Public offering of securities investment fund interim measures for the supervision and management of the risk reserve
(September 24, 2013, the China Securities Regulatory Commission announced come into force on January 1, 2014, 94th) Chapter I General provisions
First to protect public investment Fund (hereinafter referred to as the Fund), the legitimate rights and interests of share holders, enhancing ability of industrial risk prevention, promoting the Fund Administrator and custodian standard business and sustainable development, in accordance with the securities investment fund law and other related laws and regulations, these measures are formulated.
Article in China legally established fund managers and custodians, should income from fund management fees or custodian fees concerning the risk reserve. Article the risk reserve is mainly used for make up for fund managers or trustees illegal, violating the Fund contract, operator error or for technical reasons such as failure to fund property or damage caused by the Fund share holders, as well as the China Securities Regulatory Commission (hereinafter referred to as the China Securities Regulatory Commission) for other uses.
Risk provisions are insufficient to compensate for these losses, the Fund Manager and the custodian shall use other owned property for compensation.
Fourth the CSRC on fund managers and custodian risk provisioning, investment operations, use activities, such as supervision and management.
Chapter extraction, management, and use of risk reserve Fifth Fund Manager should be a monthly management fee income from the Fund into risk reserves, set aside shall not be less than 10% of the Fund management fee income. Risk reserve balance reaches last quarter when the management of the Fund's net asset value 1% can no longer extract.
Risk reserve balance above the upper end of management 1% of the net asset value of the Fund, fund managers may apply for out of part of the funds, but the risk reserve balance shall not be lower than the last quarter after management of the Fund's net asset value 1%. Sixth fund custodian shall monthly hosting fee income from the Fund into risk reserves, set aside shall not be less than 2.5% custody fee income. Risk reserve balances reached 0.25% in the previous quarter managed net asset value of the Fund can no longer extract.
Risk reserve balance is higher than last quarter managed net asset value of the Fund 0.25%, custodian of the Fund can apply for some of the funds, but out of the risk reserve balance shall not be less than 0.25% in the previous quarter managed net asset value of the Fund.
Seventh section of China Securities Regulatory Commission, according to the Fund Manager a comprehensive evaluation requires comprehensive evaluation of lower, more prominent Fund Manager risk increased risk provisions made or make up for a certain amount of risk provisions at once. Eighth fund managers and custodians shall select a fund managed qualified commercial banks (hereinafter referred to as depository bank) opened a dedicated risk reserve account (hereinafter referred to as risk reserve account) for risk reserve collection, deposit and payment.
The accounts must not be mixed with other types of accounts, and shall not hold other funds.
Bank Custodian shall not open a risk reserve account at the Bank. Nineth Fund Manager should be the risk reserve accounts and extraction, transfer of risk, such as the program notifies the appropriate custodian.
Fund Trustees should be every month and huafu fund management while managing costs, will set aside risk reserves into the corresponding risk reserve account.
Fund Trustees should huafu Fund custodian custody fee of each month at the same time, will set aside risk reserves into the corresponding risk reserve account. Tenth Fund Manager when there is a need to use risk reserves, shall be subject to the relevant Fund Trustees after a review, referred to the risk reserve depository bank.
Fund managers should use risk reserves within 2 business days after the written report on the China Securities Regulatory Commission, and fund managers to monitor audits shall be specified in the quarterly report. Fund Trustees when situations occur that need to use risk reserves, shall be subject to the relevant Fund Manager review, referred to the risk reserve depository bank.
Fund Trustees should use risk reserves within 2 business days after the written report on the China Securities Regulatory Commission and fund managed hosting business operations shall be specified in the quarterly report. 11th risk reserve was court sealing up, distraining, freezing or enforcement, risk reserve depository bank and fund managers and custodians shall report immediately to the CSRC.
Thus affecting the use of risk or risk reserves decline, the Fund Manager and the custodian shall, within 5 working days to be filled.
12th risk metal special-purpose funds, fund managers and custodians may not in any form of squatting, misappropriation or borrow.
Chapter III risk investment operation 13th under the prerequisite of ensuring the safety and liquidity, fund managers and custodians can be extracted independently of the risk reserve investment management or certain forms of investment.
Risk investment should follow the principle of diversification of investment, prior agreement the investment proportion of the investment limit. 14th Fund Manager risk reserves can be invested in bank deposits, Treasury bonds and Central Bank notes, the central enterprise bonds, financial bonds issued by the central financial institutions, as well as other investments prescribed by the CSRC.
Risk reserve account shall be kept no less than risk reserves total 10% cash or Government bonds maturity within a year.
Custodian risk reserves investment management activities in line with industry regulators on the basis of the relevant provisions in the light the above requirements. 15th all types of risk reserves investment management investment gains or losses should be included in risk management.
Risk investment operation and use of the various fees and taxes can be borne by the risk reserve.
16th risk reserves invested in to the managers or the trustee-managed fund, or to compensate for property-related losses and other statutory purposes of the Fund, it shall be disclosed in periodic reports to the relevant Fund.
17th risk reserves invested in managers or trustees managed the Fund, the Fund Manager or fund managed according to law as the Fund share holders to the holders of shares of the Fund to the General Assembly a motion, but involving the managers or the trustee voting matters of interest should be avoided.
Supervision and administration of the fourth chapter
18th fund managers and custodians shall establish a complete risk management system, extract, transfer of risk, investment management, use, payment and other procedures in making the required and retained for future reference. 19th the Fund management and custodian risk management system should be submitted to the depository bank of the risk reserve.
Risk reserve depository bank shall make a complete specification of risk reserve account monitoring and management rules on fund management and custodian risk reserves of extraction, investment operations and supervise the collection, use, and ensure the safety of deposits, extraction, operation and complies with the relevant regulations.
20th risk reserve depository bank shall, within one month from the date of the end of each year, submitted to the China Securities Regulatory Commission on annual risk reserves kept by extraction, investment management, payments, balance at the end of the special report.
Fund managers and custodians should managers to monitor audit annual reports and managed people who managed the business operations of an annual report on the risk reserve for the last year's extraction, investment management, use and balance at the end of a special explanation. 21st article on no according to provides extraction, and management or using risk reserves of fund management people, and managed people, China SFC can law on its take ordered corrected, and temporarily not accepted and administrative license about of file, administrative regulatory measures; on directly is responsible for of competent personnel and other directly responsibility personnel, take regulatory talk, and issued warning letter, and finds for not appropriate candidates, administrative regulatory measures; law should to administrative punishment of, in accordance with about provides for administrative punishment; suspected crime of, law transferred judicial organ,
Criminal responsibility shall be investigated.
The fifth chapter supplementary articles 22nd article this way come into force on January 1, 2014. Concerning fund management company of the extraction of notification on the relevant issues of the risk reserve (Jian Zi 154 number), the modification of fund management companies to extract risk provisions relating to notice of the decision of (the CSRC announcement 46) repealed simultaneously.