According to the provisions of the Securities Investment Fund Law, publicly offered funds shall be registered by the China Securities Regulatory Commission. Without registration, it is not allowed to raise funds openly or in disguise. The term "public offering of funds" as mentioned in the preceding paragraph includes raising funds from unspecified objects, raising funds from specific objects with a total of more than 200 people, and other circumstances stipulated by laws and administrative regulations. A publicly offered fund shall be managed by a fund manager and managed by a fund custodian.