Supreme People's Court, Provisions on Several Issues Concerning the Trial of Futures Disputes (2)
最高人民法院关于审理期货纠纷案件若干问题的规定(二)
New provisions to protect clearing margins of non-clearing members.
Promulgated: December 31 2010
Effective: January 17 2011
Main contents: Commercial cases arising from the performance of duties of a futures exchange in which the exchange is named as the defendant or a third party shall come under the jurisdiction of the intermediate people's court in the place where the exchange is located (Article 1). Where a clearing member of a futures exchange that implements a clearance system by member grade is a debtor, and a creditor requests that the following funds or negotiable securities of the clearing member be frozen or transferred, the people's court shall reject such request:
(1) a non-clearing member's funds kept in the margin account of a clearing member; and
(2) the negotiable securities provided to a