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Regulation on the Administration of Futures Trading (2013Revised) [Revised]
期货交易管理条例(2013修订) [已被修订]
【法宝引证码】

Regulation on the Administration of Futures Trading 

期货交易管理条例

(Promulgated by Order No. 489 of the State Council of the People's Republic of China on March 6, 2007; revised for the first time according to the Decision of the State Council on Amending the Regulation on the Administration of Futures Trading on October 24, 2012 and revised for the second time Decision of the State Council on Repealing and Amending Some Administrative Regulations by Order No.638 of the State Council on July 18, 2013) (2007年3月6日中华人民共和国国务院令第489号公布 根据2012年10月24日《国务院关于修改〈期货交易管理条例〉的决定》第一次修订 根据2013年7月18日国务院令第638号《国务院关于废止和修改部分行政法规的决定》第二次修订)

Chapter I General Provisions 

第一章 总  则

Article 1 This Regulation is formulated for the purposes of regulating futures trading, intensifying the supervision and administration over futures trading, maintaining the futures market order, preventing risks, protecting the legitimate rights and interests of all parties to futures trading as well as the public interests, and promoting the vigorous but stable development of the futures market.   第一条 为了规范期货交易行为,加强对期货交易的监督管理,维护期货市场秩序,防范风险,保护期货交易各方的合法权益和社会公共利益,促进期货市场积极稳妥发展,制定本条例。
Article 2 All entities and individuals engaging in futures trading and relevant activities shall comply with this Regulation.   第二条 任何单位和个人从事期货交易及其相关活动,应当遵守本条例。
For the purposes of this Regulation, “futures trading” means trading activities with futures contracts or option contracts as the subject matter of trading conducted in the manner of centralized public trading or any other manner approved by the futures regulatory authority of the State Council. 本条例所称期货交易,是指采用公开的集中交易方式或者国务院期货监督管理机构批准的其他方式进行的以期货合约或者期权合约为交易标的的交易活动。
For the purposes of this Regulation, “futures contract” means a standard contract uniformly prepared by a futures trading place under which a certain quantity of the subject matter shall be delivered on a given futures date at a specified location. Futures contracts include commodity futures contracts, financial futures contracts and other futures contracts. 本条例所称期货合约,是指期货交易场所统一制定的、规定在将来某一特定的时间和地点交割一定数量标的物的标准化合约。期货合约包括商品期货合约和金融期货合约及其他期货合约。
For the purposes of this Regulation, “option contract” means a standard contract uniformly prepared by a futures trading place under which the buyer is entitled to buy or sell the subject matter (including a futures contract) at a specific price on a given futures date. 本条例所称期权合约,是指期货交易场所统一制定的、规定买方有权在将来某一时间以特定价格买入或者卖出约定标的物(包括期货合约)的标准化合约。
Article 3 The principle of openness, fairness, impartiality and good faith shall be observed in the futures trading activities. It is prohibited to conduct violations such as fraud, inside transactions and manipulated futures trading prices.   第三条 从事期货交易活动,应当遵循公开、公平、公正和诚实信用的原则。禁止欺诈、内幕交易和操纵期货交易价格等违法行为。
Article 4 Futures trading shall be conducted in a futures trading place established in accordance with paragraph 1 of Article 6 of this Regulation or in any other futures trading place approved by the State Council or the futures regulatory authority of the State Council.   第四条 期货交易应当在依照本条例第六条第一款规定设立的期货交易所、国务院批准的或者国务院期货监督管理机构批准的其他期货交易场所进行。
No futures trading may be conducted outside of the futures trading places prescribed in the preceding paragraph. 禁止在前款规定的期货交易场所之外进行期货交易。
Article 5 The futures regulatory institution of the State Council shall supervise and administer the futures markets in a centralized manner.   第五条 国务院期货监督管理机构对期货市场实行集中统一的监督管理。
The offices dispatched by the futures regulatory institution of the State Council shall perform their supervisory functions according to the relevant provisions of this Regulation and under the authorization of the futures regulatory institution of the State Council. 国务院期货监督管理机构派出机构依照本条例的有关规定和国务院期货监督管理机构的授权,履行监督管理职责。
Chapter II Futures Exchange 

第二章 期货交易所

Article 6 The establishment of a futures exchange shall be subject to the examination and approval of the futures regulatory institution of the State Council.   第六条 设立期货交易所,由国务院期货监督管理机构审批。
Without the approval of the State Council or the futures regulatory authority of the State Council, no entity or individual may establish any futures trading place or organize futures trading and relevant activities in any form. 未经国务院批准或者国务院期货监督管理机构批准,任何单位或者个人不得设立期货交易场所或者以任何形式组织期货交易及其相关活动。
Article 7 A futures exchange shall not take profit-making as its purpose. It shall conduct self-disciplinary management according to its Articles of association. It shall bear civil liabilities to the extent of all of its properties. Its person-in-charge shall be appointed and dismissed by the futures regulatory institution of the State Council.   第七条 期货交易所不以营利为目的,按照其章程的规定实行自律管理。期货交易所以其全部财产承担民事责任。期货交易所的负责人由国务院期货监督管理机构任免。
The administrative measures for futures exchanges shall be formulated by the futures regulatory institution of the State Council. 期货交易所的管理办法由国务院期货监督管理机构制定。
Article 8 The members of a futures exchange shall be enterprises with legal person status or other economic organizations established and registered within the territory of the People's Republic of China.   第八条 期货交易所会员应当是在中华人民共和国境内登记注册的企业法人或者其他经济组织。
A futures exchange may adopt a graded member clearing system. The members under the graded member clearing system comprise of clearing members and non-clearing members. 期货交易所可以实行会员分级结算制度。实行会员分级结算制度的期货交易所会员由结算会员和非结算会员组成。
Article 9 Anyone who is under any of the circumstances as described in Article 147 of the Company Law of the People's Republic of China or under any of the following circumstances shall not assume the post of the person-in-charge or accountant of the futures exchange:   第九条 有《中华人民共和国公司法》第一百四十七条规定的情形或者下列情形之一的,不得担任期货交易所的负责人、财务会计人员:
(1)Five years have not lapsed from the day when the person-in-charge of a futures exchange, stock exchange or securities register & clearing institution, or the director, supervisor or senior manager of a futures company or securities company, or any other person as prescribed by the futures regulatory institution, is removed from his post because of his violation of disciplines; or (一)因违法行为或者违纪行为被解除职务的期货交易所、证券交易所、证券登记结算机构的负责人,或者期货公司、证券公司的董事、监事、高级管理人员,以及国务院期货监督管理机构规定的其他人员,自被解除职务之日起未逾5年;
(2) Five years have not lapsed from the day when a lawyer, certified public accountant, or professional of an investment consultation institution, financial consultancy institution, credit rating institution, asset appraisal institution or verification institution, is removed from post because of his violation of disciplines. (二)因违法行为或者违纪行为被撤销资格的律师、注册会计师或者投资咨询机构、财务顾问机构、资信评级机构、资产评估机构、验证机构的专业人员,自被撤销资格之日起未逾5年。
Article 10 A futures exchange shall, in pursuance of this Regulation and the provisions of the futures regulatory institution of the State Council, formulate and improve various rules and strengthen the control of risks of trading activities as well as the supervision and administration over its members and staff. It shall perform the following duties:   第十条 期货交易所应当依照本条例和国务院期货监督管理机构的规定,建立、健全各项规章制度,加强对交易活动的风险控制和对会员以及交易所工作人员的监督管理。期货交易所履行下列职责:
(1)To provide a trading place and relevant facilities and services; (一)提供交易的场所、设施和服务;
(2)To design contracts and arrange the listing of contracts; (二)设计合约,安排合约上市;
(3)To organize and supervise the transactions, clearing and delivery; (三)组织并监督交易、结算和交割;
(4)To provide centralized performance guarantee for futures trading; (四)为期货交易提供集中履约担保;
(5)To supervise and administer its members according to its Articles of association and trading rules; and (五)按照章程和交易规则对会员进行监督管理;
(6)Other duties as prescribed by the futures regulatory institution of the State Council. (六)国务院期货监督管理机构规定的其他职责。
No futures exchange may directly or indirectly participate in futures transactions. No futures exchange may, without passing the examination of the futures regulatory institution of the State Council and being approved by the State Council, make trust investments, stock investments, investments in non-self-use real property or engage in any other business irrelevant to its duties. 期货交易所不得直接或者间接参与期货交易。未经国务院期货监督管理机构审核并报国务院批准,期货交易所不得从事信托投资、股票投资、非自用不动产投资等与其职责无关的业务。
Article 11 A futures exchange shall, under the relevant provisions of the State, establish sound systems for the management of risks:   第十一条 期货交易所应当按照国家有关规定建立、健全下列风险管理制度:
(1)The margin system; (一)保证金制度;
(2)The mark-to-market system; (二)当日无负债结算制度;
(3)The system of price limits; (三)涨跌停板制度;
(4)The system of position limits as well as reports of big position holders; (四)持仓限额和大户持仓报告制度;
(5)The rules on the reserve for risks; (五)风险准备金制度;
(6)Other risk management systems as prescribed by the futures regulatory institution of the State Council. (六)国务院期货监督管理机构规定的其他风险管理制度。
A futures exchange which adopts the graded member clearing system shall establish a sound system of security. 实行会员分级结算制度的期货交易所,还应当建立、健全结算担保金制度。
Article 12 At the occurrence of any abnormal circumstance in the futures market, the futures exchange shall, according to the power and procedures as prescribed in its Articles of association, decide to take the following urgent measures and shall immediately report it to the futures regulatory institution of the State Council:   第十二条 当期货市场出现异常情况时,期货交易所可以按照其章程规定的权限和程序,决定采取下列紧急措施,并应当立即报告国务院期货监督管理机构:
(1)To uplift the margin; (一)提高保证金;
(2)To adjust the price limits; (二)调整涨跌停板幅度;
(3)To limit the maximum amount of futures held by its members or clients; (三)限制会员或者客户的最大持仓量;
(4)To suspend the transactions; (四)暂时停止交易;
(5)To take other urgent measures. (五)采取其他紧急措施。
The term “abnormal circumstance” as mentioned in the preceding paragraph refers to the acts of manipulating the futures trading prices or the occurrence of emergencies due for any force majeure and other circumstances as prescribed by the futures regulatory institution of the State Council. 前款所称异常情况,是指在交易中发生操纵期货交易价格的行为或者发生不可抗拒的突发事件以及国务院期货监督管理机构规定的其他情形。
After the disappearance of an abnormal circumstance, the futures exchange shall timely cancel the urgent measures. 异常情况消失后,期货交易所应当及时取消紧急措施。
Article 13 To handle the following affairs, a futures exchange shall be subject to the approval of the futures regulatory institution of the State Council:   第十三条 期货交易所办理下列事项,应当经国务院期货监督管理机构批准:
(1)The formulation of or modification to its Articles of association or trading rules; (一)制定或者修改章程、交易规则;
(2)The listing, suspension, cancellation or resumption of any type of transaction; (二)上市、中止、取消或者恢复交易品种;
(3)The listing, modification or termination of any contract; (三)上市、修改或者终止合约;
(4)The change of its domicile or business place; (四)变更住所或者营业场所;
(5)The merger, split-up or dissolution; (五)合并、分立或者解散;
(6)Other affairs as prescribed by the futures regulatory institution of the State Council. (六)国务院期货监督管理机构规定的其他事项。
To approve the listing of new transaction type in a futures exchange, the futures regulatory institution of the State Council shall consult the opinions of the relevant department of the State Council 国务院期货监督管理机构批准期货交易所上市新的交易品种,应当征求国务院有关部门的意见。
Article 14 The revenues of a futures exchange shall be managed and used in accordance with the relevant provisions of the state, but shall first be utilized to ensure the operation and improvement of the futures exchange and the facilities thereof.   第十四条 期货交易所的所得收益按照国家有关规定管理和使用,但应当首先用于保证期货交易场所、设施的运行和改善。
Chapter III Futures Companies 

第三章 期货公司

Article 15 A futures company refers to a financial institution which is established according to the Company Law of the People's Republic of China北京大学互联网法律中心 and this Regulation and which engages in the business of futures. The establishment of a futures company shall be subject to the approval of the futures regulatory institution of the State Council and shall be registered in the company registration organ.   第十五条 期货公司是依照《中华人民共和国公司法》和本条例规定设立的经营期货业务的金融机构。设立期货公司,应当经国务院期货监督管理机构批准,并在公司登记机关登记注册。
Without approval of the futures regulatory institution of the State Council, no entity or individual may establish any futures company to engage in the business of futures, or do so in any disguised form. 未经国务院期货监督管理机构批准,任何单位或者个人不得设立或者变相设立期货公司,经营期货业务。
Article 16 To apply for establishing a futures company, the applicant shall satisfy the requirements in the Company Law of the People's Republic of China and the following conditions:   第十六条 申请设立期货公司,应当符合《中华人民共和国公司法》的规定,并具备下列条件:
(1)Its minimum registered capital shall be 30 million yuan; (一)注册资本最低限额为人民币3000万元;
(2)Its directors, supervisors and senior managers have obtained the qualifications for assuming their posts and its employees have obtained the futures practicing qualifications; (二)董事、监事、高级管理人员具备任职资格,从业人员具有期货从业资格;
(3)It has its Articles of association which conform to the laws and administrative regulations; (三)有符合法律、行政法规规定的公司章程;
(4)Its main shareholders and actual controllers have a sustainable profit-making capacity and a good reputation, and none of them has any record of serious violation during the recent 3 years; (四)主要股东以及实际控制人具有持续盈利能力,信誉良好,最近3年无重大违法违规记录;
(5)It has a qualified business place and operation facilities; (五)有合格的经营场所和业务设施;
(6)It has sound risk management and internal control systems; (六)有健全的风险管理和内部控制制度;
(7)Other conditions as prescribed by the futures regulatory institution of the State Council. (七)国务院期货监督管理机构规定的其他条件。
The futures regulatory institution of the State Council may, according to the principle of prudent supervision and the degree of risks of various businesses, increase the minimum amount of the registered capital. The registered capital shall be actually paid-in capital. The shareholders shall make capital contributions in cash or in kind essential to the business operations of a futures company and the capital contributions in cash shall not be less than 85% of the total. 国务院期货监督管理机构根据审慎监管原则和各项业务的风险程度,可以提高注册资本最低限额。注册资本应当是实缴资本。股东应当以货币或者期货公司经营必需的非货币财产出资,货币出资比例不得低于85%。
The futures regulatory institution of the State Council shall, within 6 months after it accepts an application for the establishment of a futures company, examine it according to the principle of prudent supervision, and make a decision of approval or disapproval. 国务院期货监督管理机构应当在受理期货公司设立申请之日起6个月内,根据审慎监管原则进行审查,作出批准或者不批准的决定。
Without approval of the futures regulatory institution of the State Council, no entity or individual may entrust any other person or accept any other person's entrustment to hold or manage the stock rights of any futures company. 未经国务院期货监督管理机构批准,任何单位和个人不得委托或者接受他人委托持有或者管理期货公司的股权。
Article 17 A futures company shall be subject to the licensing system. The futures regulatory institution of the State Council shall grant it a permit according to the business type such as commodity futures and financial futures. Besides the domestic futures brokerage, a futures company may apply for engaging in overseas futures brokerage, futures investment consultation and other futures businesses as prescribed by the futures regulatory institution of the State Council.   第十七条 期货公司业务实行许可制度,由国务院期货监督管理机构按照其商品期货、金融期货业务种类颁发许可证。期货公司除申请经营境内期货经纪业务外,还可以申请经营境外期货经纪、期货投资咨询以及国务院期货监督管理机构规定的其他期货业务。
No futures company may engage in any activity which has nothing to do with the business of futures, unless it is otherwise provided for by any law, administrative regulation, or by the futures regulatory institution of the State Council. 期货公司不得从事与期货业务无关的活动,法律、行政法规或者国务院期货监督管理机构另有规定的除外。
No futures company may engage in any self-operation business of futures or do so in any disguised form. 期货公司不得从事或者变相从事期货自营业务。
No futures company may provide financing service to its shareholders, actual controllers or other affiliated parties, or provide guaranty to outsiders. 期货公司不得为其股东、实际控制人或者其他关联人提供融资,不得对外担保。
Article 18 For a futures company engaging in brokerage business, if it accepts the entrustment of any client and conducts, in its own name, any futures transaction for its client, the transaction results shall belong to the client.   第十八条 期货公司从事经纪业务,接受客户委托,以自己的名义为客户进行期货交易,交易结果由客户承担。
Article 19 Where a futures company intends to handle the following affairs, it shall be subject to the approval of the futures regulatory institution of the State Council:   第十九条 期货公司办理下列事项,应当经国务院期货监督管理机构批准:
(1)The merger, split-up, suspension of business, dissolution or bankruptcy; (一)合并、分立、停业、解散或者破产;
(2) The change of its business scope; (二)变更业务范围;
(3) The modification of registered capital and adjustment of equity structure; (三)变更注册资本且调整股权结构;
(4)The addition of a shareholder holding 5% or more of equity or modification of the controlling shareholder; (四)新增持有5%以上股权的股东或者控股股东发生变化;
(5)The establishment, acquisition, taking shares, or termination of any overseas futures institution; or (五)设立、收购、参股或者终止境外期货类经营机构;
(6) Other affairs as prescribed by the futures regulatory institution of the State Council. (六)国务院期货监督管理机构规定的其他事项。
The affairs as mentioned in Items (3) and (6) of the preceding paragraph, the futures regulatory institution of the State Council shall, within 20 days after it accepts an application, make a decision of approval or disapproval. For other affairs as described in the preceding paragraph, the futures regulatory institution of the State Council shall, within 2 months after it accepts an application, make a decision of approval or disapproval. 前款第三项、第六项所列事项,国务院期货监督管理机构应当自受理申请之日起20日内作出批准或者不批准的决定;前款所列其他事项,国务院期货监督管理机构应当自受理申请之日起2个月内作出批准或者不批准的决定。
Article 20 Where a futures company intends to handle any of the following affairs, it shall be subject to the approval of the office dispatched by the futures regulatory institution of the State Council:   第二十条 期货公司办理下列事项,应当经国务院期货监督管理机构派出机构批准:
(1)To change its legal representative; (一)变更法定代表人;
(2)To change its domicile or business place; (二)变更住所或者营业场所;
(3)To establish or terminates branch within China; (三)设立或者终止境内分支机构;
(4)To modify the business scope of a domestic branch office; or (四)变更境内分支机构的经营范围;
(5)Other affairs as prescribed by the futures regulatory institution of the State Council. (五)国务院期货监督管理机构规定的其他事项。
The affairs as mentioned in Items (1), (2), (4) and (5) of the preceding paragraph, the office dispatched by the futures regulatory institution of the State Council shall, within 20 days after it accepts an application, make a decision of approval or disapproval. For the affairs as described Item (3) in the preceding paragraph, the office dispatched by the futures regulatory institution of the State Council shall, within 2 months after it accepts an application, make a decision of approval or disapproval. 前款第一项、第二项、第四项、第五项所列事项,国务院期货监督管理机构派出机构应当自受理申请之日起20日内作出批准或者不批准的决定;前款第三项所列事项,国务院期货监督管理机构派出机构应当自受理申请之日起2个月内作出批准或者不批准的决定。
Article 21 Where a futures company or any of its branches is under any of the circumstances as described in Article 70光宗耀祖支撑着我去教室 of the Administrative License Law of the People's Republic of China or under any of the following circumstances, the futures regulatory institution of the State Council shall cancel its futures business permit:   第二十一条 期货公司或者其分支机构有《中华人民共和国行政许可法》第七十条规定的情形或者下列情形之一的,国务院期货监督管理机构应当依法办理期货业务许可证注销手续:
(1)Its business license is cancelled by the company registration organ; (一)营业执照被公司登记机关依法注销;
(2)Without any justifiable reason, it fails to start business operations after the lapse of 3 months as of its establishment or suspends its business operations for 3 consecutive months or longer; (二)成立后无正当理由超过3个月未开始营业,或者开业后无正当理由停业连续3个月以上;
(3)Its files a cancellation application on its own initiative; and (三)主动提出注销申请;
(4)Other circumstances as prescribed by the futures regulatory institution of the State Council. (四)国务院期货监督管理机构规定的其他情形。
Before a futures company cancels its futures business permit, it shall settle the relevant futures businesses and return the margin and other assets to its clients in pursuance of the law. Any branch of the futures company shall, prior to the cancellation of the business permit, terminate its business activities and shall properly settle the clients' assets. 期货公司在注销期货业务许可证前,应当结清相关期货业务,并依法返还客户的保证金和其他资产。期货公司分支机构在注销经营许可证前,应当终止经营活动,妥善处理客户资产。
Article 22 A futures company shall formulate sound business management rules and risk management rules and strictly implement them. It shall abide by the information disclosure rules, ensure the safe custody of the clients' margin, and under the provisions of the futures exchange, report to the futures exchange the name list of its big clients and the relevant transactions.   第二十二条 期货公司应当建立、健全并严格执行业务管理规则、风险管理制度,遵守信息披露制度,保障客户保证金的存管安全,按照期货交易所的规定,向期货交易所报告大户名单、交易情况。
Article 23 Other futures trading institutions engaging in the futures investment consulting business shall hold a business qualification granted by the futures regulatory authority of the State Council, and the specific administrative measures shall be developed by the futures regulatory authority of the State Council.   第二十三条 从事期货投资咨询业务的其他期货经营机构应当取得国务院期货监督管理机构批准的业务资格,具体管理办法由国务院期货监督管理机构制定。
Chapter IV Basic Rules on Futures Trading 

第四章 期货交易基本规则

哎哟不错哦

Article 24 The parties conducting futures trading in a futures exchange shall be members of the futures exchange.   第二十四条 在期货交易所进行期货交易的,应当是期货交易所会员。
Overseas institutions meeting the prescribed conditions may engage in specific types of futures trading on futures exchanges. The specific measures shall be developed by the futures regulatory authority of the State Council. 符合规定条件的境外机构,可以在期货交易所从事特定品种的期货交易。具体办法由国务院期货监督管理机构制定。
Article 25 A futures company which accepts a client's entrustment to trade futures on his account shall provide the client in advance with a risk disclosure statement, and after the client has confirmed this with his signature, it shall sign a written contract with the client. No futures company may conduct futures trading without client's entrustment or without following the client's entrustment.   第二十五条 期货公司接受客户委托为其进行期货交易,应当事先向客户出示风险说明书,经客户签字确认后,与客户签订书面合同。期货公司不得未经客户委托或者不按照客户委托内容,擅自进行期货交易。
No futures company may make any promise of profits to its clients or agree on sharing profits or risks with its clients. 期货公司不得向客户作获利保证;不得在经纪业务中与客户约定分享利益或者共担风险。
Article 26 The following entities and individuals shall not engage in futures trading. No futures company may accept their entrustment to trade futures on their account:   第二十六条 下列单位和个人不得从事期货交易,期货公司不得接受其委托为其进行期货交易:
(1)The state organs and public institutions; (一)国家机关和事业单位;
(2)The futures regulatory institution of the State Council, the futures exchanges, the institution monitoring the safe custody of futures margin, as well as the personnel of the associations of the futures industry; (二)国务院期货监督管理机构、期货交易所、期货保证金安全存管监控机构和期货业协会的工作人员;
(3) The persons prohibited to enter into the futures market; (三)证券、期货市场禁止进入者;
(4)The entities and individuals offer documents certifying that they have opened an account; and (四)未能提供开户证明材料的单位和个人;
(5)Other entities and individuals not allowed to trade futures as prescribed by futures regulatory institution of the State Council. (五)国务院期货监督管理机构规定不得从事期货交易的其他单位和个人。
Article 27 A client may give trading instructions to the futures company in writing, by telephone, through the internet or other methods as prescribed by the futures regulatory institution of the State Council. The client's trading instructions shall be clear and complete.   第二十七条 客户可以通过书面、电话、互联网或者国务院期货监督管理机构规定的其他方式,向期货公司下达交易指令。客户的交易指令应当明确、全面。
No futures company may induce any client to give trading instructions by concealing any important event or by any other improper means. 期货公司不得隐瞒重要事项或者使用其他不正当手段诱骗客户发出交易指令。
Article 28 A futures exchange shall timely announce the details concerning the futures contracts of the marketed varieties, including the trading volume, trading price, volume of positions held, the highest and lowest prices, opening and closing prices, and other real time market information which should be announced, and ensure that the information announced is truthful and accurate. No futures exchange may release any information on price forecasts.   第二十八条 期货交易所应当及时公布上市品种合约的成交量、成交价、持仓量、最高价与最低价、开盘价与收盘价和其他应当公布的即时行情,并保证即时行情的真实、准确。期货交易所不得发布价格预测信息。
Without permission of the futures exchange, no entity or individual may release the real time market information about futures trading. 未经期货交易所许可,任何单位和个人不得发布期货交易即时行情。
Article 29 The margin system shall be strictly observed in the futures trading. The margin, which a futures company collects from its clients, shall not be lower than the rates as prescribed by the futures regulatory institution of the State Council, or by the stock exchange, and shall be separated from the futures company's own money and be deposited in a special account.   第二十九条 期货交易应当严格执行保证金制度。期货交易所向会员、期货公司向客户收取的保证金,不得低于国务院期货监督管理机构、期货交易所规定的标准,并应当与自有资金分开,专户存放。
The margin, which a futures company collects from its clients, belongs to the clients. Such margin shall be strictly prohibited from being used for any other purpose except for the settlement among its members. 期货交易所向会员收取的保证金,属于会员所有,除用于会员的交易结算外,严禁挪作他用。
The margin, which a futures company collects from its clients, belongs to the clients. Such margin shall be strictly prohibited from being used for any other purpose except for the following transferable circumstances: 期货公司向客户收取的保证金,属于客户所有,除下列可划转的情形外,严禁挪作他用:
(1)To pay the money available at the request of the clients; (一)依据客户的要求支付可用资金;
(2)To deposit the margin or pay commissions or taxes on the clients' account; and (二)为客户交存保证金,支付手续费、税款;
(3)Other circumstances as prescribed by the futures regulatory institution of the State Council. (三)国务院期货监督管理机构规定的其他情形。
Article 30 A futures company shall open a separate account and set up a separate trading code for each of its clients and may not mix up the codes in its futures trading.   第三十条 期货公司应当为每一个客户单独开立专门账户、设置交易编码,不得混码交易。
Article 31 For a futures company engaging in the futures brokerage business and other futures businesses, it shall strictly follow the principle of separation of business and separation of funds, and shall not mix them up.   第三十一条 期货公司经营期货经纪业务又同时经营其他期货业务的,应当严格执行业务分离和资金分离制度,不得混合操作。
Article 32 The clearing members of a futures exchange, futures company or non-futures company shall, in accordance with the provisions of the futures regulatory institution of the State Council and of the finance department, prepare, manage and use the risk reserve, shall not misappropriate it.   第三十二条 期货交易所、期货公司、非期货公司结算会员应当按照国务院期货监督管理机构、财政部门的规定提取、管理和使用风险准备金,不得挪用。
Article 33 The items of, rates and administrative measures for service fees shall be uniformly formulated and announced by the relevant administrative department of the State Council.   第三十三条 期货交易的收费项目、收费标准和管理办法由国务院有关主管部门统一制定并公布。
Article 34 The settlement of futures trading shall be uniformly organized by the futures exchange.   第三十四条 期货交易的结算,由期货交易所统一组织进行。
The futures exchange shall adopt the mark-to-market system. It shall timely inform its members of the trading results on the current day. 期货交易所实行当日无负债结算制度。期货交易所应当在当日及时将结算结果通知会员。
A futures company shall settle its transactions according to the settlement result of the futures exchange and shall timely inform the client of the settlement result in a form as agreed to between it and the client. The client shall timely consult and properly deal with his trading positions. 期货公司根据期货交易所的结算结果对客户进行结算,并应当将结算结果按照与客户约定的方式及时通知客户。客户应当及时查询并妥善处理自己的交易持仓。
Article 35 If the margin of a member of a futures exchange is not sufficient, such member shall timely replenish the margin or close his positions on his own initiative. If the said member fails to do so within the time limit as prescribed by the futures exchange, the futures exchange shall forcibly close his futures contract, and the relevant expenses or losses so incurred shall be borne by the member.   第三十五条 期货交易所会员的保证金不足时,应当及时追加保证金或者自行平仓。会员未在期货交易所规定的时间内追加保证金或者自行平仓的,期货交易所应当将该会员的合约强行平仓,强行平仓的有关费用和发生的损失由该会员承担。
If the margin of a client of a futures exchange is not sufficient, such client shall timely replenish the margin or close his positions on his own initiative. If the said member fails to do so within the time limit as prescribed by the futures exchange, the futures exchange shall forcibly close his futures contract, and the relevant expenses or losses so incurred shall be borne by the client. 客户保证金不足时,应当及时追加保证金或者自行平仓。客户未在期货公司规定的时间内及时追加保证金或者自行平仓的,期货公司应当将该客户的合约强行平仓,强行平仓的有关费用和发生的损失由该客户承担。
Article 36 The delivery in futures trading shall be uniformly organized by the futures exchange.   第三十六条 期货交易的交割,由期货交易所统一组织进行。
The delivery warehouse shall be designated by a futures exchange. The futures exchange shall sign an agreement with the delivery warehouse to specify their respective rights and obligations. The delivery warehouse shall not: 交割仓库由期货交易所指定。期货交易所不得限制实物交割总量,并应当与交割仓库签订协议,明确双方的权利和义务。交割仓库不得有下列行为:
(1) issue any false warehouse receipt; (一)出具虚假仓单;
(2) violate the business rules of the futures exchange by imposing restrictions on the goods to enter or leave the delivery warehouse; (二)违反期货交易所业务规则,限制交割商品的入库、出库;
(3) divulge any business secret relating to the futures trading; (三)泄露与期货交易有关的商业秘密;
(4) violate the relevant provisions of the state by participating in the futures trading; or (四)违反国家有关规定参与期货交易;
(5) conduct any other acts as prescribed by the futures regulatory institution of the State Council. (五)国务院期货监督管理机构规定的其他行为。
Article 37 Where any member breaches the contract in futures trading, the futures exchange shall first use the member's margin to bear the liability for breach contract. If the margin is not enough, the futures exchange shall use its risk reserve and its own funds to bear the liabilities on that member's account, and be entitled to claim repayment afterwards against the member in question.   第三十七条 会员在期货交易中违约的,期货交易所先以该会员的保证金承担违约责任;保证金不足的,期货交易所应当以风险准备金和自有资金代为承担违约责任,并由此取得对该会员的相应追偿权。
Where a client breaches a contract in futures trading, the futures exchange shall first use the client's margin to bear the liability for breach of contract. If the margin is not enough, the futures exchange shall use its risk reserve and its own funds to bear the liabilities on that client's account, and be entitled to claim repayment afterwards against the client in question. 客户在期货交易中违约的,期货公司先以该客户的保证金承担违约责任;保证金不足的,期货公司应当以风险准备金和自有资金代为承担违约责任,并由此取得对该客户的相应追偿权。
Article 38 A futures exchange which adopts a graded member clearing system shall collect a sum of security from each of its clearing members. It merely makes settlement with the clearing members, collect security money and supplemental security money, and bear the liabilities for breach of contract on the clearing members' account with the clearing security money, risk reserve and its own fund, and take other relevant measures. The clearing members shall make settlement with the non-clearing members, collect security money and supplemental security money, and bear the liabilities for breach of contract on the non-clearing members' account with the clearing security money, risk reserve and their own fund, and take other relevant measures.   第三十八条 实行会员分级结算制度的期货交易所,应当向结算会员收取结算担保金。期货交易所只对结算会员结算,收取和追收保证金,以结算担保金、风险准备金、自有资金代为承担违约责任,以及采取其他相关措施;对非结算会员的结算、收取和追收保证金、代为承担违约责任,以及采取其他相关措施,由结算会员执行。
Article 39 The clearing members of a futures exchange or futures company or non-futures company shall ensure the completeness and safety of the futures trading, settlement and delivery materials.   第三十九条 期货交易所、期货公司和非期货公司结算会员应当保证期货交易、结算、交割资料的完整和安全。
Article 40 No entity or individual may make up or spread any false information about futures trading, or manipulate the futures trading prices by malicious collusion, joint trading or by other means.   第四十条 任何单位或者个人不得编造、传播有关期货交易的虚假信息,不得恶意串通、联手买卖或者以其他方式操纵期货交易价格。
Article 41 No entity or individual may use any credit fund or treasury fund to conduct futures trading.   第四十一条 任何单位或者个人不得违规使用信贷资金、财政资金进行期货交易。
The qualifications of a banking financial institution to engage in the financing or guaranty business relating to futures trading shall be subject to the approval of the banking regulatory institution of the State Council. 银行业金融机构从事期货交易融资或者担保业务的资格,由国务院银行业监督管理机构批准。
Article 42 To conduct futures trading at home and abroad, the state-owned or state controlled enterprises shall follow the hedging principle and strictly abide by the relevant provisions of the state-owned asset supervision and administration institution of the State Council and other relevant departments on enterprises' entering the futures market with state-owned assets.   第四十二条 国有以及国有控股企业进行境内外期货交易,应当遵循套期保值的原则,严格遵守国务院国有资产监督管理机构以及其他有关部门关于企业以国有资产进入期货市场的有关规定。
Article 43 The purchase, settlement, incomes and expenses of foreign exchange under the overseas futures shall conform to the relevant provisions of the state on the administration of foreign exchange.   第四十三条 境外期货项下购汇、结汇以及外汇收支,应当符合国家外汇管理有关规定。
The measures for domestic entities or individuals to conduct overseas futures trading shall be formulated by futures regulatory institution of the State Council jointly with the commerce administrative department, state-owned asset supervision and administration institution, banking regulatory institution, foreign exchange administrative department and other relevant departments of the State Council, and shall be implemented upon approval of the State Council. 境内单位或者个人从事境外期货交易的办法,由国务院期货监督管理机构会同国务院商务主管部门、国有资产监督管理机构、银行业监督管理机构、外汇管理部门等有关部门制订,报国务院批准后施行。
Chapter V Associations of the Futures Industry 

第五章 期货业协会

Article 44 An association of the futures industry shall be a self-disciplinary organization of the futures industry. It is a social organization with the legal person status.   第四十四条 期货业协会是期货业的自律性组织,是社会团体法人。
The futures companies and other institutions specially engaging in futures business operations shall join an association of the futures industry and pay the membership fee. 期货公司以及其他专门从事期货经营的机构应当加入期货业协会,并缴纳会员费。
Article 45 The organ of power of an association of the futures industry shall be the general assembly of its members.   第四十五条 期货业协会的权力机构为全体会员组成的会员大会。
The Articles of association of the association of the futures industry shall be worked out by the general assembly of members and shall be submitted to the futures regulatory institution of the State Council for archival purposes. 期货业协会的章程由会员大会制定,并报国务院期货监督管理机构备案。
The association of futures industry shall set up a council. The members of the council shall be elected under the Articles of association. 期货业协会设理事会。理事会成员按照章程的规定选举产生。
Article 46 The association of the futures industry shall perform the following duties:   第四十六条 期货业协会履行下列职责:
(1)To organize the members and educate them to abide by the laws, regulations and policies on futures; (一)教育和组织会员遵守期货法律法规和政策;
(2)To work out industrial self-disciplinary rules which shall be followed by the members, to supervise and inspect the members' acts, and give a disciplinary sanction to any member who violates the Articles of association or self-disciplinary rules of the association; (二)制定会员应当遵守的行业自律性规则,监督、检查会员行为,对违反协会章程和自律性规则的,按照规定给予纪律处分;
(3)To be responsible for the recognition, management and revocation of the qualifications of the practitioners; (三)负责期货从业人员资格的认定、管理以及撤销工作;
(4)To accept the clients' complaints relating to the futures business, and to mediate the disputes between the members and between the members and clients; (四)受理客户与期货业务有关的投诉,对会员之间、会员与客户之间发生的纠纷进行调解;
(5)To protect the legitimate rights and interests of the members, and to report to the futures regulatory institution of the State Council the suggestions and demands of the members; (五)依法维护会员的合法权益,向国务院期货监督管理机构反映会员的建议和要求;
(6)To organize the vocational training for the practitioners and carrying out vocational exchanges between its members; (六)组织期货从业人员的业务培训,开展会员间的业务交流;
(7)To organize its members to do research on the development and operation of the futures industry; and (七)组织会员就期货业的发展、运作以及有关内容进行研究;
(8)Other duties as prescribed in the Articles of association of the futures industry. (八)期货业协会章程规定的其他职责。
The activities of the association of the futures industry shall be subject to the guidance and supervision of the futures regulatory institution of the State Council. 期货业协会的业务活动应当接受国务院期货监督管理机构的指导和监督。
Chapter VI Supervision and Administration 

第六章 监督管理

Article 47 The futures regulatory institution of the State Council shall exercise supervision and administration on the futures market. It shall perform the following duties:   第四十七条 国务院期货监督管理机构对期货市场实施监督管理,依法履行下列职责:
(1)To formulate rules and regulations on the supervision and administration of the futures market and to exercise the power of examination and approval; (一)制定有关期货市场监督管理的规章、规则,并依法行使审批权;
(2)To supervise and administer the listing of the varieties of futures, the trading, settlement, delivery and other relevant activities relating to the futures trading; (二)对品种的上市、交易、结算、交割等期货交易及其相关活动,进行监督管理;
(3)To supervise and administer the futures business activities conducted by the futures exchanges, futures companies and other futures institutions, clearing members of non-futures companies, institution monitoring the safe custody of futures margin, custodian bank of the futures margin, delivery warehouses and other market participants; (三)对期货交易所、期货公司及其他期货经营机构、非期货公司结算会员、期货保证金安全存管监控机构、期货保证金存管银行、交割仓库等市场相关参与者的期货业务活动,进行监督管理;
(4)To formulate the qualification standards and administrative measures for the futures practitioners, and to exercise supervision; (四)制定期货从业人员的资格标准和管理办法,并监督实施;
(5)To supervise the publicity of information about supervision and inspection on futures trading; (五)监督检查期货交易的信息公开情况;
(6)To guide and supervise the activities of associations of the futures industry; (六)对期货业协会的活动进行指导和监督;
(7)To punish any violation of law or administrative regarding the supervision and administration of futures market; (七)对违反期货市场监督管理法律、行政法规的行为进行查处;
(8)To carry out international communication and cooperation activities relating to the supervision and administration of the futures market; and (八)开展与期货市场监督管理有关的国际交流、合作活动;
(9)Other duties as prescribed by the laws and administrative regulations. (九)法律、行政法规规定的其他职责。
Article 48 The futures regulatory institution of the State Council may take the following measures when performing its duties:   第四十八条 国务院期货监督管理机构依法履行职责,可以采取下列措施:
(1)To conduct on-the-spot inspections on the futures exchanges, futures companies and other futures institutions, clearing members of non-futures companies, institution monitoring the safe custody of futures margin, custodian bank of the futures margin and delivery warehouses; (一)对期货交易所、期货公司及其他期货经营机构、非期货公司结算会员、期货保证金安全存管监控机构和交割仓库进行现场检查;
(2)To make investigation and collect evidence in a place where a suspected violation has occurred; (二)进入涉嫌违法行为发生场所调查取证;
(3)To question the parties concerned or any entity or individual relating to a case under investigation and requiring the relevant entity or person to give explanations on the matters relating to a case under investigation; (三)询问当事人和与被调查事件有关的单位和个人,要求其对与被调查事件有关的事项作出说明;
(4)To consult and copy such materials as the register of property right relating to the case under investigation; (四)查阅、复制与被调查事件有关的财产权登记等资料;
(5)To consult and copy the futures trading records, financial materials and other relevant documents and materials of the parties concerned and other entities and individuals relating to the case under investigation, and to seal up the documents and material that may be transferred, concealed or damaged; (五)查阅、复制当事人和与被调查事件有关的单位和个人的期货交易记录、财务会计资料以及其他相关文件和资料;对可能被转移、隐匿或者毁损的文件和资料,可以予以封存;
(6)To consult the margin account and bank account of the relevant entities relating to the case under investigation; (六)查询与被调查事件有关的单位的保证金账户和银行账户;
(7) When investigating into any serious violation such as manipulation of the futures trading price or insider trading, it may, upon the approval of the person-in-charge of the futures trading regulatory institution of the State Council, restrict the futures trading of the parties concerned in a case under investigation, whereby the restriction term shall not exceed 15 trading days. Under any complicated circumstance, the term of restriction may be extended for another 30 trading days; and (七)在调查操纵期货交易价格、内幕交易等重大期货违法行为时,经国务院期货监督管理机构主要负责人批准,可以限制被调查事件当事人的期货交易,但限制的时间不得超过15个交易日;案情复杂的,可以延长至30个交易日;
(8)Other measures as prescribed by the laws and administrative regulations. (八)法律、行政法规规定的其他措施。
Article 49 The futures exchanges, futures companies, other futures institutions, as well as institution monitoring the safe custody of futures margin shall submit to the futures regulatory institution of the State Council their financial statements, operation materials and other relevant materials.   第四十九条 期货交易所、期货公司及其他期货经营机构、期货保证金安全存管监控机构,应当向国务院期货监督管理机构报送财务会计报告、业务资料和其他有关资料。
With regard to the annual reports submitted by the futures companies and by other futures institutions, the futures regulatory institution of the State Council shall designate special persons to examine them and work out examination reports. The examiners shall affix their signatures to the examination reports. Where any problem is found in the examination, the futures regulatory institution of the State Council shall take corresponding measures. 对期货公司及其他期货经营机构报送的年度报告,国务院期货监督管理机构应当指定专人进行审核,并制作审核报告。审核人员应当在审核报告上签字。审核中发现问题的,国务院期货监督管理机构应当及时采取相应措施。
Where necessary, the futures regulatory institution of the State Council may require the clearing members of non-futures companies, delivery warehouses, as well as the shareholders, actual controllers or other affiliated parties of futures companies to submit relevant materials. 必要时,国务院期货监督管理机构可以要求非期货公司结算会员、交割仓库,以及期货公司股东、实际控制人或者其他关联人报送相关资料。
Article 50 The futures regulatory institution of the State Council performs its duties such as carrying out supervision and inspection or making an investigation, the entities and individuals under inspection or investigation shall cooperate with it, faithfully provide relevant documents and materials, shall not refuse to do so, hamper the inspection or investigation or conceal any relevant information. Other relevant departments and entities shall support and cooperate with it.   第五十条 国务院期货监督管理机构依法履行职责,进行监督检查或者调查时,被检查、调查的单位和个人应当配合,如实提供有关文件和资料,不得拒绝、阻碍和隐瞒;其他有关部门和单位应当给予支持和配合。
Article 51 The state shall set up a futures investor guarantee fund geared to the development of the futures market.   第五十一条 国家根据期货市场发展的需要,设立期货投资者保障基金。
The concrete measures for the raising, management and use of the futures investment fund shall be formulated by the futures regulatory institution of the State Council jointly with the finance department of the State Council. 期货投资者保障基金的筹集、管理和使用的具体办法,由国务院期货监督管理机构会同国务院财政部门制定。
Article 52 The futures regulatory institution of the State Council shall establish a sound system for the monitoring of the safe custody of margins and set up an institution to monitor the safe custody of margins.   第五十二条 国务院期货监督管理机构应当建立、健全保证金安全存管监控制度,设立期货保证金安全存管监控机构。
The clients and the futures exchange, futures companies and other futures institutions, clearing members of non-futures companies as well as the custodian banks of futures margins shall observe the provisions of the futures regulatory institution of the State Council on the monitoring of the safe custody of margins. 客户和期货交易所、期货公司及其他期货经营机构、非期货公司结算会员以及期货保证金存管银行,应当遵守国务院期货监督管理机构有关保证金安全存管监控的规定。
Article 53 The institution monitoring the safe custody of futures margins shall, in accordance with the relevant provisions, monitor the safety of the margins, check it everyday and immediately report to the futures regulatory institution of the State Council the problems it finds, if any. The futures regulatory institution of the State Council shall, in light of different circumstances, timely tackle such problems under the relevant provisions of this Regulation.   第五十三条 期货保证金安全存管监控机构依照有关规定对保证金安全实施监控,进行每日稽核,发现问题应当立即报告国务院期货监督管理机构。国务院期货监督管理机构应当根据不同情况,依照本条例有关规定及时处理。
Article 54 The futures regulatory institution of the State Council shall adopt a qualification administration system for the directors, supervisors, senior managers and other futures practitioners of futures exchanges, futures companies, other futures institutions, as well as of institutions monitoring the safe custody of futures margin.   第五十四条 国务院期货监督管理机构对期货交易所、期货公司及其他期货经营机构和期货保证金安全存管监控机构的董事、监事、高级管理人员以及其他期货从业人员,实行资格管理制度。
Article 55 A futures regulatory institution of the State Council shall formulate rules on the sustainable business operation of futures companies, which shall contain such risk supervision indicators as the ratio between the net capital and the net assets, the ratio between the net capital and the business scale of domestic and overseas futures brokerage businesses, as well as the ratio between the current assets and the current liabilities of a futures company, and specify the requirements for the business operation conditions, risk management, internal control, custody of margins, and affiliated transactions of the futures company and its branches.   第五十五条 国务院期货监督管理机构应当制定期货公司持续性经营规则,对期货公司的净资本与净资产的比例,净资本与境内期货经纪、境外期货经纪等业务规模的比例,流动资产与流动负债的比例等风险监管指标作出规定;对期货公司及其分支机构的经营条件、风险管理、内部控制、保证金存管、关联交易等方面提出要求。
Article 56 Where a futures company or any of its branches does not conform to the sustainable business operation rules or where any business operation risk occurs in a futures company or in any of its branches, the futures regulatory institution of the State Council may take such supervisory measures as arranging for an interview with or giving a warning to or keeping a credit record of the futures company and its directors, supervisors and senior managers, or order the futures company to make a correction within a time limit and check the rectification result.   第五十六条 期货公司及其分支机构不符合持续性经营规则或者出现经营风险的,国务院期货监督管理机构可以对期货公司及其董事、监事和高级管理人员采取谈话、提示、记入信用记录等监管措施或者责令期货公司限期整改,并对其整改情况进行检查验收。
If the futures company fails to make a correction and if its act severely endangers the stable and sound operation of the futures company and impairs the legitimate rights and interests of its clients, or if it is under investigation of the futures regulatory institution of the State Council because it is suspected of committing any serious violation, the futures regulatory institution of the State Council may, in light of different circumstances, take the following measures: 期货公司逾期未改正,其行为严重危及期货公司的稳健运行、损害客户合法权益,或者涉嫌严重违法违规正在被国务院期货监督管理机构调查的,国务院期货监督管理机构可以区别情形,对其采取下列措施:
(1)To limit or suspend some of its futures businesses; (一)限制或者暂停部分期货业务;
(2)To stop the approval of any new business or new branch; (二)停止批准新增业务或者分支机构;
(3)To restrict the distribution of bonuses, to restrict the payment of remunerations or provision of welfares to the directors, supervisors and senior managers; (三)限制分配红利,限制向董事、监事、高级管理人员支付报酬、提供福利;
(4)To limit the transfer of properties or setting any other right to his properties; (四)限制转让财产或者在财产上设定其他权利;
(5)To order the futures company to change its directors, supervisors, senior managers or the persons-in-charge of the relevant business departments or to limit their rights; (五)责令更换董事、监事、高级管理人员或者有关业务部门、分支机构的负责人员,或者限制其权利;
(6)To restrict the allocation, transfer and utilization of the futures company's own fund or risk reserve; and (六)限制期货公司自有资金或者风险准备金的调拨和使用;
(7)To order the controlling shareholders to transfer their stock rights or to impose restrictions on the relevant shareholders' exercise of the shareholders' rights. (七)责令控股股东转让股权或者限制有关股东行使股东权利。
After the rectification, if the futures company conforms to the relevant laws, administrative regulations, as well as the requirements of the sustainable business operation rules, the futures regulatory institution of the State Council shall, within 3 days after the completion of a check, lift the relevant measures taken against the futures company. 对经过整改符合有关法律、行政法规规定以及持续性经营规则要求的期货公司,国务院期货监督管理机构应当自验收完毕之日起3日内解除对其采取的有关措施。
If, after the rectification, the futures company still fails to satisfy the requirements of the sustainable business operation rules and if its normal business operation is severely affected, the futures regulatory institution of the State Council shall have the power to revoke the permit for some or all of its futures businesses, or close down its branches. 对经过整改仍未达到持续性经营规则要求,严重影响正常经营的期货公司,国务院期货监督管理机构有权撤销其部分或者全部期货业务许可、关闭其分支机构。
Article 57 If the illegal business operation or serious risk of any futures company grossly disturbs the order of the futures market or impairs the clients' interests, the futures regulatory institution of the State Council may take such supervisory measures as ordering it to stop its business for rectification or designating any other institution to manage or take it over. Upon approval of the futures regulatory institution of the State Council, the following measures may be taken against the directly liable directors, supervisors and senior managers, as well as other directly liable persons:   第五十七条 期货公司违法经营或者出现重大风险,严重危害期货市场秩序、损害客户利益的,国务院期货监督管理机构可以对该期货公司采取责令停业整顿、指定其他机构托管或者接管等监管措施。经国务院期货监督管理机构批准,可以对该期货公司直接负责的董事、监事、高级管理人员和其他直接责任人员采取以下措施:
(1)To notify the exit administrative organ to prevent them from leaving China; and (一)通知出境管理机关依法阻止其出境;
(2)To request the judicial organ to prohibit him from moving, transferring his properties or disposing of his properties by any other means, or setting any other right to his properties. (二)申请司法机关禁止其转移、转让或者以其他方式处分财产,或者在财产上设定其他权利。
Article 58 Where a shareholder of a futures company makes any fake capital contribution or spirits away the registered capital, the futures regulatory institution of the State Council shall order it to make a correction within a time limit and may order him to transfer the stock rights of the futures company it holds.   第五十八条 期货公司的股东有虚假出资或者抽逃出资行为的,国务院期货监督管理机构应当责令其限期改正,并可责令其转让所持期货公司的股权。
Before the shareholder as prescribed in the preceding paragraph herein corrects its violation and transfers the stock right of the futures company it holds according to the relevant requirements, the futures regulatory authority of the State Council may restrict the shareholders' rights thereof. 在股东按照前款要求改正违法行为、转让所持期货公司的股权前,国务院期货监督管理机构可以限制其股东权利。
Article 59 At the occurrence of any abnormity in the futures market, the futures regulatory institution of the State Council may take necessary risk measures.   第五十九条 当期货市场出现异常情况时,国务院期货监督管理机构可以采取必要的风险处置措施。
Article 60 The trading software and clearing software of a futures company shall satisfy the requirements for the prudent business operation and risk management of the futures company as well as the relevant requirements of the futures regulatory institution of the State Council for the monitoring of safe custody of margins. If the trading software or clearing software does not meet the relevant requirements, the futures regulatory institution of the State Council shall have the power to require the futures company to improve it or replace it with another one.   第六十条 期货公司的交易软件、结算软件,应当满足期货公司审慎经营和风险管理以及国务院期货监督管理机构有关保证金安全存管监控规定的要求。期货公司的交易软件、结算软件不符合要求的,国务院期货监督管理机构有权要求期货公司予以改进或者更换。
The futures regulatory institution of the State Council may require the supplier of the trading software or clearing software of the futures company to offer materials relevant to the software, the supplier shall be cooperative. The futures regulatory institution of the State Council has the obligation to keep confidential the pertinent materials provided by the supplier. 国务院期货监督管理机构可以要求期货公司的交易软件、结算软件的供应商提供该软件的相关资料,供应商应当予以配合。国务院期货监督管理机构对供应商提供的相关资料负有保密义务。
Article 61 Where a futures company is involved in a major lawsuit or arbitration, or where the stock rights of a futures company are frozen or used as a collateral, or where any other major event occurs, the futures company and its relevant shareholders and actual controllers shall, within 5 days after the occurrence of the event, submit a written report to the futures regulatory institution of the State Council.   第六十一条 期货公司涉及重大诉讼、仲裁,或者股权被冻结或者用于担保,以及发生其他重大事件时,期货公司及其相关股东、实际控制人应当自该事件发生之日起5日内向国务院期货监督管理机构提交书面报告。
Article 62 When an accounting firm, law firm, asset appraisal institution or any other intermediary service institution provides relevant services to futures companies and other market participants, it shall abide by the laws, administrative regulations and other relevant provisions of the state on futures and shall provide pertinent materials as required by the futures regulatory institution of the State Council.   第六十二条 会计师事务所、律师事务所、资产评估机构等中介服务机构向期货交易所和期货公司等市场相关参与者提供相关服务时,应当遵守期货法律、行政法规以及国家有关规定,并按照国务院期货监督管理机构的要求提供相关资料。
Article 63 The futures regulatory institution of the State Council shall, jointly with other relevant departments, establish a mechanism of information sharing, coordination and cooperation in terms of supervision and administration.   第六十三条 国务院期货监督管理机构应当与有关部门建立监督管理的信息共享和协调配合机制。
The futures regulatory institution of the State Council may, jointly with the futures regulatory authorities of other countries or regions, establish a regulatory cooperative mechanism to exercise transnational supervision and administration. 国务院期货监督管理机构可以和其他国家或者地区的期货监督管理机构建立监督管理合作机制,实施跨境监督管理。
Article 64 Any of the personnel of the futures regulatory institution of the State Council, or of a futures exchange, institution monitoring the safe custody of futures margin or custodian bank of futures margins shall be duteous, impartial and clean, and handle matters according to law, and shall not take advantage of his post to seek improper benefits or divulge any commercial secret of the party concerned he has access to during his performance of duties.   第六十四条 国务院期货监督管理机构、期货交易所、期货保证金安全存管监控机构和期货保证金存管银行等相关单位的工作人员,应当忠于职守,依法办事,公正廉洁,保守国家秘密和有关当事人的商业秘密,不得利用职务便利牟取不正当的利益。
Chapter VII Legal Liabilities 

第七章 法律责任

Article 65 Where a futures exchange or a clearing member of a non-futures company commits any of the following acts, it shall be ordered to make a correction, be given a warning, and its illegal gains shall be confiscated:   第六十五条 期货交易所、非期货公司结算会员有下列行为之一的,责令改正,给予警告,没收违法所得:
(1)Admitting any member in violation the relevant provisions; (一)违反规定接纳会员的;
(2) Charging commissions in violation of the relevant provisions; (二)违反规定收取手续费的;
(3) Using or distributing its proceeds in violation of relevant provisions; (三)违反规定使用、分配收益的;
(4) Failing to publish the real-time information as stipulated, or releasing any information of price forecast; (四)不按照规定公布即时行情的,或者发布价格预测信息的;
(5) Failing to fulfill its obligation to report to the futures regulatory institution of the State Council as required; (五)不按照规定向国务院期货监督管理机构履行报告义务的;
(6)Failing to submit relevant documents or materials to the futures regulatory institution of the State Council as required; (六)不按照规定向国务院期货监督管理机构报送有关文件、资料的;
(7)Failing to establish a sound system of margin; (七)不按照规定建立、健全结算担保金制度的;
(8)Failing to prepare, manage or use risk reserves as required; (八)不按照规定提取、管理和使用风险准备金的;
(9)Violating the provisions of the futures regulatory institution of the State Council on the monitoring of safe custody of margin; (九)违反国务院期货监督管理机构有关保证金安全存管监控规定的;
(10)Imposing restrictions on the total volume of goods to be delivered by its members; (十)限制会员实物交割总量的;
(11)Employing persons unqualified for the futures business; or (十一)任用不具备资格的期货从业人员的;
(12) Other acts in violation of the provisions of the futures regulatory institution of the State Council. (十二)违反国务院期货监督管理机构规定的其他行为。
Where a futures exchange commits any of the acts as specified in the preceding paragraph, the directly liable person-in-charge and other directly liable persons shall be given a disciplinary sanction and shall be fined not less than 10, 000 yuan but not more than 100, 000 yuan. 有前款所列行为之一的,对直接负责的主管人员和其他直接责任人员给予纪律处分,处1万元以上10万元以下的罚款。
Any futures exchange which commits the act described in Item (2) of the first paragraph in this Article shall be ordered to refund the overcharged commissions. 有本条第一款第二项所列行为的,应当责令退还多收取的手续费。
Where an institution monitoring the safe custody of futures margin commits any of the acts as described in Items (5), (6), (9), (11) and (12) of the second paragraph of this Article, it shall be punished and given a sanction in accordance with the provisions in the first and second paragraphs. If a custodian bank of futures margin commits any of the acts as mentioned in Item (9) and (12) of the first paragraph of this Article, it shall be punished and given a sanction in accordance with the provisions of the first and second paragraphs. 期货保证金安全存管监控机构有本条第一款第五项、第六项、第九项、第十一项、第十二项所列行为的,依照本条第一款、第二款的规定处罚、处分。期货保证金存管银行有本条第一款第九项、第十二项所列行为的,依照本条第一款、第二款的规定处罚、处分。
Article 66 Where a futures exchange commits any of the following conduct, it shall be ordered to make correction and warned, its illegal income shall be confiscated, and a fine of one up to five times the amount of illegal income shall be imposed on it; or if it has no illegal income or its illegal income is less than 100,000 yuan, it shall be fined100,000 yuan up to 500,000 yuan; and if the circumstances are serious, it shall be ordered to cease business operation for rectification:   第六十六条 期货交易所有下列行为之一的,责令改正,给予警告,没收违法所得,并处违法所得1倍以上5倍以下的罚款;没有违法所得或者违法所得不满10万元的,并处10万元以上50万元以下的罚款;情节严重的,责令停业整顿:
(1) Handling any of the affairs set out in Article 13 of this Regulation without approval. (一)未经批准,擅自办理本条例第十三条所列事项的;
(2) Allowing a member to conduct futures trading without a sufficient margin. (二)允许会员在保证金不足的情况下进行期货交易的;
(3) Directly or indirectly participating in futures trading or, in violation of relevant provisions, engaging in any business irrelevant to its functions. (三)直接或者间接参与期货交易,或者违反规定从事与其职责无关的业务的;
(4) Collecting margins in violation of relevant provisions or misappropriating margins. (四)违反规定收取保证金,或者挪用保证金的;
(5) Forging, altering or failing to preserve as required the futures trading, settlement and delivery documents and data. (五)伪造、涂改或者不按照规定保存期货交易、结算、交割资料的;
(6) Failing to establish or implement the mark-to-market clearing, price limit, position limit or reporting limit system. (六)未建立或者未执行当日无负债结算、涨跌停板、持仓限额和大户持仓报告制度的;
(7) Rejecting or obstructing the supervisory inspection conducted by the futures regulatory authority of the State Council. (七)拒绝或者妨碍国务院期货监督管理机构监督检查的;
(8) Committing any other conduct in violation of the provisions of the futures regulatory authority of the State Council. (八)违反国务院期货监督管理机构规定的其他行为。
Where a fixtures exchange or any clearing member of a non-futures company commits any of the acts specified in the preceding paragraph, the directly liable person-in-charge and other directly liable person shall be given a disciplinary sanction and fined not less than 10,000 yuan but not more than 100,000 yuan. 有前款所列行为之一的,对直接负责的主管人员和其他直接责任人员给予纪律处分,处1万元以上10万元以下的罚款。
Where a non-futures-company clearing member commits any of the conduct set out in item (2), (4), (5), (6), (7) and (8), paragraph 1 of this Article, the member shall be punished or be subject to a disciplinary action under paragraphs 1 and 2 of this Article. 非期货公司结算会员有本条第一款第二项、第四项至第八项所列行为之一的,依照本条第一款、第二款的规定处罚、处分。
Where an institution monitoring the safe custody of futures margin
commits any of the acts as described in Items (3), (7) and
(8) of the first paragraph of this Article, it shall be punished and
given a sanction in accordance with the provisions in the first and
second paragraphs
 期货保证金安全存管监控机构有本条第一款第三项、第七项、第八项所列行为的,依照本条第一款、第二款的规定处罚、处分。
Article 67 Where a futures company commits any of the following acts, it shall be ordered to make a correction, be given a warning, have its illegal gains confiscated, and shall be fined not less than one time but not more than three times the illegal gains. If there are no illegal gains or if the amount of illegal gains is less than 100, 000 yuan, it shall be fined not less than 100, 000 yuan but not more than 300, 000 yuan. If the circumstance is serious, it shall be ordered to stop business for rectification or have its futures business permit revoked:   第六十七条 期货公司有下列行为之一的,责令改正,给予警告,没收违法所得,并处违法所得1倍以上3倍以下的罚款;没有违法所得或者违法所得不满10万元的,并处10万元以上30万元以下的罚款;情节严重的,责令停业整顿或者吊销期货业务许可证:
(1)Accepting the entrustment of any entity or individual who does meet the relevant conditions; (一)接受不符合规定条件的单位或者个人委托的;
(2)Allowing any client to conduct futures trading when its margin is insufficient; (二)允许客户在保证金不足的情况下进行期货交易的;
(3)Handling the matters as listed in Articles 19 and 20 of this Regulation without approval; (三)未经批准,擅自办理本条例第十九条、第二十条所列事项的;
(4)Carrying out any activities which have nothing to do with the futures business; (四)违反规定从事与期货业务无关的活动的;
(5)Engaging in self-operation business of futures or doing so in any disguised form; (五)从事或者变相从事期货自营业务的;
(6)Providing financing service to its shareholders, actual controllers or other affiliated parties, or providing guaranties to outsiders; (六)为其股东、实际控制人或者其他关联人提供融资,或者对外担保的;
(7)Violating the provisions of the futures regulatory institution of the State Council on the monitoring of the safe custody of margins; (七)违反国务院期货监督管理机构有关保证金安全存管监控规定的;
(8)Failing to perform the obligation to report to or submit the relevant documents and materials to the futures regulatory institution of the State Council under the relevant provisions; (八)不按照规定向国务院期货监督管理机构履行报告义务或者报送有关文件、资料的;
(9)Using any trading software or clearing software which does not satisfy the requirements for the prudent business operation and risk management of the futures company or the relevant requirements of the futures regulatory institution of the State Council for the monitoring of safe custody of margins; (九)交易软件、结算软件不符合期货公司审慎经营和风险管理以及国务院期货监督管理机构有关保证金安全存管监控规定的要求的;
(10)Failing to prepare, manage or use risk reserves as required; (十)不按照规定提取、管理和使用风险准备金的;
(11) Falsifying or altering futures trading, settlement and clearing materials, or failing to preserve such materials in accordance with the relevant provisions; (十一)伪造、涂改或者不按照规定保存期货交易、结算、交割资料的;
(12)Employing persons unqualified for the futures business; (十二)任用不具备资格的期货从业人员的;
(13)Counterfeiting, altering, renting, lending, buying or selling any futures business permit or business license; (十三)伪造、变造、出租、出借、买卖期货业务许可证或者经营许可证的;
(14)Conducting any dealings by mixing up the codes; (十四)进行混码交易的;
(15)Rejecting or obstructing the supervision or inspection by the futures regulatory institution of the State Council; or (十五)拒绝或者妨碍国务院期货监督管理机构监督检查的;
(16)Other acts in violation of the provisions of the futures regulatory institution of the State Council. (十六)违反国务院期货监督管理机构规定的其他行为。
Where a fixtures company commits any of the acts as specified in the preceding paragraph, the directly liable person-in-charge and other directly liable persons shall be given a disciplinary sanction and be fined not less than 10, 000 yuan but not more than 50, 000 yuan. If the circumstance is serious, the qualifications for assuming the relevant posts and the futures practitioners' qualifications shall be suspended or revoked. 期货公司有前款所列行为之一的,对直接负责的主管人员和其他直接责任人员给予警告,并处1万元以上5万元以下的罚款;情节严重的,暂停或者撤销任职资格、期货从业人员资格。
Where a futures institution other than a futures company commits any of the acts as described in Items (8), (12), (13), (15) and (16) of the first paragraph, it shall be punished in accordance with the first and second paragraphs of this Article. 期货公司之外的其他期货经营机构有本条第一款第八项、第十二项、第十三项、第十五项、第十六项所列行为的,依照本条第一款、第二款的规定处罚。
Where a shareholder, actual controller or any other affiliate of a futures company, without approval, entrusts others or accepts others' entrustment to hold or manage the stock rights of the futures company, or refuses to be cooperative during the inspection of the futures regulatory institution of the State Council, or refuses to perform the obligation to report or submit the relevant information and materials as required, or submits or provides any information or materials with any false record or misleading statement or serious omission, it shall be punished in accordance with the first and second paragraphs of this Article. 期货公司的股东、实际控制人或者其他关联人未经批准擅自委托他人或者接受他人委托持有或者管理期货公司股权的,拒不配合国务院期货监督管理机构的检查,拒不按照规定履行报告义务、提供有关信息和资料,或者报送、提供的信息和资料有虚假记载、误导性陈述或者重大遗漏的,依照本条第一款、第二款的规定处罚。
Article 68 Where a futures company commits any of the following acts cheating the clients, it shall be ordered to make a correction, be given a warning, have its illegal gains confiscated and be fined not less than one time but not more than 5 times the illegal gains. If there are no illegal gains or the amount of illegal gains is less than 100, 000 yuan, it shall be fined not less than 100, 000 yuan but not more than 500, 000 yuan. If the circumstance is serious, it shall be ordered to make a rectification or have its futures business permit revoked:   第六十八条 期货公司有下列欺诈客户行为之一的,责令改正,给予警告,没收违法所得,并处违法所得1倍以上5倍以下的罚款;没有违法所得或者违法所得不满10万元的,并处10万元以上50万元以下的罚款;情节严重的,责令停业整顿或者吊销期货业务许可证:
(1) Making a promise of profits to its clients or failing to provide the clients in advance with a risk disclosure statement as required; (一)向客户作获利保证或者不按照规定向客户出示风险说明书的;
(2)Agreeing to share profits or risks with its clients in the business of brokerage; (二)在经纪业务中与客户约定分享利益、共担风险的;
(3)Failing to accept the entrustment of any client or failing to conduct futures trading according to the entrustment of any client; (三)不按照规定接受客户委托或者不按照客户委托内容擅自进行期货交易的;
(4)Inducing any client to give trading instructions by concealing any important event or by other improper means; (四)隐瞒重要事项或者使用其他不正当手段,诱骗客户发出交易指令的;
(5)Providing any client with false return on dealings; (五)向客户提供虚假成交回报的;
(6)Failing to transmit any client's trading instruction to the futures exchange; (六)未将客户交易指令下达到期货交易所的;
(7)Diverting the clients' margin to other purposes; (七)挪用客户保证金的;
(8)Failing to open a margin account in the custodian bank of futures margin or illegally transferring the clients' margin; or (八)不按照规定在期货保证金存管银行开立保证金账户,或者违规划转客户保证金的;
(9)Other acts cheating the clients as prescribed by the futures regulatory institution of the State Council. (九)国务院期货监督管理机构规定的其他欺诈客户的行为。
Where a futures company commits any of the acts as mentioned in the preceding paragraph, the directly liable person-in-charge and other directly liable persons shall be given a warning and fined not less than 10, 00 yuan but not more than 100, 000 yuan. If the circumstance is serious, the qualifications for assuming the relevant posts and the futures practitioners' qualifications shall be suspended or revoked. 期货公司有前款所列行为之一的,对直接负责的主管人员和其他直接责任人员给予警告,并处1万元以上10万元以下的罚款;情节严重的,暂停或者撤销任职资格、期货从业人员资格。
Where an entity or individual who makes up or spread false information about futures trading, if it (he) disturbs the futures trading market, it (he) shall be punished in accordance with the first and second paragraphs of this Article. 任何单位或者个人编造并且传播有关期货交易的虚假信息,扰乱期货交易市场的,依照本条第一款、第二款的规定处罚。
Article 69 Where a futures company, or any other futures institution, or clearing member of a non-futures company, or custodian bank of the futures margin obtains a futures business permit by providing false application documents or by concealing any important fact by other means of cheating, its futures business permit shall be revoked and its illegal gains shall be confiscated.   第六十九条 期货公司及其他期货经营机构、非期货公司结算会员、期货保证金存管银行提供虚假申请文件或者采取其他欺诈手段隐瞒重要事实骗取期货业务许可的,撤销其期货业务许可,没收违法所得。
Article 70 For an insider of the inside information about futures trading or person who illegally obtains the inside information about futures trading, prior to the publicity of the information which may considerably affect the futures trading price, if he conducts futures trading by taking advantage of the inside information, or if he divulges the inside information to any other person so that such person conducts futures trading by taking advantage of the inside information, the illegal gains shall be confiscated and he shall be concurrently fined not less than one time but not more than 5 times the illegal gains. If there are no illegal gains or if the amount of illegal gains is less than 100, 000 yuan, he shall be fined not less than 100, 000 yuan but not more than 500, 000 yuan. Where an entity conducts any inside transaction, the directly liable person-in-charge and other directly liable persons shall be given a warning and fined not less than 30, 000 yuan but not more than 300, 000 yuan.   第七十条 期货交易内幕信息的知情人或者非法获取期货交易内幕信息的人,在对期货交易价格有重大影响的信息尚未公开前,利用内幕信息从事期货交易,或者向他人泄露内幕信息,使他人利用内幕信息进行期货交易的,没收违法所得,并处违法所得1倍以上5倍以下的罚款;没有违法所得或者违法所得不满10万元的,处10万元以上50万元以下的罚款。单位从事内幕交易的,还应当对直接负责的主管人员和其他直接责任人员给予警告,并处3万元以上30万元以下的罚款。
Where any of the personnel of the futures regulatory institution of the State Council, or of a futures exchange, or of an institution monitoring the safe custody of futures margin conducts any inside transaction, he shall be given a heavier punishment. 国务院期货监督管理机构、期货交易所和期货保证金安全存管监控机构的工作人员进行内幕交易的,从重处罚。
Article 71 Where any entity or individual commits any of the following acts manipulating the futures trading prices, it shall be ordered to make a correction, have its (his) illegal gains confiscated, and be concurrently fined not less than one time but not more than five times the illegal gains. If there are no illegal gains or if the amount of the illegal gains is less than 200, 000 yuan, it (he) shall be fined not less than 200, 000 yuan but not more than 1 million yuan:   第七十一条 任何单位或者个人有下列行为之一,操纵期货交易价格的,责令改正,没收违法所得,并处违法所得1倍以上5倍以下的罚款;没有违法所得或者违法所得不满20万元的,处20万元以上100万元以下的罚款:
(1)Manipulating fixtures trading prices individually or in collusion by buying and selling futures contracts by jointly or successively taking advantage of funds or positions it holds or by taking its advantage in information; (一)单独或者合谋,集中资金优势、持仓优势或者利用信息优势联合或者连续买卖合约,操纵期货交易价格的;
(2)Deliberately colluding with another party to conduct futures transactions with each other at a time, at a price and in a method agreed upon in advance so as to influence the futures trading prices or the fixtures trading volume; (二)蓄意串通,按事先约定的时间、价格和方式相互进行期货交易,影响期货交易价格或者期货交易量的;
(3)Using oneself as the trading party, acting as the buyer and seller simultaneously so as to influence the futures trading prices or the futures trading volume; (三)以自己为交易对象,自买自卖,影响期货交易价格或者期货交易量的;
(4)Hoarding goods in order to influence futures market prices; or (四)为影响期货市场行情囤积现货的;
(5)Committing other acts manipulating fixtures trading prices as prescribed by the futures regulatory institution of the State Council. (五)国务院期货监督管理机构规定的其他操纵期货交易价格的行为。
Where an entity or individual commits any of the acts as specified in the preceding paragraph, the directly liable person-in-charge and other directly liable persons shall be given a disciplinary sanction and fined not less than 10,000 yuan but not more than 100,000 yuan. 单位有前款所列行为之一的,对直接负责的主管人员和其他直接责任人员给予警告,并处1万元以上10万元以下的罚款。
Article 72 Any delivery warehouse that commits any of the acts stipulated in Paragraph 2, Article 39 of this Regulation shall be ordered to make a correction, be given a warning, have its illegal gains confiscated, and shall be fined concurrently not less than one time but not more than five times the illegal gains. If there are no illegal gains or the amount of the illegal gains is less than 100, 000 yuan, it shall be fined not less than 100,000 yuan but not more than 500,000 yuan. If the circumstance is serious, the futures exchange shall be ordered to suspend or cancel the qualification of the delivery warehouse. The directly liable person-in-charge and other directly liable persons shall be given a warning and fined not less than 10, 000 yuan but not more than 100, 000 yuan.   第七十二条 交割仓库有本条例第三十六条第二款所列行为之一的,责令改正,给予警告,没收违法所得,并处违法所得1倍以上5倍以下的罚款;没有违法所得或者违法所得不满10万元的,并处10万元以上50万元以下的罚款;情节严重的,责令期货交易所暂停或者取消其交割仓库资格。对直接负责的主管人员和其他直接责任人员给予警告,并处1万元以上10万元以下的罚款。
Article 73 Where a state-owned enterprise or state controlled enterprise conduct futures trading in violation of this Regulation or in violation of the relevant provisions of the futures regulatory institution of the State Council and other relevant departments regarding the enterprises' entering the futures market with the state-owned assets, or where an entity or individual conducts futures trading by illegally using any credit fund, treasury fund, it (he) shall be given a warning with its (his) illegal gains being confiscated, and it shall be fined concurrently not less than one time but not more than 5 times the illegal gains. If there are no illegal gains or the amount of the illegal gains is less than 100, 000 yuan, it (he) shall be fined not less than 100,000 yuan but not more than 500,000 yuan. The directly liable person-in-charge and other directly liable persons shall be given a disciplinary sanction such as demotion or even removal.   第七十三条 国有以及国有控股企业违反本条例和国务院国有资产监督管理机构以及其他有关部门关于企业以国有资产进入期货市场的有关规定进行期货交易,或者单位、个人违规使用信贷资金、财政资金进行期货交易的,给予警告,没收违法所得,并处违法所得1倍以上5倍以下的罚款;没有违法所得或者违法所得不满10万元的,并处10万元以上50万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予降级直至开除的纪律处分。
Article 74 Where a domestic entity or individual conducts overseas futures trading in violation of the relevant provisions, it (he) shall be ordered to make a correction, be given a warning, have its (his) illegal gains confiscated, and shall be concurrently fined not less than one time but not more than 5 times the illegal gains. If there are no illegal gains or if the amount of illegal gains is less than 200, 000 yuan, it (he) shall be fined not less than 200, 000 yuan but not more than 1 million yuan. If the circumstance is serious, it (he) shall suspend the overseas futures trading. The directly liable person-in-charge and other directly liable persons shall be given a warning and concurrently fined not less than 10, 000 yuan but not more than 100, 000 yuan.   第七十四条 境内单位或者个人违反规定从事境外期货交易的,责令改正,给予警告,没收违法所得,并处违法所得1倍以上5倍以下的罚款;没有违法所得或者违法所得不满20万元的,并处20万元以上100万元以下的罚款;情节严重的,暂停其境外期货交易。对单位直接负责的主管人员和其他直接责任人员给予警告,并处1万元以上10万元以下的罚款。
Article 75 Where anyone illegally establishes a futures trading place or organizes futures trading activities in any other form, such establishment or activities shall be banned by the local people's government at or above the county level, any illegal income shall be confiscated, and a fine of one up to five times the amount of illegal income shall be imposed on the violator; or if there is no illegal income or the illegal income is less than 200,000 yuan, the violator shall be fined 200,000 yuan up to one million yuan. If the violator is an entity, its direct person in charge and other directly liable persons shall be warned and each fined 10,000 yuan up to 100,000 yuan.   第七十五条 非法设立期货交易场所或者以其他形式组织期货交易活动的,由所在地县级以上地方人民政府予以取缔,没收违法所得,并处违法所得1倍以上5倍以下的罚款;没有违法所得或者违法所得不满20万元的,处20万元以上100万元以下的罚款。对单位直接负责的主管人员和其他直接责任人员给予警告,并处1万元以上10万元以下的罚款。
Where anyone illegally establishes a futures company or any other futures trading institutions or engages in the futures business without approval, the establishment or engagement shall be banned, the illegal income shall be confiscated, and a fine of one up to five times the amount of illegal income shall be imposed on the violator; or if there is no illegal income or the illegal income is less than 200,000 yuan, the violator shall be fined 200,000 yuan up to one million yuan. If the violator is an entity, its direct person in charge and other directly liable persons shall be warned and fined 10,000 yuan up to 100,000 yuan. 非法设立期货公司及其他期货经营机构,或者擅自从事期货业务的,予以取缔,没收违法所得,并处违法所得1倍以上5倍以下的罚款;没有违法所得或者违法所得不满20万元的,处20万元以上100万元以下的罚款。对单位直接负责的主管人员和其他直接责任人员给予警告,并处1万元以上10万元以下的罚款。
Article 76 Where a futures company's supplier of trading software or clearing software refuses to cooperate with the futures regulatory institution of the State Council in an investigation, or fails to provide the futures regulatory institution of the State Council with the relevant software materials as required, or provides the futures regulatory institution of the State Council with software materials with false information or serious omission, it shall be ordered to make a correction and fined not less than 30, 000 yuan but not more than 100, 000 yuan. The directly liable person-in-charge and other directly liable persons shall be given a warning and concurrently fined not less than 10, 000 yuan but not more than 50, 000 yuan.   第七十六条 期货公司的交易软件、结算软件供应商拒不配合国务院期货监督管理机构调查,或者未按照规定向国务院期货监督管理机构提供相关软件资料,或者提供的软件资料有虚假、重大遗漏的,责令改正,处3万元以上10万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告,并处1万元以上5万元以下的罚款。
Article 77 Where an accounting firm, law firm, asset appraisal institution or any other intermediary service institution fails to be duteous, or issues documents with any false record, misleading statement or serious omission, it shall be ordered to make a correction, have its business income confiscated, have its relevant business license suspended or revoked, and be concurrently fined not less than one time but not more than 5 times the business income. The directly liable person-in-charge and other directly liable persons shall be given a warning and be concurrently fined not less than 30, 000 yuan but not more than 100, 000 yuan.   第七十七条 会计师事务所、律师事务所、资产评估机构等中介服务机构未勤勉尽责,所出具的文件有虚假记载、误导性陈述或者重大遗漏的,责令改正,没收业务收入,暂停或者撤销相关业务许可,并处业务收入1倍以上5倍以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告,并处3万元以上10万元以下的罚款。
Article 78 Where an entity or individual violates this Regulation, if the circumstance is serious, the futures regulatory institution of the State Council shall announce that this individual, this entity or the directly liable persons of this entity are prohibited to enter the futures market.   第七十八条 任何单位或者个人违反本条例规定,情节严重的,由国务院期货监督管理机构宣布该个人、该单位或者该单位的直接责任人员为期货市场禁止进入者。
Article 79 Where any of the personnel of the futures regulatory institution of the State Council, or of a futures exchange, or of an institution monitoring the safe custody of futures margin, or of a custodian bank of futures margin divulges any state secret or any client's business secret he has access to, or seeks private benefits, neglects his duties, abuses his power or accepts any bribe, he shall be given an administrative or disciplinary sanction.   第七十九条 国务院期货监督管理机构、期货交易所、期货保证金安全存管监控机构和期货保证金存管银行等相关单位的工作人员,泄露知悉的国家秘密或者会员、客户商业秘密,或者徇私舞弊、玩忽职守、滥用职权、收受贿赂的,依法给予行政处分或者纪律处分。
Article 80 Anyone who violates this Regulation and constitutes any crime shall be subject to the criminal liabilities.   第八十条 违反本条例规定,构成犯罪的,依法追究刑事责任。
Article 81 The administrative punishments for violations prescribed in this Regulation, except as otherwise provided for in this Regulation, shall be decided by the futures regulatory authority of the State Council; if the statutory functions of other relevant departments are involved, the futures regulatory authority of the State Council shall, jointly with other relevant departments, handle such violations; and if the violations fall within the statutory functions of other relevant departments, the futures regulatory authority of the State Council shall transfer such cases to other relevant departments for handling.   第八十一条 对本条例规定的违法行为的行政处罚,除本条例已有规定的外,由国务院期货监督管理机构决定;涉及其他有关部门法定职权的,国务院期货监督管理机构应当会同其他有关部门处理;属于其他有关部门法定职权的,国务院期货监督管理机构应当移交其他有关部门处理。
Chapter VIII Supplementary Provisions 

第八章 附  则

Article 82 Definitions of the following terms:   第八十二条 本条例下列用语的含义:
(1) “Commodity futures contract” means a futures contract with agricultural products, industrial products, energy and other commodities, and their relevant index products as the subject matter. (一)商品期货合约,是指以农产品、工业品、能源和其他商品及其相关指数产品为标的物的期货合约。
(2) “Financial futures contract” means a futures contract with negotiable securities, interest rate, exchange rate and other financial products, and their relevant index products as the subject matter. (二)金融期货合约,是指以有价证券、利率、汇率等金融产品及其相关指数产品为标的物的期货合约。
(3) “Margin” means the funds paid or standard warehouse receipts, treasury bonds and other negotiable securities with stable values and high liquidity submitted by futures traders, which are used for settlement and performance guarantee purposes. (三)保证金,是指期货交易者按照规定交纳的资金或者提交的价值稳定、流动性强的标准仓单、国债等有价证券,用于结算和保证履约。
(4) “Settlement” means the clearing and transfer of funds for the trading results of both trading parties at the settlement price published by a futures exchange. (四)结算,是指根据期货交易所公布的结算价格对交易双方的交易结果进行的资金清算和划转。
(5) “delivery” means the procedure by which, on the maturity of a futures contract, both trading parties settle the contract having not yet closed out on the maturity by transferring the ownership of goods stipulated in the futures contract in accordance with the rules and procedures of the futures exchange, or settle the difference in cash at a settlement price as prescribed. (五)交割,是指合约到期时,按照期货交易所的规则和程序,交易双方通过该合约所载标的物所有权的转移,或者按照规定结算价格进行现金差价结算,了结到期未平仓合约的过程。
(6) “closing position” means the activity by which a futures trader purchases or sells a futures contract containing the same variety, quantity and month of delivery as those of the fixtures contract he has held, but is opposite in the direction of trading, in order to close out futures trading. (六)平仓,是指期货交易者买入或者卖出与其所持合约的品种、数量和交割月份相同但交易方向相反的合约,了结期货交易的行为。
(7) “volume of positions held” refers to the volume of open contracts held by a futures trader. (七)持仓量,是指期货交易者所持有的未平仓合约的数量。
(8) “position limit” means the maximum volume of positions held by a futures trader as prescribed by the futures exchange. (八)持仓限额,是指期货交易所对期货交易者的持仓量规定的最高数额。
(9) “Standard warehouse receipt” means a standard delivery document issued by a warehouse and recognized by a futures exchange. (九)标准仓单,是指交割仓库开具并经期货交易所认定的标准化提货凭证。
(10) “price limits” means that the trading price of a futures contract may not be higher or lower than the stipulated range on a certain trading day, and a quoted price which outgoes that range shall be regarded as invalid and the transaction cannot be completed. (十)涨跌停板,是指合约在1个交易日中的交易价格不得高于或者低于规定的涨跌幅度,超出该涨跌幅度的报价将被视为无效,不能成交。
(11) “inside information” refers to the information which has not been made public and might produce a major influence on futures trading prices, including the policies formulated by the futures regulatory institution of the State Council and other related departments which might produce a major influence on futures trading prices, decisions made by a futures exchange which might generate a major influence on fixtures trading prices, details of the financial status and trading trends of members and clients of a futures exchange, and other important information which the futures regulator institution of the State Council deems to have a conspicuous impact on futures trading prices. (十一)内幕信息,是指可能对期货交易价格产生重大影响的尚未公开的信息,包括:国务院期货监督管理机构以及其他相关部门制定的对期货交易价格可能发生重大影响的政策,期货交易所作出的可能对期货交易价格发生重大影响的决定,期货交易所会员、客户的资金和交易动向以及国务院期货监督管理机构认定的对期货交易价格有显著影响的其他重要信息。
(12) “insiders who have access to inside information” refers to persons who, by virtue of their management position, supervisory role or profession, or who, through their duties as an employee or professional consultant, have access to or obtain inside information, including the senior managing personnel of a futures exchange, other employees who, by virtue of their posts, can obtain inside information, personnel of the futures regulatory institution of the State Council, personnel of other related departments, and other persons as prescribed by the futures regulatory institution of the State Council. (十二)内幕信息的知情人员,是指由于其管理地位、监督地位或者职业地位,或者作为雇员、专业顾问履行职务,能够接触或者获得内幕信息的人员,包括:期货交易所的管理人员以及其他由于任职可获取内幕信息的从业人员,国务院期货监督管理机构和其他有关部门的工作人员以及国务院期货监督管理机构规定的其他人员。
Article 83 The futures regulatory institution of the State Council may approve the establishment of a special settlement institution, which is specially responsible for the settlement of futures exchanges, performs other relevant duties and bears the corresponding legal liabilities.   第八十三条 国务院期货监督管理机构可以批准设立期货专门结算机构,专门履行期货交易所的结算以及相关职责,并承担相应法律责任。
Article 84 The administrative measures for overseas institutions' establishment, merger or taking shares of futures institutions within China, as well as for overseas futures institutions' establishment of branches (representative offices) within China shall be formulated by the futures regulatory institution of the State Council jointly with the commerce administrative department, foreign exchange administrative department and other relevant departments of the State Council and shall be implemented upon approval of the State Council.   第八十四条 境外机构在境内设立、收购或者参股期货经营机构,以及境外期货经营机构在境内设立分支机构(含代表处)的管理办法,由国务院期货监督管理机构会同国务院商务主管部门、外汇管理部门等有关部门制订,报国务院批准后施行。
Article 85 The futures trading conducted in a trading place approved by the futures regulatory institution of the State Council other than in a futures exchange shall be governed by this Regulation.   第八十五条 在期货交易所之外的国务院期货监督管理机构批准的交易场所进行的期货交易,依照本条例的有关规定执行。
Article 86 Other trading activities of commodities or financial products which do not fall into the category of futures trading shall be subject to the supervision and administration of the relevant competent departments of the state and are not governed by this Regulation.   第八十六条 不属于期货交易的商品或者金融产品的其他交易活动,由国家有关部门监督管理,不适用本条例。
Article 87 This Regulation shall come into forces as of April 15, 2007. The Interim Regulation on the Administration of Futures Trading as promulgated by the State Council on June 2, 1999, shall be repealed simultaneously.   第八十七条 本条例自2007年4月15日起施行。1999年6月2日国务院发布的《期货交易管理暂行条例》同时废止。
     
     
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