法律环境的不确定性制约我国股指期货的推出

The Indetermination of Law Environment Restricts the Issuance of Stock Index Futures in China

我国股指期货推出的法律环境面临诸多不确定因素,一方面,《证券法》、新《期货交易管理条例》、《关于审理期货纠纷案件若干问题的规定》、《刑法》和新《破产法》、《中国金融期货交易所交易规则》的颁布和修订,为强化市场监管提供了强有力的法律依据;另一方面,现有法律体系在交易所规则的效力、会计制度、税收制度、净额结算、交易所的性质、透支交易、交易信息的送达、期货公司的举证责任、涉外期货等方面规定不明确,应对相关法律进行修改、梳理和完善,并在刑法典中增加虚假陈述罪、非法经营期货业务罪、泄漏内幕信息罪和挪用期货保证金罪等内容。

China faces many factors of indetermination in law environment for the issuance of stock index futures. On one hand, the promulgation and revision of ＂Securities Law＂, new ＂Regulations on Futures Transaction Administration＂, ＂Provisions Concerning the Trials in Futures Dispute Cases＂, ＂Criminal Law＂, ＂Bankruptcy Law＂ and ＂Trading Rules of Financial Futures Exchange in China＂ have provided powerful legal warranties to enhance the market supervision. On the other hand, it is unclear in the existing legal systems concerning the validity of the rules set by bourses, accounting system, taxation system, net sum to balance accounts, nature of bourses, overdraft transactions, delivery of trade information, onus probandi of futures company, foreign-related futures, etc., all of which need revising, combing and improving. It suggests that such crimes as misrepresentation, illegal management of futures business, disclosure of inside information, embezzlement of futures deposit should be added in the penal code.