证监会就境外参与境内期货交易管理办法征求意见（Bilingual Version）

继中国证券监督管理委员会(以下简称“中国证监会”)于2014年12月12日批准上海期货交易所在其国际能源交易中心开展原油期货交易，并拟全面引入境外交易者和境外经纪机构交易原油期货后，证监会于2014年12月31日起就《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（征求意见稿）》(以下简称“《暂行办法》”)公开征求意见。该《暂行办法》专门规范境外交易者和境外经纪机构从事境内特定品种的期货交易。以下是我们对《暂行办法》的梳理和总结。
On December 12, 2014, the China Securities Regulatory Commission (“CSRC”) announced its approval of the crude oil futures trading to be launched by the International Energy Center (“INE”) of the Shanghai Futures Exchange,directly accessed by foreign proprietary traders and foreign brokers. Following such approval, the CSRC solicited public comments on the “Consultation Draft of Interim Measures on the Administration of Foreign Proprietary Tradersand Foreign Brokers Engaging in Domestic Futures Trading of Particular Products(“Interim Measures”) since December 31, 2014. The Interim Measures specifically regulates foreign proprietary traders and foreign brokers engagingin the trading of particular domestic futures products. The main provisions of the Interim Measuresare summarized as below.
一、适用范围 Applicable Scope
《暂行办法》界定了境外交易者和境外经纪机构。境外交易者包括境外法人、其他经济组织和自然人；而境外经纪机构仅指经所在国家或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。就境内特定品种而言，原油期货是第一个经证监会确定的允许境外交易者和境外经纪机构参与的品种。
The Interim Measures defines the foreign proprietary traders and the foreign brokers respectively. Foreign proprietary traders include foreign legal persons, other economic organizations and natural persons, while foreign brokers only refer to the financial institutions that are recognized by the futures regulatory authorities in the country or jurisdiction where the brokers are located, qualified to accept investors’funds and trading orders and engage in futures trading in their own names. In terms of the particular futures products,crude oil futures will be the first CSRC approved product that foreign proprietary traders and foreign brokers can access.
二、参与模式 Approaches of Foreign Participation
境外交易者可以选择三种参与模式：一是委托境内期货公司交易；二是委托境外经纪机构交易；三是直接在期货交易所交易。其中，第三种直接交易模式需要满足一定的条件，例如充足的流动资本、健全的治理结构和完善的内控制度等，并且需要获得期货交易所的批准方可直接交易。
There are three approaches for the foreign proprietary traders’ participation, which are: (i) by entrusting a domestic futures company; (ii) by entrusting a foreign broker; or (iii) by trading directly with futures exchanges. Among the three approaches, trading directly with the futures exchanges requires the foreign proprietary traders to satisfy certain pre-conditions, inter alia, adequate working capital, robust corporate governance and sound internal risk control systems. In addition, anapproval from the futures exchanges is also required for the direct trading approach.
境外经纪机构可以选择两种参与模式：一是在接受境外交易者委托后转委托境内期货公司，由期货公司以自己的名义进行交易；二是接受境外交易者委托后直接在期货交易所以自己的名义交易。后一种模式也需要满足一定的条件并获得期货交易所的批准。值得注意的是，《暂行办法》还规定，符合条件的境外经纪机构还可以向证监会申请在自由贸易试验区试点设立独资或控股的期货公司，但该期货公司仅能接受境外交易者和境外经纪机构委托从事境内特定品种期货交易，而不能接受境内交易者的委托从事期货交易。
A foreign broker may participate through: (1) upon the entrustment of a foreign proprietary trader, re-authorizing a domestic futures company, which will then trade in its own name; (2) trading directly with futures exchanges in its own name upon the entrustment of a foreign proprietary trader. The latter approach also requires satisfying certain pre-conditions and an approval from the futures exchange. It is noteworthy that the Interim Measures further provide that qualified foreign brokers may apply for the pilot program under the CSRC’s approval to establish a wholly foreign-owned or majority foreign-owned futures companies in the pilot free trade zones, however, such futures companies are only permitted to accept entrustment of foreign proprietary traders or foreign brokers to engage in the domestic futures trading of particular products, while prohibited to accept any entrustment of local clients for domestic futures trading.
三、开户原则和对经纪业务的要求 Account Opening and Brokerage Business
境外交易者必须以真实合法身份办理开户，并提供身份证明文件。中国期货市场实行“一户一码”制度，这一制度同样适用境外交易者和境外经纪机构参与境内特定品种期货交易。此外，《暂行办法》还要求境内特定品种期货交易实行交易者适当性制度，境外经纪机构应当执行交易者适当性制度而境外交易者应当遵守交易者适当性制度。
A foreign proprietary trader shall open an account with its real and legitimate identification and provide relevant identification certificates. The “one account, one code” system shall apply to the foreign proprietary traders and the foreign brokers’ participation of domestic trading as well. In addition, the Interim Measures further require the implementation of the suitability system on the foreign clients when trading domestic particular futures products, which means, foreign brokers shall implement the suitability system and foreign proprietary traders shall comply with such system.
《暂行办法》要求境外经纪机构接受境外交易者委托的，应当事先向境外交易者出示风险说明书，并与境外交易者签订书面合同。境外经纪机构不得未经境外交易者委托或者不按照境外交易者委托内容擅自进行期货交易。
The Interim Measures stipulates that, before accepting the entrustment of foreign proprietary traders to engage in futures trading, foreign brokers shall present futures trading risks disclosure statement to and enter into writtencontract with foreign proprietary traders. Foreign brokers shall not engage in futures trading without the entrustment of foreign proprietary traders or in contravention of entrustment contents.
四、结算安排 Clearing and Settlement
《暂行办法》明确承担结算职能的期货交易所将作为中央对手方，统一组织境内特定品种期货交易的结算。境外交易者、境外经纪机构需要委托具有结算资格的期货公司或者其他机构进行结算，并适用《期货交易管理条例》第三十四条的规定，即期货公司根据期货交易所的结算结果对客户进行结算并将结算结果按照与客户约定的方式及时通知客户。《暂行办法》还明确了中央对手方的概念，即指期货交易达成后介入期货交易双方，成为所有买方的卖方和所有卖方的买方，以净额方式结算，为期货交易提供集中履约保障的法人。
The Interim Measures clearly specify that futures exchanges shall be a Central Counterparty (“CCP”) to perform the clearing and settlement functions and organize the clearing and settlement for the domestic futures trading of particular products. Foreign proprietary traders and foreign brokers shall entrust the futures companies or other qualified institutions to conduct the settlement. Article 34 of Regulations on the Administration of Futures Trading (“Futures Trading Regulation”) shall apply, which stipulates that futures companies shall conduct the settlement for clients based on the computation results from the futures exchange, and shall notify clients of such results in a manner as agreed upon with clients. The Interim Measures further define the CCP, which means a legal person, which upon the completion of futures trading transaction, gets involved with the parties of the futures trading, by becoming the seller of all buyers and the buyer of all sellers and conducting settlement on a net basis, and provides centralized performance guarantee for futures trading.
为结算的目的，无论是直接入场交易的境外交易者和境外经纪机构，还是委托期货公司进行境内特定品种期货交易的境外交易者和境外经纪机构，都必须在境内开立银行账户，并将其设定为期货结算账户。
For clearing and settlement purposes, foreign proprietary traders and foreign brokers, regardless trading directly with the futures exchange or entrusting futures companies to engage in futures trading, shall open domestic bank accounts and set such accounts as the futures settlement accounts.
五、保证金用途、存管和运行 Usage, Deposit and Operation of Margin
《暂行办法》明确境外交易者和境外经纪机构应当遵守证监会关于保证金安全存管的规定，并适用《期货交易管理条例》第二十九条中对客户和期货公司的规定。期货公司向客户收取的保证金属于客户所有，保证金只能用于担保期货合约或期权合约的履行，除了《期货交易管理条例》列举的可划转情形外，不得用于其他用途。境外交易者和境外经纪机构发生被接管、破产或者清算情形的，其缴纳的保证金均应当优先用于履行在期货交易所未了结的期货合约或期权合约。
The Interim Measures clearly provide that foreign proprietary traders and foreign brokers shall comply with the CSRC’s regulations on the deposit and safeguard of margin. The margin requirements on the clients and futures companies under Article 29 of Futures Trading Regulation shall apply. Margins collected by futures companies from clients shall belong to clients and shall only be used to guarantee the performance of futures contracts or option contracts. Margins shall not be used for any other purposes except for the permitted scenarios stipulated in the FuturesTrading Regulation. In the event of takeover by third parties, bankruptcy or liquidation of foreign proprietary traders and foreign brokers, the margins deposited by foreign proprietary traders and foreign brokers shall be first used to perform the outstanding futures contracts or option contracts.
期货公司应当将向委托其结算的境外交易者和境外经纪机构收取的保证金存放在期货公司的保证金专用账户。与境内期货交易一样，期货交易资金划转采取闭环方式(close-loop)。期货交易所、期货公司、境外交易者和境外经纪机构之间的境内账户资金划转，都必须通过专用结算账户、保证金专用账户和期货结算账户进行。
Futures companies shall deposit the margins collected from the foreign proprietary traders or foreign brokers into the special margin accounts. Same as domestic futures trading, the funds for the particular futures products trading flow in a close-loop way. The transfer of funds among the domestic accounts of futures exchanges, futures companies, foreign proprietary tradersand foreign brokers shall be made through the exchange’s special settlement accounts, the futures companies’ special margin accounts and the clients’futures settlement accounts.
六、强行平仓及违约处理 Forced Closing and Default Handling
《暂行办法》要求适用《期货交易管理条例》第三十五条和第三十七条有关强行平仓和违约处理中对期货公司和客户的规定，即境外交易者或境外经纪机构未在期货公司规定的时间内及时追加保证金或自行平仓的，期货公司应当将其合约强行平仓；境外交易者或境外经纪机构在期货交易中违约且保证金不足以承担违约责任的，期货公司应当以其风险准备金和自有资金代为承担违约责任，并由此取得对该境外交易者或境外经纪机构的相应追偿权。
The Interim Measures requires that both Article 35 and Article 37 of the Futures Trading Regulation regarding the forced closing and default handling respectively shall apply to foreign proprietary traders and foreign brokers, which means, where foreign proprietary traders or foreign brokers fail to provide additional margins or close their positions within a time limit as stipulated by futures companies, such futures companies shall forcibly close the positions under the trading contract. In addition, where foreign proprietary traders and foreign brokers defaults in futures trading, while their margin is insufficient, futures companies shall assume the liabilities for such breach with their own risk reserve funds and proprietary funds, and shall thus be vested with the recovery rights against the defaulting foreign proprietary traders and foreign brokers.
七、报告义务和资料报送义务 Obligations on Reporting and Materials Submission
《暂行办法》规定了境外交易者和境外经纪机构的大户持仓报告义务以及在境外交易者未履行报告义务时，受托交易的期货公司或境外经纪机构的报告义务。
The Interim Measures stipulates the reporting obligations of foreign proprietary traders and foreign brokers when taking large positions, as well as the reporting obligations of futures companies or foreign brokers in the event their foreign proprietary trader clients fail to report.
此外，《暂行办法》还规定证监会及其派出机构可以根据监管职责要求期货公司、境外交易者和境外经纪机构提供有关境外交易者和境外经纪机构的账户、所有子账户的最终受益人、指令下达人的相关信息以及该等账户的交易明细等，并进行必要的询问和检查。证监会还可以要求直接入场交易的境外交易者和境外经纪机构的交易软件、结算软件的供应商提供有关该软件的相关资料。
Furthermore, the Interim Measures also provide that the CSRC and its local agencies may require futures companies, foreign proprietary traders and foreign brokers to provide relevant information regarding the ultimate beneficiary and the persons placing orders of the accounts and sub-accounts of foreign proprietary traders or foreign brokers, and the transaction statements of such accounts etc, and may carry out necessary inquiries and inspections. The CSRC may also require the trading software or settlement software suppliers of the foreign proprietary traders and foreign brokers having direct access to the futures exchange to submit the materials related to the software.
八、法律责任和其他 Liabilities and Others
《暂行办法》明确了证监会对境外交易者、境外经纪机构从事境内特定品种期货交易及相关业务活动的现场检查、违法违规查处和跨境执法等监督管理职责。《期货交易管理条例》中对客户的相关规定同样适用境外交易者。除《期货交易管理条例》中对法律责任的规定外，《暂行办法》还列举了境外经纪机构以及软件供应商发生某些违法行为需承担的法律责任。此外，境外交易者和境外经纪机构也需要履行反洗钱、反恐融资、反逃税等义务。
The Interim Measures specify the supervisory and administrative functions and responsibilities of the CSRC over the foreign proprietary traders and foreign brokers engaging domestic futures trading of particular products, such as on-site inspection, investigation of violation, and cross-boarder regulatory enforcement. The provisions regarding the clients as stipulated in the Futures Trading Regulation also apply to the foreign proprietary traders. Besides the legal liabilities stipulated in the Futures Trading Regulation, the Interim Measures further enumerates the liabilities of foreign brokers or software suppliers when committing certain illegal acts. In addition, foreign proprietary traders and foreign brokers shall perform the obligations with regard to anti-money laundering, anti-terrorist financing and anti-tax evasion etc.