CSRC Overhauls Supervisory Rules for Futures Companies
ISSUING AUTHORITY:
China Securities Regulatory Commission
DATE OF ISSUANCE:
September 11, 2026
EFFECTIVE DATE:
January 1, 2027
On September 11, 2026, the China Securities Regulatory Commission (CSRC) released the revised Measures for the Supervision and Administration of Futures Companies (CSRC Order No. 235, the “Measures”), together with a supporting implementation announcement. The Measures will take effect on January 1, 2027.
The revision implements the Futures and Derivatives Law and comprehensively updates the regulatory framework for futures companies. Key changes include:
Tiered business classification: Businesses are divided into basic businesses (domestic futures brokerage and trading consulting) and trading businesses (market making, asset management, and derivatives trading), with refined rules on establishment, changes, and business licensing.
Stronger shareholder oversight: Shareholders and actual controllers face enhanced disclosure and reporting obligations to improve ownership transparency.
Governance and enforcement: Firms must strengthen compliance, risk management, and internal controls; subsidiaries and branches are subject to tighter filing requirements; and supervisory and liability provisions are reinforced.
The implementation announcement addresses applications to add licensed businesses, the rules applicable to overseas subsidiaries of futures companies, and transitional arrangements for existing businesses.
Futures companies and their shareholders should review their business scope, governance structures, and overseas arrangements ahead of the effective date. Legal counsel can assist in navigating the implications.
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