Article 44 of the Measures for the Operation and Management of Securities Investment Funds promulgated in 2004 stipulates that if the number of fund share holders is less than 200 or the net asset value of the fund is less than 50 million yuan after the fund contract of an open-end fund comes into effect, the fund manager shall report to the China Securities Regulatory Commission in time; If the above situation occurs for 20 consecutive working days, the fund manager shall explain the reasons and submit the solution to the China Securities Regulatory Commission.
As can be seen from the regulations, the conditions for fund liquidation are harsh. First of all, the fund as a wealth management product has been
At present, the number of fund holders in China is very large, and it is basically impossible for a fund to have fewer than 65,438+000 fund share holders for 60 consecutive days, which is widely recognized and accepted.
Secondly, although it is simply calculated by net value, it is not excluded that the net assets of individual funds are close to or below 50 million yuan due to the impact of splitting or dividends. Even if the size of the fund once fell below 50 million yuan, as long as it did not appear for 60 consecutive days, it did not meet the conditions for liquidation.
open-ended fund
capital settlement
Open-end funds generally do not stipulate their own duration, but in some cases, open-end funds can make liquidation decisions and end their existence through the liquidation and distribution of fund assets.
Overseas, there are several situations in which open-end funds need to be liquidated:
According to the provisions of the fund contract or the articles of association
According to Taiwan Province Province, the reasons for trust deed's termination of securities investment shall conform to the stipulations of trust deed's securities investment, unless otherwise stipulated by laws and regulations.
The resolution of the holders' meeting or shareholders' meeting is adopted.
According to British regulations, open-end funds can be liquidated by special resolution. The liquidation of open-end funds in Hong Kong also needs the resolution of the holders' meeting.
The competent authority cancels the open-end fund license.
① According to the written application of the fund manager. According to British regulations, the authorized directors of fund managers apply to the Financial Services Authority (FSA) for cancellation of authorization, and with the consent of FSA, open-end funds can be liquidated.
② Inappropriate establishment or becoming inappropriate. According to Dutch regulations, the Ministry of Finance may revoke the license if it finds that the original application materials are wrong or incomplete or the application for establishment under the same conditions will be rejected due to changes in circumstances.
③ Fund managers and custodians no longer meet the statutory requirements. South Korea stipulates that trust deed can be abolished when the entrusting club (fund manager) is disqualified or dissolved, but it has not been handed over to the Minister of Finance.
④ Based on public welfare or beneficiary's interests. Taiwan Province area stipulates that if it is appropriate to terminate trust deed's securities investment for public welfare or beneficiary's benefit, China Securities Regulatory Commission may order it to be terminated.