中华人民共和国证券投资基金法

发布日期: 2008-09-17


第一章 总则

   第一条 为了规范证券投资基金活动,保护投资人及相关当事人的合法权益,促进证券投资基金和证券市场的健康发展,制定本法。

  第二条在中华人民共和国境内,通过公开发售基金份额募集证券投资基金(以下简称基金),由基金管理人管理,基金托管人托管,为基金份额持有人的利益,以资产组合方式进行证券投资活动,适用本法;本法未规定的,适用《中华人民共和国信托法》、《中华人民共和国证券法》和其他有关法律、行政法规的规定。

  第三条 基金管理人、基金托管人和基金份额持有人的权利、义务,依照本法在基金合同中约定。

  基金管理人、基金托管人依照本法和基金合同的约定,履行受托职责。基金份额持有人按其所持基金份额享受收益和承担风险。

  第四条 从事证券投资基金活动,应当遵循自愿、公平、诚实信用的原则,不得损害国家利益和社会公共利益。

  第五条 基金合同应当约定基金运作方式。基金运作方式可以采用封闭式、开放式或者其他方式。

  采用封闭式运作方式的基金(以下简称封闭式基金),是指经核准的基金份额总额在基金合同期限内固定不变,基金份额可以在依法设立的证券交易场所交易,但基金份额持有人不得申请赎回的基金。

  采用开放式运作方式的基金(以下简称开放式基金),是指基金份额总额不固定,基金份额可以在基金合同约定的时间和场所申购或者赎回的基金。

  采用其他运作方式的基金的基金份额发售、交易、申购、赎回的办法,由国务院另行规定。

  第六条 基金财产独立于基金管理人、基金托管人的固有财产。基金管理人、基金托管人不得将基金财产归入其固有财产。

  基金管理人、基金托管人因基金财产的管理、运用或者其他情形而取得的财产和收益,归入基金财产。

  基金管理人、基金托管人因依法解散、被依法撤销或者被依法宣告破产等原因进行清算的,基金财产不属于其清算财产。

  第七条 基金财产的债权,不得与基金管理人、基金托管人固有财产的债务相抵销;不同基金财产的债权债务,不得相互抵销。

  第八条 非因基金财产本身承担的债务,不得对基金财产强制执行。

  第九条 基金管理人、基金托管人管理、运用基金财产,应当恪尽职守,履行诚实信用、谨慎勤勉的义务。

  基金从业人员应当依法取得基金从业资格,遵守法律、行政法规,恪守职业道德和行为规范。

  第十条 基金管理人、基金托管人和基金份额发售机构,可以成立同业协会,加强行业自律,协调行业关系,提供行业服务,促进行业发展。

  第十一条 国务院证券监督管理机构依法对证券投资基金活动实施监督管理。

第二章 基金管理人

  第十二条 基金管理人由依法设立的基金管理公司担任。

  担任基金管理人,应当经国务院证券监督管理机构核准。

  第十三条 设立基金管理公司,应当具备下列条件,并经国务院证券监督管理机构批准:

  ()有符合本法和《中华人民共和国公司法》规定的章程;

  ()注册资本不低于一亿元人民币,且必须为实缴货币资本;

  ()主要股东具有从事证券经营、证券投资咨询、信托资产管理或者其他金融资产管理的较好的经营业绩和良好的社会信誉,最近三年没有违法记录,注册资本不低于三亿元人民币;

  ()取得基金从业资格的人员达到法定人数;

  ()有符合要求的营业场所、安全防范设施和与基金管理业务有关的其他设施;

  ()有完善的内部稽核监控制度和风险控制制度;

  ()法律、行政法规规定的和经国务院批准的国务院证券监督管理机构规定的其他条件。

  第十四条 国务院证券监督管理机构应当自受理基金管理公司设立申请之日起六个月内依照本法第十三条规定的条件和审慎监管原则进行审查,作出批准或者不予批准的决定,并通知申请人;不予批准的,应当说明理由。

  基金管理公司设立分支机构、修改章程或者变更其他重大事项,应当报经国务院证券监督管理机构批准。国务院证券监督管理机构应当自受理申请之日起六十日内作出批准或者不予批准的决定,并通知申请人;不予批准的,应当说明理由。

  第十五条 下列人员不得担任基金管理人的基金从业人员:

  ()因犯有贪污贿赂、渎职、侵犯财产罪或者破坏社会主义市场经济秩序罪,被判处刑罚的;

  ()对所任职的公司、企业因经营不善破产清算或者因违法被吊销营业执照负有个人责任的董事、监事、厂长、经理及其他高级管理人员,自该公司、企业破产清算终结或者被吊销营业执照之日起未逾五年的;

  ()个人所负债务数额较大,到期未清偿的;

  ()因违法行为被开除的基金管理人、基金托管人、证券交易所、证券公司、证券登记结算机构、期货交易所、期货经纪公司及其他机构的从业人员和国家机关工作人员;

  ()因违法行为被吊销执业证书或者被取消资格的律师、注册会计师和资产评估机构、验证机构的从业人员、投资咨询从业人员;

  ()法律、行政法规规定不得从事基金业务的其他人员。

  第十六条 基金管理人的经理和其他高级管理人员,应当熟悉证券投资方面的法律、行政法规,具有基金从业资格和三年以上与其所任职务相关的工作经历。

  第十七条 基金管理人的经理和其他高级管理人员的选任或者改任,应当报经国务院证券监督管理机构依照本法和其他有关法律、行政法规规定的任职条件进行审核。

  第十八条 基金管理人的董事、监事、经理和其他从业人员,不得担任基金托管人或者其他基金管理人的任何职务,不得从事损害基金财产和基金份额持有人利益的证券交易及其他活动。

        第十九条 基金管理人应当履行下列职责:

  ()依法募集基金,办理或者委托经国务院证券监督管理机构认定的其他机构代为办理基金份额的发售、申购、赎回和登记事宜;

  ()办理基金备案手续;

  ()对所管理的不同基金财产分别管理、分别记账,进行证券投资;

  ()按照基金合同的约定确定基金收益分配方案,及时向基金份额持有人分配收益;

  ()进行基金会计核算并编制基金财务会计报告;

  ()编制中期和年度基金报告;

  ()计算并公告基金资产净值,确定基金份额申购、赎回价格;

  ()办理与基金财产管理业务活动有关的信息披露事项;

  ()召集基金份额持有人大会;

  ()保存基金财产管理业务活动的记录、账册、报表和其他相关资料;

  (十一)以基金管理人名义,代表基金份额持有人利益行使诉讼权利或者实施其他法律行为;

  (十二)国务院证券监督管理机构规定的其他职责。

  第二十条 基金管理人不得有下列行为:

  ()将其固有财产或者他人财产混同于基金财产从事证券投资;

  ()不公平地对待其管理的不同基金财产;

  ()利用基金财产为基金份额持有人以外的第三人牟取利益;

  ()向基金份额持有人违规承诺收益或者承担损失;

  ()依照法律、行政法规有关规定,由国务院证券监督管理机构规定禁止的其他行为。

  第二十一条 国务院证券监督管理机构对有下列情形之一的基金管理人,依据职权责令整顿,或者取消基金管理资格:

  ()有重大违法违规行为;

  ()不再具备本法第十三条规定的条件;

  ()法律、行政法规规定的其他情形。

  第二十二条 有下列情形之一的,基金管理人职责终止:

  ()被依法取消基金管理资格;

  ()被基金份额持有人大会解任;

  ()依法解散、被依法撤销或者被依法宣告破产;

  ()基金合同约定的其他情形。

  第二十三条 基金管理人职责终止的,基金份额持有人大会应当在六个月内选任新基金管理人;新基金管理人产生前,由国务院证券监督管理机构指定临时基金管理人。

  基金管理人职责终止的,应当妥善保管基金管理业务资料,及时办理基金管理业务的移交手续,新基金管理人或者临时基金管理人应当及时接收。

  第二十四条 基金管理人职责终止的,应当按照规定聘请会计师事务所对基金财产进行审计,并将审计结果予以公告,同时报国务院证券监督管理机构备案。

  第三章 基金托管人

  第二十五条 基金托管人由依法设立并取得基金托管资格的商业银行担任。

  第二十六条 申请取得基金托管资格,应当具备下列条件,并经国务院证券监督管理机构和国务院银行业监督管理机构核准:

  ()净资产和资本充足率符合有关规定;

  ()设有专门的基金托管部门;

  ()取得基金从业资格的专职人员达到法定人数;

  ()有安全保管基金财产的条件;

  ()有安全高效的清算、交割系统;

  ()有符合要求的营业场所、安全防范设施和与基金托管业务有关的其他设施;

  ()有完善的内部稽核监控制度和风险控制制度;

  ()法律、行政法规规定的和经国务院批准的国务院证券监督管理机构、国务院银行业监督管理机构规定的其他条件。

  第二十七条 本法第十五条、第十八条的规定,适用于基金托管人的专门基金托管部门的从业人员。

  本法第十六条、第十七条的规定,适用于基金托管人的专门基金托管部门的经理和其他高级管理人员。

  第二十八条 基金托管人与基金管理人不得为同一人,不得相互出资或者持有股份。

  第二十九条 基金托管人应当履行下列职责:

  ()安全保管基金财产;

  ()按照规定开设基金财产的资金账户和证券账户;

  ()对所托管的不同基金财产分别设置账户,确保基金财产的完整与独立;

  ()保存基金托管业务活动的记录、账册、报表和其他相关资料;

  ()按照基金合同的约定,根据基金管理人的投资指令,及时办理清算、交割事宜;

  ()办理与基金托管业务活动有关的信息披露事项;

  ()对基金财务会计报告、中期和年度基金报告出具意见;

  ()复核、审查基金管理人计算的基金资产净值和基金份额申购、赎回价格;

  ()按照规定召集基金份额持有人大会;

  ()按照规定监督基金管理人的投资运作;

  (十一)国务院证券监督管理机构规定的其他职责。

  第三十条 基金托管人发现基金管理人的投资指令违反法律、行政法规和其他有关规定,或者违反基金合同约定的,应当拒绝执行,立即通知基金管理人,并及时向国务院证券监督管理机构报告。

  基金托管人发现基金管理人依据交易程序已经生效的投资指令违反法律、行政法规和其他有关规定,或者违反基金合同约定的,应当立即通知基金管理人,并及时向国务院证券监督管理机构报告。

  第三十一条 本法第二十条的规定,适用于基金托管人。

  第三十二条 国务院证券监督管理机构和国务院银行业监督管理机构对有下列情形之一的基金托管人,依据职权责令整顿,或者取消基金托管资格:

  ()有重大违法违规行为;

  ()不再具备本法第二十六条规定的条件;

  ()法律、行政法规规定的其他情形。

  第三十三条 有下列情形之一的,基金托管人职责终止:

  ()被依法取消基金托管资格;

  ()被基金份额持有人大会解任;

  ()依法解散、被依法撤销或者被依法宣告破产;

  ()基金合同约定的其他情形。

  第三十四条 基金托管人职责终止的,基金份额持有人大会应当在六个月内选任新基金托管人;新基金托管人产生前,由国务院证券监督管理机构指定临时基金托管人。

  基金托管人职责终止的,应当妥善保管基金财产和基金托管业务资料,及时办理基金财产和基金托管业务的移交手续,新基金托管人或者临时基金托管人应当及时接收。

  第三十五条基金托管人职责终止的,应当按照规定聘请会计师事务所对基金财产进行审计,并将审计结果予以公告,同时报国务院证券监督管理机构备案。

  第四章 基金的募集

  第三十六条 基金管理人依照本法发售基金份额,募集基金,应当向国务院证券监督管理机构提交下列文件,并经国务院证券监督管理机构核准:

  ()申请报告;

  ()基金合同草案;

  ()基金托管协议草案;

  ()招募说明书草案;

  ()基金管理人和基金托管人的资格证明文件;

  ()经会计师事务所审计的基金管理人和基金托管人最近三年或者成立以来的财务会计报告;

  ()律师事务所出具的法律意见书;

  ()国务院证券监督管理机构规定提交的其他文件。

  第三十七条 基金合同应当包括下列内容:

  ()募集基金的目的和基金名称;

  ()基金管理人、基金托管人的名称和住所;

  ()基金运作方式;

  ()封闭式基金的基金份额总额和基金合同期限,或者开放式基金的最低募集份额总额;

  ()确定基金份额发售日期、价格和费用的原则;

  ()基金份额持有人、基金管理人和基金托管人的权利、义务;

  ()基金份额持有人大会召集、议事及表决的程序和规则;

  ()基金份额发售、交易、申购、赎回的程序、时间、地点、费用计算方式,以及给付赎回款项的时间和方式;

  ()基金收益分配原则、执行方式;

  ()作为基金管理人、基金托管人报酬的管理费、托管费的提取、支付方式与比例;

  (十一)与基金财产管理、运用有关的其他费用的提取、支付方式;

  (十二)基金财产的投资方向和投资限制;

  (十三)基金资产净值的计算方法和公告方式;

  (十四)基金募集未达到法定要求的处理方式;

  (十五)基金合同解除和终止的事由、程序以及基金财产清算方式;

  (十六)争议解决方式;

  (十七)当事人约定的其他事项。

  第三十八条 基金招募说明书应当包括下列内容:

  ()基金募集申请的核准文件名称和核准日期;

  ()基金管理人、基金托管人的基本情况;

  ()基金合同和基金托管协议的内容摘要;

  ()基金份额的发售日期、价格、费用和期限;

  ()基金份额的发售方式、发售机构及登记机构名称;

  ()出具法律意见书的律师事务所和审计基金财产的会计师事务所的名称和住所;

  ()基金管理人、基金托管人报酬及其他有关费用的提取、支付方式与比例;

  ()风险警示内容;

  ()国务院证券监督管理机构规定的其他内容。

  第三十九条 国务院证券监督管理机构应当自受理基金募集申请之日起六个月内依照法律、行政法规及国务院证券监督管理机构的规定和审慎监管原则进行审查,作出核准或者不予核准的决定,并通知申请人;不予核准的,应当说明理由。

  第四十条 基金募集申请经核准后,方可发售基金份额。

  第四十一条 基金份额的发售,由基金管理人负责办理;基金管理人可以委托经国务院证券监督管理机构认定的其他机构代为办理。

  第四十二条 基金管理人应当在基金份额发售的三日前公布招募说明书、基金合同及其他有关文件。

  前款规定的文件应当真实、准确、完整。

  对基金募集所进行的宣传推介活动,应当符合有关法律、行政法规的规定,不得有本法第六十四条所列行为。

  第四十三条 基金管理人应当自收到核准文件之日起六个月内进行基金募集。超过六个月开始募集,原核准的事项未发生实质性变化的,应当报国务院证券监督管理机构备案;发生实质性变化的,应当向国务院证券监督管理机构重新提交申请。

  基金募集不得超过国务院证券监督管理机构核准的基金募集期限。基金募集期限自基金份额发售之日起计算。

  第四十四条 基金募集期限届满,封闭式基金募集的基金份额总额达到核准规模的百分之八十以上,开放式基金募集的基金份额总额超过核准的最低募集份额总额,并且基金份额持有人人数符合国务院证券监督管理机构规定的,基金管理人应当自募集期限届满之日起十日内聘请法定验资机构验资,自收到验资报告之日起十日内,向国务院证券监督管理机构提交验资报告,办理基金备案手续,并予以公告。

  第四十五条 基金募集期间募集的资金应当存入专门账户,在基金募集行为结束前,任何人不得动用。

  第四十六条 投资人缴纳认购的基金份额的款项时,基金合同成立;基金管理人依照本法第四十四条的规定向国务院证券监督管理机构办理基金备案手续,基金合同生效。

  基金募集期限届满,不能满足本法第四十四条规定的条件的,基金管理人应当承担下列责任:

  ()以其固有财产承担因募集行为而产生的债务和费用;

  ()在基金募集期限届满后三十日内返还投资人已缴纳的款项,并加计银行同期存款利息。

  第五章 基金份额的交易

  第四十七条 封闭式基金的基金份额,经基金管理人申请,国务院证券监督管理机构核准,可以在证券交易所上市交易。

  国务院证券监督管理机构可以授权证券交易所依照法定条件和程序核准基金份额上市交易。

  第四十八条 基金份额上市交易,应当符合下列条件:

  ()基金的募集符合本法规定;

  ()基金合同期限为五年以上;

  ()基金募集金额不低于二亿元人民币;

  ()基金份额持有人不少于一千人;

  ()基金份额上市交易规则规定的其他条件。

  第四十九条 基金份额上市交易规则由证券交易所制定,报国务院证券监督管理机构核准。

  第五十条 基金份额上市交易后,有下列情形之一的,由证券交易所终止其上市交易,并报国务院证券监督管理机构备案:

  ()不再具备本法第四十八条规定的上市交易条件;

  ()基金合同期限届满;

  ()基金份额持有人大会决定提前终止上市交易;

  ()基金合同约定的或者基金份额上市交易规则规定的终止上市交易的其他情形。

  第六章 基金份额的申购与赎回

  第五十一条 开放式基金的基金份额的申购、赎回和登记,由基金管理人负责办理;基金管理人可以委托经国务院证券监督管理机构认定的其他机构代为办理。

  第五十二条 基金管理人应当在每个工作日办理基金份额的申购、赎回业务;基金合同另有约定的,按照其约定。

  第五十三条 基金管理人应当按时支付赎回款项,但是下列情形除外:

  ()因不可抗力导致基金管理人不能支付赎回款项;

  ()证券交易场所依法决定临时停市,导致基金管理人无法计算当日基金资产净值;

  ()基金合同约定的其他特殊情形。

  发生上述情形之一的,基金管理人应当在当日报国务院证券监督管理机构备案。

  本条第一款规定的情形消失后,基金管理人应当及时支付赎回款项。

  第五十四条 开放式基金应当保持足够的现金或者政府债券,以备支付基金份额持有人的赎回款项。基金财产中应当保持的现金或者政府债券的具体比例,由国务院证券监督管理机构规定。

  第五十五条 基金份额的申购、赎回价格,依据申购、赎回日基金份额净值加、减有关费用计算。

  第五十六条 基金份额净值计价出现错误时,基金管理人应当立即纠正,并采取合理的措施防止损失进一步扩大。计价错误达到基金份额净值百分之零点五时,基金管理人应当公告,并报国务院证券监督管理机构备案。

  因基金份额净值计价错误造成基金份额持有人损失的,基金份额持有人有权要求基金管理人、基金托管人予以赔偿。

  第七章 基金的运作与信息披露

  第五十七条 基金管理人运用基金财产进行证券投资,应当采用资产组合的方式。

  资产组合的具体方式和投资比例,依照本法和国务院证券监督管理机构的规定在基金合同中约定。

  第五十八条 基金财产应当用于下列投资:

  ()上市交易的股票、债券;

  ()国务院证券监督管理机构规定的其他证券品种。

  第五十九条 基金财产不得用于下列投资或者活动:

  ()承销证券;

  ()向他人贷款或者提供担保;

  ()从事承担无限责任的投资;

  ()买卖其他基金份额,但是国务院另有规定的除外;

  ()向其基金管理人、基金托管人出资或者买卖其基金管理人、基金托管人发行的股票或者债券;

  ()买卖与其基金管理人、基金托管人有控股关系的股东或者与其基金管理人、基金托管人有其他重大利害关系的公司发行的证券或者承销期内承销的证券;

  ()从事内幕交易、操纵证券交易价格及其他不正当的证券交易活动;

  ()依照法律、行政法规有关规定,由国务院证券监督管理机构规定禁止的其他活动。

  第六十条 基金管理人、基金托管人和其他基金信息披露义务人应当依法披露基金信息,并保证所披露信息的真实性、准确性和完整性。

  第六十一条 基金信息披露义务人应当确保应予披露的基金信息在国务院证券监督管理机构规定时间内披露,并保证投资人能够按照基金合同约定的时间和方式查阅或者复制公开披露的信息资料。

  第六十二条 公开披露的基金信息包括:

  ()基金招募说明书、基金合同、基金托管协议;

  ()基金募集情况;

  ()基金份额上市交易公告书;

  ()基金资产净值、基金份额净值;

  ()基金份额申购、赎回价格;

  ()基金财产的资产组合季度报告、财务会计报告及中期和年度基金报告;

  ()临时报告;

  ()基金份额持有人大会决议;

  ()基金管理人、基金托管人的专门基金托管部门的重大人事变动;

  ()涉及基金管理人、基金财产、基金托管业务的诉讼;

  (十一)依照法律、行政法规有关规定,由国务院证券监督管理机构规定应予披露的其他信息。

  第六十三条 对公开披露的基金信息出具审计报告或者法律意见书的会计师事务所、律师事务所,应当保证其所出具文件内容的真实性、准确性和完整性。

  第六十四条 公开披露基金信息,不得有下列行为:

  ()虚假记载、误导性陈述或者重大遗漏;

  ()对证券投资业绩进行预测;

  ()违规承诺收益或者承担损失;

  ()诋毁其他基金管理人、基金托管人或者基金份额发售机构;

  ()依照法律、行政法规有关规定,由国务院证券监督管理机构规定禁止的其他行为。

第八章 基金合同的变更、终止与基金财产清算

  第六十五条 按照基金合同的约定或者基金份额持有人大会的决议,并经国务院证券监督管理机构核准,可以转换基金运作方式。

  第六十六条 封闭式基金扩募或者延长基金合同期限,应当符合下列条件,并经国务院证券监督管理机构核准:

  ()基金运营业绩良好;

  ()基金管理人最近二年内没有因违法违规行为受到行政处罚或者刑事处罚;

  ()基金份额持有人大会决议通过;

  ()本法规定的其他条件。

  第六十七条 有下列情形之一的,基金合同终止:

  ()基金合同期限届满而未延期的;

  ()基金份额持有人大会决定终止的;

  ()基金管理人、基金托管人职责终止,在六个月内没有新基金管理人、新基金托管人承接的;

  ()基金合同约定的其他情形。

  第六十八条 基金合同终止时,基金管理人应当组织清算组对基金财产进行清算。

  清算组由基金管理人、基金托管人以及相关的中介服务机构组成。

  清算组作出的清算报告经会计师事务所审计,律师事务所出具法律意见书后,报国务院证券监督管理机构备案并公告。

  第六十九条 清算后的剩余基金财产,应当按照基金份额持有人所持份额比例进行分配。

第九章 基金份额持有人权利及其行使

  第七十条 基金份额持有人享有下列权利:

  ()分享基金财产收益;

  ()参与分配清算后的剩余基金财产;

  ()依法转让或者申请赎回其持有的基金份额;

  ()按照规定要求召开基金份额持有人大会;

  ()对基金份额持有人大会审议事项行使表决权;

  ()查阅或者复制公开披露的基金信息资料;

  ()对基金管理人、基金托管人、基金份额发售机构损害其合法权益的行为依法提起诉讼;

  ()基金合同约定的其他权利。

  第七十一条 下列事项应当通过召开基金份额持有人大会审议决定:

  ()提前终止基金合同;

  ()基金扩募或者延长基金合同期限;

  ()转换基金运作方式;

  ()提高基金管理人、基金托管人的报酬标准;

  ()更换基金管理人、基金托管人;

  ()基金合同约定的其他事项。

  第七十二条 基金份额持有人大会由基金管理人召集;基金管理人未按规定召集或者不能召集时,由基金托管人召集。

  代表基金份额百分之十以上的基金份额持有人就同一事项要求召开基金份额持有人大会,而基金管理人、基金托管人都不召集的,代表基金份额百分之十以上的基金份额持有人有权自行召集,并报国务院证券监督管理机构备案。

  第七十三条 召开基金份额持有人大会,召集人应当至少提前三十日公告基金份额持有人大会的召开时间、会议形式、审议事项、议事程序和表决方式等事项。

  基金份额持有人大会不得就未经公告的事项进行表决。

  第七十四条 基金份额持有人大会可以采取现场方式召开,也可以采取通讯等方式召开。

  每一基金份额具有一票表决权,基金份额持有人可以委托代理人出席基金份额持有人大会并行使表决权。

  第七十五条 基金份额持有人大会应当有代表百分之五十以上基金份额的持有人参加,方可召开;大会就审议事项作出决定,应当经参加大会的基金份额持有人所持表决权的百分之五十以上通过;但是,转换基金运作方式、更换基金管理人或者基金托管人、提前终止基金合同,应当经参加大会的基金份额持有人所持表决权的三分之二以上通过。

  基金份额持有人大会决定的事项,应当依法报国务院证券监督管理机构核准或者备案,并予以公告。

第十章 监督管理

  第七十六条 国务院证券监督管理机构依法履行下列职责:

  ()依法制定有关证券投资基金活动监督管理的规章、规则,并依法行使审批或者核准权;

  ()办理基金备案;

  ()对基金管理人、基金托管人及其他机构从事证券投资基金活动进行监督管理,对违法行为进行查处,并予以公告;

  ()制定基金从业人员的资格标准和行为准则,并监督实施;

  ()监督检查基金信息的披露情况;

  ()指导和监督基金同业协会的活动;

  ()法律、行政法规规定的其他职责。

  第七十七条 国务院证券监督管理机构依法履行职责,有权采取下列措施:

  ()进入违法行为发生场所调查取证;

  ()询问当事人和与被调查事件有关的单位和个人,要求其对与被调查事件有关的事项作出说明;

  ()查阅、复制当事人和与被调查事件有关的单位和个人的证券交易记录、登记过户记录、财务会计资料及其他相关文件和资料,对可能被转移或者隐匿的文件和资料予以封存;

  ()查询当事人和与被调查事件有关的单位和个人的资金账户、证券账户或者基金账户,对有证据证明有转移或者隐匿违法资金、证券迹象的,可以申请司法机关予以冻结;

  ()法律、行政法规规定的其他措施。

  第七十八条 国务院证券监督管理机构工作人员依法履行职责,进行调查或者检查时,不得少于二人,并应当出示合法证件;对调查或者检查中知悉的商业秘密负有保密的义务。

  第七十九条 国务院证券监督管理机构工作人员应当忠于职守,依法办事,公正廉洁,接受监督,不得利用职务牟取私利。

  第八十条 国务院证券监督管理机构依法履行职责时,被调查、检查的单位和个人应当配合,如实提供有关文件和资料,不得拒绝、阻碍和隐瞒。

  第八十一条 国务院证券监督管理机构依法履行职责,发现违法行为涉嫌犯罪的,应当将案件移送司法机关处理。

  第八十二条 国务院证券监督管理机构工作人员不得在被监管的机构中兼任职务。

第十一章 法律责任

  第八十三条 基金管理人、基金托管人在履行各自职责的过程中,违反本法规定或者基金合同约定,给基金财产或者基金份额持有人造成损害的,应当分别对各自的行为依法承担赔偿责任;因共同行为给基金财产或者基金份额持有人造成损害的,应当承担连带赔偿责任。

  第八十四条 违反本法第四十五条规定,动用募集的资金的,责令返还,没收违法所得;违法所得五十万元以上的,并处违法所得一倍以上五倍以下罚款;没有违法所得或者违法所得不足五十万元的,并处五万元以上五十万元以下罚款;对直接负责的主管人员和其他直接责任人员给予警告,并处三万元以上三十万元以下罚款;给投资人造成损害的,依法承担赔偿责任;构成犯罪的,依法追究刑事责任。

  第八十五条 未经国务院证券监督管理机构核准,擅自募集基金的,责令停止,返还所募资金和加计的银行同期存款利息,没收违法所得,并处所募资金金额百分之一以上百分之五以下罚款;构成犯罪的,依法追究刑事责任。

  第八十六条 违反本法规定,未经批准,擅自设立基金管理公司的,由证券监督管理机构予以取缔,并处五万元以上五十万元以下罚款;构成犯罪的,依法追究刑事责任。

  第八十七条 未经国务院证券监督管理机构核准,擅自从事基金管理业务或者基金托管业务的,责令停止,没收违法所得;违法所得一百万元以上的,并处违法所得一倍以上五倍以下罚款;没有违法所得或者违法所得不足一百万元的,并处十万元以上一百万元以下罚款;给基金财产或者基金份额持有人造成损害的,依法承担赔偿责任;

  对直接负责的主管人员和其他直接责任人员给予警告,并处三万元以上三十万元以下罚款;构成犯罪的,依法追究刑事责任。

  第八十八条 基金管理人、基金托管人违反本法规定,未对基金财产实行分别管理或者分账保管,或者将基金财产挪作他用的,责令改正,处五万元以上五十万元以下罚款;给基金财产或者基金份额持有人造成损害的,依法承担赔偿责任;对直接负责的主管人员和其他直接责任人员给予警告,暂停或者取消基金从业资格,并处三万元以上三十万元以下罚款;构成犯罪的,依法追究刑事责任。

  基金管理人、基金托管人将基金财产挪作他用而取得的财产和收益,归入基金财产。但是,法律、行政法规另有规定的,依照其规定。

  第八十九条 基金管理人、基金托管人有本法第二十条所列行为之一的,责令改正,没收违法所得;违法所得一百万元以上的,并处违法所得一倍以上五倍以下罚款;

  没有违法所得或者违法所得不足一百万元的,并处十万元以上一百万元以下罚款;给基金财产或者基金份额持有人造成损害的,依法承担赔偿责任;对直接负责的主管人员和其他直接责任人员给予警告,暂停或者取消基金从业资格,并处三万元以上三十万元以下罚款;构成犯罪的,依法追究刑事责任。

  第九十条 基金管理人、基金托管人有本法第五十九条第一项至第六项和第八项所列行为之一的,责令改正,处十万元以上一百万元以下罚款;给基金财产或者基金份额持有人造成损害的,依法承担赔偿责任;对直接负责的主管人员和其他直接责任人员给予警告,暂停或者取消基金从业资格,并处三万元以上三十万元以下罚款;构成犯罪的,依法追究刑事责任。

  基金管理人、基金托管人有前款行为,运用基金财产而取得的财产和收益,归入基金财产。但是,法律、行政法规另有规定的,依照其规定。

  第九十一条 基金管理人、基金托管人有本法第五十九条第七项规定行为的,除依照《中华人民共和国证券法》的有关规定处罚外,对直接负责的主管人员和其他直接责任人员给予警告,暂停或者取消基金从业资格,并处三万元以上三十万元以下罚款;给基金财产或者基金份额持有人造成损害的,依法承担赔偿责任。

  第九十二条 基金管理人、基金托管人违反本法规定,相互出资或者持有股份的,责令改正,可以处十万元以下罚款。

  第九十三条 基金信息披露义务人不依法披露基金信息或者披露的信息有虚假记载、误导性陈述或者重大遗漏的,责令改正,没收违法所得,并处十万元以上一百万元以下罚款;给基金份额持有人造成损害的,依法承担赔偿责任;对直接负责的主管人员和其他直接责任人员给予警告,暂停或者取消基金从业资格,并处三万元以上三十万元以下罚款;构成犯罪的,依法追究刑事责任。

  第九十四条 为基金信息披露义务人公开披露的基金信息出具审计报告、法律意见书等文件的专业机构就其所应负责的内容弄虚作假的,责令改正,没收违法所得,并处违法所得一倍以上五倍以下罚款;情节严重的,责令停业,暂停或者取消直接责任人员的相关资格;给基金份额持有人造成损害的,依法承担赔偿责任;构成犯罪的,依法追究刑事责任。

  第九十五条 基金管理人或者基金托管人不按照规定召集基金份额持有人大会的,责令改正,可以处五万元以下罚款;对直接负责的主管人员和其他直接责任人员给予警告,暂停或者取消基金从业资格。

  第九十六条 基金管理人、基金托管人违反本法规定,情节严重的,依法取消基金管理资格或者基金托管资格。

  第九十七条 基金管理人、基金托管人的专门基金托管部门的从业人员违反本法第十八条规定,给基金财产或者基金份额持有人造成损害的,依法承担赔偿责任;情节严重的,取消基金从业资格;构成犯罪的,依法追究刑事责任。

  第九十八条 证券监督管理机构工作人员玩忽职守、滥用职权、徇私舞弊或者利用职务上的便利索取或者收受他人财物的,依法给予行政处分;构成犯罪的,依法追究刑事责任。

  第九十九条 违反本法规定,应当承担民事赔偿责任和缴纳罚款、罚金,其财产不足以同时支付时,先承担民事赔偿责任。

  第一百条 依照本法规定,基金管理人、基金托管人应当承担的民事赔偿责任和缴纳的罚款、罚金,由基金管理人、基金托管人以其固有财产承担。

  依法收缴的罚款、罚金和没收的违法所得,应当全部上缴国库。

第十二章 附则

  第一百零一条 基金管理公司或者国务院批准的其他机构,向特定对象募集资金或者接受特定对象财产委托从事证券投资活动的具体管理办法,由国务院根据本法的原则另行规定。

  第一百零二条 通过公开发行股份募集资金,设立证券投资公司,从事证券投资等活动的管理办法,由国务院另行规定。

  第一百零三条 本法自200461日起施行。

 

Chapter I General Provisions

Article 1 The present Law is enacted with a view to regulating the activities concerning securities investment fund, to protect the legitimate rights and interests of the investors and other relevant parties, and to promote the healthy development of securities investment fund and securities market.

Article 2 The present Law shall apply to the securities investment activities conducted through the method of portfolio and through public offering of fund shares to raise securities investment fund (hereinafter referred to as fund), which is managed by fund managers and entrusted to fund custodians for the benefits of the fund share holders; the matters not covered by the present Law shall be governed by the Trust Law of the People’s Republic of China, the Securities Law of the People’s Republic of China, and other relevant laws and administrative regulations.

Article 3 The rights and obligations of the fund managers, fund custodians and fund share holders shall be stipulated in the fund contracts in accordance with the present Law.

The fund managers and fund custodians shall perform the duties of custody in accordance with the present Law and the fund contract. A holder of fund shares shall enjoy the benefits and bear the risks to the extent of the fund shares it holds.

Article 4 Those engaging in the activities involving securities investment fund shall adhere to the principles of free will, fairness and good faith, and may not impair the state and public interests.

Article 5 A fund contract shall stipulate the operation method of the fund. A fund can be operated in a closed, open, or any other way.

A fund operated in a closed way (hereinafter referred to as closed fund) refers to the fund of which the ratified total fund shares remains fixed during the valid term of the fund contract and of which the fund shares can be traded on the securities exchanges established according to law, but can not be redeemed by the fund share holders through application.

A fund operated in an open way (hereinafter referred to as open fund) refers to the fund of which the total fund shares are unfixed and of which the fund shares may be subscribed to or redeemed at the time and place stipulated in the fund contract.

The methods of offering, trading, purchase and redemption of the fund shares of other funds operated through other methods shall be separately formulated by the State Council.

Article 6 Fund property shall be independent from the property owned by the fund manager and fund custodian. The fund manager and fund custodian may not attribute any of the fund property into their own property.

The property and benefits obtained by the fund manager and fund custodian as a result of the management, utilization or any other use of the fund shall be included into the fund property.

Where the fund manager or fund custodian goes into liquidation as a result of dissolution, cancellation, or declared bankruptcy according to law, the fund property shall not be taken as their liquidation property.

Article 7 The credit rights of fund property may not be set off against the debts of the property owned by the fund manager and fund custodian; and the credit rights and debts of different fund properties may not be set off against each other.

Article 8 The debts not arising out of the fund property may not be enforced against such fund property.

Article 9 The fund manager and fund custodian shall, in managing and utilizing the fund property, devote themselves to their duties and perform the obligations of good faith, prudence and diligence.

Fund practitioners shall have obtained the qualifications for practice relating to funds, and shall abide by the laws, administrative regulations, professional ethics, and code of conduct.

Article 10 Fund managers, fund custodians and fund share offering institutions may establish trade associations to strengthen self-regulation, coordinate trade relationship, provide trade services, and promote the development of the trade.

Article 11 The securities regulatory department under the State Council shall supervise and regulate the activities concerning securities investment fund according to law.

Chapter II Fund Managers

Article 12 Fund managers shall be assumed by the fund management companies established according to law.

To be a fund manager, the ratification of the securities regulatory department under the State Council is required.

Article 13 For establishment of a fund management company, the following conditions shall be satisfied and the approval of the securities regulatory department under the State Council is required:

1) Having the articles of association which are in conformity with the present Law and the Company Law of the People’s Republic of China;

2) Having a registered capital of no less than 100 million RMB and all of the capital being paid-in monetary capital;

3) Principal shareholders having good business performance and public reputation in the securities business, securities investment consultation, trust assets management or other financial assets management, having no record of violation of law within the last 3 years, and having a registered capital of no less than 300 million RMB;

4) The number of persons with fund practice qualification reaching the statutory requirement;

5) Having business sites, security facilities and other facilities relating to fund management business that comply with the requirements;

6) Having sound internal auditing and monitoring system and risk control system;

7) Other conditions provided for by laws and administrative regulations and those provided for by the securities regulatory department under the State Council and approved by the State Council.

Article 14 The securities regulatory department under the State Council shall, within 6 months from accepting the application for establishment of a fund management company, make the examination pursuant to the conditions specified in Article 13 hereof and the principle of prudent regulation, make the decision whether to grant the approval or not, and notify the applicant, and shall explain the reasons if no approval is granted.

Where a fund management company is to establish any branch, modify its articles of association, or alter any other major matters, it shall apply to the securities regulatory department under the State Council for approval. The securities regulatory department under the State Council shall, within 60 days from the day of accepting the application, make the decision whether to grant approval or not, and notify the applicant, and shall explain the reasons if no approval is granted.

Article 15 None of the following personnel may be a securities practitioner of a fund manager:

1) Those being given criminal penalties for the crime of bribery and embezzlement, malfeasance, or encroachment of property, or the crime of undermining the socialist market economic order;

2) The directors, supervisors, factory directors, mangers and other senior executives who are personally liable for the bankruptcy and liquidation due to poor management or the revocation of business license due to violation of law of the companies and enterprises in which they hold office, provided that it has been less than 5 years since the day of the end of the bankruptcy liquidation or of the revocation of business license;

3) Those with large amount of outstanding personal debts;

4) The practitioners of fund managers, fund custodians, securities exchanges, securities companies, securities registration and settlement institutions, futures exchanges, futures brokerage companies and other institutions, and the state functionaries that have been dismissed due to violations of law;

5) The lawyers, certified accountants, practitioners of assets evaluation institutions and assets verification institutions, and practitioners of investment consultation institutions whose practice licenses have been revoked or who have been disqualified due to violations of law;

6) Other personnel that may not engage in the fund business as provided for by any law or administrative regulation.

Article 16 The managers and other senior managerial personnel of a fund manager shall be familiar with the laws and administrative regulations concerning securities investment, have the qualification for fund practice, and have worked in the field relevant to the position they hold for more than 3 years.

Article 17 The selection or change of the managers and other senior managerial personnel of a fund manager shall be submitted to the securities regulatory department under the State Council for examination in accordance with the conditions for holding such office provided for by the present Law and other relevant laws and administrative regulations.

Article 18 The directors, supervisors, managers and other practitioners of a fund manager may not hold any position in the fund custodian or other fund managers, and may not conduct any securities transactions and other activities that impair the fund property and the interests of the fund share holders.

Article 19 A fund manager shall perform the following duties:

1) Raising the fund according to law and handling or entrusting other institutions recognized by the securities regulatory department under the State Council to handle the offering, purchase, redemption and registration of fund shares;

2) Making fund records;

3) Applying separate management and separate account books to different fund properties it manages to make securities investment;

4) Determining the scheme on distribution of fund proceeds according to the stipulations of the fund contract and distributing profits to the holders of fund shares in good time;

5) Making fund accounting and preparing the fund financial accounting report;

6) Preparing midterm and annual fund reports;

7) Calculating and publicizing the net value of the fund assets and determining the prices for purchase and redemption of the fund shares;

8) Handling the relevant information disclosures related to the management of the fund property;

9) Convening the fund share holders’ meeting;

10) Keeping the records, account books, statements and other relevant materials of the fund property management;

11) Exercising litigation rights or carrying out other legal action in the name of the fund manager for the interests of the fund share holders;

12) Other duties provided for by the securities regulatory department under the State Council.

Article 20 A fund manager may not conduct any of the following acts:

1) Mixing its own property or the property of others with the fund property to make securities investment;

2) Treating different fund properties it manages unfairly;

3) Seeking benefits for any third party other than the fund share holders by using the fund property;

4) Unlawfully promising the fund share holders to make benefits or bear losses;

5) Any other acts prohibited by the securities regulatory department under the State Council in accordance with the relevant provisions of the laws and administrative regulations.

Article 21 With respect to a fund manager under any of the following circumstances, the securities regulatory department under the State Council shall, according to its powers, order that fund manager to make rectification or disqualify it as a fund manager:

1) Having committed any serious violations of laws or rules;

2) No longer meeting the conditions provided for in Article 13 hereof;

3) Other circumstances provided for by laws and administrative regulations.

Article 22 Under any of the following circumstances, the duties of a fund manager shall terminate:

1) Being disqualified for fund management;

2) Being dismissed by the fund share holders’ meeting;

3) Being dissolved, or cancelled, or declared bankruptcy according to law;

4) Other circumstances stipulated in the fund contract.

Article 23 Where the duties of a fund manager terminate, the fund share holders’ meeting shall appoint a new fund manager within 6 months; before the appointment of the new fund manager, the securities regulatory department under the State Council shall designate a temporary fund manager.

A fund manager shall, upon termination of its duties, keep in good conditions the materials of fund management and process the formalities for handover of the business in good time, the new fund manger or temporary fund manager shall take over the business in good time.

Article 24 A fund manager shall, upon termination of its duties, retain an accounting firm to audit the fund property, publicize the auditing results and put on record with the securities regulatory department under the State Council.

Chapter III Fund Custodians

Article 25 Fund custodian shall be assumed by a commercial bank which was established according to law and has obtained the qualification for fund trust.

Article 26 To apply for the qualification for fund trust, a commercial bank shall satisfy the following conditions and be ratified by the securities regulatory department and the banking regulatory department under the State Council:

1) Its net assets and capital adequacy complying with the relevant provisions;

2) Having set up a specialized department of fund trust;

3) The number of the full-time personnel with fund practice qualification reaching the statutory requirement;

4) Having the conditions for safe keeping of the fund property;

5) Having safe and high efficient clearing and settlement system;

6) Having business sites, security facilities and other facilities relating to fund trust business that meet the requirement;

7) Having sound internal auditing and monitoring system and risk control system;

8) Satisfying other conditions provided for by laws and administrative regulations and the conditions provided for by the securities and banking regulatory departments under the State Council and approved by the State Council.

Article 27 Articles 15 and 18 shall apply to the practitioners of the specialized fund trust department of a fund custodian.

Articles 16 and 17 shall apply to the managers and other senior managerial personnel of the specialized fund trust department of a fund custodian.

Article 28 A fund custodian and a fund manager may not be the same party, and may not make capital contribution to or hold the shares of each other.

Article 29 A fund custodian shall perform the following duties:

1) Keeping the fund property safely;

2) Opening capital accounts and securities accounts of the fund property pursuant to the provisions;

3) Setting up separate accounts for different fund properties under its trust and ensuring the completeness and independence of the fund properties;

4) Keeping the records, account books, statements and other relevant materials of the fund trust business;

5) Handling the clearing and settlement at the investment orders of the fund manager pursuant to the stipulations of the fund contract;

6) Handling the information disclosures relating to the fund trust business activities;

7) Presenting opinions on the fund financial accounting report and the midterm and annual fund reports;

8) Checking and examining the net value of the fund assets and the purchase and redemption prices of the fund shares calculated by the fund manager;

9) Convening the fund share holders’ meeting pursuant to the provisions;

10) Supervising the investment operations of the fund manager pursuant to the provisions;

11) Other duties provided for by the securities regulatory department under the State Council.

Article 30 Where a fund custodian finds out that any investment order of a fund manager is in violation of any of the laws, administrative regulations or other relevant provisions, or the stipulations of the fund contract, it shall refuse to execute such order, notify the fund manager immediately and report to the securities regulatory department under the State Council in good time.

Where a fund custodian finds out that any investment order of a fund manager which has taken effect according to the transaction procedures is in violation of the laws, administrative regulations or other relevant provisions, or the stipulations of the fund contract, it shall notify the fund manager immediately and report to the securities regulatory department under the State Council in good time.

Article 31 The provisions of Article 20 hereof shall apply to fund custodians.

Article 32 With respect to a fund custodian under any of the following circumstances, the securities and banking regulatory departments under the State Council shall, according to their powers, order it to make rectification or disqualify it as a fund custodian:

1) Having committed any serious violation of laws and rules;

2) No longer meeting the conditions provided for in Article 26 hereof;

3) Other circumstances provided for by laws and administrative regulations.

Article 33 The duties of a fund custodian shall be terminated under any of the following circumstances:

1) Being disqualified as a fund custodian;

2) Being dismissed by the fund share holders’ meeting;

3) Being dissolved, cancelled, or declared bankruptcy according to law; or

4) Other circumstances stipulated in the fund contract.

Article 34 Upon termination of the duties of a fund custodian, the fund share holders’ meeting shall appoint a new fund custodian within 6 months; and before the appointment of the new fund custodian, the securities regulatory department under the State Council shall designate a temporary fund custodian.

A fund custodian shall, upon termination of its duties, keep in good conditions the fund property and fund trust business materials and process the formalities for handover of the property and business in good time, the new fund custodian or temporary fund custodian shall take over the property and business in good time.

Article 35 A fund custodian shall, upon termination of its duties, retain an accounting firm to audit its fund property pursuant to the provisions, publicize the auditing results, and report to the securities regulatory department under the State Council for archival purposes at the same time.

Chapter IV Raising of Fund

Article 36 A fund manager shall, when offering fund shares and raising fund pursuant hereto, submit the following documents to and get ratification from the securities regulatory department under the State Council:

1) An application report;

2) A draft fund contract;

3) A draft fund trust agreement;

4) A draft prospectus;

5) Qualification certificates of the fund manager and fund custodian;

6) Financial accounting reports, which have been audited by accounting firms, of the fund managers and fund custodians of the last 3 years or since their establishment;

7) Letters of legal opinion issued by law firms; and

8) Other documents to be submitted as provided for by the securities regulatory department under the State Council.

Article 37 A fund contract shall include the following contents:

1) Purpose for raising the fund and the name of the fund;

2) Names and domiciles of the fund manager and fund custodian;

3) Method of fund operation;

4) Total fund shares and the valid term of the fund contract in the case of a closed fund, or the minimum total shares to be raised in the case of an open fund;

5) Principles for determining the date of offering of fund shares, the prices and expenses;

6) Rights and obligations of the fund share holders, fund manager and fund custodian;

7) Procedures and rules for the convening of, and deliberation and voting on the fund share holders’ meeting;

8) The procedures, time and place of the offering, trading, purchase and redemption of fund shares, the calculation method of expenses, and the time and method of payment of redemption price;

9) Principles for the distribution of fund proceeds and the method of execution of such principles;

10) Methods of drawing and paying and proportions of the administrative fees and trust fees as the remuneration of the fund manager and fund custodian;

11) Methods of drawing and paying other expenses relating to the management and utilization of fund property;

12) Directions of and restrictions on investment of fund property;

13) Calculation method and publicizing method of the net value the fund assets;

14) Methods of handling where the fund raised fails to meet the statutory requirements;

15) Causes and procedures for avoidance and termination of the fund contract, as well as the liquidation method of the fund property;

16) Dispute settlement methods;

17) Other matters agreed upon by the parties.

Article 38 The prospectus of a fund shall include the following contents:

1) Name of the ratification document for the application for fund raising and the date of ratification;

2) Basic information of the fund manager and fund custodian;

3) Summary of the fund contract and fund trust agreement;

4) Date of offering, prices, expenses, and period of offering of the fund shares;

5) Method of offering the fund shares and the names of the offering institution and registration institution;

6) Names and domiciles of the law firms issuing letters of legal opinion and the accounting firms auditing the fund property;

7) Methods of drawing and paying and proportions of the remuneration of the fund manager and fund custodian and other relevant expenses;

8) Contents of risk warning; and

9) Other contents provided for by the securities regulatory department under the State Council.

Article 39 The securities regulatory department under the State Council shall, within 6 months from the day of accepting an application for fund raising, make the examination pursuant to the laws and administrative regulations, the provisions of the securities regulatory department under the State Council, and the principle of prudence, make the decision to grant ratification or not and notify the applicant; and shall explain the reasons if ratification is not granted.

Article 40 Fund shares may be offered only after the application for fund raising has been ratified.

Article 41 The offering of fund shares shall be the responsibility of the fund manager; and the fund manager may entrust another agency recognized by the securities regulatory department under the State Council to handle the offering on its behalf.

Article 42 A fund manager shall publicize the prospectus, fund contract and other relevant documents 3 days prior to the offering of the fund shares.

The documents specified in the preceding paragraph shall be true, accurate and complete.

Publicity and promotion of the fund raising shall be in conformity with the relevant laws and administrative regulations and shall not involve any acts specified in Article 64 hereof.

Article 43 A fund manager shall start raising fund within 6 months from the day of receiving the ratification document. If the fund raising starts after that 6 months and no substantial alterations have happened to the ratified matters, the fund manager shall report to the securities regulatory department under the State Council for archival purposes; and if there is any substantial alteration, it shall file a new application with the securities regulatory department under the State Council.

The fund raising shall be finished within the fund raising period ratified by the securities regulatory department under the State Council. The fund raising period shall be calculated starting from the day of offering the fund shares.

Article 44 Upon expiration of the fund raising period, in the case of a closed fund, if the total amount of fund shares raised reaches 80% or more of the ratified scale, or in the case of an open fund, if the total amount of fund shares raised reaches the minimum amount ratified, and if the number of the fund share holders meets the provisions of the securities regulatory department under the State Council, the fund manager shall, within 10 days from the expiration of the fund raising period, retain a statutory capital verification agency to make capital verification, and shall, within 10 days from receiving the capital verification report, submit the report to the securities regulatory department under the State Council, put on record the fund and make a public announcement.

Article 45 The capital raised during the fund raising period shall be deposited in a special account, and nobody may use such capital before the end of the fund raising.

Article 46 The fund contract is concluded when an investor pays for the fund shares it subscribes to; and the fund contract takes effect after the fund manager put on record the fund with the securities regulatory department under the State Council pursuant to Article 44 hereof.

Upon the expiration of the fund raising period, if the conditions specified in Article 44 are not satisfied, the fund manager shall assume the following liabilities:

1) Covering with its own property the debts and expenses incurred as a result of the fund raising;

2) Returning the money that the investors have paid, plus the interest accruing thereon at the current deposit rate, within 30 days after the expiration of the fund raising period.

Chapter V Trading of Fund Shares

Article 47 Fund shares of a closed fund may be traded on the securities exchange upon application of the fund manager and ratification of the securities regulatory department under the State Council.

The securities regulatory department under the State Council may authorize the securities exchange to ratify the trading of fund shares on the market pursuant to the statutory conditions and procedures.

Article 48 The following conditions shall be satisfied for the listing and trading of fund shares:

1) The raising of fund complies with the provisions hereof;

2) The valid term of the fund contract is 5 years or more;

3) The capital raised is no less than 200 million RMB;

4) There are no less than 1,000 fund share holders;

5) Other conditions set forth in the listing rules of fund shares.

Article 49 The listing and trading rules of fund shares shall be formulated by the securities exchange and be submitted to the securities regulatory department under the State Council for ratification.

Article 50 After the listing of fund shares, if any of the following circumstances occurs, the securities exchange shall terminate its listing and report to the securities regulatory department under the State Council for archival purposes:

1) The conditions for listing prescribed in Article 48 hereof are not long met;

2) The fund contract expires;

3) The fund share holders’ meeting decides to terminate the listing prior to the due date;

4) Other circumstances under which the listing shall be terminated as stipulated in the fund contract or provided for in the listing rules of fund shares.

Chapter VI Purchase and Redemption of Fund Shares

Article 51 The purchase, redemption and registration of an open fund shall be handled by the fund manager; and the fund manager may entrust another agency recognized by the securities regulatory department under the State Council to handle the matters on its behalf.

Article 52 A fund manager shall handle the purchase and redemption of fund shares every workday; if there are otherwise stipulations in the fund contract, such stipulations shall be observed.

Article 53 A fund manager shall pay for the redemption on time, except under any of the following circumstances:

1) The fund manager is unable to pay for the redemption due to force majeure;

2) The securities exchange decides to close the market according to law and as a consequence, the fund manager is unable to calculate the net value of the fund assets of that day;

3) Other special circumstances stipulated in the fund contract.

Under any of the abovementioned circumstances, the fund manager shall report to the securities regulatory department under the State Council for archival purposes on that exact day.

After the circumstances provided for in the first paragraph of this article are eliminated, the fund manager shall pay for the redemption in good time.

Article 54 Sufficient cash or government bonds shall be kept in the case of an open fund as the provision for payment for the redemption by the fund share holders. The specific proportion of the cash or government bonds in the fund property shall be provided for by the securities regulatory department under the State Council.

Article 55 The prices of purchase and redemption of fund shares shall be calculated on the basis of the net value of the of the fund shares subscribed to and redeemed plus or minor the relevant expenses.

Article 56 If any error occurs in the calculation of price on the basis of the net value of the fund shares, the fund manager shall correct such error and take reasonable steps to prevent further losses. Where the wrongly calculated price reaches 0.5% of the net value of the fund shares, the fund manager shall make a pubic announcement and report to the securities regulatory department under the State Council for archival purposes.

Where the error in the calculation of price on the basis of the net value of the fund shares causes any loss to a fund share holder, that fund share holder shall have the right to require the fund manager and fund custodian to make compensation.

Chapter VII Fund Operations and Information Disclosure

Article 57 A fund manager shall employ the method of portfolio when using the fund property to make securities investment.

The specific mode of portfolio and the investment proportions shall be stipulated in the fund contract pursuant to the provisions hereof and those provided for by the securities regulatory department under the State Council.

Article 58 Fund property shall be used for the investment of:

1) Listed stocks and bonds; and

2) Other securities types provided for by the securities regulatory department under the State Council.

Article 59 Fund property may not be used in the following investments or activities:

1) Underwriting of securities;

2) Providing loans or guarantees to others;

3) Engaging in investment with unlimited liability;

4) Trading other fund shares, unless the State Council has otherwise provisions;

5) Making capital contribution to the fund manager and fund custodian of the property or trading the stocks or bonds issued by the said fund manager and fund custodian;

6) Trading the securities issued by or the securities underwritten within the underwriting period by the shareholders holding controlling position in the fund manager and fund custodian of the property or by the companies with other significant interest relationships with the said fund manager and fund custodian;

7) Insider dealing, manipulating the securities price or other wrongful securities dealings;

8) Other activities prohibited by the securities regulatory department under the State Council pursuant to the laws and administrative regulations.

Article 60 The fund manager and fund custodian and other personnel with the obligation of information disclosure shall disclose the fund information according to law and shall ensure the truthfulness, correctness and completeness of the information disclosed.

Article 61 The parties obliged to disclose fund information shall ensure the information that should be disclosed is disclosed within the period of time prescribed by the securities regulatory department under the State Council, and ensure that the investors may consult or copy the disclosed information pursuant to the time and method stipulated in the fund contract.

Article 62 The fund information that should be disclosed to the public includes:

1) Prospectuses, fund contracts, and fund custody agreements;

2) Fund raising information;

3) Public announcements of listing of the fund shares;

4) Net value of the fund assets and fund shares;

5) Prices for purchase and redemption of fund shares;

6) Portfolio quarterly reports of fund property, financial accounting reports and the midterm and annual fund reports;

7) Interim reports;

8) Resolutions of the fund share holders’ meeting;

9) Significant personnel movements in the specialized fund trust department of the fund manager and fund custodian;

10) Litigations involving the fund manager, fund property and fund trust business; and

11) Other information that should be disclosed as provided for the securities regulatory department under the State Council pursuant to the relevant provisions of the laws and administrative regulations.

Article 63 The accounting firms and legal firms issuing auditing reports or letters of legal opinions with respect to the fund information disclosed to the public shall guarantee the truthfulness, correctness and completeness of the documents they issued.

Article 64 The following acts are not allowed in the public disclosure of fund information:

1) Making falsified records, misleading statements or significant omissions;

2) Making prediction of the securities investment performance;

3) Promising gaining of benefits or assuming of losses in violation of rules;

4) Defaming other fund managers, fund custodians or institutions offering fund shares; or

5) Other acts prohibited as provided for by the securities regulatory department under the State Council pursuant to the relevant provisions of the laws and administrative regulations.

Chapter VIII Alteration and Termination of the Fund Contract and Liquidation of Fund Property

Article 65 The method of fund operation may be changed on the basis of stipulations of the fund contract or the resolution of the fund share holders’ meeting and upon the ratification of the securities regulatory department under the State Council.

Article 66 The following conditions shall be satisfied if the a closed fund is to raise more capital or the valid term of the fund contract thereof is to be extended, and the ratification of the securities regulatory department under the State Council is required:

1) Having good fund performance;

2) The fund manager having no record of administrative or criminal punishment for violations of laws or rules within the last 2 years;

3) The plan being adopted by the fund share holders’ meeting through resolution;

4) Other conditions provided for herein.

Article 67 The fund contract shall terminate under any of the following circumstances:

1) The valid term of the fund contract has not been extended upon expiration;

2) The fund share holders’ meeting decides to terminate the contract;

3) The duties of the fund manager and fund custodian terminate and there are no new fund manager and fund custodian to take over the duties within 6 months; or

4) Other circumstances stipulated in the fund contract.

Article 68 Upon termination of the fund contract, the fund manager shall organize a liquidation group to make liquidation of the fund property.

The liquidation group shall consist of the fund manager, fund custodian and the relevant intermediary agencies.

The liquidation report made by the liquidation group shall be audited by the accounting firm, and shall, after the law firm issues the letter of legal opinions, being submitted to the securities regulatory department under the State Council for archival purposes and a public announcement shall be made.

Article 69 The residual fund property after the liquidation shall be distributed according to the proportions of the shares held by the fund share holders.

Chapter IX Rights of the Fund Share Holders and the Exercise thereof

Article 70 A fund share holder enjoys the following rights:

1) Sharing the proceeds of the fund property;

2) Being entitled to distribution of the residual fund property after liquidation;

3) Transferring or applying for redemption of the fund shares he holds according to law;

4) Requiring the convening of the fund share holders’ meeting pursuant to the provisions;

5) Exercising the right of voting with respect to the matters deliberated at the fund share holders’ meeting;

6) Consulting or duplicating the fund information and materials disclosed to the public;

7) Bringing lawsuits against the fund manager, fund custodian or fund share offering agency whose acts have impaired his legitimate rights and interests; and

8) Other rights stipulated in the fund contract.

Article 71 The following matters shall be deliberated and decided by the fund share holders’ meeting:

1) Terminating the fund contract prior to the due date;

2) Raising more capital for the fund or extending the valid term of the fund contract;

3) Changing the method of fund operation;

4) Raising the remuneration standards of the fund manager and fund custodian;

5) Changing the fund manager or fund custodian;

6) Other matters stipulated in the fund contract.

Article 72 The fund share holders’ meeting shall be convened by the fund manager; where the fund manager fails or is unable to convene the meeting pursuant to the provisions, the fund custodian shall convene the meeting.

Where the fund share holders that represent more than 10% of the fund shares require the convening of the fund share holders’ meeting with respect to an identical matter, but neither the fund manager nor the fund custodian is able to convene the meeting, the fund share holders that represent more than 10% of the fund shares shall have the right to convene the meeting by themselves and report to the securities regulatory department under the State Council for archival purposes.

Article 73 To convene the fund share holders’ meeting, the convener shall make a public announcement in respect of the time and form of the meeting, the matters to be deliberated, the rules of procedures, and the voting method, etc., at least 30 days prior to the convening of the meeting.

The fund share holders’ meeting may not hold a voting on any matters that have not been publicly announced.

Article 74 The fund share holders’ meeting may be held with the presence of the fund shareholders in person or by held through communication, etc.

One voting right is attached to each fund share, and a fund share holder may entrust an agent to attend the fund share holders’ meeting and exercise the voting right.

Article 75 The fund share holders’ meeting may be held only when it is constituted by a quorum of the fund share holders representing more than 50% of the fund shares; any decision to be made on a deliberated matter shall be subject to more than 50% of the voting rights held by fund share holders attending the meeting; however, the decision to alter the fund operation method, to change the fund manager or fund custodian, or to terminate the fund contract prior to the due date shall be subject to more than two thirds of the voting rights held by the fund share holders attending the meeting.

The matters decided by the fund share holders’ meeting shall be reported to the securities regulatory department under the State Council for ratification or for archival purposes, and a public announcement shall be made.

Chapter X Supervision and Administration

Article 76 The securities regulatory department under the State Council shall perform the following duties according to law:

1) Formulating the regulation and rules on the supervision and administration of the activities concerning securities investment fund according to law and exercising the power of examination and approval and ratification according to law;

2) Making records of the fund;

3) Supervising and administering the activities concerning securities investment fund undertaken by the fund manager, fund custodian and other institutions, and investigating and punishing the illegal acts and making public announcements;

4) Formulating the qualification standards and code of conduct of the fund practitioners and supervising the implementation thereof;

5) Supervising and inspecting the disclosure of fund information;

6) Directing and supervising the activities of the fund associations; and

7) Other duties provided for by laws and administrative regulations.

Article 77 The securities regulatory department under the State Council shall have the right to take the following measures when performing its duties according to law:

1) Entering the scene where an illegal act occurred to make investigation and obtain evidence;

2) Enquiring the parties concerned and the entities and individuals relating to the event under investigation and requiring them to make explanations with respect to the matters relating to the event under investigation;

3) Consulting and duplicating the securities transaction records, transfer registration records, financial accounting materials and other relevant documents and materials of the parties concerned and the entities and individuals relating to the event under investigation, and sealing the documents and materials that might be transferred or hidden;

4) Enquiring about the capital accounts, securities accounts or fund accounts of the parties concerned and the entities and individuals relating to the event under investigation, and applying to judicial organs for freezing the illegal capital or securities which may be transferred or hided as showed by evidence;

5) Other measures provided for by laws and administrative regulations.

Article 78 There shall be no less than 2 functionaries of the securities regulatory department under the State Council when performing their duties and making the investigation or inspection according to law, and they shall show their legal certificates. They are obliged to keep confidential the business secrets they get to know through the investigation or inspection.

Article 79 The functionaries of the securities regulatory department under the State Council shall devote themselves to their duties, execute their duties according to law, act honestly and impartially, subject themselves to supervision, and may not seek private benefits by taking advantages of their positions.

Article 80 When the securities regulatory department under the State Council performs its duties according to law, the entity and individual under investigation and inspection shall render cooperation and faithfully provide the relevant documents and materials, and may not refuse or hinder the investigation and inspection or hide the documents and materials.

Article 81 The securities regulatory department under the State Council shall, if finding out any illegal acts suspect of crimes when performing its duties according to law, transfer the case to the judicial organ for handling.

Article 82 The functionaries of the securities regulatory department under the State Council may not assume concurrent positions in the regulated institutions.

Chapter XI Legal Liabilities

Article 83 If the fund manager and fund custodian violate any of the provisions hereof or the stipulations of the fund contract in the performance of their respective duties and cause damages to the fund property or the fund share holders, they shall be liable for compensation for their respective acts. Where they cause damages to the fund property or fund share holders through joint acts, they shall be jointly and severally liable for compensation.

Article 84 If any party uses the raised capital in violation of Article 45 hereof, it shall be ordered to return the money and the illegal gains shall be confiscated; if the illegal gains exceed 500,000 Yuan, a fine of 1 time up to 5 times the illegal gains shall be imposed concurrently; if there is no illegal gains or the illegal gains are less than 500,000 Yuan, a fine of 50,000 Yuan up to 500,000 Yuan shall be imposed concurrently; a warning shall be given to the directly responsible personnel in charge and other directly liable personnel and a fine of 30,000 Yuan up to 300,000 Yuan shall be imposed; if any damages are caused to the investors, the offenders shall be liable for compensation according to law; and if any crime has been constituted, the offenders shall be subject to criminal liabilities.

Article 85 If any party raises capital for a fund without ratification of the securities regulatory department under the State Council, it shall be ordered to stop the act and return the fund raised plus the interest thereon at the current rate of bank deposit, the illegal gains shall be confiscated and a fine of 1% up to 5% of the sum raised shall be imposed; and if any crime has been constituted, the offender shall be subject to criminal liabilities.

Article 86 If any party, in violation of the provisions hereof, establishes any fund management company without authorization, the company shall be banned by the securities regulatory department, and a fine of 50,000 Yuan up to 500,000 Yuan shall be imposed concurrently; and if any crime has been constituted, the offender shall be subject to criminal liabilities.

Article 87 If any party engages in fund management or fund trust business without ratification of the securities regulatory department under the State Council, it shall be ordered to stop the act and the illegal gains shall be confiscated; if the illegal gains exceed 1 million Yuan, a fine of 1 time up to 5 times the illegal gains shall be imposed concurrently; if there is no illegal gain or the illegal gains are less than 1 million Yuan, a fine of 100,000 Yuan up to 1 million Yuan shall be imposed concurrently; if any damages are caused to the fund property or the fund share holders, the offender shall be liable for compensation; a warning shall be given to the directly responsible personnel in charge and other directly liable personnel, and a fine of 30,000 Yuan up to 300,000 Yuan shall be imposed concurrently; and if any crime has been constituted, the offenders shall be subject to criminal liabilities.

Article 88 If the fund manager or fund custodian, in violation of the provisions hereof, fails to apply separate management or separate account books to the fund property or appropriate the fund property for other unauthorized purposes, they shall be ordered to correct the act and be imposed on a fine of 50,000 Yuan up to 500,000 Yuan; if any damages are caused to the fund property or fund share holders, they shall be liable for compensation according to law; a warning shall be given to the directly responsible personnel in charge and other directly liable personnel, and their qualification for fund practice shall be suspended or cancelled, and a fine of 30,000 Yuan up to 300,000 Yuan shall be imposed concurrently; if any crime has been constituted, the offenders shall be subject to criminal liabilities.

The property and proceeds obtained by the fund manager and fund custodian through appropriation of the fund property for other unauthorized purposes shall be included into the fund property. However, if there are otherwise provisions in the laws and administrative regulations, such provisions shall be observed.

Article 89 If the fund manager and fund custodian have committed any of the acts specified in Article 20 hereof, they shall be ordered to correct the act and the illegal gains shall be confiscated; if the illegal gains exceed 1 million Yuan, a fine of 1 time up to 5 times the illegal gains shall be imposed concurrently; if there is no illegal gains or the illegal gains are less than 1 million Yuan, a fine of 100,000 Yuan up to 1 million Yuan shall be imposed concurrently; if any damages are caused to the fund property or fund share holders, they shall be liable for compensation according to law; a warning shall be given to the directly responsible personnel in charge and other directly liable personnel, their qualification for fund practice shall be suspended or cancelled, and a fine of 30,000 Yuan up to 300,000 Yuan shall be imposed concurrently; and if any crime has been constituted, the offenders shall be subject to criminal liabilities.

Article 90 If the fund manager and fund custodian have committed any of the acts specified in Items 1) through 6) and in Item 8) of Article 59 hereof, they shall be ordered to correct the act and be imposed on a fine of 100,000 Yuan up to 1 million Yuan; if any damages are caused to the fund property or fund share holders, they shall be liable for compensation according to law; a warning shall be given to the directly responsible personnel in charge and other directly liable personnel, their qualification for fund practice shall be suspended or cancelled, and a fine of 30,000 Yuan up to 300,000 Yuan shall be imposed concurrently; and if any crime has been constituted, the offenders shall be subject to criminal liabilities.

Where the fund manager and fund custodian have committed any of the acts prescribed in the preceding paragraph, the property and proceeds obtained through utilization of the fund property shall be included into the fund property. However, if there are otherwise provisions in the laws and administrative regulations, such provisions shall be observed.

Article 91 If the fund manager and fund custodian have committed the act specified in Item 7) of Article 59 hereof, they shall be punished pursuant to the relevant provisions of the Securities Law of the People’s Republic of China, and apart from that, a warning shall be given to the directly responsible personnel in charge and other directly liable personnel, their qualification for fund practice shall be suspended or cancelled, and a fine of 30,000 Yuan up to 300,000 Yuan shall be imposed concurrently; if any damages are caused to the fund property or fund share holders, the offenders shall be liable for compensation according to law.

Article 92 If the fund manager and fund custodian, in violation of the provisions hereof, make capital contribution to or hold the shares of each other, they shall be ordered to correct the act and be imposed on a fine of less than 100,000 Yuan.

Article 93 If any party obliged to disclose fund information fails to make the disclosure according to law or the disclosed information contain falsified indications, misleading statements or significant omissions, that party shall be ordered to correct the act, with the illegal gains being confiscated, and be imposed on a fine of 100,000 Yuan up to 1 million Yuan; if any damages are caused to the fund property or fund share holders, the offender shall be liable for compensation according to law; a warning shall be given to the directly responsible personnel in charge and other directly liable personnel, their qualification for fund practice shall be suspended or cancelled, and a fine of 30,000 Yuan up to 300,000 Yuan shall be imposed concurrently; and if any crime has been constituted, the offenders shall be subject to criminal liabilities.

Article 94 If any professional agency which issues the auditing report or letter of legal opinions in respect of the fund information disclosed to the public by the parties obliged to disclose such information falsifies the contents for which it is responsible, that agency shall be ordered to correct the act, with the illegal gains being confiscated, and be imposed on a fine of 1 time up to 5 times the illegal gains concurrently; if the circumstances are serious, the agency shall be ordered to stop its business, and the relevant qualification of the directly liable personnel shall be suspended or cancelled; if any damages are caused to the fund property or fund share holders, the offender shall be liable for compensation according to law; and if any crime has been constituted, the offenders shall be subject to criminal liabilities.

Article 95 If the fund manager or fund custodian fails to convene the fund share holders’ meeting pursuant to the provisions, it shall be ordered to correct the act and may be imposed on a fine of less than 50,000 Yuan; a warning shall be given to the directly responsible personnel in charge and other directly liable personnel, and their qualification for fund practice shall be suspended or cancelled.

Article 96 If the fund manager or fund custodian violates the provisions hereof and the circumstances are serious, the offender shall be disqualified for fund management or fund trust.

Article 97 If any practitioner in the specialized fund trust department of a fund manager or fund custodian, in violation of Article 18 hereof, causes any damages to the fund property or fund share holders, that person shall be liable for compensation according to law; if the circumstances are serious, he/she shall be disqualified from fund practice; and if any crime has been constituted, he/she shall be subject to criminal liabilities.

Article 98 If any functionary of the securities regulatory department neglects the duties, abuses the powers, seeks private benefits through wrongful means, or exerts or accepts money or property from others by taking advantages of his/her position, that person shall be given administrative sanctions according to law; and if any crime has been constituted, the offender shall be subject to criminal liabilities.

Article 99 If any party is liable for both civil compensation and fines or monetary penalty for violations of the provisions hereof and the property of that party is not sufficient to cover all the payments, priority shall be given to civil compensation.

Article 100 With respect to the civil compensation and fines the fund manager and fund custodian should bear pursuant to the provisions hereof, the fund manager and fund custodian shall make the payment with their own property.

The fines and monetary penalties paid and the illegal gains confiscated according to law shall all be turned in to the treasury.

Chapter XII Supplementary Provisions

Article 101 The State Council shall, pursuant to the principles hereof, enact separate specific measures for the administration of the securities investment activities undertaken by fund management companies or other institutions approved by the State Council to raise capital from specified objects or to accept the property trust from certain objects.

Article 102 The State Council shall enact separate measures for the administration of the securities investment activities of raising capital through public offering of stocks and establishing securities investment companies.

Article 103 The present Law shall take effect as of June 1, 2004.