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[China Futures] Speed up futures legislation process, start a new journey for futures markets, serve to build a new development pattern
Last year was the 30 year of the establishment of China's futures market. Over the past 30 years, the futures market has not forgotten the original intention of risk management, keeping in mind the mission of serving the real economy, and has passed through important historical stages such as start-up exploration, clean-up and rectification, standardized development and effective functioning. Today, the draft of the futures law has been reviewed for the first time by people.
On April 29, the Standing Committee of the National People's Congress announced the "Futures Law of the People's Republic of China (Draft)" open to solicit public opinions. The futures law is on the schedule to be posted.
The futures market is a rule-oriented market, and the construction of the rule of law is crucial. From the perspective of the development history of mature overseas markets, the development the futures market is the continuous improvement of futures laws and regulations.
The promulgation of a special law to regulate and adjust the development of the futures market is an important sign of the maturity of the futures market.
The draft futures law is not a simple upgrade to the "Regulations on Futures Trading Management". From the perspective of the draft and content design, it fully embodies the legislative thinking of "solidifying successful experience, eliminating development obstacles, strengthening top-level design, and reserving development space".
The draft clearly stated: 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 give full play to the futures market. The function of discovering prices, managing risks, and allocating 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 the development of agricultural futures markets and other derivatives markets, and guide the production and operation of domestic agricultural products.
The draft raises the development of the futures market to the national strategy level. It is not only a full affirmation of the development of the futures market, but also based on the new development stage, and puts forward new requirements for the construction of a new development pattern for futures market services. We have reason to believe that the futures law introduced after extensive consultation and further improvement will surely become a fundamental law that will stabilize the foundation, stabilize expectations, and benefit the long-term. In order to accelerate the construction of a domestic and international dual cycle, the new development pattern that promotes each other provides legal protection, so as to better promote China's futures market from "established" to "stronger", becoming a basic tool for increasing the influence of important commodity prices, and helping China’s future market gradually become a global commodity pricing center, risk management center and resource allocation center.
The draft futures law is a law that is in line with international standards and fully embodies Chinese characteristics. The draft embodies the ideas of unified legislation, unified supervision, and overall development of the futures market, and basically achieves the goals of futures market linkage, on- and off-market coordination, and domestic and overseas interoperability.
The scope of application of the draft futures law is wider than that of the "Administrative Regulations on Futures Trading", which clarifies the legal status of each market participant and the basic legal relationship of the futures market; from the legal level, arrangements are made for the opening of China’s futures market and cross-border supervision. Market opening up and cross-border supervision provide legal protection; mediation. Other systems have been introduced to strengthen the protection of investors; penalties for illegal acts have been greatly increased, and the legislative level encourages innovation and development and strengthens risk prevention and control. the content that futures companies are not allowed to engage in or engage in self-operating futures business in disguise is deleted, and the business scope of futures companies is expanded, and there are also opportunities for futures companies’ future business innovation in the future.
Before the promulgation of the futures law, we should actively participate in the improvement of the futures law. The author has the following suggestions for improvement in combination with his own work practice:
1. Handle the relationship between institutional supervision and functional supervision, and establish a futures and other derivatives supervision system with functional supervision and unified supervision as the goal
Institutional supervision and functional supervision are two supervision modes in the financial field, each with its own value and applicable fields. Institutional supervision means that all supervisory matters of a specific type of financial institution are under the unified responsibility of the supervisor of the corresponding institution, regardless of the financial business involved.
Functional supervision refers to supervision designed based on the basic functions of the financial system and the nature of financial products, regardless of the nature of such functions performed by institutions.
The current supervision of the financial industry is still based on institutional supervision, and this institutional supervision model is more suitable for the traditional separate business environment. However, with the gradual transformation of financial business from separate operation to mixed operation in recent years, the continuous cross-industry and cross-market business overlap has reduced the transparency of financial business, and the institutional supervision model has gradually exposed the prevention and control of mixed-industry financial risks. In the event of defects, the "oil treasure" incident is a representative example.
Therefore, with the development of the mixed-industry business environment, the financial supervision model needs to transform from institutional supervision to functional supervision.
Futures and other derivatives markets are characterized by strong professionalism and difficult supervision. In the future, various financial institutions will participate in futures and other derivatives market transactions in different ways, and provide comprehensive financial services for futures and other derivatives.
In order to prevent the occurrence of regulatory gaps, regulatory overlap, regulatory arbitrage, etc., it is recommended to take the promulgation of the Futures Law as an opportunity to build a functional regulatory model in the field of futures and other derivatives, and integrate futures and other derivatives-related businesses into the futures law standard and regulations. The scope of the adjustment is to conduct centralized and unified supervision of the same futures and other derivatives business under unified regulatory standards and rules to ensure the consistency of supervision. This is conducive to solving the problem of futures and other derivatives under the mixed business environment. The regulatory ownership of innovative businesses is also conducive to creating a fair competition environment and promoting the innovative development of financial markets. For this reason, it is recommended to adjust the relevant content of Article 7 of the Draft Futures Law.
2. Properly handle the relationship between forward-looking, top-level design and classification implementation, and gradual advancement, further expand the scope of business of futures companies, and reserve sufficient space for future development
Regarding the business scope of futures companies, it is not only the most concerned issue of the industry, but also the fundamental issue related to the spot capacity of futures services. Undoubtedly, the main contradiction in the current futures market is the contradiction between the huge demand for risk management from the rapid growth of the real economy and the lack of overall service capabilities in the futures industry.
Although there are many factors restricting the service capabilities of the futures industry, the current regulations on the scope of business of futures companies are one of the main factors.
Compared with mature markets, China's futures companies have a relatively narrow business scope and a relatively single business model, resulting in the futures industry showing multiple and weak characteristics and weak profitability, insufficient talents, weak service capabilities, and business differentiation. The restricted situation is not only incompatible with the development status of domestic and foreign capital markets, but also incompatible with the new development pattern of high-quality services.
At present, major changes unseen in a century in the world are accelerating and evolving. The impact of the new crown epidemic is far-reaching. The international political, economic and financial situation is becoming increasingly complex and changeable. Uncertainties are increasing. The price of commodities fluctuates sharply. The demand for enterprises to effectively control the risk of price fluctuations is much higher than ever. It is not only urgent but also extremely important to improve the ability of the futures industry to serve the real economy as soon as possible.
We should learn from the regulations on the business scope of futures operating institutions in mature overseas markets and the regulations on the business scope of securities companies in China’s Securities Law. Based on the huge demand for risk management services in the real economy and the basic functions of futures companies as financial institutions, we should scientifically define, and reasonably determine the business scope of futures companies, reserve space for futures companies to continuously improve their service capabilities and expand their service scopes, use legal system innovation to drive business innovation, and promote futures companies to shift from traditional brokers to risk management and wealth management. The transformation of a comprehensive derivatives service that integrates functions such as investment consulting and other functions.
Therefore, it is recommended that the provisions of Article 68 of the Draft Futures Law on the scope of business of futures companies be expanded. After approval, futures companies can engage in some or all of the following businesses: (1) Futures brokerage, including commodity futures brokerage and financial futures Brokerage, overseas futures brokerage; (2) Futures investment consulting; (3) Futures trading consultant; (4) Asset management; (5) Financial product sales; (6) Intermediary introduction; (7) Futures margin financing; (8) Futures Proprietary operation; (9) Futures market-making transactions; (10) Other derivatives transactions; (11) Futures settlement; (12) Other futures businesses approved by the futures regulatory agency of the State Council.
Regarding the business scope of futures companies, in legislation, it is necessary to highlight forward-looking planning and strengthen top-level design. The business scope should be as wide as possible; in the specific implementation process, it can be combined with the needs of the real economy, as well as the capital strength and professional capabilities of the futures company. It also should have compliance and risk control capabilities, strictly set permit conditions, categorize permits, strictly control access, and strengthen supervision during and after the event, avoid risks arising from the full liberalization of the business scope of futures companies in the short term. In the business licensing stage, it should be implemented step by step and steadily advance, so as to eliminate the concerns of all parties in the society about the relaxation of the business scope of futures companies.
3. Handle the relationship between strict supervision and prevention of risks and the implementation of the "three new" requirements for development, and eliminate the problems left over during the period of clean-up and rectification of the futures market
At present, China has turned to a stage of high-quality economic and social development. The futures market will usher in a critical period of transition from accumulation of quantity to improvement of quality. Vigorously developing the futures market has many advantages and conditions, but at the same time, all parties in society face insufficient, incomplete, in-depth, and objective issues in understanding the function of futures. The problems left over from the clean-up and rectification of the futures market in the 1990s still exist in some places.
Futures legislation, while strengthening strict supervision and preventing risks, we must accurately grasp the essence of the "three news", implement the requirements of the "three news", we should have a deep understanding of the new development stage, fully implement the new development concept, and strive to build a new development pattern.
For this reason, it is recommended to delete the statement in Article 29 of the Draft Futures Law that "no unit or individual may use credit funds or fiscal funds to conduct futures transactions in violation of regulations."
Because the illegal use of credit funds and fiscal funds to engage in "any transactions" should be prohibited. The use of credit funds and fiscal funds should be regulated by corresponding specific regulations or regulatory documents, and there is no need to go up to legal requirements and write them into the futures law.
Once written into the Futures Law, problems such as misunderstanding, misinterpretation, and misuse are prone to occur in practice, resulting in the inability of credit funds and fiscal funds to participate in futures transactions.
It needs to be further clarified that the use of credit funds for spot production and operations of enterprises and at the same time for hedging will make business operations more stable and credit funds will be safer. The "insurance + futures" model involving fiscal funds has played an important role in serving the country's poverty alleviation strategy. In the future, more fiscal funds and similar funds will participate in the "insurance + futures" model to help the country's rural revitalization strategy.
It is foreseeable that in the future, credit funds will be used for hedging to stabilize business operations, and that financial funds will participate in the "insurance + futures" service for rural revitalization. This should be actively supported and become the norm.
4. Handle the relationship between financial service providers and financial consumers, and on the basis of strengthening the fiduciary obligations of financial institutions, clarify the rights and obligations of the two civil entities based on equality, and protect the legitimate rights and interests of both parties in accordance with the law
The draft futures law has significantly strengthened the protection of futures traders by strengthening the investor suitability management system, distinguishing between ordinary traders and professional traders, introducing a mediation system, the class action representative system, and the inversion system of the burden of proof have significantly strengthened the protection of futures traders, which is a highlight of the futures legislation.
The above-mentioned institutional arrangements are basically in line with the current investor structure of China's futures market. At present, China's futures market is a market with a relatively high number of small and medium retail investors, and this state may continue for a long time. Therefore, strengthening investor protection, especially the protection of small and medium investors is important.
But at the same time, the basic legal relationship between financial institutions and futures traders needs to be handled well in the legislation, which is the relationship between equal civil subjects. For this reason, it is recommended to clarify the basic obligations of financial consumers on the basis of emphasizing the fiduciary duty and appropriateness duty of financial institutions, and protect the legal rights and rational behavior of financial consumers in a reasonable manner in accordance with the law, so as to avoid excessive protection that affects financial consumers due to the fundamental protection and long-term protection.
Because excessive improper protection will objectively cause the weakening of financial consumers' risk identification and risk prevention capabilities, and excessive protection will also trigger irrational rights protection behaviors, affecting social order and financial stability. In addition, the unrestricted "reversal of the burden of proof" may make many financial institutions annoyed to provide evidence and fear responsibility, thereby reducing the active service behavior of some small and medium traders, and ultimately backfired. Therefore, it is recommended to subdivide the applicable circumstances of the inversion of the burden of proof and appropriately limit the conditions and circumstances of the inversion of the burden of proof.
5. Handle the relationship between administrative and civil liabilities, and deal with futures companies’ violations of regulations and compensation for customer losses in accordance with the law
Several clauses of the draft futures law emphasize that futures companies must bear the responsibility of compensation for customer losses in violation of regulations. Futures companies are financial institutions and should accept financial supervision. They should be punished due to violations and bear administrative responsibilities, including regulatory measures and administrative penalties taken by the supervised department.
Whether a futures company’s violation should be a reason for compensating customers’ losses requires objective analysis and case studies. In practice, the situation is more complicated. The key is to see whether there is a direct causal relationship (rather than a vague causal relationship) between the violation and the customer’s loss. Indirect causation etc.), as well as the impact of the faults of both parties, the parties at fault each bear the responsibilities corresponding to their mistakes.
In practice, although the futures company has violated the regulations, if the behavior is not the direct cause of the customer's loss, the futures company only bears administrative responsibility and accepts corresponding penalties from the regulatory authorities, and should not bear civil liability for compensation.
There are many reasons for the loss of customers participating in futures trading. Whether the customer has any fault, the magnitude of the fault, whether the futures company needs to bear the liability for compensation and the specific proportion that should be borne, can be resolved through civil litigation procedures, and the futures company can be determined through civil procedures. It’s inappropriate to confuse administrative liability with civil liability.
6. Handle the relationship between administrative supervision and self-discipline management, and further strengthen and enrich the functions of futures industry associations
In the ternary governance structure of "administration, self-discipline, and market", the self-discipline mechanism has become an important and irreplaceable part due to its characteristics of moral restraint and flexible management.
In recent years, the China Futures Industry Association has closely focused on the fundamental purpose of serving the national strategy and real economy in the futures market, Give full play to the functions of self-discipline, service, and conduction, educate and organize members and practitioners to comply with laws and regulations, carry out integrity building, perform social responsibilities, safeguard the legitimate rights and interests of investors, formulate and implement industry standards and business norms. It has also played an active and important role in promoting the innovation and development of the industry and mediating futures disputes, which has effectively promoted the development of the futures industry and the function of the futures market.
Judging from the content of the draft futures law, the regulations on the responsibilities of the interim cooperation are relatively complete, but compared with the functions of self-regulatory organizations in mature overseas markets, there is still room for further strengthening and enrichment. It is proposed to increase the arbitration function of on the basis of consolidating the existing functions through legislation.
Arbitration has the advantages of procedural flexibility, professional authority, confidentiality of non-public hearings, and quickness of a final decision.
Disputes in the futures industry have the characteristics of strong professionalism and complex cases. The characteristics of disputes in the futures industry objectively have an inherent demand for professional arbitration institutions.
In recent years, China Futures Association has played a huge role in mediating disputes between members and customers, between members and members, and between customers and customers, and has accumulated rich experience in mediating futures disputes.
At the same time, in the process of performing self-discipline management responsibilities, China Futures Association has accumulated a wealth of futures expert resources, and it is relatively easy to establish a professional and authoritative arbitrator expert database, laying a professional foundation and human resources for professional, fair and efficient arbitration work.
In view of this, it is recommended to increase arbitration function in the field of futures and derivatives, give full play to the professional advantages of self-regulatory organizations in resolving conflicts and mediating disputes, promote diversified co-governance, and promote the healthy development of the futures industry.
8. Handle the relationship between the supervision of the spot market and the supervision of the futures market, and strengthen the supervision coordination and supervisory linkage of the spot market.
In recent years, the supervision of China's futures market has been continuously strengthened, and the ability of futures exchanges and futures companies to monitor abnormal transactions has been continuously improved. It is becoming more and more difficult to directly manipulate prices through the futures market.
However, due to the high correlation between the futures price and the spot price, the futures price theoretically reflects the forward price of the spot, and the delivery guarantees the forced convergence of the futures price to the spot price.
When it becomes more difficult to manipulate futures prices, some unscrupulous institutions or individuals will often interfere with spot prices by taking advantage of capital and monopoly in the spot market, or using improper means such as hoarding, spreading false information, and driving up prices, thereby affecting futures prices.
The reasonableness of commodity prices is related to the stable operation of the economy and household consumption. The State Council executive meeting held on May 19 clearly pointed out that we must attach great importance to the adverse effects of rising commodity prices, restrict unreasonable price increases, and strive to prevent resident consumption transmission.
Judging from the content of the draft futures law, the draft regulations on the division of labor and coordination of the futures market supervision are relatively clear, but it does not provide for the coordinated supervision and linkage supervision between the futures and spot markets. There is insufficient legal support for the administrative supervision cooperation between the management departments and the self-discipline management cooperation between the futures self-regulatory organizations and the relevant spot self-regulatory organizations.
Therefore, it is recommended to add a special chapter "Inter-departmental supervision and collaboration" to clarify that all relevant administrative departments and relevant self-regulatory organizations involved in the commodity futures market and the spot market should establish a cross-departmental and cross-industry collaborative supervision mechanism, information sharing mechanism and joint anti-illegal mechanism to form a combined force of supervision to severely crack down on the manipulation of spot prices and futures prices,
Effectively prevent the adverse effects of irrational spot prices on futures prices and the improper guidance of irrational futures prices on spot prices, and jointly maintain the healthy development of the bulk commodity market.
【中国期货】加快期货立法 开启期市新征程 服务构建新发展格局
去年，是我国期货市场的而立之年。30年来，期货市场不忘风险管理初心，牢记服务实体经济使命，走过了初创探索、清理整顿、规范发展和功能有效发挥等重要历史阶段。历经风雨终见艳阳，今年，期货人期盼已久的期货法草案已经一读。
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）》，向社会公开征求意见，期货法出台指日可待。
期货市场是规则导向市场，法治建设至关重要。从境外成熟市场发展历程看，期货市场的发展史就是期货法律法规不断完善的历史。
出台一部专门的法律对期货市场发展进行规范和调整，是期货市场走向成熟的重要标志。
期货法草案不是对《期货交易管理条例》的简单升级，从草案的体例安排和内容设计看，充分体现了“固化成功经验、消除发展障碍、强化顶层设计、预留发展空间”的立法思想。
草案旗帜鲜明地提出：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。
草案将期货市场的发展提升至国家战略高度，既是对期货市场发展的充分肯定，更是立足新发展阶段，对期货市场服务构建新发展格局提出了新要求。我们有理由相信，经过广泛征求意见，进一步完善后出台的期货法，必将成为一部固根本、稳预期、利长远的基础性法律，为加快构架以国内大循环为主体、国内国际双循环相互促进的新发展格局提供法律保障，从而更好地促进我国期货市场从“建立起来”走向“强大起来”，成为提升重要大宗商品价格影响力的基础性工具，助力我国逐步成为全球大宗商品定价中心、风险管理中心和资源配置中心。
期货法草案是一部既与国际接轨又充分体现中国特色的法律。草案体现了期货市场统一立法、统一监管、统筹发展的思路，基本实现了期现市场联动、场内场外市场协同、境内境外互通的目标。
期货法草案的适用范围较《期货交易管理条例》扩大，明确了市场各参与主体的法律地位和期货市场基础法律关系；从法律层面对我国期货市场对外开放、跨境监管等作出安排，为期货市场对外开放以及跨境监管提供法治保障；引入了调解、集体诉讼等制度，强化了对投资者的保护；大幅提升了对违法行为的处罚力度，在立法层面形成鼓励创新发展和强化风险防控的有机平衡；删除了期货公司不得从事或者变相从事期货自营业务的内容，扩大了期货公司经营范围，为期货公司未来业务创新预留了空间。
在期货法出台之前，每一位期货人都要心怀“国之大者”，积极参与到期货法的完善工作之中。笔者结合自己的工作实践，提出以下完善建议：
A. 处理好机构监管和功能监管之间的关系，建立以功能监管、统一监管为目标的期货及其他衍生品监管体系
机构监管和功能监管是金融领域的两种监管模式，各有其存在的价值和适用领域。机构监管是指特定类型金融机构的所有监管事项由相应机构监管者统一负责，而不论其涉及何种金融业务。
功能监管是指依据金融体系的基本功能和金融产品的性质而设计的监管，而不论这种功能由何种性质的机构行使。
现行金融行业的监管仍以机构监管为主，这种机构监管模式比较适应传统分业经营环境。但随着近年来金融业务由分业经营向混业经营的逐步转变，不断出现的跨行业、跨市场的业务交叉，让金融业务透明度降低，机构监管模式在防控混业金融风险方面逐步暴露出缺陷，“原油宝”事件就是一个具有代表性的例子。
因此，随着混业经营环境的发展，金融监管模式需要实现从机构监管向功能监管的转变。
期货及其他衍生品市场具有专业性强、监管难度大的特点。未来各类金融机构将以不同的方式参与期货及其他衍生品市场交易，提供期货及其他衍生品的综合金融服务。
为防止出现监管空白、监管重叠、监管套利等问题，建议以期货法出台为契机，在期货及其他衍生品领域构建功能监管模式，将与期货及其他衍生品相关的业务统一纳入期货法规范和调整的范围，在统一的监管标准和规则下，对从事相同期货及其他衍生品业务进行集中统一监管，以确保监管的一致性，这样既有利于解决混业经营环境下对期货及其他衍生品创新业务的监管归属问题，又有利于创造公平的竞业环境，促进金融市场创新发展。为此，建议对期货法草案第七条的相关内容进行调整。
B. 处理好前瞻性、顶层性设计与分类实施、逐步推进的关系，进一步扩大期货公司业务范围，为未来发展预留充足空间
关于期货公司的业务范围，不仅是行业最关心的问题，而且关系到期货服务现货能力的基础性问题。毋庸置疑，当前期货市场存在的主要矛盾是实体经济迅速增长对风险管理的巨大需求与期货行业整体服务能力不足之间的矛盾。
尽管制约期货行业服务能力的因素较多，但现行法规对期货公司业务范围的限制是主要因素之一。
与成熟市场相比，我国期货公司业务范围相对较窄，业务模式比较单一，导致期货行业呈现出多小弱散的特点和盈利能力较弱、高端人才聚集不足、服务能力不强、业务差异化受限的局面，既与国内外资本市场发展现状不匹配，更与高质量服务构建发展新格局不适应。
当前，世界百年未有之大变局加速演化，新冠疫情流行影响深远，国际政治经济金融形势日趋复杂多变，不确定性因素增加，大宗商品价格波动剧烈，实体企业对有效管控价格波动风险的需求比以往任何时候都要大得多，尽快提升期货行业服务实体经济的能力不仅十分迫切，而且极为重要。
我们应借鉴境外成熟市场对期货经营机构业务范围的规定，以及我国证券法对证券公司业务范围的规定，基于实体经济对风险管理服务的巨大需求和期货公司作为金融机构应当具备的基本功能，系统梳理、科学定义、合理确定期货公司的业务范围，为期货公司不断提升服务能力、扩展服务范围预留空间，以法律制度创新带动业务创新，推动期货公司从传统经纪商向集风险管理、财富管理、投资咨询等功能于一体的综合衍生品服务提供商转型。
鉴于此，建议对期货法草案第六十八条关于期货公司业务范围的规定进行扩充性调整，期货公司经过核准可以从事以下部分或者全部业务：（1）期货经纪，含商品期货经纪、金融期货经纪、境外期货经纪；（2）期货投资咨询；（3）期货交易顾问；（4）资产管理；（5）金融产品销售；（6）中间介绍；（7）期货保证金融资；（8）期货自营；（9）期货做市交易；（10）其他衍生品交易；（11）期货结算；（12）经国务院期货监督管理机构核准的其他期货业务。
关于期货公司的业务范围，在立法时，要突出前瞻性规划，强化顶层设计，业务范围应当尽可能地广；在具体实施过程中，可以结合实体经济需求，以及期货公司的资本实力、专业能力、合规风控能力，从严设定许可条件，分类许可，严把准入关，并加强事中事后监管，避免因期货公司业务范围在短期内全部放开出现的风险，在业务许可阶段分步实施，稳步推进，以消除社会各方对期货公司业务范围放宽的担心。
C. 处理好从严监管防风险与贯彻“三新”要求谋发展之间的关系，消除在期货市场清理整顿时期遗留的印记
当前，我国已转向经济社会高质量发展阶段，期货市场将迎来由量的积累向质的提升转变的关键时期，大力发展期货市场已经具有多方面的优势和条件，但同时社会各方面对期货功能作用的认识还存在不充分、不全面、不深刻、不客观的问题，上世纪90年代期货市场清理整顿遗留下来的印记还在个别地方存在。
期货立法，在强化从严监管、防范风险的同时，一定要准确把握“三新”要义，落实“三新”要求，深刻认识新发展阶段，全面贯彻新发展理念，着力构建新发展格局。
为此，建议删除期货法草案第二十九条“任何单位和个人不得违规使用信贷资金、财政资金进行期货交易”的表述。
因为，违规使用信贷资金、财政资金从事“任何交易”都应当被禁止。信贷资金、财政资金如何使用应由相应的具体规定或规范性文件进行规范，没有必要上升到法律规定写入期货法。
一旦写入期货法，实践中容易出现误读、误释、误用等问题，导致信贷资金、财政资金不能参与期货交易。
需要进一步说明的是，信贷资金用于企业现货生产经营的同时用于套期保值，将使企业经营更加稳健，信贷资金将更加安全。由财政资金参与的“保险+期货”模式在服务国家脱贫攻坚战略方面发挥了重要作用，今后将会有更多的财政资金及类似性质资金参与“保险+期货”模式，助力国家乡村振兴战略。
可以预见，未来信贷资金用于套期保值以稳定企业经营，财政资金参与“保险+期货”服务乡村振兴，应当被积极支持且成为常态。
D. 处理好金融服务提供者与金融消费者之间的关系，在强化金融机构信义义务的基础上，厘清两者基于平等民事主体之间的权利与义务，依法保护双方的合法权益
期货法草案通过强化投资者适当性管理制度，区分普通交易者和专业交易者，引入调解制度、集体诉讼代表人制度、举证责任倒置制度等，显著加强了对期货交易者的保护，是此次期货立法的一大亮点。
上述制度安排，基本符合我国期货市场现阶段投资者结构情况。目前，我国期货市场是一个中小散户数量占比较高的市场，这种状态可能还要持续较长时间。因此，加强投资者保护特别是对中小投资者的保护至关重要。
但同时需要在立法中处理好金融机构与期货交易者之间的基本法律关系二者是平等民事主体之间的关系。为此，建议在强调金融机构信义义务、适当性义务的基础上，明确金融消费者的基本义务，依法合理保护金融消费者的合法权益和理性行为，避免因过度保护反而影响了对金融消费者的根本保护和长期保护。
因为，过度不当保护客观上会造成金融消费者风险识别、风险防范能力的弱化，并且过度保护还会引发非理性维权行为，影响社会秩序和金融稳定。另外，没有限制条件的“举证责任倒置”可能会使很多金融机构烦举证、怕担责从而降低对部分中小交易者的主动服务行为，最终出现事与愿违的结果。因此，建议对举证责任倒置的适用情形进行细分，适当限定举证责任倒置的条件和情形。
E. 处理好行政责任与民事责任的关系，依法处理期货公司违规行为与客户损失赔偿问题
期货法草案多个条款强调期货公司违规需要承担客户损失赔偿责任。期货公司是金融机构，应当接受金融监管，出现违规问题应当受到应有的处罚，承担行政责任，包括被监管部门采取监管措施、行政处罚等。
期货公司的违规问题是否应当成为赔偿客户损失的理由，需要客观分析、个案研究，实践中情形比较复杂，关键要看违规行为与客户损失之间是否存在直接的因果关系（而非模糊的因果关系、间接的因果关系等），以及双方的过错大小，过错方各自承担与其过错相对应的责任。
实践中，期货公司虽有违规行为，但该行为如果不是造成客户损失的直接原因，那么期货公司仅承担行政责任，接受监管部门的相应处罚，而不应当承担民事赔偿责任。
客户参与期货交易出现损失原因是多方面的，客户自身是否有过错、过错大小，期货公司是否需要承担赔偿责任以及应当承担的具体比例等问题，可以通过民事诉讼程序解决，通过民事程序确定期货公司的民事责任，不宜将行政责任与民事责任混同对待和处理。
F. 处理好行政监管与自律管理之间的关系，进一步强化和丰富期货业协会的职能
在“行政、自律、市场”三元治理架构中，自律机制因具有道德约束和柔性管理的特征，成为不可替代的重要组成部分。
近年来，中国期货业协会紧紧围绕期货市场服务国家战略、服务实体经济的根本宗旨，充分发挥自律、服务、传导职能，在教育和组织会员和从业人员遵守法律法规、开展诚信建设、履行社会责任、维护投资者合法权益、制定和实施行业标准和业务规范、推动行业创新发展、调解期货纠纷等方面发挥了积极、重要的作用，有力地促进了期货行业发展和期货市场功能发挥。
从期货法草案内容看，有关中期协职责的规定相对完善，但与境外成熟市场自律组织职能相比，仍存在进一步加强和丰富的空间。建议在通过立法巩固中期协现有职能的基础上，增加中期协的仲裁职能。
仲裁具有程序上的灵活性、专家裁决的专业权威性、不公开审理的保密性和一裁终局的快捷性等优点。
期货行业的纠纷具有专业性强、案情复杂等特点。期货行业的纠纷特点客观上具有对专业仲裁机构的内在需求。
近年来，中期协在调解会员与客户、会员与会员、客户与客户之间的纠纷方面发挥了巨大作用，积累了丰富的期货纠纷调解经验。
与此同时，中期协在履行自律管理职责过程中，积累了丰富的期货专家资源，比较容易建立专业权威的仲裁员专家库，为专业、公正、高效地开展仲裁工作奠定了专业基础和人力资源基础。
鉴于此，建议增加中期协对期货及衍生品领域的仲裁职能，充分发挥自律组织在化解矛盾、调解纠纷方面的专业性优势，推动多元共治，促进期货行业健康发展。
G. 处理好现货市场监管与期货市场监管之间的关系，加强期现货市场的监管协同和监管联动
近年来，我国期货市场监管力度不断加强，期货交易所和期货公司对异常交易的监控能力不断提升，通过期货市场直接进行价格操纵的难度越来越大。
但由于期货价格与现货价格高度相关，期货价格理论上就是对现货远期价格的反映，且交割保证了期货价格向现货价格的强制收敛。
当期货价格操纵难度加大时，有些不法机构或个人往往会通过在现货市场利用资金优势、垄断优势，或者利用囤积居奇、散播虚假信息、哄抬物价等不正当手段干扰现货价格，进而影响期货价格。
大宗商品价格的合理性事关经济平稳运行和居民消费，5月19日召开的国务院常务会议，明确指出要高度重视大宗商品价格攀升带来的不利影响，遏制其价格不合理上涨，努力防止向居民消费传导。
从期货法草案的内容看，草案关于期货市场监管分工及协作的规定相对明确，但未对期货与现货市场之间的协同监管、联动监管作出规定，对期货市场监管部门与现货市场各相关行政管理部门之间的行政监管协作、对期货自律组织与各相关现货自律组织的自律管理协作的法律支持不足。
为此，建议增加“跨部门监管与协作”专章，明确涉及大宗商品期货市场、现货市场的各相关行政管理部门、各相关自律组织，要建立跨部门、跨行业的协作监管机制、信息共享机制和联合打非机制，形成监管合力，严厉打击对现货价格、期货价格的操作行为，
有效防范不合理现货价格对期货价格的不利影响，以及非理性期货价格对现货价格的不当引导，共同维护大宗商品市场的健康发展。
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