Article 2 These Measures shall apply to fund operation activities such as the raising of securities investment funds (hereinafter referred to as funds), the subscription and redemption of fund shares, the investment of fund property, the distribution of fund income, and the convening of fund share holders' meeting.
Article 3 To engage in fund operation activities, one shall abide by laws, administrative regulations and the provisions of China Securities Regulatory Commission (hereinafter referred to as China Securities Regulatory Commission), follow the principles of voluntariness, fairness, honesty and credibility, and shall not harm the national interests and social public interests.
Article 4 The China Securities Regulatory Commission and its dispatched offices shall supervise and manage the fund operation activities in accordance with laws, administrative regulations, these Measures and the principle of prudent supervision.
Article 5 Fund trade associations shall conduct self-discipline management of fund operation activities in accordance with laws, administrative regulations, provisions of China Securities Regulatory Commission and self-discipline rules. Article 6 To apply for raising funds, the proposed fund manager and fund custodian shall meet the following conditions:
(1) The proposed fund manager is a legally established fund management company, and the proposed fund custodian is a commercial bank with fund custody qualification;
(2) Having fund managers and other business personnel who meet the requirements of the China Securities Regulatory Commission and are suitable for managing and hosting the funds to be raised;
(3) The fund's investment management, sales, registration, valuation and other business links have sound systems and standardized behaviors, and there is no situation that affects the normal operation of the fund, damages or may damage the legitimate rights and interests of fund share holders;
(4) It has not been subjected to administrative punishment or criminal punishment for illegal acts in the last year;
(5) It is not being investigated by the regulatory authorities due to illegal acts, or it is being rectified;
(6) There are no major changes that have or may adversely affect the operation of the fund, or other major events such as litigation and arbitration;
(7) There are no major operational risks such as imperfect corporate governance, chaotic operation and management, ineffective implementation of internal control and risk management systems, and deterioration of financial conditions;
(eight) other conditions stipulated by the China Securities Regulatory Commission in accordance with the principle of prudent supervision.
Article 7 To apply for raising funds, the funds to be raised shall meet the following conditions:
(1) Having a clear and lawful investment direction;
(2) Having a clear fund operation mode;
(3) Conforming to the provisions of the China Securities Regulatory Commission on the types of funds.
(4) It is different from the fund managed by the proposed fund manager;
(5) The draft legal documents such as the fund contract and prospectus comply with laws, administrative regulations and the provisions of the China Securities Regulatory Commission;
(6) The name of the fund indicates the types and investment characteristics of the fund, and there is no content that harms the interests of the state or society, deceives or misleads investors, or infringes upon the legitimate rights and interests of others;
(seven) other conditions stipulated by the China Securities Regulatory Commission in accordance with the principle of prudent supervision.
Article 8 When applying for offering, a fund manager shall submit application materials in accordance with the Securities Investment Fund Law and the provisions of the China Securities Regulatory Commission.
During the application period, if the matters involved in the application materials change significantly, the fund manager shall submit the updated materials to the China Securities Regulatory Commission within five working days from the date of change.
Article 9 The China Securities Regulatory Commission shall, in accordance with Article 39 of the Administrative Licensing Law and the Securities Investment Fund Law, accept the application for fund raising, examine it and make a decision.
Article 10 According to the principle of prudent supervision, the China Securities Regulatory Commission may organize an expert review meeting to review the fund raising application.
Article 11 The fund raising period shall not exceed three months from the date when the fund shares are sold.
Article 12 Upon the expiration of the fund raising period, if the total amount of fund shares raised conforms to the provisions of Article 44 of the Securities Investment Fund Law and meets one of the following conditions, the fund manager shall go through the formalities of capital verification and fund filing in accordance with the provisions;
(a) the total number of shares raised by the fund is not less than 200 million shares, and the amount raised by the fund is not less than 200 million yuan; There shall be no less than 200 fund share holders;
(2) When raising funds, the fund management company shall use the funds of the company's shareholders, the company's inherent funds and the funds of the company's senior managers or fund managers to subscribe for no less than10 million yuan, and the holding period shall be no less than 3 years; The total amount of shares raised by the fund is not less than 50 million shares, and the amount raised by the fund is not less than 50 million yuan; The number of fund share holders shall not be less than 200.
Article 13 The China Securities Regulatory Commission shall give a written confirmation within three working days from the date of receiving the capital verification report and fund filing materials from the fund manager; Since the date of written confirmation by China Securities Regulatory Commission, the fund filing procedures have been completed and the fund contract has come into effect.
The fund manager shall make an announcement the day after receiving the confirmation document from the China Securities Regulatory Commission.
Article 14 Information disclosure fees, accountant fees, attorney fees and other expenses during the fund raising period shall not be charged to the fund property; If the fund collects subscription fees, it can be charged from the subscription fees. Article 15 An open-end fund shall stipulate the fund contract, and specify the date and time for the fund manager to purchase and redeem the fund shares in the prospectus (hereinafter referred to as the open day).
Article 16 The fund contract of an open-end fund may stipulate that the fund manager shall not apply for redemption within a certain period of time from the effective date of the fund contract; However, the agreed period shall not exceed three months, and it shall be specified in the prospectus.
Article 17 The purchase and redemption price of open-end fund shares shall be calculated according to the net value of fund shares on the purchase and redemption date plus or minus related expenses. The specific calculation method of the purchase and redemption price of open-end fund shares shall be specified in the fund contract and prospectus.
The calculation method of open-end fund share net value is: the net asset value of the fund divided by the fund share balance on the day after the closing of each open day. The specific calculation method shall be specified in the fund contract and prospectus.
Article 18 A fund manager shall not purchase, redeem or convert fund shares at a date or time other than that stipulated in the fund contract.
If an investor applies for subscription, redemption or conversion at a date and time other than that stipulated in the fund contract, the subscription and redemption price of the fund share shall be the opening day price of the next subscription and redemption of the fund share.
Article 19 Investors who subscribe for fund shares must pay the subscription money in full, except for special fund varieties specified by the China Securities Regulatory Commission; The subscription application is valid when the investor pays the money.
Article 20 A fund manager shall, within three working days from the date of receiving the application for subscription and redemption from investors, confirm the validity of subscription and redemption.
The fund manager shall pay the redemption money within seven working days from the date of accepting the investor's effective redemption application, except for the special fund varieties specified by the China Securities Regulatory Commission.
Article 21 The fund contract of an open-end fund may stipulate that after the fund reaches a certain scale, the fund manager will no longer accept subscription and subscription applications, but it shall be stated in the prospectus.
The fund manager shall not adjust the fund scale agreed in the fund contract during the fund raising period. After the fund contract comes into effect, the fund manager can adjust the fund scale according to the actual situation in accordance with the provisions of the fund contract, but should announce and update the prospectus three days in advance.
Article 22 The fund contract of an open-end fund may limit the proportion or quantity of fund shares held by a single fund share holder, but it shall be specified in the prospectus.
Article 23 If the net redemption application of an open-end fund on a single open day exceeds 10% of the total fund share, it is a huge redemption.
When there is a huge redemption of an open-end fund, the redemption share handled by the fund manager on that day shall not be less than 10% of the total fund share, and the remaining redemption applications may be postponed.
Article 24 When there is a huge redemption of an open-end fund, the fund manager shall determine the redemption share handled by a single fund share holder on that day according to the proportion of the redemption share applied by the fund share holder to the total redemption share applied for that day.
Fund share holders can choose to cancel the unprocessed part of the day when applying for redemption. If the fund share holders do not choose to cancel, the fund manager can postpone the redemption of the issued shares to the next open day, and the redemption price is the price of the next open day.
Article 25 In case of huge redemption or delay in handling open-end funds, the fund manager shall notify the fund share holders by mail, fax or other means specified in the prospectus within three trading days, explaining the relevant handling methods, and make an announcement in designated newspapers and other relevant media.
Article 26 In case of continuous redemption of an open-end fund, the fund manager may suspend accepting redemption applications according to the provisions of the fund contract and prospectus; The accepted redemption application may postpone the payment of redemption money, but the extension period shall not exceed 20 working days, and it shall be announced in designated newspapers and other relevant media.
Article 27 The fund contract of an open-end fund may stipulate that if a single fund share holder applies for redemption of the fund share on a single open day, and the fund share exceeds a certain proportion of the total fund share, the fund manager may suspend accepting the redemption application or postpone payment according to the provisions of Article 26 of these Measures.
Article 28 Open-end funds shall hold cash of not less than 5% of the net asset value of the fund or government bonds with a maturity of less than one year to pay the redemption money of fund share holders, except for special fund types specified by the China Securities Regulatory Commission. Twenty-ninth fund contracts and fund prospectus shall specify the types of funds in accordance with the following provisions:
(a) more than 60% of the fund's assets are invested in stocks, which are stock funds;
(2) More than 80% of the fund assets are invested in bonds, which are bond funds;
(3) Money market funds that only invest in money market instruments;
(four) investment in stocks, bonds and money market instruments, the proportion of stock investment and bond investment does not meet the provisions of items (a) and (b), for the mixed fund;
(5) Other fund categories as stipulated by the China Securities Regulatory Commission.
Article 30 If the name of a fund indicates the investment direction, more than 80% of the assets of a non-cash fund shall be determined by the investment direction.
Article 31 A fund manager who uses the fund property for securities investment shall not have the following circumstances:
(1) The fund holds shares of a listed company, and its market value exceeds10% of the fund's net asset value;
(2) All funds managed by the same fund manager hold securities issued by one company, accounting for more than10% of the securities;
(3) Fund property participates in stock issuance and subscription, and the number declared by a single fund exceeds the total assets of the fund, and the number of stocks declared by a single fund exceeds the total number of shares to be issued by the company this time;
(4) Violating the stipulations of the fund contract on investment scope, investment strategy and investment proportion.
(5) Other circumstances prohibited by the China Securities Regulatory Commission.
The types of funds that invest in securities in full proportion to the composition of the relevant index may not be subject to the proportion restrictions stipulated in Items (1) and (2) of the preceding paragraph.
Article 32 A fund manager shall, within six months from the effective date of the fund contract, make the investment portfolio ratio of the fund conform to the relevant provisions of the fund contract.
Article 33 If the fund investment does not meet the proportion stipulated in Items (1) and (2) of the first paragraph of Article 31 of these Measures or the investment proportion agreed in the fund contract due to factors other than the fund manager, such as the fluctuation of the securities market, the merger of listed companies and the change of fund scale, the fund manager shall make adjustments within ten trading days.
Thirty-fourth the following expenses related to the fund can be charged from the fund property:
(a) the management fee of the fund manager;
(2) Custody fees of the fund custodian;
(3) Information disclosure expenses after the fund contract becomes effective;
(4) Accountant fees and attorney fees after the fund contract becomes effective;
(5) General meeting expenses of fund share holders;
(6) Securities transaction fees of the fund;
(seven) other expenses that can be charged from the fund property in accordance with the relevant provisions of the state and the fund contract.
Thirty-fifth closed-end fund income distribution not less than once a year, closed-end fund annual income distribution ratio of not less than 90% of the realized income of the fund.
The fund contract of an open-end fund shall stipulate the maximum number of fund income distribution and the minimum proportion of fund income distribution each year.
Thirty-sixth fund income distribution should be carried out in cash.
Fund share holders of open-end funds can choose to convert the distributed cash proceeds into fund shares in advance according to the agreement on fund share subscription in the fund contract; If the fund share holder fails to make a choice in advance, the fund manager shall pay cash. Article 37 In addition to the matters specified in Items (1) to (5) of Article 71 of the Securities Investment Fund Law, a fund contract shall also stipulate other matters that have a significant impact on the rights and obligations of the parties to the fund contract, convene a fund share holders' meeting to modify the contract and meet the requirements of the China Securities Regulatory Commission.
Article 38 If the fund custodian deems it necessary to convene a general meeting of fund share holders, it shall submit a written proposal to the fund manager. The fund manager shall decide whether to hold a meeting within 10 days from the date of receiving the written proposal, and notify the fund custodian in writing.
If the fund manager decides to convene, it shall convene within 60 days from the date of issuing the written decision; If the fund manager decides not to convene, but the fund custodian still thinks it is necessary to convene, it shall convene by itself.
Article 39 If fund share holders representing more than 10% of the fund share think it necessary to convene a fund share holders' meeting, they shall submit a written proposal to the fund manager. The fund manager shall decide whether to convene the meeting within 10 days from the date of receiving the written proposal, and notify the representative of the fund share holder and the fund custodian who put forward the proposal in writing.
If the fund manager decides to convene, it shall convene within 60 days from the date of issuing the written decision; If the fund manager decides not to convene, and the fund share holders representing more than 10% of the fund share still think it is necessary to convene, they shall submit a written proposal to the fund custodian.
The fund custodian shall decide whether to convene the meeting within ten days from the date of receiving the written proposal, and notify the representative of the fund share holder and the fund manager who put forward the proposal in writing; If the fund custodian decides to convene, it shall convene within 60 days from the date of issuing the written decision.
Article 40 If neither the fund manager nor the fund custodian has convened the fund share holders' meeting, the fund share holders may convene the fund share holders' meeting on their own according to the provisions of the second paragraph of Article 72 of the Securities Investment Fund Law.
If the fund share holders hold the fund share holders' meeting by themselves, they shall file with the China Securities Regulatory Commission at least 30 days in advance.
Article 41 If the fund share holders convene the fund share holders' meeting by themselves according to law, the fund manager and the fund custodian shall cooperate with each other and shall not obstruct or interfere.
Article 42 The convener shall, within five days from the date of adoption, report the matters voted by the fund share holders' meeting to the China Securities Regulatory Commission for approval or filing in accordance with Article 75 of the Securities Investment Fund Law.
Matters decided by the fund share holders' meeting shall come into effect as of the date when the China Securities Regulatory Commission approves or issues no objection according to law.
Article 43 Fund managers, fund custodians and fund share holders shall implement the decisions of the effective fund share holders' meeting. Article 44 After the fund contract of an open-end fund comes into effect, if the number of fund share holders is less than 200 or the net asset value of the fund is less than 50 million yuan, the fund manager shall report to the China Securities Regulatory Commission in time; If the above situation occurs for 20 consecutive working days, the fund manager shall explain the reasons and submit a solution to the China Securities Regulatory Commission.
Article 45 The China Securities Regulatory Commission and its dispatched offices shall regularly or irregularly inspect the fund managers and fund custodians' fund operation activities, and the fund managers and fund custodians shall cooperate with them.
Forty-sixth fund managers and fund custodians in violation of laws, administrative regulations and the provisions of these measures, the China Securities Regulatory Commission and its dispatched offices can be ordered to rectify and suspend related business; For the directly responsible person in charge and other directly responsible personnel, administrative supervision measures can be taken, such as supervision talks, issuing warning letters, recording them in the integrity file, suspending the performance of their duties, and determining that they are not suitable for relevant positions.
Article 47 If a fund manager, fund custodian, the directly responsible person in charge and other directly responsible personnel engage in fund operation activities in violation of the provisions of these Measures, the China Securities Regulatory Commission shall impose administrative penalties in accordance with the relevant provisions of laws and administrative regulations; Where there are no provisions in laws and administrative regulations, administrative penalties shall be imposed in accordance with the provisions of these measures; Anyone suspected of committing a crime shall be transferred to judicial organs according to law and investigated for criminal responsibility.
Article 48 If a fund manager, in violation of the provisions of Article 18 of these Measures, purchases, redeems or converts fund shares outside the date or time stipulated in the fund contract, he shall be punished in accordance with the provisions of Article 89 of the Securities Investment Fund Law.
Article 49 If a fund manager uses the fund property for securities investment in violation of the provisions of Article 31 of these Measures, he shall be punished in accordance with the provisions of Article 90 of the Securities Investment Fund Law.
Article 50 If a fund manager or fund custodian fails to convene a general meeting of fund share holders in accordance with the provisions of Articles 38 and 39 of these Measures, he shall be punished in accordance with the provisions of Article 95 of the Securities Investment Fund Law.
Article 51 If a fund manager applies for offering, conceals relevant information or provides false materials, the China Securities Regulatory Commission will not accept it; If it has been accepted, it will not be approved and given a warning.
Fifty-second fund managers engaged in fund operation activities, under any of the following circumstances, shall be ordered to make corrections, single or combined with warnings and fines; The directly responsible person in charge and other directly responsible personnel shall be given a warning or a fine:
(1) Failing to calculate the subscription and redemption prices of fund shares in accordance with the provisions of Article 17 of these Measures.
(2) Failing to confirm the validity of subscription and redemption in accordance with the provisions of Article 20 of these Measures and paying the redemption money;
(three) did not apply for redemption in accordance with the provisions of the second paragraph of article twenty-third;
(4) Failing to keep cash or government bonds in accordance with the provisions of Article 28 of these Measures;
(5) Failing to adjust the investment ratio in accordance with the provisions of Article 33;
(six) the income distribution is not carried out in accordance with the provisions of Article 35 and Article 36 of these measures;
(seven) failing to report, explain the relevant situation or submit a solution in accordance with the provisions of article forty-fourth of these measures.
Article 53 A fund manager or fund custodian shall be ordered to make corrections or be given a warning or a fine in any of the following circumstances; The directly responsible person in charge and other directly responsible personnel shall be given a warning or a fine:
(1) Failing to cooperate with the fund share holders to convene the fund share holders' meeting in accordance with the provisions of Article 41 of these Measures;
(2) Failing to submit for approval or put on record the matters decided by the fund share holders' meeting in accordance with the provisions of Article 42 of these Measures;
(3) Failing to implement the effective decision of the fund share holders' meeting in accordance with the provisions of Article 43 of these Measures;
(four) failing to cooperate with the China Securities Regulatory Commission and its dispatched offices in accordance with the provisions of article forty-fifth of these measures. Article 54 These Measures shall come into force as of July 6, 2004.