China News Service, Beijing, October 19 (Huang Yuqin, Liang Xiaohui, Xie Yanbing) The second review draft of the Futures Law was submitted to the 13th National People's Congress Standing Committee for deliberation on the 19th.
In order to prevent and resolve systemic risks, the draft adds provisions that the futures regulatory agency of the State Council shall establish and improve a monitoring and control system for the futures market, and strengthen the security deposit and control of margin funds through special agencies.
The draft further strengthens the responsibility of the futures regulatory agency of the State Council to strengthen risk monitoring and control, and to prevent and resolve systemic risks.
The draft clarifies that the futures regulatory agency of the State Council shall supervise and manage the futures market in accordance with the law to prevent systemic risks.
It is necessary to establish a sound futures market monitoring and control system, and strengthen the monitoring and control of the safe deposit of margin funds through special agencies.
At the same time, some localities and units suggested that, in accordance with the reform spirit of "delegating control and serving", the futures service agency should abolish the "dual filing" requirement with the futures regulatory agency of the State Council and the relevant competent departments of the State Council.
In this regard, the draft stipulates that, except for information technology service institutions, the filing requirements for other futures service institutions shall be cancelled.
In addition, because the law regulates both futures trading and derivatives trading, the second draft of the draft proposes to amend the name of the law to "Futures and Derivatives Law."
The draft clarified the relevant definitions of futures trading and derivatives trading, adding the definition of futures trading, that is, trading activities that use futures contracts or standardized option contracts as the transaction object; adding the definition of derivatives trading, that is, non-standardized Futures contracts, swap contracts, forward contracts and their combinations are the trading activities that are the subject of the transaction.
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