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期货交易管理暂行条例 State Council, Administration of Futures Trading Tentative Regulations

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国务院令第267号
(Adopted at the 18th Ordinary Meeting of the State Council on 25 May 1999, promulgated on 2 June 1999 and be effective as of 1 September 1999.)
颁布日期:19990602  实施日期:19990901  颁布单位:国务院

  PART ONE GENERAL PROVISIONS

  Article 1 These Regulations have been formulated to standardize futures trading, strengthen the supervision and administration of futures trading, safeguard the order in the futures market, minimize risk, and protect the lawful rights of all parties in futures trading and the public interest.

  Article 2 Persons engaged in futures trading and related activities must comply with these Regulations.

  Article 3 Persons engaged in futures trading activities shall abide by the principles of openness, fairness, justice and good faith. Illegal acts such as fraud, insider trading and manipulation of futures trading prices, etc. are forbidden.

  Article 4 Futures trading must be conducted in a futures exchange. Over-the-counter futures trading not conducted through a futures exchange is forbidden.

  Article 5 The China Securities Regulatory Commission ("CSRC") shall implement centralized and unified supervision and administration of the futures market.

  PART TWO FUTURES EXCHANGES

  Article 6 The establishment of futures exchanges shall be examined and approved by the CSRC. No unit or individual may establish or covertly establish a futures exchange without obtaining the approval of the CSRC.

  Article 7 Futures exchanges shall be non-profit and implement self-regulation and administration in accordance with the provisions of its articles of association. A futures exchange bears civil liabilities to the extent of all of its property.

  Article 8 Futures exchange members shall be legal persons registered within the borders of the People's Republic of China. To obtain a futures exchange membership, the person shall obtain CSRC approval and pay the membership fee.

  Futures exchange members shall be composed of members which are futures brokerages and members which are not futures brokerages.

  Article 9 A futures exchange shall establish a board of directors. The chairman and the vice-chairman(en) shall be nominated by the CSRC and elected by the board.

  A futures exchange shall have a general manager and assistant general manager(s) who are appointed and dismissed by the CSRC. The general manager shall be the futures exchange's legal representative.

  Article 10 A person characterized by any of the conditions stipulated in Article 101 of the Securities Law or other conditions stipulated by the CSRC may not serve as senior management, financial or accounting personnel of a futures exchange.

  Article 11 Working personnel of a futures exchange shall faithfully perform their duties, may not in any manner engage in futures trading for themselves, may not disclose insider information nor use insider information to obtain unlawful benefits.

  Article 12 If in the performance of their duties the working personnel of a futures exchange encounter a situation in which they themselves or a relative has an interest, they shall withdraw.

  Article 13 The working personnel of a futures exchange may not take up positions with a member unit of the futures exchange while under the employment of, or within one year of leaving, the futures exchange.

  A State public servant may not take up a position with a futures exchange.

  Article 14 A futures exchange shall perform the following functions:

  1. providing a futures trading floor, facilities and services;

  2. designing futures contracts and arranging the listing of such contracts;

  3. organizing and supervising futures trading, settlement and delivery;

  4. ensuring the performance of futures contracts;

  5. formulating and implementing the risk management systems stipulated in Article 35 herein; and

  6. other functions stipulated by the CSRC.

  Article 15 A futures exchange may not engage in such businesses as trust investment, stock trading, investment in immovable property not for its own use, etc. which are not related to its functions.

  Futures exchanges are prohibited from directly or indirectly participating in futures trading.

  Article 16 When unusual circumstances occur in the futures market, a futures exchange may adopt the following emergency measures in accordance with the powers and procedures stipulated in its articles of association, and it shall promptly make a report to the CSRC:

  1. increase the security deposit;

  2. adjust the fluctuation band for suspension of trading;

  3. limit the maximum positions of members or clients;

  4. temporarily suspend trading; or

  5. adopt other emergency measures.

  The unusual circumstances mentioned in the preceding paragraph refer to acts of market manipulation occurring during the course of trading which result in severe price distortions or the sudden occurrence of events of force majeure as well as other circumstances stipulated by the CSRC.

  Once the unusual circumstances have passed, the futures exchange shall promptly cancel the emergency measures.

  Article 17 A futures exchange shall obtain the approval of the CSRC:

  1. if it formulates or amends its articles of association or operational rules;

  2. if it lists, suspends, cancels or revives a futures trading product;

  3. if it lists, amends or terminates a futures contract; or

  4. for other matters stipulated by the CSRC.

  Article 18 The revenues obtained by a futures exchange shall be managed and used in accordance with the relevant State regulations and may not be distributed to members or diverted for other uses.

  All of the after-tax income of a futures exchange shall be converted into a common reserve fund, after setting aside the welfare funds as stipulated in the relevant State regulations, and used to make up losses which occur in future years.

  Article 19 The merger or division of futures exchanges shall be examined and approved by the CSRC.

  Article 20 A futures exchange shall be dissolved if:

  1. at the expiration of the term of operation stipulated in its articles of association, the members' general meeting decides not to renew it;

  2. the members' general meeting decides on dissolution; or

  3. the CSRC decides to close it.

  Dissolution of a futures exchange pursuant to items (1) and (2) of the preceding paragraph shall be examined and approved by the CSRC.

  PART THREE FUTURES BROKERAGES

  Article 21 To be established, a futures brokerage shall comply with the provisions of the Company Law and meet the following conditions:

  1. have a minimum registered capital of Rmb 30 million;

  2. have main management personnel and working personnel who are qualified to engage in futures business;

  3. have a fixed place of business and trading facilities which are up-to-standard;

  4. have a sound management system; and

  5. other conditions stipulated by the CSRC.

  Article 22 To be established, a futures brokerage must be approved by the CSRC, obtain a brokerage business permit issued by the CSRC and register with the State Administration for Industry and Commerce.

  No individual or unit may engage in the futures brokerage business or use the words "Futures Broker", "Futures Agent" or other similar words in its name without the approval of the CSRC.

  Article 23 In response to business requirements, a futures brokerage may establish a business department as a branch. To be established, the business department shall comply with the conditions stipulated by the CSRC, be approved by the CSRC, obtain an operation permit issued by the CSRC and register with the State Administration for Industry and Commerce.

  The business department shall legally conduct business within the scope authorized by the futures brokerage and its civil liability shall be borne by the futures brokerage.

  Article 24 When a futures brokerage accepts a commission from a client and conducts futures trading in its own name for the client, the client shall bear the consequences of the trading.

  Article 25 A futures brokerage may not engage in business other than accepting commissions from clients, engaging in the purchase and sale, settlement and delivery of futures contracts listed by the futures exchange and related service business.

  A futures brokerage may not engage in or covertly engage in futures business for its own account.

  Article 26 A futures brokerage shall obtain the approval of the CSRC and carry out change of registration procedures with the State Administration for Industry and Commerce if:

  1. there is a change in its legal representative;

  2. there is a change in its registered capital;

  3. there is a change in its shareholders or its equity structure;

  4. there is a change in its domicile or place of business;

  5. there is a change in, or termination of, its business department; or

  6. there are other circumstances stipulated by the CSRC.

  Article 27 If a futures brokerage is dissolved under one of the following circumstances, it shall settle its commissioned business and refund clients' deposits in accordance with the law:

  1. its term of operation expires and the shareholders' meeting decides not to renew it;

  2. the shareholders' meeting decides on dissolution;

  3. there is a merger or division necessitating its dissolution;

  4. bankruptcy: or

  5. the CSRC decides to close it.

  Dissolution of a futures brokerage pursuant to items (1), (2) or (3) of the paragraph above shall be examined and approved by the CSRC.

  If a futures brokerage is dissolved, it shall carry out de-registration with the State Administration for Industry and Commerce.

  PART FOUR BASIC RULES OF FUTURES TRADING

  Article 28 A person conducting futures trading in a futures exchange must be a member of that exchange. Members which are futures brokerages may only engage in futures brokerage business upon the commission of a client and members which are not futures brokerages may only engage in the brokerage business for their own account.

  A futures exchange member shall appoint floor representatives to conduct futures trading on the trading floor. A floor representative may only accept trade orders from his member unit and may not accept trade orders from other units or individuals or provide them with advisory opinions, and may not conduct futures trading for himself.

  Article 29 When a futures brokerage accepts a commission to conduct futures trading for a client, it shall first provide an explanation of the risks and after the client signs in acknowledgment, the brokerage shall execute a written contract with the client.

  A futures brokerage may not give clients a guarantee of profits or agree with the client to share the profits or the risks, may not accept a commission from a company, enterprise or other economic organization to conduct futures trading in the name of an individual and may not assign commissioned business or accept such assigned business.

  Article 30 The following units and individuals may not engage in futures trading and futures brokerages may not accept their commissions and conduct futures trading for them:

  1. financial institutions, public institutions and State authorities;

  2. working personnel of the CSRC;

  3. persons prohibited from entering the futures market;

  4. units unable to produce bank account documentation; and

  5. other units and individuals which the CSRC stipulates may not engage in futures trading.

  Article 31 Clients may transmit their trade orders to a brokerage in writing, by telephone or by other means stipulated by the CSRC.

  A client's trade order shall be clear and comprehensive.

  Article 32 A futures brokerage shall conduct a futures trade on the basis of the client's trade order. A futures brokerage may not conduct a futures trade without a commission from the client or by not complying with the scope of the client's commission.

  Article 33 Futures market quotations provided by a futures brokerage to a client shall be true and accurate and the brokerage may not conceal important matters or use other improper means to induce a client to issue a trade order.

  Article 34 A futures exchange shall timely publish the trading volume, trading price, position, ceiling price and floor price, opening price and closing price of listed commodities futures contracts and other information that should be published, and it shall ensure that such information is true and accurate. A futures exchange may not publish information on price predictions.

  Article 35 In accordance with the relevant State regulations, a futures exchange shall establish the following sound risk management systems:

  1. a security deposit system;

  2. a daily settlement system;

  3. a fluctuation band trading suspension system;

  4. a position limit and large account position reporting system;

  5. a risk reserve system; and

  6. other risk management systems stipulated by the CSRC.

  Article 36 A security deposit system shall be strictly implemented for futures trading. The security deposits collected by a futures exchange from its members and by a futures brokerage from its clients may not be lower than the standard set by the CSRC, and must be kept separate from the exchange's or the brokerage's own funds and deposited in a dedicated account.

  The security deposit collected from members by the futures exchange shall belong to the members, and, aside from using it to settle the members' trades, a futures exchange is strictly prohibited from diverting it for other uses.

  The security deposit collected from clients by a futures brokerage shall belong to the clients, and, aside from depositing it for the client as a security deposit with the futures exchange in accordance with the regulations of the CSRC and using it to settle clients' trades, a futures brokerage is strictly prohibited form diverting it for other uses.

  A futures brokerage shall open an independent dedicated account for, and assign a trading code to, each client, and may not conduct mixed code trading.

  Article 37 Futures exchanges and futures brokerages shall allocate funds for, manage and use its risk reserve fund in accordance with the regulations of the CSRC and the Ministry of Finance, and may not divert it for other uses.

  Article 38 The collection of handling fees from members by a futures exchange and from clients by a futures brokerage shall be conducted in accordance with the unified regulations of the relevant State Council authorities.

  Article 39 Futures trading shall implement centralized competitive pricing to be conducted in keeping with the principles of brokering transactions on the basis of price priority and time priority.

  Article 40 The settlement of futures trades shall be organized and conducted centrally by the futures exchange.

  Futures exchanges shall implement a daily settlement system. Upon daily market closing, the futures exchange shall promptly notify members of the settlement results.

  A futures brokerage shall conduct settlement for clients on the basis of the futures exchange's settlement results and promptly notify clients of the settlement results.

  Article 41 When a futures exchange member's security deposit is insufficient it must supplement its deposit. If the member fails to supplement its deposit within the time period centrally mandated by the futures exchange, the futures exchange shall forcibly close the member's futures contracts and the charges related to and the losses incurred from the forced closure shall be borne by the member.

  When a client's security deposit is insufficient and the client fails to promptly supplement it within the time period centrally mandated by the futures brokerage, the futures brokerage shall forcibly close the client's futures contracts and the charges related to and the losses incurred from the forced closure shall be borne by the client.

  Article 42 The delivery of futures trades shall be organized and conducted centrally by the futures exchange. The futures exchange may not limit the total volume of physical goods delivered.

  The delivery warehouse shall be designated by the futures exchange. The futures exchange shall execute an agreement with the delivery warehouse specifying the rights and obligations of both parties.

  Article 43 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; or

  5. be involved in other acts stipulated by the CSRC.

  Article 44 If a member commits a breach in its futures trading, its liability for breach of contract shall first be compensated from its security deposit. If the security deposit is insufficient, the futures exchange shall use its risk reserve fund and its own funds to assume liability for the member and by so doing the futures exchange shall obtain the right to pursue equivalent compensation from the member.

  If a client commits a breach in its futures trading, the futures brokerage shall handle it by referring to the provisions of the preceding paragraph.

  Article 45 Futures exchanges and futures brokerages shall ensure the completeness and safety of futures trading, settlement and delivery documentation.

  Article 46 No unit or individual may fabricate or spread futures trading related rumours, collude in bad faith, carry out joint purchases and sales or use any other means to manipulate futures trading prices.

  Article 47 No unit or individual may use loan funds or public finance funds to conduct futures trading.

  Financial institutions may not provide financing or security for futures trading.

  Article 48 When a State-owned enterprise or an enterprise in which State-owned assets have a controlling or dominant position conducts futures trading, it is limited to engaging in hedging business and it shall comply with the following stipulations:

  1. the commodities in which it conducts futures trading shall be limited to those which it produces and deals with, or raw materials which it needs for production;

  2. its total futures trading volume shall correspond to its total spot trading volume for the same period; and

  3. other stipulations of the CSRC.

  Enterprises mentioned in the preceding paragraph which engage in hedging business shall present a document signed by their legal representative to the futures exchange or the futures brokerage and obtain the approval and agreement of the futures exchange or futures brokerage on the basis of the stipulations of the preceding paragraph.

  Article 49 No unit or individual may directly or indirectly engage in foreign futures trading without approval. Persons which truly need to use a foreign futures market to conduct hedging, shall, after the examination and approval of the CSRC in conjunction with the relevant State Council authorities and the approval of the State Council, be issued a permit for the foreign futures business.

  Futures brokerages are forbidden from engaging in foreign futures trading.

  PART FIVE SUPERVISION AND ADMINISTRATION

  Article 50 Futures exchanges and futures brokerages shall periodically submit financial accounting statements, related documentation and auditor's reports to the CSRC.

  Article 51 The CSRC may investigate a futures exchange or futures brokerage's business or financial position at any time, and it has the right to request a futures exchange or futures brokerage provide the relevant documentation, has the right to request a futures exchange or futures brokerage to respectively provide the relevant details and documentation on members or clients and, when necessary, it may investigate the futures trading related business and financial position of members and clients.

  If in the course of an investigation the CSRC discovers suspected violations of the law, it may requisition or seal the relevant documents and materials and it shall timely make a decision on how the case is to be handled within the stipulated time period.

  When conducting an investigation, the working personnel of the CSRC shall present a legal certificate.

  Article 52 The CSRC has the right to question and investigate units and individuals which are suspected of violating futures laws; to make inquiries about unit deposit accounts opened by futures exchanges, futures brokerages, members and clients with commercial banks or other financial institutions; and to apply to the judicial authorities to freeze funds about which there is evidence of illegal diversion or concealment. The relevant units or individuals shall give their support and cooperation.

  Article 53 When unusual circumstances occur in the futures market, the CSRC may adopt necessary risk handling measures.

  Article 54 The CSRC shall implement a system for recognizing the qualifications of the senior management personnel and other futures working personnel of futures exchanges and futures brokerages.

  Article 55 Futures exchanges shall soundly establish all the rules and systems stipulated herein and by the CSRC, and strengthen risk control over futures exchange trading activities and the supervision and administration of its members and its working personnel.

  Futures brokerages shall establish sound internal business management rules, strengthen the examination of clients' credit standing and report to the futures exchange the list of its big clients and its trading details in accordance with the regulations of the futures exchange.

  Article 56 When the general manager of futures exchange leaves his position, the futures exchange shall engage an intermediary organization with the relevant business audit qualifications to conduct a leaving of position audit on him. When necessary, the CSRC may designate the intermediary organization to conduct the leaving of position audit.

  PART SIX PENALTIES

  Article 57 A futures exchange shall be given a rectification order, a warning and have its illegal income confiscated if:

  1. it violates regulations in accepting members;

  2. it violates regulations in collecting trade handling fees;

  3. it violates regulations in using or distributing revenue;

  4. it fails to publish information in accordance with regulations;

  5. it fails to perform its reporting obligations to the CSRC in accordance with regulations;

  6. it fails to submit relevant documents and materials to the CSRC in accordance with regulations;

  7. it fails to allocate funds for, manage and use its risk reserve fund in accordance with regulations;

  8. it restricts members' total volume of delivered physical goods;

  9. it employs unqualified futures working personnel; or

  10. it commits other acts which violate CSRC regulations.

  If a futures exchange commits any of the acts mentioned in the preceding paragraph, its persons in charge who are directly responsible and other directly responsible persons shall be subjected to disciplinary sanctions and may be subjected to a fine of not less than Rmb 10,000 and not more than Rmb 100,000.

  If a futures exchange commits the act mentioned in item (2) of the first paragraph of this article, it shall be ordered to return the excess collected trade handling fees.

  Article 58 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 1 time and not more than 5 times its illegal income or, if it did not have any illegal income or the illegal income was less than Rmb 100,000, a fine of not less than Rmb 100,000 and not more than Rmb 500,000 and, in serious cases, ordered to suspend operations and undergo rectification if:

  1. it formulates or amends its articles of association or operational rules without approval;

  2. it lists, suspends, cancels or revives a futures trading commodity without approval;

  3. it lists, amends or terminates a futures contract without approval;

  4. it permits members to conduct futures trading without a sufficient security deposit;

  5. it directly or indirectly participates in futures trading or engages in business unrelated to its functions;

  6. it violates regulations in collecting security deposits or diverts security deposits;

  7. it forges, alters or fails to preserve futures trading, settlement and delivery documentation in accordance with regulations;

  8. it fails to establish or implement a fluctuation band trading suspension, or a position limit and large account position reporting system;

  9. it refuses or hampers CSRC supervision and investigation; or

  10. it commits other acts which violate CSRC regulations.

  If a futures exchange commits any of the acts mentioned in the preceding paragraph, its persons in charge who are directly responsible and other directly responsible persons shall be subjected to disciplinary sanctions and a fine of not less than Rmb 10,000 and not more than Rmb 100,000.

  Article 59 A futures brokerage shall be given a rectification order, a warning, have its illegal income confiscated, be subjected to a fine of not less than 1 time and not more than 3 times its illegal income or, if it did not have any illegal income or the illegal income was less than Rmb 100,000, a fine of not less than Rmb 100,000 and not more than Rmb 300,000 and, in serious cases, ordered to suspend operations and undergo rectification or have its futures brokerage business permit revoked if:

  1. it accepts commissions from units or individuals who do not meet the stipulated conditions;

  2. its accepts commissions from companies, enterprises or other economic organizations to conduct futures trading in the name of an individual;

  3. it assigns commissioned business or accepts such assigned business;

  4. it permits clients to conduct futures trading without a sufficient security deposit;

  5. it engages in futures trading for its own account or breaches other business stipulated herein;

  6. it fails to submit relevant documents and materials to the CSRC in accordance with regulations;

  7. it fails to allocate funds for, manage and use its risk reserve fund in accordance with regulations;

  8. it forges, alters or fails to preserve futures trading, settlement and delivery documentation in accordance with regulations;

  9. it employs unqualified futures working personnel;

  101. it establishes a business department without obtaining approval;

  11. it carries out changes without obtaining approval;

  12. it forges, alters, rents, lends, or buys and sells its futures brokerage business permit and operational permit;

  13. it conducts mixed code trading in violation of regulations;

  14. it refuses or hampers CSRC supervision and investigation; or

  15. it commits other acts which violate CSRC regulations.

  If a futures brokerage commits any of the acts mentioned in the preceding paragraph, its persons in charge who are directly responsible and other directly responsible persons shall be subjected to disciplinary sanctions and a fine of not less than Rmb 10,000 and not more than Rmb 50,000.

  Article 60 A futures brokerage shall be given a rectification order, a warning, have its illegal income confiscated, be subjected to a fine of not less than 1 time and not more than 5 times its illegal income or, if it did not have any illegal income or the illegal income was less than Rmb 100,000, a fine of not less than Rmb 100,000 and not more than Rmb 500,000 and, in serious cases, ordered to suspend operations and undergo rectification or have its futures brokerage business permit revoked if it commits one of the following acts of fraud against a client:

  1. it fails to comply with regulations in not providing clients an explanation of the risks, giving clients a guarantee of profits or agreeing with clients to share the profits or the risks;

  2. it conducts futures trading without a commission from the client or by not complying with the scope of the client's commission;

  3. it provides fraudulent futures market quotations or information, or uses other improper means to induce a client to issue a trade order;

  4. it provides false statements to clients concerning their transaction returns;

  5. it fails to transmit a client's trade order to the futures exchange floor;

  6. it diverts clients' security deposits; or

  7. it commits other acts which violate CSRC regulations on fraud against clients.

  If a futures brokerage commits any of the acts mentioned in the preceding paragraph, its persons in charge who are directly responsible and other directly responsible persons shall be subjected to disciplinary sanctions and a fine of not less than Rmb 10,000 and not more than Rmb 100,000; if a criminal offence is constituted, criminal liability shall be pursued in accordance with the law.

  Any unit or individual who fabricates and spreads false information which affects futures trading or disrupts the futures trading market shall be punished by making reference to the provisions of items (1) and (2) of this article; if a criminal offence is constituted, criminal liability shall be pursued in accordance with the law.

  Article 61 If an insider with insider information on futures trading or a person who illegally obtains insider 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 insider information to engage in futures trading before information with a major impact on futures trading prices is publicly disclosed, he shall be subjected to confiscation of his illegal income and a fine of no less than 1 time and not more than 5 times the illegal income. If he did not have any illegal income or the illegal income was less than Rmb 100,000, he shall be subjected to a fine of not less than Rmb 100,000 and not more than Rmb 500,000. If a criminal offence is constituted, criminal liability shall be pursued in accordance with the law.

  Article 62 Any unit or individual shall be given a rectification order, a warning, have its/his illegal income confiscated, be subjected to a fine of not less than 1 time and not more than 5 times the illegal income or, if there was no illegal income or the illegal income was less than Rmb 200,000, a fine of not less than Rmb 200,000 and not more than Rmb 1,000,000 and, if a criminal offence is constituted, be subjected to pursuit of criminal liability if it/he 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 futures 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 physical goods in order to influence futures market quotations; or

  5. committing other acts which violate CSRC regulations on the manipulation of futures trading prices.

  If a unit commits any of the acts mentioned in the preceding paragraph, its persons in charge who are directly responsible and other directly responsible persons shall be subjected to disciplinary sanctions and a fine of not less than Rmb 10,000 and not more than Rmb 100,000.

  Article 63 If a delivery warehouse commits any of the acts enumerated in Article 43 herein, it shall be given a rectification order, a warning, have its illegal income confiscated, be subjected to a fine of not less than 1 time and not more than 5 times its illegal income or, if it did not have any illegal income or the illegal income was less than Rmb 100,000, a fine of not less than Rmb 100,000 and not more than Rmb 500,000 and, in serious cases, the futures exchanges shall be ordered to suspend or revoke its delivery warehouse qualifications. Its persons in charge who are directly responsible and other directly responsible persons shall be subjected to disciplinary sanctions.

  Article 64 If a State-owned enterprise or an enterprise in which State-owned assets have a controlling or dominant position conducts futures trading in violation of the provisions herein, or any unit or individual uses loan funds or public finance funds to conduct futures trading, it/he shall be given a warning, have its/his illegal income confiscated, be subjected to a fine of not less than 1 time and not more than 5 times the illegal income or, if there was no illegal income or the illegal income was less than Rmb 100,000, a fine of not less than Rmb 100,000 and not more than Rmb 500,000; persons in charge who are directly responsible and other directly responsible persons shall be subjected to disciplinary sanctions ranging from demotion to dismissal; and, if a criminal offence is constituted, criminal liability shall be pursued in accordance with the law.

  Article 65 If any unit or individual engages in unauthorized foreign futures trading in violation of the provisions herein, such trading shall be banned, it/he shall have its/his illegal income confiscated, be subjected to a fine of not less than 1 time and not more than 5 times the illegal income or, if there was no illegal income or the illegal income was less than Rmb 200,000, a fine of not less than Rmb 200,000 and not more than Rmb 1,000,000; persons in charge who are directly responsible and other directly responsible persons shall be subjected to a fine of not less than Rmb 10,000 and not more than Rmb 100,000 and disciplinary sanctions ranging from demotion to dismissal; and, if a criminal offence is constituted, criminal liability shall be pursued in accordance with the law.

  If any unit or individual illegally establishes or covertly establishes a futures exchange, a futures brokerage or engages in futures brokerage business without authorization, such activities shall be banned, penalties applied in accordance with the provisions stipulated in the preceding paragraph, and, if a criminal offence is constituted, criminal liability shall be pursued in accordance with the law.

  Article 66 If working personnel of a futures exchange take up positions with a member of that futures exchange while under the employ of the futures exchange or within one year of leaving it, or disclose State secrets or a member or a client's trade secrets known to them, they shall be subjected to disciplinary sanctions; if a criminal offence is constituted, criminal liability shall be pursued in accordance with the law.

  Article 67 If any unit or individual seriously violates the provisions herein, the CSRC shall declare that person, that unit or the persons directly responsible in that unit are forbidden from entering into the futures market.

  Article 68 If working personnel of the CSRC disclose State secrets or a member or client's trade secrets known to them, or practice favouritism or graft, neglect their duties, abuse their authority, or accept bribes and such constitutes a criminal offence, criminal liability shall be pursued in accordance with the law; if a criminal offence is not constituted, they shall be subjected to administrative sanctions in accordance with the law.

  Article 69 The administrative sanctions against a futures exchange and its members, a futures brokerage and its clients, futures working personnel, and delivery warehouses shall be decided by the CSRC; the administrative sanctions against other units or individuals shall be decided by the relevant authorities in accordance with their legally defined authority.

  PART SEVEN SUPPLEMENTARY PROVISIONS

  Article 70 Definitions for the following terms used herein:

  1. The term "futures trading" refers to a trading activity in which a certain type of futures contract is centrally bought and sold on the floor of a futures exchange.

  2. The term "futures contract" refers to a standard contract, formulated in a unified manner by a futures exchange, which specifies the delivery of a certain amount and quality of a commodity at a specified time in a specified place.

  3. The term "security deposit" refers to funds paid by a futures trader in accordance with stipulated standards and used for settlement and to ensure contract performance.

  4. The term "settlement" refers to fund settlement conducted upon the trading profit and loss position of the parties to a trade in accordance with the settlement price published by the futures exchange.

  5. The term "delivery" refers to the process at the time a futures contract reaches maturity whereby the parties to the trade liquidate the matured unclosed contract by transferring the ownership rights to the commodity stated in the futures contract in accordance with the rules and procedures of the futures exchange.

  6. The term "close" refers to the act whereby a futures trader buys or sells a futures contract equivalent in terms of commodity, quantity and delivery date to one he holds but with the trade going in the opposite direction thereby concluding the futures trade.

  7. The term "position" refers to the quantity of unclosed contracts held by a futures trader.

  8. The term "position limit" refers to the largest position permitted to a futures trader by a futures exchange.

  9. The term "warehouse receipt" refers to the standardized certificate of taking delivery issued by the delivery warehouse and recognized by the futures exchange.

  10. The term "brokering a transaction" refers to the process whereby the futures exchange's computerized trading system matches the trading orders of the two parties to a trade.

  11. The term "fluctuation band for suspension of trading" refers to the fluctuation band between the highest price and the lowest price at which futures contracts may trade in one trading day. An offer outside this band shall be deemed void and the transaction incapable of being concluded.

  12. The term "insider information" refers to as yet publicly undisclosed information which may have a significant effect on futures market prices, and includes: policies formulated by the CSRC and other relevant authorities which may have a significant effect on futures trading prices, decisions made by a futures exchange which may have a significant effect on futures trading prices, the funds and trading trends of a futures exchange's members and clients as well as other important information which the CSRC recognizes as having a pronounced effect on futures trading prices.

  13. The term "an insider with insider information" refers to persons who as a result of their administrative position, supervisory position or professional position or employees or specialized consultants who, in the course of performing their duties, may be in contact with or have access to insider information, including: the chairman, vice-chairman, general manager, assistant general manager or other such senior management personnel in a futures exchange as well as other working personnel who may have obtain insider information in the course of their duties, working personnel of the CSRC and other relevant authorities and other persons stipulated by the CSRC.

  Article 71 These Regulations shall be implemented as of 1 September 1999.

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