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Experts and scholars hotly discuss the draft of the futures law

Fang submitted 2021-05-18 21:17:06

Experts and scholars hotly discuss the draft of the futures law

The draft of the futures law, which is being sought for comments, has attracted a lot of attention from academic circles. Recently, a number of experts and scholars expressed in an interview with a reporter from the Futures Daily that the gradual regulation and rapid development of the futures market requires a law that can deeply promote market innovation, effectively regulate the relationship between market entities, and fully promote market functions. I believe that in the follow-up legislative process, the draft of the Futures Law will be continuously improved on the basis of sufficient and extensive solicitation of opinions.

Talking about the draft of the futures law announced this time, Professor An Yi of the Department of Finance of the School of Economics and Management of China Agricultural University told reporters that the futures legislation is of epoch-making significance. The draft has distinctive characteristics of the times and Chinese characteristics, and it is the systematic law that comprehensively summarizes 30 years of development experience, lessons and practical innovationsnot only has the characteristics of comprehensive content and balanced relationship, but also has the flexibility of market development and the forward-looking nature of guiding innovation. It is the universality of the international futures market. A law that has a good combination of legal regulations and a regulatory system with Chinese characteristics.

"The overall keynote of China's futures legislation and supervision is to strengthen supervision and prevent risks." He Shaoqi, a professor at the School of Civil and Commercial Economics of China University of Political Science and Law, said when interpreting the specific clauses of the futures law draft, in the draft, the new product listing system is encouraged to use the futures market. And other derivatives markets engaged in risk management policy announcements and other development-promoting mechanisms to achieve the correction of excessive regulation and the balance of strong supervision and risk prevention. This will help the financial innovation of the futures and derivatives industry, promote the opening and competition of the market and the industry, it is a major benefit to the sustainable and healthy development of the futures and derivatives industry.

"The draft mentions that the state supports and encourages the development of the futures market, and confirms the three functions of the futures market from the national legislative level: price discovery, risk management, and resource allocation. This means that the futures law is not only a regulatory law, but also a promotion law. " Said Liu Chunyan, an associate professor at the School of Law of Tongji University.

The extraterritorial jurisdiction mentioned in the draft of the futures law has also been praised by scholars. Liu Chunyan told reporters that this is the second law in China's financial legislation that has established the extraterritorial jurisdiction of China's law after the Securities Law. This is an inevitable requirement to maintain the domestic market order including the futures market, to protect the legitimate rights and interests of domestic traders, to adapt to the rule of law and internationalization of China’s futures market, and to protect the meets of internationalization of China’s futures market and other commodity markets.

"While promoting the opening and internationalization of the domestic futures and derivative markets, cooperation and coordination of extraterritorial jurisdiction and cross-border supervision are also conducive to achieving full coverage and accuracy of market supervision, effectively cracking down on various illegal transactions or activities, and promoting healthy development of market and industry, and holds the bottom line that no systemic risks occur." He Shaoqi said.

In addition, He Shaoqi also said that the draft mentions classification protection of investors in the futures market and separates investor protection into a chapter, which is also conducive to enhancing investors' confidence as well as trust in the futures market and the industry.

An Yi believes that the draft of the futures law announced this time is the result of long-term practice and legislative discussions in China's futures market, and has a certain historical maturity. Therefore, it will surely promote the realization of a qualitative leap in China's futures market.

"On the one hand, the futures law will speed up the promotion of China’s futures market from partially closed to international open, from the 'emerging + transition' stage to the 'innovation + upgrading' stage, from quantity to quality, and from administrative intervention to the all-round transformation of supervision of rule of law. On the other hand, the futures law will also promote the development of China's futures market in a healthier and more mature direction, so that China has a good competitiveness in the international commodity, financial pricing system and risk management system." Yi said.


专家学者热议期货法草案

正在征求意见的期货法草案备受学界关注。近日,多位专家学者在接受期货日报记者采访时表示,逐步规范和快速发展的期货市场,需要一部能深入推动市场创新、有效规范市场主体关系、全面促进市场功能发挥的法律,相信在后续的立法过程中期货法草案在充分广泛征求意见的基础上将不断得到完善。

谈及此次公布的期货法草案,中国农业大学经济管理学院金融系教授安毅对记者表示,此次期货立法具有划时代的意义,草案具有鲜明的时代特征和中国特色,是对我国期货市场30多年发展经验教训和实践创新进行全面总结的系统性法律,不仅具有内容的综合性、关系的平衡性的特点,还具有市场开拓的灵活性、指引创新的前瞻性,是将国际期货市场的普遍法律规制与中国特色监管体系良好结合的一部法律。

我国期货立法及监管总体基调是强监管、防风险。中国政法大学民商经济法学院教授贺绍奇在解读期货法草案具体条款时表示,在草案中,新产品上市备案制、鼓励利用期货市场和其他衍生品市场从事风险管理的政策宣示等促发展机制,实现了对过度管制的矫正以及对强监管、防风险的平衡。这将有助于期货及衍生行业的金融创新,促进市场及行业的开放与竞争,对期货及衍生行业实现可持续良性发展是重大利好。

草案提到国家支持和鼓励期货市场发展,从国家立法层面对期货市场发现价格、管理风险、配置资源三大功能进行了确认,这意味着期货法不仅是监管的法律,也是促进的法律。同济大学法学院副教授刘春彦说。

期货法草案中提到的域外管辖也受到了学者的点赞。刘春彦告诉记者,这是继证券法后,我国金融立法中第二个确立了我国法律的域外管辖权的法律。这是维护包括期货市场在内的我国境内市场秩序的必然要求,是保护我国境内交易者合法权益的需要,是适应我国期货市场法治化、国际化,保护我国期货市场和其他商品市场国际化的需要。

在促进国内期货及衍生市场对外开放及国际化的同时,域外管辖及跨境监管合作与协调也有利于实现市场监管的全覆盖、精准度,有效打击各种非法交易或活动,促进市场及行业健康发展,守住不发生系统性风险的底线。贺绍奇说。

此外,贺绍奇还表示,草案中提到对期货市场投资者进行分类保护,以及将投资者保护独立成章,也有利于增强投资者对期货市场及行业的信心与信任。

安毅认为,此次公布的期货法草案是我国期货市场长期实践和立法探讨的结果,具有一定的历史成熟性,因此必将推动我国期货市场实现质的飞越。

一方面,期货法将加快推动我国期货市场由局部封闭型向国际开放型、由新兴+转轨阶段向创新+提升阶段、由数量型向质量型,由行政式干预向法治化监管的全方位转型。另一方面,期货法也将推动我国期货市场向更健康、更成熟的方向发展,使我国在国际商品、金融定价体系和风险管理体系中具有良好的竞争力。安毅说。


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