Article 2 These Measures shall apply to fund operation activities such as fund raising, fund share subscription, redemption and transaction, fund property investment, fund income distribution, fund share holders' meeting, etc.
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.
Fund managers should abide by prudent operation rules, formulate scientific and reasonable investment strategies and risk management systems, and effectively prevent and control risks when using fund property for securities investment.
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.
China Securities Regulatory Commission's registration and examination of fund raising is based on complete requirements and content compliance, with full disclosure of information and investors' appropriateness as the core, and with the goal of strengthening the protection of investors' interests and preventing systemic risks. China Securities Regulatory Commission does not make substantive judgments or guarantees on the investment value and market prospects of funds. Investors should carefully read the fund prospectus, fund contracts and other information disclosure documents, independently judge the investment value of the fund, make investment decisions independently, and bear investment risks on their own.
Article 5 Securities investment fund trade associations (hereinafter referred to as fund trade associations) shall conduct self-discipline management of fund operation activities in accordance with laws, administrative regulations, provisions of the 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 or other institutions approved by the China Securities Regulatory Commission, and the proposed fund custodian is a commercial bank with fund custody qualification or other financial institutions approved by the China Securities Regulatory Commission;
(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) It has not been subjected to administrative punishment or criminal punishment for major violations of laws and regulations or major acts of dishonesty in the last year;
(4) It is not being investigated by the regulatory authorities or the judicial organs due to illegal acts or dishonesty, or it is being rectified;
(5) There are no false records, misleading statements or major omissions in the application materials for registered capital submitted to the China Securities Regulatory Commission in the latest year;
(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 governance structure, chaotic operation and management, ineffective implementation of internal control and risk management system, and deterioration of financial status;
(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) 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;
(5) 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;
(6) The prospectus truly, accurately and completely discloses the important information that investors need to make investment decisions, and there are no false records, misleading statements or major omissions. The language is concise, easy to understand and practical, which is in line with investors' understanding ability.
(7) Having an investor suitability management system that conforms to the characteristics of the fund, clear methods for investor positioning, identification and evaluation, and clear risk warning contents;
(8) The fund's investment management, sales, registration, valuation and other business links are sound, the behavior is standardized, and the technical system is fully prepared. 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, and may cause systemic risks;
(9) Other conditions stipulated by the China Securities Regulatory Commission.
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. Fund managers, fund custodians and relevant intermediaries shall bear corresponding legal responsibilities for the authenticity, accuracy and completeness of the application materials from the time when the administrative organ accepts the application materials.
Intermediaries that issue legal opinions and other documents for fund application materials shall be diligent and conscientious, and check and verify the authenticity, accuracy and completeness of the documents and materials on which they are based.
After the application materials are accepted, the relevant contents shall not be changed at will. 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 55 of the Administrative Licensing Law and the Securities Investment Fund Law, accept and examine the application for registration of fund raising, make a decision on whether to register or not, and notify the applicant; If the registration is not granted, the reasons shall be explained.
Article 10 The China Securities Regulatory Commission may solicit opinions from fund industry associations, stock exchanges and securities registration and settlement institutions. For reference during registration review.
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 59 of the Securities Investment Fund Law and meets the following conditions, the fund manager shall go through the formalities of capital verification and fund filing in accordance with the provisions: the total amount of fund raised shall not be less than 200 million yuan, and the amount of fund raised shall not be less than 200 million yuan; The number of fund share holders shall not be less than 200.
Sponsored funds are not subject to the above restrictions. Sponsored funds refer to funds that fund managers use the funds of the company's shareholders, inherent funds, senior managers or fund managers to subscribe for not less than10 million yuan and hold for not less than 3 years. Three years after the fund contract of the initiating fund comes into effect, if the net asset value of the fund is less than 200 million yuan, the fund contract will be automatically terminated.
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). When handling the subscription and redemption of fund shares, fund managers should follow the principle of giving priority to the interests of fund share holders. When the subscription and redemption damage the interests of the holders, they should suspend the subscription and redemption business in time.
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. However, the varieties of special funds specified by China Securities Regulatory Commission are excluded.
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 amount in full; The investor pays the subscription money and the subscription is established; Subscription takes effect when the fund share registration institution confirms the fund share. The fund share holder submits the redemption application, and the redemption is established; Redemption takes effect when the fund share registration institution confirms redemption. However, the varieties of special funds specified by China Securities Regulatory Commission are excluded.
For open-end funds that invest in portfolio securities corresponding to a specific index or other investment targets agreed in the fund contract, their fund shares can be purchased and redeemed with portfolio securities, cash or other consideration agreed in the fund contract. The consideration for subscription and redemption of fund shares shall be determined according to the fund asset portfolio and the net value of fund shares on the day of subscription and redemption, and the specific calculation method shall be specified in the fund contract and prospectus. The listing, subscription, redemption and fund settlement of fund shares shall comply with the relevant provisions of stock exchanges and securities registration and settlement institutions.
Article 20 The fund manager shall, within 3 working days from the date of receiving the application for subscription and redemption from investors, confirm the validity of subscription and redemption, except for the special fund varieties specified by the China Securities Regulatory Commission.
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, except for special fund varieties specified by the China Securities Regulatory Commission.
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 If an open-end fund has a huge redemption and its extension, 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 the designated 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 time shall not exceed 20 working days, and it shall be announced in the designated 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.
Article 29 Fund shares may be listed and traded on stock exchanges according to law, and may also be transferred in trading places recognized by the China Securities Regulatory Commission or by other means according to laws, regulations and fund contracts. Thirtieth fund contracts and fund prospectus shall specify the types of funds in accordance with the following provisions:
(1) More than 80% of the fund 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;
(4) If more than 80% of the fund assets are invested in other fund shares, it is a fund in the fund;
(5) Investing in stocks, bonds, money market instruments or other fund shares, and the proportion of stock investment, bond investment and fund investment does not meet the provisions of items (1), (2) and (4), which is a mixed fund;
(six) other types of funds as stipulated by the China Securities Regulatory Commission.
Article 31 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 32 A fund manager who uses the fund property for securities investment shall not have the following circumstances:
(1) The fund holds securities issued by the company, and its market value exceeds10% of the net asset value of the fund;
(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;
(four) the fund holds other funds (excluding money market funds), and its market value exceeds the net asset value of the fund 10%, except the funds in the fund;
(five) the fund in the fund holds other single funds, and its market value exceeds 20% of the net asset value of the fund, or invests in other funds;
(6) The total assets of the fund exceed140% of the net assets of the fund;
(seven) in violation of the provisions of the fund contract on investment scope, investment strategy and investment ratio;
(8) 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.
Where a fund manager uses the fund property to invest in securities derivatives, he shall formulate a strict authorization management system and investment decision-making process according to the risk management principle. The specific proportion of fund managers using fund property to invest in securities derivatives shall comply with the relevant provisions of the China Securities Regulatory Commission.
Other types of special funds as otherwise stipulated by the China Securities Regulatory Commission may not be subject to the above proportion restrictions.
Article 33 Where a fund manager uses the fund property to buy or sell securities issued by the fund manager, the fund custodian, its controlling shareholder, actual controller or a company with significant interests in it or underwritten securities during the underwriting period, or engage in other major related transactions, it shall conform to the investment objectives and investment strategies of the fund, follow the principle of giving priority to the interests of holders, prevent conflicts of interests, establish and improve the internal examination and approval mechanism and evaluation mechanism, and implement them at a fair and reasonable market price. Related party transactions must be approved by the fund custodian in advance and disclosed according to laws and regulations. Major related party transactions shall be submitted to the fund manager's board of directors for deliberation and approved by more than two-thirds of independent directors. The board of directors of the fund manager shall review related party transactions at least once every six months.
Article 34 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. During this period, the investment scope and investment strategy of the Fund shall conform to the stipulations of the Fund Contract.
Article 35 If the fund investment does not meet the proportion stipulated in Article 32 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, except for special circumstances stipulated by the China Securities Regulatory Commission.
Thirty-sixth 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) Accountant fees and attorney fees after the fund contract becomes effective;
(4) General meeting expenses of fund share holders;
(5) Securities transaction fees of the fund;
(six) other expenses that can be charged from the fund property in accordance with the relevant provisions of the state and the fund contract.
Fund managers can set the structure and level of fund management fee rate according to the principle of consistency with the interests of fund share holders, combined with product characteristics and investor needs.
Thirty-seventh closed-end fund income distribution not less than once a year, closed-end fund annual income distribution ratio is not less than 90% of the annual distributable profit of the fund.
The income distribution of open-end funds shall be stipulated in the fund contract.
Thirty-eighth fund income distribution shall be carried out in cash, except for the special fund varieties specified by the China Securities Regulatory Commission.
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 39 A fund shall change its operation mode or merge with other funds in accordance with the procedures stipulated in laws, regulations and fund contracts. If the fund contract does not clearly stipulate the implementation plan, it shall be reviewed and approved by the fund share holders' meeting. The fund manager shall issue a prompt notice in advance to clarify the relevant implementation arrangements, explain the impact on the existing fund share holders and the options (such as redemption, transfer or sale) enjoyed by the fund share holders, and reserve at least 20 open days or trading days for the fund share holders to make choices before implementation.
Fortieth after the registration of the fund, if it is necessary to make substantial adjustments to the original registered items, it shall go through the relevant procedures in accordance with laws and regulations and the provisions of the fund contract; Those who continue to raise funds publicly shall submit an application for changing the registered items to the China Securities Regulatory Commission in accordance with the provisions of the Administrative Licensing Law before the public offering. Without registration, it is not allowed to raise funds openly or in disguise.
Article 41 For an open-end fund established according to the first paragraph of Article 12 of these Measures, 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 for 20 consecutive working days after the fund contract takes effect, the fund manager shall disclose it in the regular report; In case of the above-mentioned situation for 60 consecutive working days, the fund manager shall report to the China Securities Regulatory Commission, propose solutions such as changing the operation mode, merging with other funds or terminating the fund contract, and convene a general meeting of fund share holders to vote.
If the initiated fund established in accordance with the second paragraph of Article 12 of these Measures continues to exist three years after the fund contract takes effect, it shall be implemented in accordance with the provisions of the preceding paragraph. Article 42 In addition to the matters specified in Items (1) to (4) of Article 48 of the Securities Investment Fund Law, the fund contract shall also stipulate other matters that have a significant impact on the rights and obligations of the parties to the fund contract and need to convene a general meeting of fund share holders in accordance with the provisions of the China Securities Regulatory Commission.
Article 43 The general meeting of fund share holders does not set up a daily organization. If the fund custodian thinks it necessary to convene the 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 itself and notify the fund manager within 60 days from the date of issuing the written decision, and the fund manager shall cooperate.
Article 44 If the fund share holders' meeting is not set up as a routine institution, and the fund share holders representing more than 10% of the fund share think it necessary to convene the 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 45 If the general meeting of fund share holders establishes a daily organization, if the fund manager, fund custodian or fund share holders representing more than 10% of the fund share think it necessary to convene the general meeting of fund share holders, they shall submit a written proposal to the daily organization.
The daily institution shall decide whether to hold a meeting within ten days from the date of receiving the written proposal, and notify the fund manager, fund custodian and fund share holder representatives who put forward the proposal in writing. If the daily organization decides to convene, it shall convene within 60 days from the date of issuing the written decision; If the day-to-day institution decides not to convene, and the fund manager, fund custodian or fund share holders representing more than 10% of the fund share still think it necessary to convene, it shall be implemented in accordance with the relevant provisions on not establishing the day-to-day institution.
Article 46 If the daily institutions, fund managers and fund custodians do not convene the fund share holders' meeting, the fund share holders may convene the fund share holders' meeting by themselves in accordance with the provisions of the second paragraph of Article 84 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 47 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 the daily organization of the fund share holders' meeting and shall not obstruct or interfere.
Article 48 The general meeting of fund share holders may be held in the form of on-site meeting or communication meeting in accordance with the provisions of the fund contract. Fund managers and fund custodians shall provide convenience for fund share holders to exercise their voting rights.
Matters decided by the fund share holders' meeting shall take effect from the date of voting. Matters voted by the fund share holders' meeting in accordance with Article 87 of the Securities Investment Fund Law shall be reported to the China Securities Regulatory Commission for the record within five days from the date of adoption.
Article 49 The daily institutions, fund managers, fund custodians and fund share holders of the fund share holders' meeting shall implement the effective decisions of the fund share holders' meeting. Article 50 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.
Article 51 Fund managers, fund custodians, their directly responsible personnel in charge and other directly responsible personnel who engage in fund operation activities in violation of the provisions of these Measures and should be given administrative punishment according to law shall be given administrative punishment according to the 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 52 If a fund manager or fund custodian violates the provisions of these Measures, the China Securities Regulatory Commission and its dispatched offices may take administrative regulatory measures such as regulatory talks, issuing warning letters, ordering rectification within a time limit, suspending the acceptance and review of fund product offering applications or other business applications during rectification, and record them in the integrity file; The directly responsible person in charge and other directly responsible personnel can take administrative supervision measures such as supervision talks, issuing warning letters, suspending their duties, and determining that they are not suitable for relevant positions, and record them in the integrity file.
Article 53 If the information in the application materials submitted by the fund manager to the China Securities Regulatory Commission is contradictory, or there are different expressions and substantial differences on the same fact, the China Securities Regulatory Commission will suspend the examination and refuse to accept the application for fund registration submitted by the fund manager within six months.
If the application materials submitted by the fund manager to the China Securities Regulatory Commission contain false records, misleading statements and major omissions, the China Securities Regulatory Commission will not accept them; If it has been accepted, it will not be registered; If it has been registered but has not been proposed, the registration decision shall be revoked; And within one year, the application for fund registration submitted by the fund manager will no longer be accepted, and relevant administrative supervision measures will be taken for the fund manager and its directly responsible person in charge and other directly responsible personnel and recorded in the integrity file; If the circumstances are serious, a single penalty or a warning and a fine of not more than 30,000 yuan shall be imposed. Those who register for offering shall be punished in accordance with the provisions of Article 132 of the Securities Investment Fund Law.
If a fund manager violates the provisions of Article 40 of these Measures and fails to register the change before the public offering, he shall be punished in accordance with the provisions of Article 128 of the Securities Investment Fund Law.
Article 54 If a fund manager violates the provisions of Article 32 of these Measures and uses the fund property for securities investment, if the circumstances are serious, or engages in related transactions in violation of the provisions of Article 33 of these Measures, he shall be punished in accordance with the provisions of Article 130 of the Securities Investment Fund Law.
Article 55 If a fund manager or fund custodian fails to convene a general meeting of fund share holders in accordance with the provisions of Articles 42 and 43 of these Measures, he shall be punished in accordance with the provisions of Article 133 of the Securities Investment Fund Law.
Article 56 If a fund manager engages in fund operation activities under any of the following circumstances, the China Securities Regulatory Commission may take relevant administrative supervision measures against the fund manager, the directly responsible person in charge and other directly responsible personnel, and record them in the credit file; If the circumstances are serious, a warning or a fine of not more than 30,000 yuan may be imposed:
(1) Failing to sell fund shares in accordance with the provisions of Article 11 of these Measures.
(2) Failing to go through the formalities of capital verification and capital filing in time in accordance with Article 12 of these Measures;
(3) Failing to handle the subscription and redemption business in accordance with the provisions of Article 15 of these Measures, which involves damage to the fund property and the interests of fund share holders;
(4) Failing to calculate the subscription and redemption prices of fund shares in accordance with the provisions of Article 17 of these Measures;
(5) The fund manager, in violation of the provisions of Article 18 of these Measures, handles the subscription, redemption or conversion of fund shares at a date or time other than that stipulated in the fund contract;
(6) 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;
(seven) failing to apply for redemption in accordance with the provisions of the second paragraph of Article 23 and the first paragraph of Article 24;
(8) Failing to keep cash or government bonds in accordance with the provisions of Article 28 of these Measures;
(9) Failing to adjust the proportion of investment in accordance with the provisions of Articles 34 and 35 of these Measures;
(ten) the income distribution is not carried out in accordance with the provisions of Article 37 and Article 38 of these measures;
(eleven) failing to handle the fund conversion operation mode or merger in accordance with the provisions of Article 39 of these Measures;
(12) Failing to report, explain relevant information, submit solutions or convene a general meeting of fund share holders in accordance with the provisions of Article 41 of these Measures;
(thirteen) technical system failure, which affects the normal operation of the fund and damages the interests of the holders.
Article 57 If a fund manager or fund custodian is under any of the following circumstances, the China Securities Regulatory Commission may take relevant administrative supervision measures against the fund manager or fund custodian, the directly responsible person in charge and other directly responsible personnel, and record them in the credit file; If the circumstances are serious, a warning or a fine of not more than 30,000 yuan may be imposed:
(a) does not comply with the provisions of article fourteenth and article thirty-sixth;
(2) Failing to cooperate with the fund share holders to convene the fund share holders' meeting in accordance with the provisions of Article 47 of these Measures;
(3) Failing to apply for filing the matters decided by the fund share holders' meeting in accordance with the provisions of Article 48 of these Measures;
(four) failing to implement the effective decision of the fund share holders' meeting in accordance with the provisions of Article 49 of these Measures;
(five) failing to cooperate with the China Securities Regulatory Commission and its dispatched offices in accordance with the provisions of Article 50 of these Measures. Article 58 The collective asset management plan managed by a securities company with more than 200 investors shall comply with the provisions of the Securities Investment Fund Law that managers and employees shall not engage in interest transfer, unfair trading and insider trading, and shall be implemented with reference to the relevant provisions of these Measures on preventing conflicts of interest and protecting investors.
Article 59 These Measures shall come into force on August 8, 20 14. The Measures for the Administration of the Operation of Securities Investment Funds (Order No.79 of the CSRC) shall be abolished at the same time.