Regulations

Guidelines on the Participation of QFII in Stock Index Futures Trading

  • 作者: 冯雨辰
  • 时间: 2015-07-12 17:07:59
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Announcement of China Securities Regulatory Commission

(No. 12 [2011])

 

The Guidelines on the Participation of Qualified Foreign Institutional Investors in Stock Index Futures Trading are hereby promulgated, and shall come into force on the date of promulgation.

 

China Securities Regulatory Commission

May 4, 2011

 

 

Guidelines on the Participation of Qualified Foreign Institutional Investors in Stock Index Futures Trading

 

 

Article 1 To regulate the participation of qualified foreign institutional investors (hereinafter referred to as “QFIIs”) in stock index futures trading, these Guidelines are formulated pursuant to the Measures for the Administration of Securities Investment in China by Qualified Foreign Institutional Investors (Order No. 36 of the CSRC), the Provisions on the Foreign Exchange Administration of Securities Investment in China by Qualified Foreign Institutional Investors (Announcement No. 1 [2009] of the State Administration of Foreign Exchange) and other relevant provisions.

Article 2 For the purposes of these Guidelines, “stock index futures” refer to the financial futures contracts with stock price indexes as the subject matter as listed and traded on China Financial Futures Exchange (CFFEX) with the approval of China Securities Regulatory Commission (CSRC).

Article 3 QFIIs participating in stock index futures trading may only conduct hedging transactions pursuant to the relevant provisions of the CFFEX.

Article 4 QFIIs participating in stock index futures trading shall meet the following requirements, except as otherwise provided for by the CSRC:

1. At the end of any trading day, the value of stock index futures contracts held by a QFII shall not exceed its investment quota; 

2. During any trading day, a QFII's trading amount of stock index futures (except closing positions) shall not exceed its investment quota; and

3. Other provisions of laws and regulations.

Where the value of futures contracts held by a QFII does not conform to the above provisions any more due to price fluctuations and other factors in the securities and futures markets, the QFII shall complete adjustments within 10 trading days.

Article 5 QFIIs participating in stock index futures trading shall open accounts, apply for hedging quota and handle other matters according to the relevant provisions of the CFFE. If a QFII's investment quota changes, the QFII shall report it to the CFFE within 3 workdays. If a QFII needs to adjust the hedging quota, it shall follow the relevant provisions of the CFFE.

Article 6 QFIIs participating in stock index futures trading shall apply to the CFFE for a trading code for each fund account opened with the approval of the People's Bank of China and the State Administration of Foreign Exchange (SAFE). Where a QFII participates in stock index futures trading through different fund accounts, it shall ensure the independence of each fund account.

A QFII may entrust stock index futures trading to three domestic futures companies at most. 

Article 7 QFIIs, custodians and futures companies shall, pursuant to the relevant provisions of the CFFE, determine the settlement mode of stock index futures trading participated in by QFIIs, specify their rights and obligations in the execution of transactions, transfer of funds, clearing of funds, accounting and custody of margins, and establish a fund safety protection mechanism.

Article 8 QFIIs shall strictly abide by the relevant laws and regulations and the relevant business rules of the CFFE, and timely fulfill their information disclosure obligation.

Article 9 Custodians and futures companies shall strictly implement the relevant provisions on the participation of QFIIs in stock index futures trading, strengthen the supervision, inspection and risk control over the trading behaviors of QFIIs, fulfill their statistical and filing responsibilities as required by the CSRC and the SAFE, and report discovered abnormal transactions and violations of laws and regulations in a timely manner.

Custodians shall report the investments and transactions of QFIIs that participate in stock index futures trading to the CSRC on a regular basis. 

Article 10 The CFFE shall administer the hedging quotas and trading behaviors of QFIIs that participate in stock index futures trading, and report the approved hedging quotas of QFIIs to the CSRC and the SAFE on a regular basis.

Article 11 Where a QFII participating in stock index futures trading commits any gross violation of laws and regulations, the CSRC shall take punishment measures according to law.

Article 12 For the purposes of these Guidelines, “investment quota” refers to the amount of original capital for investment as actually remitted inwards by a QFII with the approval of the SAFE or as adjusted and confirmed by the SAFE.

Article 13 These Guidelines shall come into force on the date of promulgation.

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