Sasac is heavy! There are 30 ＂should＂, 11 ＂not＂ and 1 ＂forbidden＂ new regulations for derivatives trading in central enterprises.

2026年4月15日 | admin | D4
Source: Securities Times Network
Author: Jiang Yong
After extensive consultation, the revised central enterprise financial derivative business supervision notice was officially issued recently. This is the first revision of the system since its implementation ten years ago. Financial derivative business has become a common means for large enterprises to manage price risk. This revision further compacts the responsibilities of various entities such as the board of directors of the Group, the management and functional departments of the Group, and subsidiaries of financial derivative business (hereinafter referred to as operating entities), increases the "dual control" requirements for the total amount and time scale of hedging transactions, and refines the dynamic tracking requirements for risk control.
The reporter noted that the full text of the Notice on Effectively Strengthening the Management of Financial Derivatives Business (hereinafter referred to as the Notice) contains 30 "should", 11 "not" and 1 "forbidden", which demarcates a new boundary for central enterprises to participate in financial derivatives trading.
Let’s quickly understand the main points of the document first:
1. The 30 "Should’s" include: in terms of implementing regulatory responsibilities, the items approved by the board of directors of the Group shall specify the trading place, varieties, tools and other contents; When the approved items are changed, they shall be re-approved by the board of directors of the group; The risk management committee under the board of directors or the professional committee responsible for risk management shall put forward clear audit opinions on the approval of business qualifications; The business qualification approved by the board of directors of the Group shall be reported to the SASAC for the record in a timely manner; The Group shall specify the person in charge of the financial derivative business and designate the centralized management department.
2. In terms of strictly observing the principle of hedging, the variety of transactions should be closely related to the main business operation; Trading tools should have simple structure, strong liquidity and recognizable risks; The establishment, adjustment and cancellation of hedging correspondence should meet the actual needs of production and operation and avoid frequent short-term transactions; The scale and duration of currency derivative business should be within the scope of capital demand contract, and in principle, it should correspond to the capital demand contract one by one; Enterprises that have started new business or suffered heavy losses due to illegal operations in previous years should carefully set the business scale and appropriately compress and control it;
3. In terms of effective risk control, the Group shall formulate a financial derivative business management system, and specify the responsibilities of relevant departments, business approval procedures, risk management requirements, stop loss limit (or loss warning line), emergency handling, supervision and inspection, accountability and other contents; The operating entity shall formulate a special business operation manual or compliance manual; The Group shall establish a vertical risk management system for financial derivatives business, and the risk management department of the operating entity shall independently report risks or irregularities to the Group; The Group shall monitor business risks through information means such as risk management information system to achieve comprehensive coverage and online monitoring; The group and the operating entity shall establish a risk early warning and disposal mechanism;
4. In terms of standardizing business operations, the board of directors of the enterprise or similar decision-making bodies shall specify the list of personnel with trading authority, trading varieties and quotas; When the responsibilities of personnel change, the authorization shall be suspended or re-authorized in time; The trading department shall formulate a specific operation plan according to the approved business plan; When conducting OTC business, a separate risk assessment shall be conducted on trading tools, counterparty credit, contract text, etc., and the counterparty shall be carefully selected to conduct business;
5. In terms of strengthening supervision and inspection, the centralized management department of the Group shall select some enterprises or businesses to carry out special supervision and inspection every quarter; The internal audit department of the Group shall audit all operating entities every year; A system of accountability should be established to pursue accountability for violations;
6. In establishing the reporting system, the daily business development shall be submitted to the financial derivative business report together with the financial express at the end of each quarter; The annual operation of the business, the group shall submit a special report to the SASAC; To carry out speculative business or cause significant loss risk, major legal disputes and serious impact, it shall report to the SASAC within 24 hours;
7. Eleven "no’s" include: subsidiaries with asset-liability ratio higher than the control line of SASAC, operating losses for three consecutive years and tight funds are not allowed to carry out financial derivative business; Shall not carry out any form of speculative trading; Shall not exceed the prescribed business scope; Generally, the holding time shall not exceed 12 months or the time stipulated in the physical goods contract, and shall not blindly engage in long-term business or extension; The annual hedging scale of commodity derivative business shall not exceed 90% of the annual physical business scale, and the annual hedging scale of financial derivative business for commodity trade shall not exceed 80% of the annual physical business scale; The scale of the net position at the time point shall not exceed the risk exposure of the corresponding physical goods; The scale indicators of different subsidiaries and different trading varieties shall not be borrowed or used together; Performance appraisal, salary incentive and unilateral profit and loss of financial derivative business shall not be simply linked; For the unapproved operation plan, the financial department shall not allocate funds or conduct transaction settlement; Not to carry out financial derivative business with personal account (or personal name);
8. One "no" means that the person in charge of the enterprise is prohibited from trading directly;
9. The State-owned Assets Supervision and Administration Commission of the State Council indicated that in the next step, the supervision of the State-owned Assets Supervision and Administration Commission will still focus on the event and afterwards, and will work with relevant departments to form a joint force of supervision and enhance the professionalism of supervision through regular consultation, information sharing and joint inspection.
Highlight the implementation of all responsible subjects of enterprises.
Financial derivative business can effectively hedge the risk of spot price fluctuation and promote the smooth operation of enterprises, but it is also a "double-edged sword". If it is not properly controlled, it is prone to loss risk.
The Notice issued this time is revised on the basis of the Notice on Further Strengthening the Supervision of Financial Derivatives of Central Enterprises issued by SASAC in 2009. The document consists of six aspects: implementing regulatory responsibilities, strictly observing the hedging principle, effectively controlling risks, standardizing business operations, strengthening supervision and inspection, and establishing a reporting system.
According to the relevant person in charge of the State-owned Assets Supervision and Administration Commission, compared with the original document, the Notice further clarified the responsibilities of the board of directors, management, functional departments and operators of the Group, established and improved a three-level management and control system, and strictly controlled the business.
The Notice stipulates that the principle of specialized centralized management should be adhered to, and similar financial derivative businesses within the group should be operated centrally by a unified platform in principle. The board of directors of the Group is responsible for approving the business qualifications of the specific operating entities engaged in financial derivative business, and the Group is responsible for approving the annual business plan. Sub-enterprises with asset-liability ratio higher than the control line of SASAC, operating losses for three consecutive years and tight capital shall not carry out financial derivative business.
When the board of directors of the Group approves the business qualification, the approval items shall specify the trading place, varieties, tools and other contents. When the approved items are changed, they shall be re-approved by the board of directors of the Group.
When examining and approving the annual business plan, the Group should carefully examine the physical goods scale, hedging scale, hedging strategy, capital occupation scale, stop loss limit (or loss warning line) and so on, and strictly examine and evaluate the off-exchange business.
Jacky Jiang, member of Chinese People’s Political Consultative Conference and former vice chairman of the CSRC, said that the Notice once again reflected the attitude of supporting central enterprises to use derivative products. Enterprises are the decision-makers and beneficiaries of derivative products, and they must bear the responsibility effectively. Enterprises should improve corporate governance and internal control, strictly follow the rules, and adopt technical means to strengthen internal monitoring and management.
Further emphasize that the essence of hedging should not carry out any form of speculative trading.
The Notice stipulates that the financial derivative business should strictly abide by the principle of hedging, with the aim of reducing the risk exposure of the real goods, and be compatible with the variety, scale, direction and term of the real goods, and with the financial strength and transaction processing ability of the enterprise, and no speculative transactions in any form should be carried out.
The specific provisions are as follows: First, the variety of transactions should be closely related to the main business operation and should not exceed the prescribed business scope. Trading tools should have simple structure, strong liquidity and recognizable risks. Generally speaking, the holding time shall not exceed 12 months or the time stipulated in the physical goods contract, and shall not blindly engage in long-term business or extension.
Second, the annual hedging scale of commodity derivative business does not exceed 90% of the annual physical business scale, and the annual hedging scale of financial derivative business for commodity trade does not exceed 80% of the annual physical business scale. The scale of the net position at the time point shall not exceed the risk exposure of the corresponding physical goods. To implement variety classification management, the scale indicators of different subsidiaries and different trading varieties shall not be borrowed from each other or used together. The establishment, adjustment and cancellation of hedging correspondence should meet the actual needs of production and operation and avoid frequent short-term transactions.
Third, the scale and duration of the currency derivative business should be within the scope of the capital demand contract, and in principle, it should correspond to the capital demand contract one by one.
Fourth, enterprises that have started new business or suffered heavy losses due to illegal operations in previous years should carefully set the business scale and appropriately compress and control it.
Fifth, establish a scientific and reasonable incentive and restraint mechanism, comprehensively judge the profit and loss of financial derivatives and the profit and loss of real goods, objectively evaluate the hedging effect of the business, and do not simply link performance appraisal and salary incentives with the unilateral profit and loss of financial derivatives to prevent one-sided emphasis on the unilateral profit of financial derivatives from leading to speculation.
The relevant person in charge of the State-owned Assets Supervision and Administration Commission said that the Notice further emphasized the essence and principle of hedging on the basis of the original requirements of hedging, insisting on the requirements of the variety of transactions related to the main business, the matching of trading time, scale and direction with the real goods, that is, for the purpose of reducing the risk exposure of the real goods, speculative trading is prohibited; By increasing the total amount and time scale, we will prevent super-scale transactions; By requiring the establishment of scientific incentive and restraint and comprehensive evaluation mechanism of business effect, we can prevent speculative behavior caused by unilateral pursuit of unilateral profit of financial derivative business.
Shi Jianhua, executive director of Beijing Huarong Qiming Risk Management Technology Co., Ltd. said that the Notice put forward the concept of physical goods risk exposure, requiring that the size of positions should not exceed the physical goods risk exposure, and put forward requirements for the establishment of hedging relationships.
Wang Tao, a professor at Shanghai Institute of Advanced Finance, Shanghai Jiaotong University, believes that this is the biggest highlight of the document. "To reduce the risk exposure of physical goods" is an accurate grasp of the essence of hedging and grasps the essence. This can help to distinguish the specific judgment of "matching with the variety, scale, direction and term of the real goods", which not only strictly requires hedging, but also is pragmatic and flexible to the complicated actual situation, and can make the enterprise well-founded in actual operation.
Refine risk control requirements and establish quarterly reporting system
The Notice details the requirements for risk management and control. In terms of monitoring means, increase the requirements for establishing information systems, realize online monitoring, and solidify system regulations; In the aspect of risk early warning, it is required to identify all kinds of risks in time by quantitative and qualitative methods; In emergency treatment, make clear the handling requirements and properly deal with them; In the post supervision, the requirements of audit supervision should be further refined, and the responsibilities and emphases of supervision and inspection of the centralized management department and internal audit department of the Group should be clarified, so as to prevent irregularities and ensure the effective implementation of the system.
In addition, the document requires that independent risk management departments, trading departments and financial departments should be set up, and the principle of separation of posts and personnel in the front, middle and back offices should be strictly implemented. Establish regular rotation and training system. Enterprises that only carry out currency derivative business with low frequency and small business scale may not set up separate risk management departments and trading departments, but the principle of separation of incompatible posts and personnel must be strictly implemented. The risk management department should establish a daily reporting system; The risk management department, the trading department and the financial department should check monthly; The risk management department and the trading department shall report the business development to the management every quarter.
Shi Jianhua said that the document highlighted the role of risk management and risk management organizational structure. The risk management department can clarify the relationship between the physical business of the business department, the risk exposure and the derivative position of the trading department. It is very important for the risk management department to be independent of the business department and the trading department.
In addition, the information system also plays a very important role in hedging compliance and accounting refinement. The information system can identify the risk exposure of the physical goods, solidify the operation of specifying the hedging relationship in advance, and monitor the risks in execution.
You Long, general manager of the risk control department of COFCO, said that the Notice is highly targeted and operational, emphasizing the integrated management of spot and futures and adopting the information-based management and control method, which will effectively guide the central enterprises to improve the risk management system.
Highlight the key links of operation, effectively control and prohibit the person in charge of the enterprise from trading directly.
The relevant person in charge of the State-owned Assets Supervision and Administration Commission said that another new feature of the document is to strictly control the operation of key nodes. Adhere to the principle of separating the front, middle and back office, and strictly manage compliance; Emphasize the requirements of authorization and approval, and strictly guard against ultra vires and illegal operations; Increase margin control requirements, standardize the use of funds, and prevent fund risks.
The Notice stipulates that the risk management department is responsible for business risk monitoring; The financial department is responsible for the monitoring of funds, especially the deposit; The legal department is responsible for the legal risk assessment of the contract text; The audit department is responsible for regular audit supervision. The board of directors or similar decision-making body is responsible for the approval of transaction authorization. Authorization shall specify the list of persons with trading authority, trading varieties and quotas. When the responsibilities of personnel change, the authorization shall be suspended or re-authorized in time. It is strictly forbidden for the person in charge of the enterprise to directly trade. Special management shall be carried out for fund accounts such as margin, the procedures for fund allocation and use shall be standardized, daily monitoring shall be strengthened, and fund risk assessment and stress testing shall be carried out dynamically. Strictly carry out the procedures for examination and approval of margin increase. Financial derivative business shall not be carried out in personal account (or personal name).
Shi Jianhua said that the Notice highlights the authorization mechanism, which is conducive to decomposing the risk limit at all levels of each subject according to the business scale, profitability, professionalism and risk preference of each subject, and can control the risk to the range that the enterprise can bear and realize the "bounded freedom" of enterprise risk management.
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