Public Administrative Measures For The Operation Of Securities Investment Funds

Original Language Title: 公开募集证券投资基金运作管理办法

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Public administrative measures for the operation of securities investment funds

    (March 10, 2014, Chairman of the China Securities Regulatory Commission for the 29th business meeting July 7, 2014, the China Securities Regulatory Commission announced on August 8, 2014, 104th promulgation) Chapter I General provisions

    First in order to regulate public offering securities investment funds (hereinafter referred to as the Fund) operations, protect the legitimate rights and interests of investors, promote the healthy development of the securities investment fund market, according to the securities investment fund law and other relevant laws, administrative regulations, and these measures are formulated.

    Second approach applies to fund raising, the subscription and redemption of fund units and transactions, fund investments, the Fund allocation of proceeds, the convening of the general meeting of the holders of fund units, as well as other operational activities of the Fund.

Article engaged in operational activities of the Fund, shall abide by the laws, administrative regulations, and the China Securities Regulatory Commission (hereinafter referred to as the China Securities Regulatory Commission), and follow the principles of voluntariness, fairness, honesty and credibility, and must not harm the interests of the State and social public interests.

    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.

The fourth China Securities Regulatory Commission and the Agency in accordance with the laws and administrative regulations, the provisions of these measures and the principle of prudent supervision, supervise and administer the operations of the Fund. Registration review of the China Securities Regulatory Commission on the Fund raising to complete and content compliance as a basis, with full disclosure and investor suitability as the core to strengthen investor protection and guard against systemic risk as its goal. China's securities investment fund is not value and market prospect of substantive judgment or guarantees.

    Investors should carefully read the fund prospectus and Fund contract and other disclosure documents, independent judgment Fund's investment value, make investment decisions independently and bear the investment risk.

    Fifth securities investment fund industry associations (hereinafter referred to as the Fund Industry Association) according to the provisions of laws and administrative regulations, the China Securities Regulatory Commission and the self-regulatory rules, self-regulation of Fund activities.

    Chapter fund raising

Sixth section raised funds, fund managers, fund trustees to be appointed subject to the following conditions:

(A) the Fund Manager to be appointed for the law established by the Fund management company or other institution approved by the China Securities Regulatory Commission, fund trustees to be appointed as fund custodian qualified commercial banks or other financial institutions approved by the China Securities Regulatory Commission;

(B) meet the requirements of the China Securities Regulatory Commission, and the management and managed to be adapted to the Fund managers, business people;

(C) no major violation within the last year, major credit subject to administrative punishments or criminal penalty;

(D) not illegal, dishonest behavior under investigation by regulators, Office-bearers of the judiciary reconnaissance, or during the rectification;

(E) recently submitted to the China Securities Regulatory Commission within one year of registration applications for material does not contain any false record, misleading statements or material omissions;

(Vi) does not exist on the operation of the Fund has caused or is likely to cause significant adverse effects changes, or other important matters such as litigation and arbitration;

(G) there is no governance structure is not sound, operation management, internal control and risk management system cannot be effective implementation, deterioration of the financial situation and other important operational risks;

    (VIII) other conditions stipulated by the CSRC based on prudent regulatory principles.

Article seventh to raise funds, intended to raise fund shall meet the following conditions:

(A) there is a clear and legitimate investments;

(B) specific mode of operation of the Fund;

(C) in line with the China Securities Regulatory Commission on the provisions of the Fund;

(D) the draft legal documents such as contracts, prospectuses for the Fund in accordance with laws, administrative regulations and the provisions of the China Securities Regulatory Commission;

(V) and investment fund name indicates that the Fund's category feature, without damaging the State interests and public interests, fraud and misleading investors, or other violations of the legitimate rights and interests of others;

(F) the prospectus is true, accurate and complete disclosure required for investors to make investment decisions for important information, does not contain any false record, misleading statement or material omission, language is concise and easy to understand, practical, in line with investors ' understanding.

(G) consistent with the characteristics of the Fund's investors of appropriate management systems, with clear investor positioning, identification and assessment of the implementation of investor suitability arrangement method, clear alert content;

(H) the Fund investment management, marketing and other business links, registration and valuation system, code of conduct, technical system ready, does not affect the normal operation of the Fund, damages or may damage the Fund share holders of legal rights, could trigger a systemic risk situation;

    (IX) other conditions stipulated by the CSRC. Article eighth Fund Manager applications to raise funds, shall, in accordance with the securities investment fund law and application materials on the China Securities Regulatory Commission is due.

Applications administration since being accepted starting point, Fund Manager and the custodian of the Fund and the related intermediary application materials for the need for authenticity, accuracy, completeness, bear the corresponding legal responsibility.

Application materials for the Fund of legal opinions and other documents issued by agencies, should be conscientious, on the basis of the documents and materials of the authenticity, accuracy, and completeness of verification and certification. After accepting the application materials, related content should not be changed.

    Applications involve significant changes in the matter of the application materials, the Fund Manager shall, within five working days from the date of change submitted to the China Securities Regulatory Commission updates.

    The Nineth CSRC in accordance with the administrative licensing law and the securities investment fund law provisions of 55th to receive fundraising registration and review, make a decision to register or refuse to register and notifies the applicant rejects the registration, it shall explain the reasons.

    Tenth in registering, the China Securities Regulatory Commission may seek funds industry association, stock exchanges, securities registration and clearing institutions and views for registered review reference.

    11th Fund raising period of fund units may not exceed three months from the date of sale.

12th Fund expires, raising total fund units meet the requirements of article 59th of the securities investment fund law, and to the following conditions, Fund Manager should be in accordance with the provisions of the verification and filing procedures of the Fund: fund raising total share of not less than 200 million fund raised amount of not less than 200 million Yuan Fund share holders of not less than 200 people. Funds are not subject to the above restrictions. Fund was launched, Fund Manager at the time of collection, use of shareholders funds, own funds of the company, the company's senior management staff or the Fund Manager capital subscription Fund of not less than 10 million Yuan, and holding period of not less than three years.

    Fund of funds launched three years after the entry into force of the contract, if the net asset value of the Fund less than 200 million Yuan, the Fund contract shall be automatically terminated.

13th the CSRC since receiving the Fund Manager capital verification report and the archival materials of the Fund be confirmed in writing within three working days from the date of; from the date of written confirmation by the CSRC, Fund registration formalities completed, the Fund contract entered into force.

    Fund Manager shall on receipt of confirmation by the CSRC shall be announced the next day.

    Disclosure during the 14th fund-raising fees, accounting fees, Attorney's fees and other costs, shall not be paid from the Fund assets Fund charges a subscription fee, from subscription fees were charged.

    Chapter III the subscription and redemption of fund units and transactions 15th open funds of funds should be stipulated in the contract, and set out in the prospectus share Fund Manager handling the Fund subscription and redemption dates of business (hereinafter referred to as the opening day) and time.

    Fund managers at the time of subscription and redemption of fund units operations, should follow the principles of Fund share holders interests, purchase when it damage the interests of the holders shall be promptly suspended purchase business. 16th open-ended fund the Fund contract may stipulate a Fund Manager since the Fund within a certain period after the effective date of the contract does not apply for redemption but agreed period shall not exceed three months, and should be set out in the prospectus.

    But except for the Special Fund provided by the CSRC. 17th open-end Fund subscription and redemption prices of shares, according to the subscription and redemption of fund units worth adding, subtracting the relevant costs.

Shares of open-end Fund subscription and redemption prices calculation method should be in the Fund contract and set out in the prospectus. Net value of mutual fund shares, shall after the closure of each open day, date of the net asset value of the fund divided by the number of shares of the Fund balance calculation.

    Specific calculation methods shall be set out in the contract and prospectus of the Fund.

The 18th Fund Manager shall not be in addition to the Fund contract date or time for the subscription and redemption of fund units, or conversion.

    Investors of the Fund contract date and time for subscription, redemption or conversion requests, next time its price of subscription and redemption of fund units for handling Fund units subscription and redemption time opening day price. 19th when investors purchase fund shares, you must purchase amount in full 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.

But except for the Special Fund provided by the CSRC. Corresponds to a specific index of investment portfolio or other investment fund contract the subject matter of the open-end funds, their share of the fund securities, can be combined with cash or fund other to subscription and redemption prices stipulated in the contract. Price of the subscription and redemption of fund units according to the Fund's portfolio and determine the net purchase fund shares, the specific calculation methods shall be set out in the contract and prospectus of the Fund.

    Listed transactions, purchase and redemption of fund units and financial settlement should be in line with the securities exchanges and securities registration and settlement organizations, such as the relevant provisions.

20th the Fund Manager shall receive investors subscription and redemption applications within three working days of the date, and to confirm the validity of the subscription and redemption, but except for the Special Fund provided by the CSRC.

    Fund Manager shall receive investors effective redemption application within seven working days from the date of the payment of redemption money, except for the Special Fund provided by the CSRC.

Open Fund 21st after the Fund contract may stipulate the Fund reaches a certain size, fund managers are no longer accepting applications for subscription or purchase, it should be stated in the prospectus. Fund Manager during the Fund raising may not adjust the scale of the Fund the Fund contract.

    After the entry into force of the Fund contract and fund management in accordance with the Fund contract agreement, adjusted the size of the Fund, but it should be 3rd notice in advance, and to update the prospectus.

    22nd open the Fund contract may be for a single fund share holders of fund shares or set the limit on the number, but should be set out in the prospectus.

23rd single open-end Fund open day redemption applications for more than 10% of the total share of the Fund, as a large redemption, but except for the Special Fund provided by the CSRC.

    Occurrence of large redemption of open-end funds, fund managers go through the redemption of shares shall not be lower than the total share of the Fund on the day of the 10%, on the rest of the redemption applications may delay processing.

The 24th occurrence of large redemption of open-end funds, Fund Manager for a single fund share holders of redemption request, shall in accordance with its application to redeem shares total share on applications for redemption, determine the date of a single fund share holders apply for redemption of shares. Holders can apply for redemption of fund units chosen to date has not been to lift the handle part.

    Set aside in the Fund share holders did not choose, Fund Manager to do work for a redemption of the share, could be delayed to the next open day, redemption price for the next opening day price.

    25th large redemption of open-end funds and extension handle, Fund Manager should be by mail, fax or other way of prospectus requirements, give the Fund share holders in three trading days, on the approach, and shall be published in the specified media.

    26th series of large redemption of open-end funds, fund managers can be as stipulated in the contract and prospectus of the Fund to suspend accepting applications for redemption; has accepted the redemption application can delay the payment of redemption money, but delay period shall not exceed 20 working days, shall be published and shall be in the specified media.

    27th open fund the Fund contract may stipulate, a single fund share holders in a single day to apply for redemption of fund units over total share a certain percentage of the funds, fund managers may be suspended in accordance with the provisions of the present article 26th accept redemption application or delay payment.

    28th open funds should keep 5% not less than the net asset value of the Fund in cash or Government bonds maturity within a year, and for the payment of redemption money Fund share holders, but except for the Special Fund provided by the CSRC.

    29th the fund shares can be traded on the stock exchange in accordance with law, or in accordance with the laws and regulations and Fund contract approved by the China Securities Regulatory Commission trading site or through other means of transfer.

    Fourth chapter funds and income distribution

30th the Fund contract and fund prospectus shall, in accordance with the following provisions set out the Fund's category:

(A) 80% per cent of the Fund's assets invested in equities, equity funds;

(B) 80% per cent of the Fund's assets invested in bonds and bond funds;

(C) only invest in money market instruments, money market funds;

(D) 80% per cent of the Fund's assets invested in shares of other funds for the Fund in the Fund;

(E) to invest in stocks, bonds, money market instruments or other fund shares and shares investment, bonds investment, the proportion of the investments of the Fund does not comply with paragraph (a), (b), (d) provides, for mixed funds;

    (Vi) other fund categories prescribed by the CSRC.

    31st article name shows the investment of the Fund, should be more than 80% of contents of non-cash assets belonging to the Fund investment direction.

Article 32nd for securities investment fund managers to use Fund assets shall not be any of the following circumstances:

(A) a fund holds securities issued by a company, whose market value of more than 10% of the net asset value of the Fund;

(B) the same fund managers of all Fund holdings of securities issued by a company, more than 10% of the securities;

(C) participate in the share issue to fund property purchase, fund the excess of the amount declared by the Fund's total assets, funds alone exceeds the number of shares to be issued stock declared by the the total number of issued shares of the company;

(D) a fund with other funds (excluding money market funds), its market capitalisation more than 10% of the net asset value of the Fund, except for the funds in the Fund;

(E) funds held in other funds, whose market value of more than 20% of the Fund's net asset value, or invest in other funds of funds;

(F) the Fund's total assets of more than 140% of net assets of the Fund;

(VII) breach of contracts on investments of the Fund, the proportion of investment strategies and investment agreement;

(VIII) other circumstances prohibited by the CSRC.

Full compliance with the relevant indexes can constitute a proportion of stock investment fund products not subject to the preceding paragraph (a), (b) the ratio limit. Fund managers use investment securities derivatives should be based on the principles of risk management, and strict system of delegated management and investment decision-making processes.

Fund managers use the specific proportion of Fund assets investment securities derivatives, shall conform to the relevant regulations of the China Securities Regulatory Commission.

    Otherwise specified by the CSRC special fund products are not subject to the above restrictions. 33rd article fund management people using Fund property sale fund management people, and fund managed people and holding shareholders, and actual control people or with has major interest relationship of company issued of securities or underwriting period within underwriting of securities, or engaged in other major associated trading of, should meet Fund of investment target and investment strategy, followed holds people interests priority principles, prevention interests conflict, established sound internal approval mechanism and assessment mechanism, according to market fair price implementation. Transactions must first be agreed by the Fund Trustees, and according to the laws and regulations to be disclosed. Significant related party transactions should be submitted to the Fund Manager Board of Trustees considered and two-thirds more independent directors.

    Fund Management Board shall at least once every six months to review the associated transactions. 34th the Fund Manager shall fund the Fund within six months after the effective date of the contract portfolio in line with the relevant Fund contracts agreed.

    During the scope of investment, investment strategy of the Fund should be consistent with the Fund contract agreement.

    35th due to fluctuation in the stock market and listed company mergers, fund the scale factors in addition to funds under the management of the investments of the Fund does not comply with the provisions of article 32nd or the investment proportion of the Fund contract, the Fund Manager shall, within ten days to adjust, but except in special cases provided for in the China Securities Regulatory Commission.

Article 36th following Fund-related fees can be paid from fund assets:

(A) the management fee of the Fund Manager;

(B) the custodian custodian fee;

(C) accounting costs and Attorney's fees of the Fund after the entry into force of the contract;

(D) the Fund share holders General Assembly costs;

(E) the Fund's securities transaction costs;

(F) in accordance with the relevant provisions of the State and the Fund contract, can fund assets were charged to other expenses.

    Fund managers in accordance with principles consistent with the interests of Fund shareholders, combined with the product characteristics and the needs of investors fund management structure and level of rates.

37th article of closed-end fund income distribution, not less than once a year, closed-end funds annual allocation ratio may not be lower than the Fund's annual profits available for distribution of the 90%.

    Mutual fund income distribution by the Fund contract.

Article 38th Fund, allocation shall be made in cash, but except for the Special Fund provided by the CSRC.

    Open-end fund the Fund share holders can choose the allocation of cash receipts in advance and agreed upon in the contract for purchase of fund units of the Fund to fund share holder without having to make a choice of fund units, fund managers should be paid in cash.

    Fifth chapter funds transfer operation, merge and change registration 39th conversion operations of the Fund, or merged with the other funds, it should be in accordance with the laws, regulations and procedures of the Fund contract. Implementation plan if not expressly agreed upon in the Fund contract, it should be considered for adoption by the Assembly of the Fund share holders.

    Fund managers should be informed of indicative notice, identifying relevant implementing arrangement, description of Fund share holders of impact and their share holders have the right of choice (such as redemption, transfer, or sell), and set aside at least 20 open before the implementation day or days for the Fund share holders to make a choice. 40th after registration of the Fund, if substantive adjustments to the original registration shall be in accordance with the law and the Fund contract related procedures continued public funding should be in front of the public in accordance with the provisions of the law on administrative licensing applications submitted to the China Securities Regulatory Commission changes its registered items.

    Without registration, shall not open or disguised cases of public funds. 41st article according to this approach 12th article first paragraph established of open Fund, Fund contract entered into force Hou, continuous 20 a days appeared Fund share holds people number discontent 200 people or fund assets net below 50 million Yuan case of, fund management people should in regularly report in the be disclosure; continuous 60 a days appeared Qian said case of, fund management people should to China SFC report and proposed solution programme, as conversion operation way, and and other Fund merged or terminated Fund contract,,

General Fund share holders meeting and vote.

    Established in accordance with the second paragraph of this article 12th Fund, the Fund continues to exist three years after the entry into force of the contract in accordance with the provisions of the preceding paragraph.

    The sixth chapter the Fund share holders General Assembly

    48th of the 42nd among the Securities Investment Fund Law (a) to (d) of things, the Fund contract shall also be in accordance with the provisions of the China Securities Regulatory Commission, rights and obligations of the parties agreed to fund contract to have a significant impact, other matters shall convene a general meeting of the holders of fund units. 43rd not daily bodies established by the general meeting of the holders of fund units, Fund Trustees considered it necessary to convene the Fund share holders meeting should submit written proposals to the Fund Manager.

The Fund Manager shall receive a written offer within 10th of deciding whether to convene, and shall inform the trustee of the Fund.

    Fund managers decide to convene, it shall issue a written decision within 60 days from the date of the convening; fund managers decided not to summon, fund trustees still considered necessary, should be allowed to convene, and issue a written decision within 60 days from the date of the convening and inform the Fund Manager, the Fund Manager shall cooperate with the. 44th the Fund share holders not daily bodies established by the General Assembly, on behalf of the fund shares 10% per cent of the Fund share holders felt the need of convening the general meeting of the holders of fund units, fund managers should be to submit written proposals.

The Fund Manager shall receive a written offer within 10th of deciding whether to convene, share holders of the Fund proposal and shall inform the representatives and Trustees of the Fund.

Fund managers decide to convene, shall issue a written decision within 60 days from the date held Fund Manager decided not to convene, on behalf of the fund shares 10% per cent of the Fund share holders are still considered it necessary to convene should be to the trustee of the Fund to submit written proposals.

    Fund Trustees shall from the date of receipt of the written proposal decide whether to convene in the 10th, proposal and shall inform the Fund share holders representatives and managers; convened by the custodian of the Fund shall issue a written decision within 60 days from the date of the convening.

Article 45th daily institution of the share holders of the Fund established by the General Assembly, the Fund Manager, the Fund managed or represents shares 10% per cent of the funds of the Fund share holders felt the need of convening the general meeting of the holders of fund units shall be made to the daily body to submit written proposals. The daily institution shall, from the date of receipt of the written proposal decide whether to convene in the 10th, and shall inform the Fund Manager, the Fund custodian and proposals of the Fund share holders representatives.

    The daily body is convened shall issue a written decision within 60 days from the date held; the daily body decided not to call, the Fund Manager, the Fund managed or represents shares 10% per cent of the funds of the Fund share holders felt the need to hold, according to not established daily provisions.

46th general meeting of the holders of fund units daily institutions, fund managers and fund trustees do not convene the general meeting of the holders of fund units, Fund share holders in accordance with the 84th of the securities investment fund law provisions of the second paragraph of article itself convened general meeting of the holders of fund units.

    The Fund share holders convened general meeting of the holders of fund units on their own, should be at least 30th to the China Securities Regulatory Commission for the record.

    47th the Fund share holders themselves convene the general meeting of the holders of fund units according to law, the Fund share holders General Assembly daily institutions, fund managers, fund trustees shall cooperate may not obstruct, interfere. 48th general meeting of the holders of fund units are available through site meetings and Communications Fund agreed upon in the contract, such as the meeting held.

The Fund Manager, the Fund managed to facilitate the Fund share holders exercise their right to vote. The Fund share holders from voting on matters decided by the Assembly with effect from the date of adoption.

    The Fund share holders of the securities investment fund law, the General Assembly adopted by section 87th vote matters, Convenor reported that the China Securities Regulatory Commission within the 5th since the date of adoption of the record.

    49th Conference of the Fund share holders daily institutions, fund managers, Fund custodians and holders of shares should be executed decisions of the general meeting of the holders of fund units.

    Seventh chapter of regulatory and legal responsibilities

    50th of China Securities Regulatory Commission and its agencies to fund managers, fund trustees to engage in operational activities of the Fund undertake periodic or irregular inspection and shall cooperate with the Fund Manager, the Fund trustee.

    51st article fund management people, and fund managed people and directly is responsible for of competent personnel and other directly responsibility personnel violation this approach provides engaged in fund operation activities, law should be administrative punishment of, in accordance with legal, and administrative regulations of provides for administrative punishment; legal, and administrative regulations not do provides of, in accordance with this approach of provides for administrative punishment; suspected crime of, law transferred judicial organ, held its criminal. 52nd article fund management people, and fund managed people violation this approach provides of, China SFC and sent institutions can take regulatory talk, and issued warning letter, and ordered deadline rectification, rectification during suspended accepted and the review fund products raised application or other business application, administrative regulatory measures, remember into integrity archives; on directly is responsible for of competent personnel and other directly responsibility personnel, can take regulatory talk, and issued warning letter, and suspended perform positions, and finds for not suitable served as related positions who, administrative regulatory measures,

    Recorded in the credit file.

53rd fund managers registered Fund, application material submitted to the China Securities Regulatory Commission information paradox, or the same before and after the fact that there are different interpretations, and there is a substantive difference, CSRC will suspend review within six months and is no longer accepting submitted an application for registration of the Fund the Fund management. Fund management people registered Fund, to China SFC submitted of application material exists false records, and misleading sex statement, and major missed of, China SFC not accepted; has accepted of, not registered; has registered, yet raised of, revoked registered decided; and in a years within no longer accepted the Fund management people submitted of Fund registered application, on the Fund management people and directly is responsible for of competent personnel and other directly responsibility personnel, take related administrative regulatory measures and remember into integrity archives; plot serious of, Taken separately or concurrently warned, fined 30,000 yuan.

Already registered and raised, in accordance with section 132th of the securities investment fund law provisions.

    Fund Manager who contravenes the provisions of articles approaches the 40th, before the public does not change, in accordance with article 128th of the securities investment fund law provisions of the.

    54th Fund Manager who violates these measures article 32nd using Fund assets to securities investments, serious, or violation of the provisions of the present article 33rd engaged in related party transactions, in accordance with article 130th of the securities investment fund law provisions of the.

    55th fund management and custodian of the Fund in accordance with this approach the 42nd, 43rd article called share holders of the Fund to the General Assembly, in accordance with section 133th of the securities investment fund law provisions.

56th fund managers engaged in operational activities of the Fund, any of the following circumstances, the CSRC may directly responsible for fund managers and their supervisors and other personnel, administrative controls and credit files; the circumstances are serious, can be simply or and a warning, fined a maximum of 30,000 Yuan:

(A) is not provided by this article 11th sale of fund shares;

(B) is not in accordance with this approach the 12th article in time for verification and record of the Fund;

(C) in accordance with the provisions article 15th purchase business involving property damage Fund and fund shareholders ' interests;

(Iv) is not calculated in accordance with the provisions of the present article 17th of fund units subscription and redemption prices;

(E) the Fund Manager who contravenes the provisions of article 18th, in addition to the Fund contract date or time for the subscription and redemption of fund units or conversion;

(Vi) not in accordance with the provisions of the present article 20th confirmed the validity of the subscription and redemption, and the payment of redemption money;

(VII) not in accordance with these procedures article 23rd, 24th, the provisions of article redemption applications;

(VIII) not in accordance with the provisions of article 28th of this approach maintain cash or Government bonds;

(I) is not in accordance with the provisions of the present article 34th, 35th adjust proportions;

(J) not in accordance with the provisions of the present article 37th, 38th income distribution;

(11) the provisions that are not in accordance with this article 39th conversion operations of the Fund or merge;

(12) in accordance with the provisions of the present article 41st report, explain the situation, submit solutions, or the convening of the general meeting of the holders of fund units;

    (13) the system failed, affecting the normal operation of the Fund, and damage the interests of the holders.

57th trustee of the Fund Manager, the Fund has one of the following circumstances, CSRC to fund managers, Fund custodians and managers directly responsible and other persons directly responsible, taking relevant administrative controls and credited to the credit file in serious cases can be simply or and a warning, fined a maximum of 30,000 Yuan:

(A) is not in accordance with these measures stipulated in article 14th and 36th expensed the related costs;

(B) not in accordance with the 47th is aligned with these measures the Fund share holders convened general meeting of the holders of fund units;

(C) does not apply in accordance with the provisions of the present article 48th record matters decided by the general meeting of the holders of fund units;

(D) is not in accordance with the provisions of the present article 49th General Conference of the Fund share holders entry into force;

    (E) is not in accordance with the provisions of the present article approaches the 50th tie in with China's securities regulatory Commission and its agencies are checked. The eighth chapter supplementary articles
    Article 58th of securities companies management investors asset management plans are subject to the collection of more than 200 people on the management of the securities investment fund law and practitioners engage in tunneling, not fair dealing, insider trading provisions, and in accordance with the measures on how to prevent conflicts of interest and the investor protection provisions. 59th these measures come into force on August 8, 2014. The regulation on operation of securities investment funds (SFC, 79th) repealed simultaneously.

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