China Securities Regulatory Commission revised and issued the "Measures for the Supervision and Administration of Futures Companies"

China News Service, September 11 According to the WeChat public account "Released by the China Securities Regulatory Commission", in order to implement the spirit of the Fourth Plenary Session of the 20th Central Committee of the Party, implement the new "Nine National Articles" and the "Notice of the General Office of the State Council forwarding the "Opinions of the China Securities Regulatory Commission and other departments on strengthening supervision and preventing risks to promote the high-quality development of the futures market"" (Guobanfa [2024] No. 47) deployment requirements, To refine the relevant provisions of the "Futures and Derivatives Law", the China Securities Regulatory Commission carefully summarized its regulatory experience, fully listened to the opinions of all parties, revised the "Measures for the Supervision and Administration of Futures Companies" (hereinafter referred to as the "Measures"), and formulated the "Announcement on Matters Concerning the Implementation of the "Measures for the Supervision and Administration of Futures Companies" (hereinafter referred to as the "Implementation Announcement"). This revision of the "Measures" further improves the main institutional rules for the supervision of futures companies, and plays an important role in strengthening the supervision and management of futures companies, standardizing the behavior of futures companies, preventing risks of futures companies, protecting the legitimate rights and interests of customers, and safeguarding social and public interests.

This revision mainly includes the following contents: First, the business of futures companies is divided into basic business (domestic futures brokerage, futures trading consulting) and trading business (futures market-making transactions, futures asset management, derivatives trading), and specifically improves the normative requirements for the establishment and change of futures companies, business access, etc. The second is to strengthen the supervision of shareholders and actual controllers of futures companies, strengthen shareholders’ explanation and reporting obligations, and improve the transparency of futures companies’ equity. The third is to improve the corporate governance and internal control of futures companies, requiring futures companies to establish and improve organizational structures, and strengthen compliance management, risk management, internal control requirements, etc. of futures companies. The fourth is to strictly supervise the subsidiaries and branches of futures companies and strengthen filing management. The fifth is to improve the business rules of futures companies, improve general business specifications, and improve major business specifications such as domestic futures brokerage, futures market-making transactions, and futures asset management. Sixth, supervision and law enforcement were comprehensively strengthened and supervision, management and legal liability provisions were further improved.

In order to implement the revised "Measures", the China Securities Regulatory Commission has simultaneously formulated the "Implementation Announcement", which stipulates futures companies' application for additional business administrative licenses, the application of regulatory rules for futures companies' overseas subsidiaries, and related business transition arrangements.