(a) the main promoters are securities companies, trust and investment companies and fund management companies established in accordance with relevant state regulations;
(2) The paid-in capital of each promoter is not less than 300 million yuan, and the main promoters have more than 3 years of securities investment experience and continuous profit records, except for fund management companies;
(3) The promoters, fund custodians and fund managers have sound organizational structure and management system, sound financial status and standardized business;
(4) The fund custodian and fund manager have business premises, safety precautions and other business-related facilities that meet the requirements;
(5) Other conditions stipulated by the China Securities Regulatory Commission.
To apply for the establishment of an open-end fund, you must also be able to ensure that the net asset value of the fund and the purchase and redemption price are announced to investors at least once a week in terms of talents and technical facilities. Article 8 When applying for the establishment of a fund, a fund promoter shall submit the following documents to the China Securities Regulatory Commission:
(1) An application report;
(2) List of sponsors and agreement;
(3) Fund contracts and custody agreements;
(4) the prospectus;
(5) Where a securities company or a trust and investment company is the sponsor, the financial report of the sponsor audited by an accounting firm in the last three years;
(6) Legal opinions issued by law firms;
(7) Financing plan;
(eight) other documents required by the China Securities Regulatory Commission.
The content and format of the fund contract, custody agreement and prospectus mentioned in the preceding paragraph shall be stipulated by the China Securities Regulatory Commission. Article 9 The proportion of fund sponsors subscribing for fund shares and the proportion of fund shares held during the fund's existence shall be stipulated by the China Securities Regulatory Commission. Article 10 The duration of a closed-end fund shall not be less than 5 years, and the minimum raised amount shall not be less than 200 million yuan. Eleventh closed-end fund raising or renewal, should meet the following conditions, and approved by the China Securities Regulatory Commission:
(a) the annual rate of return is higher than the national average rate of return on funds;
(2) The fund custodian and fund manager have no major violations of laws and regulations in the last three years;
(3) The fund holders' meeting and the fund custodian agree to increase or update the subscription;
(4) Other conditions stipulated by the China Securities Regulatory Commission.
To apply for fund raising or renewal, relevant documents shall be submitted in accordance with the requirements of the China Securities Regulatory Commission. Article 12 A fund promoter shall publish a prospectus in a newspaper designated by the China Securities Regulatory Commission three days before the fund is raised. Thirteenth closed-end fund raising period is 3 months, counting from the date of fund approval. A closed-end fund can only be established if the funds raised within 3 months from the date of approval exceed 80% of the approved scale of the fund. An open-end fund can only be established if its net sales exceed 200 million yuan within 3 months from the date of approval.
When raising closed-end funds, if the raised funds are less than 80% of the approved fund size, no fund may be established. If the net sales of an open-end fund is less than 200 million yuan within 3 months from the date of approval, the fund shall not be established. The fund sponsors must bear the fund raising expenses, and the raised funds plus the interest on bank demand deposits must be returned to the fund subscribers within 30 days. Fourteenth open-end funds can only be purchased and redeemed in places that meet the requirements of the state.
After the establishment of closed-end funds, fund managers and fund custodians may apply to the China Securities Regulatory Commission and the stock exchange for listing of funds. The listing rules of funds shall be formulated by the stock exchange and reported to the China Securities Regulatory Commission for approval. Chapter III Fund Custodian and Fund Manager Article 15 A fund established after approval shall entrust a commercial bank as the fund custodian to manage the fund assets and a fund management company as the fund manager to manage and use the fund assets. Article 16 A fund custodian must be examined and approved by the China Securities Regulatory Commission and the People's Bank of China. Article 17 A fund custodian and a fund manager are administratively and financially independent of each other, and their senior managers may not hold posts in the other party. Article 18 A fund custodian shall meet the following conditions:
(1) Having a special fund custody department;
(2) The paid-in capital is not less than 8 billion yuan;
(3) Having enough full-time personnel familiar with the custody business;
(4) Having the conditions for safe custody of all assets of the fund;
(5) Having safe and efficient liquidation and delivery capabilities.