People's Republic Of China Securities Investment Fund Law

Original Language Title: 中华人民共和国证券投资基金法

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.
People's Republic of China presidential order 71st

People's Republic of China Law on securities investment funds by the People's Republic of China the 30th meeting of the Standing Committee of the 11th NPC on December 28, 2012, amendments have been passed, now revised the People's Republic of China Law on securities investment funds announced that as of June 1, 2013.
People's Republic of China President Hu Jintao
December 28, 2012 People's Republic of China Securities Investment Fund Law

(October 28, 2003 x session of the Standing Committee of the national people's Congress, adopted at the fifth session

December 28, 2012 the 30th meeting of the Standing Committee of the 11th NPC amended) directory

Chapter I General provisions

Chapter Manager

Chapter III Fund custodian

Fourth chapter Fund's mode of operation and organization

The fifth chapter Fund initial public offering

The sixth chapter of publicly raised funds trading, subscription and redemption of fund units

The seventh chapter information disclosure of publicly raised funds and

The eighth chapter of publicly raised funds change, termination of the Fund contract and fund liquidation

Nineth chapter public funds of funds, exercise of share holder rights

The tenth chapter of non-public funds

The 11th chapter fund services

The 12th chapter funds industry association

Supervision and administration of the 13th chapter

14th chapter legal liability
  The 15th chapter by-laws chapter I General provisions

First in order to regulate the activities of securities investment funds, protect the legitimate rights and interests of investors and relevant parties, and promote the development of securities investment funds and capital markets, this law is enacted.

Second article in People's Republic of China territory, public or non-public raised funds established securities investment Fund (following referred to fund), by fund management people management, fund managed people managed, for Fund share holds people of interests, for securities investment activities, applies this method; this method not provides of, applies People's Republic of China Trust method, and People's Republic of China Securities method and other about legal, and administrative regulations of provides.

Third Fund Manager, the Fund custodian and Fund share holders of rights and obligations, in accordance with the law specified in the Fund contract.

Fund Manager and the custodian of the Fund in accordance with this law and the Fund contract agreement, carry out fiduciary duties.

The Fund established through a public fund raising (hereinafter public fund) the Fund share holders by the Fund share holders enjoy benefits and risks through non-public fund established (hereinafter referred to as non-public funds), income allocation and risk assumed by the Fund contract.

Article fourth securities investment fund activity, shall follow the principle of voluntariness, fairness, honesty and credibility, and must not harm the interests of the State and social public interests. Article fifth Fund assets of debt borne by the Fund itself, the Fund share holders is limited to his share of liability of the Fund assets.

But funds otherwise agreed in the contract in accordance with this law, their agreement shall prevail. Fund assets independent of the Fund management and custodian of the Fund's own property.

The Fund Manager, the Fund managed fund assets may not be classified to its own assets.

Fund Manager and the trustee of the Fund as a result of the management, use or any other use of property and proceeds obtained, retained in the Fund assets.

The Fund Manager, the Fund managed by dissolved, is revoked or declared bankruptcy, liquidation, assets of the Fund not part of the assets to be liquidated.

Property claims sixth fund, shall not fund managers, Fund custodian property debt offset by different fund assets of debtor-creditor, shall not be set off against each other.

Article seventh as a result themselves debt shall not be enforceable against the Fund assets.

Eighth fund investment-related taxes, borne by the holders of shares of the Fund, the Fund Manager or other withholding agents in accordance with the relevant provisions of the tax withholding.

Nineth fund management and custodian of the Fund management, use of Fund assets, Fund Services Fund service activities, should fulfill their duties to fulfil, careful due diligence obligations of good faith.

Fund managers use for portfolio investment, shall comply with the prudential rules, formulate a scientific and reasonable investment strategies and risk-management systems, prevent and control risks effectively.

Practitioners should possess the professional qualifications for the Fund the Fund, abide by the laws and administrative regulations, abide by professional ethics and codes of conduct.

Article tenth Fund Manager, the Fund custodian and fund services, securities investment fund industry associations must be appointed in accordance with this law (hereinafter referred to as the Fund Industry Association), industry self-regulation, coordination of industry relationships provide services industry, promote the development of the industry.

11th securities regulatory authority under the State Council shall exercise supervision on securities investment funds activities; its agency mandated to perform his duties.
  Chapter Manager

12th Fund established by law of Corporation or partnership as a.

Fund managers of public funds, the Fund management company or approved by the securities regulatory authority under the State Council in accordance with the provisions of other institutions.

Article 13th to publicly raise the Fund management company of the Fund, subject to the following conditions, and approved by the securities regulatory authority under the State Council:

(A) in accordance with this law and the People's Republic of China company law provisions of the articles of Association;

(B) not less than 100 million yuan of registered capital and paid-up capital must be;

(C) shareholders should have a financial business management or financial institution's good performance, a good financial situation and social prestige, assets meet the standards prescribed by the State Council, did not record the last three years;

(D) personnel qualification obtained funds to achieve a quorum;

(E) the directors, supervisors and senior management staff with appropriate qualifications;

(F) meet the requirements of the business premises, safety precaution facilities and other facilities related to the Fund management business;

(VII) have a good internal governance structure, and improve internal auditing and monitoring system, risk control system;

(H) the provisions of laws and administrative regulations and approved by the State Council of other requirements as prescribed by the securities regulatory authority under the State Council.

14th securities regulatory authority under the State Council shall accept establishment of fund management companies within six months from the date of the application in accordance with this law article 13th conditions and review the principles of prudential supervision, to approve or not to approve the decision and notify the applicant accordingly; not approved, reasons shall be given. Change of fund management companies held 5% more of the equity interest of shareholders, who actually control the transformation of the company, or change other significant matters, shall be approved by the securities regulatory authority under the State Council.

Securities regulatory authority under the State Council shall, within 60 days from the date of the acceptance of the application to approve or not to approve the decision and notify the applicant accordingly; not approved, reasons shall be given.

15th under any of the following circumstances, may not serve as a public fund of funds Manager's directors, supervisors, senior management and other employees:

(A) guilty of embezzlement and bribery, malpractice, property offences, or crimes of disrupting the order of the Socialist market economy, is sentenced;

(B) the firm, company or enterprise has run liquidation or was revoked because of illegal bear personal liability of Directors, supervisors and plant managers, senior managers, since the company's liquidation, bankruptcy ends or within the last five years from the date on which the business license is revoked;

(C) the large amount of personal debt, overdue;

(D) were dismissed for violations of fund managers, Fund custodians, stock exchanges, securities companies, securities registration and clearing institution, Futures Exchange, futures companies and other institutions in China and State functionaries;

(E) for violation of law practising certificate has been revoked or disqualified lawyers, certified public accountants and the asset evaluation agencies, employees of the certification bodies in China, investment consulting;

(F) the laws, administrative regulations, other persons may not engage in the operations of the Fund.

16th public fund managers to raise funds for directors, supervisors and senior management staff, should be familiar with the laws, administrative rules and regulations for securities investment, and have three years relevant work experience in positions with the senior management personnel shall also have the professional qualifications for the Fund.

17th public fund managers to raise funds for legal representatives, management Chief and head of compliance monitoring of elected or permanent secretaries, shall be submitted to the State Council's securities regulatory body in accordance with this law and other relevant laws, administrative regulations, qualifications for review.

18th public fund managers to raise funds for directors, supervisors and senior managers and other employees, themselves, their spouses or interested party for securities investment, and should advance to the Fund Manager declared, and no conflict of interest with the Fund share holders.

Public fund of funds management personnel in the preceding paragraph should be established for the securities investment reporting, registration, inspection, disposal management system, and reported to the securities regulatory authority under the State Council for the record.

19th public fund managers to raise funds for directors, supervisors and senior managers and other practitioners shall not act as custodian of the Fund or any other Fund Manager duties, damage shall not engage in fund assets and fund shareholders ' interests in securities trading and other activities.

Article 20th public fund of funds Manager shall perform the following duties:

(A) to raise funds, handling the sale of fund shares and registration matters;

(B) handle funds filing procedures;

(C) respectively of the Fund managed by property management, accounting, respectively, for securities investments;

(D) in accordance with the Fund contract determines income fund allocation, Fund share holder of income distribution in a timely manner;

(E) for fund accounting and preparation of financial and accounting reports of the Fund;

(F) the preparation of interim and annual reports of the Fund;

(G) the net asset value calculation and announced the Fund and determine the price of subscription and redemption of fund units;

(H) in connection with matters related to disclosure of Fund's asset management operations;

(I) the Fund share holders convened pursuant to the provisions of the General Assembly;

(J) the saving Fund's asset management operations records, account books, reports, and other relevant information;

(11) on behalf of the Fund Manager, and represents the interests of Fund shareholders exercise their litigation rights or carry out other legal acts;
(12) other duties as prescribed by the securities regulatory authority under the State Council.

21st public fund managers to raise funds and their directors, supervisors and senior managers and other practitioners may not be any of the following acts:

(A) will confuse his own property or the property of others in fund assets to invest in securities;

(B) unfair treatment of their fund assets managed;

(C) the use of the Fund assets, or of their positions for the Fund share holders who seek to profit;

(D) pledged to the Fund share holders violation earnings or losses;

(E) to embezzle the Fund assets;

(F) disclose positions to facilitate access to public information, the use of this information or express or implied of others engaged in related activities;

(G) neglects his duties, perform their duties in accordance with the provisions;

(H) the laws, administrative regulations and other acts prohibited by the securities regulatory authority under the State Council.

22nd public fund of funds Manager should establish a sound internal governance structure and clear shareholders, Board of Directors, Board of supervisors and the rights and responsibilities of senior management, ensure fund managers operate independently.

Public fund of funds Manager Professional stock ownership plans can be implemented, and establish effective incentive and restraint mechanisms.

Public fund managers to raise funds of shareholders, directors, supervisors and senior management staff in the exercise of the rights or the performance of their duties, shall follow the principles of Fund shareholders ' interests priority.

Article 23rd public fund of funds managers should manage the funds paid are counted from the risk reserve.

Fund managers of public funds for illegal, in violation of the Fund contract, to fund property or cause loss of Fund shareholders, be liable for damages of can have priority in using a risk compensation.

24th public fund managers to raise funds of shareholders and actual controllers should be in accordance with the provisions of the securities regulatory authority under the State Council fulfil important reporting obligations in a timely manner, and shall not be any of the following acts:

(A) false capital contribution or withdrawal of investment;

(B) failing to shareholders unauthorized interference with the Fund of fund managers or the Board of Directors resolution management;

(C) require fund managers to use Fund assets to profit for themselves or others, damage the interests of share holders of the Fund;

(D) the provisions of other acts prohibited by the securities regulatory authority under the State Council.

Public fund of funds Manager shareholder, actual control of the former Act or no longer meets the conditions of the shareholders, securities regulatory authority under the State Council shall order it to correct within, and may, if the circumstances order the transfer of the holding or controlling shares of the Fund Manager.

Shareholder, actual control of the prescribed in the preceding paragraph in accordance with the requirements to correct violations, the transfer of possession or control before the Fund Manager stake, securities regulatory authority under the State Council restricting its shareholders from exercising the shareholders ' rights.

25th article public raised Fund of fund management people illegal violations, or its internal governance structure, and audit monitoring and risk control management not meet provides of, state securities supervision management institutions should ordered its deadline corrected; late not corrected, or its behavior serious endanger the Fund management people of sound run, and damage Fund share holds people lawful rights and interests of of, state securities supervision management institutions can difference case, on its take following measures:

(A) restrictions on business activity, and ordered to suspend some or all of your business;

(B) limit the distribution of dividends, limited to directors, supervisors, senior management pay, the provision of benefits;

(C) limiting transfers inherent property set in the property or other rights;

(D) the order of change of Directors, supervisors and senior managers or restricting their rights;

(E) order the relevant shareholders to transfer their stock right or restricting its shareholders from exercising the shareholders ' rights. Public fund managers to raise funds after rectification, shall submit a report to the securities regulatory authority under the State Council.

Upon acceptance of the securities regulatory authority under the State Council, complies with the relevant requirements, and shall be checked and the date of lifting of the measures taken in the 3rd.

26th public fund managers to raise funds for directors, supervisors and senior managers failed to due diligence, Fund Manager of material violation or significant risks, can be ordered to replace the securities regulatory authority under the State Council.

27th public fund managers to raise funds illegal operation or there is a serious risk serious harm to order in the market, damage the interests of Fund shareholders, securities regulatory authority under the State Council of the Fund Manager can be ordered closed, other specified agencies managed, taken, cancel fund management regulatory measures such as qualifications or cancel.

28th in the public fund managers to raise funds was ordered closed, managed specified by the law, receivership or liquidation period, or when there is a significant risk, approved by the securities regulatory authority under the State Council, the Fund Manager can be directly responsible for the directors, supervisors, senior management and other personnel to take the following measures:

(A) notified the authorities in accordance with law to prevent their exit;

(B) apply for a judicial organ to prohibit their transfer, assign or otherwise dispose of property, set in the property or other rights.

29th under any of the following circumstances, responsibilities of the Fund managers of public funds end:

(A) cancel Fund Management qualification according to law;

(B) the Fund share holders General Assembly to remove;

(C) dissolved, revoked or declared bankrupt according to law;

(D) other circumstances as stipulated in the Fund contract.

Article 30th public responsibilities of the Fund of fund managers end the Fund share holders shall, within six months, the General Assembly elected the new Fund Manager; before the formation of the new Fund Manager, by the securities regulatory authority under the State Council shall appoint a provisional fund managers.

Public fund of funds Manager duties is terminated, shall keep the Fund management business information, timely procedures for the transfer of the Fund management business, the new Fund Manager or interim manager shall receive in a timely manner.

31st a public fund of funds Manager duties is terminated, shall hire accounting firms to audit the Fund assets in accordance with regulations, and audit results shall be announced and reported to the securities regulatory authority under the State Council for the record.

Articles 32nd to regulate the non-public fund managers to raise funds specific measures by the financial regulatory authority under the State Council in accordance with the principles of this chapter.
  Chapter III Fund custodian

Article 33rd Fund managed by a legally established commercial banks or other financial institutions.

Commercial Bank served as trustee of the Fund, by the securities regulatory authority under the State Council in conjunction with the approved by the banking regulatory agency of the State Council; other financial institutions serve as custodian of the Fund, approved by the securities regulatory authority under the State Council.

Article 34th served as trustee of the Fund, subject to the following conditions:

(A) the net asset and risk control indicators in line with the relevant provisions;

(B) has a specific fund managed sector;

(C) qualifications for fund professionals a quorum;

(D) the conditions for safe custody of assets of the Fund;

(E) secure and efficient clearing and settlement systems;

(F) meet the requirements of the business premises, safety precaution facilities and other facilities in connection with Fund custody business;

(VII) has a comprehensive internal auditing and monitoring system and risk control system;

(H) the provisions of laws and administrative regulations and approved by the State Council securities regulatory bodies, other requirements prescribed by the banking regulatory agency of the State Council.

35th article of the law provided for in 15th, 18th, 19th, and applies to special fund managed fund custodian Department senior managers and other practitioners.

16th provisions of this law, specifically applicable to fund trustees managed the Fund's senior management staff.

Article 36th Fund custodian and the Fund Manager may not be the same agency shall not be funded or hold shares.

37th Fund Trustees shall perform the following duties:

(A) the safe custody of assets of the Fund;

(B) in accordance with the provisions set up fund assets fund accounts and securities accounts;

(C) set to different fund managed by property account, ensure the integrity and independence of Fund assets;

(D) save the operational activities of the Fund records, account books, reports, and other relevant information;

(E) agreed upon in the contract of the Fund, according to the investment fund manager directive, timely clearing and settlement matters;

(Vi) for Fund custody business activity matters related to disclosure;

(VII) to Fund financial reports, issued by the interim and annual reports of the Fund;

(H) review, the review of the calculation of fund managers Fund net asset value and the price of subscription and redemption of fund units;

(I) the Fund share holders convened pursuant to the provisions of the General Assembly;

(10) in accordance with the provisions for the monitoring of the investment operations of the Fund Manager;

(11) other duties as prescribed by the securities regulatory authority under the State Council.

38th custodian found investment fund manager directive violates laws, administrative regulations and other related regulations, or in violation of the Fund contract, should refuse to implement, immediately notify the Fund Manager, and timely reporting to the securities regulatory authority under the State Council.

Fund Trustees found that the Fund Manager transaction program investment directives already in force in violation of the law, administrative regulations and other related regulations, or in violation of the Fund contract, it shall immediately notify the Fund Manager, and timely reporting to the securities regulatory authority under the State Council.

21st and 23rd of the 39th article of the law provides that apply to the Fund Trustees.

40th article Fund managed people no longer has this method provides of conditions, or failed to diligent due diligence, in perform this method provides of duties Shi exists major errors of, state securities supervision management institutions, and state banking supervision management institutions should ordered its corrected; late not corrected, or its behavior serious effect by managed fund of sound run, and damage Fund share holds people interests of, state securities supervision management institutions, and state banking supervision management institutions can difference case, on its take following measures:

(A) restrictions on business activity, and ordered the suspension of new Fund custody business;

(B) be ordered to replace the responsible funds managed the senior managers of the Department.
Fund Trustees after rectification shall be submitted to the State Council securities regulatory institutions, the banking regulatory agency of the State Council submit reports through acceptance, complies with the relevant requirements, and shall be checked and the date of lifting of the measures taken in the 3rd.

41st State Council securities regulatory agencies, the banking regulatory agency of the State Council to fund custodians of one of the following circumstances, you can cancel the qualification of its funds managed:

(A) the absence of Fund custody business for three consecutive years;

(B) violations of the provisions of this law, if the circumstances are serious;

(C) other circumstances as stipulated by laws and administrative regulations.

42nd under any of the following circumstances, responsibilities of the trustee end:

(A) cancel Fund managed by law enforcement qualifications;

(B) the Fund share holders General Assembly to remove;

(C) dissolved, revoked or declared bankrupt according to law;

(D) other circumstances as stipulated in the Fund contract.

Article 43rd responsibilities of the trustee end, the Fund share holders shall, within six months, the General Assembly elected new trustee; before the Trustees of the new Fund, specified by the securities regulatory authority under the State Council temporary custodian of the Fund.

Responsibilities of the trustee end, should keep Fund assets and Fund custody business information, fund assets and Fund custody services in time of transfer, the new custodian or an interim trustee shall receive in a timely manner.

Article 44th of responsibilities of the trustee end, should hire accounting firms to audit the Fund assets in accordance with regulations, and audit results shall be announced and reported to the securities regulatory authority under the State Council for the record.
  Fourth chapter Fund's mode of operation and organization

Article 45th Fund contract shall stipulate the operational modalities of the Fund.

Article 46th the operational modalities of the Fund can be used closed-end, open-end, or otherwise.

Using a closed mode of operation of the Fund (hereinafter referred to as the closed-end Fund), refers to the total amount of fund units in the Fund contract within the time limit fixed, unchanging, redeemed by the Fund share holders cannot apply for funds; the open mode of operation of the Fund (hereinafter referred to as open-end funds), refers to the total amount of fund units is not fixed, the Fund units in the Fund contract can be time and the place of purchase or redemption Fund.

Other modalities of the Fund of fund shares available for sale, trading, purchase methods, shall be separately prescribed by the securities regulatory authority under the State Council.

47th Fund share holders enjoy the following rights:

(A) the property profit sharing Fund;

(B) participate in the distribution upon liquidation of the remaining assets of the Fund;

(C) applications for transfer or redeem their holdings of shares in accordance with law;

(D) in accordance with the provisions calling for the Fund share holders General Assembly or to convene the general meeting of the holders of fund units;

(E) to exercise voting rights in the Fund share holders General Assembly deliberations;

(Vi) on fund managers, Fund custodians, fund services lawsuit damages the legitimate rights and interests according to law;

(VII) the other rights stipulated in the contract.

Public fund of Fund share holders have the right to inspect or copy the public disclosure of fund information; non-public fund shareholders to raise funds against the interests of the person who is entitled to access to the Fund's financial account books and other financial information.

48th general meeting of the holders of fund units consisting of all the holders of shares of the Fund, shall exercise the following powers:

(A) decided to fund capacity expansion to raise or extend the term of the Fund contract;

(B) decided to revise the important contents of the Fund contract or early termination of the Fund contract;

(C) decided to replace the trustee of the Fund Manager, the Fund;

(D) the decision adjusting the remuneration of the trustee of the Fund Manager, the Fund;

(E) other functions stipulated in the Fund contract.

49th article in accordance with the Fund contract, the Fund share holders can establish daily body of the General Assembly, shall exercise the following powers:

(A) convene the general meeting of the holders of fund units;

(B) drew attention to the replacement of the Fund Manager, trustee of the Fund;

(C) to supervise investment operations of the Fund Manager, the Fund managed by hosting activities;

(D) drew attention to the adjustment of the remuneration of the trustee of the Fund Manager, the Fund;

(E) other functions stipulated in the Fund contract.

Daily body provided for in the preceding paragraph, elected by the general meeting of the holders of fund units staff; its rules, by the Fund contract.

50th Conference of the Fund share holders and daily institutions not directly participate in or interfere with the Fund's investment management activities.
  The fifth chapter Fund initial public offering 51st publicly raised funds, should be registered by the securities regulatory authority under the State Council.

Without registration, shall not open or disguised cases of public funds.

Publicly raised funds referred to in the preceding paragraph, including unspecified object to raise funds, raise funds to more than 200 people to a specific object, as well as other circumstances as stipulated by laws and administrative regulations.

Public funds should be managed by the Fund Manager, managed the Fund trustee.

52nd registered publicly raised funds from the Fund Manager to be appointed to the securities regulatory authority under the State Council submit the following documents:

(A) the application;

(B) draft the Fund contract;

(C) draft of the custodian agreement;

(D) the draft prospectuses;

(E) legal opinions issued by the law firm;

(Vi) other documents submitted by the securities regulatory authority under the State Council.

53rd public funds of funds, the contract shall include the following information:

(A) the purpose of raising funds and the name of the Fund;

(B) the Fund Manager, the name and address of the custodian of the Fund;

(C) the mode of operation of the Fund;

(D) term of the closed-end fund shares and the total funds of the Fund contract, or minimum of open-end fund raising total shares;

(E) determined release date, price, and cost principles of fund units;

(F) holders of fund units, fund managers and the rights and obligations of the trustee of the Fund;

(VII) the Fund share holders convened, and the voting procedures and rules of procedure of the General Assembly;

(VIII), trading, selling Fund units subscription and redemption procedure, time, location, cost, and the time and manner of payment of redemption money;

(I) the profit distribution principles and modalities for the implementation of the Fund;

(J) the remuneration of the Fund Manager and the custodian of the Fund extracts, payment methods and proportions;

(11) property and funds management, other costs related to the use of extraction, method of payment;

(12) property investment and investment of the Fund;

(13) the method of calculation of the net asset value of the Fund and the manner of announcement;

(14) the Fund-raising approach does not meet the statutory requirements;

(15) the basis and procedures for dissolution and termination of the Fund contract and liquidation of Fund property;

(16) the dispute;

(17) other matters agreed by the parties.

54th public fund prospectuses to raise funds should include the following:

(A) Fund-raising registration file name and the date of registration of the application;

(B) the Fund Manager and the trustee of the Fund;

(C) summary of the content of the Fund contract and Fund custody agreement;

(D) the date of the sale of fund shares, prices, costs and deadlines;

(E) the sale of fund shares, sale of institutions and the registered organization name;

(Vi) legal opinions issued by law firms and audit CPA firm name and domicile of the Fund assets;

(G) the trustee of the Fund Manager, the Fund paid and the proportion of extraction, method of payment and other related expenses;

(H) the risk disclosure;

(IX) other contents prescribed by the securities regulatory authority under the State Council.

55th securities regulatory authority under the State Council shall receive public funds raised within six months from the date on which the application for registration in accordance with the laws, administrative regulations and review the provisions of the securities regulatory authority under the State Council, made the decision to register or refuse to register and notifies the applicant rejects the registration, it shall explain the reasons.

56th fund raising to the application upon registration in order to sell fund shares.

The sale of fund units, Fund sales by the Fund Manager or their delegate agencies.

57th fund managers should be made public in the three days before the sale of fund units prospectus, the Fund contract and other related files.

The files specified in the preceding paragraph shall be true, accurate and complete.

Promotion of the Fund raising activities, shall comply with the provisions of relevant laws and administrative regulations, this law is not listed in the 78th. Article 58th Fund Manager shall, within six months from the date of receipt of the registration files for fund raising.

Started to raise more than six months, no substantive change has occurred in the original registration matters should be reported to the securities regulatory authority under the State Council for the record; substantial changes should be to resubmit the application for registration the securities regulatory authority under the State Council. Fund raising may not exceed allowed to register the securities regulatory authority under the State Council's fundraising deadline.

Term of the Fund raising since the date on which the sale of fund units. 59th article fund raised term expires, closed fund raised of Fund share total reached granted registered scale of 80% above, open fund raised of Fund share total over granted registered of minimum raised share total, and Fund share holds people number meet state securities supervision management institutions provides of, fund management people should since raised term expires of day up 10th within hired statutory inspection funding institutions inspection funding, since received inspection funding report of day up 10th within, to state securities supervision management institutions submitted inspection funding report

, Handle Fund filing procedures, and shall be published.

60th the money raised during the Fund raising should be deposited in a special account, fund raising before the end, a person shall not be used.

61st investors pay a subscription of shares of the Fund money, the Fund contract; fund managers in accordance with the provisions of this law article 59th to the securities regulatory authority under the State Council to handle Fund filing procedures, the Fund contract entered into force.

Expiry of the term of the Fund raising, does not meet the conditions laid down in article 59th of the Act, the Fund Manager shall assume the following responsibilities:

(A) to his inherent property responsible for collecting debts and expenses incurred;

(B) returned in the 30th after expiry of the term of the Fund raising the amount investors paid, plus the interest on bank deposits.
  The sixth chapter of publicly raised funds trading, subscription and redemption of fund units

Section 62nd for fund units traded, the Fund Manager shall submit an application to the stock exchange, a stock exchange approved according to law, the Parties shall sign a listing agreement.

63rd shares traded, shall comply with the following conditions:

(A) the funds raised in accordance with the provisions of this law;

(B) the Fund contract for a period of five years or more;

(C) the funds raised amount of not less than 200 million Yuan;

(D) the Fund share holders of not less than 1000 people;
(E) the Fund share trading rules under other conditions.

64th Fund share trading rules established by the stock exchange, approved by the securities regulatory authority under the State Council.

After 65th shares traded, any of the following circumstances, the stock exchange to terminate its listing, and reported to the securities regulatory authority under the State Council for the record:

(A) no longer meets the 63rd listing conditions stipulated by this law;

(B) the expiry of the term of the Fund contract;

(C) the Fund share holders General Assembly decides to terminate trading;

(D) the Fund stipulated in the contract or the termination of rules listing the listing of shares of the Fund in other circumstances.

66th mutual fund subscription and redemption of fund units, registration, commissioned by the Fund Manager or fund services firms.

67th Fund Manager should handle the fund shares in each working day subscription and redemption business; agreed by the Fund contract, their agreement shall prevail.

Investors made the purchase payment, purchase was established registration institution recognized Fund share of fund units, purchase in force.

Fund share holders submitting applications for redemption, redemption was established; registration confirmation when redeeming Fund units redeemed force.

68th the Fund Manager shall pay the redemption money, except in the following cases:

(A) the payment of redemption money Fund Manager cannot due to force majeure;

(B) the stock exchange decided to temporarily suspend in accordance with law, leading fund managers cannot be calculated on net asset value of the Fund;

(C) other special circumstances of the Fund contract.

Such circumstances, the Fund Manager shall, on the same day reported to the securities regulatory authority under the State Council for the record.

Disappear after the first paragraph of this article, the Fund Administrator shall pay the redemption money. 69th open-end funds should maintain sufficient cash or Government bonds, for the payment of redemption money Fund share holders.

Assets of the Fund should be kept in cash or Government bonds, prescribed by the securities regulatory authority under the State Council.

70th Fund subscription and redemption prices of shares, according to the subscription and redemption of fund units worth adding, subtracting the relevant costs. 71st net valuation of fund units when an error occurs, fund managers should be corrected immediately, and to take reasonable measures to prevent the loss of further expansion.

Pricing errors to reach net value of fund units at 0.5%, the Fund Manager shall post, and reported to the securities regulatory authority under the State Council for the record.

Net valuation of fund units error caused losses for holders of fund units, Fund shareholders have the right to require fund managers and fund trustee compensation.
  The seventh chapter information disclosure of publicly raised funds and

72nd Fund Manager used for securities investment, except otherwise prescribed by the securities regulatory authority under the State Council shall adopt a portfolio approach.

Portfolio and investment ratio in concrete ways, in accordance with this law and the securities regulatory body under the State Council specified in the Fund contract.

73rd Fund assets should be used for the following investments:

(A) publicly traded stocks, bonds;

(B) prescribed by the securities regulatory authority under the State Council and other securities and derivatives.

74th Fund recorded investment or property may not be used for the following activities:

(A) underwriting securities;

(B) loans or provide guarantees to others of the contravention;

(C) engage in unlimited liability of investment;

(D) the sale of shares of other funds, but unless it is otherwise provided for by the securities regulatory authority under the State Council;

(E) to the trustee of the Fund Manager, the Fund investment;

(Vi) engage in insider trading, manipulating trading prices of securities and other improper securities trading activities;

(G) laws, administrative regulations and other activities prohibited by the securities regulatory authority under the State Council.

Using Fund property sale fund management people, and fund managed people and holding shareholders, and actual control people or with has other major interest relationship of company issued of securities or underwriting period within underwriting of securities, or engaged in other major associated trading of, should followed Fund share holds people interests priority of principles, prevention interests conflict, meet state securities supervision management institutions of provides, and perform information disclosure obligations.

75th fund managers, Fund custodians and other fund information disclosure obligation shall disclose information according to law and guarantee the authenticity, accuracy and completeness of the disclosure.

76th fund information disclosure obligation shall ensure that the information should be disclosed in the securities regulatory authority under the State Council disclosed within the allotted time, and ensure investment in accordance with the Fund contract time and way to inspect or copy the public disclosure of information.

77th public fund information disclosure include:

(A) the prospectus of the Fund, the Fund contract and Fund custody agreement;

(B) the Fund raising;

(C) the announcement the listing of shares of the Fund;

(D) the Fund's net asset value, net value of fund units;

(E) the price of the subscription and redemption of fund units;

(F) the property portfolio of the Fund quarterly reports, financial statements and interim and annual reports of the Fund;

(G) interim report;

(H) the Fund share holders General Assembly resolutions;

(I) the Fund Manager, the Fund managed Special Fund custody Department of the major personnel changes;

(10) involved, fund management business, Fund custody business of litigation or arbitration;

(11) prescribed by the securities regulatory authority under the State Council for additional information that should be disclosed.

78th public disclosure of information and shall not be any of the following acts:

(A) any false record, misleading statements or material omissions;

(B) to predict stock investment performance;

(C) violations committed to gains or losses;

(Iv) slander other fund managers, Fund custodians or fund sales institutions;

(E) the laws, administrative regulations and other acts prohibited by the securities regulatory authority under the State Council.
  The eighth chapter of publicly raised funds change, termination of the Fund contract and fund liquidation

79th in the Fund contract agreement or the Fund share holders of a General Assembly resolution, the Fund can switch modes of operation or merging with other funds.

80th closed-end funds raised expansion or extension of the term of the Fund contract, shall comply with the following conditions, and reported to the securities regulatory authority under the State Council for the record:

(A) the Fund performed well;

(B) the Fund Manager the last two years, no one has been affected by violations of administrative punishment or criminal penalty;

(C) holders of shares of the Fund by resolution of the General Assembly;

(D) the other conditions the provisions of this law.

81st under any of the following circumstances, Fund termination:

(A) the term of the Fund contract expired and not been renewed;

(B) the share holders of the Fund to the General Assembly's decision to end;

(C) the Fund Manager and the responsibilities of the trustee end, within six months without a new fund managers, Trustees of the new Fund to undertake;

(D) other circumstances as stipulated in the Fund contract.

82nd upon termination of the Fund contract, the Fund Manager shall organize liquidation liquidation of Fund property.

Liquidation by fund managers, Fund custodian and intermediary services related to the agencies.

Liquidation liquidation report audited by an accounting firm, after the law firm provide legal opinion letters, filed the securities regulatory authority under the State Council and the announcements.

83rd after the liquidation of the remaining assets of the Fund, should be in accordance with the proportion of shares held by the Fund share holders for distribution.
  Nineth chapter public funds of funds, exercise of share holder rights 84th share holders General Assembly convened by the Fund Manager of the Fund. Daily body of the share holders of the Fund established by the General Assembly, convened by the daily body; the daily body assembled, convened by the Fund Manager.

Fund Manager called up or not according to stipulations cannot be held, convened by the trustee of the Fund.

On behalf of the Fund share holders of the shares 10% per cent of the Fund call for a general meeting of the holders of fund units on the same matter, and the Fund share holders General Assembly daily institutions, fund managers, Fund Trustees were not convened, on behalf of the fund shares 10% per cent of the Fund share holders have the right to call their own, and reported to the securities regulatory authority under the State Council for the record.

Article 85th general meeting of the holders of fund units, the convener shall be announced at least 30th General meeting of the holders of the Fund units held, format of meetings, consideration of the matter, proceedings and voting issues.

Fund share holders the Assembly will not vote on the matter without notice.

86th the Fund share holders can take the site held by the General Assembly, can also take communication meeting.

Each share has one vote, the Fund share holders may authorize an agent to attend the Fund share holders meeting and exercise their right to vote.

87th Conference of the Fund share holders should be represented by more than one-second the Fund share holders to participate in, and to be held. Holders participating in the general meeting of the holders of fund units of fund shares is lower than prescribed in the preceding paragraph, convener in the original announcement of the Fund share holders General Assembly meet for a period of three months, six months, and will reconvene the Fund share holders General Assembly scheduled to consider matters.

Reconvene the Fund share holders should be represented by more than one-third shares held by the General Assembly participants, shall be held.

Fund shareholders who decide on matters under consideration by the General Assembly, shall attend the Fund share holders of voting rights held by at least one-second, but converted the mode of operation of the Fund, replacing Fund Manager or custodian, early termination of the Fund contract, merge with other funds, should attend the Fund share holders of voting rights held by at least two-thirds.

Share holders of the Fund as decided by the Assembly, it shall be reported to the securities regulatory authority under the State Council for the record, and shall be published.
  The tenth chapter of non-public funds

88th non-public funds should be raised to qualified investors, qualified investor shall not be more than 200 new threat definitions.

Qualified investors referred to in the preceding paragraph refers to the required assets or income level, and have the ability to identify the risks and risk-bearing ability, their share of the Fund units and individuals of the subscription amount is not less than the prescribed limits.

Qualified investors ' specific standard prescribed by the securities regulatory authority under the State Council.

89th unless otherwise specified in the Fund contract, non-public fund should be managed by the Fund custodian.
90th served as non-public fund of funds managers, shall discharge to the Fund Industry Association pursuant to the provisions on registration procedures, submit basic information.

91st article without registration, no unit or individual shall not be used as "the Fund" or "Fund" securities investment activities or similar to name, but, except as otherwise provided in laws and administrative regulations.

92nd non-public funds, not to units and individuals to raise funds for qualified investors, not through the press, radio, television, the Internet and other public media, or lectures, briefings, analysis objects, to the specific promotion. 93rd non-public funds, shall make and sign the Fund contract.

The Fund contract shall include the following information:

(A) holders of fund units, fund managers, Fund custodians of rights and obligations;

(B) the mode of operation of the Fund;

(C) the contribution of the Fund, amounts and payment terms;

(D) the scope of the investments of the Fund, the investment policy and investment restrictions;

(E) the income of the Fund distribution, implementation modalities;

(F) the costs related to the Fund;

(G) Fund to provide content and information;

(VIII) transfer of subscription and redemption of fund units or procedures and methods;

(I) the modification, rescission and termination of the Fund contract basis and procedures;

(J) the liquidation of the Fund;

(11) other matters agreed by the parties.

Fund shareholders transfer of fund units shall comply with the provisions of article 88th, 92nd.

94th in accordance with the Fund contract, the non-public funds can be part of the Fund share holders as a Fund Manager is responsible for the investment management activities of the Fund and in the Fund's assets are not enough to pay off its debt to bear unlimited joint and several liability for the debts of the Fund assets.

Non-public funds provided for in the preceding paragraph, the Fund contract shall also set out:

(A) shall bear unlimited joint and several liability of the Fund share holders and other holders of shares of the Fund's name and address;

(B) shall bear unlimited joint and several liability of the Fund share holders removal of condition and replacement programs;

(C) the Fund share holders, exit criteria, procedures, and responsibilities;

(D) shall bear unlimited joint and several liability of the Fund share holders and other holders of shares of the Fund's conversion program. 95th in private fund raising is completed, the Fund Manager shall provide the Fund Industry Association record.

To raise funds or share holders of the Fund the Fund up to the required standard, the fund industry associations should report to the securities regulatory authority under the State Council.

Non-public fund property portfolio, including the sale of public offering of company stock shares, bonds, funds, and other securities as prescribed by the securities regulatory authority under the State Council and its derivatives.

96th fund managers, Fund custodians should be agreed upon in the contract of the Fund, providing funds to the Fund share holders information.

97th specializes in non-public fund managers fund management business, its shareholders, officers, operating period, management of the Fund's assets are in line with the conditions prescribed, approved by the securities regulatory authority under the State Council may engage in public fund management business.
  The 11th chapter fund services

98th engages in public fund sales, sales payments, share registration and valuation, investment consultancy, evaluation, services such as information technology systems fund services business institutions should register in accordance with the provisions of the securities regulatory authority under the State Council or for the record.

99th Fund sales institutions shall fully disclose to investors the investment risks, and the risk appetite of investors sales of Fund products of different risk levels.

100th sale payment institution shall, in accordance with the provisions of the Fund the Fund sales settlement funds of huafu, ensure the safety, timely huafu Fund sales settlement funds. 101th Fund sales settlement fund, separate from the Fund of fund units sales agency, Fund share sales agencies or funds to pay the registration authority of its own property. Fund sales institutions, Fund sales payment institution or the share registrars of bankruptcy or liquidation of the Fund, Fund sales settlement funds, fund shares do not belong to the estate or the liquidation of property.

Not debt as investors themselves or other circumstances as prescribed by law, shall not be sealed up or frozen or deducted or enforced sale settlement funds, funds of the Fund share.

Fund sales institutions, Fund sales the paying agent, the registration authority shall ensure that the Fund of fund units sales settlement funds, Fund share the security, independence, and no unit or individual in any way misappropriating funds settlement funds, fund shares.

102th Fund Services Fund Manager can delegate to handle the Fund's share registration, accounting, valuation, investment advisers and other matters, Fund Services Fund Trustees can delegate to handle fund accounting, valuation, review and other matters, but fund managers, Fund custodians shall bear the responsibility should not exempt because of the delegate. 103th Fund share registry registration data in electronic media, is the Fund share holders rights are based.

The pledge of shares of the Fund share holders to fund, pledge registration agency for the registration of the pledge established share Fund. Fund share the registration organ shall keep registration data, and the Fund share holders name, identity and details of fund units, such as data backup to institutions identified by the securities regulatory authority under the State Council.

Their retention fund accounts shall not be less than 20 years from the date of cancellation.

Fund share registration agency shall ensure the registration data is true, accurate, complete, and shall not conceal, forged, tampered with or damaged.

104th investment advisory bodies and their employees to provide investment advisory services, should have a reasonable basis, to truthfully its service capacity and performance shall not in any way promise or guarantee return on investment, shall be without prejudice to the legitimate interests of clients.

105th Fund rating agency and its employees should be objective and fair, business rules set by the Fund evaluation operations in accordance with law and not misleading investors, prevent the possibility of a conflict of interest. 106th fund managers, Fund custodians, fund services, information technology systems, shall comply with the specified requirements.

Can ask the securities regulatory authority under the State Council information technology systems and services provide related information of the information technology systems. 107th law firm or accounting firm to accept Fund Manager, commissioned by the Fund custodian, for activities related to the operations of the Fund issuing legal opinions and audit reports, internal control evaluation reports and other documentation, should be conscientious, on the content of documents on the basis of authenticity, accuracy, and completeness of verification and certification.

Its production, the documents issued by any false record, misleading statement or material omission, causing losses to others shall bear joint and several liability with the client.

108th fund services should be conscientious, scrupulously fulfill your duties and establishment of emergency risk management systems and disaster recovery systems, shall not be disclosed and the Fund share holders, investment operations of the Fund related to the non-public information.
  The 12th chapter funds industry association

109th fund industry association is a self-regulatory organization of the securities investment fund industry, is corporate social groups.

Fund managers, Fund Trustees should join the Fund Industry Association, fund services may join the Fund Industry Association.

110th the Fund Industry Association the General Assembly composed of all members of the authority. The Fund Industry Association set up a Council.

Members of the Council under the provisions of the Constitution by elections.

111th statute enacted by the General Assembly of the Fund Industry Association, and reported to the securities regulatory authority under the State Council for the record.

112th the Fund Industry Association shall perform the following duties:

(A) education and organization members to comply with the laws and administrative regulations relating to securities investment, protect legal rights of investors;

(B) shall safeguard the legitimate rights and interests of members, reflecting the members ' suggestions and requests;

(C) the development and implementation of self-regulation rules, supervise and inspect the members and its practice in China, for violation of rules of discipline and the Association's statutes and disciplinary action in accordance with the provisions;

(D) developing standards of practice and business norms, organizations in China engaged in testing, quality management and business training;

(E) providing membership services, organizing exchanges, promote industry innovation, industry advocacy and investor education activities carried out;

(F) between the Member and the Member's Fund business mediation for disputes with customers;

(VII) in accordance with the law of the non-public funds registration and filing;

(VIII) other duties as prescribed by the articles of the Association.
  Supervision and administration of the 13th chapter

113th securities regulatory authority under the State Council shall perform the following duties:

(A) develop activities relating to securities investment fund supervision and management regulations, rules, and to exercise its right of approval, approval or registration;

(B) apply for funds for the record;

(Iii) to fund managers, fund trustees and other bodies engaged in monitoring activities of securities investment fund management, to investigate the violations and shall be published;

(D) developing eligibility criteria for fund employees and codes of conduct, and supervise their implementation;

(E) supervision and inspection fund information disclosure;

(F) directing and overseeing the activities of the Fund Industry Association;

(VII) other duties stipulated by laws and administrative regulations.

114th securities regulatory authority under the State Council shall perform their duties, the right to take the following measures:

(A) for fund managers, Fund custodians, fund services for on-site inspections and request its business to submit relevant information;

(B) suspected violations site investigation and evidence gathering;

(C) asking the parties and relating to the case under investigation units and individuals that require clarification on matters relevant to the case under investigation;

(D) check out, copy, and investigations relating to the property right registration, communication records and other information;

(E) consult and copy parties and events under investigation units and individuals related to securities transactions, transfer registration records, financial information and other relevant documents and information may be transferred, concealment or destruction of documents and information, can be sealed;
(Vi) queries the parties and relating to the case under investigation unit and individual bank account, securities account and funds account; the evidence that has been or may be transferred or conceal illegal funds, securities or other property involved or concealing, forging or destroying important evidence, approved by the securities regulatory authority under the State Council in charge can be frozen or seized;

(G) in the investigation of market manipulation, insider trading and other major securities offences, approved by the securities regulatory authority under the State Council in charge, you can limit the events under investigation party or dealing in securities, but shall not exceed a period of 15 days; case is complex, and can be extended by 15 days.

115th staff of the securities regulatory authority under the State Council shall perform their duties, to an investigation or inspection, and shall be at least two people, and shall show the legal documentation; to keep strictly confidential all business secrets obtained in the investigation or inspection duties.

116th staff of the securities regulatory authority under the State Council should be devoted to their duties, in accordance with the law, impartiality and integrity and accepts their oversight, may not take advantage of their positions for personal gain.

117th at the securities regulatory authority under the State Council shall perform their duties, by units and individuals shall cooperate with the investigation, inspection, provide relevant documents and information, and shall not refuse or obstruct and hide.

118th securities regulatory authority under the State Council shall perform their duties, finding an unlawful act of a crime, cases should be transferred to judicial organs for handling.

119th staff for the duration of the securities regulatory authority under the State Council, or after separation in the People's Republic of China within the time limit prescribed by the public service Act, shall not be regulatory bodies to undertake their duties.
  14th chapter legal liability 120th in violation of the provisions of this law, without approval to set up fund management companies or unauthorized public fund management business, the securities regulatory body be banned or be ordered to correct, confiscate the illegal income and illegal gains more than 1 time penalty of five times; no illegal income or the illegal income is less than 1 million Yuan, and a fine below 100,000 yuan and 1 million Yuan.

Managers directly responsible and other persons directly responsible for warning and fined 30,000 yuan and 300,000 yuan. Fund management company violates this law, alter 5% more of the equity interest of shareholders, the actual controller or other matters of importance, correction, confiscation of illegal proceeds and illegal gains more than 1 time penalty of five times; no illegal income or the illegal income is less than 500,000 yuan, and fines of between 50,000 yuan and 500,000 yuan.

Given to officers directly in charge of warning and fined a maximum of between 100,000 yuan and 30,000 yuan.

121th Fund Manager of the directors, supervisors and senior managers and other practitioners, fund managed Special Fund custody Department senior managers and other practitioners, in accordance with the first paragraph of article 18th declared, correction, penalty of between 100,000 yuan and 30,000 yuan.

Fund managers, fund trustees in violation of the provisions of the second paragraph of article 18th, correction, fines of between 100,000 yuan and 1 million Yuan; directly responsible in charge and other direct liable persons in a warning, suspension or revocation of professional qualifications for the Fund, and fines of between 30,000 yuan and 300,000 yuan.

122th article fund management people of Director, and prison thing, and senior management personnel and other practitioners, fund managed people of specifically Fund managed sector of senior management personnel and other practitioners violation this method 19th article provides of, ordered corrected, confiscated illegal proceeds, and at illegal proceeds 1 time times above five times times following fine; no illegal proceeds or illegal proceeds insufficient 1 million yuan of, and at 100,000 yuan above 1 million Yuan following fine; plot serious of, revoked Fund practitioners qualification.

123th Fund Manager, the Fund's custodian violates the provisions of this law, no property management or split custody of the Fund, correction, fines of between 50,000 yuan and 500,000 yuan; directly responsible in charge and other direct liable persons in a warning, suspension or revocation of professional qualifications for the Fund, and fines of between 30,000 yuan and 300,000 yuan. 124th article fund management people, and fund managed people and Director, and prison thing, and senior management personnel and other practitioners has this method 21st article by column behavior one of of, ordered corrected, confiscated illegal proceeds, and at illegal proceeds 1 time times above five times times following fine; no illegal proceeds or illegal proceeds insufficient 1 million yuan of, and at 100,000 yuan above 1 million Yuan following fine; fund management people, and fund managed people has above behavior of, also should on its directly is responsible for of competent personnel and other directly responsibility personnel give warning,

Qualifications for suspension or withdrawal of funds, and fines of between 30,000 yuan and 300,000 yuan. Fund Manager and the trustee of the Fund and its directors, supervisors and senior managers and other employees to embezzle the Fund assets and the property and proceeds obtained, retained in the Fund assets.

However, otherwise stipulated by laws, administrative regulations, in accordance with its provisions.

125th article fund management people of shareholders, and actual control people violation this method 24th article provides of, ordered corrected, confiscated illegal proceeds, and at illegal proceeds 1 time times above five times times following fine; no illegal proceeds or illegal proceeds insufficient 1 million yuan of, and at 100,000 yuan above 1 million Yuan following fine; on directly is responsible for of competent personnel and other directly responsibility personnel give warning, suspended or revoked Fund or securities practitioners qualification, and at 30,000 yuan above 300,000 yuan following fine.

126th article without approved, unauthorized engaged in fund managed business of, ordered stop, confiscated illegal proceeds, and at illegal proceeds 1 time times above five times times following fine; no illegal proceeds or illegal proceeds insufficient 1 million yuan of, and at 100,000 yuan above 1 million Yuan following fine; on directly is responsible for of competent personnel and other directly responsibility personnel give warning, and at 30,000 yuan above 300,000 yuan following fine.

127th Fund Manager, the Fund's custodian violates the provisions of this law, mutual capital or shares, correction can be fined a maximum of 100,000 yuan. 128th in violation of the provisions of this law, openly or in disguised form of publicly raised funds without authorization, shall be ordered to stop and return of the proceeds and bank deposits plus interest, confiscate the illegal income, raise funds and premises less than 1% 5% fine.

Managers directly responsible and other persons directly responsible for warning and fines of between 50,000 yuan and 500,000 yuan.

129th article violation this method 60th article provides, use raised of funds of, ordered returned, confiscated illegal proceeds, and at illegal proceeds 1 time times above five times times following fine; no illegal proceeds or illegal proceeds insufficient 500,000 yuan of, and at 50,000 yuan above 500,000 yuan following fine; on directly is responsible for of competent personnel and other directly responsibility personnel give warning, and at 30,000 yuan above 300,000 yuan following fine.

130th article fund management people, and fund managed people has this method 74th article first paragraph first items to fifth items and seventh items by column behavior one of, or violation this method 74th article second paragraph provides of, ordered corrected, at 100,000 yuan above 1 million Yuan following fine; on directly is responsible for of competent personnel and other directly responsibility personnel give warning, suspended or revoked Fund practitioners qualification, and at 30,000 yuan above 300,000 yuan following fine. Trustee of the Fund Manager, the Fund acts in the preceding paragraph, use of property and income derived from the assets of the Fund will go to fund property.

However, otherwise stipulated by laws, administrative regulations, in accordance with its provisions.

131th Fund Manager, the Fund managed a 74th sixth provision in the first paragraph of this law, except in accordance with the People's Republic of China outside the relevant provisions of the Securities Act, are directly responsible for the charge and the other persons suspension or revocation of professional qualifications for the Fund.

132th article fund information disclosure obligations people not law disclosure fund information or disclosure of information has false records, and misleading sex statement or major missed of, ordered corrected, confiscated illegal proceeds, and at 100,000 yuan above 1 million Yuan following fine; on directly is responsible for of competent personnel and other directly responsibility personnel give warning, suspended or revoked Fund practitioners qualification, and at 30,000 yuan above 300,000 yuan following fine.

133th Fund Manager or custodian does not convene the Fund share holders pursuant to the provisions of the General Assembly, shall be ordered to correct, may be fined a maximum of 50,000 yuan; directly responsible in charge and other direct liable persons in a warning, suspension or revocation of professional qualifications for the Fund. 134th in violation of the provisions of this law, without registration, using the "Fund" or "Fund" securities investment activities or similar name, confiscate the illegal income and illegal gains more than 1 time penalty of five times; no illegal income or the illegal income is less than 1 million Yuan, and a fine below 100,000 yuan and 1 million Yuan.

Managers directly responsible and other persons directly responsible for warning and fined 30,000 yuan and 300,000 yuan. 135th in violation of the provisions of this law, non-public fund raising is completed, fund managers are not filed, fines of between 100,000 yuan and 300,000 yuan.

Managers directly responsible and other persons directly responsible for warning and fined a maximum of between 100,000 yuan and 30,000 yuan. 136th in violation of the provisions of this law, to qualified investors outside the unit or personal non-public funds or transfer of funds, confiscate the illegal income and illegal gains more than 1 time penalty of five times; no illegal income or the illegal income is less than 1 million Yuan, and a fine below 100,000 yuan and 1 million Yuan.

Managers directly responsible and other persons directly responsible for warning and fined 30,000 yuan and 300,000 yuan. 137th in violation of the provisions of this law, public fund services business to raise funds without authorization shall be ordered to correct, confiscate the illegal income and illegal gains more than 1 time penalty of five times; no illegal income or the illegal income is less than 300,000 yuan, and a fine below 100,000 yuan and 300,000 yuan.

Managers directly responsible and other persons directly responsible for warning and fined a maximum of between 100,000 yuan and 30,000 yuan. 138th Fund sales institutions without fully revealing investment risks and misleading to investors buy Fund products commensurate with their risk taking ability, fines of between 100,000 yuan and 300,000 yuan in serious cases, ordered to stop the Fund services business.
Managers directly responsible and other persons directly responsible for warning, revocation of professional qualifications for the Fund, and fined a maximum of between 100,000 yuan and 30,000 yuan.

139th huafu Fund sales of Fund sales payment authority is not in accordance with the provisions of settlement funds, fines of between 100,000 yuan and 300,000 yuan in serious cases, ordered to stop the Fund services business.

Managers directly responsible and other persons directly responsible for warning, revocation of professional qualifications for the Fund, and fined a maximum of between 100,000 yuan and 30,000 yuan. 140th misappropriation of funds settlement funds or fund shares shall be ordered to correct, confiscate the illegal income and illegal gains more than 1 time penalty of five times; no illegal income or the illegal income is less than 1 million Yuan, and a fine below 100,000 yuan and 1 million Yuan.

Managers directly responsible and other persons directly responsible for warning and fined 30,000 yuan and 300,000 yuan. 141th Fund share registry is not properly saved or backup registration data of fund units shall be ordered to correct, given a warning and a fine below 100,000 yuan and 300,000 yuan in serious cases, ordered to stop the Fund services business.

Managers directly responsible and other persons directly responsible for warning, revocation of professional qualifications for the Fund, and fined a maximum of between 100,000 yuan and 30,000 yuan. Share registration Department concealed, forged, tampered with, damaged share registration data, correction, fines of between 100,000 yuan and 1 million Yuan and ordered to stop the Fund services business.

Managers directly responsible and other persons directly responsible for warning, qualifications for withdrawal of funds, and fines of between 30,000 yuan and 300,000 yuan. 142th fund investment advisers, Fund rating agency and its employees in violation of the law of investment advisers, Fund evaluation services, fines of between 100,000 yuan and 300,000 yuan in serious cases, ordered to stop the Fund services business.

Managers directly responsible and other persons directly responsible for warning, revocation of professional qualifications for the Fund, and fined a maximum of between 100,000 yuan and 30,000 yuan. 143th information technology systems and services agencies failing to provide information to the securities regulatory authority under the State Council information technology system, or provide false information, there are major omissions of information technology systems, correction, penalty of between 100,000 yuan and 30,000 yuan.

Directly responsible for the charge and the other persons be given a warning and a fine of between 10,000 yuan and 30,000 yuan. 144th public accounting firms, law firms are not conscientious and documents issued by any false record, misleading statement or material omission, correction, confiscation of revenues and business licences suspended or revoked, and revenues more than 1 time penalty of five times.

Managers directly responsible and other persons directly responsible for warning and fined a maximum of between 100,000 yuan and 30,000 yuan. 145th, fund services has not been established emergency response, risk management systems and disaster recovery system, or leaks and the Fund share holders, fund investment and operation of relevant non-public information, fines of between 100,000 yuan and 300,000 yuan in serious cases, ordered to stop the Fund services business.

Managers directly responsible and other persons directly responsible for warning, revocation of professional qualifications for the Fund, and fined a maximum of between 100,000 yuan and 30,000 yuan.

146th in violation of the provisions of this law, property, Fund shareholders or investors to the Fund for damage caused, shall bear the liability for damages.

Fund Manager, the Fund managed in the course of fulfilling their duties, violation of this law or the Fund contract, the damage caused to property or funds of the Fund share holders should be legally undertake the compensation responsibility for their acts, respectively; common cause damage to property or funds of the Fund share holders shall bear joint and several liability.

147th security regulatory institution for dereliction of duty, abuse, deception or taking advantage of his position the solicitation or acceptance of other people's property, shall be given administrative sanctions.

148th refuses or obstructs the securities regulatory bodies and their staff shall exercise supervision and inspection, terms of reference did not use or threat of violence, shall be subject to administrative penalties for public security.

149th in violation of laws, administrative regulations or the relevant provisions of the securities regulatory authority under the State Council, if the circumstances are serious, the State Council securities regulatory authority on the persons concerned to take measures for securities market into the.

150th in violation of the provisions of this law, to constitute a crime, criminal responsibility shall be investigated according to law.

151th in violation of the provisions of this law, shall bear civil liability for and payment of fines and penalties, the property is not enough for payment at the same time, bear civil liability.

152th in accordance with the provisions of this law, fund managers, fund trustees, fund services shall bear civil liability for and payment of fines and penalties, by the Fund Manager, the Fund Trustees, fund services with his inherent property.

Collection of fines and penalties in accordance with law and confiscated illegal income, should all be turned over to the State Treasury.
  The 15th chapter by-laws

153th articles in the People's Republic of China territory to raise investment in foreign stock funds, as well as in domestic securities investment by qualified foreign investors shall be subject to approval by the securities regulatory authority under the State Council, and the specific measures formulated by the State Council securities regulatory authority in conjunction with the relevant departments under the State Council, the State Council for approval.

154th publicly or privately raised funds, securities investment activities carried out for the purpose of setting up the Corporation or partnership, assets managed by fund managers or general partners, its securities investment activities of this law shall apply. 155th this law shall come into force on June 1, 2013.