China News Service, Beijing, April 18 (Reporter Liang Xiaohui and Huang Yuqin) The third review draft of the draft futures and derivatives law was submitted to the Standing Committee of the National People's Congress for deliberation on the 18th, and it is planned to further strengthen the supervision of derivatives transactions.
The third review draft stipulates that the trading rules formulated by the venues that organize derivatives trading will be changed from "recording" with the relevant competent authorities to "approved" by the relevant competent authorities.
Strengthen institutional supervision and clarify that financial institutions conducting derivatives trading business shall be approved or approved in accordance with the law, perform trader suitability management obligations, and abide by relevant state supervision and management regulations.
Improve the derivatives trading report library system, clarifying that the departments authorized by the State Council and the futures supervision and management agency of the State Council shall establish a derivatives trading report library to centrally collect, save, analyze and manage information related to derivatives trading, and disclose it to the market in a timely manner in accordance with regulations.
At the same time, the third review draft clarifies that swap contracts and forward contracts are financial contracts, and stipulates that overseas institutions engaging in futures market marketing, promotion and solicitation activities in China shall be approved by the futures regulatory authority of the State Council, and the relevant provisions of this Law shall apply.
Domestic institutions engaging in futures market marketing, promotion and solicitation activities for overseas institutions shall be approved by the futures regulatory authority of the State Council.
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