What is the impact of the implementation of the Futures and Derivation Methods?Zhengzhou University Chen Pengcheng: The protection of the interests of small and medium investors through "the responsibility of the seller"

[Dahe Daily · Dahecai Cube] (Reporter Xu Bing Intern Zhang Ying) On August 1, the "Futures and Derivation Method Law" was officially implemented. On the first day of implementation, under the guidance of the Henan Securities Regulatory Bureau, the Dahe Cai Cube Investment Education Base and Henan Securities Futures Fund Association hosted the "Study" Futures and Derivative Methods "and served the live broadcast of micro -interviews with Henan real economy.

As an invited guest, Chen Pengcheng, deputy director of the Financial Department of Zhengzhou University Business School, and Ph.D. in Applied Economics, interpreted this from three aspects: derivatives, transactions, and cross -border transactions and regulatory collaboration. He believes that as the fundamental Dafa in the futures industry, the introduction of the Futures and Derivative Laws has supplemented the legal "shortcomings" in the field of futures and derivatives, and the capital market legal system "four beams and eight pillars" is basically completed. At the same time, in his opinion, the law has made a series of institutional arrangements based on summing up historical experience and drawing on international beneficial practices, covering many innovative measures.

There are three major necessity of incorporating derivative transactions into the scope of adjustment

Chen Pengcheng talked about a few points on the derivative of the derivative.

He believes that it is necessary to incorporate derivatives in the scope of adjustment. First of all, the derivatives market and off -site derivatives markets are promoted and developed together. The two jointly form a derivative market for real economic services. Outdoor derivatives and futures contracts are homogeneous in terms of transaction structure, transaction targets, and functional implementation, and in essence, the nature of the law is consistent. According to the principle of general legal adjustment, the unified rules should be applied for activities of the same legal relationship. , Specifies by the same legal adjustment. "In essence of transactions, futures transactions and off -site derivatives transactions belong to contract transactions, but futures transactions are standardized objects. From the perspective of transaction functions, the trading functions of futures transactions and derivative transactions are important risk management Tools, the two together constitute a modern risk management ecological chain, "he said.

Secondly, incorporating off -site derivatives into the scope of adjustment is also a legislative practice of mature derivative markets outside the overseas field. In September 2009, in order to cope with the 2008 economic crisis, in view of the potential risks of the off -site derivative market and the possibility of systemic risks, the G20 countries reached consensus on strengthening the supervision of the derivatives market at the Pittsburgh Summit. Reform the original financial regulatory system, and uniform supervision of the supervision legal system of off -site derivatives into the derivatives market in the field, and effectively prevent systemic risks in the off -site derivative market.

Third, the supervision status of the off -site derivative market needs to form a unified regulatory framework. At present, the two major components of the exterior derivative market in my country, the competent authorities of the exterior derivative market outside the bank, and the exterior of the derivative market outside the securities and futures field are different. Although securities institutions may provide derivatives with similar economic essences and functions, they face different regulatory standards, which can easily cause the phenomenon of regulatory arbitrage, overlap and regulatory gaps, leading to a decline in overall supervision.

"Futures and Derivation Laws also borrows from international benefit experience and domestic industry practices. Core institutional arrangements such as settlement and establishment of derivatives transaction report library. "Chen Pengcheng said that a single agreement system is usually an umbrella structure that includes a main agreement, multiple supplementary agreements and several transaction confirmation. At the same time, the two parties of the transaction will terminate all transactions or all affected transactions under the same contract legal relationship, and the net settlement settlement will be terminated. Guarantee; on the other hand, avoid the financial systemic risk of the "Domino brand" that may occur. The establishment of a derivative transaction report library can improve the transparency of the exterior derivative market and strengthen market monitoring by collecting, preserving, analyzing and managing derivative transaction targets.

Strengthen the benefits of the interests of small and medium investors through "the seller's responsibility"

The "Futures and Derivative Methods" is here. For traders, what are the aspects of attention? What kind of legal protection can the law bring to traders?

Chen Pengcheng believes that the "Futures and Derivation Laws" draws on the "Securities Law" and the "Proper Management of Securities Futures Investors" to divide traders into professional traders and ordinary traders. The protection of the "Futures and Derivatives" is reflected in the following points: First, the appropriate management system of traders is implemented. Article 31 and 50 refer to the performance obligations of the appropriate management of traders. According to the basic situation, property status, financial asset status, transaction knowledge and experience, and professional capacity information of the traders, fully reveal the transaction risk, provide and transaction and transaction to provide transaction and transaction The service that matches. At the same time, Article 135 also stipulates punishment measures that violate the appropriate management system.

Before the implementation of the "Futures and Derivation Methods", the basis for the proper management of traders of the futures market is the "Administrative Measures for the Proper Management of Securities Futures Investors" and the relevant self -regulations announced by the Futures Industry Association and the exchange. After the implementation of the Futures and Derivative Models, the appropriate obligations of traders of futures operating agencies have been risen into legal obligations, which also enables the liability for compensation for futures business agencies to violate appropriate sexual obligations. At the same time, the interests of the interests of small and medium investors are strengthened through the "responsibility of sellers".

Secondly, the law clarifies the rights of traders. Including information inquiry (Article 54), information protection rights (Article 55), right to treat fairness (Article 67), and participating in overseas futures transaction rights (Article 120). Secondly, the prohibition of damage to traders is specified. Including the prohibition of manipulating the futures market or derivative market (Article 12), internal transactions (Article 13), prohibiting fabrication, dissemination of false information or misleading information (Article 16), and setting up the business red line (78th) strip). Finally, the law clarified the legal responsibility. Including the inverted responsibility of the proof (Article 51), that is, if the futures traders and the futures operating institution have a dispute, the futures business institution is responsible for the legal responsibility of the proof. If it cannot be proved, it shall bear the corresponding compensation liability; (Article 56), if ordinary traders and futures business institutions have a futures business dispute and a mediation request is required, mediation must be performed.

"This provision is of great practical significance for resolving disputes as soon as possible, reducing traders' litigation costs, and improving the diversified dispute settlement mechanism; representative litigation system (Article 57), this provision draws on the experience of securities market legislation and can effectively solve futures futures In the lawsuit, traders have weak power and high cost of litigation, and also have a strong deterrent force on the illegal behavior of futures business agencies. "Chen Pengcheng said.

It is conducive to the competition for international commodity pricing power

Expanding opening up to the outside world is the only way to improve the core competitiveness of my country's futures market and international influence. Futures and derivatives truly fill the gaps of the legal system of foreign -related futures transactions, and are conducive to building a new pattern of opening up the futures market.

The reporter noticed that the 11th chapter of the "Futures and Derivation Law" specifically stipulated cross -border transactions and regulatory collaboration, filling the gaps of relevant foreign -related legal systems, and providing legal guarantee for the "introduction and going out" of the regular market. In addition, the "Futures and Derivation Laws" also clarified the basic requirements and basic functions of futures companies, standardized the business including derivatives trading and cross -border transactions, and pointed out the road for futures companies' transformation and upgrading and high -quality development.

Chen Pengcheng believes that the "Futures and Derivation Methods" specifically clarify the effectiveness of out -of -the -world applications in Chapter 11, and clearly clearly clear the path and regulatory method of overseas institutions in the domestic exhibition industry (Article 118, 121, and 12222 Article), provides legal guarantee for domestic main body to participate in overseas futures transactions through "going out" (Article 120). In addition, in his opinion, the application of legal provisions through cross -border transactions and regulatory collaboration, the scope of the "Futures and Derivative Models" expanded from domestic to overseas, coordinating the domestic and overseas markets, which is conducive to the competition for international commodity pricing power to fight for the pricing power of commodity pricing power , Promote the international development of China's futures market.

Responsible editor: Wang Shidan | Audit: Li Zhen | Director: Wan Junwei

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