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

inspection.

　　Article 79 staff members of the securities regulatory authority under the state council shall be devoted to their duties， carry out their work in accordance with law， be fair and honest， and subject themselves to supervision， and they shall not take advantage of their positions to seek personal gain.

　　Article 80 When staff members of the securities regulatory authority under the state council perform their duties in accordance with law， the entities and individuals under investigation and inspection shall co-operate with them and shall truthfully provide relevant documents and information， and shall truthfully provide relevant documents and information， and they shall not refuse to co-operate with them， hinder them in their work， or conceal documents and information.

　　Article 81 When staff member of the securities regulatory authority under the state council， while performing their duties， discover are illegal conduct and suspect it as a crime， they shall transfer the case to a judicial organ for handling.

　　Article 82 Staff members of the securities regulatory authority under the state council shall not concurrently hold any position in any institution under supervision and regulation of the authority.

　　Chapter XI

　　Legal Responsibility

　　Article 83 Where in the course of performing their respective duties， the fund manager or fund custodians violate any provision of this law or any provision in the fund contracts， thus causing losses to the fund assets or the holders of fund units， they shall bear their respective responsibilities for their own acts and pay compensation in accordance with law， and where losses are caused to the fund assets or the holders of fund units as a result of the joint acts of the fund managers and the fund custodians， they shall bear join and several responsibility to pay compensation.

　　Article 84 Anyone who， in violation of the provisions of Article 45 of this law， makes use of the capital raised shall be instructed to return the money and his unlawful gains shall be confiscated； if such gains exceed 500，000 yuan， he shall， in addition， be fined not less than the amount of such gains but not more than five times such gains； and if there are no unlawful gains or such gains are less than 500，000yuan， he shall， in addition， be fined not less than 50，000yuan but not more than 500，000yuan. The persons who are directly in charge and the other persons who are directly responsible shall be given a disciplinary warning and shall， in addition， be fined not less than 30，000yuan but not more than 300，000 yuan， where losses are caused to the investors， he shall， in accordance with law， bear the responsibility to pay compensation. If the violation constitutes a crime， he shall be investigated for criminal responsibility in accordance with law.

　　Article 85 Anyone who， without approval by the securities regulatory authority under the council， raises capital sh

all be instructed to stop capital raising and return all the money， plus interest calculated at the bank deposit rate for the corresponding period， and his unlawful gains shall be confiscated， and he shall， in addition， be fined not less than one percent but not more than five percent of the amount of the capital raised. if the violation constitutes a crime， he shall be investigated for criminal responsibility in accordance with law.

　　Article 86 Where a fund management company is established in violation the provisions of this law and without approval， it shall be banned by the securities regulatory authority and shall， in addition， be fined not less than 50，000yuan but not more than 500，000 yuan. If the violation constitutes a crime， criminal responsibility shall be investigated in accordance with law.

　　Aeticle 87 Where an entity， without approval of the securities regulatory authority under the state council， engages in the business of fund management or the business or the business of fund custody， it shall be instructed to cease such business and its unlawful gains shall be confiscated， if such gains exceed one million yuan， it shall， in addition， be fined not less than the amount of the unlawful gains but not more than five times the amount of such gains； and if there are no unlawful gains are less than one million yuan， it shall， in addition， be fined not less than 100，000yuan but not more than one million yuan. Where losses are caused to the fund assets or to the holders of fund units， it shall， in accordance with law， bear the responsibility to pay compensation. The person who are directly in charge and the other persons who are directly responsible shall be given a disciplinary warning and shall， in addition， be fined not less than 30，000 yuan but not more than 300，000 yuan. If a crime is constituted， criminal responsibility shall be investigated in accordance with law.

　　Article 88 where a fund manager or a fund custodian in violation of the provisions of this law， fails to place the assets of a fund under separate management or custody in separate accounts or misappropriates the fund assets， it shall be instructed to rectify and shall be fined not less than 50，000 yuan but not more than 500，000 yuan. Where losses are caused to the fund assets or to the holders of fund units， it shall， in accordance with law， bear the responsibility to pay compensation. The persons who are directly in charge and other persons who are directly responsible shall be given a discipline warning， or be suspended or disqualified form engaging in the fund business and， in addition， be fined not less than 30，000 yuan but not more than 300，000 yuan. If the violation constitutes a crime， it shall be investigated for criminal responsibility in accordance with law.

　　The asset and returns derived by the fund manger or the fund custodian from its misappropriation of the fund assets shall be included in the assets of the fund， except where otherwise provided for by laws and administrative regulations.

　　Article 89 where a fund manager or a fund custodian engages in any of the activities specified in article 20of this law， it shall be instructed to rectify and its unlawful gains shall be confiscated. If the unlawful gains exceeds one million yuan it shall， in addition， be fined not less than the amount of the unlawful gains but not more than five times the amount of such gains； and if there are no unlawful gains or such gains are gains are less than one million yuan， it shall， in addition， be fined not less than 100，000 yuan but not more than one million yuan. Where losses are caused to the assets of a fund or to the holders of fund units， it shall， in accordance with law， bear the responsibility to pay compensation. The persons who are directly in charge and the other persons who are directly responsible shall be give a disciplinary warning， or be suspended or disqualified form engaging in the fund business

and， in addition， be fined not less than 30，000yuan but not more than 300，000yuan. If the violation constitutes a crime， criminal responsibility shall be investigated in accordance with law.

　　Article 90 where a fund manager or a fund custodian engages in any of the activities specified in subparagraphs 1，2，3，4，，5，6and 8 of article 59 of this law， it shall be instructed to rectify and shall be fined not less than 100，000 yuan but not more than one million yuan. Where losses are caused to the fund asses or to the holders of fund units， it shall， in accordance with law， bear the responsibility to pay compensation. The persons who are directly in charge and the other persons who are directly responsible shall be given a disciplinary warning， or be suspended or disqualified from engaging in the fund business and， in addition， be fined not less than 30，000yuan but not more than 300，000 yuan. If the violation constitutes a crime， criminal responsibility shall be investigated in accordance with law.

　　The assets and returns derived by the fund manager or the fund custodian from the use of fund asses for any of the activities mentioned in the preceding paragraph shall be included in the fund assets， except where otherwise provided for by laws and administrative regulations.

　　Article 91 where a fund manger or a fund custodian engages in any of the activities specified in Subparagraph 7 of Article 59 of this law， the persons who are directly in charge and the other persons who are directly responsible shall， in addition to the penalties prescribed in the relevant provisions of the securities law of the people's Republic of china， be given a disciplinary warning， or be suspended or disqualified from engaging in the fund business and， at the same time， be fined not less than 30，000yuan but not more than 300，000yuan. Where losses are caused to the fund asses or to the holders of fund units， it shall， in accordance with law， bear the responsibility to pay compensation.

　　Article 92 where a fund manager and a fund custodian， in violation of the provisions of this law， make capital contributions to each other or hold each other's shares， they shall be instructed to rectify and may be fined more than 100，000 yuan.

　　Article 93 where persons who have the obligation to disclose information concerning a fund fail to disclose such information in accordance with or the information disclosed contains false accounts， misleading statements or grave omissions， they shall be instructed to rectify； and their unlawful gains shall be confiscated and they shall， in addition， be fined not less than 100，000 yuan but not more than one million yuan. where losses are caused to the holders of fund units， they shall， in accordance with law， bear the responsibility to pay compensation. The persons who are directly in charge and the

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