People's Republic of China promulgated by Decree No. 627

　　　　　　　　　　　　　　　　　　　　　　　　　
The State Council on amending the administration of Futures Trading Ordinance Executive meeting of the State Council on September 12, 2012 No. 216 adoption of the decision, are hereby promulgated and, as of December 1, 2012.
　　　　　　　　　　　　　　　　　　　　　　　　　　　　　Prime Minister Wen Jiabao

October 24, 2012 the State Council decision on amending the regulations on futures trading

Decision of the State Council to the futures trading management regulations read as follows:

One, the second is revised as follows: "any units or individuals engaged in futures trading and related activities, shall comply with this regulation.

"Futures trading mentioned in these regulations, refers to the use of open and centralized trading or futures regulatory body under the State Council to grant to other means of futures contracts or options contract for the subject trading transactions. "Futures contracts mentioned in these regulations refers to the Futures Exchange Unified, rules in the future a specific time and place for the subject matter of the delivery of a certain number of standardized contracts.

Futures contracts include commodity futures contracts and financial futures and other futures contracts. "The options mentioned in these regulations refers to the Futures Exchange Unified, provided the buyer is entitled to some time in the future at a specific price to buy or sell the subject matter of the contract (including futures contracts) of standardized contracts.

”

Second, fourth, revised as follows: "futures trading shall be established in accordance with the first paragraph of this section sixth Futures Exchange, approved by the State Council or the futures regulatory body under the State Council's approval of the other futures exchanges. "The prohibition prescribed in the preceding paragraph for futures trading futures trading places.

” Third, sixth paragraph is amended as: "the futures regulatory body approved without the approval of the State Council, or the State Council, no unit or individual is allowed to set up futures trading futures trading or any form of organization and its related activities.

”

Four, by deleting the eighth paragraph.

Five fourth, tenth, paragraph modified as follows: "(d) provides centralized performance guarantee for futures trading". Article by deleting the 19th, the second of six. The fourth to the third item, amended to read: "(c) changes its registered capital and adjusting ownership structure".

Fifth to the fourth item, amended to read: "(d) added changes in 5% more of the equity interest of shareholders or controlling shareholders".

Article 20th, fourth of seven is revised as follows: "(d) to change the scope of domestic branches". Eight, 23rd revised as follows: "Futures other futures investment advisory business operator shall obtain the qualification approved by the futures regulatory body under the State Council, specific measures formulated by the futures regulatory body under the State Council.

” Nine, 24th one paragraph is added as the second paragraph: "meet the required conditions of foreign institutions can engage in specific varieties of futures trading on the Futures Exchange. Specific measures shall be formulated by the futures regulatory body under the State Council.

”

Section ten, delete the 32nd.

XI by deleting article 33rd.

12, by deleting article 36th.

13, and 69th article first paragraph to 66th article first paragraph, modified for: "Futures Exchange has following behavior one of of, ordered corrected, give warning, confiscated illegal proceeds, and at illegal proceeds 1 time times above 5 times times following of fine; no illegal proceeds or illegal proceeds discontent 100,000 yuan of, and at 100,000 yuan above 500,000 yuan following of fine; plot serious of, ordered closed reorganization:

"(A) unauthorized, unauthorized handling of matters set forth in this section 13th;

"(B) allows members to conduct futures transactions in case of insufficient margin;

"(C) directly or indirectly involved in futures trading, engaged in their duties or violate provisions not related to business;

"(Iv) violations of bail, or misappropriation of deposit;

"(E) forged, altered, or not in accordance with the requirements to keep futures trading, clearing and settlement information;

"(F) has not been established or is not performing that day no debt settlement, PLM, position limits and large position reporting system;

"(VII) refuse or impede the futures regulatory body under the State Council supervision and inspection; "(VIII) other acts in violation of the futures regulatory body under the State Council.

” A third paragraph is added: "-company clearing members have the first paragraph of this article II, one of the acts listed in the fourth to the eighth, in accordance with the first paragraph of this article, second paragraph, disposition.

” Article 14, article 78th to 75th and amended as: "the place and other forms of illegal futures trading futures trading activities of the Organization, be banned by the local people's Governments at and above the County and confiscate the illegal gains and illegal income more than 1 time fined not more than 5 times; no illegal income or the illegal income of less than 200,000 yuan, fined not more than between 1 million Yuan and 200,000 yuan.

Directly responsible for the unit in charge and other direct liable persons be given a warning and fined not more than between 100,000 yuan and 10,000 yuan. "Illegal futures companies and Futures operators or discretionally engages in the futures business, be banned, confiscated and illegal income more than 1 time fined not more than 5 times; no illegal income or the illegal income of less than 200,000 yuan, fined not more than between 1 million Yuan and 200,000 yuan. Directly responsible for the unit in charge and other direct liable persons be given a warning and fined not more than between 100,000 yuan and 10,000 yuan.

” XV, and 84th article to 81st article, modified for: "on this Ordinance provides of violations of administrative punishment, except this Ordinance has has provides of outside, by State futures supervision management institutions decided; involved other about sector statutory terms of, State futures supervision management institutions should with other about sector processing; belongs to other about sector statutory terms of, State futures supervision management institutions should transfer other about sector processing.

” Article 16, 85th to 82nd, first modify the first paragraph as follows: "(a) commodity futures contracts, refers to the agricultural products, industrial products, energy and other commodities and their related indexes for futures contracts the subject matter". Second is revised as follows: "(ii) financial futures contracts, refers to the securities, interest rates, exchange rates and other financial products and related indices for futures contracts the subject matter". Third is revised as follows: "(c) the margin is a futures trader in accordance with the provisions submitted by the payment of money or value, strong liquidity standards of warehouse receipts, bonds and other securities for clearing and guarantee compliance." Fourth amended to read: "(d) the settlement is based on settlement prices of the Futures Exchange announced trading results from the two transactions for clearing and transfers".

The Nineth is revised as follows: "(I) the standard entry, refers to the delivery warehouse issue and identified by the Futures Exchange of standardized delivery vouchers."

17, by deleting clause 89th.

In addition, provisions and individual words in the order make the necessary adjustments and modifications.

This decision shall take effect on December 1, 2012.



The futures trading management regulations be revised accordingly under this decision promulgated anew.
　　Regulations on futures trading
　　(March 6, 2007 People's Republic of China promulgated by Decree No. 489, released on October 24, 2012, of the State Council on the decision to modify the administration of Futures Trading Ordinance amended) Chapter I General provisions

First in order to standardize the Futures Trading Act, strengthening the supervision and administration of futures trading, maintaining the order of futures markets, prevent risks and protect the legitimate rights and interests of futures trading parties and public interests to promote actively and steadily develop the futures market, this Ordinance is enacted.

II any units and individuals engaged in futures trading and related activities, shall comply with this regulation.

Futures trading mentioned in these regulations, refers to the use of open and centralized trading or futures regulatory body under the State Council to grant to other means of futures contracts or options contract for the subject trading transactions. Futures contracts mentioned in these regulations refers to the Futures Exchange Unified, rules in the future a specific time and place for the subject matter of the delivery of a certain number of standardized contracts.

Futures contracts include commodity futures contracts and financial futures and other futures contracts.

Options contract mentioned in these regulations refers to the Futures Exchange Unified, provided the buyer is entitled to some time in the future at a specific price to buy or sell the subject matter of the contract (including futures contracts) of standardized contracts. Article on futures trading activities, should follow the principle of openness, fairness, impartiality and good faith.

Against fraud, insider trading and manipulating the prices of futures trading and other illegal activities.

Fourth futures transactions should be in accordance with the regulations established by the sixth article Futures Exchange, approved by the State Council or the futures regulatory body under the State Council's approval of the other futures exchanges.

The prohibition prescribed in the preceding paragraph for futures trading futures trading places.

Fifth futures regulatory body under the State Council to centralize and unify the supervision and management of the futures market.

Agency of the futures regulatory body under the State Council in accordance with this Ordinance the relevant provisions of the authorization and Futures regulatory body under the State Council, carry out regulatory duties.
　　Chapter II Exchange

Established by article sixth Futures Exchange, futures regulatory body under the State Council for examination and approval.

Futures regulatory body approved without the approval of the State Council, or the State Council, no unit or individual is allowed to set up futures trading futures trading or any form of organization and its related activities. Seventh Futures Exchange not-for-profit, self-regulation in accordance with its Statute. Futures Exchange, with all of its property shall bear civil liability.

Head of the Futures Exchange, futures regulatory body appointed by the State Council.

Futures Exchange management approach formulated by the futures regulatory body under the State Council.

Article eighth members of the Futures Exchange should be in the People's Republic of China registered in the register of enterprises or other economic organizations. Members of the Futures Exchange can implement hierarchical settlement system.

Implements the Member hierarchical settlement system members of the futures exchange clearing members and the non-clearing members.

Nineth has the People's Republic of China article 147th in company or in one of the following circumstances may not serve as head of the Futures Exchange, financial and accounting officer:
(A) for violation of law or discipline was relieved of his duties on the Futures Exchange, securities exchanges, securities registration and clearing institution in charge of, or futures firms, securities companies, directors, supervisors and senior management, and other personnel of the futures regulatory body under the State Council, was relieved of his duties from the date of not more than 5 years;

(B) is revoked for violation of law or discipline qualified lawyers, certified public accountant or investment consultants, financial advisors, credit rating agencies, asset evaluation agencies, certification professionals, is not more than 5 years from the date of disqualification. Tenth futures exchanges should be in accordance with these regulations and the futures regulatory body under the State Council, establish and perfect rules and regulations, strengthen the trading activities of risk control and supervision of staff members and Exchange.

Futures Exchange to perform the following duties:

(A) providing places for transactions, facilities and services;

(B) the design contracts, arranging contracts listed;

(C) organizing and supervising the trading, clearing and settlement;

(D) provides centralized performance guarantee for futures transactions;

(E) supervision and administration in accordance with regulations and rules to Member;

(Vi) other duties stipulated by the futures regulatory body under the State Council. Futures Exchange shall not directly or indirectly involved in futures trading.

Without the futures regulatory body under the State Council reviewed and approved by the State Council, the Futures Exchange shall not be engaged in trust investment and stock investments, non-personal use of real estate investment has nothing to do with the responsibilities of business.

11th futures exchanges should be in accordance with the relevant provisions of the State establish and improve the risk management systems of the following:

(A) deposit system;

(B) date no debt settlement system;

(C) the PLM system;

(D) position limits and large position reporting system;

(E) the risk reserve system;

(Vi) other risk management of the futures regulatory body under the State Council system.

Implements the Member hierarchical settlement system of the Futures Exchange should also establish and improve the settlement guarantee fund system.

12th when abnormalities in the futures markets, Futures Exchange in accordance with its statutory authority and procedures, decided to take the following urgent measures, and shall report immediately to the futures regulatory body under the State Council:

(A) improving the margin;

(B) adjusting the PLM;

(C) limit the maximum positions of members or customers;

(D) suspension of trading;

(E) take such other emergency measures.

Exception referred to in the preceding paragraph refers to manipulating futures prices in the traded or irresistible incidents and other futures regulatory body under the State Council.

After the anomaly disappears, the Futures Exchange shall cancel the emergency measures in a timely manner.

13th a futures exchange for the following matters shall be approved by the futures regulatory body under the State Council:

(A) enact or amend regulations, trade rules;

(B) listing, suspension, cancellation, or restore the transaction;

(C) listing, modify or terminate the contract;

(D) change of domicile or place of business;

(E) the merger, Division or dissolution;

(Vi) other matters in the futures regulatory body under the State Council.

Futures regulatory body under the State Council approved the Futures Exchange to list new products, should seek the advice of relevant departments under the State Council.

Proceeds from the 14th of a Futures Exchange in accordance with the relevant provisions of the State administration and use, but shall first be used to ensure the running of futures trading venues, facilities and improvements.
　　Chapter III the futures company Futures company in accordance with section 15th of the People's Republic of China law and these regulations provide for the establishment of financial institutions engaged in futures business.

Establishment of the futures company, should be approved by the futures regulatory body under the State Council and registered with the company registration authority.

Without approval of the futures regulatory body under the State Council, no unit or individual may establish or de facto establishment of the futures company, operating futures business.

16th applied for establishment of the futures company, should be consistent with the People's Republic of China company law provisions, and to the following conditions:

(A) the minimum amount of the registered capital of RMB 30 million Yuan;

(B) the directors, supervisors and senior management staff with professional qualifications, qualifications of employees with futures;

(C) that complies with the laws and administrative regulations of the Association;

(D) major shareholders and actual controllers with sustained profitability, in good standing, the last 3 years no major violation records;

(E) a qualified business place and business facilities;

(Vi) have a sound system of risk management and internal control;

(VII) other conditions of the futures regulatory body under the State Council. Futures regulatory body under the State Council according to the principle of prudent supervision and operational risk, can improve the minimum amount of the registered capital. Registered capital shall be paid up capital.

Shareholders should be monetary or non-monetary property necessary for the operation of the futures company funded capital contribution ratio shall not be less than 85%.

Futures regulatory body under the State Council shall, within 6 months from the date of accepting applications for setting up the futures company, review according to the principle of prudent supervision, to approve or disapprove of the decision.

Without approval of the futures regulatory body under the State Council, no unit or individual is allowed to delegate or accept entrusted to hold or manage stakes in futures companies. Article 17th futures business through a licensing system, and Futures regulatory body under the State Council in accordance with its commodity futures, financial futures business licensing.

Outside the territory of the futures company in addition to applying the futures brokerage business, can also apply for operating outside futures brokers, futures investment consultancy as well as other futures futures regulatory body under the State Council.

Futures and futures companies shall not engage in business activities, laws, administrative regulations, or the futures regulatory body under the State Council except as otherwise provided.

Futures companies shall not engage in or in disguise, in the futures business.

Futures company may for its shareholders, the actual controller or other associated financing may not guarantee.

18th futures companies engaged in the brokerage business, accept the consignment of client, futures trading for customers in their own name, trading results are borne by the customer.

19th futures company the following matters shall be approved by the futures regulatory body under the State Council:

(A) merger, separation, suspension, dismissal or bankruptcy;

(B) change the scope of business;

(C) changes of registered capital and change of equity structure;

(D) added changes in 5% more of the equity interest of shareholders or controlling shareholders;

(E) establishment, acquisitions, equity participation or terminate the overseas futures business institutions;

(Vi) other matters in the futures regulatory body under the State Council.

Matters listed in the preceding paragraph, the sixth, and Futures regulatory body under the State Council shall, from the date of acceptance of the application made within 20th approve or disapprove the decision; other matters set forth in the preceding paragraph, futures regulatory body under the State Council shall, within 2 months from the date of acceptance of the application for approval or disapproval decision.

20th futures company the following matters should be approved by the Agency of the futures regulatory body under the State Council:

(A) change of legal representative;

(B) change of domicile or place of business;

(C) the establishment or termination of the branch offices in the territory;

(D) change the scope of domestic branches;

(E) other matters in the futures regulatory body under the State Council.

Preceding paragraph, first, second, fourth, fifth column, agency of the futures regulatory body under the State Council shall, from the date of acceptance of the application in the 20th ratification or not decisions of matters listed in the preceding paragraph, agency of the futures regulatory body under the State Council shall, within 2 months from the date of acceptance of the application for approval or disapproval decision.

Article 21st futures companies or branch offices of the People's Republic of China stipulated in 70th of the administrative licensing law or in any of the following circumstances, futures regulatory body under the State Council shall handle futures business license cancellation procedures:

(A) the business license registration organs in accordance with the cancellation by the company;

(B) after the establishment of more than 3 months without good reason is not open, or closed more than 3 consecutive months without good reason after opening;

(C) offer to apply;

(D) other circumstances as futures regulatory body under the State Council. Futures companies before the cancellation of the futures business license, should settle the relevant futures, bonds and other assets and shall return to customer.

Futures Branch before the cancellation of business license shall be terminated operations, proper handling of customer assets.

22nd the futures company shall establish and improve and strictly enforce the rules of business management, risk management systems and comply with information disclosure system, ensure customers deposits of depository safe, in accordance with the provisions of the Futures Exchange, reported to the Futures Exchange lists of users, transactions.

Article 23rd futures other futures investment advisory business operator shall obtain the qualification approved by the futures regulatory body under the State Council, specific measures formulated by the futures regulatory body under the State Council.
　　The fourth chapter basic rules for futures trading

Article 24th of futures trading on the Futures Exchange should be members of the Futures Exchange. Meet the required conditions of foreign institutions can engage in specific varieties of futures trading on the Futures Exchange.

Specific measures shall be formulated by the futures regulatory body under the State Council. 25th accept the consignment of client to carry out futures trading the futures company, should be presented to the customer in advance risk statement, signed by the customer after confirmation, enter into a written contract with the customer.

Futures company shall not, without the client or against the customer content, unauthorized futures trading.

Profit shall not be made available to the customer to ensure the futures company; not in the brokerage business with customers agreed to share the benefits or risks.

Article 26th the following units or individuals shall engage in futures trading, the futures company cannot accept commissioned to carry out futures trading:

(A) the State organs and institutions;

(B) the futures regulatory body under the State Council, the Futures Exchange, futures margin security staff of depository supervision agencies and the futures industry association;

(C) the Securities and futures markets off-limits;

(Iv) failed to provide account opening documentation units and individuals;

(E) the futures regulatory body under the State Council shall not engage in futures trading in other units and individuals. 27th customers by writing, by telephone, Internet or other means of futures regulatory body under the State Council, issued orders to futures companies.

Customer transaction instructions should be clear and comprehensive.

Futures company may hide important matters or other unfair means to lure customers, trading orders. 28th Futures Exchange shall promptly publish the listing contract volume, price, position, high and low, opening and closing and the other should be released immediately, and guarantee rates of true and accurate.
Futures Exchange shall publish the price forecast information.

Without permission of the Futures Exchange, and no unit or individual shall publish rates futures trading market. Article 29th futures margin system should be strictly implemented.

Members of the Futures Exchange, futures margin charged by the company to the customer, shall not be less than the futures regulatory body under the State Council, futures exchanges set the standard, and should be separated from its own funds, deposit accounts.

Charge to members of the Futures Exchange margin, belongs to all members, except for members of the trade, but diverted to any other use is strictly prohibited.

Futures margin charged by the company to the customer, belongs to all customers, except for the following cases that can be transferred, diverted to any other use is strictly prohibited:

(A) according to the customer's request disbursement of available funds;

(B) deposited with the deposit for the customer, paying fees, taxes;

(C) other circumstances as futures regulatory body under the State Council.

Article 30th futures company shall open a special individually for each customer account, set the transaction code, and shall not be mixed code transactions.

31st futures companies operate futures brokerage and other futures business, should be strictly enforced separation of business and financial systems shall not be mixed.

Article 32nd Futures Exchange, futures companies,-company clearing member shall, in accordance with the State Council futures regulatory body extraction, financial sector regulation, management and use risk reserves, shall not be diverted.

Article 33rd futures trading fees, charges and measures formulated by the competent Department under the State Council and published.

Article 34th futures settlement, carried out by the Organization for the harmonization of the Futures Exchange. Implementation of debt-free settlement system on the day of the Futures Exchange.

Futures Exchange shall inform members closing results in a timely manner on the same day. Futures companies according to the futures exchange clearing customer billing and settlement results should be in accordance with the agreed way to inform customers.

Customer queries promptly and properly handle their trading positions. Deposit of the 35th member of the Futures Exchange is low, the margin or to make their own positions in a timely manner.

Member is not within the time stipulated on the Futures Exchange margin or to make their own positions, the Futures Exchange should the Member positions forced, forced liquidation costs and losses borne by the Member. Customer margin is low, the margin or to make their own positions in a timely manner.

Customers within the stipulated time the futures company margin or to make their own positions, the futures company liquidation of the customer's contract should be forced, forced liquidation costs and losses borne by the customer.

Article 36th futures settlement, carried out by the Organization for the harmonization of the Futures Exchange. Specified by the Futures Exchange delivery warehouse. Futures Exchange shall not limit the physical delivery amount, and signed an agreement with delivery warehouse, specify the rights and obligations of both parties.

Delivery warehouse may not be any of the following acts:

(A) issues a false warehouse receipts;

(B) violation of the rules of the Futures Exchange, limited delivery of goods in and out of the library;

(C) disclose trade secrets in connection with futures trading;

(D) violation of the relevant provisions of the State involved in futures trading;

(E) other behaviors of the futures regulatory body under the State Council.

In futures trading, the 37th member of default, members of the Futures Exchange to the deposit liability; insufficient margin, futures exchanges should be based on risk and own capital be liable for breach of, and access to appropriate recourse to the Member.

Customer in contract in futures trading, futures margin of the company to the customer liable; insufficient margin, reserves and own funds, should be based on the risk of futures companies liable for breach of, and access to appropriate recourse to the customer. Article 38th member classification system of the Futures Exchange shall be made to the clearing members clearing security.

Futures exchanges only to clearing members of the clearing houses, to collect and receive, settlement guarantees, risk reserve, private funds on behalf of bear liability, as well as other relevant measures; non-clearing members of the clearing, charge and collect deposits, liability, and other related measures, implemented by the clearing member.

39th Futures Exchange, futures company and non-company settlement Member should ensure that futures trading, clearing and settlement data integrity and security.

40th no unit or individual may make up, dissemination of false information about futures trading shall not collude, jointly sell or otherwise manipulating futures prices.

41st no units or individuals may misuse of credit funds, financial futures trading.

Financing or guarantee business banking institutions to engage in futures trading qualifications approved by the banking regulatory agency of the State Council.

42nd futures trading in and outside the State-owned and State-holding enterprises, should follow the principle of hedging, in strict compliance with the State-owned assets supervision and administration bodies, as well as other relevant departments on relevant provisions of the enterprise State-owned assets into the futures market.

43rd State Council departments in charge of commerce within the units or individuals engaged in overseas commodity futures varieties were approved.

Purchase under the overseas futures, foreign exchange and foreign exchange revenue and expenditure, shall conform to the relevant regulations of the State administration of foreign exchange.

Territory approach units or individuals engaged in overseas futures trading, futures regulatory body under the State Council in conjunction with the competent commercial departments, State-owned assets supervision and administration, banking supervision and administration and Foreign Exchange administration departments, and other relevant departments submitted to the State Council for approval before implementation.
　　The fifth chapter futures industry association

44th Futures Association is the futures industry self-regulatory organization, is corporate social groups.

The futures company, as well as other institutions specializing in the futures business should join the futures industry association, and pay the membership fee.

Article 45th futures industry association the General Assembly composed of all members of the authority.

Regulations enacted by the General Assembly of the futures industry association and Futures regulatory body under the State Council for the record. Futures industry association set up a Council.

Members of the Council elected in accordance with the provisions of the articles.

Article 46th Futures Association shall perform the following duties:

(A) education and organizations comply with future regulations and policies;

(B) develop Member shall abide by the rules of industry self-regulation, to supervise and inspect the members ' activities, and for violation of the articles of Association and rules of discipline, disciplinary action in accordance with the provisions;

(C) responsible for future identification, management and revocation of qualification of employees;

(D) the customer complaints with the futures business, disputes between members and between members and their clients for mediation;

(E) shall safeguard the legitimate rights and interests of its members, futures regulatory body under the State Council to reflect the members ' suggestions and requests;

(F) organizational futures practitioners of business training, business exchanges among its members;

(G) the members of the Organization on the futures industry research relating to the development, operation, and content;

(VIII) other duties as prescribed by the articles of the futures industry association.

Operational activities of the futures industry association should accept the futures regulatory body under the State Council's guidance and supervision.
　　Supervision and administration of the sixth chapter

47th futures regulatory body under the State Council to supervise and administer the futures market, shall perform the following functions:

(A) development of regulations and rules relating to the futures market supervision and management, and approval authority according to the law;

(B) for species listing, trading, settlement, clearing and other futures trading and related activities, and supervision and management;

(C) on the Futures Exchange, futures and other futures business institutions, non-company settlement members, futures margin security custody monitoring institutions, futures margin deposit Bank, closing warehouses and other activities related to participant's futures market, supervision and management;

(Iv) eligibility criteria and management approaches to develop futures practitioners, and supervise their implementation;

(V) the supervision and inspection of futures trading information disclosure;

(Vi) to guide and supervise the activities of the futures industry association;

(VII) acts in violation of regulatory laws and administrative regulations of the futures market in the investigation;

(H) development and futures market supervision and management of international exchange and cooperation activities;

(IX) other duties stipulated by laws and administrative regulations.

48th futures regulatory body under the State Council shall perform their duties, you can take the following measures:

(A) on the Futures Exchange, futures and other futures business institutions, non-company settlement members, futures margin security custody monitoring agencies and conducting on-site inspections in warehouse;

(B) suspected violations site investigation and evidence gathering;

(C) asking the parties and relating to the case under investigation units and individuals that require clarification on matters relevant to the case under investigation;

(D) inspect, copy and property registration and other information relating to the case under investigation;

(E) consult and copy parties and relating to the case under investigation units and personal futures transactions, financial and accounting information as well as other relevant documents and information may be transferred, concealment or destruction of documents and data, can be sealed;

(Vi) queries relating to the case under investigation unit of margin accounts and bank accounts;

(VII) investigation of manipulating futures prices, significant future offences such as insider trading, futures regulatory body mainly responsible for the approval by the State Council, you can limit the events under investigation the parties of futures trading, but the time limit shall not exceed 15 days; case is complex, and can be extended up to 30 days;

(H) other measures stipulated by laws and administrative regulations.

49th Futures Exchange, futures and other futures business institutions, futures margin security custody monitoring bodies and Futures regulatory body under the State Council shall be submitted to the financial accounting reports, business information and other relevant information. For futures and other futures business institutions to submit annual reports, audit the futures regulatory body under the State Council shall designate and prepare the audit report. Audit staff shall sign the audit report.

Problems identified in the audit and Futures regulatory body under the State Council shall promptly take the appropriate measures.
If necessary, the futures regulatory body under the State Council may request non-company settlement members, in warehouse, and the futures company shareholders and actual controllers or other affiliates to submit relevant information.

50th futures regulatory body under the State Council shall perform their duties, when conducting supervision and inspection or investigation, inspection and investigation units and individuals shall coordinate with, truthfully provide relevant documents and information, and shall not refuse or obstruct and hide, other relevant departments and units should be given support and cooperation.

51st state according to the needs of future market development, setting up a futures investors protection fund.

Futures investors protection fund raising, management and use of the specific measures, and Futures regulatory body under the State Council in conjunction with the financial sector.

52nd futures regulatory body under the State Council shall set up a monitoring and control system, sound security security custody, futures margin security custody monitoring bodies established.

Customers and Futures Exchange, futures and other futures business institutions, non-clearing members as well as the futures company futures margin deposit Bank should abide by the futures regulatory body under the State Council provisions relating to deposit security deposit monitoring. 53rd futures margin, safe depository monitored in accordance with the relevant provisions of the security deposit a security monitor, daily audits, identify problems shall immediately report the futures regulatory body under the State Council.

Futures regulatory body under the State Council shall, depending on the situation, in accordance with the provisions of this Ordinance relating to timely treatment.

54th futures regulatory body under the State Council on the Futures Exchange, futures and other futures business institutions and Futures margin security custody monitoring boards of Directors, supervisors and senior managers, as well as other futures practitioners, the implementation of qualification management system.

55th article State futures supervision management institutions should developed futures company continued sex business rules, on futures company of net capital and net worth of proportion, net capital and territory futures brokers, and outside futures brokers, business scale of proportion, liquidity and flow liabilities of proportion, risk regulatory index made provides; on futures company and branch institutions of business conditions, and risk management, and internal control, and margin save tube, and associated trading, aspects proposed requirements.

56th futures company and its branch does not meet the operating rules or operating risk, the futures regulatory body under the State Council to the futures company and its directors, supervisors and senior managers talk, tips, recorded in the credit record and other regulatory measures or shall order rectification of futures companies, and to check their rectification.

The futures company fails to mend, which seriously endangers the operation of futures companies, clients ' lawful rights and interests, or for a serious violation is futures regulatory body under the State Council investigation, futures regulatory body under the State Council can tell the situation, to take the following measures:

(A) restrict or suspend part of its futures business;

(B) stop approval of new business or branches;

(C) limit the distribution of dividends, limited to directors, supervisors, senior management pay, the provision of benefits;

(D) limit transfer of property set in the property or other rights;

(E) order of change of Directors, supervisors and senior managers or personnel in charge of relevant business departments, branches, or restriction of their rights;

(F) limit the futures company's own funds or risk allocation and use;

(G) ordering the controlling shareholders to transfer their stock right or restricting its shareholders from exercising the shareholders ' rights.

After corrective action in accordance with relevant laws, administrative regulations and operating rules of the futures company, futures regulatory body under the State Council shall be checked and the date of lifting of the measures taken in the 3rd.

After rectification has not yet reached sustained business rules, seriously affecting the normal operation of the futures company, futures regulatory body under the State Council has the right to revoke part or all of the futures business license, closing its branch. 57th illegal futures companies, or there is a serious risk, serious harm order and undermine the interests of customers in the futures market, futures regulatory body under the State Council can take ordering on the futures company closed, other specified agencies managed or taken over regulatory measures.

Futures regulatory agency approved by the State Council, can be directly responsible for the futures company directors, supervisors, senior management staff and other persons to undertake the following measures:

(A) notified the authorities in accordance with law to prevent their exit;

(B) apply for a judicial organ to prohibit their transfer, assign or otherwise dispose of property, set in the property or other rights.

Article 58th shareholders false funded or flight of capital contribution of the futures company, futures regulatory body under the State Council shall order it to correct within, and may order the transfer of the futures company's equity.

The shareholders in accordance with the requirements of the preceding paragraph to correct violations, the holders of futures before the company's stock and Futures regulatory body under the State Council may restrict the shareholder's rights.

Abnormalities in the 59th when futures markets, futures regulatory body under the State Council may take the necessary risk management measures. 60th futures trading software, billing software, should meet the prudent operation and the futures company risk management and Futures regulatory body under the State Council provisions relating to deposit security deposit monitoring requirements.

Futures trading software, billing software does not meet the requirements of the companies and Futures regulatory body under the State Council has the right to require the futures company be improved or replaced. Futures regulatory body under the State Council may require the futures trading software, billing software suppliers to provide information about the software, the supplier shall cooperate.

Futures regulatory body under the State Council for suppliers to provide the relevant information confidential.

61st futures companies involved in major litigation, arbitration, or equity is frozen or for security, as well as other major events, the futures company and its related shareholders and actual controllers shall, from the date of the incident in the 5th futures regulatory agency to submit a written report to the State Council.

62nd public accounting firms, law firms, asset evaluation and other intermediary service organizations to the Futures Exchange and futures companies and other market players to provide the relevant service, shall comply with future laws, administrative regulations and the relevant regulations of the State, and Futures regulatory body under the State Council's requirements to provide relevant information.

63rd futures regulatory body under the State Council should work with relevant departments to establish regulatory mechanisms for information sharing and coordination.

Futures regulatory body under the State Council, and other countries or regions the futures regulatory agencies regulatory cooperation mechanisms, the implementation of cross-border supervision and management.

64th futures regulatory body under the State Council, the Futures Exchange, futures margin security deposit of monitoring bodies and Futures margin deposit Bank and other relevant staff, should be devoted to their duties, in accordance with the law, impartiality and integrity, guarding State secrets and commercial secrets of the parties concerned, shall not use bribes to obtain an unfair advantage.
　　The seventh chapter legal liability

65th Futures Exchange, non-company settlement of members of any of the following acts shall be ordered to correct and given a warning, confiscate the illegal income:

(A) violation of requiring admission of members;

(B) charges in violation of regulations;

(C) in violation of regulations, allocation of income;

(D) in accordance with the provisions published market rates, or publish price information;

(E) in accordance with the provisions of futures regulatory body under the State Council to fulfil their reporting obligations;

(Vi) not in accordance with the provisions of futures regulatory body under the State Council submit the relevant documents and materials;

(VII) in accordance with the provisions of establishing and perfecting the settlement guarantee fund system;

(VIII) not in accordance with the provisions of, risk management and use of reserve;

(I) violations of futures regulatory body under the State Council relating to deposit security deposit monitoring requirements;

(J) the limited Member total physical delivery;

(11) the appointment qualifications futures practitioners;

(12) other acts in violation of the futures regulatory body under the State Council.

One of the acts listed in the preceding paragraph, persons in charge and other direct liable persons directly responsible for disciplinary action, fines of between 10,000 yuan and 100,000 yuan.

Second acts listed in the first paragraph of this article, shall order the refund of fees charged. Futures margin security deposit monitor this article the fifth, the sixth, the Nineth, 11th, 12th listed, in accordance with the first paragraph of this article, second paragraph, disposition.

Futures margin deposit Bank Nineth in the first paragraph of this article, the 12th listed, in accordance with this article, second paragraph, dispose of.

66th a Futures Exchange, one of the following acts shall be ordered to correct and given a warning, confiscate the illegal income and illegal income more than 1 time fined not more than 5 times; no illegal income or the illegal income of less than 100,000 yuan, and a fine of less than 100,000 yuan and 500,000 yuan in serious cases, to order the rectification:

(A) unauthorized, unauthorized handling of matters set forth in this section 13th;

(B) allows members to conduct futures transactions in case of insufficient margin;

(C) directly or indirectly involved in futures trading, engaged in their duties or violate provisions not related to business;

(D) bonds of the contravention, or misappropriated deposits;

(E) forging, altering or fails to follow the rules to save the futures trading, clearing and settlement information;

(F) has not been established or is not performing that day no debt settlement, PLM, position limits and large position reporting system;

(VII) refuse or impede the futures regulatory body under the State Council supervision and inspection;

(VIII) other acts in violation of the futures regulatory body under the State Council.

One of the acts listed in the preceding paragraph, persons in charge and other direct liable persons directly responsible for disciplinary action, fines of between 10,000 yuan and 100,000 yuan.

-Company clearing members have the first paragraph of this article II, one of the acts listed in the fourth to the eighth, in accordance with the first paragraph of this article, second paragraph, disposition.

Futures margin security deposit monitor this article III item, listed in the seventh, eighth, in accordance with the first paragraph of this article, second paragraph, disposition.

67th futures companies have one of the following acts shall be ordered to correct and given a warning, confiscate the illegal income and illegal income more than 1 time fined not more than 3 times; no illegal income or the illegal income of less than 100,000 yuan, and a fine of less than 100,000 yuan and 300,000 yuan in serious cases, closed for rectification or revoke the futures business license:
(A) being engaged by an unit or individual does not meet the required conditions;

(B) allow customers in the case of insufficient margin for futures transactions;

(C) without approval, arbitrarily handled the matters listed in section 19th, 20th;

(D) violation of provision has nothing to do with future business activities;

(E) engaging in or in disguise, in the futures business;

(Vi) to its shareholders, the actual controller or other associated finance or guarantee;

(G) violations of futures regulatory body under the State Council relating to deposit security deposit monitoring requirements;

(H) to the futures regulatory body under the State Council in accordance with the provisions to fulfil their reporting obligations or submit relevant documents and materials;

(I) the trading software, billing software does not meet the prudent operation and the futures company risk management and Futures regulatory body under the State Council provisions relating to deposit security deposit monitoring requirements;

(10) no extraction, pursuant to the provisions of the risk management and use of reserve;

(11), forged, altered, or not in accordance with the requirements to keep futures trading, clearing and settlement information;

(12) the appointment qualifications futures practitioners;

(13), forged, altered, leased, lent, trading in the futures business license or business permit;

(14) the mixed code traded;

(15) refuse or impede the futures regulatory body under the State Council supervision and inspection;

(16) other acts in violation of the futures regulatory body under the State Council.

The futures company of one of the acts listed in the preceding paragraph, the directly responsible person in charge and the other persons given a warning, and a fine of less than 10,000 yuan and 50,000 yuan in serious cases, suspension or revocation of qualification, futures practitioner qualification.

Futures futures business institutions other than the first paragraph of this article, the eighth, 12th, 13th, 15th, 16th column, in accordance with the first paragraph of this article, the provisions of the second paragraph.

Futures company of shareholders, and actual control people or other associated people without approved unauthorized delegate others or accept others delegate holds or management futures company equity of, refused to tie State futures supervision management institutions of check, refused to according to provides perform report obligations, and provides about information and information, or submitted, and provides of information and information has false records, and misleading sex statement or major missed of, in accordance with this article first paragraph, and second paragraph of provides punishment.

68th of futures companies following fraud against the customer, shall be ordered to correct and given a warning, confiscate the illegal income and illegal income more than 1 time fined not more than 5 times; no illegal income or the illegal income of less than 100,000 yuan, and a fine of less than 100,000 yuan and 500,000 yuan in serious cases, closed for rectification or revoke the futures business license:

(A) to the customer to make a profit guarantee or in accordance with the provisions of risk presented to the customer instructions;

(B) agreed with the customer in the brokerage business of shared interests, shared risk;

(C) in accordance with the provisions accepted client or not in accordance with customer-specific unauthorized futures transactions;

(D) conceals important matters or other unfair means to entice customer orders;

(E) to provide customers with false deals return;

(Vi) customer is not under orders to reach the Futures Exchange;

(G) misappropriation of customer deposits;

(H) in accordance with the provisions in the futures margin deposit Bank to open a margin account, or illegal transfer of customer deposits;

(I) the futures regulatory body under the State Council of other fraudulent behavior.

The futures company of one of the acts listed in the preceding paragraph, the directly responsible person in charge and the other persons given a warning, and a fine of less than 10,000 yuan and 100,000 yuan in serious cases, suspension or revocation of qualification, futures practitioner qualification.

Any unit or individual to fabricate and spread false information about futures trading, disrupting futures trading markets, in accordance with the first paragraph of this article, the provisions of the second paragraph.

69th futures and other futures operations, non-company settlement members, futures margin deposit Bank provide false application documents concealing important facts or other fraudulent means defraud the futures business license, revoke the licensing for their futures, confiscate the illegal income. 70th article futures trading insider information of insider or illegal gets futures trading insider information of people, in on futures trading price has major effect of information yet public Qian, using insider information engaged in futures trading, or to others leaked insider information, makes others using insider information for futures trading of, confiscated illegal proceeds, and at illegal proceeds 1 time times above 5 times times following of fine; no illegal proceeds or illegal proceeds discontent 100,000 yuan of, at 100,000 yuan above 500,000 yuan following of fine.

Units engaged in insider trading, should also be directly responsible for the charge and the other persons given a warning and a fine of 30,000 yuan and 300,000 yuan of the following.

Futures regulatory body under the State Council and the Futures Exchange, futures margin and security deposit of insider trading monitoring agency staff, a heavier punishment.

71st no units or individuals shall have one of the following acts, manipulating futures prices, correction, confiscation of illegal proceeds and illegal income more than 1 time fined not more than 5 times; no illegal income or the illegal income of less than 200,000 yuan, fined not more than between 1 million Yuan and 200,000 Yuan:

(A) alone or in collusion, pooling capital, holding advantages of sale and purchase agreements or information to jointly or continuously, of manipulating futures prices;

(B) deliberate collusion at a prearranged time, price and type of futures trading affected futures trading price or the volume of futures trading;

(Iii) for trading in their object, buy sell, affect the price or the volume of futures trading futures trading;

(D) to affect the futures market is hoarding cash;

(E) other futures regulatory body under the State Council Act of manipulating futures prices.

Units of any of the acts listed in the preceding paragraph, the directly responsible person in charge and the other persons given a warning and fined not more than between 100,000 yuan and 10,000 yuan. 72nd article delivery warehouse has this Ordinance 36th article second paragraph by column behavior one of of, ordered corrected, give warning, confiscated illegal proceeds, and at illegal proceeds 1 time times above 5 times times following of fine; no illegal proceeds or illegal proceeds discontent 100,000 yuan of, and at 100,000 yuan above 500,000 yuan following of fine; plot serious of, ordered Futures Exchange suspended or canceled its delivery warehouse qualification.

Managers directly responsible and other persons directly responsible for warning and fined not more than between 100,000 yuan and 10,000 yuan. 73rd article State-owned and State-owned holding Enterprise violation this Ordinance and State State-owned assets supervision management institutions and other about sector on enterprise to state-owned assets into futures market of about provides for futures trading, or units, and personal violations using credit, and financial for futures trading of, give warning, confiscated illegal proceeds, and at illegal proceeds 1 time times above 5 times times following of fine; no illegal proceeds or illegal proceeds discontent 100,000 yuan of, and at 100,000 yuan above 500,000 yuan following of fine.

Supervisor directly responsible and other persons directly responsible for disciplinary demotion until dismissal. 74th domestic entity or individual engaged in overseas futures trading of the contravention of, correction and give a warning, confiscate the illegal income and illegal income more than 1 time fined not more than 5 times; no illegal income or the illegal income of less than 200,000 yuan, and a fine of less than 200,000 yuan and 1 million yuan in serious cases, suspension of overseas futures trading.

Directly responsible for the unit in charge and other direct liable persons be given a warning and fined not more than between 100,000 yuan and 10,000 yuan. 75th illegal futures trading futures trading activities or other forms of organizations, be banned by the local people's Governments at and above the County and confiscate the illegal gains and illegal income more than 1 time fined not more than 5 times; no illegal income or the illegal income of less than 200,000 yuan, fined not more than between 1 million Yuan and 200,000 yuan.

Directly responsible for the unit in charge and other direct liable persons be given a warning and fined not more than between 100,000 yuan and 10,000 yuan. Illegal futures companies and Futures operators or discretionally engages in the futures business, be banned, confiscated and illegal income more than 1 time fined not more than 5 times; no illegal income or the illegal income of less than 200,000 yuan, fined not more than between 1 million Yuan and 200,000 yuan.

Directly responsible for the unit in charge and other direct liable persons be given a warning and fined not more than between 100,000 yuan and 10,000 yuan. 76th futures trading software, billing software vendors refused to meet the futures regulatory body under the State Council investigation, or not in accordance with the regulations on futures regulatory body under the State Council provides software information or software provided information is false, significant omissions, correction, fines of between 30,000 yuan and 100,000 yuan.

Managers directly responsible and other persons directly responsible in a warning, and the fines of between 50,000 yuan and 10,000 yuan. 77th accounting firms, law firms, asset evaluation agencies and other intermediaries are not conscientious and documents issued by any false record, misleading statement or material omission, correction, confiscation of revenues and business licences suspended or revoked and fined not more than business income 1 time more than 5 times.

Managers directly responsible and other persons directly responsible for warning and a fine of 30,000 yuan and 100,000 yuan.

78th any unit or individual in violation of the provisions of this Ordinance, if the circumstances are serious, and Futures regulatory body under the State Council announced that the individual, the unit or the unit directly responsible for futures markets against new entrants.

79th futures regulatory body under the State Council, the Futures Exchange, futures margin security deposit of monitoring bodies and Futures margin deposit Bank and other relevant staff, leaked State secrets obtained or members, customers, trade secrets, or malpractices for personal gain, dereliction of duty, abuse of power, bribery, shall be subject to administrative or disciplinary action.
80th in violation of these regulations, constitutes a crime, criminal responsibility shall be investigated according to law.

81st administrative penalties for violations of the provisions of this Ordinance, except as provided in this Ordinance, a futures regulatory body under the State Council decisions involving other departments statutory terms of reference, futures regulatory body under the State Council shall, jointly with other relevant departments belonging to other authorities the statutory terms of reference, futures regulatory body under the State Council should be transferred to other departments.
　　The eighth chapter by-laws

82nd article of the Ordinance the meaning of the following terms:

(A) commodity futures contracts, refers to the agricultural products, industrial products, energy and other commodities and their related indexes for futures contracts the subject matter.

(B) financial futures contracts, refers to the securities, interest rates, exchange rates and other financial products and related index products for the subject-matter of the futures contract.

(C) the margin is a futures trader in accordance with the provisions submitted by the payment of money or value, strong liquidity standards of warehouse receipts, bonds and other securities clearing and guarantee of performance.

(D) the settlement is based on settlement prices of the Futures Exchange announced trading results from the two transactions for clearing and transfers.

(V) delivery refers to when the contract expired, in accordance with the rules and procedures of a Futures Exchange, trading through the transfer of ownership of the subject-matter contained in the contract, or in accordance with the provisions of the settlement movement of cash settlement prices, end open interest of due process.

(F) position, refers to the futures contracts held by the trader to buy or sell the varieties, quantities and contract delivery months are the same but in the opposite direction to settle the futures trading act.

(G) the position, refers to futures traders, the number of open positions held by contract.

(VIII) position limits is the Futures Exchange, futures trader's positions within the maximum amounts.

(I) the standard entry, refers to the issue and identified by the Futures Exchange delivery warehouse standard delivery documents.

(J) the PLM, refers to contracts traded in 1 sessions shall not be above or below the prescribed price exceeds the price offer will be considered null and void and cannot be sold.

(11) insider information, is refers to may on futures trading price produced major effect of yet public of information, including: State futures supervision management institutions and other related sector developed of on futures trading price may occurred major effect of policy, Futures Exchange made of may on futures trading price occurred major effect of decided, Futures Exchange members, and customer of funds and trading trends and State futures supervision management institutions finds of on futures trading price has significantly effect of other important information.

(12) insider information of informed personnel, is refers to due to its management status, and supervision status or career status, or as employees, and professional consultant perform positions, can contact or get insider information of personnel, including: Futures Exchange of management personnel and other due to served can gets insider information of practitioners, State futures supervision management institutions and other about sector of staff and State futures supervision management institutions provides of other personnel.

83rd futures regulatory body under the State Council approved the establishment of futures specialized settlement agencies, dedicated to futures exchange clearing and related responsibilities, and bear the corresponding legal responsibility.

84th foreign institutions in the establishment, acquisition or equity futures business institutions, as well as the overseas futures business institutions in China to set up branches (representative offices) management, futures regulatory body under the State Council in conjunction with the competent commercial departments and Foreign Exchange administration departments, and other relevant departments, and submitted to the State Council for approval before implementation.

85th of the futures exchange futures regulatory body under the State Council approved futures trading places, in accordance with the relevant provisions of this Ordinance.

86th article does not belong to the futures trading commodities or other financial product trading activities, supervised by the relevant departments of the State administration, these regulations do not apply. 87th article of the regulations come into force on April 15, 2007. June 2, 1999 issued by the State Council abrogated the provisional regulations on futures trade management.