Decision of the State Council on Revising the Administrative Regulations on Futures Trading
Decision of the State Council on Revising the Administrative Regulations on Futures Trading
Decision of the State Council on Revising the Administrative Regulations on Futures Trading
Order of the State Council No. 627
October 24, 2012
The Decision of the State Council on Revising the Administrative Regulations on Futures Trading has been passed at the 216th executive meeting of the State Council on September 12, 2012 and is hereby promulgated for implementation as of December 1, 2012.
Premier: Wen Jiabao
Decision of the State Council on Revising the Administrative Regulations on Futures Trading
The State Council has decided to make the following revisions to the Administrative Regulations on Futures Trading:
I. The Articles 2 shall be revised as: "Any entity or individual that engages in futures trading or related activities shall abide by these Regulations.
"For the purposes of the Regulations, the term of futures trading shall refer to the trading that is conducted by means of public centralized trading or in any other manner as may be approved by the futures regulatory authority under the State Council, and takes futures contract or option contract as the subject matter of trading.
"For the purposes of the Regulations, the term of futures contract shall refer to a standardized contract that is formulated in a uniform manner by the futures exchange for delivering a specific amount of subject matter on a stipulated future date at a specified location. A futures contract includes commodity futures contract, financial futures contract and other futures contracts.
"For the purposes of the Regulations, the term of option contract shall refer to a standardized contract that is formulated in a uniform manner by the futures exchange and specifies that the buyer is entitled to buy or sell the specified subject matter (including the futures contract) at a specific price on a stipulated future date."
II. The Articles 4 shall be revised as: "The futures trading shall be conducted in the futures exchange specified by Paragraph 1 of Article 6 hereof or any other futures exchange as may be approved by the State Council or the futures regulatory authority under the State Council.
"No futures trading may be conducted at any location outside the futures exchange specified in the preceding paragraph."
III.
......