国务院批转国务院证券委员会、中国证券监督管理委员会关于进一步

国发（1996）10号
（February 23， 1996）
颁布日期：19960223 　实施日期：19960223 　颁布单位：国务院

　　The Circular

　　The State Council has approved the Joint¹ Proposals on Further Strengthening Supervision² and Management of the Option Market submitted by the Securities Commission of the State council and the China Securities Supervisory and Regulatory Commission， and hereby transmits them to you for the earnest implementation³ thereof.

　　Appendix： JOINT PROPOSALS ON FURTHER STRENGTHENING SUPERVISION AND MANAGEMENT OF THE OPTION MARKET

　　Complying with the overall strategy of the State Council， the Securities Commission of the State Council and the China Securities Supervisory and Regulatory Commission （hereinafter abbreviated⁴ to CSSRC） have strengthened the management and restructuring of the option market. After two years' effort， the tendency of disorderly development of the option market has to certain extent been restrained， the market actions have been gradually regulated， the competence⁵ of supervision and management has been further improved and the pilot projects have been progressed to the right path. However， the option market still suffers from some problems that should not been neglected. The protruding⁶ problems are as follows： a few big clients， relying on their capital strength， conspire⁷ to rig the market for staggering profits； a few people embezzle⁸ public funds to speculate in futures⁹ for private profit at the public expense， utilize¹⁰ bank loans or call money or collect capital under disguise for forward business； some individual clients even commit financial crimes in forward exchanges in violation¹¹ of relevant regulations purposely. Those offences not only obstruct¹² other enterprises in lawful¹³ business activities such as arbitrage¹⁴ transactions for value maintenance but also disrupt the normal order of the option market and obstruct its healthy development. To further restrain excessive speculations¹⁶ and strengthen the supervision and regulation of the option market， following proposals are put forward：

　　1. Enterprises and institutions owned by the state or dominated by state capital stocks （hereinafter referred to as state-owned enterprises and institutions） shall be allowed to develop arbitrage transactions for value maintenance only on futures commodities that are relevant to the production and business of the enterprises and institutions in question and should not conduct speculation¹⁵ or malicious¹⁷ manipulation in forward transactions. State-owned enterprises and institutions who are to engage in arbitrage transactions for value maintenance shall show the forward exchange or futures agent institutions documents of approval obtained from relevant authority in charge or from the board of directors. Those who fails to show the document of approval may not be accepted by the forward exchange as an institutional member or by futures agent institutions as a client. In case a forward exchange or a futures agent institution violates the above mentioned stipulations， the CSSRC shall， in addition to investigation¹⁹ into the responsibilities of the persons in charge， order a correction， a fine， a stop of business for futures exchange or disqualification from being a trial forward exchange or a futures transaction agent in light of the seriousness of the offence. State-owned enterprises or institutions who arbitrarily conduct forward transactions without approval of the authority in charge or board of directors or suffer a loss in speculation in forward business shall have the persons in charge assessed in terms of responsibilities.

　　2. Different kinds of banking²⁰ institutions may not for itself or on commission of others engage in forward business. Those banking institutions who have begun forward business for itself shall within 40 business days after the date of March 4， 1996 square the cash account for the business. Those banking institutions who have begun forward business on commission of others may not accept new clients ever from the date of March 4， 1996 and shall within 40 business days thereafter conclude all agent business by squaring the cash accounts or by transfer of the clients cash to other futures agent institutions. All forward exchanges who have banking institutions as business members thereof shall perform supervisory function so that those institutions could within the prescribed time conclude forward business whether operated for themselves or on commission of others， and shall deprive them of the membership after matters concerning credits and liabilities are settled. Futures agent institutions who have banking institutions as clients shall perform supervisory functions so that those institutions could within the prescribed time bring their accounts to a balance and shall cancel the accounts after matters concerning credit and liabilities are settled.

　　Any banking institution may not make out letter of security on capital intended for forward transactions. It is rigorously prohibited to use bank loans or call money for forward business. Banking institutions at all levels shall strengthen supervision and management to guard against the flow of credit funds into the option market.

　　3. Futures agent companies may not engage in forward transactions for themselves. Those who have begun such business for themselves shall within 40 business days from the date of March 4， 1996 square the account with the cash held for forward business. In case a futures agent company continues the forward transactions for itself against this stipulation¹⁸， the CSSRC shall， in addition to investigation into the responsibilities of the persons in charge， order a correction， a fine， a stop of business for rectification²¹， or disqualification from being a forward business agent in light of the seriousness of the offence.

　　4. With a view to reinforcing the supervision and management of the option market， effectively preventing from， investigating and dealing²² with market manipulation cases， the CSSRC may in accordance with relevant procedures make inquiries²³ into the accounts opened at the commercial banks or other banking institutions by forward exchanges， futures agent institutions and clients.

　　5. All forward exchanges shall in consideration of their own individual circumstances establish a system of “banning entrance into the market”。 Those institutions or individuals who have proved to have rigged the market or committed fraudulent conducts in forward transactions and have therefore caused serious consequence shall be publicized as “the persons banned from entrance into the market” and be reported to the CSSRC， who shall then circulate a notice among all forward exchanges. In addition to issue of an order for squaring the forward business accounts， all forward exchanges， futures agent institutions shall immediately stop accepting new directions for forward transaction from “the person banned from entrance into the market”。 If the criminal law is violated， the case shall be transferred to the judicial²⁴ organs for assessment²⁵ of criminal responsibilities. For those who have been notified by the CSSRC as “persons banned from entrance into the market”， no forward exchange or futures agent institution may open accounts for their forward business within three years. In case a forward exchange or a futures agent institution accepts a person banned from entrance into the market， the CSSRC shall， in addition to investigation into the responsibilities of the concerned persons in charge， order a correction， confiscation²⁶ of illicit²⁷ gains， a fine， a stop of business for rectification， disqualification from being a trial forward exchange or from developing forward agent business.

　　6. With a view to bringing into full play the functioning of the option market for value maintenance through futures and prices identification， to preventing from a large amount of capital being utilized²⁸ on small commodity futures， and to ridding the option market of the vicious circle of more and more rampant²⁹ speculation in smaller and smaller commodities futures， certain kinds of staple³⁰ commodities futures which are maturely developed in the international market and that can most effectively perform the function of value maintenance through futures should be selected in due course for trial marketing³¹ by a few much standardized³² forward exchanges subject to strict supervision and control.