关于期货经营机构创新发展意见的解读（Bilingual Version）

国务院于2014年5月9日印发的《关于进一步促进资本市场健康发展的若干意见》（以下简称“《新国九条》”）以提高期货行业竞争力为目标，从放宽业务准入、促进期货行业创新发展等方面为期货及衍生品行业发展指明了方向。为贯彻落实《新国九条》，9月16日，中国证券监督管理委员会（以下简称“证监会”）发布了《关于进一步推进期货经营机构创新发展的意见》（以下简称“《创新意见》”），内容涉及期货经营机构的业务范围、行业准入、双向开放、投资者保护和风险防范等举措。10月29日，证监会在微博访谈中又对《创新意见》作出了进一步解读并于两天后，即10月31日，正式发布了《期货公司监督管理办法》（以下简称“《监管办法》”）。
On May 9, 2014, the State Council released the Opinions on Promoting the Healthy Development of the Capital Markets (“New Nine Directives”). The New Nine Directives, released for the purpose of enhancing the competitiveness of the futures industry, establish a new direction for the development of the futures and derivatives industry by means of lowering the thresholds for access to the futures business and promoting the innovative development of the futures industry.
To implement the New Nine Directives, the China Securities Regulatory Commission (“CSRC”) issued the Opinions on Further Promoting the Innovative Development of Futures Operation Institutions (“Innovative Opinions”) on September 16, 2014. The Innovative Opinions proposed several measures with respect to scope of business, market access, two-way opening up, investor protection and risk prevention. The CSRC then held an online interview on October 29, 2014, to answer questions related to the content of the Innovative Opinions and two days later, on October 31,2014, the CSRC formally published the Measures for the Supervision and Administration of Futures Companies (“New Measures”).
证监会称，其还正在制定相关的配套规则以落实《创新意见》中提出的一些鼓励创新的举措。我们相信，证监会及相关行业协会后续还会发布相关细则，具体实施《创新意见》中提及的其他创新举措。
According to the CSRC, it is in the process of formulating other supporting rules and regulations to implement the innovation-stimulating measures proposed in the Innovative Opinions. We believe that the CSRC and the relevant industry associations will subsequently issue the necessary implementing rules.
以下是我们对《创新意见》及《监管办法》相关要点的解读。
Our interpretations of the key points and provisions of the Innovative Opinions and New Measures are summarized below.
一、主要目标 Main Purpose
《创新意见》提出了“提升服务实体经济能力”的首要目标，强调了期货经营机构在服务实体经济中的作用。《创新意见》称会适时推出符合实体经济风险管理需要的期货和期权产品，并进一步提出建立符合实体经济风险管理需要的期货经纪、投资咨询、中间介绍、资产管理、风险管理等在内的衍生品服务体系。
The Innovative Opinions emphasize the role of futures operation institutions in the real economy by setting forth as the primary of objective of the Innovative Opinions “vigorously raising the capability of futures operation institutions for the benefit of the real economy”. The Innovative Opinions provide that futures and options products that satisfy the risk management needs of the real economy will be subsequently launched at appropriate times. The Innovative Opinions further propose the establishment of a comprehensive derivatives services framework, which includes futures brokers, investment advisors, introducing brokers, asset managers and risk management service providers.
二、主要创新举措 Main Innovative Measures
（一）行业准入 Market Access
《创新意见》在行业准入方面支持民营资本和专业人员等各类符合条件的市场主体出资设立期货经营机构，并支持期货公司与其他金融机构以相互控股或参股的方式探索综合经营。《创新意见》还提出要研究期货业务牌照管理制度，为证券公司及其他金融机构交叉申请期货业务牌照提供了可能性。
In terms of market access, qualified market entities, such as privately owned enterprises and professionals, are encouraged to set up futures operation institutions. Also, the Innovative Opinions will support the holding of equity and participation between futures companies and other financial institutions as a way to explore cross-operations in the financial industry.
Further studies will be conducted on the reform of futures business licensing, which can then make it possible for eligible securities companies and other financial institutions to apply for futures business licenses.
值得注意的是，与以往“期货公司”的提法不同，《创新意见》提出了“期货经营机构”的概念，将期货经营机构明确定位为“期货及衍生品服务提供商”，体现了监管者发展多元化行业业态的期望。证监会明确表示鼓励证券公司、基金公司、商业银行等金融机构逐步参与期货及衍生品业务，同时培育和推动私募期货基金、场外衍生品交易商、风险管理公司等新型业态的发展。
It is noteworthy that the Innovative Opinions utilize the concept of “futures operation institution”, instead of the “futures company”, as is commonly used. A “futures operation institution”is clearly defined as “a service provider of futures and derivatives”reflecting the regulatory authority’s expectation that diversified operating entities will be welcome to participate in the futures business. The CSRC clearly expresses its support for financial institutions, such as securities companies, funds, and commercial banks, to gradually engage in the futures and derivatives business. At the same time,the CSRC seeks to foster and promote the development of new types of investment vehicles, such as private funds, OTC derivatives dealers, and risk management companies.
此外《创新意见》还明确提出支持期货公司依法进入证券交易所、银行间市场、机构间市场等各类合法交易场所开展衍生品及相关业务。
In addition, the Innovative Opinions clearly support the entry of futures companies into various exchanges (including securities exchanges, inter-bank markets, and inter-institutional markets) to conduct the derivatives and related businesses.
（二）期货市场双向开放 Two-way Opening Up
期货市场的双向开放分为“走出去”和“引进来”。在“走出去”方面，《创新意见》称将(1)推出期货公司代理境内实体企业参与境外期货交易的试点；(2)支持期货经营机构在境外设立、收购公司，为境内企业“走出去”提供配套金融服务，以及支持期货经营机构与境外机构合作，扩大对境外市场的服务范围。在“引进来”方面，《创新意见》称将(1)鼓励外资参股境内期货经营机构及参与境内期货公司的兼并重组，(2)扩大QFII、RQFII参与期货及衍生品交易的范围和支持期货经营机构境外子公司开展QFII和RQFII业务。
The two-way opening up for the futures market is divided into two parts:“outbound” and “inbound”.
As for the “outbound” component, the Innovative Opinions mention that the CSRC will (1) launch pilot programs allowing futures companies serving as agents of domestic entities to participate in overseas futures trading; and (2) support futures operation institutions (a) to establish or acquire overseas companies for the purpose of providing services to domestic clients with international operations, and (b) to cooperate with foreign institutions so as to expand the scope of services in the overseas market.
On the “inbound” side, the Innovative Opinions mention that the CSRC will (1)encourage the investment of foreign capital in the equity of domestic futures operation institutions and participation of foreign capital in mergers and acquisitions of domestic futures companies; and (2) expand the participation scope of Qualified Foreign Institutional Investors (“QFII”) and Renminbi Qualified Foreign Institutional Investors (“RQFII”) in futures and derivatives transactions, and support overseas subsidiaries of futures operation institutions to engage in the QFII and RQFII businesses.
我们预计监管部门可能会在不久的将来允许部分符合条件的期货公司进行境外期货经纪业务试点。
We anticipate that the regulatory authority will launch pilot programs in the near future for qualified futures companies to engage in the overseas futures brokerage business.
（三）期货公司上市 Listing of Futures Companies
对于期货公司上市问题，《创新意见》表示支持符合条件的期货公司利用资本市场进行股权和债权融资。随后颁布的《监管办法》已解决了自然人不能持有期货公司股权的制度性障碍。证监会亦明确表示不对期货公司上市设置任何前置条件，只要满足上市的基本要求即可。
For the listing of futures companies, the Innovative Opinions encourage qualified futures companies to conduct equity and debt financing through capital markets. The New Measures,promulgated subsequently, remove the previous legal barriers preventing natural persons from holding the equity of futures companies. The CSRC expressly confirmed that, so long as futures companies can meet the requirements for initial public offerings, the CSRC will not set any additional preconditions for listing.
（四）期货交易网上开户 Online Account Opening for Futures Trading
《创新意见》支持期货经营机构积极利用互联网技术创新产品、业务和交易方式。但证监会在对期货交易网上开户方面仍然较为谨慎，要求在严格执行开户实名制、充分揭露风险、落实投资者适当性制度的前提下，探索网上开户。目前，证监会正组织期货保证金监控中心、期货行业协会制定关于网上开户的统一规则。
The Innovative Opinions express support for futures operation institutions to make use of internet technology for the innovation of futures products as well as business and transaction methods. The CSRC holds a cautious attitude towards the opening of online accounts for futures trading, however, requiring that any exploration of online account opening be preceded by the strict implementation, when opening such accounts, of a real-name requirement, full risk disclosure and verification of clients’ eligibility. The CSRC is coordinating with the China Futures Margin Monitoring Center and the China Futures Association (“CFA”)to formulate unified regulations with regard to opening online accounts for futures trading.
（五）期货公司资产管理业务 Asset Management Business of Futures Company
目前期货公司的资产管理业务仍仅限于“一对一”，不能从事“一对多”业务。证监会在此次微博访谈中也表示会抓紧梳理资产管理业务有关法规政策，尽快允许期货公司从事“一对多”资产管理业务。此外，下一步也可能允许期货资管产品投资于大宗商品仓单等现货领域。
At present, the asset management business of futures companies is limited to single-client (one-to-one) asset management schemes, while multiple-client (one-to-more) schemes are restricted. The CSRC mentioned in the online interview that they are working through the laws and policies related to the asset management business so as to give the green light, as soon as possible, to one-to-more asset management schemes. Furthermore, the CSRC will probably take the next step and permit futures asset management schemes toinvest in spot markets, e.g. warehouse receipts of bulk commodities.
（六）专业交易商制度 Trading Specialist System
《创新意见》第一次提出“专业交易商”的概念，以及探索建立以套期保值和风险管理为目的的专业交易商制度。证监会认为部分证券公司、实体企业以及期货公司风险管理子公司已经初步具备了专业交易商的特点，证监会将支持银行、证券、保险等金融机构以及产业客户在风险隔离、防止利益冲突的前提下发展成为专业交易商。
The Innovative Opinions initiate the concept of a “trading specialist” and the establishment of a trading specialist system for the purpose of hedging and risk management. The CSRC holds the view that some securities companies, industry enterprises and risk management subsidiaries of futures companies have preliminarily acquired the same features as trading specialists. The CSRC will support banks, securities companies, insurance companies, and other financial institutions and industry clients to become trading specialists provided that risk isolation and the prevention of conflicts of interest can be achieved.
（七）场外衍生品业务 OTC Derivative Business
《创新意见》提出支持期货经营机构开展场外期权、远期、互换等场外衍生品交易并自主创设场外衍生品合约。《创新意见》还提出要完善“统一适用于证券期货市场”的场外衍生品交易主协议及相关配套规则，并支持交易所及其他具备条件的机构为场外衍生品提供转让和清算服务。
The Innovative Opinions encourage futures operation institutions to conduct OTC trading of options, forwards and swaps. The Innovative Opinions further propose improving the master agreement and relevant supporting rules generally applicable to the securities and futures market for OTC derivatives trading. Also, exchanges and other qualified institutions will receive support to provide transfer and clearing services for OTC derivatives trading.
（八）风险管理子公司业务 Risk Management Subsidiaries’ Businesses
继中国期货业协会于2012年底开始期货公司风险管理子公司业务试点并于近期启动了新一轮的试点备案，《创新意见》提出支持期货经营机构为产业客户提供个性化的大宗商品定价和风险管理服务，扩大风险管理子公司业务试点。《创新意见》还支持有条件的风险管理子公司开展期权等衍生品做市业务以及支持风险管理子公司通过合法的渠道参与境外衍生品市场。
Following the pilot program for risk management subsidiaries of futures companies launched in 2012, the CFA has started a new round of record-filing for risk management subsidiaries. The Innovative Opinions express support for futures operation institutions to provide personalized services to clients in terms of pricing of bulk commodities and risk management so as to expand the scope of services of risk management subsidiaries under the pilot program. The Innovative Opinions also support the engagement of qualified risk management subsidiaries in the options and derivatives market-making business and participation in the overseas derivatives market through lawful channels.
（九）信息技术安全 Security of Information Technology
《创新意见》提出在安全可控原则下支持期货经营机构自主选择技术管理方式，支持中小期货经营机构信息技术外包，并将探索将期货软件开发商、行情信息商和技术服务提供商纳入行业自律管理。
The Innovative Opinions propose allowing futures operation institutions to exercise their own discretion in choosing technology management methods based on the principles of security and risk control. Small and medium-sized futures operation institutions may be allowed to outsource their information technology management to third-party serviceproviders. The incorporation of software developers, market information providers and technology service providers into the self-regulated futures system will be further explored.
三、《监管办法》的重要变化 Major Changes Prescribed in New Measures
作为落实《创新意见》的一项重要举措，《监管办法》已于日前正式发布。《监管办法》在降低准入门槛和完善期货公司业务范围方面做出以下重要调整。
The CSRC formally issued the New Measures as one of the steps to implementingthe Innovative Opinions. In the New Measures, the following adjustments have been made in order to lower the thresholds for market access and expand the business scope of futures companies.
（一）股东要求 Requirements on Shareholders
《监管办法》的一大变化是将期货公司股东范围扩大到自然人，删除股东条件中关于经营年限和对外投资限制的要求，并概括地规定期货公司外资持股比例累计(包括直接持有和间接持有)不得超过我国期货业对外或对港澳台地区开放所作的承诺。
Other major changes in the New Measures are: (i) natural persons are now allowed to hold the equity of futures companies; (ii) the deletion of certain requirements for shareholders of futures companies regarding the shareholders’duration of operations and gross value of external equity investments (must not be higher than value of net assets), and (iii) the foreign shareholding limit in futures companies (directly and/or indirectly) may not exceed the commitment made by the Chinese government for opening up the market to overseas investors as well as investors from Hong Kong and Macau.
（二）业务范围 Business Scope
《监管办法》将期货公司可从事的业务划分为(1)设立后即可依法从事的，即商品期货经纪业务；(2)需取得相应业务资格的，即金融期货经纪、境外期货经纪、期货投资咨询业务；(3)依法登记备案的业务，即资产管理业务；(4)经批准从事中国证监会规定的其他业务。《监管办法》取消了对期货公司开展资产管理业务的核准要求，期货公司只需按照相关规定完成相关的登记备案即可，这与证监会早前发布的《私募投资基金监督管理办法》的要求保持一致。此外，经证监会批准，期货公司还可从事其他业务。这为未来行业牌照管理和混业经营预留了空间。
The New Measures categorize the businesses of futures companies into the: (1)commodities futures brokerage business (allowed upon incorporation); (2)financial futures brokerage, overseas futures brokerage and futures investment consulting services (requires administrative approval); (3) asset management business (requires registration and filing); and (4) other businesses permittedby the CSRC.
The New Measures removed the requirement for the approval of asset management businesses, in order to keep in pace with the Interim Measures for the Supervision and Administration of Private Investment Fund previously issuedby the CSRC. In addition, the other business activities permitted by the CSRC for futures companies will leave space for the reform of the futures licensing system and permission for cross-operations in the financial industry.
对于中间介绍业务，《监管办法》第六十条明确了期货公司可以按照规定委托其他机构或者接受其他机构委托从事中间介绍业务。但证监会或中期协是否以及何时会出台期货中间介绍业务规定仍有待观察。
Article 60 of the New Measures clearly stipulates that futures companies may entrust or be entrusted by other institutions to act as introducing brokers. However, it remains to be seen whether and when the CSRC or the CFA will formulate detailed regulations governing futures introducing brokers.
对于境外期货经纪业务，《监管办法》并未规定期货公司申请开展境外期货经纪业务需满足的条件，而是留待证监会另行制定。
In addition, detailed conditions for futures companies engaging in the overseas futures brokerage business are not prescribed in the New Measures and remain to be formulated separately by the CSRC.