Implementing Opinions of the General Office of the State Council on Cleaning-up and Rectification of All Types of Trading Floors
Implementing Opinions of the General Office of the State Council on Cleaning-up and Rectification of All Types of Trading Floors
Implementing Opinions of the General Office of the State Council on Cleaning-up and Rectification of All Types of Trading Floors
Guo Ban Fa [2012] No. 37
July 12, 2012
The people's governments of all provinces, autonomous regions and municipalities directly under the Central Government, all ministries and commissions and agencies directly under the State Council,
In order to implement the Decisions of the State Council on Cleaning-up and Rectification of All types of trading floors to Effectively Prevent Financial Risks (Guo Fa [2011] No. 38, hereinafter referred to as Guo Fa No. 38 Document), further specify the definition, measures and work requirements of the policy, solidly push forward the cleaning-up and rectification of all trading floors, prevent financial risks, and maintain social stability, following approval of the State Council, some opinions are hereby set out as follows:
I. Comprehensively understand the scope of cleaning-up and rectification.
Follow the principle of "regulate in an orderly manner and facilitate the development of real economy", accurately define the scope of cleaning-up and rectification, emphasize the key work, and strengthen the purpose and effectiveness of cleaning-up and rectification of all types of trading floors. The scope of this cleaning-up and rectification covers all types of trading floors that engage in equity trading, forward transactions of bulk commodities and other standard contract transactions, including trading floors which are not entitled to be "exchange", except places where goods in kind such as vehicles, real estates are traded. Of which, equity trading include trading of property right, equity, creditor's right, forestry right, mining right, intellectual property right, works of art and culture and financial and asset equity, etc.; forward transaction of bulk commodities refers to standard contract transactions of bulk commodities that are conducted electronically and in a centralized manner, which allow dealers to close deals by way of close position instead of delivery of goods in kind; other standard contracts include standard contracts whose subject matter is negotiable securities, interest rates, exchange rates, indices, carbon emission right, pollutant discharge right, etc.
Branches established by all types of trading floors shall be cleaned-up and rectified by the people's government of provinces, autonomous regions and municipalities directly under the Central Government of the place such branches are located (hereinafter referred to as provincial-level people's government) following the principle of territorial administration.
Stock exchange and futures exchange legally established upon approval and trading floors of financial products established upon approval of the financial administration under the State Council are not subject to this cleaning-up and rectification.
II. Accurately define the application of cleaning-up and rectification policy.
Trading floors and their branches that violate any of the following provisions shall be cleaned-up and rectified:
1. May not divide any equity into average shares for public offering.
......
Guo Ban Fa [2012] No. 37
July 12, 2012
The people's governments of all provinces, autonomous regions and municipalities directly under the Central Government, all ministries and commissions and agencies directly under the State Council,
In order to implement the Decisions of the State Council on Cleaning-up and Rectification of All types of trading floors to Effectively Prevent Financial Risks (Guo Fa [2011] No. 38, hereinafter referred to as Guo Fa No. 38 Document), further specify the definition, measures and work requirements of the policy, solidly push forward the cleaning-up and rectification of all trading floors, prevent financial risks, and maintain social stability, following approval of the State Council, some opinions are hereby set out as follows:
I. Comprehensively understand the scope of cleaning-up and rectification.
Follow the principle of "regulate in an orderly manner and facilitate the development of real economy", accurately define the scope of cleaning-up and rectification, emphasize the key work, and strengthen the purpose and effectiveness of cleaning-up and rectification of all types of trading floors. The scope of this cleaning-up and rectification covers all types of trading floors that engage in equity trading, forward transactions of bulk commodities and other standard contract transactions, including trading floors which are not entitled to be "exchange", except places where goods in kind such as vehicles, real estates are traded. Of which, equity trading include trading of property right, equity, creditor's right, forestry right, mining right, intellectual property right, works of art and culture and financial and asset equity, etc.; forward transaction of bulk commodities refers to standard contract transactions of bulk commodities that are conducted electronically and in a centralized manner, which allow dealers to close deals by way of close position instead of delivery of goods in kind; other standard contracts include standard contracts whose subject matter is negotiable securities, interest rates, exchange rates, indices, carbon emission right, pollutant discharge right, etc.
Branches established by all types of trading floors shall be cleaned-up and rectified by the people's government of provinces, autonomous regions and municipalities directly under the Central Government of the place such branches are located (hereinafter referred to as provincial-level people's government) following the principle of territorial administration.
Stock exchange and futures exchange legally established upon approval and trading floors of financial products established upon approval of the financial administration under the State Council are not subject to this cleaning-up and rectification.
II. Accurately define the application of cleaning-up and rectification policy.
Trading floors and their branches that violate any of the following provisions shall be cleaned-up and rectified:
1. May not divide any equity into average shares for public offering.
......