1. Closed-end funds are not allowed to renew when they expire;
2. The fund holders' meeting decides to terminate;
3. The duties of the original fund manager and fund custodian are terminated, and no new fund manager or fund custodian is responsible;
4. The circumstances stipulated in the fund contract or the fund articles of association.
Fund liquidation refers to organizing a liquidation team to liquidate the fund assets when the fund is terminated.
Fund, in English, refers to a certain amount of funds set up for a certain purpose. It mainly includes trust and investment funds, provident funds, insurance funds, retirement funds and funds of various foundations.
From the accounting point of view, capital is a narrow concept, which refers to funds with specific purposes and uses. The fund we are talking about mainly refers to the securities investment fund.
According to different standards, securities investment funds can be divided into different types:
1, which can be divided into open-end funds and closed-end funds according to whether the fund units can be increased or redeemed. Open-end funds are not traded on the market (as the case may be), but are purchased and redeemed by banks, brokers and fund companies, and the fund scale is not fixed; Closed-end funds have a fixed duration and are generally listed and traded on the stock exchange. Investors buy and sell fund shares through the secondary market.
2. According to different organizational forms, it can be divided into corporate funds and contractual funds. A fund is established by issuing fund shares to establish an investment fund company, which is usually called a corporate fund; The establishment of fund managers, fund custodians and investors through fund contracts is usually called contractual funds. China's securities investment funds are all contractual funds.
3. According to the difference of investment risk and income, it can be divided into growth fund, income fund and balanced fund.
4, according to the different investment objects, can be divided into stock funds, bond funds, money market funds, futures funds, etc.
What does capital settlement include?
1. Fund liquidation team:
Set up a liquidation team within three working days from the date of termination of the fund, and the fund liquidation team will conduct fund liquidation under the supervision of the China Securities Regulatory Commission; The members of the fund liquidation group are fund promoters, fund managers, fund custodians, certified public accountants with securities-related business qualifications, lawyers with securities legal business qualifications and personnel designated by the China Securities Regulatory Commission, and the fund liquidation group may employ necessary staff; The fund liquidation group is responsible for the custody, liquidation, valuation, realization and distribution of fund assets, and the fund liquidation group can carry out necessary civil activities according to law.
2. Liquidation procedures:
(1) After the termination of the fund, the fund liquidation team will take over the assets of the fund;
(2) Clearing and confirming fund assets;
(3) Clean up and confirm the fund assets;
(4) Distribution of fund assets.
3. Liquidation expenses:
Liquidation expenses refer to all reasonable expenses incurred by the fund liquidation group in the process of fund liquidation, and the liquidation expenses are paid by the fund liquidation group from the fund funds.
4. Distribution of the remaining assets of the fund:
All remaining assets after fund liquidation, after deducting fund liquidation expenses, shall be distributed to fund holders according to the proportion of fund shares held by fund holders.
5. Fund liquidation announcement:
After the fund is terminated and reported to the CSRC for the record, the fund liquidation group will make an announcement within 5 working days. Major issues concerning liquidation procedures will be announced in a timely manner. After the fund liquidation results are approved by the China Securities Regulatory Commission, the fund liquidation team will announce them within 3 working days.
6. Preservation of liquidation books and documents:
The fund clearing account books and related documents shall be kept by the fund custodian 15 days.