If the registered fund manager has any of the following circumstances, the fund industry association will list it as an abnormal institution and publicize it through the publicity platform of private fund managers. Once the fund manager is publicized as an abnormal institution, it will take at least six months to return to the normal institution publicity state: ① If the fund manager fails to submit and update quarterly, annual and major information on time for two times, the registered fund manager will be included in the enterprise credit information publicity for violating the relevant provisions of the Provisional Regulations on Enterprise Information Publicity. ③ The registered fund manager fails to submit the audited annual financial report as required.