from the business. The supervisors directly in charge and other directly responsible persons shall be given a warning and fined not less than Rmb30,000 and not more than Rmb100,000.
Article 78: If any entity or individual seriously violates the provisions herein, the State Council's futures regulatory authority shall declare that that person, entity or the persons directly responsible in that unit are forbidden from entering the futures market.
Article 79: If a member of the working personnel of the State Council's futures regulatory authority, a futures exchange, institution responsible for monitoring the safe custody of futures margins, futures margin custody bank or other such relevant entity divulges state secrets or the trade secrets of a member or customer to which he/she is privy, practises favouritism, is derelict in his/her duties, abuses his/her authority or accepts bribes, he/she shall be subjected to administrative penalties or disciplinary sanctions in accordance with the law.
Article 80: If a criminal offence is established from a violation of these Regulations, legal liability shall be pursued in accordance with the law.
Article 81: Unless already provided hereof, administrative penalties for violations of these Regulations shall be decided by the State Council's futures regulatory authority. If such a violation impinges upon the purview of another relevant department, the State Council's futures regulatory authority shall handle the matter in concert with the other relevant department. If such violation falls within the purview of another relevant department, the State Council's futures regulatory authority shall transfer the matter to another relevant department for handling.
Part Eight: Supplementary provisions
Article 82: The following terms used herein have the meanings set forth below:
(1) The term “commodity futures contract” means a futures contract the subject matter of which is agricultural products, industrial products, energy resources or other commodity, or a related index product.
(2) The term “financial futures contract” means a futures contract the subject matter of which is a financial product, such as negotiable securities, interest rates or exchange rates, or a related index product.
(3) The term “margin” means the funds paid or the highly liquid negotiable securities, such as standard warehouse receipts or sovereign bonds that are stable in value submitted by a futures trader for the purposes of settlement and ensuring performance.
(4) The term “clearing” means the clearance and transfer of funds carried out in respect of the outcome of a trade between parties at the settlement price posted by the futures exchange.
(5) The term “delivery” means the process, at maturity of a contract, whereby the parties complete a matured and open contract by transferring ownership of the subject matter specified in the contract or settling the cash difference at the specified settlement price in accordance with the rules and procedure of the futures exchange.
(6) The term “liquidate a position” means the act of concluding a futures transaction whereby a futures trader buys or sells a contract that has the same product, quantity and delivery month as a contract that it holds but the trading direction of which is the opposite thereof.
(7) The term “open interest” means the total quantity of open contracts held by a futures trader.
(8) The term “position limit” means the maximum number of open positions that the futures exchange specifies for a futures trader.
(9) The term “standard warehouse receipt” means the standard delivery receipt issued by the delivery warehouse and recognised by the futures exchange.
(10) The term "price limit" refers to the fluctuation band between the highest price and the lowest price at which contracts may trade in one trading day. An offer outside this band shall be deemed void and the transaction incapable of being concluded.
(11) The term "inside information" refers to as yet publicly undisclosed information that may have a significant effect on futures trading prices, and includes: policies formulated by the State Council's futures regulatory authority and other relevant departments that may have a significant effect on futures trading prices, decisions made by a futures exchange that may have a significant effect on futures trading prices, the funds and trading trends of a futures exchange's members and customers as well as other important information that the State Council's futures regulatory authority recognises as having a pronounced effect on futures trading prices.
(12) The term "an insider with inside information" refers to persons who as a result of their administrative position, supervisory position or professional position or employees or specialised consultants who, in the course of performing their duties, may be in contact with or have access to inside information, including: the management personnel in a futures exchange as well as other practitioners who may have obtained inside information in the course of their duties, working personnel of the State Council's futures regulatory authority and other relevant departments and other persons specified by the State Council's futures regulatory authority.
Article 83: The State Council's futures regulatory authority may approve the establishment of a specialised futures clearance institution to perform clearance for a futures exchange and related duties, and bear the attendant legal liability.
Article 84: The measures for the administration of the establishment and acquisition of, and the taking of equity interests in, futures business firms in China by foreign institutions and the establishment of branches and sub-branches (including representative offices) in China by foreign futures business firms shall be formulated by the State Council's futures regulatory authority in concert with the State Council's department in charge of commerce, foreign exchange control department and other such relevant departments and implemented after approval by the State Council.
Article 85: The trading of futures in a trading venue (other than a futures exchange) approved by the State Council's futures regulatory authority shall be handled in accordance with the relevant provisions hereof.
Article 86: Trading activities that are not futures trading but involve commodities or financial products shall be overseen by the relevant state departments, and these Regulations shall not apply thereto.
Article 87: These Regulations shall be effective as of April 15 2007. The Tentative Regulations for the Administration of Futures Trading promulgated by the State Council on June 2 1999 shall be repealed simultaneously.
clp reference:3700/12.10.24prc reference:国务院令第627号promulgated:2012-10-24effective:2012-12-01This premium content is reserved for
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