《【中英文对照版】期货市场持仓管理暂行规定.docx》由会员分享,可在线阅读,更多相关《【中英文对照版】期货市场持仓管理暂行规定.docx(17页珍藏版)》请在课桌文档上搜索。
1、期货市场持仓管理暂行规定InterimProvisionsontheAdministrationofPositionsintheFuturesMarket制定机关:中国证券监督管理委员会发文字号:中国证券监督管理委员会公告202349号公布日期:2023.07.31施行日期:2023.07.31效力位阶:部门规范性文件法规类别:证券监督管理机构与市场监管IssuingAuthority:ChinaSecuritiesRegulatoryCommissionDocumentNumber:AnnouncementNo.492023oftheChinaSecuritiesRegulatoryComm
2、issionDateIssued:07-31-2023EffectiveDate:07-31-20231.evelofAuthority:DepartmentalRegulatoryDocumentsAreaofLaw:SecuritiesRegulatoryInstitutionsandMarketSupervisionandManagementAnnouncementoftheRegulatoryCommissionChinasecuntls中国证券监督管理委员会公告(No.492023)(2023)49号)TheInterimProvisionsontheAdministrationof
3、PositionsintheFuturesMarketareherebyissuedandshallcomeintoforceonthedateofissuance.现公布期货市场持仓管理暂行规定,自公布之日起施行。Annexes:1.InterimProvisionsontheAdministrationofPositionsintheFuturesMarket附件:1.期货市场持仓管理暂行规定2.DraftingExplanationfortheInterimProvisionsontheAdministrationofPositionsintheFutures2.期货市场持仓管理暂行规定
4、起草说明Market中国证监会ChinaSecuritiesRegulatoryCommissionJuly 31,20232023年7月31日期货市场持仓管理暂行规定第一章总则第一条为规范期货交易行 为,加强期货市场持仓管理,防 范因持仓过度集中导致的风险, 发挥期货市场功能,根据中华 人民共和国期货和衍生品法 (以下简称期货和衍生品 法)期货交易管理条例 期货交易所管理办法境外 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 法等有关法律、行政法规和部 门规章,制定本规定。Article 2 For administration limit, hedging, merging,
5、etc.the purposes these Provisions, of positions includes position large position reporting, position第二条本规定所称持仓管 理,包括持仓限额、套期保值、 大户持仓报告、持仓合并等内 容。InterimProvisionsontheAdministrationofPositionsintheFuturesMarketChapterIGeneralProvisionsArticle1Forthepurposesofregulatingfuturestradingbehaviors,strengthe
6、ningtheadministrationofpositionsinthefuturesmarket,preventingriskscausedbyexcessiveconcentrationofpositions,andmaximizingthefunctionsofthefuturesmarket,theseProvisionsaredevelopedinaccordancewiththeFuturesandDerivativesLawofthePeople,sRepublicofChina(hereinafterreferredtoastheTuturesandDerivativesLa
7、w,)jtheRegulationontheAdministrationofFuturesTrading,theMeasuresfortheAdministrationofFuturesExchanges,theInterimMeasuresfortheAdministrationofTradinginFuturesofSpecificVarietiesinChinabyForeignTradersandForeignBrokerageAgencies,andotherrelevantlaws,administrativeregulationsanddepartmentalrules.第三条期
8、货交易所、期货 经营机构、境外经纪机构、交易 者等相关市场参与者应当遵守本Article 3 Futuresexchanges,futurestradinginstitutions,foreignbrokerageagencies,tradersandotherrelevantmarketparticipantsshall规定。complywiththeseProvisions.第四条中国证券监督管理 委员会(以下简称中国证监会) 依法对期货市场持仓进行监督管 理。Article 4 TheChinaSecuritiesRegulatoryCommission(uCSRCn)shallsupe
9、rviseandadministratethepositionsheldinthefuturesmarketaccordingtothelaw.期货交易所依照本规定及业务规 则对期货市场持仓进行自律管 理。对于违反持仓管理规定的行 为,期货交易所应当在业务规则 中明确相应的处理措施。Thefuturesexchangeshallconductself-regulatorymanagementofitspositionsinthefuturesmarketinaccordancewiththeseProvisionsandthebusinessrules.Forviolationsofprovi
10、sionsonadministrationofpositions,futuresexchangesshallspecifythecorrespondinghandlingmeasuresinthebusinessrules.期货经营机构、境外经纪机构、 交易者应当遵守持仓管理相关规 定,依法合规开展相关业务。第二章持仓限额Futurestradinginstitutions,foreignbrokerageagenciesandtradersshallcomplywiththerelevantprovisionsonadministrationofpositionsandcarryoutrel
11、evantbusinessinaccordancewiththelawandregulations.ChapterIlPositionLimit第五条持仓限额,是指期 货交易所规定期货经营机构、境 外经纪机构或交易者在某一期货 合约、标准化期权合约或品种上 持仓的最大数量。Article5Positionlimitreferstothemaximumnumberofpositionsheldbyfuturestradinginstitutions,foreignbrokerageagenciesortradersinacertainfuturescontract,standardizedopt
12、ioncontractorvarietyasstipulatedbythefuturesexchanges.第六条期货交易所制定和 调整持仓限额,应当事前向中国 证监会报告。Article 6 Whendevelopingandadjustingpositionlimit,futuresexchangesshallreporttotheCSRCinadvance.第七条 期货交易所制定持 仓限额,应当充分考虑期现货市Article 7 Whensettingpositionlimit,afuturesexchangeshallfullyconsiderfactorssuchasthe场规模、市
13、场结构、市场集中 度、可供交割量等因素。sizeofthefuturesmarketandspotmarket,marketstructure,marketconcentration,andavailabledeliveryvolume.对源于同一基础资产的期货合 约、标准化期权合约,期货交易 所可以分别或联合设置持仓限 额,可以同时设置品种持仓限 额。Forfuturescontractsandstandardizedoptionscontractsoriginatingfromthesameunderlyingasset,futuresexchangesmaysetpositionlimi
14、tsseparatelyorjointly,andconcurrentlysetvarietypositionlimits.对套利交易、做市交易,期货交 易所可以制定相应的持仓限额管 理规定。Forarbitragetradingandmarketmaking,futuresexchangesmayformulatecorrespondingregulationsonthemanagementofpositionlimits.第八条期货交易所应当根 据历史持仓规模、期现货市场发 展和运行情况等,定期对持仓限 额进行评估,原则上每个自然年 度结束后开展评估工作,并根据 评估情况调整或维持持仓限额
15、。Article 8 Thefuturesexchangesshallevaluatethepositionlimitsonaregularbasisaccordingtothehistoricalpositionsize,thedevelopmentandoperationofthefuturesmarketandspotmarket,etc.,conductevaluationaftertheendofeachnaturalyearinprinciple,andadjustormaintainthepositionlimitaccordingtotheevaluationinformati
16、on.期货交易所可以结合期货市场运 行情况和风险状况调整持仓限 额。Thefuturesexchangesmayadjustthepositionlimitinlightoftheoperationofthefuturesmarketandtherisksituation.第九条套期保值等期货交 易所认定的以风险管理为目的的 期货交易活动,可以申请持仓限 额豁免。Article 9 Hedgingandotherfuturestradingactivitiesidentifiedbyfuturesexchangesforthepurposeofriskmanagementmayapplyfor
17、exemptionfrompositionlimits.第十条期货经营机构、境 外经纪机构、交易者应当有序建 立、调整和了结期货持仓,不得 采用不正当手段规避持仓限额管Article 10 Futurestradinginstitutions,foreignbrokerageagenciesandtradersshallestablish,adjustandclosefuturespositionsinanorderlymanner,andshallnotuseimpropermeanstoavoidmanagementofpositionlimit.理。ChapterIIIHedging第三
18、章套期保值Article 11 Futureshedgingreferstofuturestradingactivitiesthatarebasicallyconsistentwiththeaforesaidassetsandliabilitiesreachedbytraderstomanagetherisksarisingfromthechangesinthevalueoftheirassetsandliabilities.第十一条 期货套期保值, 是指交易者为管理因其资产、负 债等价值变化产生的风险而达成 的与上述资产、负债等基本吻合 的期货交易活动。Article 12 Tradersw
19、homeettheconditionsoffuturesexchangesforapplyingforhedgingmayapplytofuturesexchangesforexemptionfrompositionlimits.第十二条符合期货交易所 套期保值申请条件的交易者,可 以向期货交易所申请持仓限额豁 免。期货交易所应当按照审慎原则, 对交易者的持仓限额豁免申请进 行套期保值持仓额度审批Q套期 保值持仓额度应当与交易者风险 管理活动规模、期货市场风险承 受度等相匹配。Article 13 Traders applying for hedging position quota shal
20、l meet the following conditions:第十三条 保值持仓额度, 件:交易者申请套期应当符合以下条Thefuturesexchangesshall,undertheprincipleofprudence,examineandapprovehedgingpositionlimitsintraders*applicationsforexemptionfrompositionlimits.Thehedgingpositionquotashallmatchthescaleoftradersriskmanagementactivitiesandtherisktolerancein
21、thefuturesmarket.(一)套期保值交易品种应当与 其现货经营资产、负债等相同或 密切相关;(二)套期保值持仓应当用于管 理其资产、负债等的价值变化风 险,或对其资产、负债等价值变 化产生重大影响的风险;(1) Hedgetradingproductsshallbethesameorcloselyrelatedtotheirspotoperatingassetsandliabilities.(2) Hedgingpositionsshallbeusedtomanagetheriskofchangesinthevalueofitsassets,liabilities,etc.,ort
22、heriskofsignificantimpactonchangesinthevalueofitsassets,liabilities,etc.(三)套期保值持仓的建立、调 整和了结应当与其资产、负债等 相关的生产、贸易、消费、投资 等经济活动紧密关联且基本吻 合,套期保值持仓期限应当与其 资产、负债等价值变化风险的存 续期基本一致。(3) Theestablishment,adjustmentandsettlementofhedgingpositionsshallbecloselyrelatedtoandbasicallyconsistentwitheconomicactivitiessuc
23、hasproduction,trade,consumptionandinvestmentrelatedtoitsassetsandliabilities,andthedurationofhedgingpositionsshallbebasicallyconsistentwiththedurationoftheriskofchangesinthevalueofitsassetsandliabilities.第十四条期货交易所应当 明确套期保值管理各项规定,对 申请条件、审批程序等进行规 范。Article 14 Futuresexchangesshallspecifyalltheprovisio
24、nsonhedgingmanagementandstandardizetheapplicationconditionsandapprovalprocedures.第十五条期货交易所可以 根据市场运行情况和交易者生产 经营状况的变化,对交易者的套 期保值持仓额度进行调整。Article 15 Futuresexchangesmayadjustthehedgingpositionoftradersaccordingtothechangesinmarketoperationandproductionandoperationconditionsoftraders.第十六条交易者不得以欺 诈等方式获得套
25、期保值持仓额 度,不得滥用套期保值持仓额 度。Article 16 Tradersshallnotobtainquotaofhedgingpositionsbyfraudorothermeansorabusequotaofhedgingpositions.第四章 大户持仓报告Article 17 ChapterIVLargePositionReportingArticle 18 1.argepositionreportingmeansthatfuturestradinginstitutions,foreignbrokerageagenciesortraderswhosepositionsrea
26、chthereportingstandardsprescribedbythefuturesexchangeshallfulfillthereportingobligationstothefuturesexchangeinaccordancewiththebusinessrulesofthefuturesexchange.第十八条期货交易所应当Article 19 Futuresexchangesshallestablisha建立大户持仓报告制度,对报告 的标准、内容、程序等进行规 范。largepositionreportingsystemandstandardizethestandards,
27、contentsandprocedures,amongothers,ofreporting.第十九条期货交易所应当 制定期货合约、标准化期权合约 或品种的大户持仓报告标准并向 市场公布,可以根据市场风险情 况调整报告标准。第二十条期货交易所应当 明确大户持仓报告的具体内容, 可以要求交易者报送其参与境内 外期货市场、场外衍生品市场和 现货市场等相关情况。Article 20 Futuresexchangesshalldeveloplargepositionreportingstandardsforfuturescontracts,andstandardizedoptioncontractsor
28、varietiesanddisclosethemtothemarket,andmayadjustthereportingstandardsaccordingtomarketrisks.Article 21 Futuresexchangesshallspecifythespecificcontentsoflargepositionreporting,andmayrequiretraderstoreporttheirparticipationindomesticandforeignfuturesmarkets,over-the-counterderivativesmarketsandspotmar
29、kets,andotherrelevantinformation.第二十一条期货经营机 构、境外经纪机构和交易者应当 保证所提供内容的真实性、准确 性和完整性。Article 22 Futurestradinginstitutions,foreignbrokerageagenciesandtradersshallensuretheauthenticity,accuracyandcompletenessofthecontentsprovided.期货交易所要求期货经营机构、 境外经纪机构和交易者补充提供 与其期货交易活动相关信息的, 期货经营机构、境外经纪机构和 交易者应当予以配合。Wherea
30、futuresexchangerequiresafuturestradinginstitution,anoverseasbrokerageagencyandatradertoprovideinformationrelatedtoitsfuturestradingactivities,thefuturestradinginstitution,theoverseasbrokerageagencyandthetradershallcooperatewithit.第五章持仓合并第二十二条持仓合并,是 指期货交易所对于符合特定情形 的多个期货账户的持仓按其业务 规则进行合并计算,合并后的持 仓量不得超过
31、期货交易所规定的ChapterVPositionConsolidationArticle 22 Positionconsolidationmeansthatthefuturesexchangeshallcalculatethepositionsinmultiplefuturesaccountsthatmeetspecificcircumstancesaccordingtoitsbusinessrulesonaconsolidatedbasis,andthemergedpositionsshallnotexceedthepositionlimitprescribedby持仓限额。thefutur
32、esexchange.第二十三条符合以下情形 的,期货交易所应当对交易者持 仓进行合并计算:Article 23 Underanyofthefollowingcircumstances,afuturesexchangeshallcalculateatraderspositionsonaconsolidatedbasis:(一)同一交易者在不同期货经 营机构和境外经纪机构处开立多 个交易编码的,应当将各同类型 交易编码上的持仓量合并计算;(1) Wherethesametraderopensmultipletradingcodesindifferentfuturestradinginstitut
33、ionsandforeignbrokerageagencies,thepositionsofthesametypeoftradingcodesshallbecalculatedonaconsolidatedbasis.(二)同一实际控制关系账户组 内的各个账户,持仓量应当合并 计算;(2) Forallaccountsintheaccountgroupunderthesameactualcontrolrelationship,thepositionsshallbecalculatedonaconsolidatedbasis.(三)期货交易所认定的其他情 形。(3) Othercircumsta
34、ncesdeterminedbythefuturesexchange.期货交易所依据本规定第二十三 条第(三)项认定其他持仓合并 情形的,应当建立健全相应的持 仓合并豁免制度,明确申请持仓 合并豁免的具体要求,并向市场 公开。Chapter VI Afuturesexchangedeterminingothercircumstancesforpositionconsolidationinaccordancewithitem(3)ofArticle23oftheseProvisionsshallestablishandimprovethecorrespondingpositionconsolid
35、ationexemptionsystem,specifythespecificrequirementsforapplyingforexemptionfrompositionconsolidation,anddisclosethemtothemarket.Chapter VII 1.egalLiability第二十四条期货交易所未 按本规定第六条履行报告义务 的,根据期货交易管理条例 第六十四条处罚QArticle24AfuturesexchangefailingtofulfillitsreportingobligationsinaccordancewithArticle6oftheseProv
36、isionsshallbepunishedinaccordancewithArticle64oftheRegulationontheAdministrationofFuturesTrading.第二十五条期货经营机 构、境外经纪机构、交易者违反 本规定第十条,通过出借账户或 借用他人账户进行交易的,根据 期货和衍生品法第一百二十 八条处罚。第二十六条期货经营机 构、境外经纪机构、交易者违反 本规定第十条、第十六条构成操 纵的,根据期货和衍生品法 第一百二十五条处罚。Article25Futurestradinginstitutions,foreignbrokerageagencies,andt
37、raderstradingbylendingaccountsorborrowingaccountsofothersinviolationofArticle10oftheseProvisionsshallbepunishedaccordingtoArticle128oftheFuturesandDerivativesLaw.第二十七条期货经营机 构、交易者未按本规定第二十一 条履行报告义务的,根据期货 和衍生品法第一百三十条处 罚。期货经营机构泄露、隐匿、 伪造、篡改或毁损相关资料的, 根据期货和衍生品法第一百 四十四条处罚。Article26Futurestradinginstitutions
38、,foreignbrokerageagencies,andtradersconstitutingmanipulationinviolationofArticle10or16oftheseProvisionsshallbepunishedinaccordancewithArticle125oftheFuturesandDerivativesLaw.Article27FuturestradinginstitutionsandtradersfailingtofulfillreportingobligationsinaccordancewithArticle21oftheseProvisionssha
39、llbepunishedinaccordancewithArticle130oftheFuturesandDerivativesLaw.Futurestradinginstitutionsthatleaks,conceals,forges,tamperswithordamagesrelevantmaterialsshallbepunishedinaccordancewithArticle144oftheFuturesandDerivativesLaw.第二十八条境外经纪机构 未按本规定第二十一条履行报告 义务的,以及伪造、涂改或不按 规定保存相关资料的,根据境 外交易者和境外经纪机构从事境 内
40、特定品种期货交易管理暂行办 法第二十九条处罚。Article28ForeignbrokerageagenciesthatfailtofulfillreportingobligationsinaccordancewithArticle21oftheseProvisionsandthatforge,alterorfailtokeeprelevantmaterialsinaccordancewiththeprovisionsshallbepunishedinaccordancewithArticle29oftheInterimMeasuresfortheAdministrationofTrading
41、inFuturesofSpecificVarietiesinChinabyForeignTradersandForeignBrokerageAgencies.第七章附则Chapter VIII SupplementaryProvisions第二十九条在中国证监会 批准的其他交易场所进行期货交Article 29 FuturestradinginothertradingvenuesapprovedbytheCSRCshallbegoverned,mutatismutandisby,theseProvisions,unlessasotherwiseprescribedbytheCSRC.易的,参照
42、本规定执行。中国证 监会另有规定的除外。Article 30 TheseProvisionsshallcomeintoforce第三十条本规定自发布之onthedateofissuance.日起实施。DraftingExplanationfortheInterimProvisionsontheAdministrationofPositionsintheFuturesMarketItisprescribedintheFuturesandDerivativesLawthatthemeasuresfortheadministrationofpositionlimitandhedgingshallbe
43、developedbythefuturesregulatoryinstitutionoftheStateCouncil.Forthepurposesofimplementingthelegalrequirements,enhancingthesystematicnessandpertinenceofpositionmanagement,andimprovingtheefficiencyoftheregulationofthefuturesmarket,theCSRChassummarizedthepracticalexperienceofregulation,hasdraftedtheInte
44、rimProvisionsontheAdministrationofPositionsintheFuturesMarket(hereinafterreferredtoastheuInterimProvisions)inconsiderationofthecurrentdevelopmentstatusofthefuturesmarketandtheneedsoftheregulationwork,andhasmadethefollowingexplanationsfortherelevantsituation.I. DraftingBackground期货市场持仓管理暂行规定 起草说明期货和衍
45、生品法规定,持仓 限额、套期保值的管理办法由国 务院期货监督管理机构制定。为 落实法律要求,增强持仓管理的 系统性和针对性,提升期货市场 监管效能,证监会总结监管实践 经验,结合当前期货市场发展现 状和监管工作需要,起草了期 货市场持仓管理暂行规定(以 下简称暂行规定),相关情 况说明如下。一、起草背景持仓管理是期货市场核心的监管 手段和方式,涉及一系列制度安 排,除持仓限额、套期保值外, 持仓合并、持仓报告等均是持仓 管理的重要内容。经过三十年监 管实践,我国期货市场积累了较 为丰富的持仓管理经验,同时随 着近年来市场发展变化,还需进Positionmanagementisthecorere
46、gulatorymeansandmethodsoffuturesmarket,involvingaseriesofinstitutionalarrangements.Exceptpositionlimitsandhedging,positionconsolidationandpositionreportingareimportantcontentsofpositionmanagement.After30yearsofregulatorypractice,richexperienceinpositionmanagementhasbeenaccumulatedinChinasfuturesmark
47、et.Concurrently,withthedevelopmentandalterationofthemarketinrecentyears,thedelicacyofpositionmanagementneedstobefurtherimprovedandtheregulatorymeansneedstobeenriched.RegulationofpositionmanagementthroughspecialinstitutionaldocumentsnotonlyistherelevantrequirementsforimplementingtheFuturesandDerivati
48、vesLaw,butalsoisconducivetosystematicallysortingoutthepositionmanagementframeworksystemandvariousinstitutionaltools,specifyingthelogicalrelationshipbetweenvariousinstitutionaltools,facilitatingoverallarrangements,andimprovingthepertinenceofregulation.一步提高持仓管理精细化程度, 丰富监管手段。通过专门的制度 文件对持仓管理进行规范,不仅 是落实期货和衍生品法的相 关要求,也有利于系统性梳理持 仓管理框架体系和各项制度工 具,厘清各项制度工具间的逻辑 关系,便于统筹安排,提升监管 针对性。II. DevelopmentPrinciples二、制定原则暂行规定的制定遵循以下原 则:一是合法性原则。落实期 货和衍生品法有关要求,完善 相关制度规则,并保持与期货 交易所管理