Article 1 In order to protect the legitimate rights and interests of share holders of publicly offered securities investment funds (hereinafter referred to as funds), enhance the risk prevention capability of the fund industry, and promote the standardized operation and sustainable development of fund managers and custodians, these Measures are formulated in accordance with the Securities Investment Fund Law and other relevant laws and regulations.
Article 2 Fund managers and custodians established in China according to law shall draw risk reserves from the income of fund management fees or custody fees.
Article 3 The risk reserve is mainly used to make up for the losses caused to fund property or fund share holders by fund managers or custodians in violation of laws and regulations, fund contracts, operational errors or technical failures, and for other purposes as stipulated by China Securities Regulatory Commission (hereinafter referred to as China Securities Regulatory Commission). If the risk reserve is insufficient to make up for the above losses, the fund manager and custodian shall make compensation with other self-owned property.
Article 4 The China Securities Regulatory Commission shall supervise and manage the withdrawal, investment operation and use of risk reserves of fund managers and custodians according to law.
Chapter II Extraction, Management and Use of Risk Reserve
Article 5 A fund manager shall withdraw the risk reserve from the fund management fee income every month, and the withdrawal ratio shall not be less than 65,438+00% of the fund management fee income. When the balance of risk reserve reaches 1% of the net asset value of the fund managed at the end of last quarter, it can no longer be withdrawn. If the balance of risk reserve is higher than 1% of the net asset value of the managed fund at the end of last quarter, the fund manager may apply for transferring some funds, but the transferred balance of risk reserve shall not be lower than 1% of the net asset value of the managed fund at the end of last quarter.
Article 6 A fund custodian shall withdraw the risk reserve from the fund custody fee income every month, and the withdrawal ratio shall not be less than 2.5% of the fund custody fee income. When the balance of risk reserve reaches 0.25% of the net asset value of the custody fund at the end of last quarter, it can no longer be withdrawn. If the balance of risk reserve is higher than 0.25% of the net asset value of the custody fund at the end of last quarter, the fund custodian may apply for transferring some funds, but the transferred balance of risk reserve shall not be lower than 0.25% of the net asset value of the custody fund at the end of last quarter.
Article 7 The China Securities Regulatory Commission may, according to the comprehensive evaluation results of fund managers, require fund managers with low comprehensive evaluation and outstanding risks to increase the risk reserve provision ratio or make up a certain amount of risk reserve at one time.
Article 8 Fund managers and custodians shall choose commercial banks with fund custody qualifications (hereinafter referred to as depository banks) to open special risk reserve accounts (hereinafter referred to as risk reserve accounts) for the collection, storage and payment of risk reserves. This account shall not be mixed with other types of accounts, and funds of other nature shall not be deposited. The fund custodian of a commercial bank may not open a special account for risk reserve in the bank.
Article 9 A fund manager shall inform the relevant fund custodian of the special account for risk reserve and the procedures for withdrawal and transfer of risk reserve. The relevant fund custodian shall transfer the management fee of the fund manager on a monthly basis and transfer the accrued risk reserve into the corresponding risk reserve account.
The fund custodian pays the custodian fee of the fund custodian every month and transfers the accrued risk reserve into the corresponding risk reserve account.
Article 10 When a fund manager needs to use the risk reserve, it shall be audited by the relevant fund custodian and submitted to the risk reserve depository bank for handling. The fund manager shall report the relevant information in writing to the China Securities Regulatory Commission within 2 working days after the use of the risk reserve, and explain it in the quarterly report of the fund manager's supervision and audit. When the fund custodian needs to use the risk reserve, it shall be audited by the relevant fund manager and submitted to the risk reserve depository bank for handling. The fund custodian shall report the relevant information in writing to the China Securities Regulatory Commission within 2 working days after using the risk reserve, and explain it in the quarterly report of the fund custodian's custody business operation.
Article 11 Where the risk reserve is sealed up, detained, frozen or enforced by the people's court according to law, the risk reserve depository bank and relevant fund managers and custodians shall immediately report to the China Securities Regulatory Commission. If the use of risk reserve is affected or the risk reserve is reduced, the fund manager and custodian shall make up for it within 5 working days.
Article 12 Fund managers and custodians shall not occupy, misappropriate or borrow the risk reserve fund for special purposes without authorization in any form.
Chapter III Investment and Operation of Risk Reserve
Article 13 On the premise of ensuring safety and liquidity, fund managers and custodians may conduct independent investment management or some form of entrusted investment on the withdrawn risk reserve. Risk reserve investment should follow the principle of decentralized portfolio investment, and the investment proportion of each investment variety should be agreed in advance.
Article 14 The risk reserve of a fund manager may be invested in bank deposits, treasury bonds, central bank bills, central enterprise bonds, financial bonds issued by central financial institutions and other investment products as stipulated by the China Securities Regulatory Commission. The special account for risk reserve shall hold not less than 10% of the total risk reserve or government bonds with maturity within one year.
The investment management activities of the fund custodian's risk reserve shall be implemented with reference to the above requirements on the basis of observing the relevant provisions of the industry regulatory agencies.
Article 15 All kinds of investment gains and losses arising from the risk reserve investment management shall be included in the risk reserve management. All expenses and taxes incurred in the operation and use of risk reserve investment can be borne by risk reserve.
The extraction ratio of risk reserve in guarantee industry is 50%.
Legal basis:
Interim Measures for the Administration of Financing Guarantee Companies Article 31 A financing guarantee company shall draw the unearned liability reserve according to 50% of the guarantee fee income of the current year, and draw the guarantee compensation reserve according to the proportion of not less than 65,438+0% of the guarantee liability balance at the end of the current year. If the guarantee compensation reserve reaches 65,438+00% of the guarantee liability balance of the current year, the difference shall be withdrawn. The measures for the withdrawal of the difference and the management measures for the use of the guarantee compensation reserve shall be formulated separately by the regulatory authorities.