In case of any of the following circumstances, the registered fund manager shall be listed in the list of abnormal institutions by the fund industry association and publicized to the public: (1) The fund manager fails to fulfill the obligation of submitting and updating quarterly, annual and major information on time for two times. (2) The registered fund manager is listed in the enterprise credit information publicity system due to serious violation of 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.