中国证监会首部衍生品规章公开征求意见

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is soliciting public opinions on the draft of the "Supervision and Administration Measures for Derivative Transactions (Trial) (Draft for Comments)", marking the first departmental regulation on derivatives in China aimed at managing risks and supporting the real economy while enhancing monitoring and regulation [1][3]. Group 1: Positive Role of Derivative Transactions - Derivative transactions, including swaps, forwards, and non-standard options, play a crucial role in managing risks, resource allocation, and serving the real economy, being an essential part of China's multi-layered risk management market [2]. - These transactions can complement futures market hedging by providing personalized hedging services to help entities like businesses and farmers manage market risks related to prices, exchange rates, and interest rates [2]. Group 2: Regulatory Framework and Objectives - The draft aims to implement the decisions of the Central Committee and the State Council, ensuring the provisions of the "Futures and Derivatives Law" are effectively executed [3]. - The CSRC's regulation of the derivatives market is divided into two categories: over-the-counter derivatives led by derivative operating institutions and exchange-traded derivatives primarily organized by stock and futures exchanges [2]. Group 3: Key Provisions of the Draft - The draft specifies the scope of regulation, the functions of the derivatives market in managing risks and serving the economy, and the basic principles for the CSRC's management of derivatives [4]. - It outlines the conditions and procedures for developing new derivative contracts, requiring reporting to the CSRC for any changes in contract types or structures [4]. - The draft establishes basic trading rules for various contracts and specifies that derivative operating institutions must not promote contracts publicly unless otherwise stated by the CSRC [5]. Group 4: Risk Management and Monitoring - The draft emphasizes the importance of a performance guarantee system for derivative transactions, including the collection of margins and the prioritization of margin use for settlement [5]. - It introduces suitability standards for traders, allowing listed companies and those on the New Third Board to participate in derivative transactions under specific requirements [6]. - Enhanced monitoring and cross-market regulation are mandated, including real-name registration for accounts and data sharing mechanisms [6]. Group 5: Regulatory Coordination and Legal Responsibilities - The draft encourages regulatory cooperation among financial management departments and establishes clear "red lines" for participants in derivative transactions to prevent market manipulation and insider trading [10][11]. - It specifies the legal responsibilities for violations of the regulations, ensuring that derivative operating institutions and their personnel adhere to strict compliance standards [11].