According to the Securities Investment Fund Law, fund managers are legally established companies or partnerships. However, the qualifications of fund managers who offer funds publicly are strictly restricted, and they can only be held by fund management companies or other institutions approved by the China Securities Regulatory Commission according to regulations. The so-called "other institutions approved by China Securities Regulatory Commission" refers to the Interim Provisions on the Administration of Public Offering of Securities Investment Funds by Asset Management Institutions issued by China Securities Regulatory Commission on February 20 18, 2003. Securities companies, insurance asset management companies and asset management institutions specializing in the management of non-public offering funds that meet the prescribed conditions in terms of shareholders, senior management personnel, operating period and the scale of fund assets under management apply to the China Securities Regulatory Commission for the management of Public Offering of Fund, and after being approved by the China Securities Regulatory Commission according to law, they are qualified as fund managers in Public Offering of Fund.