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In order to safeguard a fair competition order within the banking sector and promote a steady development of the derivative-related transactions in Chinese-funded commercial banks, we hereby notify the relevant issues as follows according to the relevant laws and regulations such as the Banking Supervision Law of the People's Republic of China, and the Interim Measures for the Administration of Derivative-related Transactions of Financial Institutions (No. 1 [2004] of China Banking Regulatory Commission): 1. This Commission will no longer implement any requirement, as prescribed in the relevant replies on Chinese-funded banks' initiating the business operation of derivative-related transactions, for prohibiting any transaction of derivative products relating to stocks and commodities. 2. Before any of the above-mentioned banks starts any transaction of derivative products relating to stocks and commodities, it shall communicate with the relevant regulatory bodies in respect of definition of products, structure, operating procedures as well as the techniques and methods of risk management and shall submit such materials as a report on feasibility analysis and a marketing plan. 3. Where any of the above-mentioned banks engages in any transaction of derivative products relating to stocks and commodities or any derivative product transaction within an exchange, it shall be subject to the state administration of foreign exchange as well as any relevant provisions. |
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