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

d approval of CSSCC and the People's Bank of China; upon approval, the former fund trustee may retire from office. The fund under the trusteeship of the former fund trustee without being taken over by a new fund trustee shall terminate.

　　Article 23 An application for the establishment of a fund administering company shall be subject to the examination and approval of CSSCC.

　　Article 24 Establishment of a fund administering company shall have the following qualifications:

　　(1) the main sponsors shall be a securities company and a trust and investment company established in accordance with relevant state provisions;

　　(2) the operating status of the main sponsors has been good with consecutive profits in the last three years;

　　(3) the actual capital of each sponsor shall be no less than RMB 300 million Yuan;

　　(4) the minimum actual capital of the fund administering company proposed to be established shall be RMB 10 million Yuan;

　　(5) has a clear-cut and feasible fund administration plan;

　　(6) has qualified personnel for fund administration; and

　　(7) other qualifications prescribed by CSSCC.

　　Relevant documents shall be presented in accordance with the requirements of CSSCC for an application for the establishment of a fund administering company.

　　Article 25 A fund administering company may, upon approval, engage in the following businesses:

　　(1) business of fund administration; and

　　(2) sponsorship for the establishment of funds.

　　Article 26 A fund administrator shall fulfil the following functions and responsibilities:

　　(1) employment of the fund assets in investment and administration of the fund assets in accordance with the fund deed;

　　(2) payment of fund benefits to the fund holders in time and in full amount;

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

　　(4) compilation of the financial report of the fund, making an announcement in time and submitting a report to CSSCC;

　　(5) calculation and announcement of the net value of the fund and the net value of each f

und unit asset; and

　　(6) other functions and responsibilities prescribed by the fund deed.

　　The administrator of an open fund shall also, in accordance with the relevant state provisions and the provisions of the fund deed, handle timely and accurately the bidding and redemption of the fund.

　　Article 27 The fund administrator having any of the following circumstances must retire from office upon approval of CSSCC:

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

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

　　(3) the fund holders representing more than 50% of the fund units demand the retirement from office of the fund administrator; and

　　(4) CSSCC has ample reasons to believe that the fund administrator is unable to continue to fulfil the functions and responsibilities of fund administration.

　　Article 28 The new fund administrator shall be subject to the examination and approval of CSSCC; upon approval, the former fund administrator may retire from office. The fund under the administration of the former fund administrator without being taken over by a new fund administrator shall terminate.

　　Chapter IV Fund Holders' Rights and Obligations

　　Article 29 Fund holders have the following rights:

　　(1) to attend or to entrust a representative to attend the fund holders' meeting;

　　(2) to obtain fund benefits;

　　(3) to oversee the fund management and obtain information on the status of the fund business and finances;

　　(4) to bid, redeem or transfer fund units;

　　(5) to obtain the surplus assets of the fund after settlements; and

　　(6) other rights provided for in the fund deed.

　　Article 30 A fund holders' meeting shall be convened in the event of any of the following circumstances:

　　(1) revision of the fund deed;

　　(2) termination of the fund ahead of time;

　　(3) change of the fund trustee;

　　(4) change of the fund administrator; and

　　(5) other circumstances prescribed by CSSCC.

　　Matters of the preceding paragraph shall, upon resolutions being adopted by the fund holders' meeting, be subject to the approval of CSSCC.

　　Article 31 Fund holders shall fulfil the following obligations:

　　(1) to abide by the fund deed;

　　(2) to pay the amount subscribed to the fund and the prescribed fees;

　　(3) to bear limited liabilities for the losses or termination of the fund; and

　　(4) not to engage in any activity detrimental to the interests of the fund and other fund holders.

　　Chapter V Investment Operations, Supervision and Administration

　　Article 32 Prior to the establishment of a fund, the amount subscribed by the investors shall only be deposited in a commercial bank and shall not be used.

　　Article 33 The investment combination of a fund shall conform to the following provisions:

　　(1) the percentage of investment in stocks and bonds of a fund shall not be less than 80% of the total value of the assets of the said fund;

　　(2) the stocks of a listed company held by a fund shall not exceed 10% of the net value of the assets of the said fund;

　　(3) the securities distributed by a company held by the entire fund under the administration of the same fund administrator shall not exceed 10% of the said securities;

　　(4) the percentage of investment in state bonds by a fund shall not be less than 20% of the net value of the assets of the said fund; and

　　(5) other restrictions on percentage provided for by CSSCC.

　　Article 34 Engagement in the following acts shall be prohibited:

　　(1) mutual investment among funds;

　　(2) engagement by fund trustees

and commercial banks in fund investment;

　　(3) buying and selling of securities by fund administrators in the name of funds by using funds not under the name of the funds;

　　(4) engagement by fund administrators in any form in underwriting securities or engagement in other independently operated business of securities in addition to state bonds;

　　(5) engagement by fund administrators in call loan business;

　　(6) engagement in fund investment by using bank credit funds;

　　(7) fund scalping by state-owned enterprises in violation of relevant state provisions;

　　(8) fund assets used for mortgage, guarantee, call loans or loans;

　　(9) engagement in securities credit transactions;

　　(10) engagement in real estate investment with fund assets;

　　(11) engagement in investment which might cause the fund assets to bear unlimited liabilities;

　　(12) investment of fund assets in securities distributed by companies having relations of interests with the fund trustees or fund administrators; and

　　(13) other acts prohibited by the provisions of CSSCC.

　　Article 35 An open fund must keep adequate cash or state bonds to pay for the redemption.

　　Article 36 The trusteeship fee of fund trustees, the remuneration for fund administrators and other expenses which may be deducted from the fund assets shall be handled pursuant to the relevant state provisions and made clear in the fund deeds and trusteeship agreements.

　　Article 37 Fund trustees and fund administrators shall implement the financial accounting rules of the State and pay taxes in accordance with law.

　　Article 38 Distribution of fund benefits shall take the form of cash at least once a year. The percentage of distribution of fund benefits shall not be less than 90% of the net returns of the fund.

　　Article 39 CSSCC and the People's Bank of China shall, pursuant to their respective functions and powers, carry out inspection and audit from time to time over fund-raising, transactions, investment operations and related business activities and financial and accounting material. Fund trustees, fund administrators and related agencies and personnel shall provide the relevant information and material in time and shall not refuse and obstruct.

　　Article 40 A fund shall terminate in the event of any of the following circumstances:

　　(1) expiry of the duration of closure of a fund and extension has not been approved;

　　(2) approval has been granted for the termination of a fund ahead of time; and

　　(3) a fund which has been ordered by CSSCC to terminate due to major acts in violation of laws and regulations.

　　Article 41 A settlement team must be formed to carry out settlement of the fund assets at the time of termination of a fund; the settlement results shall be submitted to CSSCC for approval and announced.

　　CSSCC shall oversee the settlement process of a fund.

　　Article 42 All surplus assets after settlement of a fund shall be distributed to fund holders according to the percentage of the fund units held by the fund holders in the fund assets.

　　Chapter VI Penalty Provisions

　　Article 43 Whoever establishes, raises or raises in disguised form a fund on one's own without approval shall be banned by CSSCC and ordered to refund the funds raised as well as their interests; where there are illegal gains, they shall be confiscated, and a fine more than 100% less than ten

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