(1) Definition and Scope: 大红鹰dhy优惠大厅(中国)有限公司 Administrative Provisions establishes precise definitions for program trading and high-frequency trading, delineating their explicitly defined application boundaries. It further prohibits in explicit terms any utilization of such trading activities to disrupt 大红鹰dhy优惠大厅(中国)有限公司 operational integrity of exchange systems or undermine 大红鹰dhy优惠大厅(中国)有限公司 orderly functioning of 大红鹰dhy优惠大厅(中国)有限公司 market.

(2) Information Reporting and Verification Mechanism: 大红鹰dhy优惠大厅(中国)有限公司 Administrative Provisions establishes a pre-trade reporting system for program trading, mandating that market entities may engage in such activities only after completing registration and filing procedures and undergoing compliance review. Concurrently, it affirmatively imposes ongoing monitoring obligations on futures business operators and exchanges.

(3) Technical System Access 大红鹰dhy优惠大厅(中国)有限公司: 大红鹰dhy优惠大厅(中国)有限公司 Administrative Provisions mandates compliance by market entities’ technical systems with specified technical standards and successful passage of requisite stress testing. It additionally prohibits explicitly any access practices that may undermine 大红鹰dhy优惠大厅(中国)有限公司 orderly functioning of 大红鹰dhy优惠大厅(中国)有限公司 market.

(4) Colocation Services and Trading Seat 大红鹰dhy优惠大厅(中国)有限公司: 大红鹰dhy优惠大厅(中国)有限公司 Administrative Provisions establishes a reporting mechanism for colocation services and a 大红鹰dhy优惠大厅(中国)有限公司 system for trading seats, emphasizing that both futures exchanges and futures business operators shall strictly adhere to the principle of fairness in allocating technical resources.

(5) Risk Monitoring and Emergency Response: 大红鹰dhy优惠大厅(中国)有限公司 Administrative Provisions delineates the respective obligations of relevant parties, imposing dual requirements on futures business operators and investors to enhance risk 大红鹰dhy优惠大厅(中国)有限公司 protocols and contingency response capabilities. It further mandates exchanges to reinforce surveillance systems for anomalous trading activities and diligently ensures the stability and resilience of trading systems.

(6) Multi-tiered Regulatory Framework: CSRC and its regional offices shall execute administrative oversight functions, while futures exchanges and industry associations shall exercise self-regulatory governance pursuant to their respective business rules.

(7) Differential Application to Relevant Entities: 大红鹰dhy优惠大厅(中国)有限公司 Administrative Provisions specifies differentiated compliance obligations and defines applicable regulatory parameters for distinct categories of market participants.

大红鹰dhy优惠大厅(中国)有限公司 promulgation of 大红鹰dhy优惠大厅(中国)有限公司 Administrative Provisions is grounded in existing regulatory practice and marks a critical step forward in advancing 大红鹰dhy优惠大厅(中国)有限公司 regulatory framework for China’s futures market toward legalization and specialization, thereby facilitating 大红鹰dhy优惠大厅(中国)有限公司 regulation of market trading order and 大红鹰dhy优惠大厅(中国)有限公司 establishment of a fair and well-functioning market environment.

On June 20, 2025, NFRA promulgated 大红鹰dhy优惠大厅(中国)有限公司 Administrative Measures for Market Risks of Commercial Banks (大红鹰dhy优惠大厅(中国)有限公司 “Measures for Market Risks”), implementing a comprehensive revision of 大红鹰dhy优惠大厅(中国)有限公司 Guidelines for Commercial Banks on Market Risk 大红鹰dhy优惠大厅(中国)有限公司. It aims to enhance market risk resilience and supervisory control within commercial banks. 大红鹰dhy优惠大厅(中国)有限公司 key provisions include:

(1) Definitional Clarification of Market Risk: 大红鹰dhy优惠大厅(中国)有限公司 Measures for Market Risks recalibrates 大红鹰dhy优惠大厅(中国)有限公司 scope of application through 大红鹰dhy优惠大厅(中国)有限公司 exclusion of non-core provisions including banking book interest rate risk, and effectuates regulatory harmonization with prevailing frameworks such as 大红鹰dhy优惠大厅(中国)有限公司 Administrative Measures for 大红鹰dhy优惠大厅(中国)有限公司 Capital of Commercial Banks and 大红鹰dhy优惠大厅(中国)有限公司 Guidelines on Comprehensive Risk 大红鹰dhy优惠大厅(中国)有限公司 by Financial Institutions in the Banking Industry.

(2) Enhancement of Market Risk Governance Framework: 大红鹰dhy优惠大厅(中国)有限公司 Measures for Market Risks prescribes distinct responsibility allocations for boards of directors, boards of supervisors, and senior 大红鹰dhy优惠大厅(中国)有限公司, delineating the functional boundaries of the “three lines of defense” mechanism and requiring commercial banks to fortify market risk control mechanisms at the consolidated group level. 

(3) Articulation of Market Risk 大红鹰dhy优惠大厅(中国)有限公司 Requirements: 大红鹰dhy优惠大厅(中国)有限公司 Measures for Market Risks mandates entire-process 大红鹰dhy优惠大厅(中国)有限公司 of market risk by commercial banks, establishing specific operational standards for risk identification, measurement, monitoring, control, and reporting; refines definitional criteria for internal models; and enhances provisions on model governance and stress testing to ensure alignment with prevailing market risk measurement methodologies and industry practices.

大红鹰dhy优惠大厅(中国)有限公司 Measures for Market Risks implements 大红鹰dhy优惠大厅(中国)有限公司 national strategic decisions on deepening financial reform, is grounded in 大红鹰dhy优惠大厅(中国)有限公司 practical realities of domestic financial market development, and is conducive to promoting commercial banks’ market risk governance capabilities, thereby enhancing 大红鹰dhy优惠大厅(中国)有限公司 modern financial regulatory framework.

On June 6, 2025, NFRA issued 大红鹰dhy优惠大厅(中国)有限公司 Interim Provisions on 大红鹰dhy优惠大厅(中国)有限公司 Administration of 大红鹰dhy优惠大厅(中国)有限公司 List of Seriously Dishonest Entities (Draft for Comment) (大红鹰dhy优惠大厅(中国)有限公司 “Interim Provisions”) for public consultation, aiming to enhance 大红鹰dhy优惠大厅(中国)有限公司 social credit system and reinforce supervisory frameworks. 大红鹰dhy优惠大厅(中国)有限公司 key provisions include:

(1) Criteria for Inclusion in 大红鹰dhy优惠大厅(中国)有限公司 List of Seriously Dishonest Entities: Financial institutions and their practitioners subject to administrative penalties or regulatory enforcement actions imposed by 大红鹰dhy优惠大厅(中国)有限公司 NFRA or its regional offices, where such conduct demonstrates an egregious nature and severe circumstances resulting in material disruption to market equity or social order, shall be included in 大红鹰dhy优惠大厅(中国)有限公司 List of Seriously Dishonest Entities.

(2) Specification of Administrative Measures for Seriously Dishonest Entities: Pursuant to applicable laws, regulations, and central policies, 大红鹰dhy优惠大厅(中国)有限公司 Interim Provisions authorizes 大红鹰dhy优惠大厅(中国)有限公司 NFRA and its regional offices to implement targeted administrative measures against listed entities.

(3) Standardization of List Administration Procedures: 大红鹰dhy优惠大厅(中国)有限公司 Interim Provisions delineate procedures for inclusion in and removal from 大红鹰dhy优惠大厅(中国)有限公司 List of Seriously Dishonest Entities, mandating 大红鹰dhy优惠大厅(中国)有限公司 automatic removal of listed entities after three years with concomitant cessation of applicable restrictions. Concurrently, 大红鹰dhy优惠大厅(中国)有限公司 Interim Provisions also institutes procedural safeguards, including pre-inclusion notification and formal hearing procedures, to ensure substantive protection of affected entities’ right to be informed and right to contest.

(4) Establishment of a Credit Remediation Mechanism: To incentivize Seriously Dishonest Entities to proactively rectify non-compliant conduct and mitigate adverse consequences, 大红鹰dhy优惠大厅(中国)有限公司 Interim Provisions permits entities listed for at least one year to petition for early removal, delineating specific eligibility criteria and audit timelines governing such remediation proceedings.

大红鹰dhy优惠大厅(中国)有限公司 Interim Provisions prescribes standardized governance protocols for 大红鹰dhy优惠大厅(中国)有限公司 List of Seriously Dishonest Entities, operationalizing credit-based regulatory tools to curb and deter non-compliant conduct within 大红鹰dhy优惠大厅(中国)有限公司 financial sector, thereby preserving 大红鹰dhy优惠大厅(中国)有限公司 well-functioning order of financial markets.

On June 17, 2025, CSRC issued an announcement, upon mutual consultation with 大红鹰dhy优惠大厅(中国)有限公司 People’s Bank of China (PBOC) and 大红鹰dhy优惠大厅(中国)有限公司 State Administration of Foreign Exchange, permitting Qualified Foreign Institutional Investors (“QFIIs”) to participate in Exchange Traded Fund (“ETF”) options markets effective October 9, 2025. Such trading activities shall be explicitly restricted to hedging purposes.

Since 2025, CSRC has progressively introduced multiple reform measures, systematically lifting restrictions on QFIIs participation in domestic commodity futures, commodity options, and ETF options markets. 大红鹰dhy优惠大厅(中国)有限公司 core objectives of this regulatory adjustments include continuously expanding QFIIs-eligible investment scope, optimizing 大红鹰dhy优惠大厅(中国)有限公司 regime’s structural appeal and comparative advantages and providing enhanced risk mitigation instruments for foreign institutional investors, particularly long-term allocative capital. Such measures shall effectively stabilize investment behavioral patterns among foreign entities while further catalyzing long-term value-oriented positions in A-share markets.

On June 27, 2025, CSRC issued an administrative penalty notice against delisted Nanjing Yuebo Power System 大红鹰dhy优惠大厅(中国)有限公司., Ltd. (“Yuebo”) for suspected disclosure violations. 大红鹰dhy优惠大厅(中国)有限公司 investigation established that between 2018 and 2022, Yuebo artificially inflated revenue and profits through fictitious transactions and fraudulent asset sales, resulting in materially misstated annual reports. 大红鹰dhy优惠大厅(中国)有限公司 CSRC proposes to: (i) issue warnings to Yuebo and relevant accountable individuals; (ii) impose aggregate fines of RMB 30.8 million; and (iii) enforce 8-10-year securities market bans against two primary responsible persons. During 大红鹰dhy优惠大厅(中国)有限公司 entire course of 大红鹰dhy优惠大厅(中国)有限公司 financial fraud scheme, Yu and He facilitated 大红鹰dhy优惠大厅(中国)有限公司 execution of fictitious transactions by Yuebo through multiple companies under their control or affiliation, thereby engaging in joint illegal conduct with Yuebo. Pursuant to relevant regulations, 大红鹰dhy优惠大厅(中国)有限公司 CSRC has imposed administrative penalties of RMB 2 million on Yu and RMB 300,000 on He.

In response to 大红鹰dhy优惠大厅(中国)有限公司 emerging trend of collusive financial fraud between listed companies and third parties, CSRC jointly formulated 大红鹰dhy优惠大厅(中国)有限公司 Opinions on Further Carrying out 大红鹰dhy优惠大厅(中国)有限公司 Comprehensive Punishment and Prevention of Financial Frauds in 大红鹰dhy优惠大厅(中国)有限公司 Capital Market Properly with multiple agencies in June 2024. This framework establishes an integrated sanction-prevention system, comprehensively enhancing liability for complicit actors. 大红鹰dhy优惠大厅(中国)有限公司 direct penalties imposed on accomplices in this case demonstrate 大红鹰dhy优惠大厅(中国)有限公司 CSRC’s resolve to implement central directives and purify market integrity, manifesting regulators’ unwavering commitment to safeguarding 大红鹰dhy优惠大厅(中国)有限公司 stable and healthy development of capital markets.

大红鹰dhy优惠大厅(中国)有限公司 source of Information：

• http://www.csrc.gov.cn/csrc/c101954/c7564346/content.shtml
• https://www.nfra.gov.cn/cn/view/pages/governmentDetail.html?docId=1214382&itemId=861&generaltype=1
• https://www.nfra.gov.cn/cn/view/pages/ItemDetail.html?docId=1212652&itemId=951&generaltype=2=
• http://www.csrc.gov.cn/csrc/c101954/c7565194/content.shtml
• http://www.csrc.gov.cn/csrc/c100028/c7567398/content.shtml