The SFC Issued The Futures Company Supervision Measures

At the press conference of the SFC yesterday, Deng Ge, spokesman, said that in the month of August 29th and September 28th, there were 12 written feedback received from the "measures". Generally speaking, all sectors of the society generally accepted the "measures". At the same time, some comments and suggestions were put forward.

According to the market opinion, the CSRC has made amendments to five aspects such as equity incentive, branch examination and approval, management audit and the scope of the trading place. From the content, it includes nine aspects, including reducing the entry threshold, optimizing the conditions of the shareholders, perfecting the Futures Company business model, defining the related requirements of the diversified operation, clearly introducing the foreign shareholders and establishing the relevant regulations of the overseas institutions.

Five aspects should be revised.

Deng Ge said that according to the market opinion, the SFC has made five major amendments to the "measures":

First, consider from the perspective of equity incentive, delete the requirements of the shareholders' conditions on the duration of operation and profit, and further reduce the entry threshold for holding more than 5% of Futures Company's equity shareholders.

The two is to maintain the unity of the main body of examination and approval of the establishment of a branch of a securities company. The main body of examination and approval of the establishment of a branch of the Futures Company shall be adjusted to the dispatched office of the China Securities Regulatory Commission in the place where the company intends to establish its branches.

Three is in view of

,

The Interim Measures for the supervision and administration of private investment funds shall be applied uniformly to the information management business of Futures Company, and the approval of asset management business shall be abolished in the "measures", and shall be adjusted to the matter of registration and registration according to law, so as to be consistent with the relevant provisions of this method.

Four, expand the scope of trading venues that Futures Company can participate in and allow them to enter the legal trading places such as stock exchanges to carry out derivatives and related businesses in accordance with the law.

Five, in view of the fact that the relevant provisions of some normative documents are no longer suitable for the actual supervision or there are new provisions in the "measures", the SFC will repeal them and stipulate the necessary parts for the reservations in the "measures".

For example, the "measures" have made uniform provisions on the participation of foreign investors in the Futures Company, abolishing the notice on the issues concerning the participation of Hongkong and Macao service providers in futures brokerage companies.

At the same time,

"There are also some ideas which have not been adopted, which mainly involve the change of stock rights of listed Futures Company, the cancellation of some administrative permission items of Futures Company.

The main reasons are as follows: first, suggestions for deregulation of individual requirements are based on regulatory needs, so as to avoid regulatory arbitrage in practice, and therefore have not been absorbed. Two, some suggestions have not been absorbed because of other regulations which have been stipulated or exceeded the authorized scope of the upper law.

It mainly consists of nine contents.

Deng Ge said that the measures were in response to the request of the State Council to decentralization and decentralization, and to carry out the spirit of regulatory pformation and strengthen post supervision of Futures Company affairs is an important measure to enhance their service capabilities and international competitiveness.

From the official release of the measures, it mainly includes the following contents:

First, implement the requirements of decentralization and implement the spirit of regulatory pformation.

The regulations stipulate the cancellation and decentralization of administrative examination and approval items, clarify the matters that need to be examined and approved by Futures Company, and the requirements for filing some of the cancelled items.

Two, we should reduce the access threshold and optimize the shareholders' conditions of Futures Company.

Expand the scope of Futures Company shareholders from Chinese legal persons to units and natural persons; define the qualifications of natural shareholders and optimize the qualifications of non natural shareholders.

The three is to improve the scope of Futures Company business.

The business that Futures Company can engage in is divided into four levels, such as the business that the company can set up, the business to be approved, the registration and archival business, and other businesses approved to be engaged.

The four is to clarify the relevant requirements of Futures Company diversification.

Clear requirements for risk isolation and conflict prevention, and make adjustments to Futures Company's business departments and post setting requirements.

Five, we should improve the supervision system and safeguard the legitimate rights and interests of investors.

The measures strengthened supervision afterwards on Futures Company, improved and enriched relevant supervision means, strengthened investor education and protection system and paction risk control requirements.

The six is to strengthen Futures Company's information disclosure obligations.

The measures adjusted the notification requirements of Futures Company shareholders, improved Futures Company's reporting requirements to shareholders, and made clear the scope of Futures Company's information disclosure.

The seven is to improve Futures Company's regulatory measures and legal responsibilities.

The measures increased the punishment for illegal activities, and refined and perfected the relevant provisions of regulatory measures and legal liability.

The eight is to make corresponding institutional arrangements to cooperate with foreign traders in specific futures trading.

If we relax the restrictions on opening futures accounts for customers, we will clear up institutional obstacles for the introduction of overseas customers in the crude oil futures market.

The nine is to clarify the relevant provisions of Futures Company's introduction of overseas shareholders and the establishment of overseas institutions.

The "measures" have implemented the relevant commitments of China's opening up to the outside world and made it clear that foreign capital can participate in the Futures Company.