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期贷交易管理暂行条例 Interim Regulations on Management of Futures Transaction

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(Adopted at the 18th Executive Meeting of the State Council on May 25, 1999, promulgated by Decree NO. 267 of the State Council of the People's Republic of China on June 2 , 1999, and effective as of September 1, 1999)
颁布日期:19990602  实施日期:19990901  颁布单位:国务院

  Chapter 1 General Principles

  Article 1 These Regulations are enacted in order to regulate futures transaction, to strengthen the regulation on the futures market, to safeguard the order of futures market, to keep away the risk and to protect the lawful rights and interests of the parties and public interests of the society.

  Article 2 These Regulations must be abided by if futures transaction and other relative conducts are engaged in.

  Article 3 Futures transaction shall be engaged in according to the principles of openness, fairness and equitability. Illegal conducts such as fraud, inside transaction and the manipulation on the price of futures transaction are prohibited.

  Article 4 Futures transaction shall be conducted inside futures exchange and any transaction in the unorganized market is prohibited.

  Article 5 The China Securities Regulatory Commission (hereinafter referred to as CSRC) excises centralized and unified management on the futures market.

  Chapter 2 Futures Exchange

  Article 6 The establishment of a futures exchange shall be subject to the examination and approval by the CSRC.

  No unit or individual is allowed to set up a futures exchange or in disguised form without the approval of the CSRC.

  Article 7 A futures exchange is not established for making profit and implements self-discipline in accordance with its Articles of Association. A futures exchange takes civil liabilities with all of its own properties.

  Article 8 The members of a futures exchange shall be the corporations and enterprises having been registered within the territory of People's Republic of China. Acquisition of the membership shall be subject to the approval of futures exchange, and membership dues shall be paid.

  The members of a futures exchange are composed both of the members of futures brokering company and of the members of non-futures brokering company.

  Article 9 A futures exchange shall have a board of governors, and the chairman of the board of governors and the deputy chairman of the board of governors are nominated by the CSRC and elected by the board of governors.

  A future exchange shall have a general manager and deputy general managers who are appointed and removed by the CSRC. The general manager is the legal representative of futures exchange.

  Article 10 None of the persons having the situations prescribed in the Article 101 of the Securities Law or other situations prescribed by the CSRC may hold the positions of senior management persons and financial accountants of futures exchange.

  Article 11 The staff of a futures exchange shall perform their duties with due loyalty, and are prohibited from engaging in any futures transaction for himself, from divulging the inside information and from taking advantage of the inside information to obtain any illegal benefits.

  Article 12 In performing their duties, the staff of a futures exchange shall be recused where they themselves or any of their relatives have an interest.

  Article 13 No staff of a futures exchange may hold a post in a member unit of futures exchange during the tenure of office or within one year after dimission.

  No civil servant may concurrently hold position in a futures exchange.

  Article 14 A futures exchange performs the following functions:

  (1) providing sites, facilities and services for futures transaction;

  (2) designing futures contracts and arranging the listing of them;

  (3) organizing and supervising the transaction, clearing and settling of futures;

  (4) guaranteeing the performance of futures contracts;

  (5) formulating and carrying out the system of risk management prescribed in the Article 35 of these Regulations;

  (6) other functions stipulated by the CRSC.

  Article 15 A futures exchange may not engage in any business irrelevant to its functions such as trust investment, stock exchange and investment of non-personal real estates.

  A futures exchange may not participate in any futures transaction directly or indirectly.

  Article 16 When abnormal circumstances exist in futures market, a futures exchange may determine the adoption of the following emergent measures and shall immediately report to the CSRC in accordance with the competence and procedures stipulated in the Articles of Association:

  (1) increasing the bail;

  (2) adjusting the scope of limit up and limit down;

  (3) restricting the maximum volume of futures-holding of its members and clients;

  (4) suspending the exchange;

  (5) adopting other emergent measures.

  The abnormal circumstances mentioned in the preceding paragraph refer to the conducts manipulating the market and severely distorting the formation of market price during the transaction, or the sudden events of force majeure and other situations stipulated by the CSRC.

  After the vanishing of the abnormal circumstances, a futures exchange shall abolish the emergent measures promptly.

  Article 17 It shall be subject to the approval of the CSRC if any one of the following circumstances exists:

  (1) formulating or amending its Articles of Association and business regulations;

  (2) listing, suspending, canceling or resuming the varieties of futures transaction;

  (3) listing, amending or terminating the futures contracts;

  (4) other circumstances stipulated by the CSRC.

  Article 18 The earnings of a futures exchange shall be administered and used in accordance with the relevant provisions of the State, and may not be distributed to its members and misappropriated for other purposes.

  After being derived for public welfare fund according to the relevant provisions of the State, the after-tax income of a futures exchange shall be completely transferred into accumulation fund to make up the loss of the year hereafter.

  Article 19 The incorporation and division of futures exchanges shall be subject to the examination and approval of the CSRC.

  Article 20 A future exchange shall be dissolved if any one of the following circumstances exists:

  (1) the operation term stipulated in the Articles of Association expires and the members' conference rules out of its continuous operation;

  (2) the member's conference makes a decision of dissolve;

  (3) The CSRC makes a decision to close it down.

  The dissolution of a futures transaction due to the circumstances stipulated in Items (1) and (2) of the preceding paragraph shall be examined and approved by the CSRC.

  Chaper 3 Futures Brokering Company

  Article 21 The establishment of a futures brokering company shall conform to the provisions of the Company Law and meet the following conditions:

  (1) the minimum registered capital is thirty million RMB yuan;

  (2) the chief administrators and business persons are qualified to engage in futures transaction;

  (3) a fixed business sites and up-to-standard transaction facilities are required;

  (4) a sound management system is required;

  (5) other conditions stipulated by the CSRC.

  Article 22 To be established, a futures brokering company shall obtain the approval as well as the business license for futures brokerage of the CSRC, and register with the State Administration for Industry and Commerce.

  Without the approval of the CSRC, no unit or individual may engage in futures brokerage and include the words "Futures Brokerage", "Futures Agent" or other similar words in its name.

  Article 23 A futures brokering company may set up sales departments as its branches in accordance with the need of its business. The establishment of the sales departments shall meet the conditions stipulated by the CSRC, be approved by the CSRC, obtain the license for operation issued by the CSRC, and register with the State Administration for Industry and Commerce.

  The sales departments shall carry out their operations within the scope of authorization of the futures brokering company, and the civil liability shall be borne by the futures brokering company.

  Article 24 Entrusted by its clients, a futures brokering company engages in futures transaction for them in the name of itself, and the consequence of futures transaction shall be assumed by the clients.

  Article 25 A futures brokering company may engage in no business but the transaction, clearing, settling and other relevant services of the listed futures contracts as the trustee of its clients.

  A futures brokering company is prohibited from engaging in any futures transaction or does so in disguised forms.

  Article 26 If any one of the following circumstances exists, a futures brokering company shall obtain the approval of the CSRC, and undergo registration of modification procedures with the State Administration of Industry and Commerce:

  (1) the legal representative is replaced;

  (2) the registered capital is modified;

  (3) the shareholders or the structure of shareholding is modified;

  (4) the domicile or the business office is modified;

  (5) the sales department is modified or terminated;

  (6) other circumstances as stipulated by the CSRC exist.

  Article 27 A futures brokering company shall settle its entrusted business and refund the clients' bails in accordance with the law, if it is dissolved for any one of the following circumstances:

  (1) the operation term expires, and the decision of the shareholders' conference rules out of its continuous operation;

  (2) the shareholders' conference makes a decision of dissolution;

  (3) it is need to be dissolved because of merger or division;

  (4) bankruptcy;

  (5) the CSRC makes a decision to close it down.

  If a futures brokering company is dissolved because of the circumstances stipulated in Items (1), (2) and (3) of the preceding paragraph, the matter shall be examined and approved by the CSRC.

  To dissolve a futures brokering company, the cancellation registration procedures shall be undergone with the State Administration of Industry and Commerce.

  Chapter 4 Fundamental Principles for Futures Transaction

  Article 28 Only the members of a futures exchange may trade inside a futures exchange. A futures brokering company may engage in no business but futures brokerage entrusted by its clients, and non-futures brokering company may engage in no business but futures transaction on his own account.

  The members of a futures exchange shall accredit a representative to enter a future exchange to trade. The representative may only obey the transaction instructions from his own company, and is prohibited from obeying any instruction from other units or individuals, from providing any consultation for them, and trading for himself.

  Article 29 When accepting entrust of a client to conduct futures transaction, a futures brokering company shall produce its Risk Prospectus to the clients in advance, and after the clients have signed to affirm it, the futures brokering company shall sign a written contract with the clients.

  A futures brokering company may not give any commitment of profits, or make an agreement with the clients to share the profits or the risks, or accept the trust of futures transaction from any company, enterprise or other economic organizations in the name of an individual, or re-mandate the business or accepted re-mandated business.

  Article 30 The following units or individuals may not engage in futures transaction, nor a futures brokering company may accept their entrustment to engage in futures transaction for them:

  (1) banking institutions, institutions and State organs;

  (2) staff of the CSRC;

  (3) those who are barred from entering into a futures market;

  (4) units which do not provide any certifying document of account-opening;

  (5) other units or individuals who are prohibited from engaging in futures trading by the CSRC.

  Article 31 Clients may issue their transaction instructions to a futures brokering company by means of writing, telephoning, or other ways as provided by the CSRC.

  Clients' transaction instructions shall be clear and complete.

  Article 32 A futures brokering company shall engage in futures transaction in accordance with clients' transaction instructions, and is prohibited from engaging in futures transaction without the trust of the clients or exceeding the scope of authorization.

  Article 33 A futures brokering company shall provide truthful and accurate information on futures market to clients, and may not inveigle clients into issuing transaction instructions by holding back major information or by other illegal means.

  Article 34 A futures exchange shall announce the information on the listed varieties of futures contracts promptly such as turnover, purchase price, amount of storage, ceiling and floor prices, opening price and closing price, etc…… Meanwhile, the futures exchange shall guarantee the truthfulness and accuracy of the information. However, the futures exchange may not announce any forecast information on price.

  Article 35 A futures exchange shall set up and complete the following systems of risk administration in accordance with the relevant provisions of the State:

  (1) the system of bail;

  (2) the system of daily clearing;

  (3) the system of limit up and limit down;

  (4) the system of limitation on futures holding and reporting the futures holding of the pit traders;

  (5) the system of risk reserve;

  (6) other systems of risk administration stipulated by the CSRC.

  Article 36 The system of bail shall be implemented in futures transaction. The bail that a futures exchange collects from its members or a futures brokering company collects from its clients may not be lower than the standard prescribed by the CSRC, and shall be separated from their own funds and be deposited in a special account.

  The bail that a futures exchange collects from its members is still in the ownership of the members; a futures exchange is prohibited from appropriating it except for the transaction and clearing of the members.

  The bail that a futures brokering company collects from its clients is still in the ownership of its clients; a futures brokering company is prohibited from appropriating it except depositing it in a futures exchange and clearing the transaction for its clients in accordance with the provisions of the CSRC.

  A futures brokering company shall open an account, set a transaction code for each of its clients respectively, and the different transactions with only one code are prohibited.

  Article 37 A futures exchange and a futures brokering company shall derive, manage and utilize the risk reserve in accordance with the provisions of the CSRC and the Ministry of Finance, and they are prohibited from misappropriating it.

  Article 38 The collection of handling fees by a futures exchange from its members or by a futures brokering company from its clients shall be executed in accordance with the uniform provisions of relevant departments under the State Council.


  Article 39 Centralized price competition shall be implemented in futures transaction, and shall follow the match transaction principle of price precedence and time precedence.

  Article 40 A futures exchange executes uniform administration on the clearing of futures transaction.

  A futures exchange implements a system of daily clearing and shall inform its members of the clearing results of the same day immediately after the closing.

  A futures brokering company shall make clearing for its clients in accordance with the clearing results of the futures exchange, and shall inform its clients of the results promptly.

  Article 41 When the bail of one member of a futures exchange is insufficient, the member shall supplement the bail. If the bail is not supplemented within the term prescribed by the futures exchange, the latter shall execute a mandatory selling order for the member's futures contract, and the fee and loss thus induced shall be taken on by the member.

  When the client's bail is insufficient and is not supplemented within the term prescribed by a futures exchange, a futures brokering company shall execute a mandatory selling order for the client's futures contract. The fee and the loss thus induced shall be taken on by the client.

  Article 42 The settlement of futures transaction shall be organized and executed uniformly by a futures exchange. A futures exchange may not place any restriction on the amount of practicality settlement.

  The settlement warehouse shall be designated by a futures exchange, and the two parties shall make an agreement to definitude the rights and obligations.

  Article 43 It is prohibited for the settlement warehouse from committing any one of the following acts:

  (1) to provide false warehouse warrants;

  (2) to restrict the storing and the selling of the settled commodities in violation of the business rules of a futures exchange;

  (3) to divulge commercial secrets in connection with futures transaction;

  (4) to participate in futures transaction;

  (5) other acts stipulated by the CSRC.

  Article 44 When breaching agreement in futures transaction, the member shall assume the liability with its bail first; if the bail is insufficient, the futures exchange shall assume the liability with the risk reserve and its own fund for the member, and the futures exchange acquires the right of recourse to the member by this way.

  When the client breaches agreement in futures transaction, a futures brokering company shall take the measures by reference to the provisions of the preceding paragraph.

  Article 45 A futures exchange and a futures brokering company shall ensure the completeness and safety of materials of futures transaction, clearing and settling.

  Article 46 It is prohibited for any unit or individual from fabricating and disseminating false information on futures transaction, and from manipulating the transaction price of futures by malicious collaboration, joint transaction and other means.

  Article 47 It is prohibited for any unit or individual from engaging in any futures transaction with credit fund and financial fund.

  Banking institutions may not finance futures transaction by providing funds and offer any warrant.

  Article 48 Futures transaction of State-owned enterprises and enterprises where State-owned assets constitute a controlling and leading interest is only restricted to hedging, and the following provisions shall be abided by:

  (1) the varieties of futures transaction are restricted to the products they manufacture or sell, or the raw materials that are in need for their manufacture;

  (2) the gross amount of futures transaction shall conform to the gross amount of the spot transactions of the corresponding period;

  (3) other provisions of the CSRC.

  If an enterprises described in the preceding paragraph engages in hedging, it shall produce the documents signed by its legal representative to a futures exchange or a futures brokering company, and shall be subject to the examination and approval of the futures exchange and the futures brokering company according to the provisions of the preceding paragraph.

  Article 49 No units or individuals may engage in trading futures abroad directly or indirectly without approval. If the market abroad is indeed in need for the hedging, it shall be examined by the CRSC together with the relevant departments under the State Council and be approved by the State Council before a license for overseas futures business is issued.

  A futures brokering company is prohibited from engaging in overseas futures trading.

  Chapter 5 Supervision and Administration

  Article 50 A futures exchange and a futures brokering company shall periodically send statements of financial accounting, relevant materials and audit reports to the CSRC.

  Article 51 The CSRC is entitled to inspect the business and finance situations of a futures exchange or a futures brokering company at any moment, to request them to hand in certain materials, and certain information and materials on their members or clients, and when necessary, to inspect the business and finance situations in connection with futures transaction of the members and clients.

  During the inspection, if the CSRC finds they may have violated the law, the CSRC is entitled to obtain and seal up certain documents and materials, and to make a decision within a prescribed period.

  When inspecting, the staff of the CSRC shall produce their legal credentials.

  Article 52 The CSRC is entitled to inquire and investigate the units and individuals who are suspected of violating the law concerning futures, to inspect the deposit accounts of a futures exchange or a futures brokering company, as well as those opened by their members or clients in a commercial bank or other banking institutions, and to apply to the judicial organs to freeze the accounts if there is evidence to substantiate that illegally obtained funds have been removed or concealed. The units and individuals concerned may not refuse to provide support or cooperation.

  Article 53 When abnormal circumstances exist in the futures market, the CSRC may take certain necessary measures to dispose of the risks.

  Article 54 The CSRC executes a system of qualification cognizance for the senior management persons and other business persons of a futures exchange and a futures brokering company.

  Article 55 A futures exchange shall, in accordance with the provisions of these Regulations and of the CSRC, set up and complete the different rules and systems, strengthen the control on the risk in its transaction conducts and the supervision and management on its members and staff.

  A futures brokering company shall set up and complete its administrative rules of internal business, strengthen the examination on the client's credit status, and report the list and trading information of the pit traders to a futures exchange in accordance with its provisions.

  Article 56 When its General Manager leaves his post, a futures exchange shall retain an intermediary organization qualified to engage in audit business to audit the manager. The CSRC may designate an intermediary organization to take such an audit when necessary.

  Chapter 6 Legal Liability

  Article 57 A futures exchange shall be ordered to make rectification and be given a warning, and its illegal gains shall be confiscated for any of the following acts:

  (1) to recruit a member in violation of provisions;

  (2) to charge handling fees in violation of provisions;

  (3) to use and distribute profits in violation of provisions;

  (4) not to publicize information according to provisions;

  (5) not to fulfill the obligation of making reports to the CSRC according to provisions;

  (6) not to submit relevant documents and materials to the CSRC according to provisions;

  (7) not to withdraw, manage and use the risk reserve according to provisions;

  (8) to restrict gross amount of the practicality settlement of its members;

  (9) to appoint unqualified futures business persons;

  (10) other acts that are in violation of the provisions of the CSRC.

  If a futures exchange commits any one of the acts listed in the preceding paragraph, the persons in charge directly responsible and the other directly responsible persons shall be imposed disciplinary sanctions, and may also be fined not less than 10,000 yuan nor more than 100,000 yuan.

  If a futures exchange commits the act stipulated in Item 2 of Paragraph 1 of this Article, it shall refund the overcharged handling fees.

  Article 58 If a futures exchange commits any one of the following acts, it shall be ordered to make rectification, be given a warning, be confiscated the illegal gains and also be fined not less than one time nor more than five times the illegal gains; if there are no illegal gains or the illegal gain is less than 100,000 yuan, a fine of not less than 100,000 yuan nor more than 500,000 yuan shall be imposed; if the circumstances are serious, the futures exchange shall be ordered to suspend business for rectification:

  (1) to formulate and modify the articles of association and business rules without approval;

  (2) to list, suspend, cancel or resume the varieties of futures transaction without approval;

  (3) to list, amend or terminate the futures contracts without approval;

  (4) to permit its members to engage in futures transaction when the bail is insufficient;

  (5) to participate in futures transaction directly or indirectly, or to engage in the businesses irrelevant to its functions;

  (6) to charge bail in violation of provisions, or to misappropriate the bail;

  (7) to forge, alter or preserve the materials of futures transaction, clearing and settling not comforting to provisions;

  (8) not to set up or execute the system of limit up and limit down, of limit on futures holding or of reporting the pit traders;

  (9) to refuse or obstruct the supervision and examination of the CSRC;

  (10) other acts violating the provisions of the CSRC.

  If a futures exchange commits any one of the acts listed in the preceding paragraph, the persons in charge directly responsible and the other directly responsible persons shall be imposed disciplinary sanctions and also be fined not less than 10,000 yuan nor more than 100,000 yuan.

  Article 59 If a futures brokering company commits any one of the following acts, it shall be ordered to make rectification, be given a warning, be confiscated the illegal gains and also be fined no less than one time nor more than three times the illegal gains; if there are no illegal gains or the illegal gain is less than 100,000 yuan, a fine of not less than 100,000 yuan nor more than 300,000 yuan shall be imposed; if the circumstances are serious, the futures brokering company shall be ordered to suspend business for rectification or have its business license for futures brokerage revoked:

  (1) to accept trust of units or individuals which does not conform to the prescribed conditions;

  (2) to accept the trust of companies, enterprises or other economic organizations to engage in futures transaction in the name of an individual;

  (3) to re-mandate entrusted business or to accept re-mandated business;

  (4) to permit clients to engage in futures transaction when the bail is insufficient;

  (5) to engage in futures transaction on his own account or other businesses that is in violation of the provisions of these Regulations ;

  (6) not to submit relevant documents and materials to the CSRC according to the provisions;

  (7) not to withdraw, manage and use the risk reserve according to the provisions;

  (8) to forge, alter or preserve the materials of futures transaction, clearing or settling not according to the provisions;

  (9) to appoint unqualified business persons of futures transaction;

  (10) to set up sales departments without approval;

  (11) to undergo modification procedures without approval;

  (12) to forge, alter, lease, lend, purchase or sell the business license for futures brokerage and license for operation;

  (13) to engage in different transaction with single one code in violation of provisions;

  (14) to refuse or obstruct the supervision and administration of the CSRC;

  (15) other acts that are in violation of the provisions of the CSRC.

  If a futures brokering company commits any one of the acts listed in the preceding paragraph, the persons in charge directly responsible and the other directly responsible persons shall be imposed disciplinary sanctions and also be fined not less than 10,000 yuan nor more than 50,000 yuan.

  Article 60 If a futures brokering company commits any one of the following fraudulent acts against the clients, it shall be ordered to make rectification, be given a warning, be confiscated the illegal gains and also be fined not less than one time nor more than five times the illegal gains; if there are no illegal gains or the illegal gain is less than 100,000 yuan, a fine of not less than 100,000 yuan nor more than 500,000 yuan shall be imposed; if the circumstances are serious, the futures brokering company shall be ordered to suspend its business for rectification or have its business license for futures brokerage revoked:

  (1) not to produce risk prospectus to the clients according to provisions, to give any form of commitment with respect to its clients' profits or make an agreement with the clients to share the interests and risks;

  (2) to engage in futures transaction presumptuously on behalf of a client without the clients' instructions or contrary to the client's instructions;

  (3) to inveigle a client into giving instructions by providing false market information or by other illegal means;

  (4) to provide false transaction reciprocation to clients;

  (5) to fail to issue instructions of clients to a futures exchange;

  (6) to misappropriate clients' bails;

  (7) other fraudulent acts against the clients prescribed by the CSRC.

  If a futures brokering company commits any one of the acts listed in the preceding paragraph, the persons in charge directly responsible and the other directly responsible persons shall be imposed disciplinary sanctions and be fined not less than 10,000 yuan nor more than 100,000 yuan. If the offense constitutes a crime, criminal liability shall be pursued according to law.

  Any unit or individual, who fabricates and disseminates false information affecting futures transaction and disrupting the order of futures transaction market, shall be imposed punishments by reference to the provisions of Items 1 and 2 of this Article; if the offense constitutes a crime, criminal liability shall be pursued according to law.

  Article 61 If, before information that may have a major effect on the price of futures is made public, a person who has knowledge of inside information or a person who illegally obtained such information engages in futures transaction with the use of the inside information, or divulges such information to another so that the other one could engage in futures transaction by using such information, shall have the illegal gains confiscated and also have a fine of not less than one time nor more than five times the illegal gains imposed; if there are no illegal gains or the illegal gain is less than 100,000 yuan, a fine of not less than 100,000 yuan nor more than 500,000 yuan shall be imposed; if the offense constitutes a crime, criminal liability shall be pursued according to law.

  Article 62 Any unit or individual, who manipulates the price of futures transaction by committing any one of the following acts, shall be ordered to make rectification, be confiscated the illegal gains and be fined not less than one time nor more than five times the illegal gains; if there are no illegal gains or the illegal gain is less than 200,000 yuan, a fine of not less than 200,000 yuan nor more than 1000,000 yuan shall be imposed; if the offense constitutes a crime, criminal liability shall be pursued according to law:

  (1) whether independently or in collusion with others, carrying out combined or successive purchase or sales of futures contracts by building up an advantage in terms of funds or futures holding or using one's advantage in terms of information, thereby manipulating the trading price of futures;

  (2) collaborating with another person to mutually trade futures at a prearranged time and price and by prearranged means, thereby affecting the price or volume of the futures traded;

  (3) buying or selling futures from or to oneself by means of making oneself the other party to the transaction, thereby affecting the price or volume of the futures traded;

  (4) stocking practicality in order to affect the futures market;

  (5) other manipulating acts prescribed by the CSRC.

  If a unit commits any one of the acts listed in the preceding paragraph, the persons in charge directly responsible and other directly responsible persons shall be imposed disciplinary sanctions and be fined not less than 10,000 yuan nor more than 100,000 yuan.

  Article 63 If a settlement warehouse commits any one of the acts prescribed in Article 43 of these Regulations , it shall be ordered to make rectification, be given a warning, be confiscated the illegal gains, and be fined not less than one time nor more than fives times the illegal gains; if there are no illegal gains or the illegal gain is less than 100,000 yuan, a fine of not less than 100,000 yuan nor more than 500,000 yuan shall be imposed; if the circumstances are serious, its qualification of settlement warehouse shall be ordered to be suspended or revoked; the persons in charge directly responsible and other directly responsible persons shall be imposed disciplinary sanctions.

  Article 64 If the State-owned enterprises and the enterprises where the State-owned assets constitute a controlling or leading interest, in violation of these Regulations, engage in futures transaction, and any unit or individual engages in futures transaction with the use of credit fund and finance fund, a warning shall be given, their illegal gains shall be confiscated and in addition, a fine of not less than one time nor more than five times the illegal gains shall be imposed; if there are no illegal gains or the illegal gain is less than 100,000 yuan, a fine of not less than 100,000 yuan nor more than 500,000 yuan shall be imposed; the persons in charge directly responsible and other directly responsible persons shall be given disciplinary sanctions of degradation or even dismissal; if the offense constitutes a crime, criminal liability shall be pursued according to law.

  Article 65 Any unit or individual, engaging in futures transaction abroad without permit, shall be closed down, be confiscated the illegal gains and in addition, be fined not less than one time nor more than five times the illegal gains; if there are no illegal gains or the illegal gain is less than 200,000 yuan, a fine of not less than 200,000 yuan nor more than 1000,000 yuan shall be imposed; the persons in charge directly responsible and other directly responsible persons shall be fined not less than 10,000 yuan nor more less 100,000 yuan and in addition, be given disciplinary sanctions of degradation or even dismissal; if the offense constitutes a crime, criminal liability shall be pursued according to law.

  Any unit or individual, establishing a futures exchange or a futures brokering company illegally or in disguised form, or engaging in futures brokerage without permit, shall be ordered to close down and be fined according to the stipulation of the preceding section; if the offense constitutes a crime, criminal liability shall be pursued according law.

  Article 66 If the staff of a futures exchange hold a position in the members of the futures exchange or divulge State secrets or commercial secrets of the members or the clients during his office or within one year after his dismissal, disciplinary sanctions shall be given; if the offense constitutes a crime, criminal liability shall be pursued according to the law.

  Article 67 If any unit or individual violates these Regulations seriously, the CSRC shall announce that the individual and the unit or its directly responsible persons are barred from entering the futures market.

  Article 68 If the staff of the CSRC divulges State secrets or commercial secrets of the members or the clients, or engages in malpractice for personal gains, neglects his duties, abuses his powers and accepts bribery, and the offense is serious enough to constitute a crime, criminal liability shall be pursued according to law; if the offense does not constitute a crime, administrative sanctions shall be given according to law.

  Article 69 The administrative punishments on a futures exchange and its members, on a futures brokering company and its clients, on the futures business persons and on the settlement warehouses, shall be subject to the CSRC; the administrative punishments on other units or individuals shall be subject to the institutions concerned according to its legal authority.

  Chapter 7 Supplementary Provisions

  Article 70 For purpose of these Regulations , the following terms are defined as:

  (1) "Futures transaction" refers to the centralized transaction of purchasing and selling certain varieties of futures contracts inside Futures Exchange.

  (2) "Futures Contract" refers to the standard contract uniformly formulated by a futures exchange to stipulate the settlement of commodities with certain quantity and quality at specific time and site hereafter.

  (3) "Bail" refers to the capital paid by the futures traders in accordance with the prescribed standard for the clearing and warranting of performance.

  (4) "Clearing" refers to the capital clearing of the parties' profits and losses in accordance with the clearing price announced by a futures exchange.

  (5) "Settlement" refers to the course that the two parties, basing on the rules and procedures specified by a futures exchange, settle the contracts at the end of the term by shifting the ownership of the commodities recorded in the futures contracts, when the date prescribed in the contracts expires.

  (6) "Selling the futures" refers to the conducts that the futures traders terminate futures transaction by purchasing or selling the futures contracts which have the same varieties, numbers and settlement months with but the opposing trading directions to the futures contracts they hold;.

  (7) "Volume of futures holdsettlement months with but the opposing trading directions to the futures contracts they hold;.

  (7) "Volume of futures holding" refers to the number of the unsold contracts held by futures traders.

  (8) "Limit on futures holding" refers to the maximum volume of futures holding of the futures traders specified by a futures exchange.

  (9) "Warehouse warrant" refers to the standardized bill of lading produced by the settlement warehouse and affirmed by a futures exchange.

  (10) "Match transaction" refers the course that the computerized transacting system of a futures exchange matches the instructions of the bargainers.

  (11) "Limit up and limit down" means that the trading price on one specific business day of the futures contracts may not be higher or lower than the specified range of rise and drop, and the quoted price beyond the range is invalid, so the transaction is null.

  (12) "Inside information" refers to the information that is not made public because it may have a major effect on the market price of the futures. The following information belongs to inside information: the policies formulated by the CSRC and other institutions concerned that may have a major effect on the price of futures transaction, the decisions made by a futures exchange that may have a major effect on the price of futures transaction, the funds and trading trends of the members and clients of a futures exchange, and other important information determined by the CSRC to have a marked effect on the trading prices of futures.

  (13) "Persons with knowledge of inside information" refer to the persons who are likely to get to or acquire the inside information because of their special status as administrators, supervisors or professionals, or of the performance of duties as employees or professional counselors. The following persons are included: such senior management persons as the head governor, deputy head governor, general manager, deputy general manager of a futures exchange, other business persons who are likely to acquire the inside information due to their position, the staff workers of the CSRC and other institutions concerned, and other persons that are described by the CSRC.

  Article 71 These Regulations shall take effect as of September 1, 1999.

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