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CFTC于2011年7月7日正式发布《多德—弗兰克法》第753条,即期货和掉期市场反操纵条款的实施细则,规定任何商品期货与掉期操纵或试图操纵皆属违法;并以“轻率”(recklessness)取代“故意”(intent)作为操纵意图的最低标准,以“终局推定”取代“经济分析”证明存在价格扭曲,从而降低了操纵打击难度,完善了期市反操纵架构。基于美国经验和我国现状,有必要在未来期货立法中明确界定期市操纵及其构成要件,合理分配剩余立法权,建立层次化的证明标准与追责机制。
CFTC officially released July 75, 2011, “Dodd-Frank Act,” Article 753, that is, the implementation of anti-manipulation provisions in the futures and swap markets, requiring any commodity futures and swaps manipulation or attempt to manipulate are illegal; and Replacing “intent” with “recklessness” as the minimum standard for intent to manipulate, replacing “economic presumption” with “final presumption” to justify price distortions, thereby reducing the difficulty of maneuvering combat , Improve the anti-manipulation of the city structure. Based on the experience of the United States and the status quo in our country, it is necessary to clearly define the market manipulation and its constitutional elements in the future futures legislation, rationally allocate the remaining legislative power, and establish a layered standard of proof and accountability mechanism.