For more information, see the following links:
http://www . cfachina . org/ggxw/XHGG/2020 12/p 02020 120 1644 193 145233 . pdfwww . cfachina . org
BACKGROUND: In order to fully implement the spirit of the Fifth Plenary Session of the 19th CPC Central Committee, in accordance with the deployment of the the State Council Financial Committee of "Resolutely rectifying all kinds of financial chaos, comprehensively supervising financial activities according to law and effectively preventing risks", and fulfilling the requirements of the CSRC system to play a more active role, the Association conducted in-depth industry research, fully solicited opinions from all sides, earnestly summed up practical experience, and referred to mature practices at home and abroad, and drafted the draft of "Administrative Measures for Intermediaries of Futures Companies (Trial)" for comments. According to the principle of "respecting the status quo, finding out the base, problem-oriented, relying on data and standardizing management" and guided by "unified management and standardized management", the draft for soliciting opinions aims to strengthen the self-discipline management of intermediary cooperation between futures companies and institutions and natural persons other than securities companies, standardize the behavior of intermediary institutions, protect the legitimate rights and interests of investors and promote the healthy development of the futures industry.
Here are some ideas to interpret:
Chapter II Article 6 Conditions for Institutional Cooperation A futures company shall conduct intermediary cooperation with institutions that meet the following conditions:
Among them, (2) Recommend the futures companies whose latest classification rating is not lower than that of Class B BBB to join the China Futures Association as associate members.
Other conditions: intermediary institutions can sign intermediary contracts with no more than three futures companies at the same time. The latest classification rating of futures companies cooperating with institutions shall not be lower than that of Class B BBB.
It can be seen that the requirements for agency intermediation are higher, and the requirements for futures companies that want to sign agency intermediation are higher. At the same time, it is stipulated that an intermediary can sign up for up to three futures companies, which was unrestricted in the past. I used to want to sign 149 futures companies, but now I can't.
Chapter II Conditions for Personal Cooperation Article 7 A futures company shall conduct intermediary cooperation with individuals who meet the following conditions:
Among them, (4) obtaining a certificate of qualification examination for futures practitioners;
In the past, the futures practice certificate was only the entry threshold for futures practitioners, and futures intermediaries were not strictly futures practitioners. However, due to the consideration of industry norms, this management method has higher requirements for futures intermediaries and is a threshold. Anyone who has worked as an intermediary knows that the intermediary is actually a good part-time job. It can be said that as long as you have contacts and introduce customers to futures companies, the commission you get is quite high. Take one of my own brokers as an example. From June this year to now, I calculated today. In five or six months, I have got a commission of 370,000 yuan, which is a very considerable income.
But everything has advantages and disadvantages, and there is no threshold for intermediaries. The hidden danger is that the complaints caused by intermediary customers increase and the industry management becomes more difficult. Therefore, it is required that the intermediary should hold relevant certificates in the future.
Chapter IV Article 16: Intermediary Remuneration An intermediary contract shall stipulate that the intermediary shall have the right to receive intermediary remuneration after successfully inducing investors to sign futures brokerage contracts with futures companies, and specify the calculation method and payment method.
The total brokerage fees confirmed by a futures company at full cost each year shall not exceed 50% of the total net income of futures brokerage business generated by customers under all brokerage names of the company. The remuneration paid to brokers based on a single customer shall not exceed the net income of futures brokerage business generated by that customer. A futures company shall not pay intermediary remuneration to an intermediary institution that fails to register information according to the regulations, and shall not pay intermediary remuneration to an intermediary institution in excess or in disguise.
Brokers should submit invoices or receipts with invoice nature that meet the requirements. Futures companies can issue invoices for individuals and withhold and remit relevant taxes and fees.
This piece should be the most concerned issue for brokers. As mentioned above, the intermediary can still be done. Temporary associations are not across the board, but are more demanding. But is it profitable to do it now? This article explains. But in general, it is vague. The expenses of intermediaries are mainly divided into the return of the exchange, the return of net retained expenses, and even the return of some funds that may generate interest, which are returned to intermediaries in proportion. That is to say, the proportion of returns to brokers in the future can not exceed 50%, so as to meet the standards, and it is also specially added that the remuneration of brokers can not be overpaid or overpaid in disguise. The purpose is to prevent vicious competition among futures companies and make the industry unhealthy. However, futures companies may have relevant policies on how to meet the standards set by the interim association. Generally speaking, the profits of intermediaries have declined, but there is still a lot of room for profit.
Chapter V Article 22: Return visit requires the designated personnel of the futures company to pay a return visit to the customers under the broker's name by telephone recording, video recording and other appropriate means, and make a complete record, and there shall be no induced statements during the return visit. The person in charge of customer return visit shall not be an intermediary.
To put it simply, the brokerage firm clearly stated that the brokerage customer knew that he was in the name of the brokerage firm, and the customer completed the first return visit 24 hours after opening the account, and the customer confirmed the following contents of the return visit before trading. The contents of the return visit include, but are not limited to, confirming whether the customer handles the account opening formalities in person, whether the customer is introduced by the brokerage firm, whether the customer knows that the brokerage firm is not an employee of the futures company and confirms the specific identity information of the brokerage firm, whether the customer understands the rights and obligations of the brokerage firm and the prohibited behavior, whether the brokerage firm has prohibited behavior, whether the customer knows that the broker's remuneration will be drawn from the customer's handling fee, and whether the customer knows the complaint dispute handling mechanism.
Chapter VII Article 37: The management of transition period The transition period shall be 12 months from the date when these Measures are officially promulgated. During the transition period, the futures company shall not add any institutions or individuals that do not meet the requirements of this Exchange to carry out intermediary cooperation. For the institutions and individuals within the duration of the contract, which do not meet the provisions of these measures, the futures company shall complete the termination of the contract and related aftermath during the transition period. Upon the expiration of the transition period, if it is found through inspection that the futures company does not meet the requirements of these measures, the association will give disciplinary action in accordance with relevant regulations.
Write these first. Generally speaking, if you want to be a futures broker in the future, you must first make textual research. Nothing can be said without a certificate.