| Notice by the China Futures Association of Issuing and Implementing the Guidelines for Business Pilot Programs by the Risk Management Companies of Futures Companies and the Supporting Document | | 中国期货业协会关于发布实施《期货公司风险管理公司业务试点指引》及配套文件的通知 |
| (No. 10 [2019] of the China Futures Association) | | （中期协字〔2019〕10号） |
| All member entities: | | 各会员单位： |
| The Guidelines for Business Pilot Programs by the Risk Management Companies of Futures Companies and Supporting Documents (hereinafter referred to as the "Guidelines") as deliberated and adopted at the fourth meeting of the Fifth Council of the China Futures Association (hereinafter referred to as the "Association") is hereby issued and shall come into force on the date of issuance. For the purposes of regulating the filing and reporting of the pilot program of business by risk management companies, the Association revised the Standards of Application Materials for Business Pilot Programs by Risk Management Companies, which shall come into force on the date of issuance of the Guidelines. | | 《期货公司风险管理公司业务试点指引》（以下简称《指引》）已经中国期货业协会（以下简称协会）第五届理事会第四次会议审议通过，现予公布，自发布之日起施行。为规范风险管理公司业务试点的备案与报告工作，协会修订了《风险管理公司业务试点申报材料规范》，于《指引》发布之日实施。 |
| The kinds of filed business related to risk management are adjusted according to the Guidelines on the said date, to wit, the filed "basis transaction" is replaced with "basis trading," and the filed "pricing services" with "over-the-counter derivatives business." | | 已备案的风险管理相关业务类型自即日起按照《指引》予以调整，具体包括已备案的“基差交易”变更为“基差贸易”，已备案的“定价服务”变更为“场外衍生品业务”。 |
| The Standards of Application Materials for Business Pilot Programs by Risk Management Companies (No. 1-7) issued by the Association on August 26, 2014 shall be repealed concurrently. All futures companies and their risk management companies shall effectively conduct pilot programs in strict accordance with the requirements of the Guidelines and the supporting working rules. All companies shall promptly report problems encountered in the implementation of the Guidelines to the Association. | | 2014年8月26日协会发布的《风险管理公司业务试点申报材料规范》（第1-7号）同时废止。各期货公司及其风险管理公司要切实严格按照《指引》及配套工作规范的要求开展试点工作。各公司在落实《指引》中遇到问题应及时向我会反映。 |
| Telephone: 010-88087010 | | 联系电话：010-88087010 |
| Email: chuangxinbu@cfachina.org | | 电子邮箱：chuangxinbu@cfachina.org |
| | 特此通知。 |
| Annexes: | | 附件： |
| 1. Guidelines for Business Pilot Programs by the Risk Management Companies of Futures Companies | | 1.期货公司风险管理公司业务试点指引 |
| 2. Standards of Application Materials for Business Pilot Programs by Risk Management Companies (No. 1-7) | | 2.风险管理公司业务试点申报材料规范（第1-7号） |
| February 15, 2019 | | 二〇一九年二月十五日 |
| Annex 1: | | 附件1： |
| Guidelines for Business Pilot Programs by the Risk Management Companies of Futures Companies | | 期货公司风险管理公司业务试点指引 |
| Chapter I General Provisions | | 第一章 总则 |
| Article 1 For purposes of satisfying the need for futures markets serving the development of the real economy and guiding futures companies in forming subsidiaries (hereinafter referred to as the "risk management companies") to conduct business pilot programs with a focus on risk management services, these Guidelines are developed according to the Company Law of the People's Republic of China, the Regulation on the Administration of Futures Trading, the Measures for the Supervision and Administration of Futures Companies, the Measures for the Suitability Management of Securities and Futures Investors, and other relevant laws, regulations and rules and the Articles of Association of the China Futures Association, the Guidelines for Futures Broker-dealers Implementing Suitability Management of Investors (for Trial Implementation) and other self-regulatory rules and provisions. | | 第一条 为适应期货市场服务实体经济发展的需要，指导期货公司设立子公司（以下简称风险管理公司）开展以风险管理服务为主的业务试点工作，根据《中华人民共和国公司法》、《期货交易管理条例》、《期货公司监督管理办法》、《证券期货投资者适当性管理办法》等相关法律法规、规章和《中国期货业协会章程》、《期货经营机构投资者适当性管理实施指引（试行）》等自律规则规定，制定本指引。 |
| Article 2 A futures company shall prudentially establish a risk management company on the basis of adequately assessing its business advantages, talent reserves, risk control capabilities and other conditions and sufficient preparations, and may conduct business on a pilot-program basis only upon filing with the Association. | | 第二条 期货公司应当在充分评估自身业务优势、人才储备、风险控制能力等条件和准备充分的基础上，审慎设立风险管理公司，经向协会备案方可开展试点业务。 |
| Article 3 A risk management company may conduct the following business on a pilot-program basis: | | 第三条 风险管理公司可以开展以下试点业务： |
| (1) Basis trading. | | （一）基差贸易； |
| (2) Warehouse receipt services. | | （二）仓单服务； |
| (3) Cooperative hedging. | | （三）合作套保； |
| (4) Over-the-counter ("OTC") derivatives business. | | （四）场外衍生品业务； |
| (5) Market making business. | | （五）做市业务； |
| (6) Business otherwise related to risk management services. | | （六）其他与风险管理服务相关的业务。 |
| A risk management company shall, when conducting the business on a pilot-program basis, classify the business into the aforesaid basic types according to the business substance of transactions and place different types of business under classification management. | | 风险管理公司开展试点业务，应当按照各项交易的业务实质归入上述基本类型，并对不同类型业务实施分类管理。 |
| Article 4 A futures company shall strengthen the management of the risk management company established and supervise and promote it conducting business around risk management services, operating in compliance with the laws and regulations, and strengthening internal management and risk control, so as to prevent the operating risk and goodwill risk caused to the futures company by the operation of the risk management company in violation of the laws and regulations. | | 第四条 期货公司应当加强对所设风险管理公司的管理，督促其围绕风险管理服务开展业务，依法合规经营，加强内部管理和风险控制，防范风险管理公司违法违规经营导致的期货公司的经营风险和声誉风险。 |
| Article 5 A risk management company shall, when carrying out risk management service activities, follow the principles of good faith and prudential operation, establish and improve a compliance and risk control system, and effectively prevent and control risk. | | 第五条 风险管理公司开展风险管理服务活动，应当遵循诚实信用和审慎经营的原则，建立健全合规与风险控制制度，有效防范和控制风险。 |
| Article 6 The employees of a risk management company shall, when carrying out risk management service activities, follow the principle of good faith, abide by professional ethics and code of conduct, and perform the obligation of diligence. | | 第六条 风险管理公司工作人员开展风险管理服务活动，应当遵循诚实信用原则，恪守职业道德和行为规范，履行勤勉义务。 |
| Article 7 A risk management company and its employees shall, when conducting the pilot program of risk management business, observe the provisions of these Guidelines and accept the self-regulatory management of the China Futures Association (hereinafter referred to as the "Association"). | | 第七条 风险管理公司及其工作人员开展风险管理业务试点工作应当遵守本指引规定，接受中国期货业协会（以下简称协会）的自律管理。 |
| A risk management company shall join the Association as its member. | | 风险管理公司应当加入协会，成为协会会员。 |
| Article 8 The Association shall receive guidance and supervision from the China Securities Regulatory Commission ("CSRC") with respect to the self-regulatory management of risk management companies and establish a regulatory cooperation and information sharing mechanism with relevant regulatory authorities and self-regulatory organizations. | | 第八条 协会对风险管理公司的自律管理接受中国证监会的指导和监督，并与相关监管机构和自律组织建立监管协作和信息共享机制。 |
| Chapter II Filing | | 第二章 备案 |
| Article 9 A futures company filing its risk management company shall meet the following conditions: | | 第九条 期货公司备案风险管理公司应当符合以下条件： |
| (1) At the time of filing, the futures company has a classification rating not lower than Class B rating of BB for the latest period and a net capital of RMB 300 million or more. | | （一）备案时期货公司最近一期分类评级不低于B类BB级，净资本不低于人民币3亿元，； |
| (2) All the risk regulatory indicators have continued to meet the prescribed standards over the past year and comply with requirements after the establishment of the risk management company. | | （二）最近1年各项风险监管指标持续符合规定标准且设立风险管理公司后各项风险监管指标符合规定； |
| (3) Corporate governance, internal control and risk management systems are sound. | | （三）公司治理健全，内部控制和风险管理制度完善； |
| (4) There is a sound management system and capability to perform effective management and risk isolation in respect of the business activities of the risk management company. | | （四）具有完备的管理制度，能够对风险管理公司业务活动实施有效管理和风险隔离； |
| (5) Over the past three years, administrative regulatory measures set forth in paragraph 2, Article 55 of the Regulation on the Administration of Futures Trading have not been adopted against the futures company, nor has it received punishment, either administrative or criminal, for a major violation of any law or regulation. | | （五）最近3年未被采取《期货交易管理条例》第五十五条第二款所列行政监管措施，未因重大违法违规行为受到行政处罚或者刑事处罚； |
| (6) No administrative regulatory measures have been taken against the futures company by reason of unsound corporate governance, internal control or risk management systems, or the like over the past year, it is not required to take corrective action, and it is neither under an investigation by the authorities nor subject to compulsory measures on account of a suspected major violation of any law or regulation. | | （六）最近1年未因公司治理不健全、内部控制和风险管理制度不完善等原因被采取行政监管措施或正处于整改期间，未因涉嫌重大违法违规正在被有权机关立案调查或采取强制措施； |
| (7) Conditions otherwise specified by the Association in accordance with the principle of prudence. | | （七）协会根据审慎原则规定的其他条件。 |
| Article 10 A risk management company filing its transaction of risk management service business shall meet the following conditions: | | 第十条 风险管理公司备案开展风险管理服务业务应当符合以下条件： |
| (1) The futures company has a classification rating not lower than Class B rating of BB. | | （一）期货公司分类评级不低于B类BB级； |
| (2) Having a good internal governance structure, a clear decision-making and authorization system, and a sound internal control system. | | （二）具有良好的内部治理结构、清晰的决策与授权体系、完善的内部控制制度； |
| (3) Having the capital strength that matches the business under the pilot program and a paid-in capital of RMB 100 million or more. | | （三）具备与试点业务相匹配的资本实力，实缴资本不得低于人民币1亿元； |
| (4) Having a place of business, professionals, technical systems and sound compliance management and risk control mechanism that match the business under the pilot program, with five or more persons passing the futures practitioner qualification examination. | | （四）具备与试点业务相匹配的营业场所、专业人员、技术系统和健全的合规管理与风险控制机制，不少于5名人员通过期货从业人员资格考试； |
| (5) Having sound measures for protecting the rights and interests of customers. | | （五）具有完善的客户权益保护措施。 |
| Article 11 A risk management company that files the transaction of the business in Article 3(4) of these Guidelines shall also meet the following conditions: | | 第十一条 风险管理公司备案开展本指引第三条第（四）项业务的，还应当符合以下条件： |
| (1) The futures company has a classification rating not lower than Class B rating of BBB. | | （一）期货公司分类评级不低于B类BBB级； |
| (2) The risk management company shall have full-time legal compliance, trading, risk control, settlement, and other posts with respect to its OTC derivatives business, and different posts may not be held concurrently. | | （二）风险管理公司场外衍生品业务应当配备专职合规法务、交易、风控、结算等岗位，不同岗位人员不得互相兼职； |
| (3) If the risk management company conducts OTC derivatives business, the futures company shall continue to have a classification rating not lower than Class A rating of AA; the paid-in capital of the risk management company shall not be less than RMB 200 million; the risk management company shall have conducted OTC derivatives business for three or more years (as indicated by data in the monthly reports submitted by the company to the Association) and have independent hedging transaction capabilities; and the person in charge of the OTC derivatives business shall have three or more years' experience in practicing OTC derivatives business. | | （三）风险管理公司开展个股场外衍生品业务的，期货公司分类评级持续不低于A类AA级；风险管理公司实缴资本不低于人民币2亿元；风险管理公司开展场外衍生品业务时间达到3年以上（以公司向协会报送的月度报告数据为准）且具有自主对冲交易能力；场外衍生品业务负责人具有场外衍生品业务3年以上从业经历。 |
| Article 12 A futures company shall submit the following filing materials to the Association within five working days after the risk management company completes the industrial and commercial registration: | | 第十二条 期货公司应当在风险管理公司完成工商登记后5个工作日内向协会提交以下备案材料： |
| (1) A filing report. | | （一）备案报告； |
| (2) The resolution that the shareholders' meeting (shareholders' assembly) or the board of directors of the futures company approves the establishment of the risk management company to conduct the business pilot program (as issued in accordance with the company's bylaw). | | （二）期货公司股东会（股东大会）或者董事会同意设立风险管理公司开展业务试点的决议（按照公司章程规定出具）； |
| (3) The management system of the futures company regarding the risk management company. | | （三）期货公司关于风险管理公司的管理制度； |
| (4) The Consolidated Form of Risk Regulatory Indicators (Form SR-1) of the futures company in the past year. | | （四）期货公司最近1年《风险监管指标汇总表（SR-1表）》； |
| (5) Other materials required by the Association. | | （五）协会要求提供的其他材料。 |
| If foregoing subparagraph (3) is modified, the futures company shall report the modification to the Association within five working days. | | 上述第（三）项发生变更的，期货公司应当在5个工作日内向协会报告变更情况。 |
| Article 13 A risk management company shall submit the following filing materials to the Association within five working days after the completion of industrial and commercial registration: | | 第十三条 风险管理公司应当在工商登记完成后5个工作日内向协会提交以下备案材料： |
| (1) The self-regulatory promise of the risk management company. | | （一）风险管理公司自律承诺书； |
| (2) The basic information on the risk management company, including company name, domicile, registered capital, legal representative, and scope of business. | | （二）风险管理公司基本信息，包括公司名称、住所地、注册资本、法定代表人、经营范围等； |
| (3) The ownership structure chart of the risk management company, including the register of capital contributors who hold 5% or more stocks in the company, their capital contributions, the method of capital contribution, a description of contribution ratios, and a description of the affiliate relationship between capital contributors. | | （三）风险管理公司股权结构图，包括持有公司5%（含）以上股权的出资人名册及其出资额、出资方式和出资比例说明，以及出资人之间的关联关系说明； |
| (4) The information on the employees of the risk management company, including basic information on directors, supervisors and senior managers. | | （四）风险管理公司人员信息，包括董事、监事、高级管理人员的基本信息； |
| (5) The bylaw and basic management system of the risk management company. | | （五）风险管理公司章程及基本管理制度； |
| (6) Other materials required by the Association. | | （六）协会要求提供的其他材料。 |
| In the event of any modification of foregoing subparagraphs (2) through (5), the risk management company shall report the modification to the Association within five working days, running from the modification of industrial and commercial registration if any. | | 上述第（二）至（五）项发生变更的，风险管理公司应当在5个工作日内向协会报告变更情况，涉及工商登记变更的，以完成工商登记变更的时间为准。 |
| Article 14 A risk management company that conducts the business provided in Article 3 of these Guidelines shall submit the following filing materials to the Association within five working days from the date when the shareholders' meeting (shareholders' assembly) or the board of directors adopts the relevant resolution and file its establishment before submitting the filing materials for the business: | | 第十四条 风险管理公司开展本指引第三条规定业务的，应当于股东会（股东大会）或者董事会作出相关决议之日起5个工作日内向协会提交以下备案材料，风险管理公司提交业务备案材料前应当完成公司设立备案： |
| (1) A filing report. | | （一）备案报告； |
| (2) The resolution that the shareholders' meeting (shareholders' assembly) or the board of directors of the risk management company approves that the risk management company conducts the business (as issued in accordance with the company's bylaw). | | （二）风险管理公司股东会（股东大会）或者董事会同意风险管理公司开展该项业务的决议（按照公司章程规定出具）； |
| (3) A proposal for the business pilot program, including without limitation markets and customers that the business is pitched at, principal business model, business development plan, staffing and assignment of technical systems, risk control measures, and measures against conflict of interests. | | （三）业务试点方案，包括但不限于该项业务的目标市场和目标客户定位、主要业务模式、业务发展规划、人员和技术系统配备、风险控制措施、利益冲突防范措施等内容； |
| (4) The management system of the business. | | （四）该项业务的管理制度； |
| (5) Other materials required by the Association. | | （五）协会要求的其他材料。 |
| A risk management company that has not conducted relevant business for three months after receiving notice of business filing shall reapply for filing of the business. | | 风险管理公司自取得予以业务备案通知3个月内，仍未开展相关业务的，应当重新申请该项业务备案。 |
| Article 15 A risk management company that is to terminate filed business shall submit the following materials to the Association within five working days from the date when the shareholders' meeting (shareholders' assembly) or the board of directors adopted the relevant resolution: | | 第十五条 风险管理公司终止已备案业务的，应当于股东会（股东大会）或者董事会作出相关决议之日起5个工作日内向协会提交以下材料： |
| (1) A report on the termination of business. | | （一）业务终止情况报告； |
| (2) The resolution that the shareholders' meeting (shareholders' assembly) or the board of directors of the risk management company approves that the risk management company terminates the business (as issued in accordance with the company's bylaw). | | （二）风险管理公司股东会（股东大会）或者董事会同意风险管理公司终止该项业务的决议（按照公司章程规定出具）； |
| (3) Arrangements for the business in period of existence. | | （三）存续期业务安排； |
| (4) The repeal and modification of the relevant management system. | | （四）相关管理制度废止、变更情况； |
| (5) Other materials required by the Association. | | （五）协会要求的其他材料。 |
| Article 16 The Association shall review the integrity and compliance of the filing materials from futures companies and risk management companies. | | 第十六条 协会对期货公司及风险管理公司备案材料的完备性和合规性进行审查。 |
If the filing meets conditions, and the materials are of integrity and in compliance with the requirements, the Association shall grant the filing within 15 working days from the date of accepting the materials. If the materials are not of integrity or in compliance with the requirements, the Association shall inform the futures company or the risk management company of all necessary supplements and corrections at one time within 15 working day from the date of acceptance.
．．．．．． | | 备案符合条件且材料完备、符合规定的，协会自受理材料之日起15个工作日内予以备案。材料不完备或不符合规定的，协会自受理之日起15个工作日内，一次性告知期货公司或风险管理公司需要补正的全部内容。
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