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Detailed interpretation of the four characteristics of the "Futures Law of the People's Republic of China (Draft)".
On April 29, the Standing Committee of the National People’s Congress announced the "Futures Law of the People’s Republic of China (Draft)" (hereinafter referred to as the draft) to collect comments and suggestions on revisions and improvements from the public. The public can directly log on to the China National People’s Congress website (www.npc.gov.cn) to submit comments, or send them to the Legislative Affairs Committee of the Standing Committee of the National People's Congress (the envelope should indicate comments for the draft futures law). The deadline for comments is May 28, 2021. As a result, the text of this bill that has an important impact on the national economy finally came out for the first time.
The draft has 14 chapters and 173 articles. Compared with the current "Futures Trading Management Regulations" (hereinafter referred to as the Regulations), which has a total of 8 chapters and 86 articles, the draft adds 6 chapters in total including other derivatives transactions, futures settlement and delivery, futures traders, futures settlement institutions, futures service organization, and cross-border jurisdiction and cooperation. It has clearly stipulated and systematically improved systems such as over-the-counter derivatives supervision, the central counterparty positioning of settlement institutions, the investor class action system, the rights and obligations of futures service institutions, and two-way openness.
The development of the futures market has been elevated to the height of the national strategy.
Article 1 of the draft proposes that this law was enacted to regulate futures transactions and other derivatives transactions, protect the legitimate rights and interests of all parties, maintain market order and social public interests, promote futures markets and other derivatives markets to serve the national economy, prevent and resolve financial risks, and safeguard the country Economic security, enact this law.
Article 4 of the draft proposes that the state supports the development of the futures market, establishes accounting, auditing, taxation, state-owned asset management, foreign exchange management and other systems that adapt to the characteristics of futures trading, facilitate the participation of natural persons, legal persons and unincorporated organizations, and promote the development of the futures market, and improve the function of the market to discover prices, manage risks, and allocate resources; the state encourages the use of futures markets and other derivatives markets to engage in risk management activities such as hedging; the state takes measures to promote agricultural products futures markets and other derivatives market development to guide the production and operation of domestic agricultural products.
Industry experts said that the draft will elevate the development of the futures market to the level of national strategy, and people working in the futures market are greatly encouraged and excited. Serving the national economy, preventing and dissolving financial risks, and maintaining national economic security have become the ultimate goal of the development of the futures market. A series of words such as "support the development of the futures market", "encourage" and "adopt measures to promote" fully affirm the development of the current futures market.
Experts believe that the formulation of the futures law conforms to the new requirements under the new situation and helps to consolidate the legal basis for the stable operation of the financial system. It is an extremely necessary legislative measure. In particular, the scope of legislative adjustments, including standardized futures transactions and non-standardized other derivative transactions, is very much in line with the actual needs of the market and regulatory requirements.
Clarify the legal boundaries of futures.
Article 3 of the draft clarifies that the term "futures" in this law refers to a standardized contract that is uniformly formulated by a futures trading venue to deliver a certain amount of subject matter at a specific time and place in the future; the term "other derivatives" in this law refers to non-standardized forward delivery contracts whose value depends on changes in the value of the subject matter, including non-standardized option contracts, swap contracts and forward contracts.
Article 7 of the draft clarifies that the futures regulatory agency of the State Council implements centralized and unified supervision and management of the national futures market in accordance with the law. Interest rate and exchange rate futures shall be separately prescribed by the State Council in accordance with the law; other derivatives markets shall be supervised and managed by the department authorized by the State Council.
A legal expert who did not want to be named told the Futures Daily reporter that for a long time, due to the extensive extension of the futures market, the corresponding spot market basically covers important areas of the national economy such as agriculture, metals, energy, chemicals, and finance. The draft clarifies the legal boundaries of futures and solves the primary difficulty in the formulation of the futures law.
Proposed listing registration system for various futures products.
The draft draws on the experience of the Securities Law on the reform of the registration system for securities issuance. Variety listing is changed from a parallel approval model to a variety listing mechanism that implements application for trading venues and registration by the Securities Regulatory Commission. It stipulates in principle the basic conditions for variety listing and optimizes the variety listing procedure.
Introduce mediation and class action system.
Article 61 of the draft clarifies that in the event of a dispute between a trader and a futures business institution, both parties can apply to industry associations for mediation. Where an ordinary trader has a futures business dispute with a futures business institution and requests for mediation, the futures business institution shall not refuse.
The second and third paragraphs of Article 62 of the draft clarify the class action system for traders.
The Futures Research Institute, believes that the introduction of mediation and class action systems is conducive to the protection of investors in the futures market and is also a systematic arrangement for docking with the new securities law class action system.
Reserve space for the development of futures companies.
The first paragraph of Article 68 of the draft stipulates that, after approval, futures companies can engage in the following futures businesses: (1) futures brokerage; (2) futures investment consulting; (3) futures market-making transactions; (4) other futures businesses. Futures companies engaging in other businesses such as asset management and other derivatives transactions shall be subject to the approval of the futures regulatory agency of the State Council.
Compared with the regulations, the draft clarifies the market-making business of futures companies, and deletes the content that ‘No futures company may engage in or disguisedly engage in self-operating futures business.’ in the regulations, and clarifies that futures companies engaged in other businesses should be approved by the futures regulatory agency of the State Council. This has reserved space for future business innovations of futures companies.
Members enjoy the property accumulation rights of futures exchanges.
Article 92 of the draft clarifies that the property accumulation of a futures exchange that implements a membership system belongs to the members, and its rights and interests are shared by the members. During its existence, the property accumulation may not be distributed to members.
Compared with the regulations, the draft deletes the content of "the futures exchange is not for profit."
The draft has four major characteristics.
Zhisheng Xue, a professor at School of Law of Tiangong University , told the Futures Daily reporter that the draft has the following four characteristics:
One is systemic. It is mainly embodied in the draft system and structure, centering on the purpose of legislation, according to transaction behavior - market subject - main line of legal responsibility successively. With horizontal and vertical (supervision) are intertwined, the structure is complete, dynamically and statically combined, and self-contained.
The second is innovation. The draft is not a simple upgraded version of the regulations. There are many innovations in the style and content. For example, the inclusion of over-the-counter derivatives transactions and the establishment of a special chapter to stipulate "other derivatives transactions" are conducive to building a unified financial derivatives market in my country. In terms of the scope of legal validity, the principle of "long-arm jurisdiction" is introduced for reference to the securities law; in terms of settlement, the central counterparty system is clearly incorporated into the futures settlement system.
The third is openness. On the one hand, it is reflected in the integration of futures trading rules with international standards, and on the other hand, it is concentrated in the establishment of a special chapter "Cross-Border Jurisdiction and Cooperation", which provides more comprehensive regulations on overseas futures trading.
The fourth is strictness. It is mainly reflected in the strictness of futures supervision and the comprehensive and increased related legal responsibilities, which is conducive to protecting investors in the futures market and maintaining the safe operation of the futures market.
Xinhua Liu, vice chairman of the Committee of Finance and Economics of the National People’s Congress, believes that the draft futures law not only maintains fair and market interconnection arrangements in terms of ‘bringing in’ and ‘going out,’ it also eliminates long-term difficult institutional obstacles and builds a futures market operating system that conforms to international practices.
四大特点详细解读《中华人民共和国期货法（草案）》
4月29日，全国人大常委会公布《中华人民共和国期货法（草案）》（下称草案），向社会公众征集修改、完善的意见和建议，社会公众可以直接登录中国人大网（www.npc.gov.cn）提出意见，也可以将意见寄送全国人大常委会法制工作委员会（信封上注明期货法草案征求意见）。征求意见截止日期为2021年5月28日。由此，这部对国民经济有着重要影响的法案文本终于首次面世。
草案共14章173条，与现行共8章86条的《期货交易管理条例》（下称条例）相比，草案增加了其他衍生品交易、期货结算与交割、期货交易者、期货结算机构、期货服务机构、跨境管辖与协作6个章节，对场外衍生品监管、结算机构中央对手方定位、投资者集体诉讼制度、期货服务机构权利义务、双向开放等制度进行了明确规定和系统性完善。
期货市场发展提升至国家战略高度
草案第一条提出，为了规范期货交易和其他衍生品交易行为，保障各方合法权益，维护市场秩序和社会公共利益，促进期货市场和其他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。
草案第四条提出，国家支持期货市场发展，建立适应期货交易特征，便利自然人、法人和非法人组织参与，促进期货市场发展的会计、审计、税收、国有资产管理、外汇管理等制度，发挥期货市场发现价格、管理风险、配置资源的功能；国家鼓励利用期货市场和其他衍生品市场从事套期保值等风险管理活动；国家采取措施推动农产品(5.870, 0.03, 0.51%)期货市场和其他衍生品市场发展，引导国内农产品生产经营。
业内专家表示，草案将期货市场的发展提升至国家战略高度，期货人备受鼓舞，倍感振奋。服务国民经济、防范化解金融风险、维护国家经济安全成为期货市场发展的最终目标。“支持期货市场发展”“鼓励”“采取措施推动”等一系列词汇，更是对当前期货市场发展的充分肯定。
专家认为, 制定期货法顺应了新形势下的新要求，有助于夯实金融体系稳健运行的法治基础，是一项极为必要的立法举措。特别是立法调整范围，包括标准化的期货交易和非标准化的其他衍生品交易，非常符合市场的实际需求和监管要求。
厘清期货法律边界
草案第三条明确，本法所称期货，是指由期货交易场所统一制定的、将来在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；本法所称其他衍生品,是指价值依赖于标的物价值变动的、非标准化的远期交割合约，包括非标准化的期权合约、互换合约和远期合约。
草案第七条明确，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。利率、汇率期货由国务院依法另行规定；其他衍生品市场由国务院授权的部门实行监督管理。
一位不愿具名的法律专家告诉期货日报记者，长期以来，因期货市场外延太广，其对应现货市场基本涵盖了农业、金属、能源、化工和金融等国民经济重要领域。草案厘清了期货法律边界，解决了期货法制定过程中的首要难点。
提出品种上市注册制
草案借鉴证券法关于证券发行注册制改革的经验，品种上市由并联审批模式改为实行交易场所申请、证监会注册的品种上市机制，原则规定品种上市的基本条件，优化品种上市程序。
引入调解和集体诉讼制
草案第六十一条明确，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。
草案第六十二条第二款、第三款对交易者集体诉讼制度进行了明确。
引入调解和集体诉讼制度，有利于期货市场投资者保护，也是对接新证券法集体诉讼制度的一种系统性安排。
为期货公司发展预留空间
草案第六十八条第一款规定，期货公司经过核准可以从事下列期货业务：（一）期货经纪；（二）期货投资咨询；（三）期货做市交易；（四）其他期货业务；期货公司从事资产管理、其他衍生品交易等其他业务的，应当经国务院期货监督管理机构核准。
与条例相比，草案明确了期货公司做市交易业务，且删除了条例中关于“期货公司不得从事或者变相从事期货自营业务”的内容，明确期货公司从事其他业务应当经国务院期货监督管理机构核准，为期货公司未来的业务创新预留了空间。
会员享有期货交易所财产积累权益
草案第九十二条明确，实行会员制的期货交易所的财产积累归会员所有，其权益由会员共同享有，在其存续期间，不得将其财产积累分配给会员。
与条例相比，草案删除了“期货交易所不以营利为目的”的内容。
草案具有四大特点
天津工业大学法学院教授薛智胜告诉期货日报记者，草案有以下四个特点：
一是系统性。主要体现在草案体系和结构，围绕立法宗旨，按交易行为—市场主体—法律责任主线先后相随，动静结合，横向与纵向（监管）相互交错，结构完整，浑然自成一体。
二是创新性。草案不是条例的简单升级版，其在体例和内容有较多创新，如将场外衍生品交易纳入其中，设专章规定“其他衍生品交易”，有利于构建我国统一金融衍生品市场；在法律效力范围方面，借鉴证券法，将“长臂管辖”原则引入；在结算方面，明确将中央对手方制度纳入期货结算体系中等。
三是开放性。一方面体现在期货交易规则与国际接轨，另一方面集中体现在设专章“跨境管辖与协作”之中，对境外期货交易作出较全面规定。
四是严格性。主要体现在期货监管的严格性和相关的法律责任全面与加重，这有利于保护期货市场投资者，维护期货市场安全运行。
全国人大财政经济委员会副主任委员刘新华认为，期货法草案在“引进来”、“走出去”方面，既保持了公平、市场互联互通的安排，又消除了长期难以解决的制度障碍，构建了符合国际惯例的期货市场运行制度。
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