| | |
| Order of the President of the People's Republic of China | | 中华人民共和国主席令 |
| (No. 111) | | （第一一一号） |
| The Futures and Derivative Law of the People's Republic of China, as adopted at the 34th Session of the Standing Committee of the Thirteenth National People's Congress of the People's Republic of China on April 20, 2022, is hereby issued, and shall come into force on August 1, 2022. | | 《中华人民共和国期货和衍生品法》已由中华人民共和国第十三届全国人民代表大会常务委员会第三十四次会议于2022年4月20日通过，现予公布，自2022年8月1日起施行。 |
| Xi Jinping, President of the People's Republic of China | | 中华人民共和国主席 习近平 |
| April 20, 2022 | | 2022年4月20日 |
| Futures and Derivative Law of the People's Republic of China | | 中华人民共和国期货和衍生品法 |
| (Adopted at the 34th Session of the Standing Committee of the Thirteenth National People's Congress on April 20, 2022) | | （2022年4月20日第十三届全国人民代表大会常务委员会第三十四次会议通过） |
| Table of Contents | | 目 录 |
| Chapter I General Provisions | | 第一章 总 则 |
| Chapter II Trading in Futures and Derivatives | | 第二章 期货交易和衍生品交易 |
| Section 1 General Rules | | 第一节 一般规定 |
| Section 2 Trading in Futures | | 第二节 期货交易 |
| Section 3 Trading in Derivatives | | 第三节 衍生品交易 |
| Chapter III Futures Settlement and Delivery | | 第三章 期货结算与交割 |
| Chapter IV Futures Traders | | 第四章 期货交易者 |
| Chapter V Futures Trading Institutions | | 第五章 期货经营机构 |
| Chapter VI Futures Trading Venues | | 第六章 期货交易场所 |
| Chapter VII Futures Clearing Institutions | | 第七章 期货结算机构 |
| Chapter VIII Futures Service Institutions | | 第八章 期货服务机构 |
| Chapter IX Futures Associations | | 第九章 期货业协会 |
| Chapter X Supervision and Administration | | 第十章 监督管理 |
| Chapter XI Cross-border Trading and Regulatory Cooperation | | 第十一章 跨境交易与监管协作 |
| Chapter XII Legal Liability | | 第十二章 法律责任 |
| Chapter XIII Supplemental Provisions | | 第十三章 附 则 |
| Chapter I General Provisions | | 第一章 总 则 |
| Article 1 This Law is enacted for the purposes of regulating trading in futures and derivatives, protecting the lawful rights and interests of all parties, maintaining the market order and protecting the public interest, promoting the development of the futures market and derivative market to serve the national economy, preventing and dissolving financial risks, and maintaining the security of the national economy. | | 第一条 为了规范期货交易和衍生品交易行为，保障各方合法权益，维护市场秩序和社会公共利益，促进期货市场和衍生品市场服务国民经济，防范化解金融风险，维护国家经济安全，制定本法。 |
| Article 2 This Law shall apply to trading in futures and derivatives and relevant activities within the territory of the People's Republic of China. | | 第二条 在中华人民共和国境内，期货交易和衍生品交易及相关活动，适用本法。 |
| Where any trading in futures or derivatives and relevant activities outside the People's Republic of China disrupt the order of the domestic market of the People's Republic of China and cause any damage to the lawful rights and interests of domestic traders, it shall be handled, and the violators shall be held legally liable according to the applicable provisions of this Law. | | 在中华人民共和国境外的期货交易和衍生品交易及相关活动，扰乱中华人民共和国境内市场秩序，损害境内交易者合法权益的，依照本法有关规定处理并追究法律责任。 |
| Article 3 For the purposes of this Law, “trading in futures” means the trading activities that take futures contracts or standard option contracts as the subject matter of transactions. | | 第三条 本法所称期货交易，是指以期货合约或者标准化期权合约为交易标的的交易活动。 |
| For the purposes of this Law, “trading in derivatives” means the trading activities other than futures trading, which take swap contracts, forward contracts, and non-standard option contracts, as well as their portfolios as the subject matter of transactions. | | 本法所称衍生品交易，是指期货交易以外的，以互换合约、远期合约和非标准化期权合约及其组合为交易标的的交易活动。 |
| For the purposes of this Law, “futures contract” means a standard contract uniformly prepared by a futures trading venue under which a certain quantity of the subject matter shall be delivered as agreed upon on a given futures date at a specified location. | | 本法所称期货合约，是指期货交易场所统一制定的、约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。 |
| For the purposes of this Law, “option contract” means a standard or non-standard contract under which the buyer is entitled to buy or sell the subject matter (including a futures contract) as agreed upon at a specific price on a given futures date. | | 本法所称期权合约，是指约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）的标准化或非标准化合约。 |
| For the purposes of this Law, “swap contract” means a financial contract under which the specific subject matter shall be exchanged as agreed upon on a given futures date. | | 本法所称互换合约，是指约定在将来某一特定时间内相互交换特定标的物的金融合约。 |
| For the purposes of this Law, “forward contract” means a financial contract other than a futures contract, under which a certain quantity of the subject matter shall be delivered as agreed upon on a given futures date at a specified location. | | 本法所称远期合约，是指期货合约以外的，约定在将来某一特定的时间和地点交割一定数量标的物的金融合约。 |
| Article 4 The state supports the sound development of the futures market, and shall play the functions of the futures market in discovering prices, managing risks, and allocating resources. | | 第四条 国家支持期货市场健康发展，发挥发现价格、管理风险、配置资源的功能。 |
| The state encourages the use of the futures market and derivative market to engage in hedging and other risk management activities. | | 国家鼓励利用期货市场和衍生品市场从事套期保值等风险管理活动。 |
| The state shall take measures to promote the development of the futures market and derivative market of agricultural products and guide the production and operation of domestic agricultural products. | | 国家采取措施推动农产品期货市场和衍生品市场发展，引导国内农产品生产经营。 |
| For the purposes of this Law, “hedging” means the trading in futures and derivatives by traders in order to manage the risks arising from the change in value such as their assets and liabilities, which are basically consistent with the aforesaid assets and liabilities, among others. | | 本法所称套期保值，是指交易者为管理因其资产、负债等价值变化产生的风险而达成与上述资产、负债等基本吻合的期货交易和衍生品交易的活动。 |
| Article 5 The futures market and derivative market shall establish and improve the system and mechanism for monitoring, controlling, dissolving, and disposing of risks, restrict excessive speculation according to law, and prevent systematic market risks. | | 第五条 期货市场和衍生品市场应当建立和完善风险的监测监控与化解处置制度机制，依法限制过度投机行为，防范市场系统性风险。 |
| Article 6 The trading in futures and derivatives shall comply with laws and administrative regulations and the relevant provisions of the state, follow the principles of openness, fairness, and impartiality, and fraud, market manipulation, and insider trading shall be prohibited. | | 第六条 期货交易和衍生品交易活动，应当遵守法律、行政法规和国家有关规定，遵循公开、公平、公正的原则，禁止欺诈、操纵市场和内幕交易的行为。 |
| Article 7 The parties to the trading in futures and derivatives shall have equal legal status, and comply with the principles of free will, onerousness, and good faith. | | 第七条 参与期货交易和衍生品交易活动的各方具有平等的法律地位，应当遵守自愿、有偿、诚实信用的原则。 |
| Article 8 The futures regulatory agency of the State Council shall conduct the centralized and unified supervision and administration of the futures market nationwide in accordance with the law. If any provisions issued by the State Council provide otherwise for the supervision and administration of interest rate and exchange rate futures, such provisions shall prevail. | | 第八条 国务院期货监督管理机构依法对全国期货市场实行集中统一监督管理。国务院对利率、汇率期货的监督管理另有规定的，适用其规定。 |
| The derivative market shall be subject to the supervision and administration of the futures regulatory agency of the State Council or the department authorized by the State Council according to the division of duties. | | 衍生品市场由国务院期货监督管理机构或者国务院授权的部门按照职责分工实行监督管理。 |
| Article 9 Futures and derivative industry associations shall conduct self-regulation in accordance with the law. | | 第九条 期货和衍生品行业协会依法实行自律管理。 |
| Article 10 The audit authorities of the state shall conduct the auditing of futures trading institutions, futures trading venues, futures clearing institutions, and the futures regulatory agency of the State Council in accordance with the law to perform their supervisory functions. | | 第十条 国家审计机关依法对期货经营机构、期货交易场所、期货结算机构、国务院期货监督管理机构进行审计监督。 |
| Chapter II Trading in Futures and Derivatives | | 第二章 期货交易和衍生品交易 |
| Section 1 General Rules | | 第一节 一般规定 |
| Article 11 Futures shall be traded at legally formed futures exchanges or other futures trading venues legally approved by the futures regulatory agency of the State Council to trade in futures (hereinafter collectively referred to as “futures trading venues”) in the form of open and centralized trading or other forms approved by the futures regulatory agency of the State Council. | | 第十一条 期货交易应当在依法设立的期货交易所或者国务院期货监督管理机构依法批准组织开展期货交易的其他期货交易场所（以下统称期货交易场所），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。 |
| No futures may be traded outside futures trading venues. | | 禁止在期货交易场所之外进行期货交易。 |
| Derivatives may be traded in the form of agreement-based trading or other trading forms prescribed by the State Council. | | 衍生品交易，可以采用协议交易或者国务院规定的其他交易方式进行。 |
| Article 12 No entity or individual may manipulate the futures or derivative market. | | 第十二条 任何单位和个人不得操纵期货市场或者衍生品市场。 |
| Manipulation of the futures market to affect or attempt to affect the trading price or volume of futures by any of the following means shall be prohibited: | | 禁止以下列手段操纵期货市场，影响或者意图影响期货交易价格或者期货交易量： |
| (1) Alone or by conspiracy, concentrating advantages in terms of funds, holding of positions, or information to purchase or sell futures jointly or continuously. | | （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； |
| (2) Colluding with any other person to trade in futures mutually at the time and price and in the manner as agreed upon in advance. | | （二）与他人串通，以事先约定的时间、价格和方式相互进行期货交易； |
| (3) Trading in futures between accounts under the actual control of the entity or individual. | | （三）在自己实际控制的账户之间进行期货交易； |
| (4) Inducing traders to trade in futures, by using false or uncertain material information. | | （四）利用虚假或者不确定的重大信息，诱导交易者进行期货交易； |
| (5) Placing and canceling orders frequently or in large numbers, not for the purpose of the consummation of trades. | | （五）不以成交为目的，频繁或者大量申报并撤销申报； |
| (6) Providing the public with any evaluation, forecast, or investment advice on the relevant trading in futures or the subject matter of the contract, or conducting operations in the opposite direction or related operations. | | （六）对相关期货交易或者合约标的物的交易作出公开评价、预测或者投资建议，并进行反向操作或者相关操作； |
| (7) Hoarding goods in order to influence futures market prices. | | （七）为影响期货市场行情囤积现货； |
| (8) Evading position limit by unjustifiable means and forming position advantage in the delivery month or nearby delivery month. | | （八）在交割月或者临近交割月，利用不正当手段规避持仓限额，形成持仓优势； |
| (9) Manipulating the futures market by activities on the relevant market. | | （九）利用在相关市场的活动操纵期货市场； |
| (10) Otherwise manipulating the futures market. | | （十）操纵期货市场的其他手段。 |
| Article 13 Insiders who have access to insider information in connection with trading in futures or derivatives or persons who have illegally obtained insider information shall be prohibited from trading in futures or derivatives before the disclosure of insider information, explicitly or implicitly instructing any other person to trade in futures or derivatives relating to insider information, or divulging insider information. | | 第十三条 期货交易和衍生品交易的内幕信息的知情人和非法获取内幕信息的人，在内幕信息公开前不得从事相关期货交易或者衍生品交易，明示、暗示他人从事与内幕信息有关的期货交易或者衍生品交易，或者泄露内幕信息。 |
| Article 14 For the purposes of this Law, “insider information” means non-public information which may significantly affect the futures or derivative trading prices. | | 第十四条 本法所称内幕信息，是指可能对期货交易或者衍生品交易的交易价格产生重大影响的尚未公开的信息。 |
| Insider information on futures trading shall include: | | 期货交易的内幕信息包括： |
| (1) policies, information, or data that are being formulated or have not been issued by the futures regulatory agency of the State Council and other relevant departments and may significantly affect futures trading prices; | | （一）国务院期货监督管理机构以及其他相关部门正在制定或者尚未发布的对期货交易价格可能产生重大影响的政策、信息或者数据； |
| (2) decisions made by futures trading venues and futures clearing institutions, which may significantly affect futures trading prices; | | （二）期货交易场所、期货结算机构作出的可能对期货交易价格产生重大影响的决定； |
| (3) funds and transactions of members of futures trading venues and traders; | | （三）期货交易场所会员、交易者的资金和交易动向； |
| (4) information on major abnormal transactions on relevant markets; and | | （四）相关市场中的重大异常交易信息； |
| (5) other information that has a significant impact on the futures trading price as prescribed by the futures regulatory agency of the State Council. | | （五）国务院期货监督管理机构规定的对期货交易价格有重大影响的其他信息。 |
| Article 15 For the purposes of this Law, “insiders who have access to insider information” means the entities and individuals that, by virtue of their operating status, management position, supervisory role, or advantages in position, among others, have access to or obtain insider information. | | 第十五条 本法所称内幕信息的知情人，是指由于经营地位、管理地位、监督地位或者职务便利等，能够接触或者获得内幕信息的单位和个人。 |
| Insiders who have access to insider information on futures trading shall include: | | 期货交易的内幕信息的知情人包括： |
| (1) relevant personnel of futures trading institutions, futures trading venues, futures clearing institutions, and futures service institutions; | | （一）期货经营机构、期货交易场所、期货结算机构、期货服务机构的有关人员； |
| (2) staff members of the futures regulatory agency the State Council and other relevant departments; and | | （二）国务院期货监督管理机构和其他有关部门的工作人员； |
| (3) other entities and individuals that may obtain insider information as prescribed by the futures regulatory agency of the State Council. | | （三）国务院期货监督管理机构规定的可以获取内幕信息的其他单位和个人。 |
| Article 16 No entity or individual shall fabricate or disseminate false or misleading information to disrupt the futures market and derivative market. | | 第十六条 禁止任何单位和个人编造、传播虚假信息或者误导性信息，扰乱期货市场和衍生品市场。 |
| Futures trading institutions, futures trading venues, futures clearing institutions, futures service institutions, and their practitioners, venues and institutions that organize or conduct derivative trading and their practitioners, as well as futures and derivative industry associations, the futures regulatory agency of the State Council, the department authorized by the State Council and their staff members shall be prohibited from misrepresentation or provision of misleading information in trading in futures and derivatives and relevant activities. | | 禁止期货经营机构、期货交易场所、期货结算机构、期货服务机构及其从业人员，组织、开展衍生品交易的场所、机构及其从业人员，期货和衍生品行业协会、国务院期货监督管理机构、国务院授权的部门及其工作人员，在期货交易和衍生品交易及相关活动中作出虚假陈述或者信息误导。 |
| The futures and derivative market information disseminated by any communications media must be true and objective, and the dissemination of misleading information shall be prohibited. The communications media and their staff members engaged in the coverage of futures and derivative market information shall not trade in futures or derivatives with conflicts of interest in connection with their work duties and relevant activities. | | 各种传播媒介传播期货市场和衍生品市场信息应当真实、客观，禁止误导。传播媒介及其从事期货市场和衍生品市场信息报道的工作人员不得从事与其工作职责发生利益冲突的期货交易和衍生品交易及相关活动。 |
| Section 2 Trading in Futures | | 第二节 期货交易 |
| Article 17 The listing of futures contract products and standard option contract products shall comply with the rules of the futures regulatory agency of the State Council and be legally reported by the futures trading venue to the futures regulatory agency of the State Council for registration. | | 第十七条 期货合约品种和标准化期权合约品种的上市应当符合国务院期货监督管理机构的规定，由期货交易场所依法报经国务院期货监督管理机构注册。 |
| The suspension and resumption of listing and delisting of futures contract products and standard option contract products shall comply with the rules of the futures regulatory agency of the State Council and be decided by futures trading venues and filed with the futures regulatory agency of the State Council for recordation. | | 期货合约品种和标准化期权合约品种的中止上市、恢复上市、终止上市应当符合国务院期货监督管理机构的规定，由期货交易场所决定并向国务院期货监督管理机构备案。 |
| Futures contract products and standard option contract products shall have economic value, difficult to be manipulated, and conform to the public interest. | | 期货合约品种和标准化期权合约品种应当具有经济价值，合约不易被操纵，符合社会公共利益。 |
| Article 18 The legal name registration system for accounts shall be implemented in futures trading. A trader trading in futures shall hold credentials legally proving his or her identity and apply for opening an account in his or her name. | | 第十八条 期货交易实行账户实名制。交易者进行期货交易的，应当持有证明身份的合法证件，以本人名义申请开立账户。 |
| No entity or individual may, in violation of the applicable provisions, lend its or his own futures account or borrow any other person's futures account for trading in futures. | | 任何单位和个人不得违反规定，出借自己的期货账户或者借用他人的期货账户从事期货交易。 |
| Article 19 Whoever trades in futures on a futures trading venue shall be a member of the futures trading venue or any other participant in compliance with the rules of the futures regulatory agency of the State Council. | | 第十九条 在期货交易场所进行期货交易的，应当是期货交易场所会员或者符合国务院期货监督管理机构规定的其他参与者。 |
| Article 20 Traders that authorize futures trading institutions to trade may place trade orders in writing or via telephone, self-service terminals, and the Internet, among others. Trade orders shall be specific, clear, and complete. | | 第二十条 交易者委托期货经营机构进行交易的，可以通过书面、电话、自助终端、网络等方式下达交易指令。交易指令应当明确、具体、全面。 |
| Article 21 Algorithmic trading executed based on trade orders automatically generated or placed by computer programs shall comply with the rules of the futures regulatory agency of the State Council, and be reported to the futures trading venue, and shall not affect the system security or the normal trading order of the futures trading venue. | | 第二十一条 通过计算机程序自动生成或者下达交易指令进行程序化交易的，应当符合国务院期货监督管理机构的规定，并向期货交易场所报告，不得影响期货交易场所系统安全或者正常交易秩序。 |
| Article 22 A margin system shall be adopted for futures trading. Futures clearing institutions shall collect margin from clearing participants and clearing participants shall collect margin from traders. Margin shall be used for settlement and performance guarantee. | | 第二十二条 期货交易实行保证金制度，期货结算机构向结算参与人收取保证金，结算参与人向交易者收取保证金。保证金用于结算和履约保障。 |
| The form of margin shall include cash, treasury bonds, stocks, fund shares, standard warehouse receipts and other highly liquid negotiable securities, and other properties prescribed by the futures regulatory agency of the State Council. Negotiable securities, among others, may be used as the margin by pledge or other forms with contract performance guarantee functions in accordance with the law. | | 保证金的形式包括现金，国债、股票、基金份额、标准仓单等流动性强的有价证券，以及国务院期货监督管理机构规定的其他财产。以有价证券等作为保证金的，可以依法通过质押等具有履约保障功能的方式进行。 |
| The form and ratio, among others, of margin collected by futures clearing institutions and clearing participants shall comply with the rules of the futures regulatory agency of the State Council. | | 期货结算机构、结算参与人收取的保证金的形式、比例等应当符合国务院期货监督管理机构的规定。 |
| Where a trader trades under a standard option contract, the seller shall pay the margin and the buyer shall pay the premium. | | 交易者进行标准化期权合约交易的，卖方应当缴纳保证金，买方应当支付权利金。 |
| For the purposes of the preceding paragraph, “premium” means the funds paid by the buyer to purchase a standard option contract. | | 前款所称权利金是指买方支付的用于购买标准化期权合约的资金。 |
| Article 23 The position limit rules shall be implemented for futures trading, so as to prevent the risks of excessive position holding under the contracts. | | 第二十三条 期货交易实行持仓限额制度，防范合约持仓过度集中的风险。 |
| Whoever engages in hedging and other risk management activities may apply for the exemption of the position limit. | | 从事套期保值等风险管理活动的，可以申请持仓限额豁免。 |
| The administrative measures for position limit and hedging shall be developed by the futures regulatory agency of the State Council. | | 持仓限额、套期保值的管理办法由国务院期货监督管理机构制定。 |
| Article 24 The management rules for the recordation of actual control relations of traders shall be implemented in futures trading. Traders shall report actual control relations to the futures trading institution or futures trading venue in accordance with the rules of the futures regulatory agency of the State Council. | | 第二十四条 期货交易实行交易者实际控制关系报备管理制度。交易者应当按照国务院期货监督管理机构的规定向期货经营机构或者期货交易场所报备实际控制关系。 |
| Article 25 The charges collected for trading in futures shall be reasonable, and the fee items, fee rates, and management measures shall be published. | | 第二十五条 期货交易的收费应当合理，收费项目、收费标准和管理办法应当公开。 |
| Article 26 The results of transactions conducted according to business rules developed by futures trading venues in accordance with the law shall not be changed, except under paragraph 2 of Article 89 of this Law. | | 第二十六条 依照期货交易场所依法制定的业务规则进行的交易，不得改变其交易结果，本法第八十九条第二款规定的除外。 |
| Article 27 Members of futures trading venues and traders shall report significant matters such as trading, holding of positions, and margin, among others, according to the rules of the futures regulatory agency of the State Council. | | 第二十七条 期货交易场所会员和交易者应当按照国务院期货监督管理机构的规定，报告有关交易、持仓、保证金等重大事项。 |
| Article 28 No entity or individual may use credit or fiscal funds to trade in futures in violation of the applicable provisions. | | 第二十八条 任何单位和个人不得违规使用信贷资金、财政资金进行期货交易。 |
| Article 29 Futures trading institutions, futures trading venues, futures clearing institutions, futures service institutions, and other institutions, and their practitioners shall report discovered prohibited trading acts to the futures regulatory agency of the State Council in a timely manner. | | 第二十九条 期货经营机构、期货交易场所、期货结算机构、期货服务机构等机构及其从业人员对发现的禁止的交易行为，应当及时向国务院期货监督管理机构报告。 |
| Section 3 Trading in Derivatives | | 第三节 衍生品交易 |
| Article 30 Legally formed venues may organize derivative trading with the approval of the department authorized by the State Council or the futures regulatory agency of the State Council. | | 第三十条 依法设立的场所，经国务院授权的部门或者国务院期货监督管理机构审批，可以组织开展衍生品交易。 |
| The trading rules developed by the venues organizing derivative trading shall fairly protect the lawful rights and interests of all trading participants and prevent market risks, and shall be reported to the department authorized by the State Council or the futures regulatory agency of the State Council for approval. | | 组织开展衍生品交易的场所制定的交易规则，应当公平保护交易参与各方合法权益和防范市场风险，并报国务院授权的部门或者国务院期货监督管理机构批准。 |
| Article 31 To conduct derivative trading, a financial institution shall obtain approval or confirmation in accordance with the law, perform its trader suitability management obligations, and comply with the relevant regulatory provisions of the state. | | 第三十一条 金融机构开展衍生品交易业务，应当依法经过批准或者核准，履行交易者适当性管理义务，并应当遵守国家有关监督管理规定。 |
| Article 32 If the master agreement is adopted in derivative trading, the master agreement, all supplementary agreements under the master agreement, and any agreements made by both parties to the transaction on all specific transactions, among others, shall together constitute a single integrated agreement between both parties to the transaction and be legally binding. | | 第三十二条 衍生品交易采用主协议方式的，主协议、主协议项下的全部补充协议以及交易双方就各项具体交易作出的约定等，共同构成交易双方之间一个完整的单一协议，具有法律约束力。 |
| Article 33 The standard contract texts such as master agreements as provided for in Article 32 of this Law shall be submitted for recordation according to the applicable provisions of the department authorized by the State Council or the futures regulatory agency of the State Council. | | 第三十三条 本法第三十二条规定的主协议等合同范本，应当按照国务院授权的部门或者国务院期货监督管理机构的规定报送备案。 |
| Article 34 Performance guarantee may be legally provided for derivative transactions in such forms as pledge. | | 第三十四条 进行衍生品交易，可以依法通过质押等方式提供履约保障。 |
| Article 35 Where derivatives are traded under the master agreement in accordance with the law, if any circumstance agreed upon occurs, trading may be terminated as agreed upon in the agreement, and netting of all trading profits and losses under the agreement shall be conducted. | | 第三十五条 依法采用主协议方式从事衍生品交易的，发生约定的情形时，可以依照协议约定终止交易，并按净额对协议项下的全部交易盈亏进行结算。 |
| Netting according to the provisions of the preceding paragraph shall not be suspended, invalidated, or revoked in the event that either party to the transaction enters bankruptcy proceedings in accordance with the law. | | 依照前款规定进行的净额结算，不因交易任何一方依法进入破产程序而中止、无效或者撤销。 |
| Article 36 The department authorized by the State Council and the futures regulatory agency of the State Council shall establish a derivative trading report database to centralize the collection, preservation, analysis, and management of the subject matter, size, counterparties, and other information on derivative transactions, and disclose the relevant information to the market in a timely manner according to the applicable provisions. The specific measures shall be provided for by the department authorized by the State Council and the futures regulatory agency of the State Council. | | 第三十六条 国务院授权的部门、国务院期货监督管理机构应当建立衍生品交易报告库，对衍生品交易标的、规模、对手方等信息进行集中收集、保存、分析和管理，并按照规定及时向市场披露有关信息。具体办法由国务院授权的部门、国务院期货监督管理机构规定。 |
| Article 37 Where derivative trading is settled in a centralized manner by a clearing institution as a central counterparty approved by the department authorized by the State Council or the futures regulatory agency of the State Council, netting may be terminated in accordance with the law; and settlement property shall be first used for settlement and delivery, and shall not be placed under seal, frozen, impounded, or be subjected to enforcement; and shall not be used by anyone before the completion of settlement and delivery. | | 第三十七条 衍生品交易，由国务院授权的部门或者国务院期货监督管理机构批准的结算机构作为中央对手方进行集中结算的，可以依法进行终止净额结算；结算财产应当优先用于结算和交割，不得被查封、冻结、扣押或者强制执行；在结算和交割完成前，任何人不得动用。 |
| Centralized settlement conducted in accordance with the law shall not be suspended, invalidated, or revoked in the event that either party participating in the settlement enters bankruptcy proceedings in accordance with the law. | | 依法进行的集中结算，不因参与结算的任何一方依法进入破产程序而中止、无效或者撤销。 |
| Article 38 The specific measures for regulating and conducting the supervision and administration of derivative trading and relevant activities shall be provided for by the State Council in accordance with the principles of this Law. | | 第三十八条 对衍生品交易及相关活动进行规范和监督管理的具体办法，由国务院依照本法的原则规定。 |
| Chapter III Futures Settlement and Delivery | | 第三章 期货结算与交割 |
| Article 39 The mark-to-market system shall be employed for futures trading. Within the time prescribed by the futures trading venue, futures clearing institutions shall conduct settlement for all clearing participants at the settlement price on a day, and clearing participants shall conduct settlement for traders according to the settlement results of futures clearing institutions. Clearing participants and traders shall be notified of the settlement results in a timely manner on the same day. | | 第三十九条 期货交易实行当日无负债结算制度。在期货交易场所规定的时间，期货结算机构应当在当日按照结算价对结算参与人进行结算；结算参与人应当根据期货结算机构的结算结果对交易者进行结算。结算结果应当在当日及时通知结算参与人和交易者。 |
| Article 40 The margin and premium, among others, collected by a futures clearing institution or a clearing participant shall be separated from its own funds and deposited in special accounts of the futures margin custody institution for separate management and shall not be misappropriated in violation of any provision, in accordance with the rules of the futures regulatory agency of the State Council. | | 第四十条 期货结算机构、结算参与人收取的保证金、权利金等，应当与其自有资金分开，按照国务院期货监督管理机构的规定，在期货保证金存管机构专户存放，分别管理，禁止违规挪用。 |
| Article 41 Where the margin of a clearing participant fails to reach the standards prescribed in the business rules of a futures clearing institution, the futures clearing institution shall, in accordance with the provisions of business rules, notify the clearing participant to provide additional margin or close the position voluntarily within the prescribed period. If a clearing participant failed to provide additional margin or close the position voluntarily within the prescribed period, the futures trading venue shall be notified to close the position forcibly. | | 第四十一条 结算参与人的保证金不符合期货结算机构业务规则规定标准的，期货结算机构应当按照业务规则的规定通知结算参与人在规定时间内追加保证金或者自行平仓；结算参与人未在规定时间内追加保证金或者自行平仓的，通知期货交易场所强行平仓。 |
| Where the margin of the trader fails to reach the standards agreed upon between the clearing participant and the trader, the clearing participant shall, as agreed upon, notify the trader to provide additional margin or close the position within the agreed time limit. If the trader fails to provide additional margin or close the position itself within the agreed time limit, the position shall be forcibly closed as agreed. | | 交易者的保证金不符合结算参与人与交易者约定标准的，结算参与人应当按照约定通知交易者在约定时间内追加保证金或者自行平仓；交易者未在约定时间内追加保证金或者自行平仓的，按照约定强行平仓。 |
| Where negotiable securities, among others, are used as margin and the futures clearing institution or clearing participant forcibly closes the position in accordance with the provisions of the preceding two paragraphs, the negotiable securities, among others, may be disposed of. | | 以有价证券等作为保证金，期货结算机构、结算参与人按照前两款规定强行平仓的，可以对有价证券等进行处置。 |
| Article 42 Where a clearing participant breaches a contract in the course of settlement, the futures clearing institution shall, in accordance with the business rules, use the margin and settlement guarantee fund of the clearing participant, as well as the clearing institution's risk reserve and own funds, among others, to complete the settlement. A futures clearing institution that completes settlement using its risk reserve or own funds, among others, may recover compensation from the clearing participant in accordance with the law. | | 第四十二条 结算参与人在结算过程中违约的，期货结算机构按照业务规则动用结算参与人的保证金、结算担保金以及结算机构的风险准备金、自有资金等完成结算；期货结算机构以其风险准备金、自有资金等完成结算的，可以依法对该结算参与人进行追偿。 |
| Where a trader breaches a contract during the process of settlement, the entrusted clearing participant shall complete the settlement by using the margin of the trader, and the clearing participant's risk reserve and own funds as agreed upon in the contract; if the clearing participant completes the settlement using its risk reserve and own funds, the clearing participant may recover compensation from the trader in accordance with the law. | | 交易者在结算过程中违约的，其委托的结算参与人按照合同约定动用该交易者的保证金以及结算参与人的风险准备金和自有资金完成结算；结算参与人以其风险准备金和自有资金完成结算的，可以依法对该交易者进行追偿。 |
| For the purposes of this Law, “settlement guarantee fund” means the funds paid by the clearing participant to the futures clearing institution with its own funds as funds for performance guarantee. | | 本法所称结算担保金，是指结算参与人以自有资金向期货结算机构缴纳的，用于担保履约的资金。 |
| Article 43 The margin, premium, settlement guarantee fund, risk reserve, and other assets collected or withdrawn by a futures clearing institution according to its business rules shall be first used for settlement and delivery, and shall not be placed under seal, frozen, impounded, or subjected to enforcement. | | 第四十三条 期货结算机构依照其业务规则收取和提取的保证金、权利金、结算担保金、风险准备金等资产，应当优先用于结算和交割，不得被查封、冻结、扣押或者强制执行。 |
| Before the completion of settlement and delivery, no one may use the margin used for performance guarantee and delivery and delivered property. | | 在结算和交割完成之前，任何人不得动用用于担保履约和交割的保证金、进入交割环节的交割财产。 |
| Settlement and delivery conducted in accordance with the law shall not be suspended, invalidated, or revoked in the event that either party participating in the settlement enters bankruptcy proceedings in accordance with the law. | | 依法进行的结算和交割，不因参与结算的任何一方依法进入破产程序而中止、无效或者撤销。 |
| Article 44 At the expiration of a futures contract, the trader shall close positions in the expiring contract through physical delivery or cash delivery. | | 第四十四条 期货合约到期时，交易者应当通过实物交割或者现金交割，了结到期未平仓合约。 |
| Within the time prescribed in a standard option contract, the buyer of the contract shall have the right to purchase or sell the subject matter at the agreed price or settle the difference in cash as agreed upon, and the seller of the contract shall perform corresponding obligations as agreed upon. The exercise in a standard option contract shall be organized by the futures clearing institution. | | 在标准化期权合约规定的时间，合约的买方有权以约定的价格买入或者卖出标的物，或者按照约定进行现金差价结算，合约的卖方应当按照约定履行相应的义务。标准化期权合约的行权，由期货结算机构组织进行。 |
| Article 45 In case of physical delivery under a futures contract, the futures clearing institution shall be responsible for organizing the delivery of payment for goods and certificates of rights to the subject matter of the contract, such as standard warehouse receipts. | | 第四十五条 期货合约采取实物交割的，由期货结算机构负责组织货款与标准仓单等合约标的物权利凭证的交付。 |
| In case of cash delivery under a futures contract, the futures clearing institution shall transfer the profits and losses of both parties on the basis of the settlement price for delivery. | | 期货合约采取现金交割的，由期货结算机构以交割结算价为基础，划付持仓双方的盈亏款项。 |
| For the purposes of this Law, “standard warehouse receipts” means standard delivery certificates issued by the delivery warehouse and registered with the futures trading venue. | | 本法所称标准仓单，是指交割库开具并经期货交易场所登记的标准化提货凭证。 |
| Article 46 Physical delivery in futures trading shall be conducted at a delivery warehouse or delivery port designated by the futures trading venue or any other place satisfying the requirements of the futures trading venue. There is no limit to the total amount of delivery in physical delivery. In case of physical delivery by documents other than standard warehouse receipts or by other means, the futures trading venue shall clearly define the rights and obligations of all parties to delivery. | | 第四十六条 期货交易的实物交割在期货交易场所指定的交割库、交割港口或者其他符合期货交易场所要求的地点进行。实物交割不得限制交割总量。采用标准仓单以外的单据凭证或者其他方式进行实物交割的，期货交易场所应当明确规定交割各方的权利和义务。 |
| Article 47 Where a clearing participant defaults on delivery, the futures clearing institution has the right to dispose of the clearing participant's certificates of rights to the subject matter of the contract such as standard warehouse receipts. | | 第四十七条 结算参与人在交割过程中违约的，期货结算机构有权对结算参与人的标准仓单等合约标的物权利凭证进行处置。 |
| Where a trader defaults on delivery, the clearing participant shall have the right to dispose of the trader's certificates of rights to the subject matter of the contract such as standard warehouse receipts. | | 交易者在交割过程中违约的，结算参与人有权对交易者的标准仓单等合约标的物权利凭证进行处置。 |
| Article 48 A futures trading institution that fails to meet the conditions for clearing participants may authorize clearing participants to conduct settlement on behalf of their clients. The provisions of this Chapter on rights and obligations between clearing participants and traders shall apply, mutatis mutandis, to the relationships of rights and obligations between futures trading institutions that fail to meet the conditions for clearing participants and clearing participants and traders. | | 第四十八条 不符合结算参与人条件的期货经营机构可以委托结算参与人代为其客户进行结算。不符合结算参与人条件的期货经营机构与结算参与人、交易者之间的权利义务关系，参照本章关于结算参与人与交易者之间权利义务的规定执行。 |
| Chapter IV Futures Traders | | 第四章 期货交易者 |
| Article 49 “Futures traders” means natural persons, legal persons, and unincorporated organizations that engage in futures trading and assume trading results in accordance with this Law. | | 第四十九条 期货交易者是指依照本法从事期货交易，承担交易结果的自然人、法人和非法人组织。 |
| A futures trader engaging in futures trading shall entrust a futures trading institution to conduct futures trading, except as otherwise provided for by the futures regulatory agency of the State Council. | | 期货交易者从事期货交易，除国务院期货监督管理机构另有规定外，应当委托期货经营机构进行。 |
| Article 50 In providing services to traders, a futures trading institution shall, according to the applicable provisions, sufficiently gather the basic information on traders and their property status, financial asset status, trading knowledge and experience, professional capability, and other relevant information; truthfully explain the important contents of services, and fully reveal trading risks; and provide services commensurate with the aforesaid status of traders. | | 第五十条 期货经营机构向交易者提供服务时，应当按照规定充分了解交易者的基本情况、财产状况、金融资产状况、交易知识和经验、专业能力等相关信息；如实说明服务的重要内容，充分揭示交易风险；提供与交易者上述状况相匹配的服务。 |
| In participating in futures trading or accepting services, traders shall provide true information set out in the preceding paragraph according to the explicit requirements of the futures trading institution. If any trader refuses to provide information or fails to provide information as required, the futures trading institution shall inform the trader of the consequences, and refuse to provide services to the trader according to the applicable provisions. | | 交易者在参与期货交易和接受服务时，应当按照期货经营机构明示的要求提供前款所列真实信息。拒绝提供或者未按照要求提供信息的，期货经营机构应当告知其后果，并按照规定拒绝提供服务。 |
| A futures trading institution that violates the provision of paragraph 1 of this Article shall be liable in damages correspondingly, if the violation causes any loss to traders. | | 期货经营机构违反第一款规定导致交易者损失的，应当承担相应的赔偿责任。 |
| Article 51 Traders may be divided into ordinary traders and professional traders according to asset status, financial asset status, trading knowledge and experience, professional capability, and other factors. The standards for professional traders shall be provided for by the futures regulatory agency of the State Council. | | 第五十一条 根据财产状况、金融资产状况、交易知识和经验、专业能力等因素，交易者可以分为普通交易者和专业交易者。专业交易者的标准由国务院期货监督管理机构规定。 |
| Where any ordinary trader is in dispute with a futures trading institution, the futures trading institution shall prove that its conduct complies with laws, administrative regulations, and the rules of the futures regulatory agency of the State Council, without misleading, fraudulent, and other circumstances. The futures trading institution shall be liable in damages correspondingly, if it is unable to prove it. | | 普通交易者与期货经营机构发生纠纷的，期货经营机构应当证明其行为符合法律、行政法规以及国务院期货监督管理机构的规定，不存在误导、欺诈等情形。期货经营机构不能证明的，应当承担相应的赔偿责任。 |
| Article 52 Legal persons and unincorporated organizations participating in futures trading shall establish internal control rules and risk control rules which correspond to the type, scale, and purpose, among others, of their trading contracts. | | 第五十二条 参与期货交易的法人和非法人组织，应当建立与其交易合约类型、规模、目的等相适应的内部控制制度和风险控制制度。 |
| Article 53 The practitioners of futures trading institutions, futures trading venues, and futures clearing institutions, the futures regulatory agency of the State Council, and futures associations, as well as other persons prohibited from participating in futures trading by any law or administrative regulation or the rules of the futures regulatory agency of the State Council shall not trade in futures. | | 第五十三条 期货经营机构、期货交易场所、期货结算机构的从业人员，国务院期货监督管理机构、期货业协会的工作人员，以及法律、行政法规和国务院期货监督管理机构规定禁止参与期货交易的其他人员，不得进行期货交易。 |
| Article 54 Traders have the right to inquire about their authorization records, trading records, margin balance, and other important information related to their acceptance of services. | | 第五十四条 交易者有权查询其委托记录、交易记录、保证金余额、与其接受服务有关的其他重要信息。 |
| Article 55 Futures trading institutions, futures trading venues, futures clearing institutions, futures service institutions, and their staff members shall keep the information on traders confidential in accordance with the law, and shall not illegally purchase, sell, provide, or disclose publicly any information on traders. | | 第五十五条 期货经营机构、期货交易场所、期货结算机构、期货服务机构及其工作人员应当依法为交易者的信息保密，不得非法买卖、提供或者公开交易者的信息。 |
| Futures trading institutions, futures trading venues, futures clearing institutions, futures service institutions, and their staff members shall not divulge any trade secrets to which they have access. | | 期货经营机构、期货交易场所、期货结算机构、期货服务机构及其工作人员不得泄露所知悉的商业秘密。 |
| Article 56 Where any dispute arises between a trader and a futures trading institution, among others, both parties may apply to an industry association, among others, for mediation. A futures trading institution shall not refuse an ordinary trader's request for mediation of a dispute between them over any futures business. | | 第五十六条 交易者与期货经营机构等发生纠纷的，双方可以向行业协会等申请调解。普通交易者与期货经营机构发生期货业务纠纷并提出调解请求的，期货经营机构不得拒绝。 |
| Article 57 Where traders institute civil actions for damages caused by market manipulation or insider trading, among others, related to futures, they may legally recommend and select representatives to participate in the actions if the subject matters of the actions are of the same kind and the parties on one side of the actions are numerous. | | 第五十七条 交易者提起操纵市场、内幕交易等期货民事赔偿诉讼时，诉讼标的是同一种类，且当事人一方人数众多的，可以依法推选代表人进行诉讼。 |
| Article 58 The state shall set up a futures trader guarantee fund. The specific measures for raising, managing, and using the futures trader guarantee fund shall be developed by the futures regulatory agency of the State Council in conjunction with the finance department of the State Council. | | 第五十八条 国家设立期货交易者保障基金。期货交易者保障基金的筹集、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。 |
| Chapter V Futures Trading Institutions | | 第五章 期货经营机构 |
| Article 59 A futures trading institution means a futures company formed in accordance with the Company Law of the People's Republic of China and this Law and other institutions approved by the futures regulatory agency of the State Council to engage in the futures business. | | 第五十九条 期货经营机构是指依照《中华人民共和国公司法》和本法设立的期货公司以及国务院期货监督管理机构核准从事期货业务的其他机构。 |
| Article 60 The formation of a futures company shall meet the following conditions, and be subject to the confirmation of the futures regulatory agency of the State Council. | | 第六十条 设立期货公司，应当具备下列条件，并经国务院期货监督管理机构核准： |
| (1) It has company bylaws in compliance with the provisions of laws and administrative regulations. | | （一）有符合法律、行政法规规定的公司章程； |
| ．．．．．． | | |
| | ．．．．．． |
Dear visitor,you are attempting to view a subscription-based section of lawinfochina.com. If you are already a subscriber, please login to enjoy access to our databases . If you are not a subscriber, please subscribe . Should you have any questions, please contact us at:
+86 (10) 8268-9699 or +86 (10) 8266-8266 (ext. 153)
Mobile: +86 133-1157-0713
Fax: +86 (10) 8266-8268
database@chinalawinfo.com
| |
您好：您现在要进入的是北大法律英文网会员专区，如您是我们英文用户可直接 登录，进入会员专区查询您所需要的信息；如您还不是我们 的英文用户，请注册并交纳相应费用成为我们的英文会员 。如有问题请来电咨询；
Tel: +86 (10) 82689699, +86 (10) 82668266 ext. 153
Mobile: +86 13311570713
Fax: +86 (10) 82668268
E-mail: database@chinalawinfo.com
|
| | | |
| | | |