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金融機構衍生產品交易業務管理暫行辦法(征求意見稿)(附英文)
Date:2009-3-24
第一章 總則
第一條 為對金融機構衍生產品交易進行規范管理，有效控制金融機構從事衍生產品交易的風險，根據《中華人民共和國商業銀行法》、《中華人民共和國外匯管理條例》、《中華人民共和國外資金融機構管理條例》及其他有關法律、行政法規，制定本辦法。
第二條 本辦法所稱衍生產品交易是指交易產品價格由其它一種或多種基礎金融資產或指數決定的交易。包括遠期、期貨、互換和期權交易以及其它具有衍生工具特征的交易。
金融機構從事的即期以外的外匯買賣，視同衍生產品交易，應遵守本辦法的規定。
第三條 本辦法所稱金融機構是指經銀行監督管理部門批準成立的各類金融機構。
第四條 銀監會是金融機構從事衍生產品交易業務的監管機關，金融機構開辦衍生產品交易業務，應經銀監會審批，接受銀監會的監督與檢查。
非金融機構和未經批準從事衍生產品交易業務的金融機構不得向客戶提供衍生產品交易服務。
第五條 依據所從事衍生產品交易的業務性質和市場定位，金融機構可分為交易商和自營商兩類。金融機構在開辦衍生產品交易業務時應明確其所屬的機構類別。銀監會在對金融機構衍生產品交易業務進行監管時，應當根據金融機構所屬類別對其風險管理制度進行適當性評估。
本辦法所稱交易商是指向客戶提供衍生產品交易服務的金融機構。交易商還可分為經紀商和造市商，經紀商是代理客戶進行衍生產品交易的金融機構；造市商是為客戶提供衍生金融產品并進行雙向報價業務的金融機構。
自營商是指為自有資產、負債規避風險而進行衍生產品保值性交易或利用自有資產進行衍生產品套利性交易的金融機構。
第六條 金融機構為境內機構和個人辦理衍生產品交易業務應當遵守本辦法；金融機構從事衍生產品交易業務，應遵守國家外匯管理的有關規定。
第二章 市場準入管理
第七條 金融機構申請開辦衍生產品交易業務應具備下列條件：
（一）健全的衍生產品交易風險管理制度和內部控制制度；
（二）具備完善的衍生產品交易業務處理系統和風險管理系統；
（三）衍生產品交易業務主管人員應當具備5年以上直接參與衍生交易活動和風險管理的資歷，且無不良記錄；
（四）至少應具有從事衍生產品或相關交易2年以上、接受相關衍生產品交易技能專門培訓半年以上的交易人員2名，相關風險管理人員至少1名，風險模型研究管理人員或風險分析研究人員至少1名，且無不良記錄；
（五）有適當的交易場所和設備；
（六）外國銀行分行申請開辦衍生產品交易業務，其總行所在地監管當局應具備對衍生產品交易業務進行監管的法律框架和監管能力；
（七）銀監會規定的其他條件。
第八條 政策性銀行、中資商業銀行（不包括城市商業銀行、農村商業銀行和農村合作銀行）信托投資公司、企業集團財務公司、金融租賃公司及其他非銀行金融機構開辦衍生產品交易業務，應由其法人統一向銀監會申請，由銀監會審批。
城市商業銀行、農村商業銀行和農村合作銀行開辦衍生產品交易業務，應由其總行統一向銀監會在當地的派出機構提交申請材料，經審查同意后，報銀監會審批。
外資金融機構開辦衍生產品交易業務，應向銀監會在當地的派出機構提交申請材料，經審查同意后，報銀監會審批；外資金融機構擬在中國境內兩家以上分行開辦衍生產品交易業務，可由外資法人機構總部或外國銀行主報告行統一向銀監會在當地的派出機構提交申請材料，經審查同意后，報銀監會審批。
第九條 金融機構申請開辦衍生產品交易業務，應當向銀監會或其派出機構報送下列文件和資料（一式三份）：
（一）開辦衍生產品交易業務的申請報告、可行性報告及業務計劃書或交易展業計劃；
（二）衍生產品交易業務內部管理規章制度；
（三）衍生產品交易的會計制度；
（四）主管人員和主要交易人員名單、履歷；
（五）風險價值量化或限額的授權管理制度；
（六）交易場所和設備安全及測試報告；
（七）銀監會要求的其他文件和資料。
第十條 金融機構開辦衍生產品交易業務內部管理規章制度至少包括以下內容：
（一）衍生產品交易業務的指導原則和業務操作規程（業務操作規程應體現交易前臺、中臺與后臺分離的原則）；
（二）衍生產品交易業務風險模型指標及量化管理指標；
（三）交易品種及其風險控制制度；
（四）業務風險報告制度和內部審計制度；
（五）衍生產品交易業務研究、開發管理制度及后評價制度；
（六）交易員守則；
（七）銀監會規定的其他內容。
第十一條 銀監會應當自收到金融機構按照本辦法提交的完整申請資料之日起60日內予以批復。
已獲準經營衍生產品交易業務的金融機構，若需從事與股票和商品相關的衍生產品交易以及場內衍生產品交易，應專門報請相關監管部門審批。
第十二條 金融機構的法人授權分支機構辦理衍生產品交易業務，須對其風險管理能力進行嚴格審核，并出具有關交易品種和產品限額等方面的正式書面授權文件；分支機構辦理衍生產品交易業務須統一通過其總行（部）系統進行實時交易，并由總行（部）統一進行平盤和敞口管理（外國銀行分行除外）。
金融機構分支機構應在收到其總行（部）授權之日起30日內，持其總部的授權文件向注冊所在地銀監會的派出機構報告。
第三章 風險管理
第十三條 金融機構應根據本機構的經營目標、資本實力、管理能力和衍生產品的風險特征，確定能否從事衍生產品交易業務及所從事的衍生產品交易業務的品種和規模。
第十四條 金融機構高級管理人員應了解所從事衍生產品交易業務風險，審核批準業務經營運行以及風險管理的基本方針、程序、組織、權限的綜合管理框架；并能通過獨立的風險管理部門和完善的檢查報告系統，隨時獲取有關風險狀況的信息，在此基礎上進行相應的監督與指導。
第十五條 金融機構高級管理人員要決定采用與本機構業務相適應的指標測算風險敞口，要根據本機構的整體實力、自有資本額、盈利能力、業務經營方針及對市場風險的預測，制定并定期審查和更新衍生交易業務風險限額、止損限額和應急計劃，并對限額情況制定監控和處理程序。金融機構分管交易與分管風險控制的高級管理人員應適當分離。
第十六條 金融機構應制定評估交易對手風險承受能力的相關政策。識別擬進行的衍生交易是否符合交易對手本身從事衍生交易的目的，評估交易對手是否充分了解合約的條款以及履行合約的責任；金融機構為境內機構和個人辦理衍生交易業務，應對其交易背景和風險承受能力進行審核；金融機構應對交易對手和客戶的信用風險進行評估與管理，并采取相應的風險控制措施。
第十七條 金融機構為境內機構和個人辦理衍生交易業務，應確保已向其充分揭示衍生產品交易業務的風險，披露信息應至少包括：
（一）衍生產品合約的內容及內在風險概要；
（二）影響衍生產品潛在損失的重要因素。
第十八條 金融機構應根據衍生產品交易及風險管理的復雜性向業務銷售人員及其他有關業務人員提供培訓，制定明確的交易員、分析員等從業人員資格認定標準，確保其具備必要的經驗、技能和資格。
第十九條 金融機構應運用凈額結算、擔保物、第三人保證、合同定期結算、要求按金、信用觸發、信用衍生工具等以減少交易對手的信用風險，并選擇適當的方法和模型對信用風險進行評估。
第二十條 金融機構應選擇適當的風險評估方法（風險評估模型），評估市場風險，按市價原則管理市場風險，調整交易規模、類別及風險資本的水平。
第二十一條 金融機構應根據衍生產品交易的規模與類別，作好充分的流動性安排，確保在市場交易異常情況下，具備足夠的履約能力。
第二十二條 金融機構應建立健全控制操作風險的機制和制度，嚴格控制操作風險。
第二十三條 金融機構應建立健全控制法律風險的機制和制度，要遵循“理解你的客戶”原則，控制和減少投機性交易；制定明確的客戶適當性評估標準，嚴格審查交易對手的法律地位、交易資格及風險承受能力；對于高風險的衍生產品交易業務品種，金融機構應對交易對手的資格和條件做出專門規定。金融機構應與交易對手簽訂國際公認的法律文件，并采取措施防范在衍生交易合約包括總協議及相應確認函的起草、談判和簽訂等過程中所產生的風險。
第二十四條 銀監會根據本辦法所確定的風險管理原則，監督檢查金融機構風險管理狀況，定期評估其風險管理制度的有效性及執行情況。
第二十五條 金融機構應按照銀監會的規定報送與衍生產品交易業務有關的會計、統計報表及其他報告。按照銀監會關于信息披露的規定，披露從事衍生產品交易業務的風險狀況、損失狀況、利潤變化及異常情況。銀監會有權隨時檢查金融機構有關衍生產品交易業務的資料和報表。
第二十六條 金融機構從事衍生產品交易業務，應具備有效的識別重大風險和判斷重大業務損失的能力；當發生重大業務風險或重大業務損失時，應及時主動向銀監會報告，并提交應對措施；涉及外匯管理和對外支付事項的，應同時抄報國家外匯管理局。
第二十七條 金融機構應當妥善保存所有交易記錄和與交易有關的文件、賬目、原始憑證、電話錄音等資料。電話錄音應當保存半年以上，其他資料在交易合約到期后保存3年，以備核查，會計制度有特殊要求的除外。
第四章 罰則
第二十八條 金融機構的衍生交易業務人員違反本辦法及所在機構的有關規定進行違規操作，造成本機構或者客戶的重大經濟損失的，該金融機構應對直接負責的高級管理人員及其他直接負責該項業務的主管人員和直接責任人員給予記過直至開除的紀律處分；構成犯罪的，依法追究刑事責任。
第二十九條 金融機構未經批準擅自開辦衍生產品交易業務，由銀監會依據《金融違法行為處罰辦法》的規定實施處罰。
非金融機構違反本規定，向客戶提供衍生產品交易業務服務，由銀監會予以取締，并沒收違法所得；構成犯罪的，依法追究刑事責任。
第三十條 金融機構未按照本辦法或者銀監會的要求報送有關報表、資料以及披露衍生產品交易業務情況的，銀監會根據金融機構的性質分別按照《中華人民共和國商業銀行法》、《中華人民共和國外資金融機構管理條例》等法律、法規及相關金融規章的規定，予以處罰。
金融機構提供虛假的或者隱瞞重要事實的衍生交易業務財務報告、統計報告的，由銀監會依據《金融違法行為處罰辦法》的規定予以處罰。
第三十一條 銀監會發現金融機構不具備衍生交易業務的風險識別和判斷能力、未能有效執行風險管理制度和內部控制制度，可暫停或停止其開辦衍生交易業務的資格。
第五章 附則
第三十二條 本辦法由銀監會負責解釋。
第三十三條 本辦法自 年 月 日起施行。此前公布的有關金融機構開辦衍生產品業務的有關規定，與本辦法相抵觸的，適用本辦法。
Interim Rules on Derivatives Business of Financial Institutes
(Consultative Draft Dated 11th October, 2003)
Chapter IGeneral 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 IIAdministration 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 IIIRisk 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 IVPenalty 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 VSupplemental 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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