Article 1 These Measures are formulated in accordance with the Social Insurance Law, the Labor Law, the Securities Investment Fund Law, the Trust Law, the Contract Law and other laws and regulations and the relevant provisions of the State Council in order to standardize the investment management behavior of basic endowment insurance funds and protect the legitimate rights and interests of fund clients and related parties. Article 2 The basic old-age insurance fund mentioned in these Measures (hereinafter referred to as the pension fund) includes employees of enterprises, staff of government agencies and institutions, and pension funds for urban and rural residents. Article 3 The balance of pension funds in all provinces, autonomous regions and municipalities directly under the Central Government may be determined according to the provisions of these Measures, and the specific investment quota shall be determined after a certain payment quota is reserved, and the investment operation shall be entrusted to an institution authorized by the State Council. Matters such as the amount of funds entrusted for investment, withdrawal and recovery shall be reported to Ministry of Human Resources and Social Security and the Ministry of Finance. Article 4 Pension fund investment shall adhere to the principles of marketization, diversification and specialization, ensure the safety of assets and realize the preservation and appreciation. Article 5 The trustor of pension fund investment (hereinafter referred to as the trustor) and the trustee of pension fund investment (hereinafter referred to as the trustee) shall sign a trust contract, and the trustee shall sign a trust contract with the trustee of pension fund (hereinafter referred to as the trustee) and an investment management contract with the investment management institution of pension fund (hereinafter referred to as the investment management institution). The rights and obligations of the trustor, trustee, custodian and investment management institution shall be stipulated in the entrusted investment contract, custody contract and investment management contract of pension funds in accordance with these Measures. Article 6 The assets of pension funds are independent of the inherent property of the clients, trustees, custodians and investment management institutions and other properties under their management. Clients, trustees, custodians and investment management institutions shall not classify pension fund assets into their inherent property. Article 7 The property and income obtained by clients, trustees, custodians and investment management institutions due to the asset management, operation or other circumstances of pension funds shall be owned by the pension funds, and the rights and interests shall be owned by the pension funds. Article 8 If the trustee institution, custodian institution, investment management institution and other legal persons or other organizations providing services for the investment management of pension funds are liquidated due to dissolution, cancellation or bankruptcy according to law, the fund assets shall not belong to their liquidation property. Article 9 The creditor's rights of pension fund assets shall not be offset against the debts of customers, trustees, custodians, investment management institutions and other natural persons, legal persons or other organizations that provide services for pension fund investment management. Creditor's rights and debts of different portfolio assets of pension funds shall not offset each other. Article 10 The debts of pension fund assets shall be borne by the fund assets themselves. The debts that are not borne by the assets of the pension fund itself shall not be enforced on the assets of the fund. Eleventh pension fund investment in accordance with state regulations to enjoy tax incentives. Specific measures shall be formulated separately by the Ministry of Finance in conjunction with relevant departments. Article 12 The State exercises strict supervision over the investment of pension funds. Pension fund investment shall strictly abide by relevant laws and regulations, and it is strictly forbidden to engage in insider trading, use undisclosed information transactions, manipulate the market and other illegal acts, and it is strictly forbidden to harm the interests of pension funds and others and obtain illegitimate interests through related transactions. No organization or individual may occupy or misappropriate pension funds invested and operated.

Chapter II Entrustment

Article 13 The people's governments of provinces, autonomous regions and municipalities directly under the Central Government, as the trustors of pension funds, may designate provincial social insurance administrative departments and financial departments to undertake specific affairs. Article 14 A client shall perform the following duties: (1) Formulating the collection method of pension funds, and collecting the pension funds invested and operated into the financial special account of provincial social security funds. (two) signed a pension fund entrusted investment contract with the trustee. (3) Allocating entrusted investment funds to the trustee; Instruct the trustee to remit the entrusted investment funds and receive the remitted investment funds. (four) according to the pension fund rate of return submitted by the trustee, accounting, settlement and income distribution of the pension fund. (five) regularly summarize the investment management of pension funds, and announce it to the public in an appropriate way. (six) other duties stipulated by the state and agreed in the contract.

Chapter III Trustee

Fifteenth the term "trustee" as mentioned in these Measures refers to the pension fund management institution established by the state and authorized by the State Council. Article 16 The trustee shall perform the following duties: (1) Establish and improve the internal management system, risk management system and performance evaluation method for entrusted investment of pension funds. (2) Selecting, supervising and replacing the custodian institution and investment management institution. (3) Formulating the investment and operation strategies of pension funds and organizing their implementation. (four) to receive the entrusted investment funds allocated by the client according to the entrusted investment contract; Withdraw the entrusted investment funds according to the customer's notice. (five) to accept customer consultation and submit pension fund management and financial accounting reports to customers on a regular basis; In case of major events, report to the client and relevant regulatory authorities in a timely manner; Submit the entrusted management report of pension funds to the relevant departments of the State Council on a regular basis; Regularly announce the investment of pension funds to the public. (six) according to the custody contract and investment management contract, supervise the custody and investment of pension funds. (seven) to keep records, account books, statements and other relevant materials of the entrusted business activities of pension funds in accordance with the provisions of the state. (eight) other duties stipulated by the state and agreed in the contract. Article 17 The trustee shall manage, centrally operate and independently account for the pension fund, and may directly invest some pension fund assets, or entrust other pension fund assets to other professional institutions for investment. For the same pension fund portfolio, the custodian institution and the investment management institution shall not be the same institution. Article 18 An institution applying for pension fund custody business and investment management business shall apply to the trustee. The trustee shall set up an expert review committee to review qualified applicants for pension fund custody business and investment management business with reference to the principle of public bidding. Evaluation methods and evaluation results shall be reported to the relevant competent departments of the State Council for the record. Establish and improve the competition mechanism among trustees, custodians and investment management institutions, continuously optimize the governance structure and improve the investment and operation level of pension funds. Article 19 The trustee and its directors (directors), supervisors, managers and other employees shall not commit the following acts: (1) Violating the contract with the client. (two) the use of pension fund assets or positions to seek illegitimate interests. (three) embezzlement, misappropriation of entrusted management of pension fund assets. (4) divulging undisclosed information obtained by taking advantage of his position, or using the information to engage in or express or imply others to engage in related trading activities. (five) other acts prohibited by laws, administrative regulations and relevant competent departments of the State Council.

Chapter IV Custody Institution

Article 20 The term "custodian institution" as mentioned in these Measures refers to a commercial bank entrusted by the trustee institution of pension funds, which has the experience of national social security fund and enterprise annuity fund custody, or has good fund custody performance and social reputation, and is responsible for the safe custody of pension fund assets. Article 21 A custodian institution shall perform the following duties: (1) Safely keep the assets of pension funds. (2) Opening fund accounts, securities accounts and fund asset futures accounts in the name of pension funds. (3) Handling liquidation and delivery in time. (four) responsible for the accounting and valuation of pension funds, review, review and confirm the net asset value of funds calculated by investment management institutions. (five) to supervise the investment activities of investment management institutions in accordance with the provisions, and regularly report the supervision to the trustee. (six) regularly submit pension fund custody and financial accounting reports to the trustee; Submit the development report of pension fund custody business to the relevant departments of the State Council on a regular basis. (seven) to keep records, account books, statements and other relevant materials of the pension fund custody business in accordance with the provisions of the state. (eight) other duties stipulated by the state and agreed in the contract. Article 22 If the custodian institution finds that the investment instructions not formulated by the investment management institution in accordance with the trading procedures violate laws, administrative regulations, other relevant provisions or contractual stipulations, it shall refuse to implement them, notify the investment management institution immediately, and report to the trustee institution and the relevant competent authorities in the State Council in time. If the custodian institution finds that the investment instructions formulated by the investment management institution according to the trading procedures violate laws, administrative regulations, other relevant provisions or contractual stipulations, it shall immediately notify the investment management institution and report to the trustee institution and the relevant competent authorities in the State Council in time. Article 23 The duties of the custodian institution shall be terminated under any of the following circumstances: (1) Violating the contract with the trustee institution, and the circumstances are serious. (two) the use of pension fund assets to seek illegitimate interests, or to seek illegitimate interests for others. (3) It is dissolved, revoked, declared bankrupt or taken over according to law. (4) The trustee has sufficient reasons to believe that the trustee should terminate. (5) The competent authorities in the State Council have sufficient reasons and grounds to believe that the custodian institution should be terminated. (six) other circumstances stipulated by the relevant competent authorities in the State Council and agreed in the contract. Article 24 Where the responsibilities of the custodian institution terminate, it shall properly keep the information of the pension fund custody business, handle the transfer procedures of the fund custody business within 45 days, and the new custodian institution shall accept and exercise the corresponding responsibilities. Article 25 A custodian institution, its directors, supervisors, managers and other employees shall not commit any of the following acts: (1) Mixing the assets of the pension fund under custody with its inherent property. (2) Mixing the assets of the pension fund under custody with other assets under custody. (3) Mixed management of assets entrusted by different pension funds. (four) embezzlement and misappropriation of pension fund assets. (five) the use of pension fund assets or positions to seek illegitimate interests for others. (6) divulging undisclosed information obtained by taking advantage of his position, or using the information to engage in or express or imply others to engage in related trading activities. (seven) other acts prohibited by laws, administrative regulations and relevant competent departments of the State Council.

Chapter V Investment Management Institutions

Article 26 The term "investment management institution" as mentioned in these Measures refers to a professional institution entrusted by the trustee, which has experience in investment management of national social security funds and enterprise annuity funds, or has good asset management performance, financial status and social reputation, and is responsible for the investment and operation of pension funds. Article 27 An investment management institution shall establish a good internal governance structure, clarify the rights and responsibilities of the shareholders' meeting, the board of directors, the board of supervisors and senior management personnel, and ensure independent investment and operation; Improve the asset allocation, risk management and performance evaluation system. Investment management institutions and their shareholders, directors, supervisors, managers and other employees shall not engage in securities trading and other activities that damage the assets of pension funds and the interests of trustees; When exercising rights or performing duties, we should follow the principle of avoidance. Article 28 An investment management institution shall perform the following duties: (1) Manage the investment portfolio and projects of pension funds in accordance with the investment management contract. (two) the management of different pension fund assets, accounting separately. (3) Check the accounting and valuation results of pension funds with the custodian institution in time. (four) accounting for pension funds, the preparation of pension fund financial accounting report. (five) to keep records, account books, statements and other relevant materials of the investment business activities of pension funds in accordance with state regulations. (six) other duties stipulated by the state and agreed in the contract. Twenty-ninth investment management institutions from the current management fees charged, 20% as a risk reserve, specifically used to make up for the investment losses of entrusted investment assets. Article 30 Under any of the following circumstances, the investment management institution shall promptly report to the custodian and the relevant competent authorities in the State Council: (1) The market value of pension fund assets fluctuates greatly. (2) Other matters that may have a significant impact on the asset value of pension funds. (three) other reporting matters stipulated by the relevant competent authorities in the State Council or agreed in the contract. Article 31 The responsibility of an investment management institution shall be terminated under any of the following circumstances: (1) Violating the agreement with the trustee and the circumstances are serious. (two) the use of pension fund assets to seek illegitimate interests, or to seek illegitimate interests for others. (3) It is dissolved, revoked, declared bankrupt or taken over according to law. (4) The trustee has sufficient reasons to believe that the investment management institution should be terminated. (five) the relevant departments in charge of the State Council have sufficient reasons and basis to believe that the investment management institution should be terminated. (six) other circumstances stipulated by the relevant competent authorities in the State Council and agreed in the contract. Article 32 Where the responsibilities of an investment management institution terminate, it shall properly keep the information on the investment and operation of pension funds, and go through the formalities for the transfer of fund investment and operation within 45 days, and the new investment management institution shall accept and exercise the corresponding responsibilities. Article 33 An investment management institution, its directors, supervisors, managers and other employees shall not engage in the following acts: (1) Use its inherent property or other people's property for securities investment of pension fund assets. (two) unfair treatment of pension fund assets and other property management. (three) unfair treatment of different pension fund assets under its management. (four) the use of pension fund assets or positions to seek illegitimate interests for others. (five) in violation of the provisions of the trustee to make profits or bear losses. (six) embezzlement and misappropriation of pension fund assets. (7) divulging undisclosed information obtained by taking advantage of his position, or using the information to engage in or express or imply others to engage in related trading activities. (eight) to engage in investments that may make the assets of pension funds bear unlimited liability. (nine) other acts prohibited by laws, administrative regulations and relevant competent departments of the State Council.

Chapter VI Pension Fund Investment

Article 34 Pension funds are limited to domestic investment. The investment scope includes: bank deposits, central bank bills and interbank deposit certificates; Treasury bonds, policy development bank bonds, financial bonds with credit rating above investment grade, corporate bonds, local government bonds, convertible bonds (including separately traded convertible bonds), short-term financing bonds, medium-term notes, asset-backed securities and bond repurchase; Pension products, listed securities investment funds, stocks, equity, stock index futures, treasury bonds futures. Thirty-fifth major national projects and major project construction, pension funds can participate in investment through appropriate means. Thirty-sixth key state-owned enterprises listed, pension funds can make equity investment. The scope is limited to central enterprises and their first-class subsidiaries, as well as local leading enterprises with core competitiveness, including state-owned or state-controlled enterprises funded by provincial financial departments and state-owned assets management departments. Article 37 The proportion of investment in pension funds shall meet the following requirements according to the fair value: (1) The proportion of investment bank demand deposits, time deposits within one year (including one year), central bank bills, government bonds with remaining maturity within one year (including one year), bond repurchase, monetary pension products and money market funds shall not be less than 5% of the net asset value of pension funds. Liquidation reserves, securities clearing funds and securities subscription funds in the primary market are regarded as current assets. (2) Bank time deposits, agreement deposits and interbank certificates of deposit with an investment term of more than one year, government bonds with a remaining term of more than one year, policy and development bank bonds, financial bonds, corporate bonds, local government bonds, convertible bonds (including convertible bonds traded separately), short-term financing bonds, medium-term notes, asset-backed securities, fixed-income pension products, mixed pension products and bond funds. Among them, the balance of funds being repurchased by bonds on each trading day shall not be higher than 40% of the net asset value of pension funds. (3) The proportion of investment in stocks, stock funds, mixed funds and stock-based pension products shall not exceed 30% of the net asset value of pension funds. Pension funds shall not be used to provide loans and guarantees to others, and shall not directly invest in warrants. However, warrants derived from investment stocks, convertible bonds and other investment products shall be sold within 10 trading days from the date of listing and trading of warrants. (four) the proportion of equity investment in major national projects and key enterprises shall not be higher than 20% of the net assets of pension funds. If the passive investment ratio exceeds the standard due to market fluctuation, fund allocation and other reasons, the adjustment of the investment ratio of pension funds shall be completed within the trading day agreed in the contract. Thirty-eighth pension fund assets to participate in stock index futures, treasury bonds futures trading, only for the purpose of hedging, and in line with the relevant provisions of China Financial Futures Exchange hedging management; At the end of any trading day, the value of stock index futures and treasury bond futures contracts held shall not exceed the book value of the hedging target. Thirty-ninth according to the changes in the financial market and investment operation, the relevant departments in charge of the State Council shall report to the State Council in time to adjust the investment scope and proportion of pension funds.

Chapter VII Valuation and Expenses

Article 40 The trustee shall conduct accounting and valuation of pension funds in accordance with the Accounting Standards for Business Enterprises No.22-Recognition and Measurement of Financial Instruments and the Guidelines for Accounting of Securities Investment Funds. The transfer-out, transfer-in and investment income distribution of entrusted investment funds in the current month shall be subject to the valuation results at the end of last month. Article 41 The annual rate of custody fees drawn by the custody institution shall not be higher than 0.05% of the net asset value of the custody pension fund. Forty-second investment management institutions to extract investment management fees at an annual rate of not more than 0.5% of the net asset value of investment management pension funds. The trustee shall stipulate the performance benchmark of the investment management institution in the investment management contract and formulate the performance appraisal method. Forty-third relevant departments in the State Council shall, according to the management of pension funds, adjust the custody fees and investment management rates in a timely manner. Article 44 The trustee shall draw risk reserve at 0% of the annual net income of the pension fund, which shall be specially used to make up for the losses incurred by the investment of the pension fund. When the balance reaches 5% of the net asset value of the pension fund, it can no longer be withdrawn. The risk reserve is invested and operated together with the principal, kept separately and owned by the customer.

Chapter VIII Reporting System

Article 45 Trustee institutions, custodian institutions and investment management institutions shall report the investment and operation of pension funds in accordance with the provisions of these Measures, ensure that there are no false records, misleading statements or major omissions in the report, and be responsible for the authenticity and completeness of the report. Article 46 The trustee shall disclose information and report relevant matters in accordance with the following requirements: (1) Announce the financial status of pension funds such as assets and income. Once a year. (2) Submit the financial and accounting reports, investment assets, income and other reports of pension funds to the clients and the relevant competent departments of the State Council every quarter. (three) to submit the annual audit report of pension fund assets to the client and the relevant competent departments and comprehensive economic departments of the State Council. (four) major events in the pension fund, should immediately report to the client and the relevant departments in charge of the State Council, and prepare an interim report, which will be published after approval. Article 47 A custodian institution shall submit monthly, quarterly and annual reports on the custody of pension funds to the trustee institution according to the custody contract and the requirements of the trustee institution; In case of special circumstances, an interim report or major information disclosure shall also be provided. The custodian institution shall review the relevant contents of the report prepared by the investment management institution, and issue review opinions as needed. Forty-eighth investment management institutions shall, in accordance with the investment management contract and the requirements of the trustee, submit the monthly, quarterly and annual reports of the investment and operation of pension funds to the trustee; In case of special circumstances, an interim report or major information disclosure shall also be provided. Forty-ninth custody institutions and investment management institutions shall submit quarterly and annual reports of pension funds to the relevant competent departments of the State Council. Article 50 Under any of the following circumstances, the custodian institution and investment management institution shall promptly report to the trustee institution and the relevant competent authorities in the State Council: (1) Capital reduction, merger, division, dissolution according to law, cancellation according to law, bankruptcy decision or application for bankruptcy. (two) involving major litigation or arbitration. (3) The chairman, general manager and other senior management personnel have changed. (4) Other reporting matters stipulated in the custody contract and the investment management contract. Article 51 The trustee shall report the entrusted management contract, custody contract and investment management contract to the relevant authorities in the State Council for the record.

Chapter IX Supervision and Inspection

Article 52 Ministry of Human Resources and Social Security and the Ministry of Finance shall supervise the investment management business of pension funds carried out by trustees, custodians, investment management institutions and related entities according to law, and strengthen the prevention of investment risks. The People's Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission shall, according to their respective functions and duties, supervise the business activities of custodian institutions and investment management institutions. Relevant departments should strengthen communication and information sharing in the process of supervision. Article 53 Ministry of Human Resources and Social Security and the Ministry of Finance shall conduct an investigation or inspection by two or more persons, produce valid certificates and undertake the following obligations: (1) To perform their duties according to law, enforce the law impartially, and shall not seek personal gain by taking advantage of their positions. (two) keep the business secrets known in the investigation or inspection. (3) keeping confidential the informants. Article 54 Trustee institutions, custodian institutions, investment management institutions and other natural persons, legal persons or other organizations that provide services for the investment management of pension funds shall actively cooperate with supervision and inspection, truthfully provide relevant documents and materials, and shall not refuse, obstruct or evade inspection, and shall not lie, conceal or destroy relevant evidence materials. Article 55 Trustee institutions, custodian institutions and investment management institutions manage and operate the assets of pension funds, and other natural persons, legal persons or organizations provide services for the investment and operation of pension funds, and shall strictly abide by relevant professional standards and industry norms, and perform the obligations of honesty, credibility, prudence and diligence. Fifty-sixth pension fund investment management practitioners should abide by laws, administrative regulations and relevant rules and regulations, and abide by professional ethics and code of conduct. Article 57 The investment and operation of pension funds shall be announced to the public on a regular basis through newspapers, websites and other media to protect the public's right to know and accept social supervision. Any organization or individual has the right to report and complain about violations of laws and regulations, and the relevant competent departments shall seriously investigate and deal with them.

Chapter X Legal Liability

Article 58 If the trustee institution and its directors (directors), supervisors, managers and other employees commit any of the acts listed in Article 19 of these Measures, they shall be ordered to make corrections, given a warning, and the illegal income, if any, shall be confiscated. The directly responsible person in charge and other directly responsible personnel shall be punished accordingly, and their pension fund investment management positions shall be suspended or revoked by their institutions. Article 59 Custody institutions, investment management institutions and their directors, supervisors, managers and other employees who commit any of the acts listed in Articles 25 and 33 of these Measures shall be ordered to make corrections, given a warning, and may suspend accepting new pension fund custody or investment management business. If there is illegal income, the illegal income shall be confiscated, and the management fee of 1 times and 5 times shall be deducted from the illegal income of the custodian institution and investment management institution; If there is no illegal income, the custodian institution or investment management institution deducts the management fee of less than 500,000 yuan. If the circumstances are serious, the management fee of more than 500,000 yuan but less than 6,543,800 yuan can be deducted. Give a warning to the directly responsible person in charge and other directly responsible personnel, and their institutions shall suspend or revoke their pension fund investment management positions. Article 60 If an investment management institution, in violation of the provisions of Article 37 and Article 38 of these Measures, invests beyond the scope of investment or violates the provisions of investment ratio, it shall be ordered to make corrections, given a warning, and may suspend accepting new investment management business of pension funds, and concurrently impose a management fee deduction of less than 500,000 yuan. Give a warning to the directly responsible person in charge and other directly responsible personnel, and their institutions shall suspend or revoke their pension fund investment management positions. Article 61 If the custodian institution or investment management institution fails to provide the report as required, or the report provided contains false records, misleading statements or major omissions, it shall be ordered to make corrections within a time limit; If it is not corrected within the time limit, it will be given a warning and the management fee will be deducted by 654.38+10,000 yuan. Article 62 Where a custodian institution or investment management institution violates other relevant provisions of these Measures, it shall be ordered to make corrections within a time limit. If it fails to make corrections within the time limit, it shall be given a warning, and it may suspend receiving new pension fund custody or investment management business. Article 63 If the custodian institution or investment management institution is warned for more than three times, the trustee institution shall terminate its pension fund custody or investment management responsibilities and may not apply again within three years. Article 64 The property and income obtained by trustees, custodians, investment management institutions and their directors (directors), supervisors, managers and employees due to embezzlement and misappropriation of pension fund assets shall be classified as fund assets. Article 65 Where a custodian institution or investment management institution violates the provisions of these Measures and causes losses to the assets of pension funds or clients, it shall be liable for compensation according to law. * * * If peers cause losses to pension fund assets or customers, they shall be jointly and severally liable for compensation; In addition to being punished according to law, the trustee shall terminate his pension fund custody or investment management duties and shall not apply again within 5 years. Article 66 If there are false records, misleading statements or major omissions in the documents issued by accounting firms and other service institutions, they shall be ordered to make corrections within a time limit, their business income shall be confiscated, and they shall be fined according to law for more than/kloc-0 and less than 5 times their business income; Give a warning to the directly responsible person in charge and other directly responsible personnel. Article 67 Any state functionary who abuses his power, neglects his duty or engages in malpractices for personal gain in the management and supervision of pension fund investment shall be investigated for responsibility according to law. Article 68 The penalties prescribed in these Measures shall be decided by Ministry of Human Resources and Social Security, Ministry of Finance or People's Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission according to their respective functions and duties. In violation of the provisions of these measures, the same act shall not be punished for more than two times. Sixty-ninth in violation of these measures, the relevant units and responsible persons who invest in the operation of pension funds shall be recorded in the credit records and incorporated into the unified national credit information sharing and exchange platform. Article 70 Whoever violates the provisions of these measures and the circumstances are serious enough to constitute a crime shall be investigated for criminal responsibility according to law.

Chapter II XI Supplementary Provisions

Article 71 These Measures shall be implemented by Ministry of Human Resources and Social Security and the Ministry of Finance jointly with relevant departments. Article 72 These Measures shall come into force as of the date of promulgation.