我国期货法的定位及其与《证券法》之关系——一种立法论的进路

On the Position of the Futures Law in China and its Relationship with the Securities Law:A Legislative Perspective

期货法的定位、特别是与《证券法》之关系不仅仅是一个理论问题,更是一个本土化的实践问题。域外多样化的期货立法模式反映了各国不同的经济与金融市场发展路径,近年来一些国家将期货监管规则纳入大证券法或者金融商品立法中,是与其强调金融期货的地位以及金融市场监管一体化的背景密切相关的。在我国,与实体经济持续发展相适应的期货市场以及大宗商品市场存在的问题、金融衍生交易快速发展的诉求以及过往证券交易与衍生品交易混杂所产生的弊端,赋予了现阶段将期货法与证券法分别立法以正当性基础。独立的期货法可以明确衍生交易独特的交易机理、法律关系与监管框架,从而最大限度地发挥期货交易的功能,有效地保护投资者、特别是公众投资者的利益。

The position of the Futures Law in the system of the financial laws and regulations,esp.it's relationship with the Securities Law,is mainly a local and practical issue rather than a theoretical topic.There exit a variety of choices among different countries based on their specific economic and market conditions.Some countries prefer in recent years to publish a comprehensive Securities Law or Financial Commodity Act to absorb the traditional Futures Act,mainly due to their emphasis on the function of financial futures contract and the unified regulatory system on the financial market.China's situation is different.The commodity future market and forward contract market matched to the China's economy have raised a lot of issues which need a Futures Law to deal with.In addition,the quick development of financial derivatives and the chaos emerging from the derivatives transaction in the traditional securities exchange all call for a Futures Law to clarify the line between the securities market and the derivatives market.It is the role of the Futures Law to set up the legal basis and regulatory mechanism for the derivatives transaction and protect the investors efficiently.