Notice of the State Administration of Foreign Exchange on Issues concerning Foreign Exchange Administration of Trading in Futures of Specific Varieties in China by Foreign Traders and Foreign Brokerage Agencies[Effective]

Notice of the State Administration of Foreign Exchange on Issues concerning Foreign Exchange Administration of Trading in Futures of Specific Varieties in China by Foreign Traders and Foreign Brokerage Agencies

(No. 35 [2015] of the State Administration of Foreign Exchange)
The branches and foreign exchange administrative departments of the State Administration of Foreign Exchange (“SAFE”) in all provinces, autonomous regions, and municipalities directly under the Central Government; the branches of the SAFE in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo; and the head offices of all designated Chinese-funded foreign exchange banks:
For the purpose of regulating the foreign exchange administration of trading in futures of specific varieties in China by foreign traders and foreign brokerage agencies, in accordance with the Regulation of the People's Republic of China on Foreign Exchange Administration, the Interim Measures for the Administration of Trading in Futures of Specific Varieties in China by Foreign Traders and Foreign Brokerage Agencies (Order No. 116, CSRC, hereinafter referred to as the “Interim Measures”) and the relevant provisions, you are hereby notified of the relevant issues as follows:
I. For the purpose of this Notice, “foreign traders” means legal persons and other economic organizations legally formed or natural persons legally holding the identities of citizens outside the territory of the People's Republic of China (including Hong Kong, Macao and Taiwan Regions) that conduct futures transactions and assume trading results. “Foreign brokerage agencies” means financial institutions that are legally formed outside the territory of the People's Republic of China and qualified for accepting traders' funds and trading orders and conduct futures transactions for traders in their own names as recognized by futures regulatory authorities of their countries (regions). “Members” means domestic members of futures exchanges.
For the purpose of this Notice, “specific varieties in China” shall be determined and issued by the China Securities Regulatory Commission (hereinafter referred to as the “CSRC”).
II. The SAFE and its branches and sub-branches (hereinafter referred to as “foreign exchange authorities”) shall be responsible for the supervision, administration and inspection of opening and use of foreign exchange accounts involved in trading in futures of specific varieties in China by foreign traders, foreign brokerage agencies, domestic futures exchanges and members, fund receipts, payments and exchange, among others.
III. Foreign traders and foreign brokerage agencies may remit funds in the form of foreign exchange or RMB to trade in futures of specific varieties in China.
IV. Where a futures exchange provides trading, settlement and other services for trading in futures of specific varieties in China by members and foreign traders and foreign brokerage agencies that directly trade in the exchange, it may open at the futures margin depository bank (hereinafter referred to as the “depository bank”) the corresponding special foreign exchange settlement account for handling fund receipts and payments, exchange and transfer relevant to trading in futures of specific varieties (see Annex 1 for the account nature, name and scope of receipts and payments).
V. Where a futures company or any other institution qualified for settlement provides trading, settlement and other services for trading in futures of specific varieties in China by foreign traders and foreign brokerage agencies, it may open at the depository bank the corresponding special foreign exchange margin account for handling fund receipts and payments, exchange and transfer relevant to trading in futures of specific varieties (see Annex 1 for the account nature, name and scope of receipts and payments).
VI. Foreign traders and foreign brokerage agencies may open at depository banks special foreign exchange futures settlement accounts to handle fund receipts and payments, exchange and transfer relevant to trading in futures of specific varieties in China (see Annex 1 for the account nature, name and scope of receipts and payments).
The funds deposited by foreign traders and foreign brokerage agencies in special foreign exchange futures settlement accounts shall not be counted in the depository bank's short-term foreign debt quota, but the depository bank shall submit the relevant data on foreign debts to the foreign exchange authority as required, and the interest on the aforesaid funds shall be calculated by reference to the current deposit interest rate. Such funds shall be subject to special account management in China, and shall not be used for any purpose other than trading in futures of specific varieties in China.
VII. A depository bank shall handle the foreign exchange settlement and purchase formalities for the relevant funds based on the actual result of trading in futures of specific varieties in China by foreign traders, foreign brokerage agencies and members. Foreign exchange settlement and purchase only involve the payments relating to trading in futures of specific varieties in China such as the settlement of profits and losses of futures trading, payment of handling charges, settlement of payment for goods, and making up the gap of settlement monetary funds. After foreign exchange settlement or purchase, the relevant funds shall be directly paid to the beneficiary or transferred to the corresponding account according to the requirements of the relevant rules on futures trading and settlement.
VIII. Futures exchanges, members and domestic banks shall, in accordance with the Measures for the Statistical Declaration of Balance of Payments and the relevant provisions, perform the balance-of-payments statistical declaration obligation, and submit the data on foreign-related receipts and payments conducted through banks and statistical data on foreign financial assets and liabilities and trading.
Depository banks shall, in accordance with the relevant requirements of the SAFE, submit the data on accounts, foreign exchange settlement and sale in accounts, transfer of domestic funds and foreign debts.
IX. In the case of physical delivery for trading in futures of specific varieties in China, a futures exchange or member that directly provides delivery payment settlement services for foreign traders and foreign brokerage agencies shall, in accordance with the provisions on foreign exchange administration of trading in goods, handle the business of foreign exchange receipts and payments under trade after registering in the “Directory of Enterprises with Foreign Exchange Receipts and Payments under Trade,” and declare through a bank the information on foreign receipts and payments under trade, and retain the business archives such as delivery and settlement statement for five years for future reference.
X. Futures exchanges shall, on a monthly basis, submit to foreign exchange authorities the basic information on trading in futures of specific varieties in China by foreign traders and foreign brokerage agencies and the information on capital inflow and outflow, foreign exchange settlement and purchase, and physical delivery, among others (see Annex 2 for the format).
XI. Any foreign trader, foreign brokerage agency, futures exchange, member or depository bank, among others, that trades in futures of specific varieties in China in violation of this Notice or any other provision on foreign exchange administration shall be punished by the foreign exchange authority in accordance with the Regulation of the People's Republic of China on Foreign Exchange Administration.
XII. This Notice shall be subject to interpretation by the SAFE.
XIII. This Notice shall come into force on August 1, 2015. All sub-branches shall, after receiving this Notice, forward it to central sub-branches, sub-branches, urban commercial banks and foreign-funded banks within their respective jurisdictions as soon as possible. All designated Chinese-funded foreign exchange banks shall, after receiving this Notice, forward it to branches and sub-branches within their respective jurisdictions as soon as possible. If you encounter any problem in implementation, please report it to the Capital Account Management Department of the SAFE in a timely manner.
Annexes:
1. Scope of Receipts and Payments of Foreign Exchange Accounts on Trading in Futures of Specific Varieties in China by Foreign Traders and Foreign Brokerage Agencies
2. Monthly Statement on Trading in Futures of Specific Varieties in China by Foreign Traders and Foreign Brokerage Agencies
State Administration of Foreign Exchange
July 29, 2015

国家外汇管理局关于境外交易者和境外经纪机构从事境内特定品种期货交易外汇管理有关问题的通知
汇发〔2015〕35号 2015-07-29

国家外汇管理局各省、自治区、直辖市分局、外汇管理部，深圳、大连、青岛、厦门、宁波市分局，各中资外汇指定银行总行：

为规范境外交易者、境外经纪机构从事境内特定品种期货交易外汇管理，根据《中华人民共和国外汇管理条例》、《境外交易者和境外经纪机构从事境内特定品种期货交易管理暂行办法》（中国证券监督管理委员会令第116号，以下简称《暂行办法》）及相关规定，现就有关问题通知如下：
一、本通知所称境外交易者是指从事期货交易并承担交易结果，在境外（含港澳台地区，下同）依法成立的法人、其他经济组织，或者依法拥有境外公民身份的自然人。境外经纪机构是指在境外依法设立、具有所在国（地区）期货监管机构认可的可以接受交易者资金和交易指令并以自己名义为交易者进行期货交易资质的金融机构。会员是指期货交易所的境内会员。
本通知所称境内特定品种由中国证券监督管理委员会（以下简称中国证监会）确定并公布。
二、国家外汇管理局及其分支局（以下简称外汇局）负责对境外交易者、境外经纪机构、境内期货交易所、会员从事境内特定品种期货交易所涉外汇账户开立和使用、资金收付及汇兑等实施监督、管理和检查。
三、境外交易者、境外经纪机构可以外汇或人民币形式汇入资金从事境内特定品种期货交易。
四、期货交易所为会员以及直接入场交易的境外交易者、境外经纪机构从事境内特定品种期货交易提供交易、结算等服务的，可在期货保证金存管银行（以下简称存管银行）开立相应的外汇专用结算账户，用于办理特定品种期货交易相关资金收付、汇兑及划转（账户性质、名称及收支范围见附件1）。
五、具有结算资格的期货公司或其他机构为境外交易者、境外经纪机构从事境内特定品种期货交易提供交易、结算等服务的，可在存管银行开立相应的外汇保证金专用账户，用于办理特定品种期货交易相关资金收付、汇兑及划转（账户性质、名称及收支范围见附件1）。
六、境外交易者、境外经纪机构可在存管银行开立外汇专用期货结算账户，用于办理境内特定品种期货交易相关资金收付、汇兑及划转（账户性质、名称及收支范围见附件1）。
境外交易者、境外经纪机构存放于外汇专用期货结算账户的资金不占用存管银行的短期外债指标，但存管银行应按规定向外汇局报送相关外债数据，上述资金应参照活期存款利率计息。该等资金在境内实行专户管理，不得用于除境内特定品种期货交易以外的其他用途。
七、存管银行应根据境外交易者、境外经纪机构、会员从事境内特定品种期货交易的实际结果，办理相关资金结汇和购汇手续。结汇和购汇只涉及期货交易盈亏结算、缴纳手续费、交割货款或追缴结算货币资金缺口等与境内特定品种期货交易相关的款项。相关资金结汇或购汇后，应按照期货交易和结算有关制度要求，直接支付给收款方或划转至相应账户。
八、期货交易所、会员及境内银行应按照《国际收支统计申报办法》及相关规定履行国际收支统计申报义务，报送通过银行进行的涉外收付款数据和对外金融资产负债及交易统计数据。
存管银行应按照国家外汇管理局有关要求报送账户、账户内结售汇、境内资金划转、外债相关数据。
九、境内特定品种期货交易发生实物交割的，直接为境外交易者、境外经纪机构提供交割货款结算服务的期货交易所或会员，应当按照货物贸易外汇管理有关规定，在办理“贸易外汇收支企业名录”登记后，办理贸易外汇收支业务，通过银行进行贸易外汇收支信息申报，并留存交割结算单等相关业务档案5年备查。
十、期货交易所应按月向外汇局报送境外交易者、境外经纪机构从事境内特定品种期货交易业务的基本情况以及资金流出入、结汇和购汇、实物交割等情况（格式见附件2）。
十一、境外交易者、境外经纪机构、期货交易所、会员、存管银行等从事境内特定品种期货交易违反本通知及其他相关外汇管理规定的，外汇局依据《中华人民共和国外汇管理条例》进行处罚。
十二、本通知由国家外汇管理局负责解释。
十三、本通知自2015年8月1日起实施。各分局收到本通知后，应尽快转发辖内中心支局、支局、城市商业银行及外资银行。各中资外汇指定银行收到本通知后，应尽快转发所辖分支行。执行中如遇问题，请及时向国家外汇管理局资本项目管理司反馈。

国家外汇管理局
2015年7月29日