CSRC completes draft law on futures industry

The China Securities Regulatory Commission has completed a draft futures law that it plans to submit to legislative authorities, a CSRC spokesman said on Friday.

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Since the start of last year, the CSRC has been helping develop a futures law. In the process, it sought public comment on the issue and studied foreign and domestic futures markets.

"We will submit suggestions on a law to the top legislative body as soon as possible," said Deng Ge, a spokesman for the agency.

The National People's Congress is the top legislative body in China.

The process of passing a futures law began in 2013. It was included in a five-year legislative plan, and a work team was established for the purpose.

Yang Maijun, an NPC delegate and director of the Shanghai Futures Exchange, delivered a proposal on the legislative progress during the second session of the 12th National People's Congress.

China already has laws covering banking, securities, insurance, trusts and funds.

Ouyang Zehua, an NPC deputy and an official at the CSRC, said that it's urgent to launch potato and rice futures.

According to Ouyang, the capital market should support the development of Chinese agriculture and develop more financial tools for agricultural companies.

Four categories of agricultural futures were launched in 2013. A contract for indica rice has been approved by the State Council for launch this year.

The CSRC is also supporting the development of a Chinese crude oil futures market.

The CSRC spokesman also said on Friday that managers of private equity and venture capital funds in China should complete registration procedures at the Asset Management Association of China by the end of April.

Further, Deng said the commission is monitoring the development of asset securitization.

The CSRC has streamlined procedures for administrative examination and approval of such securities.

It will also promote the listing of securitized assets on financial exchanges, the spokesman said.