After 8 years, the draft of Futures law is published, introduce the mediation system and collective lawsuit rules.
The Draft of the Futures Law was reviewed on the April 26th, the twenty-eighth meeting of the Thirteenth Session of the Standing Committee of the National People's Congress. This was China’s first time for special legislation and promoting the healthy development of futures markets.
It is understood that the draft of Futures laws will have 14 chapters, 173 rules, the draft decided legislation, principles and regulatory systems, system stipulate futures trading, settlement and delivery systems, stipulate the basic system of other derivatives, establish the right protection system for futures traders, establish the rules for futures operating institutions, futures trading, futures settlement agencies and futures service institutions operation, and the supervision and management of futures markets.
After more than 30 years of development, China's futures market continues to increase, currently listed 92 products, option varieties, cover the main areas of the national economy. In 2020, China's futures market transactions reached 6.153 billion. Among them, commodity futures (excluding options) trading volume is 5929 billion, ranking the first in the world.
The stable and healthy development of the futures market is inseparable from the escort. In recent years, the Securities Regulatory Commission has always attached great importance to the construction of capital market basic system, and actively cooperate with relevant departments to promote the legislation of futures law, and continuously improve the legal system of China's futures markets, promote the regulation of futures markets, and steady development.
In order to standardize the development of the futures market, the State Council first released the "Provisional Regulations on Futures Trading", initially established the supervision system and legal system of the futures market, this made the foundation for the steady development of the market. In 2004, the State Council issued a number of advice on the promotion of capital market reform and opening up and stabilization, then China's futures market trading varieties, the number of transactions, and the amount of transaction were rapidly increased. In 2007, the State Council officially issued the "Regulations on Futures Transactions" and at the same time, the "Provisional Regulations on Futures Trading" will then combine the market development. The Futures Transaction Management Regulations was revised in 2012, 2016, 2017.
In the early days of establishment of China's futures market, the legislature attaches great importance to futures legislation. In the mid-1990s, the committee of the Eighth National People's Congress launched the legislation of futures law, but due to the limited legislative resource, the legislative conditions were not developed, the futures law eventually did not enter the Eighth National People's Congress Committee agenda. Since then, the futures law has been included in the 10th, 11th, 12th, and the 13th National People's Congress Committee legislation, and the process has been continuously accelerated.
According to the experts, as the futures draft was reviewed on the twenty-eighth meeting of the 13th National People's Congress, it is close to the preliminary introduce the future law, the basic system construction of the futures market will be further consolidated and the level will be further improved.