Solicitation of opinions on the draft futures law ends today! A total of 426 opinions received from 119 people

On April 29, the "Futures Law of the People’s Republic of China (Draft)" (draft for short) with more than 25,000 words was open to the society for comments. After eight years of development, the draft law is finalized. The draft inherits the past and the future, not only summarizes and inherits the theory and practice of the development of the futures market for more than 30 years in the past, but also focuses on the future, pointing out the direction and escorting the development of the futures market.

As of the news release yesterday, the draft has received 426 comments from 119 people. Today, the work of soliciting opinions on the draft will officially end, entering a new stage of revision and improvement.

It is understood that during the period when the draft was publicly solicited for comments, the society paid great attention, and the academic, legal, and business experts expressed their opinions and put forward many constructive opinions and suggestions on the draft.

The draft has won lots of praise from different industries. According to Yuyue Hu, director of the Securities and Futures Research Institute of Beijing Technology and Business University, the draft embodies the three principles of the futures law formulation: it should be early but not late, rough and not detailed, more conventions and less features. The draft also has four major features: futures-based, taking into account other derivatives; in-market-based, taking into account OTC-market; standardized products, taking into account non-standardized products; domestic-based, taking into account overseas.

Yuyue Hu was the consultant of the drafting team for this round of drafting and participated in the preliminary drafting work. He believes that the draft has elevated the development of the futures market to a national strategy, which has left a deep impression on people. He suggested that the revised draft should further improve the details.

Wei Zhong, an associate researcher at the Research Center for Civil and Commercial Law of Renmin University of China, told the Futures Daily reporter that compared with the current "Administrative Regulations on Futures Trading," the draft has more significances. For example, the draft includes over-the-counter derivatives trading into the scope of adjustments, and makes the futures law as a basic law in the field of derivatives. Another example is the current approval system for the listing of new futures products, and the draft clarifies the registration system, the draft exceeds expectations.

"The expansion of the scope of adjustment will inevitably lead to flaws in legislative technology, logic, and the definition of proper terms. It is recommended that the legislature further sort out the expressions of relevant provisions and straighten out the logical connections of various new rules, which will be included in the revised draft. And accurately define the proper words in the draft." Wei Zhong said.

Regarding the most controversial adjustment scope of the futures law, Hongzheng Yu, a partner and lawyer of JunZeJun Law Firm, said that from the strategic perspective of national economic security, the draft includes various derivatives under the supervision of the futures law, but flexible separate supervision. Based on the history and reality of separate operation and separate supervision in China, the draft adopts the parallel, crossover and coordination of functional supervision, institutional supervision and product supervision, the draft is the most grounded legislative plan.

Chunyan Liu, associate professor of Tongji University Law School, believes that Article 7 in Chapter 1 of the draft stipulates that the futures supervision and management agency of the State Council shall implement 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 law. There are many such mandated rules in the draft, which will affect the stability and seriousness of the law. He suggested that financial futures such as interest rates and exchange rates should be included in the centralized and unified supervision of futures regulatory agencies. "It is hoped that in the process of improving the draft, such delegating rules will be minimized and uncertainty will be turned into certainty." He said.

One Futures company, said that the draft fully takes into account the development status and needs of China’s futures and financial derivatives market, establishes a product listing registration system, stipulates trading rules for other derivatives, clarifies the futures trading system, and standardizes procedural transactions. Strengthen account management, clarify the actual control relationship reporting management mechanism, clarify the default handling procedures, establish the principle of bankruptcy protection of margin and related properties; stipulate the cross-border transaction code of conduct and cross-border supervision and management and establish a futures market operation in line with international practices The system fully embodies the concepts of marketization, rule of law, and internationalization.

It’s expected that the draft futures law will be further improved to better reflect the achievements of the 30-year innovation and development of the futures market, leave room for innovation and transformation of futures companies, and fully reflect investors and intermediary financial institutions. And fully reflect the principle that "both buyers and sellers are responsible for themselves."

Another Futures company, believes that the draft is not a simple upgrade of the current "Administrative Regulations on Futures Trading", but a redefinition of the futures market from the perspective of the development of the derivatives market and many innovative contents have emerged. Regarding futures companies, although the “no self-employment” regulations have been deleted, the scope of business of futures companies is still limited to the basic businesses of brokerage, investment consulting, risk management companies, and asset management. "I hope that the revised draft can define futures companies in a forward-looking perspective from the perspective of the attributes of financial institutions and the development of the derivatives market, and give futures companies more room for development."

According to a reporter from the Futures Daily, overseas institutions are also very concerned about the development of China's futures law. At present, foreign institutions have commissioned lawyers to translate the draft of the futures law into English and conduct research in advance.

期货法草案征求意见今日结束！共收到119人次426条意见

4月29日，25000多字的《中华人民共和国期货法（草案）》（简称草案）面向全社会公开征求意见，千呼万唤的期货行业基本法终于显“真容”，起草者们用近8年的成果交出“答卷”。草案承前启后，既总结继承了30多年来期货市场发展的理论和实践，又着眼未来，为期货市场发展指明方向、保驾护航。

截至昨日记者发稿，草案共收到119人次426条意见。今日，草案征求意见工作将正式结束，进入修改完善的新阶段。

据了解，草案公开征求意见期间，社会上高度关注，学术界、法律界、企业界各抒己见，给草案提出了很多建设性意见和建议。

草案获得了社会各界的普遍好评。在北京工商大学证券期货研究所所长胡俞越看来，草案体现了期货法制定工作的三个原则：宜早不宜迟、宜粗不宜细、多一点惯例少一点特色。草案还具备四个兼顾的特点：期货为主，兼顾其他衍生品；场内为主，兼顾场外；标准化产品为主，兼顾非标准化产品；境内为主，兼顾境外。

胡俞越是本轮草案起草小组的顾问，参与了前期的起草工作。他认为，草案将期货市场发展上升为国家战略来定位，给人留下了深刻印象。他建议，草案的修改稿要进一步做好法言法语方面的完善。

中国人民大学民商事法律科学研究中心副研究员钟维告诉期货日报记者，与现行《期货交易管理条例》相比，草案具有划时代意义。例如，草案将场外衍生品交易纳入了调整范围，将期货法打造成一部衍生品领域的基本法。再如，现行期货新品种上市实行核准制，草案明确了注册制，超出预期。

“调整范围的扩大，难免会出现立法技术、逻辑和专有名词界定方面的瑕疵。建议立法机关进一步对相关条文的表述进行梳理，理顺各种新规则的逻辑关联，在草案的修改稿中对各专有名词进行准确界定。”钟维说。

对于争议最大的期货法调整范围，君泽君律师事务所合伙人、律师余红征表示，草案从国家经济安全的战略高度，将各类衍生品纳入了期货法监管，但是有弹性的分业监管。基于我国分业经营、分业监管的历史和现实，草案采用功能监管、机构监管、产品监管的并行、交叉、协同，是最接地气的立法方案。

同济大学法学院副教授刘春彦认为，草案第一章第七条规定，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。草案中这类委任性规则较多，会影响到法律的稳定性和严肃性。他建议，将利率、汇率等金融期货纳入期货监管管理机构集中统一监管。“希望草案在完善过程中，尽量减少这类委任性规则，将不确定性变为确定性。”他说。

某期货公司表示，草案充分考虑到我国期货及金融衍生品市场发展现状和需求，确立了品种上市注册制，规定了其他衍生品的交易规则；明确期货交易制度，规范程序化交易，强化账户管理，明确实控关系报备管理机制、明确违约处置程序，确立保证金及相关财产破产保护的原则；规定了跨境交易行为规范和跨境监督管理，构建了符合国际惯例的期货市场运行制度，充分体现了市场化、法治化、国际化的理念。

希望期货法草案进一步完善，更好体现期货市场30多年创新发展的成果，为期货公司创新转型留出空间，充分体现投资者和中介金融机构“买者自负、卖者有责”的原则。

另一家期货公司认为，草案并非现行《期货交易管理条例》的简单升级，而是从衍生品市场发展的角度，重新定义了期货市场，出现了很多创新性的内容。在期货公司方面，虽然删除了“不得自营”的规定，但期货公司业务范围仍局限于经纪业务、投资咨询、风险管理公司、资产管理这些基本业务。“希望草案的修改稿能够从金融机构属性和衍生品市场发展的角度，前瞻性定义期货公司，赋予期货公司更大的发展空间。”他说。

另据期货日报记者了解，境外机构也非常关注我国期货法制定进程，目前已有境外机构委托律师将期货法草案翻译成英文，提前进行了解研究。