Special Provisions For Spot Market Transactions (For Trial Implementation)

Original Language Title: 商品现货市场交易特别规定(试行)

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Special provisions for spot market transactions (for trial implementation)

    (November 8, 2013 the Ministry of Commerce, people's Bank of China, the China Securities Regulatory Commission announced come into force on January 1, 2014, 2013 3rd) Chapter I General provisions

    First to standardize the commodity spot market transactions, maintain market order and guard against market risks, protect the legitimate rights and interests of the parties, and promote the healthy development of the spot market, accelerating the implementation of modern methods of distribution, in accordance with relevant laws and regulations and the State Council on effectively guard against financial risks of trading venues to clean all kinds of decisions (guofa (2011), 38th), these provisions are formulated. Article People's Republic of China commodity spot market trading activities on the territory, shall comply with this regulation.

    Otherwise provided for by the State, in accordance with its provisions.

Third commodity spot markets in these rules refers to established by law, is made by and between public, regular or regular spot trading activities with functions of information, logistics and other support services or the Internet trading platform.

    Spot market operators in these rules (hereinafter referred to as market operators), refers to the establishment of commodity spot markets, establish market-related business rules and regulations and provided for spot transactions places and related support services to legal persons, other economic organizations and individuals.

    Article fourth spot market transactions should follow the principle of openness, fairness, impartiality and good faith.

Fifth Ministry of Commerce in charge of the national commodity spot markets planning, information management, statistics and other industries, and promote the healthy development of the spot market.

    China responsibility for spot market transactions involving financial regulatory and supervision of non-financial institutions, payment.

    Sixth spot market trade association should develop industry codes and industry standards, strengthening self-discipline, training for organizations, executives established credit file, receive complaints and mediate disputes.

    Chapter II trade and transactions

Seventh spot market transactions include:

(A) physical goods;

(B) to physical commodities as the subject matter of the warehouse, the negotiable bill of lading delivery certificate;

    (C) other transactions stipulated by provincial law.

    Eighth spot market trading physical commodities should be implementing national laws and regulations concerning quality warranty, and meets the quality standards in force.

Nineth commodity spot market transactions can be used in the following ways:

(A) agreements;

(B) unilateral bidding;

(C) other transactions stipulated by provincial law.

Agreements referred to in this provision, is that buyers and sellers to physical delivery of goods for the purpose of negotiation or any other means agreed contract settlement immediately or within a specified period of settlement of transactions.

    One-way bidding transactions in these rules refers to a buyer (seller) to apply to the markets, announcements in advance of the market transaction object, more than one seller (buyer) fare increase or reduction in accordance with regulations, agreed and sold transactions within the agreed time.

Article tenth market operator shall not carry out laws and regulations as well as the State Council on effectively guard against financial risks of trading venues to clean all kinds of transactions prohibited under the decision, not to focus on trading standardized contracts traded.

    Stock transfer, change of contract, should be in accordance with the laws and regulations of the relevant regulations.

    Chapter commodity spot market norms

Article 11th market operator shall perform the following duties:

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

(B) shall be determined in accordance with this form of transaction and trading partners, establish and improve the trading, settlement, clearing, warehousing, information publishing, risk management, market management, business rules and regulations;

    (C) other duties stipulated by laws and regulations. 12th market operators shall publish business rules and regulations.

    To enact, amend and change business rules and regulations, shall, within a reasonable period of advance publicity. Article 13th commodity spot markets should develop contingency plans.

    When an exception occurs, it shall promptly take effective measures to prevent market risk.

14th market operators should take the contract, system control, strengthening internal management measures such as strengthening fund management.

    Operators shall not engage in any form of embezzlement or misappropriation of trade financing.

    15th to encourage innovation to the spot market circulation, reducing transaction costs; the construction of energy saving and environmental protection, green, low-carbon markets.

    16th to encourage commodity spot markets using modern information technology, establishing an Internet trading platform, developing e-commerce.

    Article 17th market operators shall establish and improve product information release system, announcing deals product name, quantity, quality, specifications, and other related information, the information is true, accurate and not to publish false information.

    18th use modern information technology to carry out trading activities, market operator shall record the product warehousing, trading, settlement, billing, payment and other relevant information, take measures to ensure the integrity and security of information, and save more than five years.

    19th market operators are not allowed to alter, destroy relevant information and data.

    Supervision and administration of the fourth chapter

20th Commerce authorities above the county level people's Government responsible for the administration of commodity spot market management and development planning and in accordance with the requirements to submit industry other concrete measures.

People's Bank of China branch based on functions responsible for spot market transactions involving financial institutions and the supervision of payment institutions.

    Agency of the futures regulatory body under the State Council is responsible for the identification of illegal futures trading commodity spot market activities, and so on.

    Article 21st market operators shall, according to requirements of relevant departments to submit relevant information and data. 22nd Commerce authorities above the county level people's Governments shall, in accordance with local conditions, establish a sound working system.

    If necessary, the relevant situation should be promptly report to the higher competent commercial departments and the people's Governments at the corresponding level.

    The fifth chapter legal liability Article 23rd market breach of 11th, 12th, 13th, 14th, 17th, 18th, 19th, 21st, article, commercial administrative departments at or above the county level shall, in conjunction with relevant Department in charge shall command a correction.

    Fails to change, and a fine of between 10,000 yuan and 30,000 yuan.

    Article 24th market breached article eighth, tenth and the futures trading management regulations, be dealt with according to law.

    25th in market supervision and administration, the relevant Administrative Department staff, dereliction of duty, abuse of authority or engages, shall be given administrative sanctions constitutes a crime, criminal responsibility shall be investigated according to law.

    The sixth chapter supplementary articles 26th article of the regulations come into force on January 1, 2014.