证券投资基金管理暂行办法 INTERIM MEASURES FOR THE ADMINISTRATION OF SECURITIES INVESTMENT FUNDS

(Approved by the State Council on November 5, 1997 and promulgated by the Securities Commission under the State Council on November 14, 1997)
颁布日期：19971114 　实施日期：19971114 　颁布单位：国务院证券委员会

　　Chapter I General Provisions

　　Article 1 These Measures are formulated with a view to strengthening the administration of securities investment funds, protecting the legitimate rights and interests of the parties interested and promoting sound and steady development of the securities market.

　　Article 2 The securities investment funds (hereinafter referred to as the funds) referred to in these Measures mean an interest-sharing, risk-sharing collective securities investment mode, namely concentration of investors' funds through fund issuing units under the trusteeship of the fund trustees, funds administered and employed by fund administrators for engaging in investment in such financial tools as stocks and bonds.

　　Article 3 Fund assets shall be independent of the assets of the fund trustees and fund administrators.

　　Article 4 Whoever engages in fund operations and natural persons, legal persons and other organizations related to such operations within the territory of China shall abide by these Measures.

　　Chapter II Fund Establishment, Raising and Transactions

　　Article 5 Establishment of a fund shall be subject to the examination and approval of China Securities Supervisory and Control Commission (hereinafter referred to as CSSCC).

　　Article 6 A fund sponsor may apply for the establishment of an open fund or may apply for the establishment of a closed fund.

　　Article 7 The following terms shall be met for an application for the establishment of a fund:

　　(1) its main sponsors are securities firms, trust and investment companies and fund administering companies established in accordance with relevant state provisions;

　　(2) the actual capital of each sponsor shall not be less than RMB 300 million Yuan, and the main sponsors shall have experiences in securities investment and a record of consecutive profits for over three years. However, the fund administering companies are excluded;

　　(3) the sponsors, fund trustees and fund administrators shall have sound organizational institutions and management system with good financial status and standardized acts of operations;

　　(4) the fund trustees and fund administrators shall have a site for business operations, facilities for security and precaution and other business-related facilities commensurate with requirements; and

　　(5) other terms prescribed by CSSCC.

　　An applicant for the establishment of an open fund must also be able to ensure in qualified personnel and technical facilities the announcement at least once a week for the investors with respect to the net value of the fund assets and the bid price and the redemption price.

　　Article 8 A fund sponsor applying for the establishment of a fund shall present the following documents to CSSCC:

　　(1) an application report;

　　(2) a list of sponsors and the agreement;

　　(3) the fund deed and the trusteeship agreement;

　　(4) the prospectus;

　　(5) in the case of a securities company or a trust and investment company serving as the sponsor, financial reports of the sponsor in the past three years audited by an accountant firm;

　　(6) legal opinion letter issued by a law firm;

　　(7) a fund-raising proposal; and

　　(8) other documents the presentation of which is required by CSSCC.

　　The contents and formats of the fund deed, trusteeship agreement and prospectus of the preceding paragraph shall be prescribed by CSSCC.

　　Article 9 The percentage of the fund sponsors' subscription of fund units in the total amount of the fund and the percentage of holding fund units in the total amount of the fund during the fund's exist

ence shall be determined by CSSCC.

　　Article 10 The existence of a closed fund shall not be less than five years and the minimum amount raised shall not be less than RMB 200 million Yuan.

　　Article 11 Expansion of fund-raising and extension of a closed fund shall have the following qualifications and be subject to the examination and approval of CSSCC:

　　(1) annual rate of returns is higher than the average rate of returns nationwide;

　　(2) the fund trustee and the fund administrator have committed no major acts in violation of laws and regulations in the past three years;

　　(3) the fund holders' meeting and the fund trustee's agreement on the expansion of fund-raising or extension; and

　　(4) other qualifications prescribed by CSSCC.

　　Relevant documents shall be presented in accordance with the requirements of CSSCC for application for expansion of fund-raising or extension.

　　Article 12 The fund sponsors shall, three days prior to the fund-raising, publish the prospectus in the newspaper designated by CSSCC.

　　Article 13 The duration of fund-raising of a closed fund shall be three months, which is to be calculated from the date of approval of the said fund. A closed fund can only be established when the fund raised within three months from the date of approval of the said fund exceeds 80% of the approved scale of the said fund. An open fund can only be established when the net sales within three months from the date of approval of the said fund exceed RMB 200 million Yuan.

　　A closed fund shall not be established when the fund raised is less than 80% of the approved scale of the said fund on expiry of the duration of fund-raising of the said fund. An open fund shall not be established when the net sales within three months from the date of approval of the said fund are less than RMB 200 million Yuan. The fund sponsors must bear expenses for the fund-raising and the fund raised with additional calculation of bank current deposit interest must be refunded to fund subscribers within 30 days.

　　Article 14 Bidding and redemption of an open fund can only be conducted in sites in conformity with the state provisions.

　　The fund administrator and the fund trustee may, upon establishment of a closed fund, apply to CSSCC and securities exchanges for listing of the fund. Rules for fund listing shall be formulated by securities exchanges and submitted to CSSCC for approval.

　　Chapter III The Fund Trustee and the Fund Administrator

　　Article 15 The fund established upon approval shall entrust a commercial bank as the fund trustee for trusteeship of the fund assets and entrust a fund administering company as the fund administrator for administration and employment of the fund assets.

　　Article 16 The fund trustee must be subject to the examination and approval of CSSCC and the People's Bank of China.

　　Article 17 The fund trustee and the fund administrator shall be independent of each other administratively and financially, and their high-ranking administrative staff shall not take up concurrent positions of the other party.

　　Article 18 The fund trustee shall have the following qualifications:

　　(1) has a special fund trusteeship department;

　　(2) has an actual capital not less than RMB 8 billion Yuan;

　　(3) has adequate specialized staff conversant with trusteeship business;

　　(4) has facilities for the safekeeping of the total assets of the fund; and

　　(5) has capabilities of secure and high-efficiency settlement and delivery.

　　Article 19 The fund trustee shall fulfil the following functions and responsibilities:

　　(1) safekeeping of the total assets of the fund;

　　(2) execution of the investment directives of the fund administrator and responsibility for the handling of fund transactions under the name of the fund;

　　(3) supervis

ion over the investment operations of the fund administrator, non-execution of the investment directives in violation of laws and regulations upon discovery and a report submitted to CSSCC;

　　(4) reverification and examination of the net value of the fund assets and the fund price calculated by the fund administrator;

　　(5) safekeeping of the account books and records of the fund for more than 15 years;

　　(6) issuance of a report on the achievements of the fund, provision of information on the fund trusteeship and a report submitted to CSSCC and the People's Bank of China; and

　　(7) other functions and responsibilities prescribed by the fund deed and the trusteeship agreement.

　　Article 20 The fund trustee must strictly separate the fund assets under its trusteeship from the fund trustee's own assets, establish separate accounts for different funds and conduct the administration according to separate accounts.

　　Article 21 The fund trustee having any of the following circumstances must, upon approval of CSSCC and the People's Bank of China, retire from office:

　　(1) disbandment of the fund trustee, revocation and bankruptcy in accordance with law or its assets taken over by the person taking over;

　　(2) the fund administrator has ample reasons to hold that change of the fund trustee is in the interests of the fund holders;

　　(3) fund holders representing over 50% of the fund units demand the retirement from office of the fund trustee; and

　　(4) the People's Bank of China has ample reasons to hold that the fund trustee is unable to continue to fulfil the functions and responsibilities of fund trusteeship.

　　Article 22 The new fund trustee shall be subject to the examination an

┨网页设计特效库┠ http://www。z┗co⊙l。com/网页特效/