20 13 The newly revised Fund Law released the restrictions on the securities investment of fund employees for the first time. Article 18 of the Fund Law stipulates that the directors, supervisors, senior managers, other employees, their spouses and interested parties of the fund manager who publicly raises funds shall report to the fund manager in advance and shall not conflict with the fund share holders. Fund managers of publicly offered funds shall, in accordance with the provisions of the preceding paragraph, establish a management system for the declaration, registration, examination and disposal of personnel's securities investment, and report it to the the State Council Securities Regulatory Authority for the record. 8 10