KYB CHINA(2007年3月6日中华人民共和国国务院令第489号公布 根据2012年10月24日《国务院关于修改〈期货交易管理条例〉的决定》第一次修订 根据2013年7月18日《国务院关于废止和修改部分行政法规的决定》第二次修订 根据2016年2月6日《国务院关于修改部分行政法规的决定》第三次修订 根据2017年3月1日《国务院关于修改和废止部分行政法规的决定》第四次修订)
(Promulgated by Decree No. 489 of the State Council of the People's Republic of China on March 6, 2007; first revision in accordance with the Decision of the State Council on Amending the Regulations on the Administration of Futures Trading on October 24, 2012; second revision in accordance with the Decision of the State Council on Abolishing and Amending Certain Administrative Regulations on July 18, 2013; third revision in accordance with the Decision of the State Council on Amending Certain Administrative Regulations on February 6, 2016; fourth revision in accordance with the Decision of the State Council on Amending and Abolishing Certain Administrative Regulations on March 1, 2017)
总则
General Provisions
为了规范期货交易行为，加强对期货交易的监督管理，维护期货市场秩序，防范风险，保护期货交易各方的合法权益和社会公共利益，促进期货市场积极稳妥发展，制定本条例。
These Regulations are formulated to regulate futures trading activities, strengthen the supervision and administration of futures trading, maintain the order of the futures market, prevent risks, protect the legitimate rights and interests of all parties involved in futures trading and the public interest, and promote the active and stable development of the futures market.
任何单位和个人从事期货交易及其相关活动，应当遵守本条例。
Any unit or individual engaging in futures trading and related activities shall comply with these Regulations.
本条例所称期货交易，是指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的以期货合约或者期权合约为交易标的的交易活动。
For the purposes of these Regulations, "futures trading" refers to trading activities conducted by means of open centralized trading or other methods approved by the futures regulatory authority of the State Council, with futures contracts or options contracts as the subject matter of trading.
本条例所称期货合约，是指期货交易场所统一制定的、规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。期货合约包括商品期货合约和金融期货合约及其他期货合约。
For the purposes of these Regulations, "futures contract" refers to a standardized contract uniformly formulated by a futures trading venue, stipulating the delivery of a certain quantity of subject matter at a specific time and place in the future. Futures contracts include commodity futures contracts, financial futures contracts, and other futures contracts.
本条例所称期权合约，是指期货交易场所统一制定的、规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)的标准化合约。
For the purposes of these Regulations, "options contract" refers to a standardized contract uniformly formulated by a futures trading venue, stipulating that the buyer has the right to buy or sell the agreed subject matter (including futures contracts) at a specific price at a future time.
从事期货交易活动，应当遵循公开、公平、公正和诚实信用的原则。禁止欺诈、内幕交易和操纵期货交易价格等违法行为。
Engaging in futures trading activities shall follow the principles of openness, fairness, impartiality, and good faith. Fraud, insider trading, manipulation of futures trading prices, and other illegal acts are prohibited.
期货交易应当在依照本条例第六条第一款规定设立的期货交易所、国务院批准的或者国务院期货监督管理机构批准的其他期货交易场所进行。
Futures trading shall be conducted at futures exchanges established in accordance with Article 6, paragraph 1 of these Regulations, or at other futures trading venues approved by the State Council or the futures regulatory authority of the State Council.
禁止在前款规定的期货交易场所之外进行期货交易。
Futures trading outside the futures trading venues specified in the preceding paragraph is prohibited.
国务院期货监督管理机构对期货市场实行集中统一的监督管理。
The futures regulatory authority of the State Council shall exercise centralized and unified supervision and administration over the futures market.
国务院期货监督管理机构派出机构依照本条例的有关规定和国务院期货监督管理机构的授权，履行监督管理职责。
The dispatched agencies of the futures regulatory authority of the State Council shall perform supervision and administration duties in accordance with the relevant provisions of these Regulations and the authorization of the futures regulatory authority of the State Council.
期货交易所
Futures Exchanges
设立期货交易所，由国务院期货监督管理机构审批。
The establishment of a futures exchange shall be subject to the approval of the futures regulatory authority of the State Council.
未经国务院批准或者国务院期货监督管理机构批准，任何单位或者个人不得设立期货交易场所或者以任何形式组织期货交易及其相关活动。
Without the approval of the State Council or the futures regulatory authority of the State Council, no unit or individual may establish a futures trading venue or organize futures trading and related activities in any form.
期货交易所不以营利为目的，按照其章程的规定实行自律管理。期货交易所以其全部财产承担民事责任。期货交易所的负责人由国务院期货监督管理机构任免。
A futures exchange shall not be for profit purposes, and shall exercise self-regulation in accordance with its articles of association. A futures exchange shall bear civil liability with all its property. The responsible persons of a futures exchange shall be appointed and removed by the futures regulatory authority of the State Council.
期货交易所的管理办法由国务院期货监督管理机构制定。
The administrative measures for futures exchanges shall be formulated by the futures regulatory authority of the State Council.
期货交易所会员应当是在中华人民共和国境内登记注册的企业法人或者其他经济组织。
Members of a futures exchange shall be enterprise legal persons or other economic organizations registered and incorporated within the territory of the People's Republic of China.
期货交易所可以实行会员分级结算制度。实行会员分级结算制度的期货交易所会员由结算会员和非结算会员组成。
A futures exchange may implement a hierarchical membership settlement system. Under a hierarchical membership settlement system, the members of a futures exchange shall consist of clearing members and non-clearing members.
有《中华人民共和国公司法》第一百四十六条规定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、财务会计人员：
A person who falls under the circumstances specified in Article 146 of the Company Law of the People's Republic of China or any of the following circumstances shall not serve as a responsible person or financial accounting personnel of a futures exchange:
(一)因违法行为或者违纪行为被解除职务的期货交易所、证券交易所、证券登记结算机构的负责人，或者期货公司、证券公司的董事、监事、高级管理人员，以及国务院期货监督管理机构规定的其他人员，自被解除职务之日起未逾5年；
(1) Persons whose positions as responsible persons of futures exchanges, stock exchanges, securities registration and settlement institutions, or as directors, supervisors, or senior management of futures companies or securities companies have been removed due to illegal or disciplinary acts, as well as other persons specified by the futures regulatory authority of the State Council, where less than five years have elapsed since the date of removal;
(二)因违法行为或者违纪行为被撤销资格的律师、注册会计师或者投资咨询机构、财务顾问机构、资信评级机构、资产评估机构、验证机构的专业人员，自被撤销资格之日起未逾5年。
(2) Lawyers, certified public accountants, or professionals of investment consulting institutions, financial advisory institutions, credit rating institutions, asset appraisal institutions, or verification institutions whose qualifications have been revoked due to illegal or disciplinary acts, where less than five years have elapsed since the date of revocation.
期货交易所应当依照本条例和国务院期货监督管理机构的规定，建立、健全各项规章制度，加强对交易活动的风险控制和对会员以及交易所工作人员的监督管理。期货交易所履行下列职责：
A futures exchange shall, in accordance with these Regulations and the provisions of the futures regulatory authority of the State Council, establish and improve various rules and regulations, strengthen risk control over trading activities, and enhance supervision and management over members and exchange staff. A futures exchange shall perform the following duties:
(一)提供交易的场所、设施和服务；
(1) Provide venues, facilities, and services for trading;
(二)设计合约，安排合约上市；
(2) Design contracts and arrange for the listing of contracts;
(三)组织并监督交易、结算和交割；
(3) Organize and supervise trading, settlement, and delivery;
(四)为期货交易提供集中履约担保；
(4) Provide centralized performance guarantee for futures trading;
(五)按照章程和交易规则对会员进行监督管理；
(5) Supervise and manage members in accordance with the articles of association and trading rules;
(六)国务院期货监督管理机构规定的其他职责。
(6) Other duties as specified by the futures regulatory authority of the State Council.
期货交易所不得直接或者间接参与期货交易。未经国务院期货监督管理机构审核并报国务院批准，期货交易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。
A futures exchange shall not directly or indirectly participate in futures trading. Without review by the futures regulatory authority of the State Council and approval by the State Council, a futures exchange shall not engage in trust investment, stock investment, non-self-use real estate investment, or other businesses unrelated to its duties.
期货交易所应当按照国家有关规定建立、健全下列风险管理制度：
A futures exchange shall, in accordance with the relevant provisions of the state, establish and improve the following risk management systems:
(一)保证金制度；
(1) Margin system;
(二)当日无负债结算制度；
(2) Daily mark-to-market settlement system;
(三)涨跌停板制度；
(3) Price limit system;
(四)持仓限额和大户持仓报告制度；
(4) Position limit and large position reporting system;
(五)风险准备金制度；
(5) Risk reserve fund system;
(六)国务院期货监督管理机构规定的其他风险管理制度。
(6) Other risk management systems as prescribed by the futures regulatory authority of the State Council.
实行会员分级结算制度的期货交易所，还应当建立、健全结算担保金制度。
A futures exchange that implements a tiered membership clearing system shall also establish and improve a clearing guarantee fund system.
当期货市场出现异常情况时，期货交易所可以按照其章程规定的权限和程序，决定采取下列紧急措施，并应当立即报告国务院期货监督管理机构：
When abnormal situations occur in the futures market, a futures exchange may, in accordance with the authority and procedures stipulated in its articles of association, decide to take the following emergency measures and shall immediately report to the futures regulatory authority of the State Council:
(一)提高保证金；
(1) Increase margin;
(二)调整涨跌停板幅度；
(2) Adjust the price fluctuation limit;
(三)限制会员或者客户的最大持仓量；
(3) Limit the maximum position held by members or clients;
(四)暂时停止交易；
(4) Temporarily suspend trading;
(五)采取其他紧急措施。
(5) Take other emergency measures.
前款所称异常情况，是指在交易中发生操纵期货交易价格的行为或者发生不可抗拒的突发事件以及国务院期货监督管理机构规定的其他情形。
The term "abnormal situation" as mentioned in the preceding paragraph refers to the occurrence of acts manipulating futures trading prices or the occurrence of force majeure emergencies, as well as other circumstances specified by the futures regulatory authority of the State Council.
异常情况消失后，期货交易所应当及时取消紧急措施。
After the abnormal situation disappears, the futures exchange shall promptly cancel the emergency measures.
期货交易所办理下列事项，应当经国务院期货监督管理机构批准：
A futures exchange shall obtain approval from the futures regulatory authority of the State Council for the following matters:
(一)制定或者修改章程、交易规则；
(1) Formulate or amend the articles of association and trading rules;
(二)上市、中止、取消或者恢复交易品种；
(2) List, suspend, delist, or reinstate trading varieties;
(三)国务院期货监督管理机构规定的其他事项。
(3) Other matters specified by the futures regulatory authority of the State Council.
国务院期货监督管理机构批准期货交易所上市新的交易品种，应当征求国务院有关部门的意见。
The futures regulatory authority of the State Council shall, when approving a futures exchange to list a new trading variety, seek opinions from the relevant departments of the State Council.
期货交易所的所得收益按照国家有关规定管理和使用，但应当首先用于保证期货交易场所、设施的运行和改善。
The income derived by a futures exchange shall be managed and used in accordance with the relevant provisions of the state, but shall first be used to ensure the operation and improvement of the futures trading venues and facilities.
期货公司
Futures Companies
期货公司是依照《中华人民共和国公司法》和本条例规定设立的经营期货业务的金融机构。设立期货公司，应当在公司登记机关登记注册，并经国务院期货监督管理机构批准。
A futures company is a financial institution established in accordance with the Company Law of the People's Republic of China and these Regulations to engage in futures business. The establishment of a futures company shall be registered with the company registration authority and approved by the futures regulatory authority of the State Council.
未经国务院期货监督管理机构批准，任何单位或者个人不得设立或者变相设立期货公司，经营期货业务。
Without the approval of the futures regulatory authority of the State Council, no unit or individual may establish or establish in disguised form a futures company to engage in futures business.
申请设立期货公司，应当符合《中华人民共和国公司法》的规定，并具备下列条件：
An application for the establishment of a futures company shall meet the requirements of the Company Law of the People's Republic of China and the following conditions:
(一)注册资本最低限额为人民币3000万元；
(1) The minimum registered capital is RMB 30 million yuan;
(二)董事、监事、高级管理人员具备任职条件，从业人员具有期货从业资格；
(2) The directors, supervisors, and senior management personnel meet the qualification requirements, and the practitioners have futures practice qualifications;
(三)有符合法律、行政法规规定的公司章程；
(3) There is a company constitution that complies with the provisions of laws and administrative regulations;
(四)主要股东以及实际控制人具有持续盈利能力，信誉良好，最近3年无重大违法违规记录；
(4) The major shareholders and actual controllers have sustained profitability, good reputation, and no record of major violations of laws or regulations in the last three years;
(五)有合格的经营场所和业务设施；
(5) Have qualified business premises and business facilities;
(六)有健全的风险管理和内部控制制度；
(6) Have a sound risk management and internal control system;
(七)国务院期货监督管理机构规定的其他条件。
(7) Other conditions prescribed by the futures regulatory authority of the State Council.
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。注册资本应当是实缴资本。股东应当以货币或者期货公司经营必需的非货币财产出资，货币出资比例不得低于85%。
The futures regulatory authority of the State Council may raise the minimum registered capital limit based on the prudent supervision principle and the risk level of each business. The registered capital shall be paid-in capital. Shareholders shall contribute capital in currency or non-monetary assets necessary for the operation of the futures company, with the proportion of currency contribution not less than 85%.
国务院期货监督管理机构应当在受理期货公司设立申请之日起6个月内，根据审慎监管原则进行审查，作出批准或者不批准的决定。
The futures regulatory authority of the State Council shall, within six months from the date of receiving the application for establishment of a futures company, conduct a review based on the prudent supervision principle and make a decision to approve or disapprove.
未经国务院期货监督管理机构批准，任何单位和个人不得委托或者接受他人委托持有或者管理期货公司的股权。
Without the approval of the futures regulatory authority of the State Council, no unit or individual may entrust or accept entrustment to hold or manage the equity of a futures company.
期货公司业务实行许可制度，由国务院期货监督管理机构按照其商品期货、金融期货业务种类颁发许可证。期货公司除申请经营境内期货经纪业务外，还可以申请经营境外期货经纪、期货投资咨询以及国务院期货监督管理机构规定的其他期货业务。
The business of a futures company is subject to a licensing system, and the futures regulatory authority of the State Council shall issue licenses according to the types of commodity futures and financial futures businesses. In addition to applying for domestic futures brokerage business, a futures company may also apply for overseas futures brokerage, futures investment consulting, and other futures businesses prescribed by the futures regulatory authority of the State Council.
期货公司不得从事与期货业务无关的活动，法律、行政法规或者国务院期货监督管理机构另有规定的除外。
A futures company shall not engage in activities unrelated to futures business, unless otherwise provided by laws, administrative regulations, or the futures regulatory authority of the State Council.
期货公司不得从事或者变相从事期货自营业务。
A futures company shall not engage in or covertly engage in futures proprietary trading.
期货公司不得为其股东、实际控制人或者其他关联人提供融资，不得对外担保。
A futures company shall not provide financing to its shareholders, actual controllers, or other related persons, and shall not provide external guarantees.
期货公司从事经纪业务，接受客户委托，以自己的名义为客户进行期货交易，交易结果由客户承担。
A futures company engaging in brokerage business shall accept a client's entrustment, conduct futures trading on behalf of the client in its own name, and the trading results shall be borne by the client.
期货公司办理下列事项，应当经国务院期货监督管理机构批准：
A futures company shall obtain the approval of the futures regulatory authority of the State Council for the following matters:
(一)合并、分立、停业、解散或者破产；
(1) Merger, division, suspension of business, dissolution, or bankruptcy;
(二)变更业务范围；
(2) Change of business scope;
(三)变更注册资本且调整股权结构；
(3) Change of registered capital and adjustment of equity structure;
(四)新增持有5%以上股权的股东或者控股股东发生变化；
(4) Addition of a shareholder holding more than 5% of the equity or change of the controlling shareholder;
(五)国务院期货监督管理机构规定的其他事项。
(5) Other matters specified by the futures regulatory authority of the State Council.
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20日内作出批准或者不批准的决定；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2个月内作出批准或者不批准的决定。
For the matters listed in items (3) and (5) of the preceding paragraph, the futures regulatory authority of the State Council shall make a decision of approval or disapproval within 20 days from the date of accepting the application; for other matters listed in the preceding paragraph, the futures regulatory authority of the State Council shall make a decision of approval or disapproval within 2 months from the date of accepting the application.
期货公司或者其分支机构有《中华人民共和国行政许可法》第七十条规定的情形或者下列情形之一的，国务院期货监督管理机构应当依法办理期货业务许可证注销手续：
If a futures company or its branch has any of the circumstances specified in Article 70 of the Administrative License Law of the People's Republic of China or any of the following circumstances, the futures regulatory authority of the State Council shall handle the cancellation of the futures business license in accordance with the law:
(一)营业执照被公司登记机关依法注销；
(1) The business license is cancelled by the company registration authority in accordance with the law;
(二)成立后无正当理由超过3个月未开始营业，或者开业后无正当理由停业连续3个月以上；
(2) Failing to commence business without justifiable reasons for more than 3 months after establishment, or suspending business without justifiable reasons for more than 3 consecutive months after commencement;
(三)主动提出注销申请；
(3) Voluntarily submitting an application for cancellation;
(四)国务院期货监督管理机构规定的其他情形。
(4) Other circumstances prescribed by the futures regulatory authority of the State Council.
期货公司在注销期货业务许可证前，应当结清相关期货业务，并依法返还客户的保证金和其他资产。期货公司分支机构在注销经营许可证前，应当终止经营活动，妥善处理客户资产。
Before canceling the futures business license, a futures company shall settle relevant futures businesses and return clients' margin and other assets according to law. Before canceling the business license of a branch, the branch shall terminate its business activities and properly handle clients' assets.
期货公司应当建立、健全并严格执行业务管理规则、风险管理制度，遵守信息披露制度，保障客户保证金的存管安全，按照期货交易所的规定，向期货交易所报告大户名单、交易情况。
A futures company shall establish, improve and strictly implement business management rules and risk management systems, comply with information disclosure systems, ensure the safe custody of clients' margin, and report the list of large position holders and trading conditions to the futures exchange in accordance with the provisions of the futures exchange.
其他期货经营机构从事期货投资咨询业务，应当遵守国务院期货监督管理机构的规定。
Other futures operating institutions engaging in futures investment consulting business shall comply with the provisions of the futures regulatory authority of the State Council.
期货交易基本规则
Basic Rules for Futures Trading
在期货交易所进行期货交易的，应当是期货交易所会员。
Those conducting futures trading on a futures exchange shall be members of the futures exchange.
符合规定条件的境外机构，可以在期货交易所从事特定品种的期货交易。具体办法由国务院期货监督管理机构制定。
Overseas institutions that meet the prescribed conditions may engage in futures trading of specific varieties on the futures exchange. Specific measures shall be formulated by the futures regulatory authority of the State Council.
期货公司接受客户委托为其进行期货交易，应当事先向客户出示风险说明书，经客户签字确认后，与客户签订书面合同。期货公司不得未经客户委托或者不按照客户委托内容，擅自进行期货交易。
When accepting a client's entrustment to conduct futures trading on their behalf, a futures company shall first present a risk disclosure statement to the client, and after the client signs to confirm, sign a written contract with the client. A futures company shall not conduct futures trading without the client's entrustment or not in accordance with the client's entrustment content.
期货公司不得向客户作获利保证；不得在经纪业务中与客户约定分享利益或者共担风险。
A futures company shall not make profit guarantees to clients; shall not agree with clients to share profits or bear risks in brokerage business.
下列单位和个人不得从事期货交易，期货公司不得接受其委托为其进行期货交易：
The following entities and individuals shall not engage in futures trading, and a futures company shall not accept their entrustment to conduct futures trading for them:
(一)国家机关和事业单位；
(1) State organs and public institutions;
(二)国务院期货监督管理机构、期货交易所、期货保证金安全存管监控机构和期货业协会的工作人员；
(2) Staff members of the futures regulatory authority of the State Council, futures exchanges, futures margin safe deposit monitoring institutions, and futures industry associations;
(三)证券、期货市场禁止进入者；
(3) Persons prohibited from entering the securities and futures markets;
(四)未能提供开户证明材料的单位和个人；
(4) Entities and individuals that fail to provide account opening certification materials;
(五)国务院期货监督管理机构规定不得从事期货交易的其他单位和个人。
(5) Other entities and individuals that are stipulated by the futures regulatory authority of the State Council as not allowed to engage in futures trading.
客户可以通过书面、电话、互联网或者国务院期货监督管理机构规定的其他方式，向期货公司下达交易指令。客户的交易指令应当明确、全面。
Clients may issue trading instructions to futures companies in writing, by telephone, via the Internet, or by other methods stipulated by the futures regulatory authority of the State Council. The trading instructions of clients shall be clear and comprehensive.
期货公司不得隐瞒重要事项或者使用其他不正当手段诱骗客户发出交易指令。
A futures company shall not conceal important matters or use other improper means to induce clients to issue trading instructions.
期货交易所应当及时公布上市品种合约的成交量、成交价、持仓量、最高价与最低价、开盘价与收盘价和其他应当公布的即时行情，并保证即时行情的真实、准确。期货交易所不得发布价格预测信息。
A futures exchange shall promptly publish the trading volume, transaction price, open interest, highest price and lowest price, opening price and closing price of listed variety contracts, and other real-time quotes that should be published, and ensure the truthfulness and accuracy of the real-time quotes. A futures exchange shall not publish price forecast information.
未经期货交易所许可，任何单位和个人不得发布期货交易即时行情。
Without the permission of the futures exchange, no unit or individual may publish real-time quotes of futures trading.
期货交易应当严格执行保证金制度。期货交易所向会员、期货公司向客户收取的保证金，不得低于国务院期货监督管理机构、期货交易所规定的标准，并应当与自有资金分开，专户存放。
Futures trading shall strictly implement the margin system. The margin collected by a futures exchange from its members and by a futures company from its clients shall not be lower than the standards prescribed by the securities regulatory authority of the State Council and the futures exchange, and shall be kept separate from its own funds and deposited in special accounts.
期货交易所向会员收取的保证金，属于会员所有，除用于会员的交易结算外，严禁挪作他用。
The margin collected by a futures exchange from its members belongs to the members and, except for use in the members' trading settlement, shall be strictly prohibited from being misappropriated for other purposes.
期货公司向客户收取的保证金，属于客户所有，除下列可划转的情形外，严禁挪作他用：
The margin collected by a futures company from its clients belongs to the clients and, except for the following circumstances in which it may be transferred, shall be strictly prohibited from being misappropriated for other purposes:
(一)依据客户的要求支付可用资金；
(1) Paying available funds at the request of the client;
(二)为客户交存保证金，支付手续费、税款；
(2) Depositing margin for the client and paying handling fees and taxes;
(三)国务院期货监督管理机构规定的其他情形。
(3) Other circumstances prescribed by the securities regulatory authority of the State Council.
期货公司应当为每一个客户单独开立专门账户、设置交易编码，不得混码交易。
A futures company shall open a separate special account and set a trading code for each client, and shall not engage in mixed-code trading.
期货公司经营期货经纪业务又同时经营其他期货业务的，应当严格执行业务分离和资金分离制度，不得混合操作。
If a futures company operates futures brokerage business and concurrently operates other futures businesses, it shall strictly implement the system of business separation and fund separation, and shall not engage in mixed operations.
期货交易所、期货公司、非期货公司结算会员应当按照国务院期货监督管理机构、财政部门的规定提取、管理和使用风险准备金，不得挪用。
Futures exchanges, futures companies, and non-futures company clearing members shall, in accordance with the provisions of the securities regulatory authority of the State Council and the financial department, set aside, manage, and use risk reserves, and shall not misappropriate them.
期货交易的收费项目、收费标准和管理办法由国务院有关主管部门统一制定并公布。
The fee items, fee standards, and management measures for futures trading shall be uniformly formulated and published by the relevant competent departments of the State Council.
期货交易的结算，由期货交易所统一组织进行。
The settlement of futures trading shall be uniformly organized by the futures exchange.
期货交易所实行当日无负债结算制度。期货交易所应当在当日及时将结算结果通知会员。
The futures exchange implements a daily mark-to-market settlement system. The futures exchange shall promptly notify members of the settlement results on the same day.
期货公司根据期货交易所的结算结果对客户进行结算，并应当将结算结果按照与客户约定的方式及时通知客户。客户应当及时查询并妥善处理自己的交易持仓。
A futures company shall settle with its clients based on the settlement results of the futures exchange and shall promptly notify the clients of the settlement results in the manner agreed upon with the clients. Clients shall promptly inquire about and properly handle their own trading positions.
期货交易所会员的保证金不足时，应当及时追加保证金或者自行平仓。会员未在期货交易所规定的时间内追加保证金或者自行平仓的，期货交易所应当将该会员的合约强行平仓，强行平仓的有关费用和发生的损失由该会员承担。
When a member of a futures exchange has insufficient margin, the member shall promptly add margin or close positions on its own. If the member fails to add margin or close positions within the time limit prescribed by the futures exchange, the futures exchange shall forcibly close the member's contracts, and the relevant expenses and losses incurred from the forced liquidation shall be borne by the member.
客户保证金不足时，应当及时追加保证金或者自行平仓。客户未在期货公司规定的时间内及时追加保证金或者自行平仓的，期货公司应当将该客户的合约强行平仓，强行平仓的有关费用和发生的损失由该客户承担。
When a client has insufficient margin, the client shall promptly add margin or close positions on its own. If the client fails to add margin or close positions within the time limit prescribed by the futures company, the futures company shall forcibly close the client's contracts, and the relevant expenses and losses incurred from the forced liquidation shall be borne by the client.
期货交易的交割，由期货交易所统一组织进行。
The delivery of futures trading shall be uniformly organized by the futures exchange.
交割仓库由期货交易所指定。期货交易所不得限制实物交割总量，并应当与交割仓库签订协议，明确双方的权利和义务。交割仓库不得有下列行为：
Delivery warehouses shall be designated by the futures exchange. The futures exchange shall not restrict the total amount of physical delivery and shall enter into an agreement with the delivery warehouse specifying the rights and obligations of both parties. A delivery warehouse shall not engage in the following acts:
(一)出具虚假仓单；
(1) Issuing false warehouse receipts;
(二)违反期货交易所业务规则，限制交割商品的入库、出库；
(2) Violating the business rules of the futures exchange by restricting the inbound and outbound delivery of commodities;
(三)泄露与期货交易有关的商业秘密；
(3) Disclosing trade secrets related to futures trading;
(四)违反国家有关规定参与期货交易；
(4) Participating in futures trading in violation of relevant state regulations;
(五)国务院期货监督管理机构规定的其他行为。
(5) Other acts stipulated by the futures regulatory authority of the State Council.
会员在期货交易中违约的，期货交易所先以该会员的保证金承担违约责任；保证金不足的，期货交易所应当以风险准备金和自有资金代为承担违约责任，并由此取得对该会员的相应追偿权。
If a member defaults in futures trading, the futures exchange shall first use the member's margin to bear the default liability; if the margin is insufficient, the futures exchange shall use the risk reserve and its own funds to bear the default liability on behalf of the member, and thereby obtain the corresponding right of recourse against the member.
客户在期货交易中违约的，期货公司先以该客户的保证金承担违约责任；保证金不足的，期货公司应当以风险准备金和自有资金代为承担违约责任，并由此取得对该客户的相应追偿权。
If a client defaults in futures trading, the futures company shall first use the client's margin to bear the default liability; if the margin is insufficient, the futures company shall use the risk reserve and its own funds to bear the default liability on behalf of the client, and thereby obtain the corresponding right of recourse against the client.
实行会员分级结算制度的期货交易所，应当向结算会员收取结算担保金。期货交易所只对结算会员结算，收取和追收保证金，以结算担保金、风险准备金、自有资金代为承担违约责任，以及采取其他相关措施；对非结算会员的结算、收取和追收保证金、代为承担违约责任，以及采取其他相关措施，由结算会员执行。
A futures exchange that implements a tiered membership settlement system shall collect settlement guarantee funds from settlement members. The futures exchange shall only settle with settlement members, collect and recover margins, use settlement guarantee funds, risk reserves, and its own funds to bear default liability on behalf of members, and take other relevant measures; settlement with non-settlement members, collection and recovery of margins, bearing default liability on behalf of them, and taking other relevant measures shall be executed by the settlement members.
期货交易所、期货公司和非期货公司结算会员应当保证期货交易、结算、交割资料的完整和安全。
Futures exchanges, futures companies, and non-futures company settlement members shall ensure the completeness and security of futures trading, settlement, and delivery records.
任何单位或者个人不得编造、传播有关期货交易的虚假信息，不得恶意串通、联手买卖或者以其他方式操纵期货交易价格。
No unit or individual may fabricate or disseminate false information related to futures trading, or maliciously collude, trade in concert, or manipulate futures trading prices by other means.
任何单位或者个人不得违规使用信贷资金、财政资金进行期货交易。
No unit or individual may use credit funds or fiscal funds for futures trading in violation of regulations.
银行业金融机构从事期货交易融资或者担保业务的资格，由国务院银行业监督管理机构批准。
The qualification of banking financial institutions to engage in futures trading financing or guarantee business shall be approved by the banking regulatory authority of the State Council.
国有以及国有控股企业进行境内外期货交易，应当遵循套期保值的原则，严格遵守国务院国有资产监督管理机构以及其他有关部门关于企业以国有资产进入期货市场的有关规定。
State-owned and state-controlled enterprises engaging in domestic or overseas futures trading shall follow the principle of hedging and strictly comply with the relevant provisions of the State-owned Assets Supervision and Administration Commission of the State Council and other relevant departments regarding enterprises using state-owned assets to enter the futures market.
境外期货项下购汇、结汇以及外汇收支，应当符合国家外汇管理有关规定。
The purchase, settlement, and foreign exchange receipts and payments under overseas futures shall comply with the relevant provisions of the state on foreign exchange administration.
境内单位或者个人从事境外期货交易的办法，由国务院期货监督管理机构会同国务院商务主管部门、国有资产监督管理机构、银行业监督管理机构、外汇管理部门等有关部门制订，报国务院批准后施行。
The measures for domestic entities or individuals to engage in overseas futures trading shall be formulated by the futures regulatory authority of the State Council jointly with the competent commerce department, the state-owned assets supervision and administration institution, the banking regulatory authority, the foreign exchange administration department, and other relevant departments, and shall be implemented after approval by the State Council.
期货业协会
Futures Industry Association
期货业协会是期货业的自律性组织，是社会团体法人。
The futures industry association is a self-regulatory organization of the futures industry and a social organization with legal personality.
期货公司以及其他专门从事期货经营的机构应当加入期货业协会，并缴纳会员费。
Futures companies and other institutions specializing in futures operations shall join the futures industry association and pay membership fees.
期货业协会的权力机构为全体会员组成的会员大会。
The authority body of the futures industry association is the general assembly composed of all members.
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。
The articles of association of the futures industry association shall be formulated by the general assembly and reported to the futures regulatory authority of the State Council for record.
期货业协会设理事会。理事会成员按照章程的规定选举产生。
The futures industry association shall establish a board of directors. Members of the board of directors shall be elected in accordance with the provisions of the articles of association.
期货业协会履行下列职责：
The futures industry association shall perform the following duties:
(一)教育和组织会员遵守期货法律法规和政策；
(1) Educate and organize members to comply with futures laws, regulations, and policies;
(二)制定会员应当遵守的行业自律性规则，监督、检查会员行为，对违反协会章程和自律性规则的，按照规定给予纪律处分；
(2) Formulate industry self-regulatory rules that members shall abide by, supervise and inspect member conduct, and impose disciplinary sanctions in accordance with the rules for violations of the association's charter and self-regulatory rules;
(三)负责期货从业人员资格的认定、管理以及撤销工作；
(3) Be responsible for the determination, management, and revocation of futures practitioner qualifications;
(四)受理客户与期货业务有关的投诉，对会员之间、会员与客户之间发生的纠纷进行调解；
(4) Accept customer complaints related to futures business, and mediate disputes between members and between members and customers;
(五)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；
(5) Lawfully protect the legitimate rights and interests of members, and report members' suggestions and requests to the futures regulatory authority of the State Council;
(六)组织期货从业人员的业务培训，开展会员间的业务交流；
(6) Organize professional training for futures practitioners and conduct business exchanges among members;
(七)组织会员就期货业的发展、运作以及有关内容进行研究；
(7) Organize members to conduct research on the development, operation, and related content of the futures industry;
(八)期货业协会章程规定的其他职责。
(8) Other duties as stipulated in the charter of the futures industry association.
期货业协会的业务活动应当接受国务院期货监督管理机构的指导和监督。
The business activities of the futures industry association shall be subject to the guidance and supervision of the futures regulatory authority of the State Council.
监督管理
Supervision and Administration
国务院期货监督管理机构对期货市场实施监督管理，依法履行下列职责：
The futures regulatory authority of the State Council shall supervise and administer the futures market and perform the following duties according to law:
(一)制定有关期货市场监督管理的规章、规则，并依法行使审批权；
(1) Formulate rules and regulations for the supervision and administration of the futures market, and exercise the power of approval according to law;
(二)对品种的上市、交易、结算、交割等期货交易及其相关活动，进行监督管理；
(2) Supervise and administer the listing, trading, settlement, delivery and other futures trading and related activities of varieties;
(三)对期货交易所、期货公司及其他期货经营机构、非期货公司结算会员、期货保证金安全存管监控机构、期货保证金存管银行、交割仓库等市场相关参与者的期货业务活动，进行监督管理；
(3) Supervise and administer the futures business activities of market participants such as futures exchanges, futures companies and other futures operating institutions, non-futures company clearing members, futures margin safety deposit monitoring institutions, futures margin deposit banks, and delivery warehouses;
(四)制定期货从业人员的资格标准和管理办法，并监督实施；
(4) Formulate qualification standards and management measures for futures practitioners, and supervise their implementation;
(五)监督检查期货交易的信息公开情况；
(5) Supervise and inspect the information disclosure of futures trading;
(六)对期货业协会的活动进行指导和监督；
(6) Guide and supervise the activities of the futures industry association;
(七)对违反期货市场监督管理法律、行政法规的行为进行查处；
(7) Investigate and deal with acts violating laws and administrative regulations on futures market supervision and administration;
(八)开展与期货市场监督管理有关的国际交流、合作活动；
(8) Carry out international exchanges and cooperation activities related to futures market supervision and administration;
(九)法律、行政法规规定的其他职责。
(9) Other duties as prescribed by laws and administrative regulations.
国务院期货监督管理机构依法履行职责，可以采取下列措施：
The futures regulatory authority of the State Council may take the following measures when performing its duties according to law:
(一)对期货交易所、期货公司及其他期货经营机构、非期货公司结算会员、期货保证金安全存管监控机构和交割仓库进行现场检查。
(1) Conduct on-site inspections of futures exchanges, futures companies and other futures operating institutions, non-futures company clearing members, futures margin safety deposit monitoring and control institutions, and delivery warehouses.
(二)进入涉嫌违法行为发生场所调查取证。
(2) Enter the place where an alleged illegal act occurs to investigate and collect evidence.
(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。
(3) Question the parties and the units and individuals related to the investigated incident, and require them to provide explanations on matters related to the investigated incident.
(四)查阅、复制与被调查事件有关的财产权登记等资料。
(4) Consult and copy materials such as property rights registration related to the investigated incident.
(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、财务会计资料以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和资料，可以予以封存。
(5) Consult and copy the futures trading records, financial accounting materials, and other relevant documents and materials of the parties and the units and individuals related to the investigated incident; documents and materials that may be transferred, concealed, or damaged may be sealed up.
(六)查询与被调查事件有关的单位的保证金账户和银行账户。
(6) Inquire about the margin accounts and bank accounts of the units related to the investigated incident.
(七)在调查操纵期货交易价格、内幕交易等重大期货违法行为时，经国务院期货监督管理机构主要负责人批准，可以限制被调查事件当事人的期货交易，但限制的时间不得超过15个交易日；案情复杂的，可以延长至30个交易日。
(7) When investigating major futures illegal acts such as manipulation of futures trading prices or insider trading, with the approval of the principal responsible person of the futures regulatory authority of the State Council, the futures trading of the parties to the investigated incident may be restricted, but the restriction period shall not exceed 15 trading days; if the case is complex, it may be extended to 30 trading days.
(八)法律、行政法规规定的其他措施。
(8) Other measures provided by laws and administrative regulations.
期货交易所、期货公司及其他期货经营机构、期货保证金安全存管监控机构，应当向国务院期货监督管理机构报送财务会计报告、业务资料和其他有关资料。
Futures exchanges, futures companies and other futures operating institutions, and futures margin safety deposit monitoring and control institutions shall submit financial accounting reports, business materials, and other relevant materials to the futures regulatory authority of the State Council.
对期货公司及其他期货经营机构报送的年度报告，国务院期货监督管理机构应当指定专人进行审核，并制作审核报告。审核人员应当在审核报告上签字。审核中发现问题的，国务院期货监督管理机构应当及时采取相应措施。
For the annual reports submitted by futures companies and other futures operating institutions, the State Council futures regulatory authority shall designate specialized personnel to conduct review and produce a review report. The reviewer shall sign the review report. If problems are found during the review, the State Council futures regulatory authority shall promptly take corresponding measures.
必要时，国务院期货监督管理机构可以要求非期货公司结算会员、交割仓库，以及期货公司股东、实际控制人或者其他关联人报送相关资料。
When necessary, the State Council futures regulatory authority may require non-futures company clearing members, delivery warehouses, as well as shareholders, actual controllers, or other related persons of futures companies to submit relevant materials.
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，被检查、调查的单位和个人应当配合，如实提供有关文件和资料，不得拒绝、阻碍和隐瞒；其他有关部门和单位应当给予支持和配合。
When the State Council futures regulatory authority performs its duties according to law and conducts supervision, inspection, or investigation, the units and individuals being inspected or investigated shall cooperate, truthfully provide relevant documents and materials, and shall not refuse, obstruct, or conceal; other relevant departments and units shall provide support and cooperation.
国家根据期货市场发展的需要，设立期货投资者保障基金。
The state shall establish a futures investor protection fund based on the needs of futures market development.
期货投资者保障基金的筹集、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。
The specific measures for the raising, management, and use of the futures investor protection fund shall be formulated by the State Council futures regulatory authority jointly with the financial department of the State Council.
国务院期货监督管理机构应当建立、健全保证金安全存管监控制度，设立期货保证金安全存管监控机构。
The State Council futures regulatory authority shall establish and improve a margin safety deposit monitoring system and set up a futures margin safety deposit monitoring institution.
客户和期货交易所、期货公司及其他期货经营机构、非期货公司结算会员以及期货保证金存管银行，应当遵守国务院期货监督管理机构有关保证金安全存管监控的规定。
Clients, futures exchanges, futures companies and other futures operating institutions, non-futures company clearing members, and futures margin deposit banks shall comply with the provisions of the State Council futures regulatory authority on margin safety deposit monitoring.
期货保证金安全存管监控机构依照有关规定对保证金安全实施监控，进行每日稽核，发现问题应当立即报告国务院期货监督管理机构。国务院期货监督管理机构应当根据不同情况，依照本条例有关规定及时处理。
The futures margin safety deposit monitoring institution shall monitor margin safety in accordance with relevant regulations, conduct daily audits, and immediately report any problems found to the State Council futures regulatory authority. The State Council futures regulatory authority shall handle the matter promptly in accordance with the relevant provisions of these Regulations based on the specific circumstances.
国务院期货监督管理机构对期货交易所和期货保证金安全存管监控机构的董事、监事、高级管理人员，实行资格管理制度。
The State Council futures regulatory authority shall implement a qualification management system for directors, supervisors, and senior management personnel of futures exchanges and futures margin safety deposit monitoring institutions.
国务院期货监督管理机构应当制定期货公司持续性经营规则，对期货公司的净资本与净资产的比例，净资本与境内期货经纪、境外期货经纪等业务规模的比例，流动资产与流动负债的比例等风险监管指标作出规定；对期货公司及其分支机构的经营条件、风险管理、内部控制、保证金存管、关联交易等方面提出要求。
The State Council futures regulatory authority shall formulate rules for the continuous operation of futures companies, stipulate risk supervision indicators such as the ratio of net capital to net assets, the ratio of net capital to the scale of domestic futures brokerage, overseas futures brokerage, and other business activities, and the ratio of current assets to current liabilities; and set requirements for the operating conditions, risk management, internal control, margin deposit, and related party transactions of futures companies and their branches.
期货公司及其分支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可以对期货公司及其董事、监事和高级管理人员采取谈话、提示、记入信用记录等监管措施或者责令期货公司限期整改，并对其整改情况进行检查验收。
If a futures company or its branch fails to meet the ongoing operational requirements or faces operational risks, the futures regulatory authority of the State Council may take supervisory measures such as interviews, warnings, and recording in the credit records against the futures company and its directors, supervisors, and senior management, or order the futures company to rectify within a specified period, and inspect and accept the rectification.
期货公司逾期未改正，其行为严重危及期货公司的稳健运行、损害客户合法权益，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：
If the futures company fails to rectify within the time limit, and its conduct seriously endangers the sound operation of the futures company, harms the legitimate rights and interests of clients, or is suspected of serious violations of laws or regulations and is under investigation by the futures regulatory authority of the State Council, the futures regulatory authority of the State Council may, depending on the circumstances, take the following measures against it:
(一)限制或者暂停部分期货业务；
(1) Restrict or suspend part of the futures business;
(二)停止批准新增业务；
(2) Cease approving new businesses;
(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；
(3) Restrict the distribution of dividends, and restrict the payment of remuneration and provision of benefits to directors, supervisors, and senior management;
(四)限制转让财产或者在财产上设定其他权利；
(4) Restrict the transfer of property or the creation of other rights on property;
(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；
(5) Order the replacement of directors, supervisors, senior management, or responsible persons of relevant business departments or branches, or restrict their rights;
(六)限制期货公司自有资金或者风险准备金的调拨和使用；
(6) Restrict the allocation and use of the futures company's own funds or risk reserves;
(七)责令控股股东转让股权或者限制有关股东行使股东权利。
(7) Order the controlling shareholder to transfer equity or restrict the relevant shareholders from exercising shareholder rights.
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公司，国务院期货监督管理机构应当自验收完毕之日起3日内解除对其采取的有关措施。
For a futures company that, after rectification, meets the requirements of relevant laws, administrative regulations, and ongoing operational requirements, the futures regulatory authority of the State Council shall lift the measures taken against it within three days from the date of completion of the inspection and acceptance.
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公司，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、关闭其分支机构。
For a futures company that, after rectification, still fails to meet the continuous operation rules and seriously affects normal operations, the State Council's futures regulatory authority has the right to revoke part or all of its futures business permits and close its branches.
期货公司违法经营或者出现重大风险，严重危害期货市场秩序、损害客户利益的，国务院期货监督管理机构可以对该期货公司采取责令停业整顿、指定其他机构托管或者接管等监管措施。经国务院期货监督管理机构批准，可以对该期货公司直接负责的董事、监事、高级管理人员和其他直接责任人员采取以下措施：
If a futures company engages in illegal operations or experiences major risks, seriously endangering the order of the futures market and harming the interests of clients, the State Council's futures regulatory authority may take regulatory measures such as ordering a suspension of business for rectification, designating another institution to take over or manage the company. With the approval of the State Council's futures regulatory authority, the following measures may be taken against the directly responsible directors, supervisors, senior management, and other directly responsible personnel of the futures company:
(一)通知出境管理机关依法阻止其出境；
(1) Notify the exit management authority to legally prevent them from leaving the country;
(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。
(2) Apply to the judicial authority to prohibit them from transferring, assigning, or otherwise disposing of property, or from creating other rights on the property.
期货公司的股东有虚假出资或者抽逃出资行为的，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公司的股权。
If a shareholder of a futures company makes false capital contributions or withdraws capital contributions, the State Council's futures regulatory authority shall order the shareholder to rectify within a specified period and may order the transfer of the shareholder's equity in the futures company.
在股东按照前款要求改正违法行为、转让所持期货公司的股权前，国务院期货监督管理机构可以限制其股东权利。
Before the shareholder rectifies the illegal act and transfers the equity in the futures company as required in the preceding paragraph, the State Council's futures regulatory authority may restrict the shareholder's rights.
当期货市场出现异常情况时，国务院期货监督管理机构可以采取必要的风险处置措施。
When abnormal situations occur in the futures market, the State Council's futures regulatory authority may take necessary risk disposal measures.
期货公司的交易软件、结算软件，应当满足期货公司审慎经营和风险管理以及国务院期货监督管理机构有关保证金安全存管监控规定的要求。期货公司的交易软件、结算软件不符合要求的，国务院期货监督管理机构有权要求期货公司予以改进或者更换。
The trading software and settlement software of a futures company shall meet the requirements of the futures company's prudent operation and risk management as well as the regulations of the State Council's futures regulatory authority on the safe deposit and monitoring of margin. If the trading software and settlement software of a futures company do not meet the requirements, the State Council's futures regulatory authority has the right to require the futures company to improve or replace them.
国务院期货监督管理机构可以要求期货公司的交易软件、结算软件的供应商提供该软件的相关资料，供应商应当予以配合。国务院期货监督管理机构对供应商提供的相关资料负有保密义务。
The State Council's futures regulatory authority may require the supplier of the trading software and settlement software of a futures company to provide relevant materials of the software, and the supplier shall cooperate. The State Council's futures regulatory authority has a duty of confidentiality regarding the relevant materials provided by the supplier.
期货公司涉及重大诉讼、仲裁，或者股权被冻结或者用于担保，以及发生其他重大事件时，期货公司及其相关股东、实际控制人应当自该事件发生之日起5日内向国务院期货监督管理机构提交书面报告。
When a futures company is involved in major litigation or arbitration, or its equity is frozen or used as security, or other major events occur, the futures company and its relevant shareholders and actual controllers shall submit a written report to the State Council's futures regulatory authority within 5 days from the date of the occurrence of the event.
会计师事务所、律师事务所、资产评估机构等中介服务机构向期货交易所和期货公司等市场相关参与者提供相关服务时，应当遵守期货法律、行政法规以及国家有关规定，并按照国务院期货监督管理机构的要求提供相关资料。
When providing relevant services to market participants such as futures exchanges and futures companies, accounting firms, law firms, asset appraisal institutions and other intermediary service institutions shall comply with futures laws, administrative regulations and relevant state provisions, and provide relevant materials as required by the futures regulatory authority of the State Council.
国务院期货监督管理机构应当与有关部门建立监督管理的信息共享和协调配合机制。
The futures regulatory authority of the State Council shall establish an information sharing and coordination mechanism with relevant departments for supervision and administration.
国务院期货监督管理机构可以和其他国家或者地区的期货监督管理机构建立监督管理合作机制，实施跨境监督管理。
The futures regulatory authority of the State Council may establish supervisory cooperation mechanisms with futures regulatory authorities of other countries or regions to implement cross-border supervision and administration.
国务院期货监督管理机构、期货交易所、期货保证金安全存管监控机构和期货保证金存管银行等相关单位的工作人员，应当忠于职守，依法办事，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的利益。
Staff members of the futures regulatory authority of the State Council, futures exchanges, futures margin safety deposit monitoring and control institutions, futures margin depository banks and other relevant entities shall be loyal to their duties, act in accordance with the law, be fair and incorruptible, keep state secrets and the business secrets of relevant parties, and shall not use their positions to seek improper benefits.
法律责任
Legal Liability
期货交易所、非期货公司结算会员有下列行为之一的，责令改正，给予警告，没收违法所得：
If a futures exchange or a non-futures company clearing member commits any of the following acts, it shall be ordered to correct, given a warning, and have its illegal gains confiscated:
(一)违反规定接纳会员的；
(1) Admitting members in violation of regulations;
(二)违反规定收取手续费的；
(2) Charging handling fees in violation of regulations;
(三)违反规定使用、分配收益的；
(3) Using or distributing income in violation of regulations;
(四)不按照规定公布即时行情的，或者发布价格预测信息的；
(4) Failing to publish real-time quotations as required, or publishing price forecast information;
(五)不按照规定向国务院期货监督管理机构履行报告义务的；
(5) Failing to fulfill reporting obligations to the futures regulatory authority of the State Council as required;
(六)不按照规定向国务院期货监督管理机构报送有关文件、资料的；
(6) Failing to submit relevant documents and materials to the futures regulatory authority of the State Council as required;
(七)不按照规定建立、健全结算担保金制度的；
(7) Failing to establish and improve the settlement guarantee fund system as required;
(八)不按照规定提取、管理和使用风险准备金的；
(8) Failing to set aside, manage, and use risk reserves as required;
(九)违反国务院期货监督管理机构有关保证金安全存管监控规定的；
(9) Violating the regulations of the futures regulatory authority of the State Council concerning the safe custody and monitoring of margin;
(十)限制会员实物交割总量的；
(10) Restricting the total physical delivery volume of members;
(十一)任用不具备资格的期货从业人员的；
(11) Employing futures practitioners who do not meet the required qualifications;
(十二)违反国务院期货监督管理机构规定的其他行为。
(12) Other acts that violate the regulations of the futures regulatory authority of the State Council.
有前款所列行为之一的，对直接负责的主管人员和其他直接责任人员给予纪律处分，处1万元以上10万元以下的罚款。
If any of the acts listed in the preceding paragraph occurs, the directly responsible supervisors and other directly responsible personnel shall be given disciplinary sanctions and fined not less than RMB 10,000 but not more than RMB 100,000.
有本条第一款第二项所列行为的，应当责令退还多收取的手续费。
If the act listed in item (2) of the first paragraph of this Article occurs, the excess handling fees collected shall be ordered to be refunded.
期货保证金安全存管监控机构有本条第一款第五项、第六项、第九项、第十一项、第十二项所列行为的，依照本条第一款、第二款的规定处罚、处分。期货保证金存管银行有本条第一款第九项、第十二项所列行为的，依照本条第一款、第二款的规定处罚、处分。
If a futures margin safe depository and monitoring institution commits any of the acts listed in items (5), (6), (9), (11), or (12) of the first paragraph of this Article, it shall be punished or sanctioned in accordance with the provisions of the first and second paragraphs of this Article. If a futures margin depository bank commits any of the acts listed in items (9) or (12) of the first paragraph of this Article, it shall be punished or sanctioned in accordance with the provisions of the first and second paragraphs of this Article.
期货交易所有下列行为之一的，责令改正，给予警告，没收违法所得，并处违法所得1倍以上5倍以下的罚款；没有违法所得或者违法所得不满10万元的，并处10万元以上50万元以下的罚款；情节严重的，责令停业整顿：
If a futures exchange commits any of the following acts, it shall be ordered to correct, given a warning, have its illegal gains confiscated, and be fined not less than one time but not more than five times the illegal gains; if there are no illegal gains or the illegal gains are less than 100,000 yuan, it shall be fined not less than 100,000 yuan but not more than 500,000 yuan; if the circumstances are serious, it shall be ordered to suspend business for rectification:
(一)未经批准，擅自办理本条例第十三条所列事项的；
(1) Handling matters listed in Article 13 of these Regulations without approval;
(二)允许会员在保证金不足的情况下进行期货交易的；
(2) Allowing members to conduct futures trading when margin is insufficient;
(三)直接或者间接参与期货交易，或者违反规定从事与其职责无关的业务的；
(3) Directly or indirectly participating in futures trading, or engaging in business unrelated to its duties in violation of regulations;
(四)违反规定收取保证金，或者挪用保证金的；
(4) Collecting margin in violation of regulations, or misappropriating margin;
(五)伪造、涂改或者不按照规定保存期货交易、结算、交割资料的；
(5) Forging, altering, or failing to preserve futures trading, settlement, and delivery materials in accordance with regulations;
(六)未建立或者未执行当日无负债结算、涨跌停板、持仓限额和大户持仓报告制度的；
(6) Failing to establish or implement the systems of daily mark-to-market settlement, price limits, position limits, and large position reporting;
(七)拒绝或者妨碍国务院期货监督管理机构监督检查的；
(7) Refusing or obstructing supervision and inspection by the futures regulatory authority of the State Council;
(八)违反国务院期货监督管理机构规定的其他行为。
(8) Other acts in violation of regulations prescribed by the futures regulatory authority of the State Council.
有前款所列行为之一的，对直接负责的主管人员和其他直接责任人员给予纪律处分，处1万元以上10万元以下的罚款。
If any of the acts listed in the preceding paragraph are committed, the directly responsible supervisors and other directly responsible personnel shall be given disciplinary sanctions and fined not less than 10,000 yuan but not more than 100,000 yuan.
非期货公司结算会员有本条第一款第二项、第四项至第八项所列行为之一的，依照本条第一款、第二款的规定处罚、处分。
If a non-futures company clearing member commits any of the acts listed in items (2) and (4) through (8) of the first paragraph of this article, penalties and sanctions shall be imposed in accordance with the provisions of the first and second paragraphs of this article.
期货保证金安全存管监控机构有本条第一款第三项、第七项、第八项所列行为的，依照本条第一款、第二款的规定处罚、处分。
If a futures margin safety deposit monitoring institution commits any of the acts listed in items (3), (7), and (8) of the first paragraph of this article, penalties and sanctions shall be imposed in accordance with the provisions of the first and second paragraphs of this article.
期货公司有下列行为之一的，责令改正，给予警告，没收违法所得，并处违法所得1倍以上3倍以下的罚款；没有违法所得或者违法所得不满10万元的，并处10万元以上30万元以下的罚款；情节严重的，责令停业整顿或者吊销期货业务许可证：
If a futures company commits any of the following acts, it shall be ordered to correct, given a warning, have its illegal gains confiscated, and be fined not less than one time but not more than three times the illegal gains; if there are no illegal gains or the illegal gains are less than 100,000 yuan, it shall be fined not less than 100,000 yuan but not more than 300,000 yuan; if the circumstances are serious, it shall be ordered to suspend business for rectification or have its futures business license revoked:
(一)接受不符合规定条件的单位或者个人委托的；
(1) Accepting entrustment from units or individuals that do not meet the prescribed conditions;
(二)允许客户在保证金不足的情况下进行期货交易的；
(2) Allowing customers to conduct futures trading when margin is insufficient;
(三)未经批准，擅自办理本条例第十九条所列事项的；
(3) Without approval, handling matters listed in Article 19 of these Regulations without authorization;
(四)违反规定从事与期货业务无关的活动的；
(4) Engaging in activities unrelated to futures business in violation of regulations;
(五)从事或者变相从事期货自营业务的；
(5) Engaging in or covertly engaging in futures self-operating business;
(六)为其股东、实际控制人或者其他关联人提供融资，或者对外担保的；
(6) Providing financing to its shareholders, actual controllers, or other related persons, or providing external guarantees.
(七)违反国务院期货监督管理机构有关保证金安全存管监控规定的；
(7) Violating the provisions of the State Council's futures regulatory authority regarding the safety monitoring and control of margin deposits;
(八)不按照规定向国务院期货监督管理机构履行报告义务或者报送有关文件、资料的；
(8) Failing to fulfill reporting obligations or submit relevant documents and materials to the State Council's futures regulatory authority in accordance with regulations;
(九)交易软件、结算软件不符合期货公司审慎经营和风险管理以及国务院期货监督管理机构有关保证金安全存管监控规定的要求的；
(9) Trading software or settlement software failing to meet the requirements for prudent operation and risk management of futures companies and the provisions of the State Council's futures regulatory authority regarding the safety monitoring and control of margin deposits;
(十)不按照规定提取、管理和使用风险准备金的；
(10) Failing to set aside, manage, or use risk reserves in accordance with regulations;
(十一)伪造、涂改或者不按照规定保存期货交易、结算、交割资料的；
(11) Forging, altering, or failing to preserve futures trading, settlement, or delivery records in accordance with regulations;
(十二)任用不具备资格的期货从业人员的；
(12) Employing futures practitioners who do not possess the required qualifications;
(十三)伪造、变造、出租、出借、买卖期货业务许可证或者经营许可证的；
(13) Forging, altering, leasing, lending, buying, or selling futures business licenses or operating permits;
(十四)进行混码交易的；
(14) Conducting mixed-code trading;
(十五)拒绝或者妨碍国务院期货监督管理机构监督检查的；
(15) Refusing or obstructing supervision and inspection by the State Council's futures regulatory authority;
(十六)违反国务院期货监督管理机构规定的其他行为。
(16) Other acts that violate the provisions of the State Council's futures regulatory authority.
期货公司有前款所列行为之一的，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1万元以上5万元以下的罚款；情节严重的，暂停或者撤销期货从业人员资格。
If a futures company commits any of the acts listed in the preceding paragraph, the directly responsible supervisor and other directly responsible personnel shall be given a warning and fined not less than 10,000 yuan but not more than 50,000 yuan; if the circumstances are serious, their futures practitioner qualifications shall be suspended or revoked.
期货公司之外的其他期货经营机构有本条第一款第八项、第十二项、第十三项、第十五项、第十六项所列行为的，依照本条第一款、第二款的规定处罚。
If any other futures operating institution other than a futures company commits any of the acts listed in items (8), (12), (13), (15), and (16) of the first paragraph of this Article, it shall be punished in accordance with the provisions of the first and second paragraphs of this Article.
期货公司的股东、实际控制人或者其他关联人未经批准擅自委托他人或者接受他人委托持有或者管理期货公司股权的，拒不配合国务院期货监督管理机构的检查，拒不按照规定履行报告义务、提供有关信息和资料，或者报送、提供的信息和资料有虚假记载、误导性陈述或者重大遗漏的，依照本条第一款、第二款的规定处罚。
If a shareholder, actual controller, or other related person of a futures company, without approval, entrusts another person to hold or manage futures company equity, or accepts entrustment from another person to do so, refuses to cooperate with the investigation of the State Council's futures regulatory authority, refuses to perform the reporting obligation as required, provide relevant information and materials, or the submitted or provided information and materials contain false records, misleading statements, or major omissions, they shall be punished in accordance with the provisions of the first and second paragraphs of this Article.
期货公司有下列欺诈客户行为之一的，责令改正，给予警告，没收违法所得，并处违法所得1倍以上5倍以下的罚款；没有违法所得或者违法所得不满10万元的，并处10万元以上50万元以下的罚款；情节严重的，责令停业整顿或者吊销期货业务许可证：
If a futures company commits any of the following acts of client fraud, it shall be ordered to correct, given a warning, have its illegal gains confiscated, and be fined not less than one time but not more than five times the illegal gains; if there are no illegal gains or the illegal gains are less than 100,000 yuan, it shall be fined not less than 100,000 yuan but not more than 500,000 yuan; if the circumstances are serious, it shall be ordered to suspend business for rectification or have its futures business license revoked:
(一)向客户作获利保证或者不按照规定向客户出示风险说明书的；
(1) Making profit guarantees to clients or failing to present risk disclosure statements to clients as required;
(二)在经纪业务中与客户约定分享利益、共担风险的；
(2) Agreeing with clients to share profits or bear risks in brokerage business;
(三)不按照规定接受客户委托或者不按照客户委托内容擅自进行期货交易的；
(3) Failing to accept client orders as required or conducting futures transactions without following the client's order content;
(四)隐瞒重要事项或者使用其他不正当手段，诱骗客户发出交易指令的；
(4) Concealing important matters or using other improper means to induce clients to issue trading instructions;
(五)向客户提供虚假成交回报的；
(5) Providing false transaction confirmations to clients;
(六)未将客户交易指令下达到期货交易所的；
(6) Failing to transmit client trading instructions to the futures exchange;
(七)挪用客户保证金的；
(7) Misappropriating customer margin;
(八)不按照规定在期货保证金存管银行开立保证金账户，或者违规划转客户保证金的；
(8) Failing to open a margin account at a designated futures margin depository bank in accordance with regulations, or illegally transferring customer margin;
(九)国务院期货监督管理机构规定的其他欺诈客户的行为。
(9) Other acts of defrauding customers as prescribed by the futures regulatory authority of the State Council.
期货公司有前款所列行为之一的，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1万元以上10万元以下的罚款；情节严重的，暂停或者撤销期货从业人员资格。
If a futures company commits any of the acts listed in the preceding paragraph, the directly responsible supervisor and other directly responsible personnel shall be given a warning and fined not less than 10,000 yuan but not more than 100,000 yuan; if the circumstances are serious, their futures practitioner qualifications shall be suspended or revoked.
任何单位或者个人编造并且传播有关期货交易的虚假信息，扰乱期货交易市场的，依照本条第一款、第二款的规定处罚。
Any unit or individual that fabricates and disseminates false information concerning futures trading, thereby disrupting the futures trading market, shall be punished in accordance with the provisions of the first and second paragraphs of this Article.
期货公司及其他期货经营机构、非期货公司结算会员、期货保证金存管银行提供虚假申请文件或者采取其他欺诈手段隐瞒重要事实骗取期货业务许可的，撤销其期货业务许可，没收违法所得。
If a futures company or other futures operating institution, a non-futures company clearing member, or a futures margin depository bank submits false application documents or uses other fraudulent means to conceal important facts in order to obtain a futures business license, its futures business license shall be revoked and the illegal gains shall be confiscated.
期货交易内幕信息的知情人或者非法获取期货交易内幕信息的人，在对期货交易价格有重大影响的信息尚未公开前，利用内幕信息从事期货交易，或者向他人泄露内幕信息，使他人利用内幕信息进行期货交易的，没收违法所得，并处违法所得1倍以上5倍以下的罚款；没有违法所得或者违法所得不满10万元的，处10万元以上50万元以下的罚款。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3万元以上30万元以下的罚款。
If a person who is aware of inside information on futures trading or who illegally obtains inside information on futures trading, before the information that has a significant impact on futures trading prices is made public, uses the inside information to engage in futures trading, or discloses the inside information to others, causing them to engage in futures trading using the inside information, the illegal gains shall be confiscated and a fine of not less than one time but not more than five times the illegal gains shall be imposed; if there are no illegal gains or the illegal gains are less than 100,000 yuan, a fine of not less than 100,000 yuan but not more than 500,000 yuan shall be imposed. If a unit engages in insider trading, the directly responsible supervisor and other directly responsible personnel shall also be given a warning and fined not less than 30,000 yuan but not more than 300,000 yuan.
国务院期货监督管理机构、期货交易所和期货保证金安全存管监控机构的工作人员进行内幕交易的，从重处罚。
If a staff member of the futures regulatory authority of the State Council, a futures exchange, or a futures margin safety depository monitoring institution engages in insider trading, a heavier penalty shall be imposed.
任何单位或者个人有下列行为之一，操纵期货交易价格的，责令改正，没收违法所得，并处违法所得1倍以上5倍以下的罚款；没有违法所得或者违法所得不满20万元的，处20万元以上100万元以下的罚款：
If any unit or individual commits any of the following acts to manipulate futures trading prices, they shall be ordered to make corrections, their illegal gains shall be confiscated, and a fine of not less than one time but not more than five times the illegal gains shall be imposed; if there are no illegal gains or the illegal gains are less than 200,000 yuan, a fine of not less than 200,000 yuan but not more than 1,000,000 yuan shall be imposed:
(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，操纵期货交易价格的；
(1) Acting alone or in collusion, concentrating capital advantages, position advantages, or using information advantages to jointly or continuously buy or sell contracts, thereby manipulating futures trading prices;
(二)蓄意串通，按事先约定的时间、价格和方式相互进行期货交易，影响期货交易价格或者期货交易量的；
(2) Colluding to conduct futures transactions at prearranged times, prices, and methods, thereby affecting futures trading prices or volumes;
(三)以自己为交易对象，自买自卖，影响期货交易价格或者期货交易量的；
(3) Trading with oneself, buying and selling from oneself, thereby affecting futures trading prices or volumes;
(四)为影响期货市场行情囤积现货的；
(4) Hoarding physical commodities to influence futures market conditions;
(五)国务院期货监督管理机构规定的其他操纵期货交易价格的行为。
(5) Other acts of manipulating futures trading prices as stipulated by the futures regulatory authority of the State Council.
单位有前款所列行为之一的，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1万元以上10万元以下的罚款。
If a unit commits any of the acts listed in the preceding paragraph, the directly responsible supervisors and other directly responsible personnel shall be given a warning and fined not less than RMB 10,000 but not more than RMB 100,000.
交割仓库有本条例第三十五条第二款所列行为之一的，责令改正，给予警告，没收违法所得，并处违法所得1倍以上5倍以下的罚款；没有违法所得或者违法所得不满10万元的，并处10万元以上50万元以下的罚款；情节严重的，责令期货交易所暂停或者取消其交割仓库资格。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1万元以上10万元以下的罚款。
If a delivery warehouse commits any of the acts listed in Article 35, paragraph 2 of these Regulations, it shall be ordered to correct, given a warning, have its illegal gains confiscated, and be fined not less than one time but not more than five times the illegal gains; if there are no illegal gains or the illegal gains are less than RMB 100,000, it shall be fined not less than RMB 100,000 but not more than RMB 500,000; if the circumstances are serious, the futures exchange shall be ordered to suspend or revoke its qualification as a delivery warehouse. The directly responsible supervisors and other directly responsible personnel shall be given a warning and fined not less than RMB 10,000 but not more than RMB 100,000.
国有以及国有控股企业违反本条例和国务院国有资产监督管理机构以及其他有关部门关于企业以国有资产进入期货市场的有关规定进行期货交易，或者单位、个人违规使用信贷资金、财政资金进行期货交易的，给予警告，没收违法所得，并处违法所得1倍以上5倍以下的罚款；没有违法所得或者违法所得不满10万元的，并处10万元以上50万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予降级直至开除的纪律处分。
If a state-owned or state-controlled enterprise conducts futures trading in violation of these Regulations and the relevant provisions of the State-owned Assets Supervision and Administration Commission of the State Council and other relevant departments regarding enterprises using state-owned assets to enter the futures market, or if a unit or individual illegally uses credit funds or fiscal funds for futures trading, a warning shall be given, illegal gains shall be confiscated, and a fine of not less than one time but not more than five times the illegal gains shall be imposed; if there are no illegal gains or the illegal gains are less than RMB 100,000, a fine of not less than RMB 100,000 but not more than RMB 500,000 shall be imposed. The directly responsible supervisors and other directly responsible personnel shall be given disciplinary sanctions ranging from demotion to dismissal.
境内单位或者个人违反规定从事境外期货交易的，责令改正，给予警告，没收违法所得，并处违法所得1倍以上5倍以下的罚款；没有违法所得或者违法所得不满20万元的，并处20万元以上100万元以下的罚款；情节严重的，暂停其境外期货交易。对单位直接负责的主管人员和其他直接责任人员给予警告，并处1万元以上10万元以下的罚款。
If a domestic unit or individual engages in overseas futures trading in violation of regulations, it shall be ordered to correct, given a warning, have its illegal gains confiscated, and be fined not less than one time but not more than five times the illegal gains; if there are no illegal gains or the illegal gains are less than RMB 200,000, a fine of not less than RMB 200,000 but not more than RMB 1,000,000 shall be imposed; if the circumstances are serious, its overseas futures trading shall be suspended. The directly responsible supervisors and other directly responsible personnel of the unit shall be given a warning and fined not less than RMB 10,000 but not more than RMB 100,000.
非法设立期货交易场所或者以其他形式组织期货交易活动的，由所在地县级以上地方人民政府予以取缔，没收违法所得，并处违法所得1倍以上5倍以下的罚款；没有违法所得或者违法所得不满20万元的，处20万元以上100万元以下的罚款。对单位直接负责的主管人员和其他直接责任人员给予警告，并处1万元以上10万元以下的罚款。
If a futures trading venue is illegally established or futures trading activities are organized in other forms, the local people's government at or above the county level shall ban it, confiscate illegal gains, and impose a fine of not less than one time but not more than five times the illegal gains; if there are no illegal gains or the illegal gains are less than RMB 200,000, a fine of not less than RMB 200,000 but not more than RMB 1,000,000 shall be imposed. The directly responsible supervisors and other directly responsible personnel of the unit shall be given a warning and fined not less than RMB 10,000 but not more than RMB 100,000.
非法设立期货公司及其他期货经营机构，或者擅自从事期货业务的，予以取缔，没收违法所得，并处违法所得1倍以上5倍以下的罚款；没有违法所得或者违法所得不满20万元的，处20万元以上100万元以下的罚款。对单位直接负责的主管人员和其他直接责任人员给予警告，并处1万元以上10万元以下的罚款。
If a futures company or other futures operating institution is illegally established, or if futures business is engaged in without authorization, it shall be banned, illegal gains shall be confiscated, and a fine of not less than one time but not more than five times the illegal gains shall be imposed; if there are no illegal gains or the illegal gains are less than RMB 200,000, a fine of not less than RMB 200,000 but not more than RMB 1,000,000 shall be imposed. The directly responsible supervisors and other directly responsible personnel of the unit shall be given a warning and fined not less than RMB 10,000 but not more than RMB 100,000.
期货公司的交易软件、结算软件供应商拒不配合国务院期货监督管理机构调查，或者未按照规定向国务院期货监督管理机构提供相关软件资料，或者提供的软件资料有虚假、重大遗漏的，责令改正，处3万元以上10万元以下的罚款。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1万元以上5万元以下的罚款。
If a supplier of trading software or settlement software for a futures company refuses to cooperate with the investigation of the State Council futures regulatory authority, or fails to provide relevant software materials to the State Council futures regulatory authority in accordance with regulations, or provides software materials that are false or contain major omissions, it shall be ordered to make corrections and be fined not less than 30,000 yuan but not more than 100,000 yuan. The directly responsible supervisor and other directly responsible personnel shall be given a warning and be fined not less than 10,000 yuan but not more than 50,000 yuan.
会计师事务所、律师事务所、资产评估机构等中介服务机构未勤勉尽责，所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，暂停或者撤销相关业务许可，并处业务收入1倍以上5倍以下的罚款。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3万元以上10万元以下的罚款。
If an accounting firm, law firm, asset appraisal institution or other intermediary service institution fails to exercise due diligence, and the documents issued contain false records, misleading statements or major omissions, it shall be ordered to make corrections, its business income shall be confiscated, its relevant business license shall be suspended or revoked, and it shall be fined not less than one time but not more than five times the business income. The directly responsible supervisor and other directly responsible personnel shall be given a warning and be fined not less than 30,000 yuan but not more than 100,000 yuan.
任何单位或者个人违反本条例规定，情节严重的，由国务院期货监督管理机构宣布该个人、该单位或者该单位的直接责任人员为期货市场禁止进入者。
If any unit or individual violates the provisions of these Regulations and the circumstances are serious, the State Council futures regulatory authority shall declare the individual, the unit or the directly responsible personnel of the unit as persons prohibited from entering the futures market.
国务院期货监督管理机构、期货交易所、期货保证金安全存管监控机构和期货保证金存管银行等相关单位的工作人员，泄露知悉的国家秘密或者会员、客户商业秘密，或者徇私舞弊、玩忽职守、滥用职权、收受贿赂的，依法给予行政处分或者纪律处分。
If any staff member of the State Council futures regulatory authority, a futures exchange, a futures margin safety deposit monitoring and control institution, a futures margin depository bank or other relevant unit divulges any state secret or any trade secret of a member or client that he or she has come to know, or engages in any act of malpractice for personal gain, neglect of duty, abuse of power or acceptance of bribes, he or she shall be given an administrative sanction or disciplinary sanction in accordance with the law.
违反本条例规定，构成犯罪的，依法追究刑事责任。
If a violation of the provisions of these Regulations constitutes a crime, criminal liability shall be pursued in accordance with the law.
对本条例规定的违法行为的行政处罚，除本条例已有规定的外，由国务院期货监督管理机构决定；涉及其他有关部门法定职权的，国务院期货监督管理机构应当会同其他有关部门处理；属于其他有关部门法定职权的，国务院期货监督管理机构应当移交其他有关部门处理。
The administrative penalties for illegal acts specified in these Regulations shall, except as otherwise provided in these Regulations, be decided by the State Council futures regulatory authority; if the statutory functions and powers of other relevant departments are involved, the State Council futures regulatory authority shall handle the matter jointly with such other departments; if the matter falls within the statutory functions and powers of other relevant departments, the State Council futures regulatory authority shall transfer the matter to such other departments for handling.
附则
Supplementary Provisions
本条例下列用语的含义：
The meanings of the following terms in these Regulations are:
(一)商品期货合约，是指以农产品、工业品、能源和其他商品及其相关指数产品为标的物的期货合约。
(1) Commodity futures contract refers to a futures contract with agricultural products, industrial products, energy and other commodities and their related index products as the underlying subject matter.
(二)金融期货合约，是指以有价证券、利率、汇率等金融产品及其相关指数产品为标的物的期货合约。
(2) Financial futures contract refers to a futures contract with financial products such as securities, interest rates, exchange rates and their related index products as the underlying subject matter.
(三)保证金，是指期货交易者按照规定交纳的资金或者提交的价值稳定、流动性强的标准仓单、国债等有价证券，用于结算和保证履约。
Margin refers to funds paid or value-stable, highly liquid standard warehouse receipts, government bonds, and other securities submitted by futures traders as required for settlement and performance guarantee.
(四)结算，是指根据期货交易所公布的结算价格对交易双方的交易结果进行的资金清算和划转。
Settlement refers to the process of clearing and transferring funds based on the settlement price published by the futures exchange to settle the trading results of both parties.
(五)交割，是指合约到期时，按照期货交易所的规则和程序，交易双方通过该合约所载标的物所有权的转移，或者按照规定结算价格进行现金差价结算，了结到期未平仓合约的过程。
Delivery refers to the process at contract expiration where, according to the rules and procedures of the futures exchange, the parties transfer the ownership of the underlying asset specified in the contract, or conduct cash difference settlement at the prescribed settlement price, to close out open positions that have not been liquidated.
(六)平仓，是指期货交易者买入或者卖出与其所持合约的品种、数量和交割月份相同但交易方向相反的合约，了结期货交易的行为。
Liquidation refers to the act of a futures trader buying or selling contracts of the same variety, quantity, and delivery month as the contracts they hold but in the opposite direction, thereby closing out the futures trading position.
(七)持仓量，是指期货交易者所持有的未平仓合约的数量。
Open interest refers to the number of open positions (unliquidated contracts) held by a futures trader.
(八)持仓限额，是指期货交易所对期货交易者的持仓量规定的最高数额。
Position limit refers to the maximum amount of open interest prescribed by the futures exchange for a futures trader.
(九)标准仓单，是指交割仓库开具并经期货交易所认定的标准化提货凭证。
Standard warehouse receipt refers to a standardized delivery certificate issued by a delivery warehouse and recognized by the futures exchange.
(十)涨跌停板，是指合约在1个交易日中的交易价格不得高于或者低于规定的涨跌幅度，超出该涨跌幅度的报价将被视为无效，不能成交。
Price limit refers to the maximum fluctuation range within which the trading price of a contract may not exceed or fall below the prescribed limit in a single trading day; quotes beyond this range are deemed invalid and cannot be executed.
(十一)内幕信息，是指可能对期货交易价格产生重大影响的尚未公开的信息，包括：国务院期货监督管理机构以及其他相关部门制定的对期货交易价格可能发生重大影响的政策，期货交易所作出的可能对期货交易价格发生重大影响的决定，期货交易所会员、客户的资金和交易动向以及国务院期货监督管理机构认定的对期货交易价格有显著影响的其他重要信息。
Inside information refers to undisclosed information that may have a significant impact on futures trading prices, including: policies formulated by the State Council's futures regulatory authority and other relevant departments that may significantly affect futures trading prices; decisions made by futures exchanges that may significantly affect futures trading prices; the capital and trading trends of exchange members and clients; and other important information identified by the State Council's futures regulatory authority as having a significant impact on futures trading prices.
(十二)内幕信息的知情人员，是指由于其管理地位、监督地位或者职业地位，或者作为雇员、专业顾问履行职务，能够接触或者获得内幕信息的人员，包括：期货交易所的管理人员以及其他由于任职可获取内幕信息的从业人员，国务院期货监督管理机构和其他有关部门的工作人员以及国务院期货监督管理机构规定的其他人员。
Insider refers to persons who, due to their management, supervisory, or professional position, or as employees or professional advisors performing duties, have access to or obtain inside information, including: management personnel of futures exchanges and other employees who can access inside information due to their positions; staff of the State Council's futures regulatory authority and other relevant departments; and other persons specified by the State Council's futures regulatory authority.
国务院期货监督管理机构可以批准设立期货专门结算机构，专门履行期货交易所的结算以及相关职责，并承担相应法律责任。
The futures regulatory authority of the State Council may approve the establishment of specialized futures clearing institutions to exclusively perform the clearing and related functions of futures exchanges and bear corresponding legal liabilities.
境外机构在境内设立、收购或者参股期货经营机构，以及境外期货经营机构在境内设立分支机构(含代表处)的管理办法，由国务院期货监督管理机构会同国务院商务主管部门、外汇管理部门等有关部门制订，报国务院批准后施行。
The administrative measures for foreign institutions to establish, acquire, or hold equity in futures operating institutions within China, and for foreign futures operating institutions to establish branches (including representative offices) within China, shall be formulated by the futures regulatory authority of the State Council jointly with the competent commerce department of the State Council, the foreign exchange administration department, and other relevant departments, and shall be implemented after approval by the State Council.
在期货交易所之外的国务院期货监督管理机构批准的交易场所进行的期货交易，依照本条例的有关规定执行。
Futures trading conducted on trading venues approved by the futures regulatory authority of the State Council other than futures exchanges shall be governed by the relevant provisions of these Regulations.
不属于期货交易的商品或者金融产品的其他交易活动，由国家有关部门监督管理，不适用本条例。
Other trading activities that are not commodity or financial product transactions falling within the scope of futures trading shall be supervised and administered by the relevant state departments and shall not be subject to these Regulations.
本条例自2007年4月15日起施行。1999年6月2日国务院发布的《期货交易管理暂行条例》同时废止。
These Regulations shall come into effect as of April 15, 2007. The Provisional Regulations on the Administration of Futures Trading promulgated by the State Council on June 2, 1999 shall be simultaneously repealed.