20世纪90年代中期中国就启动了期货法立法，历经30年，《中华人民共和国期货和衍生品法》（以下简称“《期货法》”）终获通过，并将于今年8月1日起正式实施。ALB与参与了此次立法过程的律师聊了聊在新规下，中国期货与衍生品市场及相关法律服务将面临怎样的机遇。
中国的期货与衍生品市场发迹于1990年代初，历经三十年发展已颇具规模。中国期货业协会相关数据显示，截至2021年底，中国期货市场共有上市品种94个，涵盖能源、农产品、金属等多个重要领域，共涉及60多个产业链。
美国期货业协会（Futures Industry Association, FIA）的统计数据也呈现出中国期货与衍生品市场的强大发展动力。去年，中国境内的郑州商品交易所、上海期货交易所及大连商品交易所在全球交易所期货和期权成交量排名中跻身全球前十，分别位居第7、8、9位。
与快速发展的市场形成对比的，则是期货与衍生品领域立法的姗姗来迟。4月20日，市场呼唤已久的《期货法》正式通过，对于中国相关市场的稳健发展有着里程碑式的意义。
“《期货法》的出台支撑了整个资本市场的发展，更是填补了金融市场法治建设的最后一块拼图。”大成律师事务所高级合伙人、上海律协金融工具委员会副主任，也是全国人大期货立法起草组顾问小组成员的曲峰律师如此告诉ALB。
曲律师指出，中国期货市场发展到当下程度，《期货法》的出台具有很高的必要性。与“先立法后发展”的西方期货市场不同，中国期货市场遵循了“先发展后立法”即市场先行的发展模式，过去这一市场一直依赖一部《期货交易管理条例》，然而《条例》位阶已无法吻合市场需求，亟需向人大立法阶段迈进。
“中国期货市场的增长已经到了没有法律不行的阶段，期货市场需要借助新法，明确自身在资本市场及金融市场里的定位。”曲律师说。
值得注意的是，在重点规范期货市场的基础上，《期货法》还兼顾了衍生品市场。其中明确将衍生品交易纳入法律调整范围，并充分吸收了G20在全球金融危机后达成的加强衍生品监管的共识。新法对衍生品交易进行了定义，确立了基本交易制度，并明确了衍生品市场的基本监管框架。
监管亮点
与时俱进的出台时间也使得中国的《期货法》具备了较强的国际性，例如新法专章规定了跨境期货交易、监管、期货品种国际化、允许外国投资者与中国投资者的互联互通等，这都将促使中国期货与衍生品市场进一步呈现开放格局。
“中国的期货市场有着全面对外开放的特点，既有国内的期货公司‘走出去’，也积极引进境外专业机构‘走进来’，并向境外投资者开放期货交易。新法相关规则吻合了市场进一步国际化的需求。” 曲峰律师说。
此外，《期货法》还和《证券法》呈现出互补，两部法律中的监管思路一脉相承，但《期货法》通过更多的细节和指引，为相关市场的创新与合规发展提供了更多可能性。
“《证券法》的意义更多在于发挥投融资功能，而《期货法》则着眼于风险管理，能够协助防范金融系统性风险。二者的立法定位紧密相连，但又各具特点、互为补充。”曲峰律师说。
随着强监管时代到来，金融领域的监管水平也迅速提升。谈及《期货法》所展现的监管思路，曲峰律师指出，该法在采用了原有监管条线的基础上，强化涉外监管力度，进一步实行交叉监管，可谓是“金融法领域一部较为先进的法律”。
曲律师举了几个例子，如近年来，长臂管辖频繁出现在各部法律之中，新《期货法》中的规定也与《证券法》中有关长臂管辖的条款有着共通之处，“为响应中国期货市场对外开放的步伐，新法是为数不多规定有域外适用效力，具有长臂管辖权的法律”。
同时，《期货法》还针对跨境交易与监管协作设立专门章节，在强调“对等互惠”的前提下，进一步提升该法的国际化适用。据中国证监会公布的资料显示，截至去年底，中国证监会已与67个国家和地区的证券（期货）监管机构达成了跨境监管合作。
“《期货法》能够通过监管框架和公平原则，与国际主体进行联合监管”，曲律师说，从而使得境内外期货与衍生品市场形成互联互通，也为打击跨境违法违规行为、处置跨境市场风险提供了强有力的法律支持。
影响深远
全面系统的法治保障，将为打造更优的资本市场提供强有力的基础，《期货法》的出台也将产生深远影响。
宏观而言，“新法的核心功能就是助力实体经济发展”，这体现在《期货法》对国家支持期货市场健康发展，发挥发现价格、管理风险、配置资源功能的规定之中。
此外，新法“对于实体企业将有正向影响。制造业企业，无论规模如何，都有风险管理的必要”，新法能帮助企业完善风险控制制度，进一步夯实市场稳定运行的基础。
“新法准许业务多元发展，鼓励交易规模的增量，可以在已经进行风险资本管理的情形下，进一步拓展境内外业务。这会使期货经营主体的业务不再单一，期货参与者越来越多，期货的交易品种注册也会越来越便利。”
- 曲峰，大成律师事务所
具体来看，《期货法》也将对金融市场带来立竿见影的影响。首先，期货与衍生品市场将迎来可观的业务增量，面临发展红利期。“新法准许业务多元发展，鼓励交易规模的增量，可以在已经进行风险资本管理的情形下，进一步拓展境内外业务。” 曲峰律师说，“这会使期货经营主体的业务不再单一，期货参与者越来越多，期货的交易品种注册也会越来越便利。”
《期货法》也会给证券板块带来机会。证券与期货都具备金融工具和金融衍生产品的属性，二者有着紧密联系。“特别是一些外资投行，虽然他们在境内IPO业务上缺少明显优势，但在衍生品交易上颇具风采，证券市场的开放将给他们带来较好的发展机遇。”曲峰律师说。
最后，新法同样会对金融机构及类金融机构产生积极作用。曲峰律师指出，《期货法》的出台使得“商业银行在外汇、国债、利率等方面的期货期权，包括代客衍生品交易子板块，都成为较强的利润增长点”；《期货法》对非银行金融机构，例如“保险、资管、私募基金等机构来说，也同样呈现出非常多的业务机会”。
“小众市场”
伴随《期货法》正式实施的日期临近，律师应该如何帮助客户在窗口期实现产品未来的合规？曲峰律师观察到近期客户咨询日渐增多，他建议：“对于希望在期货业务和衍生品交易领域实现业务增量的金融机构，有必要对自身合规管理、制度建设等做出相应调整。”
目前，曲峰律师观察到客户需求主要涉及三个层面。首先，若涉及跨境交易，数据、合规、监管等诸多相互交织的法律问题特别受到重视；其次，对于原有文件不足以支撑新法之下业务运营的机构，及时进行制度更新是第一要务；第三，对于海外客户，如何参与到中国市场、寻求怎样的介入方式、如何便利交易进度、如何提升交易总量等，都需要寻求律师的专业指导。
伴随业务量的增加，曲峰律师也看到了律师在该领域的发展机会，“一部新法的出台肯定会为律师发展带来一个新窗口”。然而，多年从事期货及衍生品领域实务的经验也告诉他，在小众市场的拼搏注定不会太轻松。
“期货与衍生品是一个独立的小众市场，它的金融属性太强，专业壁垒也太高，它更适合一小部分在这个领域有发展和学习动力，或是有客户驱动力的律师。”曲律师坦言。
“我的个人观点是鼓励和欢迎更多律师，特别是年轻律师参与到这个领域的发展当中。但从一位资深律师的角度看，期货与衍生品领域值得学习，但也需要审慎，不能盲从。”曲峰律师建议。
THE FUTURE OF FUTURES
China started the legislative process for its futures law in the mid-1990s. After 30 years, the Law of the People's Republic of China on Futures and Derivatives was finally passed and will come into effect on Aug. 1 this year. An expert involved in the legislative process discusses the opportunities for China's futures and derivatives markets and related legal services under the new law.
Since being launched in the early 1990s, China's futures and derivatives markets have grown considerably. Data from the China Futures Association show that by the end of 2021, there were 94 listed products on China's futures market, covering important fields such as energy, agricultural products and metals, and involving more than 60 industrial chains.
Statistics from the Futures Industry Association also point to strong momentum of China's futures and derivatives markets. Last year, the Zhengzhou Commodity Exchange (7th), the Shanghai Futures Exchange (8th) and the Dalian Commodity Exchange (9th) ranked among the top ten globally in terms of futures and options trading volume.
The fast-growing market contrasts with slow legislative progress. On April 20, the long-awaited Law of the People's Republic of China on Futures and Derivatives, or China’s Futures Law, was officially adopted, a milestone in the development of the country’s markets.
"The introduction of the Futures Law supports the development of the entire capital market and completes the last jigsaw puzzle in financial market rule of law," says Frank Qu, a senior partner at Dentons, who also serves as deputy director of the Financial Instruments Committee of the Shanghai Bar Association, and sits on the advisory panel of the futures legislative drafting team of the National People's Congress (NPC).
According to Qu, with China's futures market developing to the current stage, the introduction of the Futures Law is highly necessary. Different from western markets where legislation precedes development, China's futures market follows the market-first model. The Regulations on the Administration of Futures Trading, which was the sole regulation for the futures market, can no longer meet market demand, and it was urgent to move to the stage of NPC legislation.
"The growth of China's futures market has reached a stage where having a law is a must. The futures market needs to use the new law to clarify its positioning in the capital market and the financial market," says Qu.
It is worth noting that based on focusing on regulating the futures market, the Futures Law also governs the derivatives market. It clearly includes derivatives trading in its scope, and fully adopts the consensuses reached by G20 on strengthening derivatives regulation after the global financial crisis. The new law defines derivatives trading, establishes basic trading rules, and clarifies the basic regulatory framework for the derivatives market.
REGULATORY HIGHLIGHTS
The timing of the Futures Law has also made it more international. For example, the new law has chapters dedicated to cross-border futures trading, regulation, internationalization of futures products, and interconnection between foreign and Chinese investors, all of which will promote China's futures and derivatives markets to open up further.
"China's futures market opens up to the outside world comprehensively. Domestic futures companies are 'going global', foreign professional institutions are actively being 'introduced in', and futures trading is open to foreign investors. The new law is in line with the market's needs for further Internationalization," says Qu.
In addition, the Futures Law and the Securities Law complement each other and share the same regulatory ideas. However, the Futures Law contains more details and guidelines, creating more possibilities for the innovative and compliant development of relevant markets.
"The Securities Law is more about playing the role of investment and financing, while the Futures Law focuses more on risk management and can help prevent systemic financial risks. The legislative positions of the two laws are closely linked, but each has its own characteristics and complements the other," says Qu.
The advent of the era of tightened regulation means the level of regulation in the financial sector has risen rapidly. According to Qu, the Futures Law, based on adopting the original regulatory ideas, has reinforced foreign-related regulation, and implemented more cross regulation. “It is indeed a relatively advanced piece of legislation in the financial sector," he adds.
For example, long-arm jurisdiction has frequently appeared in laws in recent years, and the new Futures Law also contains provisions that share common traits with the provisions on long-arm jurisdiction in the Securities Law. "Given the pace of liberalization of China's futures market, the new Futures Law is one of the few laws with extraterritorial application and long-arm jurisdiction," says Qu.
Meanwhile, the Futures Law also has dedicated chapters for cross-border trading and regulatory cooperation to further enhance its international applicability under the premise of "reciprocity and mutual benefit.” Information released by the China Securities Regulatory Commission (CSRC) shows that as of the end of last year, the CSRC has reached cross-border regulatory partnership with securities (futures) regulators in 67 countries and regions.
"The Futures Law enables joint regulation with international players through the regulatory framework and the principle of fairness," adds Qu. Accordingly, the domestic and overseas futures and derivatives markets become interconnected, and there is also strong legal support for cracking down on cross-border violations and handling cross-border market risks.
FAR-REACHING IMPACT
From a macro perspective, the core function of the new law is to help the real economy develop, which is reflected in the provisions on the State's support for the futures market to enjoy healthy development and play its functions of price discovery, risk management and resource allocation.
“In addition, the new law will have a positive impact on real economy enterprises because manufacturers, regardless of size, all need to manage risks," says Qu. The new law can help companies improve risk control systems and further consolidate the foundation for stable market operations.
On more concrete terms, the Futures Law will also have an immediate impact on the financial market. First, futures and derivatives markets will witness considerable business growth and enter a development bonus period.
Qu Feng, Dentons
"The new law allows the diversified development of businesses and encourages the increase of transaction volume. Market players can further expand domestic and overseas business where risks and capital are being managed," says Qu. "This will allow futures business operators to diversify. There will be more and more futures participants, and the registration of futures products will become increasingly convenient."
The Futures Law will also bring opportunities to the securities sector. Securities and futures both have attributes of financial instruments and financial derivatives, and the two are closely linked. "Some foreign-invested investment banks lack obvious advantages in domestic IPO business but perform very well in derivatives trading. The opening-up of the securities market will bring them better opportunities," adds Qu.
Finally, the new law will be a plus for financial institutions and quasi-financial institutions. According to Qu, the promulgation of the Futures Law has made futures options in foreign exchanges, treasury bonds, interest rates, etc., including the sub-sector of client derivatives trading, strong profit growth points for commercial banks, and non-bank financial institutions, such as those for insurance, asset management and private equity funds will also see many business opportunities from the Futures Law.
NICHE MARKET
With the effective date of the Futures Law approaching, how should lawyers help clients achieve future product compliance during this window period? Noticing increasing client inquiries recently, Qu suggests: "Financial institutions that want to grow futures and derivatives trading need to make corresponding adjustments to their compliance management and system construction."
Qu observes that presently client needs mainly involve three aspects. First, in terms of cross-border trading, intertwined legal issues such as data, compliance and regulation receive special attention; second, for institutions whose existing documentation is insufficient to support business operations under the new law, their top priority must be to promptly update rules; and third, for overseas clients, they need to seek professional advice from lawyers on how to participate in and enter the Chinese market, how to facilitate trading speed, and how to increase total trading volume, etc.
With the increase in business volume, Qu also senses development opportunities for lawyers in this field. "The promulgation of a new law will definitely bring a new window for the career growth of lawyers," says Qu. However, years of futures and derivatives practice also mean he is acutely aware of the struggle in a niche market.
"Futures and derivatives are an independent niche market with strong financial attributes and high professional barriers. It is more suitable for a small group of lawyers who have the drive to develop and learn in this field, or who are clients-driven," admits Qu.
"For me personally, I encourage and welcome more lawyers, especially younger ones, to join this field. But as a senior lawyer, I feel the field of futures and derivatives is worth learning, but also requires caution," adds Qu.
