| Notice of the China Futures Association on Issuing and Implementing the Guidelines for the Implementation of the Administration of the Suitability of Investors in Futures Institutions (for Trial Implementation) | | 中国期货业协会关于发布实施《期货经营机构投资者适当性管理实施指引（试行）》的通知 |
| (No. 60 [2017] of the China Futures Association) | | （中期协字〔2017〕60号） |
| All member entities: | | 各会员单位： |
| For the purposes of strengthening the protection of investors, further improving the self-regulation system of the futures sector, and directing the futures institutions to conduct administration of the investor suitability, the China Futures Association (“CFA”) has developed the Guidelines for the Implementation of the Administration of the Suitability of Investors in Futures Institutions (for Trial Implementation, hereinafter referred to as the “Guidelines”) under the requirements of the Measures of the China Securities Regulatory Commission for the Administration of the Suitability of Securities and Futures Investors (hereinafter referred to as the “Measures”). The Self-regulation Rules, as deliberated and adopted at the 14th meeting (provisional) of the fourth Council, are hereby issued and the following matters are notified as follows: | | 为加强投资者保护，进一步完善期货行业自律规则体系，引导期货经营机构开展投资者适当性管理，根据中国证监会《证券期货投资者适当性管理办法》（以下简称《办法》）的要求，中国期货业协会（以下简称“协会”）制定了《期货经营机构投资者适当性管理实施指引（试行）》（以下简称《指引》）。该自律规则经第四届理事会第十四次会议（临时）审议通过，现予发布，并就相关事项通知如下： |
| I. Basing on the practice in the sector, these “Guidelines” have fully absorbed the reasonable recommendations of the futures sector and the regulatory authorities, and have offered procedural guidance for the performance of the suitability obligations in the futures sector. The futures institutions shall attach great importance to the administration of suitability, develop and improve the suitability administration system under the requirements of these Measures and Guidelines, steadily take measures during the process of implementation, constantly summarize experience, and further improve the administration of suitability. In consideration of the differences of the futures institutions in the business nature, service capacity, management level, internal control mechanism and other respects, all futures institutions may, during the process of the implementation, with reference to the Guidelines and in light of their reality, further specify and improve the relevant procedures, methods, standards and processes, and effectively perform the suitability obligations. | | 一、《指引》立足于行业实践，充分吸收了行业和监管部门的合理建议，对行业履行适当性义务作程序上的引导。期货经营机构应当高度重视适当性管理工作，按照《办法》和《指引》要求建立健全适当性管理制度，实施过程中稳步采取措施，不断总结经验，进一步完善适当性管理工作。考虑到期货经营机构在业务性质、服务能力、管理水平、内控机制等方面存在差异，各期货经营机构在实施过程中可以《指引》为参考，结合自身实际进一步细化和完善相关程序、方法、标准和流程，切实履行好适当性义务。 |
| II. All futures institutions shall strengthen the institutional improvement, staffing, and technical preparation. The futures institutions shall, within six months of the date when these Guidelines come into force, complete the transformation and upgrading of the technical system for the administration of suitability. | | 二、各期货经营机构应当加强制度建设、人员配备和技术准备。期货经营机构在本《指引》实施之日起六个月内，完成适当性管理技术系统的改造升级。 |
| III. The existing investors participating in futures trading shall trade according to the original system and shall be subject to differential treatment under the principle of “non-retrospective.” The specific practice: the futures institutions shall sell products to or provide services for new clients, and sell (offer) products or services higher than the original risk level to previous clients under the requirements of these Measures and Guidelines; and may continue to sell (offer) products or services not higher than the original risk level to previous clients, without being affected. Concurrently, the futures institutions shall be encouraged to actively make proper arrangements for the administration of suitability of previous clients in light of the actual circumstances and in consideration of the return visit to clients, self-examination, assessment and other work. | | 三、现有投资者参与期货交易按原有制度安排进行，实行区别对待，“新老划断”。具体的做法是：期货经营机构向新客户销售产品或者提供服务、向老客户销售（提供）高于原有风险等级的产品或服务，需要按照《办法》和《指引》要求执行；向老客户销售（提供）不高于原有风险等级的产品或服务时，可继续进行，不受影响。同时，鼓励经营机构根据实际情况结合客户回访、自查、评估等工作，主动对老客户的适当性管理做出妥善安排。 |
| IV. Ten annexes including the List of the Risk Levels of Products or Services, the Form of Investor's Basic Information (Natural Person and Organization), the Written Application of A Professional Investor, the Notification and Confirmation of A Professional Investor, the Written Application of An Ordinary Investor for Transforming to Professional Investor, the Written Application of A Professional Investor for Transforming to Ordinary Investor, the Ordinary Investor's Risk Tolerance Assessment Questionnaire and Reference Questions (Natural Person and Institution), the Notification on the Opinions for the Suitability Matching of Ordinary Investors, the Risk Warning for Ordinary Investors' Purchase of Products or Services with Risks Higher than Their Risk Tolerance, and the Risk Warning for Ordinary Investors' Purchase of Products or Services with High Risk Levels are the reference templates provided by the CFA for facilitating the futures institutions' performance of the suitability obligations. All futures institutions may, in light of their reality, make adjustment and supplements. | | 四、《产品或服务风险等级名录》、《投资者基本信息表》（自然人、机构） 、《专业投资者申请书》、《专业投资者告知及确认书》、《普通投资者转化为专业投资者申请书》、《专业投资者转化为普通投资者确认书》、《普通投资者风险承受能力评估问卷说明及参考问题》（自然人、机构）、《普通投资者适当性匹配意见告知书》、《普通投资者购买高于自身风险承受能力产品或者服务风险警示书》、《普通投资者购买高风险等级产品或服务风险警示书》等10个附件，是协会为方便期货经营机构履行适当性义务而提供的参考模板，各期货经营机构可以根据自身情况进行调整和补充。 |
| V. The CFA will continuously follow up and assess the information on the futures institutions' performance of the suitability obligations and pay continuous attention to the relevant problems during the implementation process. | | 五、协会将持续对期货经营机构落实适当性义务的情况进行跟踪和评估，并对实施过程中的相关问题持续关注。 |
| June 28, 2017 | | 以上，特此通知。 |
| Guidelines for the Implementation of the Administration of the Suitability of Investors in Futures Institutions (for Trial Implementation) | | 二○一七年六月二十八日 |
| | 期货经营机构投资者适当性管理实施指引（试行） |
| Chapter I General Provisions | | |
| | 第一章 总则 |
| Article 1 For the purposes of directing and urging the futures institutions to effectively implement the requirements for the administration of suitability and protecting investors' lawful rights and interests, these Guidelines are developed under the Regulation on the Administration of Futures Trading, the Measures for the Administration of the Suitability of Securities and Futures Investors (hereinafter referred to as the “Measures”) and the relevant laws and regulations. | | |
| | 第一条 为了指导、督促期货经营机构有效落实适当性管理要求，维护投资者合法权益，根据《期货交易管理条例》、《证券期货投资者适当性管理办法》（以下简称《办法》）及相关法律法规，制定本指引。 |
| Article 2 These Guidelines shall apply to the futures companies, subsidiaries of the futures companies and other futures institutions (hereinafter referred to as the “business institutions”) that publicly sell or non-publicly assign futures and other derivative products to investors or provide business services relevant to securities and futures for investors. | | |
| | 第二条 期货公司、期货公司子公司以及其他期货经营机构（以下简称“经营机构”）向投资者公开销售或者非公开转让期货及其他衍生产品，或者为投资者提供证券期货相关业务服务，适用本指引。 |
| Article 3 The business institutions shall, under the requirements of the laws, administrative regulations, regulatory provisions and these Guidelines, develop the rules on the administration of the investor suitability, diligently and prudently fulfill their duties in business operation, and sell suitable products or offer appropriate services to investors. | | |
| | 第三条 经营机构应当根据法律、行政法规、监管规定和本指引的要求，制定投资者适当性管理制度，在经营中勤勉尽责，审慎履职，向投资者销售适当的产品或者提供适当的服务。 |
| Article 4 The China Futures Association (hereinafter referred to as the “CFA”) shall, under these Measures, these Guidelines and other provisions, conduct self-discipline management of the business institutions' performance of the suitability obligations. | | |
| | 第四条 中国期货业协会（以下简称“协会”）按照《办法》、本指引及其他规定对经营机构履行适当性义务进行自律管理。 |
| Chapter II Classification of Investors | | |
| | 第二章 投资者分类 |
| Article 5 When selling products or offering services to investors, a business institution shall fully understand the investor information as prescribed in Article 6 of these Measures and may take, but not be limited to, the following methods: | | |
| | 第五条 经营机构向投资者销售产品或者提供服务时，应当充分了解《办法》第六条规定的投资者信息，可以采用但不限于以下方式： |
| (1) inquiring about and collecting investor information; | | |
| | （一）查询、收集投资者资料； |
| (2) questionnaires; | | |
| | （二）问卷调查； |
| (3) knowledge testing; and | | |
| | （三）知识测试； |
| (4) other on-site or off-site communication, etc. | | |
| | （四）其他现场或非现场沟通等。 |
| Article 6 An investor shall be responsible for the authenticity, accuracy and completeness of the information and supporting materials provided by it, and coordinate with the business institution's suitability assessment, classification and matching administration. An investor whose information provided has been significantly changed and may affect its classification of investors shall notify the business institution in a timely manner. | | |
| | 第六条 投资者对其提供的信息和证明材料的真实性、准确性、完整性负责，并配合经营机构进行适当性评估、分类及匹配管理。投资者提供的信息发生重要变化，可能影响其投资者分类的，应当及时告知经营机构。 |
| Article 7 A business institution shall, under the requirements of these Measures, classify investors into ordinary investors and professional investors and conduct differentiated administration of suitability. | | |
| | 第七条 经营机构应当按照《办法》要求，将投资者分为普通投资者和专业投资者，并实施差异化适当性管理。 |
| Article 8 An investor that meets the conditions as specified in items (1), (2) and (3) of Article 8 of the Measures shall provide the business institution with its business license, business permit, registration or recordation certificate, certificate for the account type, and other identity qualification certificates. An investor passing the verification of the business institution may be directly identified as a professional investor and shall be notified of the identification result in writing. | | |
| | 第八条 符合《办法》第八条（一）、（二）、（三）项条件的投资者，应当向经营机构提供营业执照、经营业务许可证、登记或备案证明、开户类型证明等身份资质证明材料。经营机构审核通过的，可将其直接认定为专业投资者，并将认定结果书面告知投资者。 |
| Article 9 An investor that meets the conditions as specified in items (4) and (5) of Article 8 of these Measures shall be classified as a professional investor under the following procedures: | | |
| | 第九条 符合《办法》第八条（四）、（五）项条件的投资者划分为专业投资者时，应当遵循以下程序： |
| (1) The investor shall file an application and provide the following supporting documents: | | |
| | （一）投资者提出申请，并提供以下证明材料： |
| (a) An institutional investor shall provide the financial statements, the proof documents on the financial assets, its investment experience, etc. of the most recent year. | | |
| | 1.机构投资者提供最近一年的财务报表、金融资产证明文件、本机构的投资经历等； |
| (b) A natural person investor shall provide his or her proof documents on the financial assets of the most recent month or income certificate of the recent three years, investment experience or work certificate, professional qualification certificate, etc. | | |
| | 2.自然人投资者提供近一个月本人的金融资产证明文件或近3年收入证明、投资经历或工作证明、职业资格证书等。 |
| (2) An investor passing the verification of the business institution shall be recognized as a professional investor. | | |
| | （二）经营机构审核通过的，认定其为专业投资者。 |
| Article 10 A business institution shall, according to the risk tolerance, classify the ordinary investors into at least five levels, respectively C1 (including the lowest level of risk tolerance), C2, C3, C4 and C5, from low to high. | | |
| | 第十条 经营机构应当将普通投资者按其风险承受能力至少划分为五类，由低至高分别为Ｃ1（含风险承受能力最低类别）、Ｃ2、Ｃ3、Ｃ4、Ｃ5类。 |
| Article 11 A business institution may develop the assessment questionnaires for investor's risk tolerance to understand the investors' risk tolerance: | | |
| | 第十一条 经营机构可以制作投资者风险承受能力评估问卷以了解投资者风险承受能力情况： |
| (1) A questionnaire shall at least include the source and amount of revenue, asset status, debts, investment knowledge and experience, risk appetite, integrity status and other factors. | | |
| | （一）问卷内容应当至少包括收入来源和数额、资产状况、债务、投资知识和经验、风险偏好、诚信状况等因素； |
| (2) A questionnaire shall have no less than 10 questions. | | |
| | （二）问卷问题不少于10个； |
| (3) In a questionnaire, the score and weight of the options shall be reasonably set and the correspondence between the assessment score and the risk tolerance level shall be established, according to the correlation between the assessment option and the risk tolerance. | | |
| A business institution shall, according to the investor information obtained and in consideration of the results of questionnaire assessment, conduct comprehensive assessment of their risk tolerance. | | （三）问卷应当根据评估选项与风险承受能力的相关性，合理设定选项的分值和权重，建立评估得分与风险承受能力等级的对应关系。 |
| When an investor fills out a risk tolerance assessment questionnaire, a business institution shall not induce, mislead or deceive the investor, thus to affect the results entered by the investor. | | 经营机构应当根据了解的投资者信息，结合问卷评估结果，对其风险承受能力进行综合评估。 |
| | 经营机构在投资者填写风险承受能力评估问卷时，不得进行诱导、误导、欺骗投资者，影响填写结果。
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