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Shanghai Securities News: Speed up the formulation of the futures law and improve the legal system of the futures market

Fang submitted 2020-05-25 13:26:19

The Shanghai Securities News learned that Jiang Yang, a member of the National Committee of the Chinese People's Political Consultative Conference and former vice chairman of the China Securities Regulatory Commission, had prepared "a proposal to accelerate the development of the futures law and improve the legal system of the futures market" during the two sessions this year.
Jiang Yang introduced the significance of accelerating the formulation of the futures law from three aspects: First, the formulation of the futures law is to promote the future development of the futures market and better guarantee the security of the futures market. The formulation of the futures law can fix the risk management system proved effective by the futures market in the form of law, so as to better protect the security of the futures market and realize the long-term and healthy development of the futures market.
Secondly, the formulation of the futures law is the need to protect the legitimate rights and interests of futures investors. Jiang Yang pointed out that investors in overseas futures markets are mostly qualified institutional investors, but China's futures market is characterized by a majority of private investors, and the protection of investors' rights and interests is of paramount importance. For example, futures companies should strictly implement the system of qualified investors; when a futures company goes bankrupt, customer assets can enjoy the protection of "bankruptcy isolation" from judicial enforcement; when market entities implement insider trading, price manipulation and other illegal acts, investors can propose Civil compensation and other contents require corresponding institutional arrangements by law. The formulation of the futures law can balance the rights and obligations of different entities, reasonably set the legal responsibilities of the relevant entities, and effectively protect the legitimate rights and interests of futures investors.
Furthermore, the formulation of the futures law is the need to accelerate the opening up of the futures market. Jiang Yang said that the formulation of futures laws can provide legal protection for the opening of the futures market and cross-border supervision.

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