Hello, first of all, I clarified my vague understanding and defined the function of the fund. Zhu said that the primary function of the fund is to serve the best interests of investors, not to stabilize the market. In order to protect the interests of investors, the draft emphasizes the independence of fund assets, which should be independent of the assets of trustees and managers, and establish a firewall between investors and the assets of trustees and managers. The draft also stipulates the "fund share holders' meeting" system.

Second, give fund managers more room to operate and clarify the responsibilities and rights of all parties involved in securities investment funds. The main manifestations are as follows: First, the scope of sponsors of securities investment fund management companies has been broadened. Second, expand the qualification of fund custodian. The draft cancels the original requirement that the assets of investment fund custodians must be more than 8 billion yuan, and relaxes the threshold of fund custodians. In addition to state-owned commercial banks, other recognized banks can also serve as fund custodians. Third, in order to protect the interests of fund investors, some provisions are made to reflect the independence of fund assets. Fourth, the business expansion of securities investment fund management companies, such as fund sales and asset entrusted management.

In addition, the draft cancels some restrictions of the original laws and regulations on the amount of securities investment funds in specific operations, such as the proportion of each fund investing in stocks and bonds is not less than 80% of the total assets of the fund, and the holding of 1 shares of listed companies is not more than 10% of the net assets of the fund, which makes the fund managers more independent and coordinated in their operations. The corresponding investment quota control is supervised by the CSRC.

Third, the company fund is the future development direction of the fund, but it is not available in China at present. The draft stipulates the company's capital principle, and at the same time determines that the specific management measures shall be separately stipulated by the State Council, leaving room for its future development, capital market development and financial product innovation. Considering that "contractual fund" is based on the principle of trust, the draft renamed it trust fund and made key specifications.