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中国银监会关于进一步加强银行业金融机构与机构客户交易衍生产品风险管理的通知
  作者:   时间: 2009-8-27   来源:   点击:3280  

Notice of China Banking Regulatory Commission on Further Strengthening the Risk Management of Derivative Transactions between Banking Financial Institutions and Institutional Clients
(No.74 [2009] of the CBRC)

All banking regulatory bureaus, all policy banks, state-owned commercial banks and joint-stock commercial banks, and the Postal Savings Bank of China:

To further regulate the management of the derivative transactions between banking financial institutions and institutional clients, effectively prevent risks and promote the healthy and orderly development of derivative products, we hereby notify you of the relevant issues as follows:

中国银监会关于进一步加强银行业金融机构与机构客户交易衍生产品风险管理的通知
(银监发【2009】74号)

各银监局,各政策性银行、国有商业银行、股份制商业银行、邮政储蓄银行:

  为了进一步规范银行业金融机构与机构客户交易衍生产品的管理,有效防范风险,促进衍生产品业务的健康有序发展,现就有关事项通知如下:

I. Banking financial institutions shall attach great importance to the risk management of derivative transactions with institutional clients and seriously evaluate the risks at each link of derivative transactions, including the appropriateness and demand background of institutional clients, sales management, information disclosure, risk control, evaluation and incentive mechanisms, post-evaluation, legal documents and management information system, etc. so as to strengthen risk prevention in the weak links.

  一、银行业金融机构要高度重视与机构客户交易衍生产品的风险管理工作,认真评估衍生产品交易业务每个环节的风险点,包括机构客户适合度及真实需求背景、销售管理及信息披露、风险控制及考核激励机制、后评价及法律文本、管理信息系统等方面,加强对薄弱环节的风险防范。

II. Banking financial institutions shall make or improve the institutional client appropriateness evaluation system and, on the basis of comprehensively considering the classification of derivative products and institutional clients, evaluate the appropriateness of each derivative transaction:
1. evaluating the risk and complexity level of the derivative products traded with institutional clients, classifying them on the basis of the evaluation results, checking the reasonability of the classification results at least once every year and conducting dynamic management accordingly; and
2. evaluating the maturity of institutional clients according to the nature of their business and their experiences in trading derivative products, classifying institutional clients on the basis of the evaluation results, checking the reasonability of the classification results at least once every year and conducting dynamic management accordingly.

  二、银行业金融机构应制定或完善相关的机构客户适合度评估制度,在综合考虑衍生产品分类和机构客户分类的基础上,对每笔衍生产品交易进行充分的适合度评估:

  (一)评估与机构客户交易的衍生产品的风险及复杂程度,据此对衍生产品进行分类,并至少每年复核一次衍生产品分类的合理性,进行相应的动态管理;

  (二)根据机构客户的业务经营性质、衍生产品交易经验等评估其成熟度,据此对机构客户进行分类,并至少每年复核一次机构客户分类的合理性,进行相应的动态管理。

III. Banking financial institutions shall, based on the institutional client appropriateness evaluation results, conduct derivatives transactions with institutional clients which have actual demands within their risk affordability and get a letter of statement or confirmation or any other written materials from each institutional client to prove the actual demand of the institutional client. The contents of such materials shall include but are not limited to:
1. the authenticity of the basic assets or liabilities directly related to the derivative transaction;
2. the institutional client’s purpose or target in the derivative transaction; and
3. whether the institutional client has any unsettled derivative transaction related to the basic assets or liabilities mentioned in Item 1 of this Article.

  三、银行业金融机构应根据机构客户适合度评估的结果,与有真实需求背景的机构客户叙做与其风险承受能力相适应的衍生产品交易,并获取由机构客户提供的声明、确认函等能够证明其真实需求背景的书面材料,内容包括但不限于:

  (一)与衍生产品交易直接相关的基础资产或基础负债的真实性;

  (二)机构客户进行衍生产品交易的目的或目标;

  (三)是否存在与本条第(一)点中确认的基础资产或基础负债相关的尚未结清的衍生产品交易敞口。

IV. The major risk characteristic of the derivative products traded between banking financial institutions and institutional clients shall have a reasonable relevance to the major risk characteristics of the basic assets or liabilities which serve as the actual demand. Banking financial institutions may not take the RMB liabilities of institutional clients as the demand of the derivative products linked to the non-RMB market indices.

  四、银行业金融机构与机构客户交易的衍生产品的主要风险特征应与作为真实需求背景的基础资产或基础负债的主要风险特征具有合理的相关度,不得将机构客户的人民币债务作为叙做挂钩非人民币市场指标的衍生产品的交易需求背景。

V. Under the premise of meeting the demand of institutional clients, banking financial institutions with the qualification for trading derivative products can conduct derivative transactions with institutional clients. In selling and trading derivative products, they shall give priority to the basic and simple products which they are able to price or valuate.

  五、在符合机构客户需求背景的情况下,取得衍生产品交易资格的银行业金融机构可与机构客户进行衍生产品交易,在营销与交易时应首先选择基础的、简单的、自身具备定价估值能力的衍生产品。

VI. Banking financial institutions shall work out or improve management rules for the internal training, qualification accreditation and authorization management of the salespersons of derivative products, strengthen the continuous specialized training and professional ethics education of the salespersons, finish the training and qualification accreditation of new products or businesses, and set up a strict accountability system. Only those salespersons with accredited qualification and valid authorization can introduce and sell derivative products to institutional clients. When doing so, they shall expressly indicate to institutional clients that they have the internally accredited qualification and valid authorization.

  六、银行业金融机构应制定或完善衍生产品销售人员的内部培训、资格认定及授权管理制度,加强对销售人员的持续专业培训和职业操守教育,及时跟进针对新产品新业务的培训和资格认定,并建立严格的问责制度。通过资格认定并具备有效授权的销售人员方可向机构客户介绍、营销衍生产品。在向机构客户介绍衍生产品时,销售人员应以适当的方式向机构客户明示其已通过内部资格认定并具备有效授权。

VII. Banking financial institutions shall provide institutional clients with clear, concise and limpid written materials to introduce a derivative product and disclose the relevant risks to them. The contents of such materials shall include but are not limited to:
1. a complete introduction to the structure and basic trading terms of the product, and an integrated legal document about the product;
2. an explanation of the indices, yield rate and other parameters of the product;
3. disclosure of the major risks involved in the trading of the product;
4. cash flow analysis, pressure test, simulation analysis on the worst results under a certain level of hypothesis and confidence, the maximum cash flow losses and analysis on the reasonability of the hypothesis and confidence; and
5. other information that shall be disclosed to institutional clients.

  七、银行业金融机构应以清晰易懂、简明扼要的文字表述向机构客户提供衍生产品介绍和风险揭示的书面资料,内容包括但不限于:

  (一)产品结构及基本交易条款的完整介绍和该产品的完整法律文本;

  (二)与产品挂钩的指数、收益率或其他参数的说明;

  (三)与交易相关的主要风险披露;

  (四)产品现金流分析、压力测试、在一定假设和置信度之下最差可能情况的模拟情景分析与最大现金流亏损以及该假设和置信度的合理性分析;

  (五)应向机构客户充分揭示的其他信息。

VIII. Before conducting a derivative transaction with an institutional client, a banking financial institution shall get a letter of statement or confirmation or any other written materials from the institutional client. The contents of the written materials shall include but are not limited to:
1. whether it is in compliance with regulation for it to conduct the derivative transaction with the institutional client;
2. whether the signatory of the derivative transaction contract, the trading instruction or any other document has been effectively authorized;
3. whether the institutional client has fully understood the clauses and risks of the derivative transaction and whether the transaction has a goal described in Article 3 (2);
4. whether the institutional client is able to accept the worst results of the transaction as described in Article 7 (4); and
5. other matters that need to be stated or confirmed by the institutional client.

  八、与机构客户达成衍生产品交易之前,银行业金融机构应获取由机构客户提供的声明、确认函等形式的书面材料,内容包括但不限于:

  (一)机构客户进行该笔衍生产品交易的合规性;

  (二)衍生产品交易合同、交易指令等协议文本的签署人员是否具备有效的授权;

  (三)机构客户是否已经完全理解该笔衍生产品交易的条款、相关风险,以及该笔交易是否符合第三条第(二)点中确认的交易目的或目标;

  (四)机构客户对于该笔衍生产品交易在第七条第(四)点中所述的最差可能情况是否具备足够的承受能力;

  (五)需要由机构客户声明或确认的其他事项。

IX. Banking financial institutions shall strengthen the authorization and management of derivative transactions of their branch offices. For those not capable enough for trading derivative products, preventing risks and managing risks, their authority to trade derivative products shall be appropriately limited by their superordinates. For those which have big risks in derivative transactions, their authority to trade derivative products shall be immediately cancelled.

  九、银行业金融机构应加强对分支机构衍生产品交易业务的授权与管理。对于衍生产品经营能力较弱、风险防范及管理水平较低的分支机构,应适当上收其衍生产品的交易权限。对于发生重大衍生产品交易风险的分支机构,应及时取消其衍生产品的交易权限。

X. In the process of selling derivative products, banking financial institutions shall objectively and fairly present the proceeds and risks of derivative products, and may not mislead the institutional clients with regard to the market, exaggerate their advantages or shrink their risks or make profit commitments to institutional clients in any form.

  十、在衍生产品销售过程中,银行业金融机构应客观公允地陈述所售衍生产品的收益与风险,不得误导机构客户对市场的看法,不得夸大产品的优点或缩小产品的风险,不得以任何方式向机构客户承诺收益。

XI. Banking financial institutions shall respect the independent decision-making right of the institutional clients, and may not take the derivative transactions as an auxiliary for the future trading of other businesses or products with the institutional clients.

  十一、银行业金融机构应充分尊重机构客户的独立自主决策,不得将交易衍生产品作为与机构客户叙做其他业务或产品的附加条件。

XII. Banking financial institutions shall take full responsibility for the marketing of their derivative products, and may not directly or indirectly sell products to institutional clients jointly with the salespersons hired by any institution not registered within China or accept any institutional client’s request of designating an institution not registered within China as its “back-to-back” square trading counterpart.

  十二、银行业金融机构应自主营销,不得以任何方式与非境内注册的机构雇佣的销售人员共同向机构客户进行衍生产品销售或变相共同销售,不得接受机构客户直接指定非境内注册的机构作为“背对背”平盘交易对手的衍生产品交易。

XIII. Banking financial institutions shall, according to the credit rating, financial status, profitability, net assets level, cash flow and other indices of the institutional clients, determine the credit extension and the credit risk mitigation measures, do their best to avoid extending their credit in any way where no other credit risk mitigation measures are available in the derivative transactions with institutional clients, and set restrictions on the derivative transactions with institutional clients whose credit rating is below a certain level.

  十三、银行业金融机构应结合机构客户的信用评级、财务状况、盈利能力、净资产水平、现金流量等因素,确定相关的授信及信用风险缓释措施,谨慎采用不附带其他信用风险缓释措施的授信方式与机构客户叙做衍生产品交易,并对一定信用评级以下的机构客户限制与其叙做衍生产品交易。

XIV. Banking financial institutions shall work out or improve the relevant credit risk management rules for derivative transactions, which shall specify the specific modes and amounts of the credit risk mitigation measures that will be taken by banking financial institutions, such as asking institutional clients to pay an additional deposit or collaterals or to provide eligible guarantees when the market value of the derivative products traded with institutional clients declines or the cash flow suffers losses, and properly express the impact that may be caused to institutional clients by such measures.

  十四、银行业金融机构应制定或完善相关的衍生产品交易信用风险管理制度,明确当与机构客户交易的衍生产品处于不同程度的市值亏损或现金流亏损时,银行业金融机构将采取的要求机构客户追加保证金或抵(质)押品、提供合格担保等信用风险缓释措施的具体方式及金额比例,并以适当的方式向机构客户明示相关的信用风险缓释措施可能对机构客户产生的影响。

XV. Banking Financial Institutions shall pay attention to risks involved in the “back-to-back” transactions, particularly the credit risks of institutional clients and their overseas trading partners, the impact of the changes in the market value of the traded derivatives on credit risks, the risks that domestic and overseas transactions be governed by different laws, reputation risks, etc.

  十五、银行业金融机构应关注“背对背”交易中的各项风险,重点关注机构客户与境外交易对手双方的信用风险、所交易的衍生产品的市值变化对信用风险的影响、境内外交易适用不同法律的风险以及声誉风险等。

XVI. Banking financial institutions shall timely provide institutional clients with the market information of the derivative products that have been traded, re-estimate the market value of the derivative products that have been sold to the institutional clients at least once every month, provide the re-estimation results to the institutional clients in the form of written estimation reports or risk presentation letters delivered by letter, e-mail, fax or any other recordable way, and make sure that the relevant materials are received by the institutional clients in time. When relatively big fluctuations occur to the market, they shall re-estimate the market value of derivative products more frequently and provide the re-estimation results to institutional clients in writing. Banking financial institutions shall evaluate the frequency and quality of the market value re-estimation work at least once every half year.

  十六、银行业金融机构应及时向机构客户提供已交易的衍生产品的市场信息,至少每个月对与机构客户交易的衍生产品进行市值重估,将市值重估的结果以评估报告、风险提示函等形式通过信件、电子邮件、传真等可记录的方式向机构客户书面提供,并确保相关材料及时送达机构客户。当市场出现较大波动时,应适当提高市值重估的频率,并及时向机构客户书面提供市值重估的结果。银行业金融机构应至少每半年对上述市值重估的频率和质量进行评估。

XVII. Banking financial institutions shall gradually improve their ability for independent innovation, transaction management and risk management and conservatively make derivative transactions which they are unable to price. For derivative transactions which they are unable to price or valuate, they shall get the key estimation parameters and other information from parties making quotations and, provide by letter, e-mail, fax or any other recordable way, such information to institutional clients in writing so as to improve the transparency of the re-estimation of the market value of derivative products.

  十七、银行业金融机构应逐步提高自主创新能力、交易管理能力和风险管理水平,应谨慎涉足自身不具备定价能力的衍生产品交易。对于自身不具备定价估值能力的衍生产品交易,应向报价方获取关键的估值参数及相关信息,并通过信件、电子邮件、传真等可记录的方式向机构客户书面提供此类信息,以提高衍生产品市值重估的透明度。

XVIII. Banking financial institutions shall scientifically and reasonably determine the profit targets of the derivative trading business with institutional clients, set up a performance evaluation system and a long-term effective incentive and restraint system and guide the relevant departments and personnel in keeping good faith and operating in compliance with regulation. They may not seek exorbitant profits or determine the wages of employees, the profit targets of the relevant departments and the evaluation and incentive system merely based on the profits from derivative transactions made with institutional clients.

  十八、银行业金融机构应针对与机构客户交易衍生产品业务确定科学合理的利润目标,并制定科学合理的考核评价与长效激励约束机制,引导相关部门和人员诚实守信、合规操作,不得过度追求盈利,不得将与机构客户交易衍生产品的相关收益与员工薪酬及其所在部门的利润目标及考核激励机制简单挂钩。

XIX. Banking financial institutions shall make or improve systems for making periodical post-evaluations on the derivative transactions made with institutional clients, including the periodical post-evaluations on regulation-compliant sales, risk control, evaluation and incentive mechanism and other internal management rules. Moreover, they shall, by means of visits, e-mails, faxes, recorded telephone calls or any other recordable way, set up or improve the callback system to institutional clients, hear the opinions of institutions clients on regulation-compliant sales and risk disclosure, and feedback such opinions in a timely manner.

  十九、银行业金融机构应制定或完善针对与机构客户交易衍生产品业务的定期后评价制度,包括对合规销售、风险控制、考核激励机制等内部管理制度的定期后评价。此外,银行业金融机构应通过实地访问、电子邮件、传真、电话录音等可记录的方式建立或完善对机构客户的定期回访制度,针对合规销售与风险揭示等内容认真听取机构客户的意见,并及时反馈。

XX. Banking financial institutions shall work out or improve rules for evaluating and managing the general agreements, contracts and other legal documents related to the trading of derivative products, evaluate the derivative transaction agreements or contracts and their effectiveness and effects at least once every half year according to the situations of institutional clients and trading partners, and deepen their understanding about the agreements and contracts governed by domestic and overseas laws so as to effectively prevent the relevant legal risks.

  二十、银行业金融机构应制定或完善针对衍生产品交易总协议、合同等相关法律文本的评估及管理制度,至少每半年根据机构客户及交易对手的情况,对涉及到的衍生产品交易协议、合同文本及其效力、效果进行评估,并对适用境内外法律的相关协议、合同文本加深理解和掌握,有效防范相关的法律风险。

XXI. Banking financial institutions shall set up or improve the management information system for the trading of derivative products so as to guarantee the integrity and effectiveness of the management information classified by product and trading counterpart, respectively.

  二十一、银行业金融机构应建立或完善衍生产品交易的相关管理信息系统,确保按产品、按交易对手等方面进行分类的管理信息的完整性与有效性。

XXII. This Notice shall apply to the reorganization transactions of the traded derivative products between banking financial institutions and institutional clients. The term “institutional clients” as mentioned in this Notice refers to clients other than individual clients and financial institutions.

Banking financial institutions shall, according to the requirements of this Notice, make an implementation plan, improve the relevant management rules and, before October 31, 2009, submit a written report on the implementation and improvement situations to the CBRC in duplicate.

All banking regulatory bureaus shall forward this Notice to the management banks and the single branches of all banking financial institutions at the corporate status and foreign bank branches within your respective jurisdictions.

July 31, 2009



  二十二、银行业金融机构与机构客户对已交易的衍生产品进行重组交易适用本通知。本通知所称机构客户是指除个人客户和金融机构以外的客户。

  银行业金融机构应根据本通知的要求制定相应的落实方案,完善相关的管理制度,并于2009年10月31日之前将落实及完善情况一式两份书面报告银监会。

  请各银监局将本通知转发至辖内各法人银行业金融机构和外国银行分行的管理行及单一分行。

  二〇〇九年七月三十一日

 
 
 
 
 
 
 
 
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2011年在职法硕辅导:公司设立
民法辅导之遗赠与遗嘱继承详解
民法辅导之法定继承与遗嘱继承详解
民法辅导之遗赠抚养协议与遗嘱继承
民法辅导之正当防卫与紧急避险详解
民法辅导之一般侵权民事责任与特殊
民法辅导之拒不履行与不能履行详解
民法辅导之过错责任原则与无过错归
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