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

of capital raising， no person may make use of the capital.

　　Article 46 a fund contract shall be established upon the payment of the subscription monies for the fund units by investors， the fund contract shall become effective once the fund manager， in accordance with the provisions of article 44 of this law， completes the procedures. for registration of the fund the securities regulatory authority under the state council.

　　Where， at the expiration of the period for capital raising， the fund manager fails to fulfill the requirements specified in Article 44 of this law， it shall bear the following responsibilities：

　　（1）to repay with its own assets， the liabilities and expenses incurred in capital raising； and

　　（2）to refund within 30 says after the expiration of the period for capital raising， the subscription monies already paid by investors， plus the interest on bank deposit for the same period.

　　Chapter V

　　Trading of Fund Units

　　Article 47 the units of a closed-end fund may be listed for trading on a stock exchange after the fund manager submits an application and obtains approval by the securities.

　　Regulatory under the state council.

　　The securities regulatory authority under the state council may authorise a stock exchange to approve， in accordance with the statutory conditions and procedures， the listing of fund units for exchange on the stock exchange.

　　Article 48 the fund units to be listed shall satisfy the following conditions：

　　（1）the capital is raided in compliance with the provisions of this law；

　　（2）the term of the fund contract is more than five years；

　　（3）the minimum amount of capital raised is not less than 200 million yuan；

　　（4）the number of holders of fund units is not less than 1，000； and

　　（5）other conditions prescribed by the rules for listing of fund units for trading.

　　Article 49 the rules for listing of fund units shall be formulated by the stock exchange and submitted to the securities regulatory authority under the state council for approval.

　　Article 50 Under any of the following circumstances after the listing of the fund units， a stock exchange shall terminate the listing of the fund units and report such termination to the securities regulatory authority under the state council for the record.

　　（1）the conditions for listing prescribed in Article 48of this law are no longer satisfied；

　　（2）the term of the fund contract expires；

　　（3）a general meetin

g of the holders of fund units decides to terminate the listing of the fund units ahead of schedule； and

　　（4）other circumstances giving rise to termination of the listing of fund units as prescribed by the fund contract or by the rules for listing of fund units.

　　Chapter VI

　　Subscription and redemption of Fund units

　　Article 51 the fund manager of an open-end fund shall be responsible for the subscription and redemption and registration of the units of the fund， and it may it may entrust such matters to another institution approved by the securities regulatory authority under the state council.

　　article 52 Except otherwise provided for by the fund contract， the fund manager shall handle the business of subscription and redemption of fund units on every corking day.

　　Article 53 Except for the following circumstances， the fund manager shall pay redemption monies on a timely basis：

　　（1）it is unable to pay the redemption monies due to force majeure；

　　（2）a stock exchange has， in according with law， decided to suspend trading on a temporary basis， and as a result the fund manager is unable to calculate the net value of the fund assets on that very day； and

　　（3）other special circumstances prescribed in the fund contract.

　　The fund manager shall， on the very day any of the circumstances mentioned above occurs， report the matter to the securities regulatory authority under the state council for the record.

　　Where any of the circumstances specified in the first paragraph of this article ceases to exist， the fund manager shall promptly pay the redemption monies.

　　Article 54 For an open-end fund， a sufficient amount of cash or government bonds shall be maintained in order to make payment of redemption monies to the holders of fund units. The specific percentage of the fund assets to be held in cash or government bonds shall be prescribed by the securities regulatory authority under the state council.

　　Article 55 the subscription price and the redemption price of a fund unit shall be calculated on the basis of the net value of the fund unit on the day of subscription or redemption plus or minus relevant charges.

　　Article 56 where there is an error in the calculation of the net value of a fund unit， the fund manager shall rectify the error immediately and take reasonable measures to prevent the incurring of further losses. If the error in the price calculation amounts to 0.5 percent of the net value of the fund unit， the fund manager shall make an announcement of the fact and report the same to the securities regulatory authority under the state council the record.

　　Where the holders of fund units sustain losses as a result of an error in the calculation of the net value of the fund unit， they shall have the right to claim compensation from the fund manager and the fund custodian.

　　Chapter VII

　　Operation of Funds and Disclosure of information

　　Article 57 a fund manager that invests in securities with fund assets shall do so in the form of a portfolio.

　　The specific form and the investment percentages of a portfolio shall be prescribed in the fund contract accordance with this law and the regulations of the securities regulatory authority under the state council.

　　Article 58 Fund assets shall be used for investment in the following：

　　（1）listed stocks and binds； and

　　（2）other types of securities prescribed by the securities regulatory authority under the state council.

　　Article 59 the assets of a fund shall not be used for the following investments or activities：

　　（1）securities underwriting；

　　（2）provision of loans or security to another person；

　　（3）engaging in investments which may give rise to unlimited liability；

　　（4）dealing in the units other funds except otherwise prescribed by the state council；

　　（5）making capital contributions to the fund manager or the fund custodian or dealing in the shares or bonds which are issued by the fund manger or the fund custodian；

　　（6）dealing in the securities issued by a shareholder which has a controlling shareholding relationship with the fund manager or the fund custodian， the securities issues by a company which has other vital connection with the fund manager or the fund custodian， or the securities underwritten by such shareholder or company during the underwriting period；

　　（7）engaging in insider trading， manipulation of securities prices or other illegitimate securities trading activities； or

　　（8）other activities prohibited by the securities regulatory authority under the state council pursuant to the provisions of relevant laws and administrative regulations.

　　Article 60 the fund manager the fund custodian and other persons who have the obligation to disclose information relating to a fund shall disclose such information according

　　To law， and shall endure the truthfulness， accuracy and completeness of such information.

　　Article 61 Those who are under the obligation to disclose information relating to a fund shall ensure that the disclosure of such information which is required to be disclosed is

　　Made within the period specified by the securities regulatory authority under the state council and shall ensure that investors may check or make copies of the publicly disclosed information.

　　At such time and in such manner as prescribed in the fund contract.

　　Article 62 Information concerning a fund to be publicly disclosed shall include：

　　（1）the prospectus the fund contract and the custodian agreement of the include；

　　（2）the status of capital raising；

　　（3）the announcement in respect of the listing of the fund units；

　　（4）the net value of the fund assets and the net value of a fund unit；

　　（5）the subscription price and the redemption price of the fund units；

　　（6）quarterly portfolio reports of the fund asses， financial and accounting reports of the fund， and the interim and annual reports of the fund；

　　（7）provisional reports；

　　（8）resolutions adopted at the general meeting of the holders of fund units

　　（9）major changes of personnel of the manager and the fund custodian department of the fund custodian；

　　（10）legal actions involving the fund manager， the fund assets or the business of fund custody； and

　　（11）other information which is required to be disclosed as prescribed by the securities regulatory authority under the state council pursuant to the provisions of relevant laws and administrative regulations.

　　Article 63 the public accounting firm that produces an audit report and the law firm that produces a legal opinion in， respect of the publicly disclosed information concerning a fund shall ensure the truthfulness， accuracy and completeness of the contents of the documents they produce.

　　Article 64 the following acts in connection with any public disclosure of information concerning a fund shall be prohibi

┨网页设计特效库┠ http://www。z┗co⊙l。com/网页特效/