中华人民共和国证券投资基金法 Law of the peoples Republic of china on Funds for Investment in securities

（Adopted at the 5th Meeting of the standing committee of the tenth national people's congress on October 28，2003）

颁布日期：20031028 　实施日期：20040601 　颁布单位：全国人大常委会

　　Order of the president of the people's Republic of China NO 9

　　The law of the people's Republic of china on Funds for Investment in securities， adopted at the 5th Meeting of the standing Committee of the Tenth National people's congress of the people's Republic of China on October 28， 2003， is hereby promulgated and shall go into effect as of June 1，2004.

　　Hu jintao president of the People's Republic of china october28，2003

　　contents

　　chapter I General Provisions

　　chapter II Fund Managers

　　Chapter III Fund Custodians

　　Chapter IV Raising of capital

　　Chapter V Trading of Fund Units

　　Chapter VI Subscription and Redemption of Fund Units

　　Chapter VII Operation of Funds and Disclosure of Information

　　Chapter VIII Modification and Termination of a Fund contract and liquidation of fund assets

　　Chapter IX Rights of the Holders of Fund Units and Exercise of the Rights

　　Chapter X Supervision and Regulation

　　Chapter XI Legal Responsibility

　　Chapter XII Supplementary provisions

　　Chapter I

　　General Provisions

　　Article 1 This law is enacted in order to regulate the activities in respect of investment of funds in securities， protect the lawful fights and interests of investors and related parties， and promote the healthy development of investment of funds in securities and the securities market.

　　Article 2 This law is applicable to the raising of capital for investment in securities by openly selling fund units within the territory of the people's Republic of china （hereinafter referred to as funds， for short ），which are managed by fund managers， placed in the custody of fund custodians， and used， in the interest of the holders of fund units， for investment in securities in the form of portfolio. with respect to matters which are not covered by the provisions of this law， the provisions of 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 shall apply.

　　Article 3 The rights and obligations of fund managers， fund custodians and holders of fund units shall be agreed on in the fund contracts concluded in accordance with this law.

　　Fund managers and fund custodians shall perform their entrusted duties in accordance with law and the provisions of the fund contracts. holders of fund units shall share benefits risks in proportion to the number they hold.

　　Article 4 In investment of funds in securities the principles of voluntariness， fairness honesty and good faith shall be adhered to， and the interests of the state and the public shall not be harmed.

　　Article 5 In a fund contract the mode of operation of the fund shall be specified. There may be closed-end funding， open-end funding and other modes.

　　A fund that is operated in the closed-end mode （hereinafter referred to as closed-end fund for shirt ） means that during the term of the fund contract the approved total sum of the fund units is fixed shall remain unchanged and that the fund units may be traded on any stock exchange established in accordance with law， but that the holders of the fund units shall not apply for redemption the units.

　　A fund that is operated in the open-end mode （hereinafter referred to as open-end fund， for shirt ） means that the total sum of the fund units is not fixed and that the units may be subscribed for or redeemed at the time and place prescribed in the fund contract.

　　The measures for selling trading， subscribing for and redeeming the units of the funds the funds that are operated in other modes shall be formulated by th

e state council separately.

　　Article 6 the assets of a fund shall be made independent of the assets owned by the fund manager or the fund custodian. The fund manager and the fund custodian shall not include the assets of the fund in their own assets.

　　The property or returns obtained by fund managers or fund custodians through managing or using the fund assets or by other means shall be included in the fund assets.

　　Where a fund manager or a fund custodian goes into liquidation as a result of being dissolved， or being closed down or declared bankrupt according to law， or for other reasons， the assets of the fund shall not be deemed to be part of his assets for liquidation.

　　article 7 the creditor's rights of a fund shall not be used to offset the debts incurred by the fund manager's or the fund custodian's own assets； and the creditor's rights of one fund may not be used to offset the debts of another fund.

　　article 8 no compulsory measures shall be taken against the asserts of a fund where debts are not incurred because of the assets of the fund themselves.

　　Article 9 In managing and using fund assets， fund managers and fund custodians shall conscientiously fulfill their duties and perform their obligations to be honest， keep good faith， and be prudent and diligent.

　　Persons engaged in the fund business shall， in accordance with law， obtain professional qualifications in this field abide by laws and administrative regulations， and strictly observe professional ethics and the code of conduct.

　　Article 10 Fund managers， fund custodians and institutions selling fund units may establish trade associations in order to maintain strict self-discipline and co-ordinate relationship in the trade， provide services for the trade and promote development of the trade.

　　Article 11 the securities regulatory authority under the state council shall， in accordance with law， regulate the activities in respect of investment of funds in securities.

　　Chapter II

　　Fund Managers

　　Article 12 A fund manger shall be a fund management company established in accordance with law.

　　A fund manager shall be subject to examination and approval by the securities regulatory authority under the state council.

　　Article 13 for establishment， a fund management company shall meet the following requirements and be subject to approval by the securities regulatory authority under the state council：

　　（1） it has articles of association which comply with the provisions of this law and of the company law of the people's republic of china；

　　（2）its registered capital is not less than RMB100 million yuan and is paid up in cash；

　　（3）the major shareholders have good managerial achievements to their credit and enjoy popular reputation in the securities business， securities investment consultancy， the management of trust assets， or the management of other financial assets， have no law-breaking record in the three preceding years， and have each a registered capital not less than 300 million yuan；

　　（4）the number of staff who have obtained the professional qualifications for the fund business reaches the quorum；

　　（5）it has the business premises， security facilities and other facilities relating to the fund management business which satisfy the relevant requirements；

　　（6）it has a perfect internal auditing and monitoring system and a perfect risk control system； and

　　（7）other requirements prescribed by laws and administrative regulations and requirements prescribed by the securities regulatory authority under the state council with the approval of the state council.

　　Article 14 the securities regulatory authority under the state council shall， within six months counted from the date it accepts an application for the establishment of a fund management company， examine the application in accord

ance with the requirements specified in Article 13 of this law and the principle of prudent regulation， make a decision on whether to approve or disapprove the application， and notify the applicant accordingly； and if it disapproves the application， it shall explain the reasons why.

　　Where a fund management company intends to establish a branch， amend its articles of association， or make other vital changes， it shall submit an application to the securities regulatory authority under the state council for approval. The securities regulatory authority under the state council shall， within sixty days from the date it accepts the application， make a decision on whether to approve or disapprove the application and notify the applicant accordingly； and if it disapproves the application， it shall explain the reasons why.

　　Article 15 None of the following persons shall serve in the fund business under any fund manager：

　　（1）persons who have been subjected to criminal punishment for the crime of embezzlement， bribery， dereliction of duty or property violation or for the crime of undermining the order of the socialist market economy；

　　（2）directors， supervisors， factory directors， managers and other senior managerial persons who， due to their mismanagement， are personally responsible for the bankruptcy liquidation of the companies or enterprises for which he worked， or who， due to their violation of law， are personally responsible for the revocation of the business licenses of the companies or enterprises for which they worked， where no more than five years have elapsed since the date the bankruptcy liquidation of such companies or enterprises is completed or the date business licenses are revoked；

　　（3）persons who are encumbered with a relativel

┨网页设计特效库┠ http://www。z┗co⊙l。com/网页特效/