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TABLE OF CONTENTS CHAPTER I GENERAL PROVISIONS CHAPTER II BASIC STANDARDS CHAPTER III COMPETENCE FOR THE SPECIALTY CHAPTER IV RESPONSIBILITIES TO THE INVESTORS CHAPTER V NORMS FOR BUSINESS STRIFE CHAPTER VI OTHER LIABILITIES CHAPTER VII SUPERVISION MANAGEMENT AND PUNISHMENT CHAPTER VIII SUPPLEMENTARY PROVISIONS CHAPTER I GENERAL PROVISIONS Article 1. These standards are hereby formulated in accordance with the Interim Regulations on the Administration of the Futures Dealing, the Measures for the Administration of the Qualifications of the Practicing Personnel Engaging in the Futures Business, and the Constitution of the China Futures Association, to regulate the acts of the futures practitioners, stimulate them to improve their professional ethics and the operational qualifications, and maintain the order of the futures market. Article 2. These standards are the basic requirements and provisions on the professional ethics, practicing disciplines, the specialty competence and the professional obligations of the practicing personnel engaging in the futures business, the standards of conduct that must be observed by the futures practitioners, and the basis for the China Futures Association (hereinafter referred to the "Association") to make disciplinary punishment on the practicing personnel engaging in the futures business. Article 3. These standards are applicable to the futures practitioners in the agencies undertaking the futures business (hereinafter referred to "futures management agency") prescribed in the provisions of Article 3 of the "Measures for the Administration of the Qualifications of the Practicing Personnel Engaging in the Futures Business", excluding the provisions of paragraph (1) and paragraph (2) of this Article. The conducts of the assistant personnel and other personnel engaging in the futures business in the futures management agencies shall refer to these standards. CHAPTER II BASIC STANDARDS Article 4. (Standard 1) The competent futures practitioners must abide by the relevant laws, regulations, rules and policies, be subject to the supervision and administration of China Securities Regulatory Commission (hereinafter referred to "CSRC"), be subject to the self-disciplinary management of the Association, and observe the relevant rules of the futures exchange and the constitutions of the futures management agencies where they work, and the following acts are strictly prohibited: (1) Manipulating the price of the futures transaction; (2) Cheating the investors; (3) Insider trading; and (4) Assisting or cooperating with others to carry through the activities in violation of laws and regulations. Article 5. (Standard 2) Openness, fairness, and justness. The principles of openness, fairness, and justness of the futures markets shall be adhered to by the futures practitioners in practice, and the legal rights and interests of all the parties of the futures transaction shall be protected. Article 6. (Standard 3) Honesty and keeping faith. The futures practitioners shall be highly responsible for all the parties of the futures transaction in practice, be honesty and faithful, earnestly fulfill his line of duty, value and maintain the professional reputation of the futures industry and that of the practicing personnel, and ensure the steady running of the futures market. Article 7. (Standard 4) Diligence and fulfillment of the duty. The futures practitioners shall provide services to the investors with proper skills with the attitudes of carefulness and caution, diligence and fulfillment of the duty, and independence and impersonality. They shall protect the legal rights and interests of the investors. Article 8. (Standard 5) Keeping secrets. The futures practitioners shall, keep the secrets of the State and the futures management agency where they work, the commercial secrets of the investors, and the individual privacy. For the important information obtained during the course of carrying out business, which is not to be opened to the public, they shall bear the responsibility of keeping secrets, and shall not disclose and pass it to others. The following circumstances shall be excluded: (1) To be publicized as required by the relevant laws, regulations and rules; (2) To be examined by the supervision departments of the governments, the Association and the futures exchange in light of the relevant provisions; (3) To be opened as necessary by the futures practitioners when practicing the business, in order to protect the legal rights and interests of themselves. The futures practitioners shall still keep the secrets of the investors or those of the former futures management agency where they worked, after completing the services to the investors or leaving the futures management agency where they worked. The assistant personnel and other personnel of the futures management agency who are engaged in the futures business shall also have the duty to keep secrets of the confidential information of the investors he knows. Article 9. (Standard 6) Avoidance of the conflicts of interests. In case any conflicts of interests occur or may occur between the practicing personnel himself or the relevant parties and the investors in practicing the business, the futures practitioners shall, disclose to the investors in time the possibility of the occurrence of the conflicts and the relevant conditions, and make sure that the investors' interests be treated fairly in case the conflicts cannot be avoided. CHAPTER III COMPETENCE FOR THE SPECIALTY Article 10. The futures practitioners shall, before undertaking the futures business, possess the corresponding specialty knowledge, skill and the professional ethics after the special study and training for the post. Article 11. The futures practitioners shall enhance the renewal of the knowledge on the futures business, receive the follow-up professional training, and keep and improve ceaselessly the competence for the specialty. Article 12. The managers in the futures management agency shall instruct, supervise and support the work of the underling practicing personnel, assistant personnel engaging in the futures business, and make them keep and improve continuously the competence for the specialty. CHAPTER IV RESPONSIBILITIES TO THE INVESTORS Article 13. Before providing services to the investors, the futures practitioners shall, know well the financial status, experiences on investment, and the investment aim of the investors, and shall inform the investors of the characteristics of the futures investment and the kinds of risks that may appear in the futures investment with caution, honesty and impersonality. No promise or guaranty not in accordance with relevant laws, regulations, rules and policies shall be made to the investors. Article 14. The futures practitioners shall be cautious and try his best to fulfill his duty with independence and impersonality in making the investment analysis or bringing forward the investment proposal. The bases for the investment analysis and the investment proposal shall be reasonable and sufficient, of which the impersonal facts and the personal judgments, shall be distinguished strictly, and the important facts shall be expressed definitely. Article 15. The futures practitioners shall state to the investors his practicing ability according to the facts, and may not provide falsified documents and data to the investors. The futures practitioners shall protect the legal interests of the investors, and may not obtain personal interests or the interests of the parties related by impairing the interests of the investors. Article 16. The futures practitioners shall treat the investors equally while providing services to the investors. Article 17. The futures practitioners shall not be negligent and slack in performing the duties that they bear: (1)The futures practitioners shall handle the relevant futures business strictly in light of the provisions of the relevant rules on futures business or the time agreed on with the investors; (2) The futures practitioners shall notify the investors in time of the relevant conditions of the futures business, and shall give the investors a reply as soon as possible within the scope of his duties for their requirements such as getting to know the futures business, etc.; and (3) The futures practitioners shall carry out the futures business within the scope legally authorized by the investors. Article 18. The futures practitioners shall not cater for the unreasonable requirements of the investors, and shall not impair the interests of the States, the futures management agency where they work, or the legal rights and interests of other people for the interests of the investors. CHAPTER V NORMS FOR BUSINESS STRIFE Article 19. The futures practitioners shall respect each other, help each other at the same trade, vindicate together the professional ethics of their own profession, and improve the reputation of the profession. Article 20. The fair competition in the same profession shall be advocated, and the practicing personnel shall be prohibited from conducting the following unfair competition acts: (1) Magnifying oneself in a way of falsity or easy to be misapprehended by others, or of impairing the reputation of other person engaging in the same business; (2) Preaching down or tearing down other futures management agency or practicing personnel engaging in the futures business; (3) Drumming for investors in a way of stating or implying his special relations with the relative organizations, or monopolizing the business by making use of the relations with the relative organizations; (4) Returning the commission to the agents or the introducers working for the investors, who don't know the inside story; (5) Charging the commission lower than the management cost or the self-disciplinary standards of the same business with a purpose of supplanting the rivals; and (6) Other competition acts deemed as unfair by the China Securities Regulatory Commission or the Association. Article 21. The futures practitioners shall not prevent or refuse the investors from entrusting other futures management agency or other practicing personnel to provide services. The practicing personnel who provide services together shall divide the work and cooperate with each other. Article 22. The managers in the futures management agencies shall not drum for the practicing personnel in-service of the other futures management agencies by wrongful means, or dismiss the futures practitioners in their own agencies by wrongful means. CHAPTER VI OTHER LIABILITIES Article 23. The futures practitioners shall not obtain improper benefits. The improper benefits obtained shall be returned. Article 24. No futures practitioners shall hold a concurrent post in other organizations, which leads to or may lead to causing the actual or potential conflicts of interests with his current post, without the permission of the futures management agency where he works. Article 25. The futures practitioners shall be self-disciplined strictly and preserve one's moral integrity: (1) Carefully choosing the futures management agency. In case the practicing personnel engaging in the futures business finds out that the acts of the futures management agency where he works are problematic, such as deceiving investors, and are seriously irresponsible for the market, he shall stick to the principles, and report to or inform the relevant departments in time; and (2) Cautious in choosing investors. The futures practitioners shall not unilaterally emphasize the development of the business while neglect the reputation of the investors. Furthermore, he shall not collude maliciously with the investors for the benefit of himself. In case any act of the investors is found out by him to be not in good faith or to be in violation of the laws and regulations, he shall report to the futures management agency where he works in time, and he shall be careful of the credit risks of the investors. Article 26. In case the futures practitioners can no longer provide the futures business services because of the conflicts of interests between them or of other reasons, he shall negotiate with the investors through the futures management agency where he works, and resolve it appropriately by replacing the futures practitioners or by other methods. Article 27. The futures practitioners shall bear the corresponding responsibility for the damages caused by his fault in carrying out the business to the futures management agency. CHAPTER VII SUPERVISION MANAGEMENT AND PUNISHMENT Article 28. The management personnel in the futures management agency shall guide, supervise the underling practicing personnel engaging in the futures business, the assistant personnel of the futures business and other personnel to observe the relevant laws, regulations, rules and these Standards. In case any act of the assistant personnel or other personnel engaging in the futures business is in violation of these Standards, it shall be handled by the agencies where the personnel works, and shall be reported to the Association within 10 working days. Article 29. Where the futures practitioners have committed any acts in violation of the relevant laws, regulations, rules or these Standards, any person shall have the right to report to the Association. The futures management agency that employs the futures practitioners shall report to the Association within 10 working days, in case any act of the practicing personnel is found to be in violation of the regulations. Article 30. After receiving the report or complaint on the acts of the practicing personnel engaging in the futures business, which are in violation of the regulations, the Association shall, investigate according to the prescribed procedures, and impose disciplinary punishment in light of the facts in violation of the regulations and its consequence. The futures practitioners who are investigated by the Association shall cooperate with the Association actively during the investigation and examination. The procedures and measures for the Association to accept the complaints and make investigations, and make decisions, shall be formulated additionally. Article 31. The Association shall impose the following disciplinary punishments on the practicing personnel engaging in the futures business, who violate the relevant laws, regulations, rules, and the relevant provisions of the China Securities Regulatory Commission, or these Standards, according to the seriousness of the circumstances: (1) Warning; (2) Circulating a notice of criticism; (3) Suspending the qualification of the futures practitioners for 6 to 12 months; (4) Withdrawal of the qualifications of the futures practitioners, and refusing to accept his application for the qualification for undertaking the business within 3 years; (5) Withdrawal of the qualifications of the futures practitioners, and refusing to accept the application for the qualification for undertaking the business permanently. Article 32. Where the circumstances of the futures practitioners who violates these Standards are light, and do not cause serious consequences, he shall be warned, and the warning shall be sent to the individual by the warning letter. Article 33. For the futures practitioners who seriously violates these Standards, and thus caused serious consequences, a circulated notice of criticism shall be sent to him. Article 34. In case the futures practitioner has any of the following circumstances, his qualification for carrying out the futures business shall be suspended for 6 to 12 months. If the circumstances are serious, his qualification for carrying out the futures business shall be withdrawn and his application for the qualification for undertaking the business, within 3 years, shall be rejected: (1) Being one of the acts prohibited by Article 20 of these Standards; (2) Refusing to be investigated or examined by the Association; (3) Obtaining the improper interests; (4) Disguising important matters to the investors; or (5) Violating the obligation for keeping secret, revealing, passing the important information that is not publicized by others. Article 35. In case the futures practitioner has any of the following circumstances, and the circumstances are serious, the Association shall withdraw his qualification for carrying out the futures business and reject his application for obtaining the qualification for undertaking the business within 3 years or permanently: (1) Being one of the acts prohibited by Article 4 of these Standards; (2) Making promise or guaranty to the investors in violation of the provisions of relevant laws, regulations and policies; (3) In violation of the provisions on the management of the futures business of the practicing agency, which causes serious economic losses; or (4) Seriously impairing the interests of the State, the futures management agency or the legal rights and interests of other people for the wrongful benefits of himself or the investors. Article 36. Where the circumstances in violation of these Standards by the futures practitioners are obviously light, and without causing serious consequences, the person concerned may be exempted from the disciplinary punishments, and shall be criticized and taught by the futures management agency where he works instructed by the Association. Article 37. For the futures practitioners who are subject to the disciplinary punishment, the information of the disciplinary punishment shall be recorded into the data-base of the information administration of the personnel engaging in the futures business by the Association; for those practicing personnel engaging the futures business who are subject to the punishments prescribed in paragraph 3 and paragraph 4 or paragraph 5 of Article 31 of these Standards, the Association shall make announcements on the website of the Association and the designated media according to the prescribed procedures, and shall also report to China Securities Regulatory Commission. Article 38. The futures practitioners who are subject to disciplinary punishments such as warning, a circulated notice of criticism, and suspending the qualification for carrying out the futures business, shall take part in the special follow-up training on practicing organized by the Association. Article 39. In case the futures practitioner refuses to accept the disciplinary punishments made by the Association, he shall appeal to the Association. Furthermore, he shall appeal or report to the State departments in-charge according to the relevant provisions if he is still not satisfied with the decision on the appeal made by the Association. Article 40. In case any dispute arises between the futures practitioners and the investors or the futures management agency, which cannot be solved by themselves properly, it shall be submitted to the Association for conciliation according to the prescribed procedures. Article 41. Where the acts of the futures practitioners, which are in violation of the laws and regulations of the State, exceed the scope of the self-disciplined management of the Association, the Association shall report to China Securities Regulatory Commission. If the act constitutes a crime, he shall be prosecuted for the criminal responsibility by the judicial bodies. CHAPTER VIII SUPPLEMENTARY PROVISIONS Article 42. These Standards shall be interpreted by the Association. Article 43. The formulation and revision of these Standards shall be made by the commission for supervision of the acts of the futures practitioners in the Association, which shall be passed by the council of the Association and be implemented after being reported to and approved by China Securities Regulatory Commission. Article 44. These Standards shall come into force on July 1, 2003. |
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