What Is the National Futures Association?

The China Futures Industry Association was established on December 29, 2000. The association's registered place and permanent establishment are located in Beijing. The Association was first established in 1995. It is a national self-regulatory organization for the futures industry established in accordance with the "Regulations on the Registration and Management of Social Organizations" and is a non-profit social organization legal person. The Association accepts the business guidance and management of the China Securities Regulatory Commission and the registration and management organization of national social organizations. The association is composed of group members mainly composed of futures brokerage institutions and special members of futures exchanges. ^[1]

China Futures Association

The China Futures Industry Association was established on December 29, 2000. The association's registered place and permanent establishment are located in Beijing. The Association was first established in 1995.

Chapter 1 General Provisions of the Articles of Association of the China Futures Industry Association Article 1 The China Futures Industry Association (hereinafter referred to as the Association) is a national futures industry self-regulatory organization established in accordance with the Regulations on the Administration of Registration of Social Organizations and the Regulations on the Administration of Futures Trading, and is a non-profit organization Social group corporation.
Article 2 The English name of the association is China Futures Association, which is abbreviated as CFA.
Article 3 The purpose of the association is: on the premise of the state's centralized and unified supervision and management of the futures industry, the self-discipline management of the futures industry; the role of the bridge and bond between the government and the futures industry, to serve members, and to safeguard the legitimate rights and interests of members; Adhere to the openness, fairness, and justice of the futures market, safeguard the legitimate competition order of the futures industry, protect the interests of investors, and promote the standardized development of the futures market.
Article 4 The Association accepts the business guidance and supervision and management of the China Securities Regulatory Commission (hereinafter referred to as the China Securities Regulatory Commission) and the registration management agency of the People's Republic of China (hereinafter referred to as the Ministry of Civil Affairs).
Article 5 Association's residence: Beijing.
Chapter II Duties Article 6 Educates and organizes members and futures practitioners to comply with futures laws, regulations and policies, formulate industry self-discipline rules, establish and improve the integrity evaluation system for the futures industry, and conduct integrity supervision.
Article 7 Responsible for the determination, management and revocation of the qualifications of futures practitioners, and is responsible for organizing futures practitioners qualification examinations, qualification testing of senior management personnel of futures companies and administrative regulations, and other professional qualification competence examinations authorized by the regulatory documents of the China Securities Regulatory Commission.
Article 8: Supervise and inspect the practice of members and futures practitioners, accept reports and complaints against members and futures practitioners and investigate and handle them, and disciplinary punishment of members and futures practitioners who violate these Articles of Association and self-discipline rules; The CSRC reflects and reports on the practice status of members and futures practitioners, and provides opinions and suggestions for futures supervision.
Article 9 Formulate codes of conduct and business specifications for the futures industry, participate in the development of industry credit ratings, and participate in the formulation of industry and technical standards related to futures.
Article 10: Complaints related to customers' futures business are accepted, and disputes between members, members and customers are mediated.
Article 11 Serving members, safeguarding the legitimate rights and interests of members in accordance with the law, and actively reporting to the China Securities Regulatory Commission and relevant state departments members' problems, suggestions and requirements in their business activities.
Article 12 Formulate and implement a strategy for the development of futures industry talents, strengthen the construction of the futures industry talent team, conduct continuous education and business training for futures practitioners, and improve the business skills and professional ethics of futures practitioners.
Article 13 A special fund shall be established to provide financial support for talent training, investor education or other specific undertakings in the futures industry.
Article 14: Self-discipline organization and coordination in charge of industry information security assurance work to improve industry information security assurance and information technology level.
Article 15 Collect and organize futures information, carry out business exchanges among members, promote members to improve the corporate governance structure and internal control mechanism according to the requirements of modern financial enterprises, promote business innovation, and create greater market space and development opportunities for members.
Article 16 Organize members to study the development of the futures industry, participate in policy demonstrations related to the specification and development of the futures industry, and make recommendations on relevant policies, laws and regulations.
Article 17 Strengthen communication and contact with the news media, conduct extensive publicity on futures market and investor education, and create a good environment for the development of the industry.
Article 18 Recognize and reward members and individuals who have made outstanding contributions in the industry, organize business competitions and cultural activities, strengthen communication and exchanges among members, and cultivate a healthy and progressive industry culture.
Article 19 Carry out international exchanges and cooperation in the futures industry, represent China's futures industry in joining international organizations, promote mutual recognition of related qualifications, and conduct self-discipline regulation and management of foreign futures-related businesses.
Article 20: Laws, administrative regulations and other duties assigned by the China Securities Regulatory Commission.
Chapter III Membership Article 21 Association members shall meet the following conditions:
(1) support this Articles of Association;
(2) Registered in China;
(3) It is in compliance with laws and regulations and approved or licensed by the China Securities Regulatory Commission to engage in futures business or related activities;
(4) Other conditions required by the association.
Article 22 The association consists of members, special members and associate members.
Members refer to the futures companies established by the China Securities Regulatory Commission and the institutions engaged in futures business or related activities.
A special member refers to a futures exchange established and approved by the China Securities Regulatory Commission.
The affiliate member refers to the local futures industry social organization legal person established with the approval of various local civil affairs departments.
Article 23 Institutions engaged in futures business, such as futures exchanges and futures companies established upon review and approval by the China Securities Regulatory Commission, shall join the Association; other legal person institutions related to the futures market may join the Association upon approval by the Association.
Article 24 The membership registration system is implemented. When members apply to join the association, they should register in accordance with the requirements of the association.
Article 25 A member shall have one representative, who shall be the legal representative of the unit or its authorized senior manager to perform the duties of membership on behalf of the unit.
A member change representative must report in writing to the association.
Article 26 Rights of Members:
(1) Members and special members enjoy the right to vote, be elected and vote;
(2) requesting the association to safeguard its right to be inviolable;
(3) the right to reflect opinions and suggestions to relevant departments through the association;
(4) The right to participate in the activities organized by the association and obtain the services of the association;
(5) The right to criticize, suggest and supervise the work of the association;
(6) The right to a hearing and an appeal against the disciplinary punishment given by the association;
(7) Other rights added by the resolution of the General Assembly.
Article 27 Obligations of members:
(1) abide by the association's constitution and other self-regulatory rules;
(2) implementing the resolution of the association;
(3) Paying dues as required;
(4) Support the work of the association and safeguard the interests of the industry;
(5) Participating in various activities organized by the association;
(6) Report the situation to the association, and provide data and other information related to the futures business in accordance with the association's regulations;
(7) Accept the supervision and inspection of the association;
(8) Performing announcement obligations in accordance with the regulations of the association;
(9) Other obligations added by the General Assembly resolution.
Article 28 Termination of membership:
(1) Two or more member units are merged, the membership is inherited by the surviving unit or the newly established unit, and the original membership is automatically terminated;
(2) the member is revoked according to law;
(3) Being punished by cancellation of membership of the association;
(4) Member withdrawal.
Chapter IV Organizational Structure Article 29 The General Assembly is the supreme authority of the Association. Its duties are:
(1) Formulating and revising the articles of association;
(2) to review the work report and financial report of the council;
(3) election and removal of directors;
(4) Formulating and revising the standard of membership fees;
(5) Deciding on the merger, division and termination of the association;
(6) Other major matters submitted by the council.
Article 30 The general meeting of members must be attended by representatives of more than two-thirds of members and special members, and its resolutions must take effect after more than one-half of the delegates vote.
The formulation and amendment of the articles of association, as well as the decision to merge, split, and terminate the association, must be approved by more than two-thirds of the representatives of the meeting to take effect.
Article 31 The general meeting of members is organized by the council and is held every four years. When the Board considers it necessary, or more than one third of the members and special members jointly propose, a temporary general meeting should be held.
Article 32 The council is the standing power of the association during the intersessional period and is responsible to the general assembly. Its duties are:
(1) Preparing for the convening of a general meeting of members, implementing and implementing the resolutions of the meeting;
(2) Reporting work and financial status to the general meeting;
(3) Deciding to establish a professional committee and a special fund management committee;
(4) Election or removal of the chairman and full-time vice chairman of the association based on the nomination of the CSRC;
(5) to elect or dismiss a part-time vice chairman based on the chairman's nomination;
(6) appointing or dismissing the secretary general on the nomination of the chairman;
(7) Formulating and promulgating the self-discipline rules, industry standards and business specifications of the association;
(8) Deciding on the annual work plan and budget of the association;
(9) Decide on the admission or removal of members;
(10) Recognizing, rewarding, and punishing members;
(11) Decide on other major matters.
Article 33 The council consists of member directors, special member directors, and non-member directors.
Member directors are nominated by the board of directors, or proposed by more than one-fifth of the members and special members jointly, and are elected by the general meeting of members.
Special members are ex officio members of the association.
Non-member directors are appointed by the China Securities Regulatory Commission, and non-member directors do not exceed one quarter of the total number of directors.
Article 34 The term of office of directors is four years and they may be re-elected.
Article 35 Member directors shall meet the following requirements:
(1) having broad representation;
(2) Able to exercise members' rights and fulfill member's obligations normally;
(3) Be enthusiastic about the work of the association and actively participate in the activities of the association;
(4) Honesty and credit, standardized operation and strict self-discipline;
(5) Have a sense of social responsibility and industry mission, and have a certain influence in the industry;
(6) Other conditions required by the general meeting.
During the inter-sessional period of a general meeting, if a member's director does not meet the above conditions, the chairman shall request the council to suspend its membership.
Article 36 The member representatives selected by the member directors shall meet the following requirements:
(1) the general manager of the member director or the chairman of the legal representative;
(2) Having good futures professional knowledge and rich futures practical experience;
(3) enthusiastically serving the industry and having a greater influence in the futures or related business fields;
(4) failing to receive administrative punishment or disciplinary punishment from the CSRC within three years;
(5) Other conditions required by the General Assembly.
In the event that the director representative does not meet the above-mentioned conditions, the member director shall change the director representative. Prior to the change, the Board suspended its membership.
If a member director changes the director's representative, the changed director's representative shall meet the conditions specified in this article and be reviewed and approved by the board of directors.
Article 37 The council meets at least once a year; if more than one-third of the directors jointly propose, or if the chairman's office considers it necessary, an extraordinary meeting of the council shall be convened.
The council must be attended by more than two-thirds of the directors, and its resolutions must be approved by more than two-thirds of the representatives present at the meeting.
Article 38 The Association shall establish professional committees and special fund management committees, which shall be reviewed and approved by the competent business units, and shall carry out activities after being registered by the association registration management organ.
Article 39 The Association has one chairman, several full-time vice-chairmen, several part-time vice-chairmen, and one secretary-general. The Secretary-General is full-time.
The chairman and full-time deputy chairperson are nominated by the China Securities Regulatory Commission and elected by the board of directors, while the part-time deputy chairperson is nominated by the chairperson and the board is elected. The Secretary-General is nominated by the President and appointed by the Board.
Article 40 The chairman, deputy chairman and secretary-general of the association shall meet the following requirements:
(1) It has great influence and good reputation in the futures industry;
(2) More than three years of relevant work experience in the futures industry;
(3) Possess strong organization and coordination ability;
(4) love the work of the association;
(5) Other conditions required by the General Assembly.
Article 41 The term of office of the president, vice-president and secretary-general of the association is four years.
Without the approval of the competent business unit and registration management authority, the chairman and vice-chairman shall not be re-elected for more than two terms.
Article 42 The chairman is the legal representative of the association and exercises the following duties:
(1) Preside over the general assembly;
(2) Convening and presiding over board meetings and chair office meetings;
(3) Organizing and implementing the systems, resolutions, work plans, and budgets approved by the general meeting of members, the council, and the president's office;
(4) Checking the implementation of the resolutions of the general meeting, the council, and the office of the president;
(5) Nomination of part-time vice chairman and secretary general;
(6) Decide on the plan for setting up the daily office of the association;
(7) Appointing the heads of various departments of the daily office of the association and employing full-time staff of the association;
(8) Other duties assigned by the council.
The vice president assists the president in his work. If the president is unable to perform his duties for some reason, the full-time vice chairman designated by the chairman will perform the duties on his behalf.
The legal representative of the association shall not concurrently serve as the legal representative of other associations.
Article 43 The Association shall have a chairperson's office, which shall be composed of the chairman, full-time vice-chairman, secretary general, deputy secretary-general and other persons designated by the chairperson.
Article 44 The President's Office shall exercise the following functions and powers:
(1) To implement the resolutions of the General Assembly and the Council;
(2) Deciding to convene an extraordinary meeting of the Council;
(3) Decide on the daily work of the association.
Chapter V Funding and Asset Management Article 45 The funding sources of the Association are:
(1) dues;
(2) social donations;
(3) Government funding;
(4) income from activities or services carried out within the approved scope of business;
(5) Other legal income.
Article 46 The management measures for collection of membership dues shall be drafted by the council, approved by the general meeting of the members, and reported to the competent business unit for the record.
Article 47 The funds of the Association shall be used for the business scope and career development as stipulated in these Articles of Association, and shall not be distributed among its members.
Article 48 The Association establishes a strict financial management system to ensure the legality, authenticity, accuracy and completeness of financial information.
Article 49 The Association is equipped with professionally qualified accountants. Accounting should not act as cashier. Accountants must perform accounting calculations and implement accounting supervision. When transferring or leaving an accountant, the accountant must go through the transfer formalities with the person taking over.
Article 50 The asset management of the association must implement the financial management system stipulated by the state, and accept the supervision of the general assembly and relevant state departments. If the source of assets is a state appropriation or social donation or funding, it must be subject to the supervision of the auditing agency and the relevant situation shall be announced to the society in an appropriate manner.
Article 51 Before the association changes or changes its legal representative, it must accept financial audits in accordance with regulations.
Article 52 The assets of the association shall not be embezzled, privately distributed or misappropriated by any unit or individual.
Article 53 The salaries, insurance and welfare benefits of full-time staff of the Association shall be implemented with reference to relevant state regulations.
Chapter VI Amendment of Articles of Association Article 54 Amendments to this Article of Association shall be submitted to the General Assembly for consideration and approval after being voted and approved by the Council.
Article 55 The amended articles of association of the association must be reported to the competent business unit within 15 days after the approval of the general meeting of the members, and reported to the registration management authority of the society within 30 days after the approval of the competent business unit.
Chapter VII Termination Article 56 The termination of the Association shall be submitted to the competent business unit for review and approval after it has been voted and approved by the General Assembly.
Article 57 Prior to the termination of the association, a liquidation group shall be established under the guidance of the competent business unit to clear creditor's rights and debts, and handle aftermath. During the liquidation, not to carry out activities other than liquidation.
Article 58 The association shall be terminated after the cancellation of registration by the association registration management organ.
Article 59 The remaining property after the termination of the association shall be used for the development of undertakings related to the purpose of the association under the supervision of the competent business unit and the registration management authority of the association in accordance with the relevant state regulations.
Chapter VIII Supplementary Provisions Article 60 The "half" and "third" numbers in this charter include the original number.
Article 61 The power of interpretation of this charter belongs to the Council of the Association.
Article 62 This Article of Association was approved by the third general meeting on September 20, 2010.
Article 63 This Article of Association shall become effective on the date of approval by the registration management authority of the association. ^[4]