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

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

　　Article 94 where a professional institution that produces an auditor's report， a legal opinion or other documents in respects in respect of information concerning a fund that is publicly disclosed by persons who have the obligation to disclose such information makes fraudulent statements in respect or the matters for which it is responsible， it shall be instructed to rectify， its unlawful gains shall be confiscated， and it shall， in addition be fined not less than the amount of the unlawful gains but not more than five time than amount. If the circumstances are serious， it shall be instructed to close down and the relevant professional qualifications of the persons who are directly responsible shall be suspended or rescinded. Where losses are caused t

o the holders of fund units， it shall， in accordance with law， bear the responsibility to pay compensation. If a crime is constituted， it shall be investigated for criminal responsibility in accordance with law.

　　Article 95 where a fund manager or a fund custodian fails to convene a general meeting of the holders of fund units in accordance with relevant regulations， it shall be instructed to rectify and it may be fined not more than 50，000 yuan. 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.

　　Article 96 where f fund manager or a fund custodian violates the provisions of this law， if the circumstances are serious it shall be disqualified from engaging in the business of fund management or fund custody.

　　Article 97 where an employee of a fund manager or the special fund custodian department of a fund custodian violates the provisions of Article 18 of this law and losses are thus caused to the fund assets or to the holders of fund units he shall， in accordance with law， bear the responsibility to pay compensation； and if the circumstances are serious， he shall be disqualified from engaging in the fund business. If the violation constitutes a crime， he shall be investigated for criminal responsibility in accordance with law.

　　Article 98 where a staff member of the securities regulatory authority neglects his duty， abuses his power， or engages in irregularities for personal gains， or seek or receive money or things of value from another person by taking advantage of his position， he shall be given an administrative sanction in accordance with law. If a crime is constituted， he shall be investigated for criminal responsibility in accordance with law.

　　Article 99 If a person， for his violation of the provisions of this law， is liable to bear the responsibility to pay fines and penalties and if his assets are not sufficient to pay all at the same time， he shall bear the responsibility to pay civil compensation first.

　　Article 100 If， in accordance with the provisions of this law， a fund manager or a fund custodian bears the responsibility to pay civil compensation and pay fines and penalties， it shall use its own assets to discharge such responsibility.

　　All the fines and penalties collected and all the unlawful gains confiscated pursuant to law shall be turned over to the state Treasury.

　　Chapter XII

　　Supplementary provisions

　　Article 101 specific regulations governing the securities investment activities engaged in by fund management companies or other institutions approved by the state council to gather capital through private placements or accept property entrustment from specific entities shall separately be formulated by the state council on the basis of the principles laid down in this law.

　　Article 102 Regulations governing establishment of a securities investment company to engage in securities investment and other related activities by raising capital through public offering of shares shall separately be formulated by the state council.

　　Article 103 This Law shall go into effect as of June 1，2004

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