发布部门：全国人大常委会
发文字号：中华人民共和国主席令第111号
发布日期：2022.04.20
实施日期：2022.08.01
效力级别：法律
法规类别：期货综合规定
Issuing Authority： Standing Committee of the National People's Congress
Document Number：Order No. 111 of the President of the People's Republic of China
Date Issued：04-20-2022
Effective Date：08-01-2022
Level of Authority： Laws
Area of Law： General Provisions on Futures


Order of the President of the People's Republic of China 中华人民共和国主席令

(No. 111) （第一一一号）

The Futures and Derivative Law of the People's Republic of China, as adopted at the 34th Session of the Standing Committee of the Thirteenth National People's Congress of the People's Republic of China on April 20, 2022, is hereby issued, and shall come into force on August 1, 2022. 《中华人民共和国期货和衍生品法》已由中华人民共和国第十三届全国人民代表大会常务委员会第三十四次会议于2022年4月20日通过，现予公布，自2022年8月1日起施行。

Xi Jinping, President of the People's Republic of China 中华人民共和国主席　习近平

April 20, 2022 2022年4月20日

Futures and Derivative Law of the People's Republic of China 中华人民共和国期货和衍生品法

(Adopted at the 34th Session of the Standing Committee of the Thirteenth National People's Congress on April 20, 2022) （2022年4月20日第十三届全国人民代表大会常务委员会第三十四次会议通过）

Table of Contents 目　　录

Chapter I General Provisions 第一章　总　　则

Chapter II Trading in Futures and Derivatives 第二章　期货交易和衍生品交易

Section 1 General Rules 第一节　一般规定

Section 2 Trading in Futures 第二节　期货交易

Section 3 Trading in Derivatives 第三节　衍生品交易

Chapter III Futures Settlement and Delivery 第三章　期货结算与交割

Chapter IV Futures Traders 第四章　期货交易者

Chapter V Futures Trading Institutions 第五章　期货经营机构

Chapter VI Futures Trading Venues 第六章　期货交易场所

Chapter VII Futures Clearing Institutions 第七章　期货结算机构

Chapter VIII Futures Service Institutions 第八章　期货服务机构

Chapter IX Futures Associations 第九章　期货业协会

Chapter X Supervision and Administration 第十章　监督管理

Chapter XI Cross-border Trading and Regulatory Cooperation 第十一章　跨境交易与监管协作

Chapter XII Legal Liability 第十二章　法律责任

Chapter XIII Supplemental Provisions 第十三章　附　　则



Chapter I General Provisions 第一章　总　　则



Article 1 This Law is enacted for the purposes of regulating trading in futures and derivatives, protecting the lawful rights and interests of all parties, maintaining the market order and protecting the public interest, promoting the development of the futures market and derivative market to serve the national economy, preventing and dissolving financial risks, and maintaining the security of the national economy. 　　第一条　为了规范期货交易和衍生品交易行为，保障各方合法权益，维护市场秩序和社会公共利益，促进期货市场和衍生品市场服务国民经济，防范化解金融风险，维护国家经济安全，制定本法。



Article 2 This Law shall apply to trading in futures and derivatives and relevant activities within the territory of the People's Republic of China. 　　第二条　在中华人民共和国境内，期货交易和衍生品交易及相关活动，适用本法。

Where any trading in futures or derivatives and relevant activities outside the People's Republic of China disrupt the order of the domestic market of the People's Republic of China and cause any damage to the lawful rights and interests of domestic traders, it shall be handled, and the violators shall be held legally liable according to the applicable provisions of this Law. 在中华人民共和国境外的期货交易和衍生品交易及相关活动，扰乱中华人民共和国境内市场秩序，损害境内交易者合法权益的，依照本法有关规定处理并追究法律责任。



Article 3 For the purposes of this Law, “trading in futures” means the trading activities that take futures contracts or standard option contracts as the subject matter of transactions. 　　第三条　本法所称期货交易，是指以期货合约或者标准化期权合约为交易标的的交易活动。

For the purposes of this Law, “trading in derivatives” means the trading activities other than futures trading, which take swap contracts, forward contracts, and non-standard option contracts, as well as their portfolios as the subject matter of transactions. 本法所称衍生品交易，是指期货交易以外的，以互换合约、远期合约和非标准化期权合约及其组合为交易标的的交易活动。

For the purposes of this Law, “futures contract” means a standard contract uniformly prepared by a futures trading venue under which a certain quantity of the subject matter shall be delivered as agreed upon on a given futures date at a specified location. 本法所称期货合约，是指期货交易场所统一制定的、约定在将来某一特定的时间和地点交割一定数量标的物的标准化合约。

For the purposes of this Law, “option contract” means a standard or non-standard contract under which the buyer is entitled to buy or sell the subject matter (including a futures contract) as agreed upon at a specific price on a given futures date. 本法所称期权合约，是指约定买方有权在将来某一时间以特定价格买入或者卖出约定标的物（包括期货合约）的标准化或非标准化合约。

For the purposes of this Law, “swap contract” means a financial contract under which the specific subject matter shall be exchanged as agreed upon on a given futures date. 本法所称互换合约，是指约定在将来某一特定时间内相互交换特定标的物的金融合约。

For the purposes of this Law, “forward contract” means a financial contract other than a futures contract, under which a certain quantity of the subject matter shall be delivered as agreed upon on a given futures date at a specified location. 本法所称远期合约，是指期货合约以外的，约定在将来某一特定的时间和地点交割一定数量标的物的金融合约。



Article 4 The state supports the sound development of the futures market, and shall play the functions of the futures market in discovering prices, managing risks, and allocating resources. 　　第四条　国家支持期货市场健康发展，发挥发现价格、管理风险、配置资源的功能。

The state encourages the use of the futures market and derivative market to engage in hedging and other risk management activities. 国家鼓励利用期货市场和衍生品市场从事套期保值等风险管理活动。

The state shall take measures to promote the development of the futures market and derivative market of agricultural products and guide the production and operation of domestic agricultural products. 国家采取措施推动农产品期货市场和衍生品市场发展，引导国内农产品生产经营。

For the purposes of this Law, “hedging” means the trading in futures and derivatives by traders in order to manage the risks arising from the change in value such as their assets and liabilities, which are basically consistent with the aforesaid assets and liabilities, among others. 本法所称套期保值，是指交易者为管理因其资产、负债等价值变化产生的风险而达成与上述资产、负债等基本吻合的期货交易和衍生品交易的活动。



Article 5 The futures market and derivative market shall establish and improve the system and mechanism for monitoring, controlling, dissolving, and disposing of risks, restrict excessive speculation according to law, and prevent systematic market risks. 　　第五条　期货市场和衍生品市场应当建立和完善风险的监测监控与化解处置制度机制，依法限制过度投机行为，防范市场系统性风险。



Article 6 The trading in futures and derivatives shall comply with laws and administrative regulations and the relevant provisions of the state, follow the principles of openness, fairness, and impartiality, and fraud, market manipulation, and insider trading shall be prohibited. 　　第六条　期货交易和衍生品交易活动，应当遵守法律、行政法规和国家有关规定，遵循公开、公平、公正的原则，禁止欺诈、操纵市场和内幕交易的行为。



Article 7 The parties to the trading in futures and derivatives shall have equal legal status, and comply with the principles of free will, onerousness, and good faith. 　　第七条　参与期货交易和衍生品交易活动的各方具有平等的法律地位，应当遵守自愿、有偿、诚实信用的原则。



Article 8 The futures regulatory agency of the State Council shall conduct the centralized and unified supervision and administration of the futures market nationwide in accordance with the law. If any provisions issued by the State Council provide otherwise for the supervision and administration of interest rate and exchange rate futures, such provisions shall prevail. 　　第八条　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。国务院对利率、汇率期货的监督管理另有规定的，适用其规定。

The derivative market shall be subject to the supervision and administration of the futures regulatory agency of the State Council or the department authorized by the State Council according to the division of duties. 衍生品市场由国务院期货监督管理机构或者国务院授权的部门按照职责分工实行监督管理。



Article 9 Futures and derivative industry associations shall conduct self-regulation in accordance with the law. 　　第九条　期货和衍生品行业协会依法实行自律管理。



Article 10 The audit authorities of the state shall conduct the auditing of futures trading institutions, futures trading venues, futures clearing institutions, and the futures regulatory agency of the State Council in accordance with the law to perform their supervisory functions. 　　第十条　国家审计机关依法对期货经营机构、期货交易场所、期货结算机构、国务院期货监督管理机构进行审计监督。



Chapter II Trading in Futures and Derivatives 第二章　期货交易和衍生品交易



Section 1 General Rules 第一节　一般规定



Article 11 Futures shall be traded at legally formed futures exchanges or other futures trading venues legally approved by the futures regulatory agency of the State Council to trade in futures (hereinafter collectively referred to as “futures trading venues”) in the form of open and centralized trading or other forms approved by the futures regulatory agency of the State Council. 　　第十一条　期货交易应当在依法设立的期货交易所或者国务院期货监督管理机构依法批准组织开展期货交易的其他期货交易场所（以下统称期货交易场所），采用公开的集中交易方式或者国务院期货监督管理机构批准的其他方式进行。

No futures may be traded outside futures trading venues. 禁止在期货交易场所之外进行期货交易。

Derivatives may be traded in the form of agreement-based trading or other trading forms prescribed by the State Council. 衍生品交易，可以采用协议交易或者国务院规定的其他交易方式进行。



Article 12 No entity or individual may manipulate the futures or derivative market. 　　第十二条　任何单位和个人不得操纵期货市场或者衍生品市场。

Manipulation of the futures market to affect or attempt to affect the trading price or volume of futures by any of the following means shall be prohibited: 禁止以下列手段操纵期货市场，影响或者意图影响期货交易价格或者期货交易量：

(1) Alone or by conspiracy, concentrating advantages in terms of funds, holding of positions, or information to purchase or sell futures jointly or continuously. （一）单独或者合谋，集中资金优势、持仓优势或者利用信息优势联合或者连续买卖合约；

(2) Colluding with any other person to trade in futures mutually at the time and price and in the manner as agreed upon in advance. （二）与他人串通，以事先约定的时间、价格和方式相互进行期货交易；

(3) Trading in futures between accounts under the actual control of the entity or individual. （三）在自己实际控制的账户之间进行期货交易；

(4) Inducing traders to trade in futures, by using false or uncertain material information. （四）利用虚假或者不确定的重大信息，诱导交易者进行期货交易；

(5) Placing and canceling orders frequently or in large numbers, not for the purpose of the consummation of trades. （五）不以成交为目的，频繁或者大量申报并撤销申报；

(6) Providing the public with any evaluation, forecast, or investment advice on the relevant trading in futures or the subject matter of the contract, or conducting operations in the opposite direction or related operations. （六）对相关期货交易或者合约标的物的交易作出公开评价、预测或者投资建议，并进行反向操作或者相关操作；

(7) Hoarding goods in order to influence futures market prices. （七）为影响期货市场行情囤积现货；

(8) Evading position limit by unjustifiable means and forming position advantage in the delivery month or nearby delivery month. （八）在交割月或者临近交割月，利用不正当手段规避持仓限额，形成持仓优势；

(9) Manipulating the futures market by activities on the relevant market. （九）利用在相关市场的活动操纵期货市场；

(10) Otherwise manipulating the futures market. （十）操纵期货市场的其他手段。



Article 13 Insiders who have access to insider information in connection with trading in futures or derivatives or persons who have illegally obtained insider information shall be prohibited from trading in futures or derivatives before the disclosure of insider information, explicitly or implicitly instructing any other person to trade in futures or derivatives relating to insider information, or divulging insider information. 　　第十三条　期货交易和衍生品交易的内幕信息的知情人和非法获取内幕信息的人，在内幕信息公开前不得从事相关期货交易或者衍生品交易，明示、暗示他人从事与内幕信息有关的期货交易或者衍生品交易，或者泄露内幕信息。



Article 14 For the purposes of this Law, “insider information” means non-public information which may significantly affect the futures or derivative trading prices. 　　第十四条　本法所称内幕信息，是指可能对期货交易或者衍生品交易的交易价格产生重大影响的尚未公开的信息。

Insider information on futures trading shall include: 期货交易的内幕信息包括：

(1) policies, information, or data that are being formulated or have not been issued by the futures regulatory agency of the State Council and other relevant departments and may significantly affect futures trading prices; （一）国务院期货监督管理机构以及其他相关部门正在制定或者尚未发布的对期货交易价格可能产生重大影响的政策、信息或者数据；

(2) decisions made by futures trading venues and futures clearing institutions, which may significantly affect futures trading prices; （二）期货交易场所、期货结算机构作出的可能对期货交易价格产生重大影响的决定；

(3) funds and transactions of members of futures trading venues and traders; （三）期货交易场所会员、交易者的资金和交易动向；

(4) information on major abnormal transactions on relevant markets; and （四）相关市场中的重大异常交易信息；

(5) other information that has a significant impact on the futures trading price as prescribed by the futures regulatory agency of the State Council. （五）国务院期货监督管理机构规定的对期货交易价格有重大影响的其他信息。



Article 15 For the purposes of this Law, “insiders who have access to insider information” means the entities and individuals that, by virtue of their operating status, management position, supervisory role, or advantages in position, among others, have access to or obtain insider information. 　　第十五条　本法所称内幕信息的知情人，是指由于经营地位、管理地位、监督地位或者职务便利等，能够接触或者获得内幕信息的单位和个人。

Insiders who have access to insider information on futures trading shall include: 期货交易的内幕信息的知情人包括：

(1) relevant personnel of futures trading institutions, futures trading venues, futures clearing institutions, and futures service institutions; （一）期货经营机构、期货交易场所、期货结算机构、期货服务机构的有关人员；

(2) staff members of the futures regulatory agency the State Council and other relevant departments; and （二）国务院期货监督管理机构和其他有关部门的工作人员；

(3) other entities and individuals that may obtain insider information as prescribed by the futures regulatory agency of the State Council. （三）国务院期货监督管理机构规定的可以获取内幕信息的其他单位和个人。



Article 16 No entity or individual shall fabricate or disseminate false or misleading information to disrupt the futures market and derivative market. 　　第十六条　禁止任何单位和个人编造、传播虚假信息或者误导性信息，扰乱期货市场和衍生品市场。

Futures trading institutions, futures trading venues, futures clearing institutions, futures service institutions, and their practitioners, venues and institutions that organize or conduct derivative trading and their practitioners, as well as futures and derivative industry associations, the futures regulatory agency of the State Council, the department authorized by the State Council and their staff members shall be prohibited from misrepresentation or provision of misleading information in trading in futures and derivatives and relevant activities. 禁止期货经营机构、期货交易场所、期货结算机构、期货服务机构及其从业人员，组织、开展衍生品交易的场所、机构及其从业人员，期货和衍生品行业协会、国务院期货监督管理机构、国务院授权的部门及其工作人员，在期货交易和衍生品交易及相关活动中作出虚假陈述或者信息误导。

The futures and derivative market information disseminated by any communications media must be true and objective, and the dissemination of misleading information shall be prohibited. The communications media and their staff members engaged in the coverage of futures and derivative market information shall not trade in futures or derivatives with conflicts of interest in connection with their work duties and relevant activities. 各种传播媒介传播期货市场和衍生品市场信息应当真实、客观，禁止误导。传播媒介及其从事期货市场和衍生品市场信息报道的工作人员不得从事与其工作职责发生利益冲突的期货交易和衍生品交易及相关活动。



Section 2 Trading in Futures 第二节　期货交易



Article 17 The listing of futures contract products and standard option contract products shall comply with the rules of the futures regulatory agency of the State Council and be legally reported by the futures trading venue to the futures regulatory agency of the State Council for registration. 　　第十七条　期货合约品种和标准化期权合约品种的上市应当符合国务院期货监督管理机构的规定，由期货交易场所依法报经国务院期货监督管理机构注册。

The suspension and resumption of listing and delisting of futures contract products and standard option contract products shall comply with the rules of the futures regulatory agency of the State Council and be decided by futures trading venues and filed with the futures regulatory agency of the State Council for recordation. 期货合约品种和标准化期权合约品种的中止上市、恢复上市、终止上市应当符合国务院期货监督管理机构的规定，由期货交易场所决定并向国务院期货监督管理机构备案。

Futures contract products and standard option contract products shall have economic value, difficult to be manipulated, and conform to the public interest. 期货合约品种和标准化期权合约品种应当具有经济价值，合约不易被操纵，符合社会公共利益。



Article 18 The legal name registration system for accounts shall be implemented in futures trading. A trader trading in futures shall hold credentials legally proving his or her identity and apply for opening an account in his or her name. 　　第十八条　期货交易实行账户实名制。交易者进行期货交易的，应当持有证明身份的合法证件，以本人名义申请开立账户。

No entity or individual may, in violation of the applicable provisions, lend its or his own futures account or borrow any other person's futures account for trading in futures. 任何单位和个人不得违反规定，出借自己的期货账户或者借用他人的期货账户从事期货交易。



Article 19 Whoever trades in futures on a futures trading venue shall be a member of the futures trading venue or any other participant in compliance with the rules of the futures regulatory agency of the State Council. 　　第十九条　在期货交易场所进行期货交易的，应当是期货交易场所会员或者符合国务院期货监督管理机构规定的其他参与者。



Article 20 Traders that authorize futures trading institutions to trade may place trade orders in writing or via telephone, self-service terminals, and the Internet, among others. Trade orders shall be specific, clear, and complete. 　　第二十条　交易者委托期货经营机构进行交易的，可以通过书面、电话、自助终端、网络等方式下达交易指令。交易指令应当明确、具体、全面。



Article 21 Algorithmic trading executed based on trade orders automatically generated or placed by computer programs shall comply with the rules of the futures regulatory agency of the State Council, and be reported to the futures trading venue, and shall not affect the system security or the normal trading order of the futures trading venue. 　　第二十一条　通过计算机程序自动生成或者下达交易指令进行程序化交易的，应当符合国务院期货监督管理机构的规定，并向期货交易场所报告，不得影响期货交易场所系统安全或者正常交易秩序。



Article 22 A margin system shall be adopted for futures trading. Futures clearing institutions shall collect margin from clearing participants and clearing participants shall collect margin from traders. Margin shall be used for settlement and performance guarantee. 　　第二十二条　期货交易实行保证金制度，期货结算机构向结算参与人收取保证金，结算参与人向交易者收取保证金。保证金用于结算和履约保障。

The form of margin shall include cash, treasury bonds, stocks, fund shares, standard warehouse receipts and other highly liquid negotiable securities, and other properties prescribed by the futures regulatory agency of the State Council. Negotiable securities, among others, may be used as the margin by pledge or other forms with contract performance guarantee functions in accordance with the law. 保证金的形式包括现金，国债、股票、基金份额、标准仓单等流动性强的有价证券，以及国务院期货监督管理机构规定的其他财产。以有价证券等作为保证金的，可以依法通过质押等具有履约保障功能的方式进行。

The form and ratio, among others, of margin collected by futures clearing institutions and clearing participants shall comply with the rules of the futures regulatory agency of the State Council. 期货结算机构、结算参与人收取的保证金的形式、比例等应当符合国务院期货监督管理机构的规定。

Where a trader trades under a standard option contract, the seller shall pay the margin and the buyer shall pay the premium. 交易者进行标准化期权合约交易的，卖方应当缴纳保证金，买方应当支付权利金。

For the purposes of the preceding paragraph, “premium” means the funds paid by the buyer to purchase a standard option contract. 前款所称权利金是指买方支付的用于购买标准化期权合约的资金。



Article 23 The position limit rules shall be implemented for futures trading, so as to prevent the risks of excessive position holding under the contracts. 　　第二十三条　期货交易实行持仓限额制度，防范合约持仓过度集中的风险。

Whoever engages in hedging and other risk management activities may apply for the exemption of the position limit. 从事套期保值等风险管理活动的，可以申请持仓限额豁免。

The administrative measures for position limit and hedging shall be developed by the futures regulatory agency of the State Council. 持仓限额、套期保值的管理办法由国务院期货监督管理机构制定。



Article 24 The management rules for the recordation of actual control relations of traders shall be implemented in futures trading. Traders shall report actual control relations to the futures trading institution or futures trading venue in accordance with the rules of the futures regulatory agency of the State Council. 　　第二十四条　期货交易实行交易者实际控制关系报备管理制度。交易者应当按照国务院期货监督管理机构的规定向期货经营机构或者期货交易场所报备实际控制关系。



Article 25 The charges collected for trading in futures shall be reasonable, and the fee items, fee rates, and management measures shall be published. 　　第二十五条　期货交易的收费应当合理，收费项目、收费标准和管理办法应当公开。



Article 26 The results of transactions conducted according to business rules developed by futures trading venues in accordance with the law shall not be changed, except under paragraph 2 of Article 89 of this Law. 　　第二十六条　依照期货交易场所依法制定的业务规则进行的交易，不得改变其交易结果，本法第八十九条第二款规定的除外。



Article 27 Members of futures trading venues and traders shall report significant matters such as trading, holding of positions, and margin, among others, according to the rules of the futures regulatory agency of the State Council. 　　第二十七条　期货交易场所会员和交易者应当按照国务院期货监督管理机构的规定，报告有关交易、持仓、保证金等重大事项。



Article 28 No entity or individual may use credit or fiscal funds to trade in futures in violation of the applicable provisions. 　　第二十八条　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。



Article 29 Futures trading institutions, futures trading venues, futures clearing institutions, futures service institutions, and other institutions, and their practitioners shall report discovered prohibited trading acts to the futures regulatory agency of the State Council in a timely manner. 　　第二十九条　期货经营机构、期货交易场所、期货结算机构、期货服务机构等机构及其从业人员对发现的禁止的交易行为，应当及时向国务院期货监督管理机构报告。



Section 3 Trading in Derivatives 第三节　衍生品交易



Article 30 Legally formed venues may organize derivative trading with the approval of the department authorized by the State Council or the futures regulatory agency of the State Council. 　　第三十条　依法设立的场所，经国务院授权的部门或者国务院期货监督管理机构审批，可以组织开展衍生品交易。

The trading rules developed by the venues organizing derivative trading shall fairly protect the lawful rights and interests of all trading participants and prevent market risks, and shall be reported to the department authorized by the State Council or the futures regulatory agency of the State Council for approval. 组织开展衍生品交易的场所制定的交易规则，应当公平保护交易参与各方合法权益和防范市场风险，并报国务院授权的部门或者国务院期货监督管理机构批准。



Article 31 To conduct derivative trading, a financial institution shall obtain approval or confirmation in accordance with the law, perform its trader suitability management obligations, and comply with the relevant regulatory provisions of the state. 　　第三十一条　金融机构开展衍生品交易业务，应当依法经过批准或者核准，履行交易者适当性管理义务，并应当遵守国家有关监督管理规定。



Article 32 If the master agreement is adopted in derivative trading, the master agreement, all supplementary agreements under the master agreement, and any agreements made by both parties to the transaction on all specific transactions, among others, shall together constitute a single integrated agreement between both parties to the transaction and be legally binding. 　　第三十二条　衍生品交易采用主协议方式的，主协议、主协议项下的全部补充协议以及交易双方就各项具体交易作出的约定等，共同构成交易双方之间一个完整的单一协议，具有法律约束力。



Article 33 The standard contract texts such as master agreements as provided for in Article 32 of this Law shall be submitted for recordation according to the applicable provisions of the department authorized by the State Council or the futures regulatory agency of the State Council. 　　第三十三条　本法第三十二条规定的主协议等合同范本，应当按照国务院授权的部门或者国务院期货监督管理机构的规定报送备案。



Article 34 Performance guarantee may be legally provided for derivative transactions in such forms as pledge. 　　第三十四条　进行衍生品交易，可以依法通过质押等方式提供履约保障。



Article 35 Where derivatives are traded under the master agreement in accordance with the law, if any circumstance agreed upon occurs, trading may be terminated as agreed upon in the agreement, and netting of all trading profits and losses under the agreement shall be conducted. 　　第三十五条　依法采用主协议方式从事衍生品交易的，发生约定的情形时，可以依照协议约定终止交易，并按净额对协议项下的全部交易盈亏进行结算。

Netting according to the provisions of the preceding paragraph shall not be suspended, invalidated, or revoked in the event that either party to the transaction enters bankruptcy proceedings in accordance with the law. 依照前款规定进行的净额结算，不因交易任何一方依法进入破产程序而中止、无效或者撤销。



Article 36 The department authorized by the State Council and the futures regulatory agency of the State Council shall establish a derivative trading report database to centralize the collection, preservation, analysis, and management of the subject matter, size, counterparties, and other information on derivative transactions, and disclose the relevant information to the market in a timely manner according to the applicable provisions. The specific measures shall be provided for by the department authorized by the State Council and the futures regulatory agency of the State Council. 　　第三十六条　国务院授权的部门、国务院期货监督管理机构应当建立衍生品交易报告库，对衍生品交易标的、规模、对手方等信息进行集中收集、保存、分析和管理，并按照规定及时向市场披露有关信息。具体办法由国务院授权的部门、国务院期货监督管理机构规定。



Article 37 Where derivative trading is settled in a centralized manner by a clearing institution as a central counterparty approved by the department authorized by the State Council or the futures regulatory agency of the State Council, netting may be terminated in accordance with the law; and settlement property shall be first used for settlement and delivery, and shall not be placed under seal, frozen, impounded, or be subjected to enforcement; and shall not be used by anyone before the completion of settlement and delivery. 　　第三十七条　衍生品交易，由国务院授权的部门或者国务院期货监督管理机构批准的结算机构作为中央对手方进行集中结算的，可以依法进行终止净额结算；结算财产应当优先用于结算和交割，不得被查封、冻结、扣押或者强制执行；在结算和交割完成前，任何人不得动用。

Centralized settlement conducted in accordance with the law shall not be suspended, invalidated, or revoked in the event that either party participating in the settlement enters bankruptcy proceedings in accordance with the law. 依法进行的集中结算，不因参与结算的任何一方依法进入破产程序而中止、无效或者撤销。



Article 38 The specific measures for regulating and conducting the supervision and administration of derivative trading and relevant activities shall be provided for by the State Council in accordance with the principles of this Law. 　　第三十八条　对衍生品交易及相关活动进行规范和监督管理的具体办法，由国务院依照本法的原则规定。



Chapter III Futures Settlement and Delivery 第三章　期货结算与交割



Article 39 The mark-to-market system shall be employed for futures trading. Within the time prescribed by the futures trading venue, futures clearing institutions shall conduct settlement for all clearing participants at the settlement price on a day, and clearing participants shall conduct settlement for traders according to the settlement results of futures clearing institutions. Clearing participants and traders shall be notified of the settlement results in a timely manner on the same day. 　　第三十九条　期货交易实行当日无负债结算制度。在期货交易场所规定的时间，期货结算机构应当在当日按照结算价对结算参与人进行结算；结算参与人应当根据期货结算机构的结算结果对交易者进行结算。结算结果应当在当日及时通知结算参与人和交易者。



Article 40 The margin and premium, among others, collected by a futures clearing institution or a clearing participant shall be separated from its own funds and deposited in special accounts of the futures margin custody institution for separate management and shall not be misappropriated in violation of any provision, in accordance with the rules of the futures regulatory agency of the State Council. 　　第四十条　期货结算机构、结算参与人收取的保证金、权利金等，应当与其自有资金分开，按照国务院期货监督管理机构的规定，在期货保证金存管机构专户存放，分别管理，禁止违规挪用。



Article 41 Where the margin of a clearing participant fails to reach the standards prescribed in the business rules of a futures clearing institution, the futures clearing institution shall, in accordance with the provisions of business rules, notify the clearing participant to provide additional margin or close the position voluntarily within the prescribed period. If a clearing participant failed to provide additional margin or close the position voluntarily within the prescribed period, the futures trading venue shall be notified to close the position forcibly. 　　第四十一条　结算参与人的保证金不符合期货结算机构业务规则规定标准的，期货结算机构应当按照业务规则的规定通知结算参与人在规定时间内追加保证金或者自行平仓；结算参与人未在规定时间内追加保证金或者自行平仓的，通知期货交易场所强行平仓。

Where the margin of the trader fails to reach the standards agreed upon between the clearing participant and the trader, the clearing participant shall, as agreed upon, notify the trader to provide additional margin or close the position within the agreed time limit. If the trader fails to provide additional margin or close the position itself within the agreed time limit, the position shall be forcibly closed as agreed. 交易者的保证金不符合结算参与人与交易者约定标准的，结算参与人应当按照约定通知交易者在约定时间内追加保证金或者自行平仓；交易者未在约定时间内追加保证金或者自行平仓的，按照约定强行平仓。

Where negotiable securities, among others, are used as margin and the futures clearing institution or clearing participant forcibly closes the position in accordance with the provisions of the preceding two paragraphs, the negotiable securities, among others, may be disposed of. 以有价证券等作为保证金，期货结算机构、结算参与人按照前两款规定强行平仓的，可以对有价证券等进行处置。



Article 42 Where a clearing participant breaches a contract in the course of settlement, the futures clearing institution shall, in accordance with the business rules, use the margin and settlement guarantee fund of the clearing participant, as well as the clearing institution's risk reserve and own funds, among others, to complete the settlement. A futures clearing institution that completes settlement using its risk reserve or own funds, among others, may recover compensation from the clearing participant in accordance with the law. 　　第四十二条　结算参与人在结算过程中违约的，期货结算机构按照业务规则动用结算参与人的保证金、结算担保金以及结算机构的风险准备金、自有资金等完成结算；期货结算机构以其风险准备金、自有资金等完成结算的，可以依法对该结算参与人进行追偿。

Where a trader breaches a contract during the process of settlement, the entrusted clearing participant shall complete the settlement by using the margin of the trader, and the clearing participant's risk reserve and own funds as agreed upon in the contract; if the clearing participant completes the settlement using its risk reserve and own funds, the clearing participant may recover compensation from the trader in accordance with the law. 交易者在结算过程中违约的，其委托的结算参与人按照合同约定动用该交易者的保证金以及结算参与人的风险准备金和自有资金完成结算；结算参与人以其风险准备金和自有资金完成结算的，可以依法对该交易者进行追偿。

For the purposes of this Law, “settlement guarantee fund” means the funds paid by the clearing participant to the futures clearing institution with its own funds as funds for performance guarantee. 本法所称结算担保金，是指结算参与人以自有资金向期货结算机构缴纳的，用于担保履约的资金。



Article 43 The margin, premium, settlement guarantee fund, risk reserve, and other assets collected or withdrawn by a futures clearing institution according to its business rules shall be first used for settlement and delivery, and shall not be placed under seal, frozen, impounded, or subjected to enforcement. 　　第四十三条　期货结算机构依照其业务规则收取和提取的保证金、权利金、结算担保金、风险准备金等资产，应当优先用于结算和交割，不得被查封、冻结、扣押或者强制执行。

Before the completion of settlement and delivery, no one may use the margin used for performance guarantee and delivery and delivered property. 在结算和交割完成之前，任何人不得动用用于担保履约和交割的保证金、进入交割环节的交割财产。

Settlement and delivery conducted in accordance with the law shall not be suspended, invalidated, or revoked in the event that either party participating in the settlement enters bankruptcy proceedings in accordance with the law. 依法进行的结算和交割，不因参与结算的任何一方依法进入破产程序而中止、无效或者撤销。



Article 44 At the expiration of a futures contract, the trader shall close positions in the expiring contract through physical delivery or cash delivery. 　　第四十四条　期货合约到期时，交易者应当通过实物交割或者现金交割，了结到期未平仓合约。

Within the time prescribed in a standard option contract, the buyer of the contract shall have the right to purchase or sell the subject matter at the agreed price or settle the difference in cash as agreed upon, and the seller of the contract shall perform corresponding obligations as agreed upon. The exercise in a standard option contract shall be organized by the futures clearing institution. 在标准化期权合约规定的时间，合约的买方有权以约定的价格买入或者卖出标的物，或者按照约定进行现金差价结算，合约的卖方应当按照约定履行相应的义务。标准化期权合约的行权，由期货结算机构组织进行。



Article 45 In case of physical delivery under a futures contract, the futures clearing institution shall be responsible for organizing the delivery of payment for goods and certificates of rights to the subject matter of the contract, such as standard warehouse receipts. 　　第四十五条　期货合约采取实物交割的，由期货结算机构负责组织货款与标准仓单等合约标的物权利凭证的交付。

In case of cash delivery under a futures contract, the futures clearing institution shall transfer the profits and losses of both parties on the basis of the settlement price for delivery. 期货合约采取现金交割的，由期货结算机构以交割结算价为基础，划付持仓双方的盈亏款项。

For the purposes of this Law, “standard warehouse receipts” means standard delivery certificates issued by the delivery warehouse and registered with the futures trading venue. 本法所称标准仓单，是指交割库开具并经期货交易场所登记的标准化提货凭证。



Article 46 Physical delivery in futures trading shall be conducted at a delivery warehouse or delivery port designated by the futures trading venue or any other place satisfying the requirements of the futures trading venue. There is no limit to the total amount of delivery in physical delivery. In case of physical delivery by documents other than standard warehouse receipts or by other means, the futures trading venue shall clearly define the rights and obligations of all parties to delivery. 　　第四十六条　期货交易的实物交割在期货交易场所指定的交割库、交割港口或者其他符合期货交易场所要求的地点进行。实物交割不得限制交割总量。采用标准仓单以外的单据凭证或者其他方式进行实物交割的，期货交易场所应当明确规定交割各方的权利和义务。



Article 47 Where a clearing participant defaults on delivery, the futures clearing institution has the right to dispose of the clearing participant's certificates of rights to the subject matter of the contract such as standard warehouse receipts. 　　第四十七条　结算参与人在交割过程中违约的，期货结算机构有权对结算参与人的标准仓单等合约标的物权利凭证进行处置。

Where a trader defaults on delivery, the clearing participant shall have the right to dispose of the trader's certificates of rights to the subject matter of the contract such as standard warehouse receipts. 交易者在交割过程中违约的，结算参与人有权对交易者的标准仓单等合约标的物权利凭证进行处置。



Article 48 A futures trading institution that fails to meet the conditions for clearing participants may authorize clearing participants to conduct settlement on behalf of their clients. The provisions of this Chapter on rights and obligations between clearing participants and traders shall apply, mutatis mutandis, to the relationships of rights and obligations between futures trading institutions that fail to meet the conditions for clearing participants and clearing participants and traders. 　　第四十八条　不符合结算参与人条件的期货经营机构可以委托结算参与人代为其客户进行结算。不符合结算参与人条件的期货经营机构与结算参与人、交易者之间的权利义务关系，参照本章关于结算参与人与交易者之间权利义务的规定执行。



Chapter IV Futures Traders 第四章　期货交易者



Article 49 “Futures traders” means natural persons, legal persons, and unincorporated organizations that engage in futures trading and assume trading results in accordance with this Law. 　　第四十九条　期货交易者是指依照本法从事期货交易，承担交易结果的自然人、法人和非法人组织。

A futures trader engaging in futures trading shall entrust a futures trading institution to conduct futures trading, except as otherwise provided for by the futures regulatory agency of the State Council. 期货交易者从事期货交易，除国务院期货监督管理机构另有规定外，应当委托期货经营机构进行。



Article 50 In providing services to traders, a futures trading institution shall, according to the applicable provisions, sufficiently gather the basic information on traders and their property status, financial asset status, trading knowledge and experience, professional capability, and other relevant information; truthfully explain the important contents of services, and fully reveal trading risks; and provide services commensurate with the aforesaid status of traders. 　　第五十条　期货经营机构向交易者提供服务时，应当按照规定充分了解交易者的基本情况、财产状况、金融资产状况、交易知识和经验、专业能力等相关信息；如实说明服务的重要内容，充分揭示交易风险；提供与交易者上述状况相匹配的服务。

In participating in futures trading or accepting services, traders shall provide true information set out in the preceding paragraph according to the explicit requirements of the futures trading institution. If any trader refuses to provide information or fails to provide information as required, the futures trading institution shall inform the trader of the consequences, and refuse to provide services to the trader according to the applicable provisions. 交易者在参与期货交易和接受服务时，应当按照期货经营机构明示的要求提供前款所列真实信息。拒绝提供或者未按照要求提供信息的，期货经营机构应当告知其后果，并按照规定拒绝提供服务。

A futures trading institution that violates the provision of paragraph 1 of this Article shall be liable in damages correspondingly, if the violation causes any loss to traders. 期货经营机构违反第一款规定导致交易者损失的，应当承担相应的赔偿责任。



Article 51 Traders may be divided into ordinary traders and professional traders according to asset status, financial asset status, trading knowledge and experience, professional capability, and other factors. The standards for professional traders shall be provided for by the futures regulatory agency of the State Council. 　　第五十一条　根据财产状况、金融资产状况、交易知识和经验、专业能力等因素，交易者可以分为普通交易者和专业交易者。专业交易者的标准由国务院期货监督管理机构规定。

Where any ordinary trader is in dispute with a futures trading institution, the futures trading institution shall prove that its conduct complies with laws, administrative regulations, and the rules of the futures regulatory agency of the State Council, without misleading, fraudulent, and other circumstances. The futures trading institution shall be liable in damages correspondingly, if it is unable to prove it. 普通交易者与期货经营机构发生纠纷的，期货经营机构应当证明其行为符合法律、行政法规以及国务院期货监督管理机构的规定，不存在误导、欺诈等情形。期货经营机构不能证明的，应当承担相应的赔偿责任。



Article 52 Legal persons and unincorporated organizations participating in futures trading shall establish internal control rules and risk control rules which correspond to the type, scale, and purpose, among others, of their trading contracts. 　　第五十二条　参与期货交易的法人和非法人组织，应当建立与其交易合约类型、规模、目的等相适应的内部控制制度和风险控制制度。



Article 53 The practitioners of futures trading institutions, futures trading venues, and futures clearing institutions, the futures regulatory agency of the State Council, and futures associations, as well as other persons prohibited from participating in futures trading by any law or administrative regulation or the rules of the futures regulatory agency of the State Council shall not trade in futures. 　　第五十三条　期货经营机构、期货交易场所、期货结算机构的从业人员，国务院期货监督管理机构、期货业协会的工作人员，以及法律、行政法规和国务院期货监督管理机构规定禁止参与期货交易的其他人员，不得进行期货交易。



Article 54 Traders have the right to inquire about their authorization records, trading records, margin balance, and other important information related to their acceptance of services. 　　第五十四条　交易者有权查询其委托记录、交易记录、保证金余额、与其接受服务有关的其他重要信息。



Article 55 Futures trading institutions, futures trading venues, futures clearing institutions, futures service institutions, and their staff members shall keep the information on traders confidential in accordance with the law, and shall not illegally purchase, sell, provide, or disclose publicly any information on traders. 　　第五十五条　期货经营机构、期货交易场所、期货结算机构、期货服务机构及其工作人员应当依法为交易者的信息保密，不得非法买卖、提供或者公开交易者的信息。

Futures trading institutions, futures trading venues, futures clearing institutions, futures service institutions, and their staff members shall not divulge any trade secrets to which they have access. 期货经营机构、期货交易场所、期货结算机构、期货服务机构及其工作人员不得泄露所知悉的商业秘密。



Article 56 Where any dispute arises between a trader and a futures trading institution, among others, both parties may apply to an industry association, among others, for mediation. A futures trading institution shall not refuse an ordinary trader's request for mediation of a dispute between them over any futures business. 　　第五十六条　交易者与期货经营机构等发生纠纷的，双方可以向行业协会等申请调解。普通交易者与期货经营机构发生期货业务纠纷并提出调解请求的，期货经营机构不得拒绝。



Article 57 Where traders institute civil actions for damages caused by market manipulation or insider trading, among others, related to futures, they may legally recommend and select representatives to participate in the actions if the subject matters of the actions are of the same kind and the parties on one side of the actions are numerous. 　　第五十七条　交易者提起操纵市场、内幕交易等期货民事赔偿诉讼时，诉讼标的是同一种类，且当事人一方人数众多的，可以依法推选代表人进行诉讼。



Article 58 The state shall set up a futures trader guarantee fund. The specific measures for raising, managing, and using the futures trader guarantee fund shall be developed by the futures regulatory agency of the State Council in conjunction with the finance department of the State Council. 　　第五十八条　国家设立期货交易者保障基金。期货交易者保障基金的筹集、管理和使用的具体办法，由国务院期货监督管理机构会同国务院财政部门制定。



Chapter V Futures Trading Institutions 第五章　期货经营机构



Article 59 A futures trading institution means a futures company formed in accordance with the Company Law of the People's Republic of China and this Law and other institutions approved by the futures regulatory agency of the State Council to engage in the futures business. 　　第五十九条　期货经营机构是指依照《中华人民共和国公司法》和本法设立的期货公司以及国务院期货监督管理机构核准从事期货业务的其他机构。



Article 60 The formation of a futures company shall meet the following conditions, and be subject to the confirmation of the futures regulatory agency of the State Council. 　　第六十条　设立期货公司，应当具备下列条件，并经国务院期货监督管理机构核准：

(1) It has company bylaws in compliance with the provisions of laws and administrative regulations. （一）有符合法律、行政法规规定的公司章程；

(2) Its principal shareholders and actual controller are in good financial condition, have a good integrity record, their net assets are not lower than the standards prescribed by the futures regulatory agency of the State Council and they have no record of any major violation of laws and regulations in the last three years. （二）主要股东及实际控制人具有良好的财务状况和诚信记录，净资产不低于国务院期货监督管理机构规定的标准，最近三年无重大违法违规记录；

(3) Its registered capital is not less than 100 million yuan and shall be paid-in monetary capital. （三）注册资本不低于人民币一亿元，且应当为实缴货币资本；

(4) The persons engaging in the futures business meet the conditions prescribed in this Law, and the directors, supervisors, and officers have the corresponding office qualifications. （四）从事期货业务的人员符合本法规定的条件，董事、监事和高级管理人员具备相应的任职条件；

(5) It has a good corporate governance structure, and sound risk management rules and internal control rules. （五）有良好的公司治理结构、健全的风险管理制度和完善的内部控制制度；

(6) It has business premises, business facilities, and information technology systems in compliance with the applicable provisions. （六）有合格的经营场所、业务设施和信息技术系统；

(7) It meets other conditions prescribed by laws, administrative regulations, and the futures regulatory agency of the State Council. （七）法律、行政法规和国务院期货监督管理机构规定的其他条件。

The futures regulatory agency of the State Council may, according to the principle of prudential regulation and the risk degree of all businesses, increase the amount of minimum registered capital. 国务院期货监督管理机构根据审慎监管原则和各项业务的风险程度，可以提高注册资本最低限额。

The futures regulatory agency of the State Council shall, within six months of accepting an application for the formation of a futures company, conduct the examination according to statutory conditions and procedures under the principle of prudential regulation, make a decision to grant or deny the application, and notify the applicant of its decision; and if it denies the application, explain the reasons for the denial. 国务院期货监督管理机构应当自受理期货公司设立申请之日起六个月内依照法定条件、法定程序和审慎监管原则进行审查，作出核准或者不予核准的决定，并通知申请人；不予核准的，应当说明理由。



Article 61 A futures company shall indicate “futures” in its name, except as otherwise provided for by the futures regulatory agency of the State Council. 　　第六十一条　期货公司应当在其名称中标明“期货”字样，国务院期货监督管理机构另有规定的除外。



Article 62 The handling of the following matters by a futures company shall be subject to the confirmation of the futures regulatory agency of the State Council. 　　第六十二条　期货公司办理下列事项，应当经国务院期货监督管理机构核准：

(1) Merger, division, suspension of business, dissolution, or application for bankruptcy. （一）合并、分立、停业、解散或者申请破产；

(2) Modification of the principal shareholder or the actual controller of the company. （二）变更主要股东或者公司的实际控制人；

(3) Modification of registered capital and adjustment of the equity structure. （三）变更注册资本且调整股权结构；

(4) Modification of the business scope. （四）变更业务范围；

(5) Other major matters prescribed by the futures regulatory agency of the State Council. （五）国务院期货监督管理机构规定的其他重大事项。

For the matters set forth in subparagraphs (3) and (5) of the preceding paragraph, the futures regulatory agency of the State Council shall, within 20 days after accepting an application, make a decision to grant or deny the application. For other matters as set forth in the preceding paragraph, the futures regulatory agency of the State Council shall, within 60 days after accepting an application, make a decision to grant or deny the application. 前款第三项、第五项所列事项，国务院期货监督管理机构应当自受理申请之日起二十日内作出核准或者不予核准的决定；前款所列其他事项，国务院期货监督管理机构应当自受理申请之日起六十日内作出核准或者不予核准的决定。



Article 63 A futures company may engage in the following futures business upon the confirmation of the futures regulatory agency of the State Council: 　　第六十三条　期货公司经国务院期货监督管理机构核准可以从事下列期货业务：

(1) Futures brokerage. （一）期货经纪；

(2) Futures trading consulting. （二）期货交易咨询；

(3) Futures market making transactions. （三）期货做市交易；

(4) Other futures business. （四）其他期货业务。

Futures companies engaged in the asset management business shall comply with the provisions of the Securities Investment Fund Law of the People's Republic of China and other applicable laws and administrative regulations. 期货公司从事资产管理业务的，应当符合《中华人民共和国证券投资基金法》等法律、行政法规的规定。

Without the confirmation of the futures regulatory agency of the State Council, no entity or individual may form a futures company or do so in disguise, engage in the futures brokerage business or futures trading consulting business or do so in disguise, or use “futures,” “option,” or any other name that may cause confusion or mislead others for the purpose of operation. 未经国务院期货监督管理机构核准，任何单位和个人不得设立或者变相设立期货公司，经营或者变相经营期货经纪业务、期货交易咨询业务，也不得以经营为目的使用“期货”、“期权”或者其他可能产生混淆或者误导的名称。



Article 64 The directors, supervisors, and officers of a futures company shall have integrity and honesty, have good character and conduct, be familiar with the laws and administrative regulations on futures, and have the business management capability required for the performance of their duties. The appointment and removal of directors, supervisors, and officers of a futures company shall be reported to the futures regulatory agency of the State Council for recordation. 　　第六十四条　期货公司的董事、监事、高级管理人员，应当正直诚实、品行良好，熟悉期货法律、行政法规，具有履行职责所需的经营管理能力。期货公司任免董事、监事、高级管理人员，应当报国务院期货监督管理机构备案。

Whoever falls under any of the following circumstances shall not serve as a director, supervisor, or officer of a futures company: 有下列情形之一的，不得担任期货公司的董事、监事、高级管理人员：

(1) Whoever falls under a circumstance in the Company Law of the People's Republic of China shall not serve as a director, supervisor, or officer of a company. （一）存在《中华人民共和国公司法》规定的不得担任公司董事、监事和高级管理人员的情形；

(2) It has not been five years since he or she was removed from office as a director, supervisor, or officer of a futures trading institution or the person in charge of a futures trading venue or a futures clearing institution for any violation of law or discipline. （二）因违法行为或者违纪行为被解除职务的期货经营机构的董事、监事、高级管理人员，或者期货交易场所、期货结算机构的负责人，自被解除职务之日起未逾五年；

(3) It has not been five years since he or she forfeited his or her practicing certificate or was disqualified as a certified public accountant, a lawyer, or a professional of any other futures service institution for any violation of law or discipline. （三）因违法行为或者违纪行为被吊销执业证书或者被取消资格的注册会计师、律师或者其他期货服务机构的专业人员，自被吊销执业证书或者被取消资格之日起未逾五年。



Article 65 A futures trading institution shall conduct operations in accordance with the law, with due diligence, honesty, and creditworthiness. A futures trading institution shall establish and improve its internal control rules, and take effective segregation measures to prevent the conflicts of interest between the trading institution and its clients and between different clients. 　　第六十五条　期货经营机构应当依法经营，勤勉尽责，诚实守信。期货经营机构应当建立健全内部控制制度，采取有效隔离措施，防范经营机构与客户之间、不同客户之间的利益冲突。

A futures trading institution must separate its futures brokerage, futures market making, and asset management business from other relevant business, and shall not conduct mixed operation. 期货经营机构应当将其期货经纪业务、期货做市交易业务、资产管理业务和其他相关业务分开办理，不得混合操作。

A futures trading institution shall legally establish and implement anti-money laundering rules. 期货经营机构应当依法建立并执行反洗钱制度。



Article 66 A futures trading institution that accepts traders' authorization to trade in futures shall enter into a written authorization contract, trade in futures for traders in its name, and the trading results shall be borne by traders. 　　第六十六条　期货经营机构接受交易者委托为其进行期货交易，应当签订书面委托合同，以自己的名义为交易者进行期货交易，交易结果由交易者承担。

In conducting the brokerage business, a futures trading institution shall not accept an unlimited authorization from a trader. 期货经营机构从事经纪业务，不得接受交易者的全权委托。



Article 67 Where a futures trading institution engaged in the asset management business accepts clients' authorization to make investment with clients' assets, it shall fairly treat the assets of different clients managed by it, and shall not violate the entrusted obligation. 　　第六十七条　期货经营机构从事资产管理业务，接受客户委托，运用客户资产进行投资的，应当公平对待所管理的不同客户资产，不得违背受托义务。



Article 68 A futures trading institution shall not provide any financing or guarantee to its shareholders, actual controller, or the affiliates of shareholders or the actual controller in violation of any provision, and shall not provide external guarantee in violation of any provision. 　　第六十八条　期货经营机构不得违反规定为其股东、实际控制人或者股东、实际控制人的关联人提供融资或者担保，不得违反规定对外担保。



Article 69 Employees of a futures trading institution who are engaged in the futures business shall have good character and conduct, and have the professional capability required for engaging in the futures business. 　　第六十九条　期货经营机构从事期货业务的人员应当正直诚实、品行良好，具备从事期货业务所需的专业能力。

Employees of a futures trading institution who are engaged in the futures business shall not accept the clients' authorization in private to engage in futures trading. 期货经营机构从事期货业务的人员不得私下接受客户委托从事期货交易。

Where, in futures business activities, any employee of a futures trading institution who is engaged in the futures business violates any futures trading rules by executing instructions from the futures trading institution or taking advantage of his or her position, the futures trading institution shall be fully liable for the violation. 期货经营机构从事期货业务的人员在从事期货业务活动中，执行所属的期货经营机构的指令或者利用职务违反期货交易规则的，由所属的期货经营机构承担全部责任。



Article 70 The futures regulatory agency of the State Council shall develop rules for the sustainable operations of futures trading institutions, which shall provide for the requirements for the operation conditions, risk management, internal control, custody of margin, compliance management, risk monitoring indicators, affiliated transactions, and other aspects of futures trading institutions and their branch offices. A futures trading institution shall comply with the rules for sustainable operations. 　　第七十条　国务院期货监督管理机构应当制定期货经营机构持续性经营规则，对期货经营机构及其分支机构的经营条件、风险管理、内部控制、保证金存管、合规管理、风险监管指标、关联交易等方面作出规定。期货经营机构应当符合持续性经营规则。



Article 71 A futures trading institution shall submit its operational, financial, and other business management information and materials to the futures regulatory agency of the State Council according to the applicable provisions. The futures regulatory agency of the State Council shall have the authority to require a futures trading institution and its principal shareholders, actual controller, and other affiliates to provide the relevant information and materials during a prescribed period. 　　第七十一条　期货经营机构应当按照规定向国务院期货监督管理机构报送业务、财务等经营管理信息和资料。国务院期货监督管理机构有权要求期货经营机构及其主要股东、实际控制人、其他关联人在指定的期限内提供有关信息、资料。

The information and materials submitted or provided by a futures trading institution and its principal shareholders, actual controller, or other affiliates to the futures regulatory agency of the State Council shall be true, accurate, and complete. 期货经营机构及其主要股东、实际控制人或者其他关联人向国务院期货监督管理机构报送或者提供的信息、资料，应当真实、准确、完整。



Article 72 Where a futures trading institution is involved in a major lawsuit or arbitration, or its equities are frozen or used as collaterals, or any other major event occurs, the futures trading institution shall, within five days after the occurrence of the event, submit a written report to the futures regulatory agency of the State Council. 　　第七十二条　期货经营机构涉及重大诉讼、仲裁，股权被冻结或者用于担保，以及发生其他重大事件时，应当自该事件发生之日起五日内向国务院期货监督管理机构提交书面报告。

The controlling shareholder or actual controller of a futures trading institution shall cooperate with the futures trading institution in performing the obligations prescribed in the preceding paragraph. 期货经营机构的控股股东或者实际控制人应当配合期货经营机构履行前款规定的义务。



Article 73 Where a futures trading institution fails to conform to the sustainable operation rules or has any operation risk, the futures regulatory agency of the State Council shall order it to take corrective action within a prescribed period; and if the futures trading institution fails to take corrective action within the prescribed period or its act severely endangers the stable and sound operation of the futures trading institution and damages the lawful rights and interests of traders, or if it is under investigation of the futures regulatory agency of the State Council for any suspected serious violation of law or regulation, the futures regulatory agency of the State Council may, in light of different circumstances, take the following measures against it: 　　第七十三条　期货经营机构不符合持续性经营规则或者出现经营风险的，国务院期货监督管理机构应当责令其限期改正；期货经营机构逾期未改正的，或者其行为严重危及该期货经营机构的稳健运行、损害交易者合法权益的，或者涉嫌严重违法违规正在被国务院期货监督管理机构调查的，国务院期货监督管理机构可以区别情形，对其采取下列措施：

(1) Restricting or suspending certain business. （一）限制或者暂停部分业务；

(2) Ceasing to confirm any new business of it. （二）停止核准新增业务；

(3) Restricting its distribution of dividends and restricting its payment of remuneration or provision of benefits to its directors, supervisors, and officers. （三）限制分配红利，限制向董事、监事、高级管理人员支付报酬、提供福利；

(4) Restricting its transfer of property or creation of other rights on its property. （四）限制转让财产或者在财产上设定其他权利；

(5) Ordering it to replace its directors, supervisors, and officers or the persons in charge of relevant business departments or branch offices, or restricting their rights. （五）责令更换董事、监事、高级管理人员或者有关业务部门、分支机构的负责人员，或者限制其权利；

(6) Restricting the allocation, transfer, and utilization of the futures trading institution's own funds or risk reserve. （六）限制期货经营机构自有资金或者风险准备金的调拨和使用；

(7) Determining its liable directors, supervisors, and officers as unfit. （七）认定负有责任的董事、监事、高级管理人员为不适当人选；

(8) Ordering its liable shareholders to transfer equities and restricting its liable shareholders from exercising shareholder's rights. （八）责令负有责任的股东转让股权，限制负有责任的股东行使股东权利。

The futures regulatory agency of the State Council shall, within three days after verifying that the futures trading institution complies with the provisions of relevant laws and administrative regulations and satisfies the requirements of rules for sustainable operations upon rectification, remove the relevant measures taken against the institution within three days after the completion of the inspection. 对经过整改符合有关法律、行政法规规定以及持续性经营规则要求的期货经营机构，国务院期货监督管理机构应当自验收完毕之日起三日内解除对其采取的有关措施。

Where, after the rectification, the futures trading institution still fails to satisfy the requirements of the rules for sustainable operations, which severely affects its normal operations, the futures regulatory agency of the State Council shall have the right to revoke the permit for part or all of its futures business, or close down part or all of its branch offices. 对经过整改仍未达到持续性经营规则要求，严重影响正常经营的期货经营机构，国务院期货监督管理机构有权撤销其部分或者全部期货业务许可、关闭其部分或者全部分支机构。



Article 74 Where a futures trading institution has any illegal operation or major risk, which seriously disrupts the order of the futures market and damages the interests of traders, the futures regulatory agency of the State Council may take regulatory measures against the futures trading institution, such as ordering it to cease business operation for an overhaul and appointing any other institution as administrator or receiver of it. 　　第七十四条　期货经营机构违法经营或者出现重大风险，严重危害期货市场秩序、损害交易者利益的，国务院期货监督管理机构可以对该期货经营机构采取责令停业整顿、指定其他机构托管或者接管等监督管理措施。

Where a futures trading institution falls under any circumstance set forth in the preceding paragraph, with the approval of the futures regulatory agency of the State Council, the following measures may be taken against the directly liable directors, supervisors, and officers of the futures regulatory agency, as well as other directly liable persons: 期货经营机构有前款所列情形，经国务院期货监督管理机构批准，可以对该期货经营机构直接负责的董事、监事、高级管理人员和其他直接责任人员采取以下措施：

(1) Making decisions and notifying the exit-entry administrative authorities that their departures from China shall be prevented in accordance with the law. （一）决定并通知出境入境管理机关依法阻止其出境；

(2) Applying to the judicial authorities for prohibiting them from transferring, assigning, or otherwise disposing of property or creating other rights over the property. （二）申请司法机关禁止其转移、转让或者以其他方式处分财产，或者在财产上设定其他权利。



Article 75 Where a shareholder of a futures trading institution makes false capital contribution or fraudulently withdraws its capital contribution, the futures regulatory agency of the State Council shall order the shareholder to take corrective action within a prescribed period and may order the shareholder to transfer its equity held in the futures trading institution. 　　第七十五条　期货经营机构的股东有虚假出资、抽逃出资行为的，国务院期货监督管理机构应当责令其限期改正，并可责令其转让所持期货经营机构的股权。

Before a shareholder corrects its violation of law and transfers its equity held in the futures trading institution as required in the preceding paragraph, the futures regulatory agency of the State Council may restrict its rights as a shareholder. 在股东依照前款规定的要求改正违法行为、转让所持期货经营机构的股权前，国务院期货监督管理机构可以限制其股东权利。



Article 76 Where a futures trading institution falls under any of the circumstances, the futures regulatory agency of the State Council shall cancel its relevant business permit in accordance with the law: 　　第七十六条　期货经营机构有下列情形之一的，国务院期货监督管理机构应当依法办理相关业务许可证注销手续：

(1) Its business license is revoked in accordance with the law. （一）营业执照被依法吊销；

(2) It fails to commence business within three months after its formation without good reasons or ceases business for more than three consecutive months without good reasons after commencing business. （二）成立后无正当理由超过三个月未开始营业，或者开业后无正当理由停业连续三个月以上；

(3) It files a cancellation application on its own initiative. （三）主动提出注销申请；

(4) Any other circumstance under which administrative licensing shall be canceled as prescribed by the Administrative Licensing Law of the People's Republic of China and the futures regulatory agency of the State Council. （四）《中华人民共和国行政许可法》和国务院期货监督管理机构规定应当注销行政许可的其他情形。

Before a futures trading institution cancels its relevant business permit, it shall settle the relevant futures business and return the margin and other assets of traders in accordance with the law. 期货经营机构在注销相关业务许可证前，应当结清相关期货业务，并依法返还交易者的保证金和其他资产。



Article 77 The futures regulatory agency of the State Council may, when it deems necessary, engage a futures service institution to audit or appraise the financial condition, internal controls, and asset value of a futures trading institution. The specific measures shall be developed by the futures regulatory agency of the State Council in conjunction with the appropriate departments. 　　第七十七条　国务院期货监督管理机构认为必要时，可以委托期货服务机构对期货经营机构的财务状况、内部控制状况、资产价值进行审计或者评估。具体办法由国务院期货监督管理机构会同有关主管部门制定。



Article 78 A futures trading institution shall be prohibited from the following conduct that causes damage to traders' interests: 　　第七十八条　禁止期货经营机构从事下列损害交易者利益的行为：

(1) Promising to traders that there will be no loss of their asset principal or there will be a minimum return. （一）向交易者作出保证其资产本金不受损失或者取得最低收益承诺；

(2) Agreeing to share profits or risks with traders. （二）与交易者约定分享利益、共担风险；

(3) Trading in futures against traders' authorization. （三）违背交易者委托进行期货交易；

(4) Inducing any trader to trade by concealing any important matter or by other illicit means. （四）隐瞒重要事项或者使用其他不正当手段，诱骗交易者交易；

(5) Providing trading advices to traders on the basis of false or uncertain material information. （五）以虚假或者不确定的重大信息为依据向交易者提供交易建议；

(6) Providing any trader with false return on dealings. （六）向交易者提供虚假成交回报；

(7) Failing to transmit any trader's trading instruction to the futures trading venue. （七）未将交易者交易指令下达到期货交易场所；

(8) Misappropriating any trader's margin. （八）挪用交易者保证金；

(9) Failing to open a margin account in the futures margin depository institution or illegally transferring any trader's margin according to the applicable provisions. （九）未依照规定在期货保证金存管机构开立保证金账户，或者违规划转交易者保证金；

(10) Seeking illicit benefits or transferring risks by taking advantage of providing services for traders. （十）利用为交易者提供服务的便利，获取不正当利益或者转嫁风险；

(11) Other acts that damage traders' rights and interests. （十一）其他损害交易者权益的行为。



Chapter VI Futures Trading Venues 第六章　期货交易场所



Article 79 Futures trading venues shall adhere to the principle of giving priority to public interest, provide places and facilities for futures trading, organize and supervise futures trading, maintain fair, orderly, and transparent markets, and conduct self-regulation. 　　第七十九条　期货交易场所应当遵循社会公共利益优先原则，为期货交易提供场所和设施，组织和监督期货交易，维护市场的公平、有序和透明，实行自律管理。



Article 80 The formation, modification, and dissolution of futures exchanges shall be subject to the approval of the futures regulatory agency of the State Council. 　　第八十条　设立、变更和解散期货交易所，应当由国务院期货监督管理机构批准。

For the formation of a futures exchange, the bylaws of the futures exchange must be developed. The development of or amendments to the bylaws of a futures exchange shall be subject to the approval of the futures regulatory agency of the State Council. 设立期货交易所应当制定章程。期货交易所章程的制定和修改，应当经国务院期货监督管理机构批准。



Article 81 The words such as “commodity exchange” or “futures exchange” must be indicated in the name of a futures exchange. No other entity or individual may use futures exchange or any other name that may cause confusion or mislead others. 　　第八十一条　期货交易所应当在其名称中标明“商品交易所”或者“期货交易所”等字样。其他任何单位或者个人不得使用期货交易所或者其他可能产生混淆或者误导的名称。



Article 82 A futures exchange may adopt the organizational form of membership system or company system. 　　第八十二条　期货交易所可以采取会员制或者公司制的组织形式。

The organizational structure of a membership futures exchange shall be provided for in its bylaws. 会员制期货交易所的组织机构由其章程规定。



Article 83 A futures exchange shall develop the relevant business rules in accordance with laws and administrative regulations and the rules of the futures regulatory agency of the State Council, and the development of and amendments to trading rules shall be reported to the futures regulatory agency of the State Council for approval. 　　第八十三条　期货交易所依照法律、行政法规和国务院期货监督管理机构的规定，制定有关业务规则；其中交易规则的制定和修改应当报国务院期货监督管理机构批准。

The business rules of a futures exchange shall embody the principle of fairly protecting the lawful rights and interests of all relevant parties on the market such as members and traders. 期货交易所业务规则应当体现公平保护会员、交易者等市场相关各方合法权益的原则。

Whoever engages in futures trading and relevant activities on a futures exchange shall comply with the business rules developed by the futures exchange in accordance with the law. The futures exchange shall take disciplinary actions or other self-regulatory measures against those violating its business rules. 在期货交易所从事期货交易及相关活动，应当遵守期货交易所依法制定的业务规则。违反业务规则的，由期货交易所给予纪律处分或者采取其他自律管理措施。



Article 84 The person in charge of a futures exchange shall be nominated or appointed or removed by the futures regulatory agency of the State Council. 　　第八十四条　期货交易所的负责人由国务院期货监督管理机构提名或者任免。

Whoever falls under a circumstance where he or she is unfit for the director, supervisor, or officer of a company set out in the Company Law of the People's Republic of China or any of the following circumstances shall not serve as the person in charge of a futures exchange: 有《中华人民共和国公司法》规定的不适合担任公司董事、监事、高级管理人员的情形或者下列情形之一的，不得担任期货交易所的负责人：

(1) It has not been five years since he or she was removed from office as a director, supervisor, or officer of a futures trading institution or the person in charge of a futures trading venue or a futures clearing institution for any violation of law or discipline. （一）因违法行为或者违纪行为被解除职务的期货经营机构的董事、监事、高级管理人员，或者期货交易场所、期货结算机构的负责人，自被解除职务之日起未逾五年；

(2) It has not been five years since he or she forfeited his or her practicing certificate or was disqualified as a certified public accountant, a lawyer, or a professional of any other futures service institution for any violation of law or discipline. （二）因违法行为或者违纪行为被吊销执业证书或者被取消资格的注册会计师、律师或者其他期货服务机构的专业人员，自被吊销执业证书或者被取消资格之日起未逾五年。



Article 85 A futures trading venue shall, in accordance with this Law and the rules of the futures regulatory agency of the State Council, strengthen the control of risks of trading activities as well as the supervision and administration of members and its staff members, and perform the following duties in accordance with the law: 　　第八十五条　期货交易场所应当依照本法和国务院期货监督管理机构的规定，加强对交易活动的风险控制和对会员以及交易场所工作人员的监督管理，依法履行下列职责：

(1) Providing trading places, facilities, and services. （一）提供交易的场所、设施和服务；

(2) Designing futures contract and standard option contract products and arranging for the listing of futures contract and standard option contract products. （二）设计期货合约、标准化期权合约品种，安排期货合约、标准化期权合约品种上市；

(3) Conducting the real-time monitoring and risk monitoring of futures trading. （三）对期货交易进行实时监控和风险监测；

(4) Conducting the self-regulatory management of its members, traders, and futures service institutions, among others, according to its bylaws and business rules. （四）依照章程和业务规则对会员、交易者、期货服务机构等进行自律管理；

(5) Providing trader education and cultivating the market. （五）开展交易者教育和市场培育工作；

(6) Other duties as prescribed by the futures regulatory agency of the State Council. （六）国务院期货监督管理机构规定的其他职责。

No futures trading venue may directly or indirectly participate in futures trading. No futures trading venue may, without the approval of the State Council, make trust investments, stock investments, investments in immovables not for their own use, or engage in any other business irrelevant to its duties. 期货交易场所不得直接或者间接参与期货交易。未经国务院批准，期货交易场所不得从事信托投资、股票投资、非自用不动产投资等与其职责无关的业务。



Article 86 The revenues of a futures exchange shall be managed and used in accordance with the relevant provisions of the state, but shall first be utilized to guarantee the operation and improvement of the futures trading venue and the facilities thereof. 　　第八十六条　期货交易所的所得收益按照国家有关规定管理和使用，应当首先用于保证期货交易的场所、设施的运行和改善。



Article 87 A futures trading venue shall strengthen the risk monitoring of futures trading, and when any abnormal circumstance occurs, the futures trading venue may, according to its business rules, take the following emergent measures by itself or jointly with the futures clearing institution, and shall immediately report it to the futures regulatory agency of the State Council: 　　第八十七条　期货交易场所应当加强对期货交易的风险监测，出现异常情况的，期货交易场所可以依照业务规则，单独或者会同期货结算机构采取下列紧急措施，并立即报告国务院期货监督管理机构：

(1) Adjusting the margin. （一）调整保证金；

(2) Adjusting the price limits. （二）调整涨跌停板幅度；

(3) Adjusting the trading limit or position limit of its members or traders. （三）调整会员、交易者的交易限额或持仓限额标准；

(4) Restricting the opening of a new position. （四）限制开仓；

(5) Closing the position by force. （五）强行平仓；

(6) Suspending transactions. （六）暂时停止交易；

(7) Taking other emergent measures. （七）其他紧急措施。

After the disappearance of an abnormal circumstance, the futures trading venue shall cancel the emergent measures in a timely manner. 异常情况消失后，期货交易场所应当及时取消紧急措施。



Article 88 A futures trading venue shall publish real-time quotes of futures traded on the venue, and prepare and publish futures market data tables for each trading day. 　　第八十八条　期货交易场所应当实时公布期货交易即时行情，并按交易日制作期货市场行情表，予以公布。

The rights and interests in the real-time quotes of futures trading shall be owned by the futures trading venue. Without the permission of the futures trading venue, no entity or individual may release real-time quotes of futures. 期货交易行情的权益由期货交易场所享有。未经期货交易场所许可，任何单位和个人不得发布期货交易行情。

No futures trading venue may release any information on price forecasts. 期货交易场所不得发布价格预测信息。

A futures trading venue shall perform its information disclosure obligations according to the rules of the futures regulatory agency of the State Council. 期货交易场所应当依照国务院期货监督管理机构的规定，履行信息报告义务。



Article 89 Where the normal operation of futures trading is affected by any other emergency, a futures trading venue may, for the purpose of maintaining the normal order of futures trading and market fairness, take necessary disposition measures in accordance with this Law and business rules, and shall file a report with the futures regulatory agency of the State Council in a timely manner. 　　第八十九条　因突发性事件影响期货交易正常进行时，为维护期货交易正常秩序和市场公平，期货交易场所可以按照本法和业务规则规定采取必要的处置措施，并应当及时向国务院期货监督管理机构报告。

Where any emergency set out in the preceding paragraph causes significant abnormalities in the results of futures transactions, and the settlement and delivery according to such results will have a significant effect on the normal order of futures trading and market fairness, the futures trading venue may, according to business rules, take measures such as canceling transactions and shall file a report with the futures regulatory agency of the State Council and announce it in a timely manner. 因前款规定的突发性事件导致期货交易结果出现重大异常，按交易结果进行结算、交割将对期货交易正常秩序和市场公平造成重大影响的，期货交易场所可以按照业务规则采取取消交易等措施，并应当及时向国务院期货监督管理机构报告并公告。



Article 90 A futures trading venue shall not be civilly liable in damages for any loss caused by the measures taken by it according to Articles 87 and 89 of this Law, unless it is at gross fault. 　　第九十条　期货交易场所对其依照本法第八十七条、第八十九条规定采取措施造成的损失，不承担民事赔偿责任，但存在重大过错的除外。



Chapter VIII Futures Clearing Institutions 第七章　期货结算机构



Article 91 Futures clearing institutions are legal persons formed in accordance with the law, which provide services for the settlement and delivery of futures transactions, and conduct self-regulation. 　　第九十一条　期货结算机构是指依法设立，为期货交易提供结算、交割服务，实行自律管理的法人。

Futures clearing institutions include futures trading venues with internal clearing departments, independent futures clearing institutions, and securities clearing institutions that engage in the settlement and delivery of futures transactions relating to the securities business with the approval of the futures regulatory agency of the State Council. 期货结算机构包括内部设有结算部门的期货交易场所、独立的期货结算机构和经国务院期货监督管理机构批准从事与证券业务相关的期货交易结算、交割业务的证券结算机构。



Article 92 The formation, modification, or dissolution of an independent futures clearing institution shall be subject to the approval of the futures regulatory agency of the State Council. 　　第九十二条　独立的期货结算机构的设立、变更和解散，应当经国务院期货监督管理机构批准。

To form an independent futures clearing institution, the following conditions shall be met: 设立独立的期货结算机构，应当具备下列条件：

(1) It has sound financial status, and the amount of its minimum registered capital complies with the rules of the futures regulatory agency of the State Council. （一）具备良好的财务状况，注册资本最低限额符合国务院期货监督管理机构的规定；

(2) It has senior executives who have expertise and business experience required to hold office. （二）有具备任职专业知识和业务工作经验的高级管理人员；

(3) It has a sound governance structure, internal control rules, and risk control rules. （三）具备完善的治理结构、内部控制制度和风险控制制度；

(4) It has business premises, information technology systems, and other facilities related to the settlement of its futures transactions in compliance with the relevant requirements. （四）具备符合要求的营业场所、信息技术系统以及与期货交易的结算有关的其他设施；

(5) Other conditions as prescribed by the futures regulatory agency of the State Council. （五）国务院期货监督管理机构规定的其他条件。

A futures trading venue that undertakes the duties of a futures clearing institution shall meet the conditions prescribed in paragraph 2 of this Article. 承担期货结算机构职责的期货交易场所，应当具备本条第二款规定的条件。

The futures regulatory agency of the State Council shall conduct examination under the principle of prudential regulation, and make a decision to grant or deny the application within six months. 国务院期货监督管理机构应当根据审慎监管原则进行审查，在六个月内作出批准或者不予批准的决定。



Article 93 A futures clearing institution, as the central counterparty, is the common counterparty of the clearing participants, conducts netting, and provides centralized performance guarantee for futures trading. 　　第九十三条　期货结算机构作为中央对手方，是结算参与人共同对手方，进行净额结算，为期货交易提供集中履约保障。



Article 94 A futures clearing institution shall perform the following duties: 　　第九十四条　期货结算机构履行下列职责：

(1) Organizing the settlement and delivery of futures transactions. （一）组织期货交易的结算、交割；

(2) Conducting the self-regulation of traders, futures trading institutions, futures service institutions, and clearing participants that are not futures trading institutions, among others, in accordance with its bylaws and business rules. （二）按照章程和业务规则对交易者、期货经营机构、期货服务机构、非期货经营机构结算参与人等进行自律管理；

(3) Handling information inquiry services related to the settlement and delivery of futures transactions. （三）办理与期货交易的结算、交割有关的信息查询业务；

(4) Other duties prescribed by the futures regulatory agency of the State Council. （四）国务院期货监督管理机构规定的其他职责。



Article 95 A futures clearing institution shall, in accordance with the rules of the futures regulatory agency of the State Council, provide for in its business rules matters such as the rules for clearing participants, risk control rules, information security management rules, rules for the handling of violations of regulations and agreements, emergency handling, and temporary disposition measures. The development of or amendments to the bylaws or business rules of a futures clearing institution shall be subject to the approval of the futures regulatory agency of the State Council. Whoever participates in futures settlement shall comply with the business rules developed by the futures clearing institution. 　　第九十五条　期货结算机构应当按照国务院期货监督管理机构的规定，在其业务规则中规定结算参与人制度、风险控制制度、信息安全管理制度、违规违约处理制度、应急处理及临时处置措施等事项。期货结算机构制定和修改章程、业务规则，应当经国务院期货监督管理机构批准。参与期货结算，应当遵守期货结算机构制定的业务规则。

The business rules developed and implemented by a futures clearing institution shall be connected and coordinated with the relevant rules of the futures trading venue. 期货结算机构制定和执行业务规则，应当与期货交易场所的相关制度衔接、协调。



Article 96 A futures clearing institution shall establish a liquidity management system to ensure the steady operation of settlement activities. 　　第九十六条　期货结算机构应当建立流动性管理制度，保障结算活动的稳健运行。



Article 97 The provisions of Article 84, paragraph 2 of Article 85, Article 86, and paragraphs 3 and 4 of Article 88 of this Law shall apply to independent futures clearing institutions and securities clearing institutions approved to engage in futures trading settlement and delivery. 　　第九十七条　本法第八十四条，第八十五条第二款，第八十六条，第八十八条第三款、第四款的规定，适用于独立的期货结算机构和经批准从事期货交易结算、交割业务的证券结算机构。



Chapter VIII Futures Service Institutions 第八章　期货服务机构



Article 98 Accounting firms, law firms, asset appraisal institutions, futures margin depository institutions, delivery warehouses, information technology service institutions, and other futures service institutions shall act with due diligence, adhere to their duties, provide services for futures trading and related activities according to the relevant business rules, and provide relevant materials according to the requirements of the futures regulatory agency of the State Council. 　　第九十八条　会计师事务所、律师事务所、资产评估机构、期货保证金存管机构、交割库、信息技术服务机构等期货服务机构，应当勤勉尽责、恪尽职守，按照相关业务规则为期货交易及相关活动提供服务，并按照国务院期货监督管理机构的要求提供相关资料。



Article 99 Accounting firms, law firms, asset appraisal institutions, and other futures service institutions that accept the authorization of futures trading institutions, futures trading venues, or futures clearing institutions to issue documents such as audit reports and legal opinions shall check and verify the veracity, accuracy, and completeness of the documents and materials taken as the basis. 　　第九十九条　会计师事务所、律师事务所、资产评估机构等期货服务机构接受期货经营机构、期货交易场所、期货结算机构的委托出具审计报告、法律意见书等文件，应当对所依据的文件资料内容的真实性、准确性、完整性进行核查和验证。



Article 100 Delivery warehouses include delivery warehouses and delivery plants, among others. Delivery warehouses that provide relevant services for the delivery of futures transactions shall meet the conditions prescribed by the futures trading venue. The futures trading venue shall enter into an agreement with the delivery warehouse to specify the rights and obligations of both parties. 　　第一百条　交割库包括交割仓库和交割厂库等。交割库为期货交易的交割提供相关服务，应当符合期货交易场所规定的条件。期货交易场所应当与交割库签订协议，明确双方的权利和义务。

The delivery warehouse shall not: 交割库不得有下列行为：

(1) issue any false warehouse receipt; （一）出具虚假仓单；

(2) restrict the warehouse entry and exit of delivered commodities in violation of business rules of the futures trading venue; （二）违反期货交易场所的业务规则，限制交割商品的出库、入库；

(3) divulge any trade secret relating to futures trading; （三）泄露与期货交易有关的商业秘密；

(4) participate in futures trading in violation of the relevant provisions issued by the state; or （四）违反国家有关规定参与期货交易；

(5) commit any other conduct in violation of the rules of the futures regulatory agency of the State Council. （五）违反国务院期货监督管理机构规定的其他行为。



Article 101 The institutions that provide information technology system services for futures trading and relevant activities shall comply with the technical management provisions and standards relating to information security of the state and the futures industry, and file them with the futures regulatory agency of the State Council for recordation. 　　第一百零一条　为期货交易及相关活动提供信息技术系统服务的机构，应当符合国家及期货行业信息安全相关的技术管理规定和标准，并向国务院期货监督管理机构备案。

The futures regulatory agency of the State Council may legally require information technology service institutions to provide the materials on information technology systems as provided for in the preceding paragraph. 国务院期货监督管理机构可以依法要求信息技术服务机构提供前款规定的信息技术系统的相关材料。



Chapter IX Futures Associations 第九章　期货业协会



Article 102 A futures association is a self-regulatory organization of the futures industry, and is a social group with the status of a legal person. 　　第一百零二条　期货业协会是期货行业的自律性组织，是社会团体法人。

A futures trading institution shall join a futures association. A futures service institution may join a futures association. 期货经营机构应当加入期货业协会。期货服务机构可以加入期货业协会。



Article 103 The power organ of a futures association is the members' assembly. 　　第一百零三条　期货业协会的权力机构为会员大会。

The bylaws of a futures association shall be developed by the members' assembly and be filed with the futures regulatory agency of the State Council for recordation. 期货业协会的章程由会员大会制定，并报国务院期货监督管理机构备案。

A futures association shall have a board of governors. The members of the board of governors shall be elected according to the provisions of its bylaws. 期货业协会设理事会。理事会成员依照章程的规定选举产生。



Article 104 A futures association shall perform the following duties: 　　第一百零四条　期货业协会履行下列职责：

(1) Developing and implementing the self-regulatory rules of the industry, supervising and inspecting the business activities of its members and the practice of their practitioners, and taking disciplinary actions or other self-regulatory measures according to applicable provisions against the violations of laws, administrative regulations, the relevant provisions of the state, bylaws of the association, and self-regulatory rules. （一）制定和实施行业自律规则，监督、检查会员的业务活动及从业人员的执业行为，对违反法律、行政法规、国家有关规定、协会章程和自律规则的，按照规定给予纪律处分或者实施其他自律管理措施；

(2) Mediating the disputes between the members and between the members and traders. （二）对会员之间、会员与交易者之间发生的纠纷进行调解；

(3) Protecting the lawful rights and interests of members in accordance with the law, and submitting suggestions and demands of members to the futures regulatory agency of the State Council. （三）依法维护会员的合法权益，向国务院期货监督管理机构反映会员的建议和要求；

(4) Organizing the business training of futures practitioners and conducting business exchanges among members. （四）组织期货从业人员的业务培训，开展会员间的业务交流；

(5) Educating its members and futures practitioners on compliance with futures laws, regulations, and policies, organizing integrity construction in the industry, and establishing an incentive and restraint mechanism for industrial integrity. （五）教育会员和期货从业人员遵守期货法律法规和政策，组织开展行业诚信建设，建立行业诚信激励约束机制；

(6) Conducting trader education and protection, urging members to implement trader suitability management rules, and carrying out publicity on the futures market. （六）开展交易者教育和保护工作，督促会员落实交易者适当性管理制度，开展期货市场宣传；

(7) Conducting self-regulation of the information security work of members, and urging members to implement the provisions on information security and technical standards of the state and industry. （七）对会员的信息安全工作实行自律管理，督促会员执行国家和行业信息安全相关规定和技术标准；

(8) Organizing research on the development and operation of the futures industry and the relevant contents by its members, collecting, organizing and releasing futures-related information, providing member services, organizing industrial exchanges, and guiding the innovative development of the industry. （八）组织会员就期货行业的发展、运作及有关内容进行研究，收集整理、发布期货相关信息，提供会员服务，组织行业交流，引导行业创新发展；

(9) Other functions prescribed by the bylaws of the futures association. （九）期货业协会章程规定的其他职责。



Chapter X Supervision and Administration 第十章　监督管理



Article 105 The futures regulatory agency of the State Council shall conduct the supervision and administration of the futures market in accordance with the law, maintain the open, fair, and just futures market, prevent systemic risks, protect the lawful rights and interests of traders, and promote the sound development of the futures market. 　　第一百零五条　国务院期货监督管理机构依法对期货市场实行监督管理，维护期货市场公开、公平、公正，防范系统性风险，维护交易者合法权益，促进期货市场健康发展。

The futures regulatory agency of the State Council shall legally perform the following duties in the supervision and administration of the futures market: 国务院期货监督管理机构在对期货市场实施监督管理中，依法履行下列职责：

(1) Developing departmental rules and other norms on the supervision and administration of the futures market, conducting approval, confirmation, and registration in accordance with the law, and handling recordation. （一）制定有关期货市场监督管理的规章、规则，并依法进行审批、核准、注册，办理备案；

(2) Conducting the supervision and administration of futures listing, trading, settlement, delivery, and other futures trading and relevant activities. （二）对品种的上市、交易、结算、交割等期货交易及相关活动，进行监督管理；

(3) Supervising and administering the futures business activities conducted by futures trading institutions, futures trading venues, futures clearing institutions, futures service institutions, clearing participants that are not futures trading institutions, and other market participants. （三）对期货经营机构、期货交易场所、期货结算机构、期货服务机构和非期货经营机构结算参与人等市场相关参与者的期货业务活动，进行监督管理；

(4) Formulating the codes of conduct for futures practitioners, and supervising the implementation thereof. （四）制定期货从业人员的行为准则，并监督实施；

(5) Supervising and inspecting the disclosure of information on futures trading. （五）监督检查期货交易的信息公开情况；

(6) Protecting traders' lawful rights and interests and providing trader education. （六）维护交易者合法权益、开展交易者教育；

(7) Investigating and punishing futures-related violations of law. （七）对期货违法行为进行查处；

(8) Monitoring, preventing, and disposing of risks in the futures market. （八）监测监控并防范、处置期货市场风险；

(9) Supervising the financial science and technology and information security of the futures industry. （九）对期货行业金融科技和信息安全进行监管；

(10) Guiding and supervising the self-regulatory activities of futures associations. （十）对期货业协会的自律管理活动进行指导和监督；

(11) Performing other duties prescribed by laws and administrative regulations. （十一）法律、行政法规规定的其他职责。

The futures regulatory agency of the State Council may establish local offices as needed, and shall perform the duties of supervision and administration as authorized. 国务院期货监督管理机构根据需要可以设立派出机构，依照授权履行监督管理职责。



Article 106 The futures regulatory agency of the State Council shall have the authority to take the following measures in performing its duties in accordance with the law: 　　第一百零六条　国务院期货监督管理机构依法履行职责，有权采取下列措施：

(1) Conducting on-site inspections of futures trading institutions, futures trading venues, and futures clearing institutions, and requiring them to submit relevant materials on financial accounting, business activities, and internal control, among others. （一）对期货经营机构、期货交易场所、期货结算机构进行现场检查，并要求其报送有关的财务会计、业务活动、内部控制等资料；

(2) Entering the place where a suspected violation of law has occurred to conduct investigation and collect evidence. （二）进入涉嫌违法行为发生场所调查取证；

(3) Interviewing the parties or any entity or individual related to the event under investigation and requiring them to provide explanations on matters related to the event under investigation; or requiring them to submit documents and materials related to the event under investigation in the designated manners. （三）询问当事人和与被调查事件有关的单位和个人，要求其对与被调查事件有关的事项作出说明，或者要求其按照指定的方式报送与被调查事件有关的文件和资料；

(4) Consulting and duplicating documents and materials related to the event under investigation, such as property right registrations and communication records. （四）查阅、复制与被调查事件有关的财产权登记、通讯记录等文件和资料；

(5) Consulting and duplicating the futures trading records, financial accounting materials, and other relevant documents and materials of the parties and any entity or individual related to the event under investigation; and sealing for preservation or impounding the documents and materials that may be transferred, concealed, or destroyed. （五）查阅、复制当事人和与被调查事件有关的单位和个人的期货交易记录、财务会计资料及其他相关文件和资料；对可能被转移、隐匿或者毁损的文件资料，可以予以封存、扣押；

(6) Inquiring about the information on the margin accounts and bank accounts of the parties and any entity or individual related to the event under investigation, and information on other accounts with payment, custody, settlement, and other functions, and duplicating the relevant documents and materials; and if there is any evidence that any property involved in the case such as illegal funds have been or may be transferred or concealed or any important evidence has been or may be concealed, forged, or destroyed, freezing or placing under seal the same with the approval of the primary person in charge of the futures regulatory agency of the State Council or any other person in charge authorized by it. The period of the freeze or placement under seal shall be six months, and each extension of the period, as needed for any special reason, shall not exceed three months, with the maximum period of the freeze or placement under seal not exceeding two years. （六）查询当事人和与被调查事件有关的单位和个人的保证金账户和银行账户以及其他具有支付、托管、结算等功能的账户信息，可以对有关文件和资料进行复制；对有证据证明已经或者可能转移或者隐匿违法资金等涉案财产或者隐匿、伪造、毁损重要证据的，经国务院期货监督管理机构主要负责人或者其授权的其他负责人批准，可以冻结、查封，期限为六个月；因特殊原因需要延长的，每次延长期限不得超过三个月，最长期限不得超过二年；

(7) When investigating any major violation of law such as manipulation of the futures market and insider trading, with the approval of the primary person in charge of the futures regulatory agency of the State Council or any other person in charge authorized by him or her, restricting the trading of the parties to the event under investigation. The restriction period shall not exceed three months; and if the case is complicated, the restriction period may be extended by three months. （七）在调查操纵期货市场、内幕交易等重大违法行为时，经国务院期货监督管理机构主要负责人或者其授权的其他负责人批准，可以限制被调查事件当事人的交易，但限制的时间不得超过三个月；案情复杂的，可以延长三个月；

(8) Making decisions and notifying the exit-entry administrative authorities that the departures from China of the persons suspected of any violation of law and the executives in charge and other directly liable persons of an entity suspected of any violation of law shall be prevented in accordance with the law. （八）决定并通知出境入境管理机关依法阻止涉嫌违法人员、涉嫌违法单位的主管人员和其他直接责任人员出境。

For the purposes of preventing the risks in the futures market and maintaining the market order, the futures regulatory agency of the State Council may take measures such as ordering corrective action, holding regulatory interview, and issuing a letter of caution. 为防范期货市场风险，维护市场秩序，国务院期货监督管理机构可以采取责令改正、监管谈话、出具警示函等措施。



Article 107 Where the futures regulatory agency of the State Council conducts supervisory inspection or investigation in performing its duties in accordance with the law, there shall be at least two supervisory inspectors or investigators, who shall show their lawful credentials and the law enforcement documents relating to inspection, investigation, or inquiry, among others. If there are fewer than two supervisory inspectors or investigators or they fail to show their lawful credentials and the relevant law enforcement documents, the entities or individuals under inspection or investigation shall have the right to refuse it. 　　第一百零七条　国务院期货监督管理机构依法履行职责，进行监督检查或者调查，其监督检查、调查的人员不得少于二人，并应当出示执法证件和检查、调查、查询等相关执法文书。监督检查、调查的人员少于二人或者未出示执法证件和有关执法文书的，被检查、调查的单位或者个人有权拒绝。



Article 108 The personnel of the futures regulatory agency of the State Council shall perform their duties in accordance with the law, devote themselves to their duties, adhere to impartiality and integrity, keep confidential state secrets and the trade secrets of relevant parties, and shall not seek any illicit benefits by taking advantage of their positions. 　　第一百零八条　国务院期货监督管理机构的工作人员，应当依法办事，忠于职守，公正廉洁，保守国家秘密和有关当事人的商业秘密，不得利用职务便利牟取不正当利益。



Article 109 Where the futures regulatory agency of the State Council performs its duties in accordance with the law, the entities and individuals under inspection or investigation shall cooperate with it and honestly make explanations or provide the relevant documents and materials, and shall not refuse to do so or commit obstruction or concealment. 　　第一百零九条　国务院期货监督管理机构依法履行职责，被检查、调查的单位和个人应当配合，如实作出说明或者提供有关文件和资料，不得拒绝、阻碍和隐瞒。

The futures regulatory agency of the State Council shall, jointly with other relevant departments, establish a mechanism of information sharing and coordination and cooperation in terms of supervision and administration. When the futures regulatory agency of the State Council conducts supervisory inspection or investigation in performing its duties in accordance with the law, the relevant departments shall cooperate with it. 国务院期货监督管理机构与其他相关部门，应当建立信息共享等监督管理协调配合机制。国务院期货监督管理机构依法履行职责，进行监督检查或者调查时，有关部门应当予以配合。



Article 110 Any entity or individual shall have the right to report any suspected futures-related violation of law or regulation to the futures regulatory agency of the State Council. 　　第一百一十条　对涉嫌期货违法、违规行为，任何单位和个人有权向国务院期货监督管理机构举报。

Where any tip on a suspected major violation of law or regulation, as reported in the manner of identifying the tipster's legal name, is substantiated, the futures regulatory agency of the State Council shall reward the tipster according to the relevant provisions. 对涉嫌重大违法、违规行为的实名举报线索经查证属实的，国务院期货监督管理机构按照规定给予举报人奖励。

The futures regulatory agency of the State Council shall keep a tipster's identity information confidential. 国务院期货监督管理机构应当对举报人的身份信息保密。



Article 111 The departmental rules, norms, and regulatory work protocols developed by the futures regulatory agency of the State Council shall be published in accordance with the law. 　　第一百一十一条　国务院期货监督管理机构制定的规章、规则和监督管理工作制度应当依法公开。

The decisions made by the futures regulatory agency of the State Council to punish futures-related violations of law according to the investigation results shall be published in accordance with the law. 国务院期货监督管理机构依据调查结果，对期货违法行为作出的处罚决定，应当依法公开。



Article 112 Where, during the period when the futures regulatory agency of the State Council investigates an entity or individual suspected of any futures-related violation of law, the subject of investigation submits a written application under which it undertakes to correct the suspected violation of law during a period recognized by the futures regulatory agency of the State Council, compensate the relevant traders for losses, and eliminate damage or adverse effects, the futures regulatory agency of the State Council may decide to suspend the investigation. If the subject of investigation has fulfilled its undertaking, the futures regulatory agency of the State Council may decide to terminate the investigation; or if the subject of investigation fails to fulfill its undertaking or falls under any other circumstance set out by the State Council, the investigation shall be resumed. The specific measures shall be provided for by the State Council. 　　第一百一十二条　国务院期货监督管理机构对涉嫌期货违法的单位或者个人进行调查期间，被调查的当事人书面申请，承诺在国务院期货监督管理机构认可的期限内纠正涉嫌违法行为，赔偿有关交易者损失，消除损害或者不良影响的，国务院期货监督管理机构可以决定中止调查。被调查的当事人履行承诺的，国务院期货监督管理机构可以决定终止调查；被调查的当事人未履行承诺或者有国务院规定的其他情形的，应当恢复调查。具体办法由国务院规定。

Where the futures regulatory agency of the State Council decides to suspend or terminate the investigation, it shall publish the relevant information as required. 国务院期货监督管理机构中止或者终止调查的，应当按照规定公开相关信息。



Article 113 The futures regulatory agency of the State Council shall include the relevant futures market participants' compliance with this Law in the futures market integrity files in accordance with the law. 　　第一百一十三条　国务院期货监督管理机构依法将有关期货市场主体遵守本法的情况纳入期货市场诚信档案。



Article 114 In performing its duties in accordance with the law, if the futures regulatory agency of the State Council discovers that any futures-related violation of law is suspected of any crime, it shall, in accordance with the law, transfer the case to the judicial authority for handling; or if it discovers that any public official is suspected of any violation of law or crime for malfeasance in office, it shall, in accordance with the law, transfer the case to the oversight authority for handling. 　　第一百一十四条　国务院期货监督管理机构依法履行职责，发现期货违法行为涉嫌犯罪的，应当依法将案件移送司法机关处理；发现公职人员涉嫌职务违法或者职务犯罪的，应当依法移送监察机关处理。



Article 115 The futures regulatory agency of the State Council shall establish and improve the rules for monitoring the futures market and strengthen the monitoring of the safe custody of margin through a special institution. 　　第一百一十五条　国务院期货监督管理机构应当建立健全期货市场监测监控制度，通过专门机构加强保证金安全存管监控。



Article 116 For the purposes of preventing the risks of transactions and settlement, futures trading institutions, futures trading venues, futures clearing institutions, and clearing participants that are not futures trading institutions shall withdraw, manage, and use risk reserve from their business revenues according to the rules of the futures regulatory agency and the finance department of the State Council. 　　第一百一十六条　为防范交易及结算的风险，期货经营机构、期货交易场所、期货结算机构和非期货经营机构结算参与人应当从业务收入中按照国务院期货监督管理机构、国务院财政部门的规定提取、管理和使用风险准备金。



Article 117 Futures trading institutions, futures trading venues, futures clearing institutions, futures service institutions, and clearing participants that are not futures trading institutions, among others, shall, according to the applicable provisions, properly preserve the materials and information related to their business operations, and no one may divulge, conceal, forge, tamper with, or destroy them. The information and materials of futures trading institutions, futures trading venues, futures clearing institutions, and clearing participants that are not futures trading institutions shall be preserved for not less than 20 years; and the information and materials of futures service institutions shall be preserved for not less than ten years. 　　第一百一十七条　期货经营机构、期货交易场所、期货结算机构、期货服务机构和非期货经营机构结算参与人等应当按照规定妥善保存与业务经营相关的资料和信息，任何人不得泄露、隐匿、伪造、篡改或者毁损。期货经营机构、期货交易场所、期货结算机构和非期货经营机构结算参与人的信息和资料的保存期限不得少于二十年；期货服务机构的信息和资料的保存期限不得少于十年。



Chapter XI Cross-border Trading and Regulatory Cooperation 第十一章　跨境交易与监管协作



Article 118 Where an overseas futures trading venue provides trading services directly accessing the trading system of the trading venue to domestic entities or individuals, it shall file an application for registration with the futures regulatory agency of the State Council, and accept the supervision and administration of the futures regulatory agency of the State Council, except as otherwise provided for by the futures regulatory agency of the State Council. 　　第一百一十八条　境外期货交易场所向境内单位或者个人提供直接接入该交易场所交易系统进行交易服务的，应当向国务院期货监督管理机构申请注册，接受国务院期货监督管理机构的监督管理，国务院期货监督管理机构另有规定的除外。



Article 119 Where the contracts on futures, options, or derivatives listed on overseas futures trading venues are settled using the contract price listed on the domestic futures trading venue, it shall comply with the rules of the futures regulatory agency of the State Council. 　　第一百一十九条　境外期货交易场所上市的期货合约、期权合约和衍生品合约，以境内期货交易场所上市的合约价格进行挂钩结算的，应当符合国务院期货监督管理机构的规定。



Article 120 A domestic entity or individual shall authorize a domestic futures trading institution that is qualified to engage in the overseas futures brokerage business to engage in overseas futures trading, except as otherwise provided for by the State Council. 　　第一百二十条　境内单位或者个人从事境外期货交易，应当委托具有境外期货经纪业务资格的境内期货经营机构进行，国务院另有规定的除外。

Where a domestic futures trading institution authorizes an overseas futures trading institution to engage in overseas futures trading, the overseas futures trading institution shall file an application for registration with the futures regulatory agency of the State Council, and accept the supervision and administration of the futures regulatory agency of the State Council, except as otherwise provided for by the futures regulatory agency of the State Council. 境内期货经营机构转委托境外期货经营机构从事境外期货交易的，该境外期货经营机构应当向国务院期货监督管理机构申请注册，接受国务院期货监督管理机构的监督管理，国务院期货监督管理机构另有规定的除外。



Article 121 Where an overseas futures trading venue establishes a representative office within China, it shall undergo recordation formalities at the futures regulatory agency of the State Council. 　　第一百二十一条　境外期货交易场所在境内设立代表机构的，应当向国务院期货监督管理机构备案。

The representative offices of an overseas futures trading venue and their staff members shall not carry out any operation or do so in disguise. 境外期货交易场所代表机构及其工作人员，不得从事或者变相从事任何经营活动。



Article 122 An overseas institution that plans to engage in marketing, promotion, or trade solicitation in the futures market within China shall obtain the approval of the futures regulatory agency of the State Council, and the relevant provisions of this Law shall apply. 　　第一百二十二条　境外机构在境内从事期货市场营销、推介及招揽活动，应当经国务院期货监督管理机构批准，适用本法的相关规定。

A domestic institution that plans to engage in marketing, promotion, or trade solicitation in the futures market within China for an overseas institution shall obtain the approval of the futures regulatory agency of the State Council. 境内机构为境外机构在境内从事期货市场营销、推介及招揽活动，应当经国务院期货监督管理机构批准。

No entity or individual may engage in marketing, promotion, or trade solicitation in the futures market in violation of the provisions of the preceding two paragraphs. 任何单位或者个人不得从事违反前两款规定的期货市场营销、推介及招揽活动。



Article 123 The futures regulatory agency of the State Council may establish a regulatory cooperation mechanism with overseas futures regulatory agencies, or join an international organization to conduct cross-border supervision and administration. 　　第一百二十三条　国务院期货监督管理机构可以和境外期货监督管理机构建立监督管理合作机制，或者加入国际组织，实施跨境监督管理。

Where the futures regulatory agency of the State Council provides assistance upon the request of an overseas futures regulatory agency, it shall abide by the laws and regulations of the state and the principles of equality and reciprocity, and shall not divulge state secrets or damage the interests of the state or public interest. 国务院期货监督管理机构应境外期货监督管理机构请求提供协助的，应当遵循国家法律、法规的规定和对等互惠的原则，不得泄露国家秘密，不得损害国家利益和社会公共利益。



Article 124 The futures regulatory agency of the State Council may accept the request of an overseas futures regulatory agency according to the regulatory cooperation arrangements with the overseas futures regulatory agency, and conduct investigation and collect evidence for the overseas futures regulatory agency according to the duties and procedures prescribed in this Law. The overseas futures regulatory agency shall provide the relevant case materials, and explain that it is investigating into the suspected violation of the local futures laws and regulations of the requesting party by the investigated party. The overseas futures regulatory agencies shall not directly conduct investigation, evidence collection, and other activities within the territory of the People's Republic of China. 　　第一百二十四条　国务院期货监督管理机构可以按照与境外期货监督管理机构达成的监管合作安排，接受境外期货监督管理机构的请求，依照本法规定的职责和程序为其进行调查取证。境外期货监督管理机构应当提供有关案件材料，并说明其正在就被调查当事人涉嫌违反请求方当地期货法律法规的行为进行调查。境外期货监督管理机构不得在中华人民共和国境内直接进行调查取证等活动。

Without the consent of the futures regulatory agency of the State Council and the appropriate department of the State Council, no entity or individual may provide documents and materials related to futures business activities to any overseas regulatory agency without approval. 未经国务院期货监督管理机构和国务院有关主管部门同意，任何单位和个人不得擅自向境外监督管理机构提供与期货业务活动有关的文件和资料。

The futures regulatory agency of the State Council may, according to the regulatory cooperation arrangements with the overseas futures regulatory agency, request the overseas futures regulatory agency to carry out investigation and collect evidence. 国务院期货监督管理机构可以依照与境外期货监督管理机构达成的监管合作安排，请求境外期货监督管理机构进行调查取证。



Chapter XII Legal Liability 第十二章　法律责任



Article 125 Whoever manipulates the futures market or derivative market in violation of Article 12 of this Law shall be ordered to take corrective action and fined not less than one nor more than ten times its illegal income therefrom, which shall be confiscated, or if there is no such illegal income or the illegal income is less than one million yuan, fined not less than one million yuan nor more than 10 million yuan. If an entity manipulates the market, the directly liable executive in charge and other directly liable persons shall also be warned and each be fined not less than 500,000 yuan nor more than five million yuan. 　　第一百二十五条　违反本法第十二条的规定，操纵期货市场或者衍生品市场的，责令改正，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足一百万元的，处以一百万元以上一千万元以下的罚款。单位操纵市场的，还应当对直接负责的主管人员和其他直接责任人员给予警告，并处以五十万元以上五百万元以下的罚款。

Whoever manipulates the market shall be liable in damages in accordance with the law, if the manipulation causes any loss to traders. 操纵市场行为给交易者造成损失的，应当依法承担赔偿责任。



Article 126 Whoever conducts insider trading in violation of Article 13 of this Law shall be ordered to take corrective action and fined not less than one nor more than ten times its illegal income therefrom, which shall be confiscated, or if there is no such illegal income or the illegal income is less than 500,000 yuan, fined not less than 500,000 yuan nor more than five million yuan. If an entity conducts insider trading, the directly liable executive in charge and other directly liable persons shall also be warned and each be fined not less than 200,000 yuan nor more than two million yuan. 　　第一百二十六条　违反本法第十三条的规定从事内幕交易的，责令改正，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足五十万元的，处以五十万元以上五百万元以下的罚款。单位从事内幕交易的，还应当对直接负责的主管人员和其他直接责任人员给予警告，并处以二十万元以上二百万元以下的罚款。

Where any staff member of the futures regulatory agency of the State Council, the department authorized by the State Council, futures trading venue, or futures clearing institution conducts insider trading, a heavier punishment in the range shall be imposed on the staff member. 国务院期货监督管理机构、国务院授权的部门、期货交易场所、期货结算机构的工作人员从事内幕交易的，从重处罚。

Whoever conducts insider trading shall be liable in damages in accordance with the law, if it causes any loss to traders. 内幕交易行为给交易者造成损失的，应当依法承担赔偿责任。



Article 127 Where any person fabricates or disseminates any false or misleading information to disrupt the futures or derivative market, in violation of paragraph 1 or 3 of Article 16 of this Law, the violator shall be fined not less than one nor more than ten times its illegal income therefrom, which shall be confiscated, or if there is no such illegal income or the illegal income is less than 200,000 yuan, fined not less than 200,000 yuan nor more than two million yuan. The directly liable executive in charge and other directly liable persons shall be warned and each be fined not less than 100,000 yuan nor more than one million yuan. 　　第一百二十七条　违反本法第十六条第一款、第三款的规定，编造、传播虚假信息或者误导性信息，扰乱期货市场、衍生品市场的，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足二十万元的，处以二十万元以上二百万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以十万元以上一百万元以下的罚款。

Whoever makes misrepresentation or provides misleading information on trading in futures or derivatives, in violation of paragraph 2 of Article 16 of this Law, shall be ordered to take corrective action and fined not less than 200,000 yuan nor more than two million yuan; and if the violator is an employee of the state, disciplinary action shall be taken against him or her in accordance with the law. 违反本法第十六条第二款的规定，在期货交易、衍生品交易活动中作出虚假陈述或者信息误导的，责令改正，处以二十万元以上二百万元以下的罚款；属于国家工作人员的，还应当依法给予处分。

Where any communications media or any of its staff members engaged in the coverage of futures or derivative market information trades in futures or derivatives with conflicts of interest in connection with the work duties thereof, in violation of paragraph 3 of Article 16 of this Law, the violator shall be fined not less than one time its illegal income therefrom, which shall be confiscated, or if there is no such illegal income or the illegal income is less than 100,000 yuan, fined not more than 100,000 yuan. 传播媒介及其从事期货市场、衍生品市场信息报道的工作人员违反本法第十六条第三款的规定，从事与其工作职责发生利益冲突的期货交易、衍生品交易的，没收违法所得，并处以违法所得一倍以下的罚款，没有违法所得或者违法所得不足十万元的，处以十万元以下的罚款。

Whoever fabricates or disseminates false information relating to transactions in futures or derivatives, or gives misleading information in trading in futures or derivatives shall be liable in damages in accordance with the law, if it causes any loss to traders. 编造、传播有关期货交易、衍生品交易的虚假信息，或者在期货交易、衍生品交易中作出信息误导，给交易者造成损失的，应当依法承担赔偿责任。



Article 128 Whoever lends its or his own futures account or borrows the futures account of any other person for trading in futures, in violation of paragraph 2 of Article 18 of this Law, shall be ordered to take corrective action and warned, and may be fined not more than 500,000 yuan. 　　第一百二十八条　违反本法第十八条第二款的规定，出借自己的期货账户或者借用他人的期货账户从事期货交易的，责令改正，给予警告，可以处五十万元以下的罚款。



Article 129 Whoever affects the system security or the normal trading order of a futures trading venue by any algorithmic trading in violation of Article 21 of this Law shall be ordered to take corrective action and fined not less than 500,000 yuan nor more than five million yuan. The directly liable executive in charge and other directly liable persons shall be warned and each be fined not less than 100,000 yuan nor more than one million yuan. 　　第一百二十九条　违反本法第二十一条的规定，采取程序化交易影响期货交易场所系统安全或者正常交易秩序的，责令改正，并处以五十万元以上五百万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以十万元以上一百万元以下的罚款。



Article 130 Whoever fails to report any major matter in violation of Article 27 of this Law shall be ordered to take corrective action and warned, and may be fined not more than one million yuan. 　　第一百三十条　违反本法第二十七条规定，未报告有关重大事项的，责令改正，给予警告，可以处一百万元以下的罚款。



Article 131 Where any person prohibited from participating in futures trading by any law or administrative regulation or the futures regulatory agency of the State Council participates in futures trading directly, in any assumed name, or in the name of any other person in violation of Article 53 of this Law, the person shall be ordered to take corrective action and be warned, with any illegal income therefrom confiscated, and be fined not less than 50,000 yuan nor more than 500,000 yuan; and if the person is an employee of the state, disciplinary action shall be taken against him or her in accordance with the law. 　　第一百三十一条　法律、行政法规和国务院期货监督管理机构规定禁止参与期货交易的人员，违反本法第五十三条的规定，直接或者以化名、借他人名义参与期货交易的，责令改正，给予警告，没收违法所得，并处以五万元以上五十万元以下的罚款；属于国家工作人员的，还应当依法给予处分。



Article 132 Any futures company that is illegally formed or engages in the futures-related business without confirmation shall be closed down and be fined not less than one nor more than ten times its illegal income therefrom, which shall be confiscated, or if there is no such illegal income or the illegal income is less than one million yuan, be fined not less than one million yuan nor more than 10 million yuan. The directly liable executive in charge and other directly liable persons shall be warned and each be fined not less than 200,000 yuan nor more than two million yuan. 　　第一百三十二条　非法设立期货公司，或者未经核准从事相关期货业务的，予以取缔，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足一百万元的，处以一百万元以上一千万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以二十万元以上二百万元以下的罚款。



Article 133 Where a formation permit or a confirmation of modification of any material matter of a futures company or the futures business permit of a futures trading institution is obtained by the filing of false supporting documents or any other fraudulent means, the relevant permit shall be revoked, and the violator shall be fined not less than one nor more than ten times its illegal income therefrom, which shall be confiscated, or if there is no such illegal income or the illegal income is less than 200,000 yuan, fined not less than 200,000 yuan nor more than two million yuan. The directly liable executive in charge and other directly liable persons shall be warned and each be fined not less than 200,000 yuan nor more than two million yuan. 　　第一百三十三条　提交虚假申请文件或者采取其他欺诈手段骗取期货公司设立许可、重大事项变更核准或者期货经营机构期货业务许可的，撤销相关许可，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足二十万元的，处以二十万元以上二百万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以二十万元以上二百万元以下的罚款。



Article 134 A futures trading institution that violates Article 40, 62, 65, 68, 71, or 72 of this Law shall be ordered to take corrective action, warned, and fined not less than one nor more than ten times its illegal income therefrom, which shall be confiscated, or if there is no such illegal income or the illegal income is less than 200,000 yuan, fined not less than 200,000 yuan nor more than two million yuan; and if the circumstances are serious, the violator shall be ordered to cease business operation for an overhaul or its futures business permit shall be revoked. The directly liable executive in charge and other directly liable persons shall be warned and each be fined not less than 50,000 yuan nor more than 500,000 yuan. 　　第一百三十四条　期货经营机构违反本法第四十条、第六十二条、第六十五条、第六十八条、第七十一条、第七十二条的，责令改正，给予警告，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足二十万元的，处以二十万元以上二百万元以下的罚款；情节严重的，责令停业整顿或者吊销期货业务许可证。对直接负责的主管人员和其他直接责任人员给予警告，并处以五万元以上五十万元以下的罚款。

A futures trading institution that commits any of the illegal conduct prescribed in the preceding paragraph, causing any loss to traders, shall be liable in damages in accordance with the law. 期货经营机构有前款所列违法情形，给交易者造成损失的，应当依法承担赔偿责任。

The principal shareholder, the actual controller, or any other affiliate of a futures trading institution that violates Article 71 of this Law shall be punished in accordance with paragraph 1 of this Article. 期货经营机构的主要股东、实际控制人或者其他关联人违反本法第七十一条规定的，依照本条第一款的规定处罚。



Article 135 Where a futures trading institution violates the trader suitability management provisions in violation of Article 50 of this Law, accepts an unlimited authorization from a trader to engage in the brokerage business in violation of Article 66 of this Law, or commits any conduct that damages the interests of any trader as set forth in Article 78 of this Law, it shall be ordered to take corrective action, warned, and fined not less than one nor more than ten times its illegal income therefrom, which shall be confiscated, or if there is no such illegal income or the illegal income is less than 500,000 yuan, fined not less than 500,000 yuan nor more than five million yuan; and if the circumstances are serious, its relevant business permit shall be revoked. The directly liable executive in charge and other directly liable persons shall be warned and each be fined not less than 200,000 yuan nor more than two million yuan. 　　第一百三十五条　期货经营机构违反本法第五十条交易者适当性管理规定，或者违反本法第六十六条规定从事经纪业务接受交易者全权委托，或者有第七十八条损害交易者利益行为的，责令改正，给予警告，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足五十万元的，处以五十万元以上五百万元以下的罚款；情节严重的，吊销相关业务许可。对直接负责的主管人员和其他直接责任人员给予警告，并处以二十万元以上二百万元以下的罚款。

A futures trading institution that commits any conduct set forth in Article 78 of this Law shall be liable in damages in accordance with the law, if the conduct causes any loss to traders. 期货经营机构有本法第七十八条规定的行为，给交易者造成损失的，应当依法承担赔偿责任。



Article 136 Where anyone, in violation of Article 11, 80, or 92 of this Law, illegally establishes a futures trading venue or futures clearing institution, or organizes in any other form trading in futures, the violator shall be fined not less than one nor more than ten times its illegal income therefrom, which shall be confiscated, or if there is no such illegal income or the illegal income is less than one million yuan, fined not less than one million yuan nor more than 10 million yuan. The directly liable executive in charge and other directly liable persons shall be warned and each be fined not less than 200,000 yuan nor more than two million yuan. Any futures trading venue that is illegally formed shall be closed down by the people's government at or above the county level. 　　第一百三十六条　违反本法第十一条、第八十条、第九十二条规定，非法设立期货交易场所、期货结算机构，或者以其他形式组织期货交易的，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足一百万元的，处以一百万元以上一千万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以二十万元以上二百万元以下的罚款。非法设立期货交易场所的，由县级以上人民政府予以取缔。

Whoever organizes derivative trading without approval in violation of Article 30 of this Law, or any financial institution that conducts derivative trading without approval or confirmation in violation of Article 31 of this Law shall be punished in accordance with the provisions of the preceding paragraph. 违反本法第三十条规定，未经批准组织开展衍生品交易的，或者金融机构违反本法第三十一条规定，未经批准、核准开展衍生品交易的，依照前款规定处罚。



Article 137 A futures trading venue or futures clearing institution that violates Article 17, 40, or paragraph 2 of Article 85 of this Law shall be ordered to take corrective action, warned, and fined not less than one nor more than ten times its illegal income therefrom, which shall be confiscated, or if there is no such illegal income or the illegal income is less than 200,000 yuan, fined not less than 200,000 yuan nor more than two million yuan; and if the circumstances are serious, it shall be ordered to cease business operation for an overhaul. The directly liable executive in charge and other directly liable persons shall be warned and each be fined not less than 50,000 yuan nor more than 500,000 yuan. 　　第一百三十七条　期货交易场所、期货结算机构违反本法第十七条、第四十条、第八十五条第二款规定的，责令改正，给予警告，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足二十万元的，处以二十万元以上二百万元以下的罚款；情节严重的，责令停业整顿。对直接负责的主管人员和其他直接责任人员处以五万元以上五十万元以下的罚款。



Article 138 A futures trading venue or futures clearing institution that issues price forecast information in violation of paragraph 3 of Article 88 of this Law shall be ordered to take corrective action and warned, and be fined not less than 200,000 yuan nor more than two million yuan. The directly liable executive in charge and other directly liable persons shall be fined not less than 50,000 yuan nor more than 500,000 yuan. 　　第一百三十八条　期货交易场所、期货结算机构违反本法第八十八条第三款规定发布价格预测信息的，责令改正，给予警告，并处以二十万元以上二百万元以下的罚款。对直接负责的主管人员和其他直接责任人员处以五万元以上五十万元以下的罚款。



Article 139 Where a futures service institution provides futures services without providing relevant materials as required in violation of Article 98 of this Law, it shall be ordered to take corrective action and may be fined not more than 200,000 yuan. 　　第一百三十九条　期货服务机构违反本法第九十八条的规定，从事期货服务业务未按照要求提供相关资料的，责令改正，可以处二十万元以下的罚款。



Article 140 Where an accounting firm, law firm, asset appraisal institution, or any other futures service institution fails to act with due diligence, and the documents prepared and issued by it contain any false or misleading statement or material omission, in violation of Article 99 of this Law, it shall be ordered to take corrective action and fined not less than one nor more than ten times its business revenue therefrom, which shall be confiscated, or if there is no such business revenue or its business revenue is less than 500,000 yuan, fined not less than 500,000 yuan nor more than five million yuan. The directly liable executive in charge and other directly liable persons shall be warned and each be fined not less than 200,000 yuan nor more than two million yuan. 　　第一百四十条　会计师事务所、律师事务所、资产评估机构等期货服务机构违反本法第九十九条的规定，未勤勉尽责，所制作、出具的文件有虚假记载、误导性陈述或者重大遗漏的，责令改正，没收业务收入，并处以业务收入一倍以上十倍以下的罚款；没有业务收入或者业务收入不足五十万元的，处以五十万元以上五百万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以二十万元以上二百万元以下的罚款。

A futures service institution that commits any of the illegal conduct prescribed in the preceding paragraph, causing any loss to any other person, shall be liable in damages in accordance with the law. 期货服务机构有前款所列违法行为，给他人造成损失的，依法承担赔偿责任。



Article 141 A delivery warehouse that commits any conduct set forth in Article 100 of this Law shall be ordered to take corrective action, warned, and fined not less than one nor more than ten times its illegal income therefrom, which shall be confiscated, or if there is no such illegal income or the illegal income is less than 100,000 yuan, fined not less than 100,000 yuan nor more than one million yuan; and if the circumstances are serious, the futures trading venue shall be ordered to suspend or cancel its qualification as the delivery warehouse. The directly liable executive in charge and other directly liable persons shall be warned and each be fined not less than 50,000 yuan nor more than 500,000 yuan. 　　第一百四十一条　交割库有本法第一百条所列行为之一的，责令改正，给予警告，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足十万元的，处以十万元以上一百万元以下的罚款；情节严重的，责令期货交易场所暂停或者取消其交割库资格。对直接负责的主管人员和其他直接责任人员给予警告，并处以五万元以上五十万元以下的罚款。



Article 142 An information technology service institution that fails to undergo recordation formalities in violation of Article 101 of this Law shall be ordered to take corrective action and may be fined not more than 200,000 yuan. 　　第一百四十二条　信息技术服务机构违反本法第一百零一条规定未报备案的，责令改正，可以处二十万元以下的罚款。

Where an information technology service institution, in violation of Article 101 of this Law, provides services in non-compliance with the technical management provisions and standards relating to information security of the state and the futures industry, it shall be ordered to take corrective action and fined not less than one nor more than ten times its business revenue therefrom, which shall be confiscated, or if there is no such business revenue or its business revenue is less than 500,000 yuan, fined not less than 500,000 yuan nor more than five million yuan. The directly liable executive in charge and other directly liable persons shall be warned and each be fined not less than 200,000 yuan nor more than two million yuan. 信息技术服务机构违反本法第一百零一条规定，提供的服务不符合国家及期货行业信息安全相关的技术管理规定和标准的，责令改正，没收业务收入，并处以业务收入一倍以上十倍以下的罚款；没有业务收入或者业务收入不足五十万元的，处以五十万元以上五百万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以二十万元以上二百万元以下的罚款。



Article 143 Where a futures trading institution, futures trading venue, futures clearing institution, or a clearing participant that is not a futures trading institution fails to withdraw, manage, or use the risk reserve in accordance with the applicable provisions in violation of Article 116 of this Law, it shall be ordered to take corrective action and warned. The directly liable executive in charge and other directly liable persons shall be warned and each be fined not less than 100,000 yuan nor more than one million yuan. 　　第一百四十三条　违反本法第一百一十六条的规定，期货经营机构、期货交易场所、期货结算机构和非期货经营机构结算参与人未按照规定提取、管理和使用风险准备金的，责令改正，给予警告。对直接负责的主管人员和其他直接责任人员给予警告，并处以十万元以上一百万元以下的罚款。



Article 144 Where a futures trading institution, futures trading venue, futures clearing institution, futures service institution, or a clearing participant that is not a futures trading institution, among others, fails to properly preserve the materials and information relevant to business operations as required in violation of Article 117 of this Law, it shall be ordered to take corrective action, warned, and fined not less than 100,000 yuan nor more than one million yuan; or if it divulges, conceals, forges, tampers with, or destroys the relevant documents and materials, it shall be ordered to take corrective action, warned, and fined not less than 200,000 yuan nor more than two million yuan; and if the circumstances are serious, it shall be fined not less than 500,000 yuan nor more than five million yuan, and its relevant business permit shall be suspended or revoked, or it shall be prohibited from engaging in the relevant business. The directly liable executive in charge and other directly liable persons shall be warned and each be fined not less than 100,000 yuan nor more than one million yuan. 　　第一百四十四条　违反本法第一百一十七条的规定，期货经营机构、期货交易场所、期货结算机构、期货服务机构和非期货经营机构结算参与人等未按照规定妥善保存与业务经营相关的资料和信息的，责令改正，给予警告，并处以十万元以上一百万元以下的罚款；泄露、隐匿、伪造、篡改或者毁损有关文件资料的，责令改正，给予警告，并处以二十万元以上二百万元以下的罚款；情节严重的，处以五十万元以上五百万元以下的罚款，并暂停、吊销相关业务许可或者禁止从事相关业务。对直接负责的主管人员和其他直接责任人员给予警告，并处以十万元以上一百万元以下的罚款。



Article 145 Where an overseas futures trading venue or futures trading institution fails to apply to the futures regulatory agency of the State Council for registration in violation of Article 118 or 120 of this Law, it shall be ordered to take corrective action, and fined not less than one nor more than ten times its illegal income therefrom, which shall be confiscated, or if there is no such illegal income or the illegal income is less than 500,000 yuan, fined not less than 500,000 yuan nor more than five million yuan. The directly liable executive in charge and other directly liable persons shall be warned and each be fined not less than 100,000 yuan nor more than one million yuan. 　　第一百四十五条　境外期货交易场所和期货经营机构违反本法第一百一十八条和第一百二十条的规定，未向国务院期货监督管理机构申请注册的，责令改正，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足五十万元的，处以五十万元以上五百万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以十万元以上一百万元以下的罚款。



Article 146 A domestic entity or individual that violates paragraph 1 of Article 120 of this Law shall be ordered to take corrective action, warned, and fined not less than 100,000 yuan nor more than one million yuan, which shall be confiscated; and if the circumstances are serious, the violator's overseas futures trading shall be suspended. The directly liable executive in charge and other directly liable persons shall be warned and each be fined not less than 50,000 yuan nor more than 500,000 yuan. 　　第一百四十六条　境内单位或者个人违反本法第一百二十条第一款规定的，责令改正，给予警告，没收违法所得，并处以十万元以上一百万元以下的罚款；情节严重的，暂停其境外期货交易。对直接负责的主管人员和其他直接责任人员给予警告，并处以五万元以上五十万元以下的罚款。



Article 147 Where a representative office formed by an overseas futures trading venue within China or any of its staff members engages in operations or does so in disguise in violation of Article 121 of this Law, it shall be ordered to take corrective action, warned, and fined not less than one nor more than ten times its illegal income therefrom, which shall be confiscated, or if there is no such illegal income or the illegal income is less than 500,000 yuan, fined not less than 500,000 yuan nor more than five million yuan. The directly liable executive in charge and other directly liable persons shall be warned and each be fined not less than 100,000 yuan nor more than one million yuan. 　　第一百四十七条　境外期货交易场所在境内设立的代表机构及其工作人员违反本法第一百二十一条的规定，从事或者变相从事任何经营活动的，责令改正，给予警告，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足五十万元的，处以五十万元以上五百万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以十万元以上一百万元以下的罚款。



Article 148 Whoever engages in marketing, promotion, or trade solicitation within China in violation of Article 122 of this Law shall be ordered to take corrective action, warned, and fined not less than one nor more than ten times its illegal income therefrom, which shall be confiscated, or if there is no such illegal income or the illegal income is less than 500,000 yuan, fined not less than 500,000 yuan nor more than five million yuan. The directly liable executive in charge and other directly liable persons shall be warned and each be fined not less than 100,000 yuan nor more than one million yuan. 　　第一百四十八条　违反本法第一百二十二条的规定在境内从事市场营销、推介及招揽活动的，责令改正，给予警告，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足五十万元的，处以五十万元以上五百万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以十万元以上一百万元以下的罚款。



Article 149 Whoever refuses or obstructs the legal performance of supervisory inspection or investigation function by the futures regulatory agency of the State Council or the department authorized by the State Council and its staff members shall be ordered to take corrective action and fined not less than 100,000 yuan nor more than one million yuan, and be punished by the public security authority in public security administration in accordance with the law. 　　第一百四十九条　拒绝、阻碍国务院期货监督管理机构或者国务院授权的部门及其工作人员依法行使监督检查、调查职权的，责令改正，处以十万元以上一百万元以下的罚款，并由公安机关依法给予治安管理处罚。



Article 150 Where the circumstances of a violation of the relevant provisions of any law or administrative regulation or issued by the futures regulatory agency of the State Council are serious, the futures regulatory agency of the State Council may take the measure of prohibition of the relevant liable persons from access to the futures market. 　　第一百五十条　违反法律、行政法规或者国务院期货监督管理机构的有关规定，情节严重的，国务院期货监督管理机构可以对有关责任人员采取期货市场禁入的措施。

For the purposes of the preceding paragraph, prohibition from access to the futures market means that a person may not engage in any futures trading or futures business for a certain period or even for life, may not serve as a director, supervisor, or senior executive or the person in charge of a futures trading institution, futures trading venue, or futures clearing institution. 前款所称期货市场禁入，是指在一定期限内直至终身不得进行期货交易、从事期货业务，不得担任期货经营机构、期货交易场所、期货结算机构的董事、监事、高级管理人员或者负责人的制度。



Article 151 The administrative punishments as prescribed in this Law shall be decided by the futures regulatory agency of the State Council or the department authorized by the State Council according to the division of duties prescribed by the State Council, except as otherwise provided for by any law or administrative regulation. 　　第一百五十一条　本法规定的行政处罚，由国务院期货监督管理机构、国务院授权的部门按照国务院规定的职责分工作出决定；法律、行政法规另有规定的，适用其规定。



Article 152 Where any staff member of the futures regulatory agency of the State Council or the department authorized by the State Council fails to perform the duties prescribed by this Law, abuses power, neglects duty, takes advantage of his or her position to seek any illicit benefits, or divulges any trade secret of the relevant entity or individual to which he or she has access, the staff member shall be held legally liable in accordance with the law. 　　第一百五十二条　国务院期货监督管理机构或者国务院授权的部门的工作人员，不履行本法规定的职责，滥用职权、玩忽职守，利用职务便利牟取不正当利益，或者泄露所知悉的有关单位和个人的商业秘密的，依法追究法律责任。



Article 153 Whoever is suspected of any crime by violating this Law shall be held criminally liable according to the law. 　　第一百五十三条　违反本法规定，构成犯罪的，依法追究刑事责任。



Article 154 Where anyone shall be liable in civil damages, pay any administrative or criminal fine, and surrender illegal income for any violation of this Law, if the violator's property is insufficient for the payment of the aforesaid, the property shall be first used for payment of civil damages. 　　第一百五十四条　违反本法规定，应当承担民事赔偿责任和缴纳罚款、罚金、违法所得，违法行为人的财产不足以支付的，优先用于承担民事赔偿责任。



Chapter XIII Supplemental Provisions 第十三章　附　　则



Article 155 This Law shall come into force on August 1, 2022. 　　第一百五十五条　本法自2022年8月1日起施行。