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关于对《金融机构衍生产品交易业务管理暂行办法》(征求意见稿)公开征求意见的公告

来源:新浪网 作者:介子推 人气: 发布时间:2014-01-05
摘要:关于对《金融机构衍生产品交易业务管理暂行办法》(征求意见稿)公开征求意见的公告 2003-10-11 17:27:45 关于对《金融机构衍生产品交易业务管理暂行办法》(征求意见稿)公开征求意见的公告 (English version available) 为促进和规范我国商业银行和其他银

 




关于对《金融机构衍生产品交易业务管理暂行办法》(征求意见稿)公开征求意见的公告

  2003-10-11 17:27:45


关于对《金融机构衍生产品交易业务管理暂行办法》(征求意见稿)公开征求意见的公告
(English version available)

为促进和规范我国商业银行和其他银行业金融机构衍生产品交易业务的发展,我会在充分调研和讨论的基础上拟定了《金融机构衍生产品交易业务管理暂行办法》(征求意见稿)。《办法》的主要宗旨是从市场准入、内控机制和风险监管等方面对金融机构开办衍生产品交易业务提供一般监管原则和基本管理规范。

现将《办法》公开征求意见,欢迎有关专业人士或相关从业人员通过电子邮件或传真等方式向我会反馈意见。

 

公示日期:2003年10月13日至10月25日

传真电话:65517514(F)

E-mail:[email protected]

 

 

中国银行业监督管理委员会

2003年10月11日

 

 

 

 

 

 

金融机构衍生产品交易业务管理暂行办法
(征求意见稿)

第一章    总则
第一条  为对金融机构衍生产品交易进行规范管理,有效控制金融机构从事衍生产品交易的风险,根据《中华人民共和国商业银行法》、《中华人民共和国外汇管理条例》、《中华人民共和国外资金融机构管理条例》及其他有关法律、行政法规,制定本办法。

第二条  本办法所称衍生产品交易是指交易产品价格由其它一种或多种基础金融资产或指数决定的交易。包括远期、期货、互换和期权交易以及其它具有衍生工具特征的交易。

金融机构从事的即期以外的外汇买卖,视同衍生产品交易,应遵守本办法的规定。

第三条  本办法所称金融机构是指经银行监督管理部门批准成立的各类金融机构。

第四条  银监会是金融机构从事衍生产品交易业务的监管机关,金融机构开办衍生产品交易业务,应经银监会审批,接受银监会的监督与检查。

非金融机构和未经批准从事衍生产品交易业务的金融机构不得向客户提供衍生产品交易服务。

第五条  依据所从事衍生产品交易的业务性质和市场定位,金融机构可分为交易商和自营商两类。金融机构在开办衍生产品交易业务时应明确其所属的机构类别。银监会在对金融机构衍生产品交易业务进行监管时,应当根据金融机构所属类别对其风险管理制度进行适当性评估。

本办法所称交易商是指向客户提供衍生产品交易服务的金融机构。交易商还可分为经纪商和造市商,经纪商是代理客户进行衍生产品交易的金融机构;造市商是为客户提供衍生金融产品并进行双向报价业务的金融机构。

自营商是指为自有资产、负债规避风险而进行衍生产品保值性交易或利用自有资产进行衍生产品套利性交易的金融机构。

第六条  金融机构为境内机构和个人办理衍生产品交易业务应当遵守本办法;金融机构从事衍生产品交易业务,应遵守国家外汇管理的有关规定。

第二章   市场准入管理
第七条  金融机构申请开办衍生产品交易业务应具备下列条件:

(一)健全的衍生产品交易风险管理制度和内部控制制度;

(二)具备完善的衍生产品交易业务处理系统和风险管理系统;

(三)衍生产品交易业务主管人员应当具备5年以上直接参与衍生交易活动和风险管理的资历,且无不良记录;

(四)至少应具有从事衍生产品或相关交易2年以上、接受相关衍生产品交易技能专门培训半年以上的交易人员2名,相关风险管理人员至少1名,风险模型研究管理人员或风险分析研究人员至少1名,且无不良记录;

(五)有适当的交易场所和设备;

(六)外国银行分行申请开办衍生产品交易业务,其总行所在地监管当局应具备对衍生产品交易业务进行监管的法律框架和监管能力;

(七)银监会规定的其他条件。

第八条  政策性银行、中资商业银行(不包括城市商业银行、农村商业银行和农村合作银行)信托投资公司、企业集团财务公司、金融租赁公司及其他非银行金融机构开办衍生产品交易业务,应由其法人统一向银监会申请,由银监会审批。

城市商业银行、农村商业银行和农村合作银行开办衍生产品交易业务,应由其总行统一向银监会在当地的派出机构提交申请材料,经审查同意后,报银监会审批。

外资金融机构开办衍生产品交易业务,应向银监会在当地的派出机构提交申请材料,经审查同意后,报银监会审批;外资金融机构拟在中国境内两家以上分行开办衍生产品交易业务,可由外资法人机构总部或外国银行主报告行统一向银监会在当地的派出机构提交申请材料,经审查同意后,报银监会审批。

第九条  金融机构申请开办衍生产品交易业务,应当向银监会或其派出机构报送下列文件和资料(一式三份):

(一)开办衍生产品交易业务的申请报告、可行性报告及业务计划书或交易展业计划;

(二)衍生产品交易业务内部管理规章制度;

(三)衍生产品交易的会计制度;

(四)主管人员和主要交易人员名单、履历;

(五)风险价值量化或限额的授权管理制度;

(六)交易场所和设备安全及测试报告;

(七)银监会要求的其他文件和资料。

第十条  金融机构开办衍生产品交易业务内部管理规章制度至少包括以下内容:

(一)       衍生产品交易业务的指导原则和业务操作规程(业务操作规程应体现交易前台、中台与后台分离的原则);

(二)       衍生产品交易业务风险模型指标及量化管理指标;

(三)       交易品种及其风险控制制度;

(四)       业务风险报告制度和内部审计制度;

(五)       衍生产品交易业务研究、开发管理制度及后评价制度;

(六)       交易员守则;

(七)       银监会规定的其他内容。

第十一条  银监会应当自收到金融机构按照本办法提交的完整申请资料之日起60日内予以批复。

已获准经营衍生产品交易业务的金融机构,若需从事与股票和商品相关的衍生产品交易以及场内衍生产品交易,应专门报请相关监管部门审批。

第十二条  金融机构的法人授权分支机构办理衍生产品交易业务,须对其风险管理能力进行严格审核,并出具有关交易品种和产品限额等方面的正式书面授权文件;分支机构办理衍生产品交易业务须统一通过其总行(部)系统进行实时交易,并由总行(部)统一进行平盘和敞口管理(外国银行分行除外)。

    金融机构分支机构应在收到其总行(部)授权之日起30日内,持其总部的授权文件向注册所在地银监会的派出机构报告。

  第三章   风险管理
第十三条  金融机构应根据本机构的经营目标、资本实力、管理能力和衍生产品的风险特征,确定能否从事衍生产品交易业务及所从事的衍生产品交易业务的品种和规模。

第十四条  金融机构高级管理人员应了解所从事衍生产品交易业务风险,审核批准业务经营运行以及风险管理的基本方针、程序、组织、权限的综合管理框架;并能通过独立的风险管理部门和完善的检查报告系统,随时获取有关风险状况的信息,在此基础上进行相应的监督与指导。

第十五条  金融机构高级管理人员要决定采用与本机构业务相适应的指标测算风险敞口,要根据本机构的整体实力、自有资本额、盈利能力、业务经营方针及对市场风险的预测,制定并定期审查和更新衍生交易业务风险限额、止损限额和应急计划,并对限额情况制定监控和处理程序。金融机构分管交易与分管风险控制的高级管理人员应适当分离。

第十六条  金融机构应制定评估交易对手风险承受能力的相关政策。识别拟进行的衍生交易是否符合交易对手本身从事衍生交易的目的,评估交易对手是否充分了解合约的条款以及履行合约的责任;金融机构为境内机构和个人办理衍生交易业务,应对其交易背景和风险承受能力进行审核;金融机构应对交易对手和客户的信用风险进行评估与管理,并采取相应的风险控制措施。

第十七条  金融机构为境内机构和个人办理衍生交易业务,应确保已向其充分揭示衍生产品交易业务的风险,披露信息应至少包括:

(一)衍生产品合约的内容及内在风险概要;

(二)影响衍生产品潜在损失的重要因素。

第十八条  金融机构应根据衍生产品交易及风险管理的复杂性向业务销售人员及其他有关业务人员提供培训,制定明确的交易员、分析员等从业人员资格认定标准,确保其具备必要的经验、技能和资格。

第十九条  金融机构应运用净额结算、担保物、第三人保证、合同定期结算、要求按金、信用触发、信用衍生工具等以减少交易对手的信用风险,并选择适当的方法和模型对信用风险进行评估。

第二十条  金融机构应选择适当的风险评估方法(风险评估模型),评估市场风险,按市价原则管理市场风险,调整交易规模、类别及风险资本的水平。

第二十一条  金融机构应根据衍生产品交易的规模与类别,作好充分的流动性安排,确保在市场交易异常情况下,具备足够的履约能力。

第二十二条  金融机构应建立健全控制操作风险的机制和制度,严格控制操作风险。

第二十三条  金融机构应建立健全控制法律风险的机制和制度,要遵循“理解你的客户”原则,控制和减少投机性交易;制定明确的客户适当性评估标准,严格审查交易对手的法律地位、交易资格及风险承受能力;对于高风险的衍生产品交易业务品种,金融机构应对交易对手的资格和条件做出专门规定。金融机构应与交易对手签订国际公认的法律文件,并采取措施防范在衍生交易合约包括总协议及相应确认函的起草、谈判和签订等过程中所产生的风险。

第二十四条  银监会根据本办法所确定的风险管理原则,监督检查金融机构风险管理状况,定期评估其风险管理制度的有效性及执行情况。

第二十五条  金融机构应按照银监会的规定报送与衍生产品交易业务有关的会计、统计报表及其他报告。按照银监会关于信息披露的规定,披露从事衍生产品交易业务的风险状况、损失状况、利润变化及异常情况。银监会有权随时检查金融机构有关衍生产品交易业务的资料和报表。

第二十六条  金融机构从事衍生产品交易业务,应具备有效的识别重大风险和判断重大业务损失的能力;当发生重大业务风险或重大业务损失时,应及时主动向银监会报告,并提交应对措施;涉及外汇管理和对外支付事项的,应同时抄报国家外汇管理局。

第二十七条  金融机构应当妥善保存所有交易记录和与交易有关的文件、账目、原始凭证、电话录音等资料。电话录音应当保存半年以上,其他资料在交易合约到期后保存3年,以备核查,会计制度有特殊要求的除外。

第四章   罚则
第二十八条  金融机构的衍生交易业务人员违反本办法及所在机构的有关规定进行违规操作,造成本机构或者客户的重大经济损失的,该金融机构应对直接负责的高级管理人员及其他直接负责该项业务的主管人员和直接责任人员给予记过直至开除的纪律处分;构成犯罪的,依法追究刑事责任。

第二十九条  金融机构未经批准擅自开办衍生产品交易业务,由银监会依据《金融违法行为处罚办法》的规定实施处罚。

非金融机构违反本规定,向客户提供衍生产品交易业务服务,由银监会予以取缔,并没收违法所得;构成犯罪的,依法追究刑事责任。

第三十条  金融机构未按照本办法或者银监会的要求报送有关报表、资料以及披露衍生产品交易业务情况的,银监会根据金融机构的性质分别按照《中华人民共和国商业银行法》、《中华人民共和国外资金融机构管理条例》等法律、法规及相关金融规章的规定,予以处罚。

    金融机构提供虚假的或者隐瞒重要事实的衍生交易业务财务报告、统计报告的,由银监会依据《金融违法行为处罚办法》的规定予以处罚。

第三十一条  银监会发现金融机构不具备衍生交易业务的风险识别和判断能力、未能有效执行风险管理制度和内部控制制度,可暂停或停止其开办衍生交易业务的资格。

第五章    附则
第三十二条  本办法由银监会负责解释。

第三十三条  本办法自  年  月  日起施行。此前公布的有关金融机构开办衍生产品业务的有关规定,与本办法相抵触的,适用本办法。

 

 

Interim Rules on Derivatives Business of Financial Institutes
(Consultative Draft Dated 11th October, 2003)

 

 

Chapter I       General Provisions

 

Article 1.  The Rules are formulated in accordance with the "PRC Commercial Banking Law",  the "PRC Foreign Exchange Administrative Regulations" and the "PRC Administrative Regulations on Foreign - Funded Financial Institutions" as well as other relevant laws and regulations in order to regulate and supervise the financial institutions engaging in derivatives transactions and to effectively control the risks involved in derivatives transactions of such financial institutions.

 

Article 2.  "Derivatives transactions" as referred to in The Rules means transactions the product price of which are determined by reference to one or more underlying financial assets or indices, including forward, future, swap, option and other transactions with derivatives features.

 

Foreign exchange transactions other than spot transactions conducted by financial institutions shall be treated as derivatives transactions and be governed by The Rules.

 

Article 3.  "Financial institutions" as referred to in The Rules means all types of financial institutions whose establishments have been authorized by the banking supervisory authority.

 

Article 4.  The China Banking Regulatory Commission (hereinafter referred as "CBRC") is the supervisory authority for financial institutions engaging in derivatives transactions.  Financial institutions engaging in derivatives business shall obtain the approval of the CBRC and be subject to the supervision and scrutiny of the CBRC.

 

Non-financial institutions or financial institutions not authorized to deal in derivatives transactions shall not provide clients with services relating to derivatives transactions.

 

Article 5.      A financial institution engaging in derivatives business can be categorised as either a "dealer" or an "end-user" according to the nature of its derivatives business and market position.  A financial institution should specify which category it belongs to when launching derivatives business.  CBRC shall assess the properness of the risk management system of a financial institution according to its category when regulating the derivatives business of financial institutions.

 

                   "Dealer" refers to a financial institution who provides derivatives trading services to clients.  A dealer can be further categorized as a "broker" or "market-maker".  "Broker" refers to a financial institution who conducts derivatives transactions for its clients, whereas "market maker" is a financial institution who provides financial derivatives products to its clients and conducts two-way bidding business.

 

                   "Principal" refers to a financial institution who conducts derivatives hedging transactions for the purposes of hedging the risks arising from its assets or liabilities or uses its own assets to conduct  profit-oriented transactions.

 

Article 6.  Financial institutions shall comply with The Rules when conducting derivatives business for domestic institutions and individuals.  When conducting derivatives business, financial institutions shall comply with relevant regulations stipulated by the State Administration of Foreign Exchange.

 

 

Chapter II       Administration of Market Admission

 

Article 7.      A financial institution applying to conduct derivatives business shall satisfy the following requirements:

 

(1)     it shall have a sound risk management system and internal control system for derivatives transactions;

 

(2)     it shall have a sound derivatives transaction processing system and risk management system;

 

(3)     the person in charge of the derivatives business shall have more than five years of experience of directly participating in derivatives activities and risk management activities, such person shall not possess any bad record;

 

(4)     it shall have at least two dealers who have more than two years of experience in conducting derivatives transactions and related transactions and have been provided with relevant professional training of  derivatives transaction skills for more than half a year; it shall have at least one employee responsible for risk management, at least one employee responsible for managing and researching on risk modes; and no member of such staff shall have bad records;

 

(5)     it shall have proper premises and facilities for conducting transactions;

 

(6)     in the case of an application from a foreign bank branch, the supervisor with regulatory jurisdiction over its home office shall have the legal framework and shall possess supervisory ability for supervising derivatives business.

 

(7)     other requirements stipulated by the CBRC.

 

Article 8.  Policy banks, Chinese commercial banks (excluding city commercial banks, agricultural commercial banks and agricultural co-operative banks), and non-bank financial institutions, including, among others, trust and investment companies, enterprise group financial companies and financial lease companies wishing to conduct derivatives business shall submit their application through their head offices to the CBRC for approval.

 

City commercial banks, agricultural commercial banks and agricultural co-operative banks wishing to conduct derivatives business shall submit the application through their head offices to the local office of the CBRC and, upon the approval of CBRC local office, make submissions to the CBRC for renewal and approval.

 

Foreign-capital financial institutions wishing to conduct derivatives business shall submit the application materials to the local office of the CBRC and, upon the approval of CBRC local office, make submissions to the CBRC for examination and approval.  Foreign-capital financial institutions proposing to conduct derivatives business in more than two branches within China may submit the application materials to the local office of the CBRC through their head offices in the case of foreign-capital institutions with legal person status or the reporting offices in the case of foreign banks, and upon the approval of CBRC local offices, make submissions to the CBRC for renewal and approval.

 

Article 9.  Financial institutions applying to conduct derivatives business shall submit the following documents and materials (in triplicate) to the CBRC or the local offices of CBRC:

 

(1)     an application report, a feasibility study report and a business plan or a trading proposal for conducting derivatives business;

 

(2)     internal management rules and system governing the derivatives business;

 

(3)     accounting system for derivatives transactions;

 

(4)     name lists and resumes of personnel in charge of, and the main dealers of, derivatives transactions;

 

(5)     the management system regarding authorization for the purposes of quantifying or limiting risks;

 

(6)     safety and testing report of the premises and facilities for transactions; and 

 

(7)     other documents and materials required by the CBRC.

 

Article 10.  The internal management rules and system for financial institutions conducting derivatives business shall as a minimum requirement contain the following:

 

(1)     guiding principles and business operation procedures for conducting derivatives business (these procedures should reflect the principle of the division of front office, middle office and back office of the transactions);

 

(2)     indices for the risk mode and parameters for quantifying the management of derivatives business;

 

(3)     types of transactions and their risk control systems;

 

(4)     business risk reporting and internal auditing system;

 

(5)     research, development management system and post evaluation system of derivatives products;

 

(6)     conduct rules for dealers; and

 

(7)     other information required by the CBRC.

 

Article 11.  The CBRC shall issue a reply within 60 days after receipt of the application materials and documents submitted by a financial institution in accordance with The Rules.

 

                   Where a financial institution that has been approved to conduct derivatives business intends to conduct derivatives transactions in respect of equity, commodity or exchange traded products, it shall submit applications to other relevant regulators for examination and approval.

 

Article 12.  When authorizing a branch to conduct derivatives business, the head office of the financial institution must verify the risk management capability of such branch and issue formal written authorization including, but not limited to, transaction types and product restrictions.  A branch of a financial institution (other than a branch of a foreign bank) conducting derivatives business shall carry out real-time transactions through the system of its head office and square the position and carry out exposure management through its head office. 

 

                   A branch of a financial institution shall, within 30 days after receipt of the authorization from its head office, report to the CBRC office located in the place where it is registered and present to the CBRC local office the authorisation document from its head office.

 

 

Chapter III       Risk Management

 

Article 13.    A financial institution shall determine the types and scale of the derivatives business it shall involve in after considering its business goals, financial strength, management skills and the risks involved in derivatives transactions.

 

Article 14.  Senior management of a financial institution shall understand the risks of engaging in derivatives business, review and approve the policies, procedures, organisation and authorisation of the business operation system and risk management system; they shall have access to information at any time in respect of the risks through an independent risk management department and a sound examination and report system; and shall supervise and direct derivatives business accordingly.

 

Article 15.  Senior management of the financial institutions shall adopt the standard appropriate for such institution with which to measure the market risks, and shall periodically review and update risk limits, stop loss limits and contingency plans for derivatives business pursuant to the overall strength, amount of self-owned capital, profit-making ability, and the business operation policies of such institution as well as the market risks.  There shall be a distinct separation between the groups of senior management in charge of trading and in charge of risk management.

 

Article 16.    A financial institution should formulate relevant policies to assess the risk bearing capability of its counterparty.  A financial institution should ascertain whether the derivatives transaction which its counterparty proposes to enter into conforms with the objectives of the counterparty; a financial institution should also assess whether its counterparty understands adequately the terms of the contract and its obligations under the contract; a financial institution should also review the transactional background and risk bearing capability of its clients when conducting derivatives transactions for domestic institutions and individuals; a financial institution should assess and manage the credit risks of its counterparties and clients and take appropriate measures to control these risks.

 

Article 17.  When conducting derivatives transactions with domestic institutions and individuals, the relevant financial institution shall fully disclose the risks involved in derivatives transactions.  The information to be disclosed shall include at least the following:

 

(1)     the contents of the derivatives contracts  and a summary of the risks involved;

 

(2)     significant factors that may affect the potential loss arising out of the derivatives products.

 

Article 18.    A financial institution shall provide the dealers and other relevant staff with training in accordance with the complexity of derivatives transactions and risk management systems.  It shall also formulate precise qualification standard for dealers, analysts and other staff to ensure that they possess the necessary experience, skills and qualifications.

 

Article 19.    A financial institution should use netting, collateral, a third party''s guarantee, periodical contract settlement, margin, credit triggers, credit derivativess or other proper arrangements to reduce the credit risk of its counterparty and adopt proper measures and models to assess the credit risks.

 

Article 20.    A financial institution shall choose and adopt proper risk assessment methods (risk assessment models) to assess the market risk and manage market risk based on market-to-market principles.  It shall also adjust the scale, the type and the level of risk capital of the transaction accordingly.

 

Article 21. A financial institution shall, based on the scale and types of the derivatives transactions, make thorough arrangement for liquidity to ensure its ability to perform contractual obligations even under abnormal market conditions.

 

Article 22.    A financial institution should set up and improve a comprehensive operational risk control mechanism and system to strictly control any operation risk.

 

Article 23.    A financial institution should set up and improve the legal risk control mechanism and system, comply with the principle of "know your clients", and control and reduce speculative transactions.  A financial institution should formulate a clear standard to assess its clients'' suitability and strictly examine the legal status, trading qualification and risk bearing capability of its counterparty.  With respect to high risk derivatives products, a financial institution should enact specific requirements concerning the qualifications and criterion of its counterparties.  A financial institution should enter into world recognized legal agreements with the counterparty, and take proper measures to prevent the risks which may arise during the drafting, negotiation and execution of the relevant derivatives documentation, including master agreements and confirmations.

 

Article 24.  The CBRC shall, in accordance with the risk management principles provided by The Rules, examine the risk management systems of financial institutions and assess their effectiveness and execution processes periodically. 

 

Article 25.    A financial institution shall submit to the CBRC accounting, statistical reports and related statements in respect of derivatives transactions.  It shall also disclose the risks, losses, profit changes of its derivatives business and any extraordinary situation according to the disclosure requirement provided by the CBRC.  The CBRC may at any time examine the materials and statements of the financial institution in relation to derivatives business.

 

Article 26.    A financial institution engaging in financial derivatives business shall be able to identify and assess significant risks and material business losses effectively.  In the event that substantial risks and material business losses occur in derivatives transactions, a financial institution shall report to the CBRC and submit to the CBRC remedial proposals.  Where foreign exchange control and remittance are involved, the State Administration of Foreign Exchange shall be given a copy of such reports.

 

Article 27.    A financial institution shall, in accordance with the method and terms set forth by the CBRC''s administrative regulations on accounting files, properly maintain all transaction records and documents, accounts, original receipts, telephone recordings and other information in relation to the transactions. Telephone recordings shall be maintained for no less than six months.  A financial institution shall retain other materials for three years after the termination of contracts for review purposes unless the accounting rules require otherwise.

 

 

Chapter IV       Penalty Rules

 

Article 28.  Where a dealer of a financial institution engages in illegal operation in violation of The Rules and the relevant rules of the financial institution and such violation causes the financial institution and its clients to suffer significant economic loss, the financial institution shall reprimand the senior managers and other managers directly in charge of such business and the employees directly responsible for such loss and may even lay off such employees.  If the violation constitutes a criminal offence, criminal charges will be brought against such employees.

 

Article 29.  Financial institutions engaging in the derivatives business without approval shall be penalised by the CBRC in accordance with the Penalties for Illegal Financial Activities.

 

If non-financial institutions which provide derivatives service to its clients in violation of The Rules, such serviced shall be terminated by the CBRC and any illegal income shall be confiscated.  If the violation constitutes a criminal offense, criminal charges will be brought against such employees.

 

Article 30.  Financial institutions that fail to submit the relevant statements, materials and disclose derivatives transactions as required by The Rules and other requirements of the CBRC shall be penalised by the CBRC in accordance with the "PRC Commercial Banking Law", the "PRC Administrative Regulations on Foreign-Capital Financial Institutions" and other laws, regulations and relevant financial rules.

 

                   Financial institutions that provide fraudulent financial or statistical reports regarding derivatives transactions or conceal any material facts shall be penalised by the CBRC in accordance with the Penalties for Illegal Financial Activities.

 

Article 31.  The CBRC may suspend or withdraw a financial institution''s license to carry out derivatives business if it has found that the financial institution does not have the capability to identify and assess risks of derivatives transactions or unable to effectively implement the risk management system and internal control system.

 

 

Chapter V       Supplemental Rules

 

Article 32.  The Rules shall be interpreted by the CBRC.

 

Article 33.  The Rules shall be effective from [●].  Where there is inconsistency between The Rules and regulations previously promulgated in relation to derivatives businesses carried on by financial institutions, The Rules shall prevail.

 

 



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