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

times of the amount of the illegal gains concurrently imposed; where there are no illegal gains, a fine under RMB 1 million Yuan shall be imposed.

　　Article 44 Whoever lists for trading of a fund on one's own without approval shall be ordered by CSSCC to stop the trading and imposed a fine under RMB 1 million Yuan.

　　Article 45 Whoever establishes a fund administering company on one's own or engages in business of

fund administration on one's own without approval shall be banned by CSSCC; where there are illegal gains, they shall be confiscated and a fine more than 100% less than ten times of the amount of the illegal gains concurrently imposed; where there are no illegal gains, a fine under RMB 1 million Yuan shall be imposed.

　　Article 46 Whoever engages in fund trusteeship business on one's own without approval shall be ordered to stop the fund trusteeship business, the illegal gains shall be confiscated and a fine under RMB 500,000 Yuan concurrently imposed.

　　The fund trustee who fails to separate the fund assets under its trusteeship from the trustee's own assets in accordance with provisions, or fails to conduct separate-account administration of the fund assets shall be ordered to make a rectification, his/her illegal gains shall be confiscated and concurrently imposed a fine more than 100% less than five times of the amount of the illegal gains.

　　Article 47 Any fund administrator who violates the provisions of Article 32 of these Measures shall be ordered to make a rectification; where there are illegal gains, they shall be confiscated and a fine more than 100% less than five times the amount of the illegal gains shall be concurrently imposed; where there are no illegal gains, a fine of less than RMB 500,000 Yuan shall be imposed.

　　Article 48 Any fund administrator who violates the provisions of Article 33 of these Measures shall be ordered by CSSCC to make a rectification; where there are illegal gains, they shall be confiscated and a fine more than 100% less than three times of the amount of the illegal gains shall be concurrently imposed; where there are no illegal gains, a fine of under RMB 300,000 Yuan shall be imposed.

　　Article 49 Whoever has committed any of the acts listed in Article 34 of these Measures shall be ordered to make a rectification; where there are illegal gains, they shall be confiscated and a fine more than 100% less than five times of the amount of the illegal gains shall be concurrently imposed; where there are no illegal gains, a fine of under RMB 500,000 Yuan shall be imposed.

　　Article 50 Any fund administrator or fund trustee who indulges in self-seeking misconduct, operates in violation of regulations and fails to perform its functions and responsibilities in fund administration or fund trusteeship, or seriously neglects its duties resulting in bad fund management or major losses, shall be suspended and revoked of its fund administration business qualifications or fund trusteeship business qualifications in addition to penalty according to law.

　　Article 51 Any fund administrator or fund trustee who, in violation of the provisions of Article 39 of these Measures, fails to provide or delays in providing relevant information and material, or refuses and hinders inspection and audit conducted according to law shall be ordered to make a rectification, administered a warning and concurrently imposed a fine of under RMB 50,000 Yuan.

　　Article 52 Decisions on penalties prescribed in Articles 46, 47, 49, 50 and 51 of these Measures shall be made by CSSCC and the People's Bank of China pursuant to their respective functions and powers; however, no more than two penalties shall be imposed with respect to the same illegal act.

　　Article 53 Whoever commits the securities fraudulent acts of manipulating the market price, inside trading or false statement shall be imposed penalties by CSSCC in accordance with law.

　　Article 54 The person-in-charge held directly responsible and other persons directly responsible in violation of the provisions of these Measures, shall be temporarily suspended and revoked of its qualifications for operations in addition to imposing administrative sanctions according to law.

　　Whoever causes losses to others in violation of the provisions of these Measures shall bear civil liability for compen

sation.

　　Whoever constitutes a crime in violation of the provisions of these Measures shall be investigated of the criminal liability.

　　Chapter VII Supplementary Provisions

　　Article 55 The implications of the following terms in these Measures are:

　　(1) "Fund unit" means the voucher the fund sponsor issues to unspecified investors indicating that the holder has asset ownership and right of distribution of benefits of the fund and other related rights and assumes corresponding obligations.

　　(2) "An open fund" means a fund that the total amount of its fund issuance is not fixed, that the total number of fund units increases or decreases from time to time, that investors may bid or redeem the fund unit in accordance with the offering of the fund at business sites prescribed by the State.

　　(3) "A closed fund" means a fund the total amount of its issuance is predetermined, the total number of fund units during closure remains unchanged and investors may transfer or buy and sell its fund units through securities markets after the fund is listed.

　　(4) "Total value of fund assets" includes the aggregate of the value of all types of securities purchased by the fund, the principal and interests of bank deposits as well as the value formed by other investments.

　　(5) "Net value of fund assets" means the value of the total value of fund assets minus the expenses which may be deducted from the fund assets pursuant to relevant state provisions.

　　(6) "Net value of fund assets per unit" means the value of the net value of fund assets on the date of calculation divided by the total number of fund units on the date of calculation.

　　(7) "Returns on the fund" include dividends, share interests, bond interests acquired through fund investment, difference in the buying and selling price of securities, interests from deposits as well as other revenues.

　　(8) "Net returns on the fund" mean the balance of returns on the fund minus the expenses which may be deducted from the returns on the fund pursuant to relevant state provisions.

　　Article 56 CSSCC shall organize the implementation of these Measures.

　　Article 57 These Measures shall enter into force as of the date of promulgation

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