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Administrative Measures On Sales Of Securities Investment Fund

Original Language Title: 证券投资基金销售管理办法

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(20th of June 25, 2004, the China Securities Regulatory Commission, issued as of July 1, 2004) Chapter I General provisions article in order to regulate the sale of securities investment funds, and promote the healthy development of the securities investment fund market, according to the securities investment fund law and other relevant laws, administrative regulations, these measures are formulated.
    Second securities investment funds in these measures (hereinafter referred to as the Fund), including Fund Manager or fund management authorized by other agencies (hereinafter referred to as a distribution agent) Promotion Fund for the sale of fund shares, any activity such as subscription and redemption of fund units.
    Third Fund Manager, to sell the Agency to engage in fund sales activities shall abide by the laws, administrative regulations, and the China Securities Regulatory Commission (hereinafter referred to as the China Securities Regulatory Commission), and must not harm national interests, public interests and the legitimate rights and interests of investors.
    Article fourth Fund Manager, to sell the agency engaging in fund sales activities shall abide by the Fund contract and fund distribution agreement, the Parties shall, following the principles of openness, fairness, impartiality, honesty and trustworthiness, diligence, abide by professional ethics and codes of conduct.
    Fifth China Securities Regulatory Commission and the Agency in accordance with the laws, administrative regulations and these regulations, supervision and management of Fund sales activities.
    Sixth fund industry associations in accordance with the law and administrative regulations, the provisions of the China Securities Regulatory Commission and self-regulatory rules, self-regulation of Fund sales activities.
    Chapter funds to sell its seventh Fund sales by the Fund Manager is responsible for processing; fund managers can delegate access to other agencies to handle the Fund distribution business qualifications, without its fund distribution business qualifications body shall not accept the Fund Manager entrusted to handle Fund sales.
    Eighth commercial banks, securities companies, securities investment consultation institutions, dedicated Fund sales institutions and other institutions provided for in the China Securities Regulatory Commission may apply to the CSRC for fund distribution business qualifications.
    Nineth article commercial banks application Fund sell business qualification, should has following conditions: (a) capital sufficient rate meet state banking supervision management institutions of about provides; (ii) has specifically is responsible for Fund sell business of sector; (three) financial status good, operation Specification stable, recently three years within no for illegal violations behavior by administrative punishment or criminal punishment; (four) has sound of corporate governance structure, and perfect of internal control and risk management system, and get effective implementation;
    (Five) has and fund sell business phase adapted of business places, and security prevention facilities and other facilities; (six) has security, and efficient of handle Fund sale, and purchase and redemption business of technology facilities, Fund sell business of technology system has and fund management people, and fund managed people, and fund registration institutions corresponding of technology system for has online, and networking test, test results meet national provides of standard; (seven) developed has perfect of business process, and sales personnel practice industry conduct, and emergency processing measures, Fund sell business management system;
    (VIII) the company and its main branch the Department responsible for the Fund distribution business qualifications for Fund workers not less than the number of employees in the sector one-second, Department management personnel professional qualifications for the Fund had been made, become familiar with its fund distribution business, and have engaged in more than two years the Fund business, or five years of experience in securities, financial services, and (IX) other conditions stipulated by the CSRC.
    Tenth Article securities company application Fund sell business qualification, except has this approach Nineth article subsection (ii) items to subsection (nine) items provides of conditions outside, also should has following conditions: (a) net capital, financial risk monitoring index meet China SFC of about provides; (ii) recently two years no misappropriated customer assets, damage customer interests of behavior; (three) No for illegal violations behavior is was regulatory institutions survey, or are in rectification during;
    (D) not have occurred or are likely to affect the normal operation of the company's major changes, or other important matters such as litigation and arbitration.
    11th article securities investment advisory institutions application Fund sell business qualification, except has this approach Nineth article subsection (ii) items to subsection (nine) items and tenth article subsection (three) items, and subsection (four) items provides of conditions outside, also should has following conditions: (a) registered capital not below 20 million Yuan Yuan, and must for real paid capital; (ii) senior management personnel has made Fund practitioners qualification, familiar Fund sell business, and has engaged in two years above fund business or five years above securities, and financial business of work experience;
    (C) engaged in securities investing consulting business more than three full fiscal years; (d) the last three years investors engaged in securities trading act. 12th article professional fund sales institutions application Fund sell business qualification, except has this approach Nineth article subsection (three) items to subsection (seven) items, and tenth article subsection (three) items and subsection (four) items, and 11th article subsection (a) items and subsection (ii) items provides of conditions outside, also should has following conditions: (a) has meet provides of organization name, and organization institutions and business range; (ii) main funded people is law established of continued business three a above full fiscal year of corporate, registered capital not below 30 million Yuan Yuan,
    Financial condition and operation stability, for the past three years by the administrative punishment or criminal penalties for violations; (c) the personnel qualification obtained funds of no less than 30 people, and the number of employees not less than one-second and (iv) other conditions stipulated by the CSRC.
    13th agency application for fund distribution business qualifications, application materials shall be submitted in accordance with the provisions of the CSRC.
    Applications involve significant changes in the matter of the application materials, the applicant shall, within five working days from the date of change submitted to the China Securities Regulatory Commission updates.
    14th the CSRC in accordance with the provisions of the administrative licensing law, accept an application for fund distribution business qualifications and review, make a decision.
    15th the CSRC based on prudent regulatory principles, may appoint an expert to evaluate the applications for fund distribution business qualifications.
    16th according to law must apply for business registration, the applicant shall, upon receipt of the approval documents to the administrative organ for industry and commerce in accordance with the relevant provisions of alteration registration procedures.
    Third chapter Fund publicity promotion material 17th article this approach by said fund publicity promotion material, is refers to for promotion fund to public distribution or announced, makes public can General get of written, and electronic or other media of information, including: (a) public published information; (ii) publicity single, and manual, and letters, oriented public of publicity information; (three) poster, and outdoor advertising; (four) TV, and movie, and broadcast, and Internet information and the other audio, and communications information; (five) China SFC provides of other material.
    The 18th Fund Manager and Fund of fund distribution agency promotion materials, should be given by the Fund Manager Inspector checks and issue compliance submissions, and submitted to the China Securities Regulatory Commission for the record.
    Since the China Securities Regulatory Commission within 20 working days from the date of receipt of the archival materials, according to the review, issue written opinions of dissent. 19th article Fund publicity promotion material must real, and accurate, and Fund contract, and fund recruitment manual match, shall not has following case: (a) false records, and misleading sex statement or major missed; (ii) forecast the Fund of securities investment performance; (three) violations commitment Returns or bear loss; (four) denigrated other fund management people, and fund managed people or fund sell institutions, or other fund management people raised or management of Fund; (five) exaggerated or one-sided publicity Fund, violations using security, and guarantee, and commitment
    , Insurance, safety, security, high income, no risk, may make investors think that there is no risk of words, (vi) recommended text publishing units or individuals; (VII) other circumstances prohibited by the CSRC.
    20th Fund promotion material can be posted to the Fund, the past performance of other funds managed by fund managers, but the Fund except for less than six months of the entry into force of the contract.
    Fund publicity promotion material posted past performance, Fund contract entered into force six months above but discontent a years of, should posted from contract entered into force of day up calculation of performance; Fund contract entered into force a years above but discontent ten years of, should posted since contract entered into force when began all full fiscal year of performance, publicity promotion material announced day in second half of of, also should posted when first half of degrees of performance; Fund contract entered into force ten years above of, should posted recently ten a full fiscal year of performance.
    21st article Fund publicity promotion material posted the Fund, and fund management people management of other Fund of past performance, should comply with following provides: (a) according to about legal, and administrative regulations of provides or industry recognized of guidelines calculation Fund of performance performance data; (ii) reference of statistics data and information should real, and accurate, and indicate source, shall not reference without verified, and yet occurred or simulation of data; (three) real, and accurate, and reasonable to expressed fund performance and fund management people of management level;
    Shall be approved by the Fund custodian of fund performance data review.
    Posted 22nd Fund promotion materials of the Fund, the past performance of other funds managed by Fund Manager, the Fund Manager shall in particular, the Fund's past performance is not indicative of its future performance, the performance of other funds managed by fund managers do not constitute a guarantee of performance of the new Fund.
    23rd Fund promotion materials to compare the performance of different funds, you should use a comparable sources of data, statistical methods and the comparison period and relevant data sources, statistical methodology should be fair, accurate, and relevance.
    24th the Fund attached statistical tables of promotion materials, should be clear and concise; refer to third-party professional evaluation results, shall identify the third party's name and date of assessment of professional bodies.
    25th Fund promotion material should contain clear and bold risk warning and warning text and enable investors easily overlooked in the reading process, to remind investors of the investment risk, read the Fund contract and fund prospectus carefully, understand the Fund's specific situation.
    Article 26th Fund promotion materials containing content of the Fund approved by the China Securities Regulatory Commission, special declaration should be approved by the China Securities Regulatory Commission does not mean that the China Securities Regulatory Commission on the Fund's risks and benefits of making substantive judgments, recommendations or guarantees.
    Fourth chapter 27th a Fund Fund sales manager should be in the Fund contract and prospectus containing item charge sales fees, conditions and modes, rates set forth in the prospectus.
    28th fund managers sell fund shares, to raise funds, you can charge a subscription fee, but rates must not exceed 5% of the subscription amount.
    Fund Manager of open Fund units subscription, you can charge a subscription fee, but 5% of rates shall not exceed purchase amount.
    Subscription fee and subscription fee may be charged at the time of sale or purchase of fund units, can also be deducted at the time of redemption from redemption.
    29th the Fund Manager of open Fund units redeemed shall charge redemption fees, except as otherwise provided by the China Securities Regulatory Commission.
    Redemption rate shall not exceed the amount of redemption of fund units 5%, redemption fees, after deducting fees, the balance shall not be less than 25% of the total redemption fees, and should be included in the Fund assets.
    Article 30th fund managers according to the investors ' subscription amounts or purchase amounts, the number of apply different subscription or purchase fee rates.
    31st the Fund Manager can choose to redeem pay subscription fees or purchase fees the Fund share holders, according to the period of holding fund shares apply different subscription or purchase fee rates.
    32nd fund managers can according to the term of the Fund share holders holding fund shares apply different redemption fee rates.
    Article 33rd Fund Manager can open both sales and service fees, continued sales and services for the Fund the Fund share holders, specific measures prescribed separately by the China Securities Regulatory Commission.
    Article 34th fund industry association may stipulate in the self-discipline rule minimum standards for Fund sales charges.
    Fifth chapter sales business standard article 35th fund managers, the distribution agent shall establish a sound and effective implementation of Fund sales systems and systems of continuous training sales personnel, strengthen Fund sales business compliance operations and sales personnel conduct inspections and supervision.
    Article 36th Fund Manager, to sell the Agency shall set up and improve the Fund share holders account and capital account management system, as well as the Fund share holders of capital access program and licensing examination and approval system.
    37th Fund Manager, the distribution agent shall establish and improve file management system, keep the Fund share holders of the account information and other information relating to the sale, shelf life of not less than 15 years.
    38th dedicated Fund sales institutions shall only engage in the Fund distribution business, except as otherwise provided by the China Securities Regulatory Commission.
    39th Fund administrators authorize others to handle Fund sales business, entrusted body shall obtain the Fund distribution business qualifications.
    Without the Fund Manager or distribution agent appointment, an officer shall not engage in sales activity; engaging in promotion activities should also be made of the Fund the Fund qualifications.
    40th Fund Management Commission agency for Fund sales, shall enter into a written agreement to sell and arrange the payment rate and manner, clearly the rights and obligations of both parties without written distribution agreement, a distribution agent may handle Fund sales.
    Distribution agent shall fund distribution business qualifications of five prominent positions in fund sales outlets may not delegate others to handle Fund sales.
    Fund managers to sell the Agency to engage in fund sales activities have the duty of supervision and inspection, found that sell the Agency Fund for illegal sales, shall stop; the circumstances are serious, shall be rescinding distribution agreement.
    41st fund raising applications until they have been approved by the China Securities Regulatory Commission, the Fund Manager, the distribution agent may handle Fund sales business, may not be available to the public, publish promotion materials of the Fund or sell fund shares.
    42nd fund managers Fund promotion material should be responsible for the content, ensure that the distribution to the public, published material and record the same material.
    Fund promotion materials used to sell the Agency, should be consistent with the recorded material, the Fund Manager shall review the materials used, check the distribution agent.
    Article 43rd fund managers, the distribution agent shall have the Securities Investment Fund custody business qualified commercial banks opened account associated with the Fund sales, and supervision by the funds in the bank accounts.
    Fund managers to raise funds during the Fund raising should be deposited in a special account, fund raising before the end, a person shall not be used.
    44th open-end Fund after the entry into force of the contract, the Fund Manager, the distribution agent shall, in accordance with the laws and administrative regulations, the China Securities Regulatory Commission and Fund contracts, distribution agreement, the Parties shall handle the subscription and redemption of fund units, not allowed to stop processing of fund units for sale or reject the investors ' subscription and redemption.
    Article 45th Fund Manager, the distribution agent shall, in accordance with the Fund contract contract and prospectus rules to charge investors sales charges and accounting, bookkeeping; fund managers, agencies without funds to sell the contract, shall not be extra charge to investors without prospectus set forth the notice and shall not apply different rates to different investors.
    The Fund Manager shall, in accordance with the agreement to sell the contract to sell the Agency paid, and truthfully accounting and bookkeeping.
    Article 46th Fund Manager, the distribution agent shall be kept confidential by law, investor, may leak investors buy, sell, hold fund shares or other information.
    47th article fund management people, and sell institutions engaged in fund sales activities, shall not has following case: (a) to exclusion competition opponents for purpose, down Fund of charges level; (ii) take draw, and rebate or sent real, and insurance, and Fund share, way sales Fund; (three) to below cost of sales rates sales Fund; (four) raised during on subscription fee discount; (five) commitment using Fund assets for interests conveying; (six) misappropriated Fund share holds people of subscription, and purchase, and redemption funds;
    (VII) the circumstances provided for in article 19th; (VIII) other circumstances prohibited by the CSRC.
    Sixth supervision and management and legal liability of the 48th the Fund Manager shall from the date of signing distribution agreement in the 7th, the distribution agreement submitted to the China Securities Regulatory Commission.
    49th the inspector should inspect the Fund of fund managers to raise funds during sales activities in compliance with the conditions, and since the end of fundraising within 10th of preparing special reports, to be archived for future reference.
    50th Fund Manager inspector should check the compliance of Fund sales activities on a regular basis, in the monitoring of audit special instructions in the quarterly report and submitted to the China Securities Regulatory Commission.
    51st the CSRC and its agencies to fund managers, fund distribution agency engaging in fund sales activities for regular or irregular checks, fund managers, fund distribution agencies should cooperate.
    52nd fund managers, to sell the Agency in violation of the rules, the China Securities Regulatory Commission and its agencies can order the rectification, suspension related businesses; directly responsible in charge and other direct liable persons can take regulatory talks or issue a letter of warning, credited to credit file, pause to perform his duties, identified as not suitable for related positions, such as administrative controls.
    53rd fund managers, to sell the Agency and its Director is directly responsible for personnel and other persons directly responsible for violations of these rules in fund sales activities, CSRC in accordance with the laws and administrative regulations of the administrative penalty stipulated by laws and administrative regulations do not make, and administrative penalties in accordance with the regulations; a suspected crime, transferred to the judicial organs according to law, investigation of his criminal responsibility.
    The 54th commercial bank, securities company, securities investment consultation institutions, dedicated Fund sales institutions and other bodies prescribed by the CSRC to apply for fund distribution business qualifications, withholding relevant information or provide false materials, the China Securities Regulatory Commission was inadmissible; has been accepted, rejected, and a warning.
    The 55th without its fund distribution business qualifications, unauthorized start-up fund sales business, correction, and subject to a warning, a fine; directly responsible in charge and other direct liable persons, subject to a warning, fine.
    56th article professional fund sales institutions not according to this approach 38th article of provides franchise Fund sell business, or sell institutions not according to this approach 40th article second paragraph of provides provisioning qualification proved file or violation provides, delegate other institutions on behalf of handle Fund sales of, ordered corrected, and sentenced warning, and fine; plot serious of, ordered suspended or terminated Fund sell business; on directly is responsible for of competent personnel and other directly responsibility personnel, sentenced warning, and fine.
    57th Fund Manager who contravenes the provisions of paragraph one of this article 39th commissioned without the Fund distribution business qualifications bodies to handle Fund sales, correction, and subject to a warning, a fine; directly responsible in charge and other direct liable persons, subject to a warning, fine.
    58th article fund management people, and sell institutions engaged in fund sales activities, has following case one of of, ordered corrected, single at or and at warning, and fine; on directly is responsible for of competent personnel and other directly responsibility personnel, single at or and at warning, and fine: (a) violation this approach 39th article second paragraph of provides, allows without appointment of personnel sales Fund or not made Fund practitioners qualification of personnel publicity Promotion Fund; (ii) not according to this approach 40th article first paragraph of provides signed written sell agreement; (Three) violation this approach 41st article of provides, unauthorized to public distribution, and announced Fund publicity promotion material; (four) not according to this approach 42nd article of provides using Fund publicity promotion material; (five) not according to this approach 43rd article of provides open State and fund sales about of account; (six) violation this approach 44th article of provides, unauthorized stop handle Fund share sale or refused to investors of purchase, and redemption; (seven) not according to this approach 45th article first paragraph of provides charged sales costs and accounting
    , Billing, and (VIII) not in accordance with the provisions of the present article 46th as investors keep a secret; (I) engaged in the practices prohibited by article 47th acts; (j) is not in accordance with the provisions of the present article 51st combined with the China Securities Regulatory Commission and its agencies carry out supervision and inspection.
    To sell the Agency violated provisions of the preceding paragraph, if the circumstances are serious, shall be ordered to suspend or terminate its fund distribution business.
    59th article fund management people engaged in fund sales activities, has following case one of of, ordered corrected, single at or and at warning, and fine; on directly is responsible for of competent personnel and other directly responsibility personnel, single at or and at warning, and fine: (a) not according to this approach 40th article third paragraph of provides perform supervision check obligations; (ii) not according to this approach 45th article second paragraph of provides to sell institutions paid paid and accounting, and accounting; (three) not according to this approach 48th article of provides submitted sell agreement;
    (D) is not in accordance with the provisions of the present article 49th for self-examination, and prepare a special supervisory audit report (v) has not been checked in accordance with the provisions of the present article approaches the 50th legal compliance fund sales activities, and special instructions.
    60th to sell the Agency had been ordered to suspend its fund distribution business, during the pause may not engage in the following activities: (a) entering into a new distribution agreement, (ii) Promotion Fund; (iii) sale of fund shares; (d) handle the purchase of fund units.
    Distribution Agent is ordered to terminate its fund distribution business, it shall cease Fund sales activities.
    Distribution Agent is ordered to suspend or terminate its fund distribution business, fund managers should properly handle relevant investor fund share subscription and redemption, the conventions and in accordance with the distribution agreement, legally required to sell the Agency to compensate the loss. Seventh chapter supplementary articles article 61st these measures shall take effect on July 1, 2004.
                                                  China SFC on agent securities investment fund sales business of commercial banks perfect internal collection rules control system and employees behavior specification of guide views (card prison sent [2001]150,), and on securities company handle open Fund sell business about problem of notification (card prison Fund word [2002]33,), and securities investment fund sales management provisional provides (card prison Fund word [2002]66,) while abolition.