The Zhitong Finance App learned that on October 9, the Securities Regulatory Commission issued the “Administrative Measures on the Operation of Publicly Raised Securities Investment Funds (Draft for Comments)” and publicly solicited comments from the public. In response to the “narrow base drift” problem where the investment scope of thematic funds is too vague, and actual investment may deviate from the direction indicated in the product name, the “Operation Measures” draft suggests that fund contracts should use identifiable and quantifiable methods to clearly define the investment direction indicated in the fund name. The relevant definition scope should be in line with market consensus and directly related to the investment direction indicated in the fund name. However, in response to the issue of market-wide stock selection funds being highly concentrated in a single industry or popular circuit, which has essentially become an “broad-based and narrow investment” issue of industry-themed funds, the draft solicitation of comments requires that if the name of the fund does not indicate a specific industry or theme, fund managers should strengthen diversified investment management and not concentrate on investing in a single industry or theme. This revision emphasizes that fund products must not “shift in style,” let alone allow investors to unknowingly bear the risk of not matching product names and contracts.
The original text is as follows:
The China Securities Regulatory Commission seeks public comments on the “Administrative Measures on the Operation of Publicly Raised Securities Investment Funds (Draft for Comments)” and supporting rules
In order to implement the “Action Plan to Promote the High-Quality Development of Public Funds”, standardize the investment operation of public funds, support the development of equity funds, and improve the flexibility of public fund operations, in accordance with the “Securities Investment Fund Law of the People's Republic of China” (hereinafter referred to as the “Securities Investment Fund Law”) and other relevant laws and regulations, the China Securities Regulatory Commission revised the “Administrative Measures on the Operation of Publicly Raised Securities Investment Funds” (CSRC Order No. 104) and supporting rules to form the “Administrative Measures on the Operation of Publicly Raised Securities Investment Funds (Draft for Comments)” (hereinafter referred to as the “Operation Measures”) “On implementation <; <基金合同的内容与格式>Administrative Measures on the Operation of Publicly Raised Securities Investment Funds > Provisions on Related Issues (Draft for Comments)” and “Guidelines for Disclosure Content and Format of Securities Investment Fund Information No. 6 (Draft for Comments)” are now being publicly solicited for comments.
The “Operational Measures” are important supporting departmental regulations of the Securities Investment Fund Law. They clarify investment operation matters such as product registration, subscription and redemption, investment restrictions, income distribution, and holders' meetings, and play an important role in regulating fund investment operations, protecting investors' rights and interests, and promoting industry development. It has been more than 10 years since the current “Operational Measures” were revised and issued in 2014. The market environment and public fund business format have changed greatly during this period, and the rules need to be revised and improved.
The main contents of this rule revision are: First, adhering to problem orientation, improving fund investment and operation supervision requirements, and compacting the responsibilities of fund managers. The second is to support the development of equity funds, improve equity fund investment and operation arrangements, provide space for product innovation, and help introduce more medium- to long-term capital. The third is to optimize some regulatory indicators and mechanisms to improve the flexibility of fund operations.
All sectors of the community are welcome to submit valuable comments on the “Operational Measures” and supporting rules. The China Securities Regulatory Commission will further improve them and implement the relevant procedures based on public consultation.
Notice on Public Consultation on the “Administrative Measures on the Operation of Publicly Raised Securities Investment Funds (Draft for Comments)” and supporting rules
<公开募集证券投资基金运作管理办法>In order to implement the “Action Plan to Promote the High-Quality Development of Public Funds”, standardize the operation of publicly raised securities investment funds, and support the development of equity funds, the China Securities Regulatory Commission revised the “Administrative Measures on the Operation of Publicly Raised Securities Investment Funds” (CSRC Order No. 104) and supporting rules in accordance with the “Securities Investment Fund Law of the People's Republic of China” and other relevant laws and regulations, and drafted the “Administrative Measures on the Operation of Publicly Raised Securities Investment Funds (Draft for Comments)” on the basis of the revisions <基金合同的内容与格式>( Draft for Comments)” “Securities Investment Fund Information Disclosure Content and Format Guidelines No. 6 (Draft for Comments)” is now being publicly solicited for comments.
The public can provide feedback through the following channels and methods:
1. Fax: 010-88061446.
2. Email: jigoubu@csrc.gov.cn.
3. Mailing address: China Securities Regulatory Commission Securities Fund Agency Supervision Department, Fukai Building, No. 19 Financial Street, Xicheng District, Beijing, China, postal code: 100033.
The deadline for feedback is November 8, 2026.
China Securities Regulatory Commission
October 9, 2026
Administrative Measures on the Operation of Publicly Raised Securities Investment Funds
(Draft for Solicitation of Comments)
Chapter I General Provisions
Article 1 These Measures are formulated in accordance with the “Securities Investment Fund Law of the People's Republic of China” (hereinafter referred to as “Securities Investment Fund Law”) and other relevant laws and administrative regulations in order to regulate the operation activities of publicly raised securities investment funds (hereinafter referred to as funds), protect the legitimate rights and interests of investors, and promote the healthy development of the securities investment fund market.
Article 2 These Measures apply to fund raising, subscription, redemption and trading of fund shares, investment of fund assets, distribution of fund income, holding of fund share holders' meetings, and other fund operation activities.
Article 3 Fund managers and fund custodians engaged in fund operation activities shall abide by laws, administrative regulations and the regulations of the China Securities Regulatory Commission (hereinafter referred to as the China Securities Regulatory Commission), adhere to the principles of voluntariness, fairness, honesty, diligence and responsibility, adhere to investors' interests first, abide by fiduciary obligations, not harm national interests, and the legitimate rights and interests of investors, violate national policies, and not violate public order and morals. Fund managers using fund assets to invest in securities shall abide by prudent management rules and formulate scientific and reasonable investment strategies and risks Management systems to effectively prevent and control risks.
Article 4 The China Securities Regulatory Commission and its dispatching agencies shall supervise and manage fund operation activities in accordance with laws, administrative regulations, the provisions of these Measures and the principles of prudential supervision. The China Securities Regulatory Commission may carry out differentiated supervision based on factors such as the fund manager's level of service to investors, corporate governance, compliance management and risk status. The registration review of fund raising by the China Securities Regulatory Commission is based on complete requirements and content compliance, and is centered on adequate information disclosure and investor appropriateness, with the goal of strengthening investor interest protection and preventing systemic risks. The China Securities Regulatory Commission does not invest in funds Make substantial judgments or guarantees on value and market prospects. Investors should carefully read information disclosure documents such as fund recruitment brochures, fund contracts, fund product data summaries, etc., independently judge the investment value of the fund, make their own investment decisions, and bear their own investment risks.
Article 5. The stock exchange, futures exchange, and China Securities Investment Fund Industry Association (hereinafter referred to as the Fund Industry Association) shall self-regulate fund operation activities in accordance with laws, administrative regulations, regulations and self-regulatory rules of the China Securities Regulatory Commission.
Chapter II: Basic Requirements
Article 6. Funds are divided into the following categories according to the investment target, and are specified in fund contracts and recruitment instructions: (1) Where 80% or more of the total assets of the fund are invested in assets such as stocks, depository certificates, etc.; (2) Where 80% or more of the total assets of the fund are invested in assets such as bonds, asset-backed securities, etc., it is a bond fund; (3) those that only invest in money market instruments and can process fund share subscription and redemption every trading day are money market funds; Where a fund share has a minimum holding period, it is an interbank deposit fund; (4) where 80% or more of the total assets of the fund are invested in other fund shares; (5) futures and derivatives funds where 80% or more of the total assets of the fund are invested in futures and derivatives; (6) where the investment ratio of any type of investment target does not meet the requirements of subparagraphs (1) to (5); (7) investing in real estate assets-backed securities or other carriers to obtain real estate or other Ownership or operating rights of equity, the operation and management of real estate projects to obtain stable cash flow such as rent, fees, etc., and distribute the main income to fund share holders are real estate investment trust funds; (8) Other types of funds specified by the China Securities Regulatory Commission.
The operation methods of the fund can be open, closed for a fixed period, and permanently closed.
Article 7. A hybrid fund shall have clear risk-return characteristics, and the ratio range of various types of assets is clearly agreed upon in the fund contract. According to the equity asset investment ratio situation agreed in the fund contract, mixed funds are classified as: (1) those with a minimum investment ratio of at least 60% of equity assets are partial share mixed funds; (2) those with a maximum investment ratio of equity assets of 30% or less are debt-biased hybrid funds; (3) Where the investment ratio of equity assets does not meet the above requirements, they are other hybrid funds.
The upper and lower limits of the equity asset investment ratio of other hybrid funds shall not exceed 40%, except in cases approved by the China Securities Regulatory Commission.
Article 8 Fund managers shall strengthen the countercyclical layout management of fund products according to factors such as market capacity, liquidity, valuation level and the company's investment management capacity. Where fund managers develop multiple fund products with similar investment styles, they shall strengthen rationality and necessity arguments, and be equipped with sufficient human and material resources to ensure that business development is in line with management capabilities, risk control levels and actual market needs. Fund managers shall not induce multiple fund products with similar investment style through the same fund sales channel Investors make short-term and frequent redemptions.
Article 9 Fund managers shall establish and improve management systems covering the whole process of research, investment and trading, strengthen research support for investment decisions, establish an investment authorization system, clearly define investment authority, strengthen fair trade management, strengthen supervision, checks and balances between all aspects, effectively manage fund managers' investment behavior, and improve the scientific and objectivity of investment decisions. Fund managers shall adhere to value investment, long-term investment, and rational investment, strictly abide by fund contract agreements, and take effective measures to ensure the stability of investment style, and must not switch investments for short-term income scale rankings, etc. Style, raise risk limits, damage market order, or carry out other investment operations that violate regulations. Fund managers should strictly abide by the company's authorized management system and investment decision-making process, perform investment duties independently, objectively, and prudently, and have detailed and continuous research reports and risk analysis support for important investments.
Article 10. Fund managers shall establish and improve risk management systems, accurately identify, carefully evaluate and respond to various types of risks such as market risk, liquidity risk, credit risk, operational risk, etc., to promote the steady operation of the fund and fair valuation of the fund's net value, ensure that investors' legitimate rights and interests are not harmed and treated fairly, and comply with laws and regulations and the relevant regulations of the China Securities Regulatory Commission. Fund managers shall adopt more careful risk management measures for funds with a large fund size or a large number of investors, and comply with laws and regulations and the relevant regulations of the China Securities Regulatory Commission.
Article 11. In addition to prohibited acts as stipulated in Section 20 of the Securities Investment Fund Law, fund managers, fund custodians, directors, supervisors, senior managers, and other employees shall not perform the following acts during fund operation: (1) Other institutions or individuals issuing investment instructions or providing investment suggestions such as specific investment targets in violation of regulations; (2) Facilitating other institutions or individuals to violate regulations or evade supervision; (3) acts that damage the legitimate rights and interests of investors, such as engaging in unfair trading benefits; (4) Violating regulations to investors Refund of management fees; (5) use of fund assets to carry out unnecessary transactions for the purpose of obtaining improper benefits; (6) Other acts prohibited by law, administrative regulations, and China Securities Regulatory Commission regulations.
Chapter III Fund Raising
Article 12 To apply for fund raising, the proposed fund manager or fund custodian shall meet the following conditions: (1) The proposed fund manager is a fund management company established by law or another institution approved by the China Securities Regulatory Commission; the proposed fund custodian is a commercial bank with fund custodian qualifications or other financial institution approved by the China Securities Regulatory Commission; (2) A fund manager or other business person who complies with the regulations of the China Securities Regulatory Commission and is compatible with the management and custody of the fund to be raised; (3) There has been no major violation of the law in the past year due to investment management business or escrow business Violations or serious acts of loss of trust have been subject to administrative or criminal penalties; (4) there are no conflicting or untrustworthy acts being investigated by the supervisory authority or the judicial authorities, or are in the process of rectification; (5) the registered fund application materials submitted to the China Securities Regulatory Commission within the past year do not contain false records, misleading statements, or major omissions; there are no contradictory information or material omissions in the registered fund application materials submitted to the China Securities Regulatory Commission within the last six months Discrepancies; (6) there are no major changes that have caused or may have an adverse effect on the operation of the fund, or other important matters involving litigation or arbitration of fund assets, fund management business, fund custody business; (7) there are no major business risks such as inadequate governance structures, chaotic management, inability to effectively implement internal control and risk management systems, and deterioration of financial conditions; (8) other conditions stipulated by the China Securities Regulatory Commission in accordance with the principle of prudential supervision.
Article 13. To apply for a fund raising, the fund to be raised shall meet the following conditions: (1) it has a clear and legal investment direction; (2) it has a clear method of operation of the fund; (3) it complies with the regulations of the China Securities Regulatory Commission on fund types; (4) Draft legal documents such as fund contracts and recruitment brochures comply with laws, administrative regulations, and the regulations of the China Securities Regulatory Commission; (5) the name of the fund indicates the type and investment characteristics of the fund; (6) there is no harm to national interests, social interests, and Investors' legitimate rights and interests, fraud, misleading investors, or other content that infringes on the legitimate rights and interests of others; (7) the recruitment brochure truthfully, accurately, and completely discloses important information required by investors to make investment decisions; there are no false records, misleading statements or major omissions; the language is simple, easy to understand, and practical, and conforms to investors' ability to understand; (8) It has an investor appropriateness management system that conforms to the characteristics of the fund, has clear methods for implementing investor appropriateness arrangements, such as identification and evaluation of investor positions; (9) The fund's investment management, sales, registration, and valuation business systems are sound, and the code of conduct and technical systems are fully prepared. There are no circumstances that affect the normal operation of the fund, damage or may damage the legitimate rights and interests of fund share holders or cause systemic risks; (10) Other conditions stipulated by the China Securities Regulatory Commission in accordance with the principle of prudential supervision.
Article 14 Fund managers applying to raise funds shall submit application materials in accordance with the “Securities Investment Fund Law” and the regulations of the China Securities Regulatory Commission. From the time the application materials are administratively accepted, fund managers, fund custodians and relevant fund service agencies are required to bear corresponding legal responsibility for the authenticity, accuracy, and completeness of the application materials. Fund service agencies that issue legal opinions and other documents for fund application materials shall be diligent and conscientious to check and verify the authenticity, accuracy, and completeness of the data on which the documents are based. After the application materials are accepted, the relevant content Changes shall not be made at will. If the matters involved in the application materials change significantly during the application period, the fund manager shall submit the updated materials to the China Securities Regulatory Commission within five working days from the date the changes occurred.
Article 15 The China Securities Regulatory Commission, in accordance with the provisions of the Administrative Licensing Law and Article 54 of the Securities Investment Fund Law, accepts applications for fund raising and registration, makes a decision to register or not to register, and notifies the applicant; where registration is not granted, the reasons shall be explained.
Article 16 During the fund registration review process, the China Securities Regulatory Commission may entrust the Fund Industry Association to conduct a preliminary review and provide opinions on the compliance of fund information disclosure documents, or organize expert review meetings to review innovative fund raising applications. It may also solicit opinions from dispatching agencies, stock exchanges, futures exchanges, securities registration and settlement agencies, fund industry associations, etc. on the fund's investment management, sales arrangements, transaction settlement, registration and settlement and technical system preparation status, etc., and may carry out on-site inspections when necessary for registration review.
Article 17 The fund raising period shall not exceed three months from the date of sale of fund shares.
Article 18 When the fund raising period expires, the total amount of fund shares raised complies with the provisions of Article 58 of the Securities Investment Fund Law, and the following conditions are met, the fund manager shall go through capital inspection and fund filing procedures in accordance with the regulations: (1) The total share raised by fixed income funds such as bond funds, money market funds, interbank deposit funds, etc., is not less than 200 million yuan; the total amount raised by other types of funds is not less than 50 million yuan. The laws and regulations of the China Securities Regulatory Commission Unless otherwise specified; (2) The number of fund share holders is not less than 200.
An initiating fund is not subject to the above restrictions. An initiating fund refers to a fund where the fund manager uses the company's shareholders' capital, the company's inherent capital, and the funds of the company's senior management or fund manager to subscribe for a fund amount of not less than 10 million yuan, and the holding period of not less than three years.
Article 19 The China Securities Regulatory Commission shall confirm it in writing within three working days from the date of receipt of the fund manager's capital inspection report and fund filing materials; from the date of written confirmation by the China Securities Regulatory Commission, the fund filing procedure is completed, and the fund contract takes effect. The fund manager shall announce it the day after receiving the confirmation documents from the China Securities Regulatory Commission.
Article 20 Information disclosure fees, accountant fees, attorney fees, and other expenses during the fund raising period shall not be charged from the fund's assets; where the fund collects subscription fees, they may be charged from the subscription fee.
Chapter IV Subscription, Redemption, and Trading of Fund Shares
Article 21 The fund contract for an open-ended fund shall be agreed upon, and the date and time (hereinafter referred to as the open day) and time for the fund manager to handle fund share subscription and redemption business shall be specified in the recruitment manual. When handling fund share sale, subscription and redemption business, they shall follow the principles of prioritizing the interests of fund share holders and treating different investors fairly, and establish a monitoring, identification and control mechanism for the purchase and redemption of large sums of money, when the subscription, subscription and redemption harms the interests of investors. Take timely measures to control the scale of fundraising, suspend subscription and redemption operations, limit the scale or ratio of subscription and redemptions, limit the holding ratio of single fund share holders, and refuse large subscriptions and redemptions. Fund sales institutions should cooperate with fund managers to do a good job in investor structure management, handle fund share sales, subscriptions and redemptions in an orderly manner, and strengthen investor education and services.
Article 22 An open-ended fund contract may stipulate that the fund manager shall not process redemption within a certain period of time from the effective date of the fund contract; however, the agreed period shall not exceed three months and shall be specified in the recruitment manual. However, except in cases approved by the China Securities Regulatory Commission.
Article 23 The subscription and redemption price of an open-ended fund share shall be calculated based on the net value of the fund share on the subscription and redemption date plus the relevant fees. The specific calculation method for the subscription and redemption price of an open fund share shall be specified in the fund contract and recruitment instructions. The net value of an open-ended fund share shall be calculated according to the net asset value of the fund divided by the balance of the fund share on the day. The specific calculation method shall be specified in the fund contract and recruitment instructions.
Article 24 A fund manager shall not apply for the purchase, redemption or conversion of fund shares on a date or time other than as agreed in the fund contract, except in cases approved by the China Securities Regulatory Commission. If an investor submits a subscription, redemption or conversion application at a date and time other than the one agreed in the fund contract, the price of the fund share purchase and redemption price is the price on the open day where the next time the investor submits the subscription and redemption time; if the date and time of the investor's application is long before the next open day, the fund manager may refuse the application and specify it in the fund contract or recruitment instructions .
Article 25 When an investor subscribes for a fund share, they must pay the full subscription amount; the investor pays the subscription amount and the subscription is established; when the fund share registration agency confirms the fund share, the subscription takes effect. The fund share holder submits a redemption application and the redemption is established; when the fund share registration agency confirms the redemption, the redemption takes effect. Except as otherwise stipulated by the China Securities Regulatory Commission. The fund share may be purchased using portfolio securities, cash, or other consideration agreed in the fund contract . Redemption. The subscription and redemption consideration for fund shares is determined according to the fund's asset portfolio and the net value of the fund share on the subscription and redemption date. The specific calculation method shall be specified in the fund contract and recruitment instructions. The listing transactions, subscription and redemption of fund shares, and fund settlement shall comply with the relevant regulations of stock exchanges and securities registration and settlement agencies.
Article 26 The fund manager shall confirm the validity of the subscription and redemption within three working days from the date of receipt of the investor's subscription and redemption application, except as otherwise provided by the China Securities Regulatory Commission. The fund manager shall pay the redemption amount within seven working days from the date of acceptance of the investor's valid redemption application, except as otherwise provided by the China Securities Regulatory Commission. The fund manager shall not set differentiated redemption payment times for the same fund.
Article 27 An open-ended fund may agree that after the fund reaches a certain size, the fund manager will no longer accept subscriptions or subscription applications, but it shall be stated in the recruitment brochure or relevant announcement. The fund manager shall not break through the upper limit of the fund size determined by information disclosure documents such as fund share sale announcements during the fund raising period. After the fund contract comes into effect, the fund manager may adjust the fund size according to the actual situation, but it shall be announced three days in advance.
Article 28 An open-ended fund contract may set limits on the proportion or amount of fund shares held by a single fund share holder, but this shall be specified in the recruitment brochure.
Article 29 Where an open-ended fund's net redemption application exceeds 10% of the total fund share, it is a huge redemption, except in cases approved by the China Securities Regulatory Commission. In the case of an open-ended fund, the redemption share processed by the fund manager on the same day shall not be less than 10% of the total share of the fund, and processing of the remaining redemption applications may be postponed.
Article 30 Where a huge amount of redemption occurs in an open-ended fund, the fund manager shall determine the redemption share processed by the individual fund share holder on the same day according to the ratio of the share applied for redemption to the total share applied for redemption on the same day. The fund share holder may choose to cancel the portion unprocessed on the same day when applying for redemption. If the fund share holder does not choose to cancel, the fund manager may delay processing of the unprocessed redemption share until the next open day, and the redemption price for the next open day.
Article 31 Where a huge amount of redemption occurs in an open-ended fund and processing is delayed, the fund manager shall notify the fund share holder within three trading days through the method specified in the recruitment brochure, explain the relevant processing method, and announce it in the prescribed medium.
Article 32. Open-ended funds are continuously subject to huge redemptions, and the fund manager may suspend acceptance of redemption applications in accordance with the provisions of the fund contract and recruitment instructions; accepted redemption applications may defer payment of redemption payments, but the delay period shall not exceed 20 working days, and shall be announced in the prescribed medium.
Article 33 An open-ended fund contract may be agreed upon. If a single fund share holder applies for redemption of a fund share exceeding a certain percentage of the total fund share on a single open day, the fund manager may suspend acceptance of the redemption application or defer payment in accordance with the provisions of Article 32 of these Measures.
Article 34 An open-ended fund shall maintain no less than 5% of the fund's net asset value in cash or treasury bonds, policy financial bonds, and central bank notes with maturity within one year in order to pay redemptions to fund share holders, with the exception of situations approved by the China Securities Regulatory Commission, such as transactional open-ended funds. Where the above ratio is not met due to changes in fund size, the fund manager shall complete the adjustment within the next trading day.
Article 35 Fund shares may be listed and traded on stock exchanges in accordance with law, or transferred at trading sites approved by the China Securities Regulatory Commission or by other means in accordance with laws and regulations and fund contract agreements. Stock exchanges and trading places approved by the China Securities Regulatory Commission shall, in accordance with laws, administrative regulations, China Securities Regulatory Commission regulations and prudential principles, establish rules for acts such as fund share listing transactions, strengthen audit, management, monitoring and monitoring, and discover that the relevant funds have significant risks or irregularities, and shall promptly handle and report them to the China Securities Regulatory Commission and relevant dispatching agencies.
Chapter V Investment and Income Distribution of Funds
Article 36 The fund manager shall establish performance comparison benchmarks for the fund, except in cases approved by the China Securities Regulatory Commission. The fund manager shall establish and improve a full-process management mechanism for performance comparison benchmarks to ensure that performance comparison benchmarks effectively characterize investment style, measure investment performance, and restrict investment behavior, and comply with laws and regulations and relevant regulations of the China Securities Regulatory Commission.
Article 37 Where the fund name indicates the investment direction, the fund contract or recruitment manual shall clearly define the investment direction indicated in the fund name using an identifiable or quantifiable method. The scope of the definition shall be in accordance with basic market knowledge and general perception, directly related to the investment direction, and more than 80% of the total assets of the fund are determined by the investment direction. The aforementioned investment direction includes specific market value industries, themes, market sectors, regions, strategies, asset classes, etc. The fund manager shall establish and maintain an investment target style library in accordance with regulations to ensure the investment target style library Domestic securities comply with the investment direction agreed in the fund contract or recruitment brochure. If the name of the fund does not indicate a specific industry or topic, the fund manager shall strengthen diversified investment management and shall not concentrate on investing in a single industry or subject.
Article 38 A fund manager shall use fund assets to invest in securities, except as otherwise stipulated by the China Securities Regulatory Commission: (1) a fund holds securities issued by a company, the market value of which exceeds 10% of the net asset value of the fund; (2) all funds managed by the same fund manager hold securities issued by one company, exceeding 10% of the securities; (3) fund assets participate in stock issuance and subscription. The amount declared by a single fund exceeds the total assets of the fund, and the number of shares to be declared by the fund alone exceeds the total assets of the fund The total amount of shares issued; (4) In addition to funds in the fund, a fund holds 30% of the net asset value of other funds; (5) the fund in the fund holds other single funds whose market value exceeds 20% of the net asset value of the fund, or invests in funds in other funds; (6) total assets of the fund exceed 140 percent of the fund's net assets; (7) violation of the fund contract agreement on investment scope, investment strategy and investment ratio; (8) Other situations prohibited by the China Securities Regulatory Commission.
Fund asset investment real estate investment trust funds are implemented in accordance with the provisions of items (1) to (3) of the preceding paragraph, and do not apply to subparagraphs (4) and (5) of the preceding paragraph and the relevant provisions relating to funds in the fund. The specific proportion of fund managers using derivatives of fund property investment securities shall comply with the relevant regulations of the China Securities Regulatory Commission.
Article 39 A fund manager shall establish and improve internal approval mechanisms and evaluation mechanisms for related transactions, clarify a list of related parties and related transactions, and effectively identify major related transactions. Where fund assets are used by fund managers to carry out related transactions, they shall comply with the fund's investment goals and investment strategy, follow the principle of prioritizing the interests of fund share holders, effectively prevent conflicts of interest, and execute them at fair and reasonable prices in the market. Major related transactions shall be submitted to the fund manager's board of directors or an authorized agency of the board of directors for review, and obtain prior consent from the fund custodian in accordance with laws and regulations Disclosure. The fund manager's board of directors shall review transactions related to the fund at least every six months.
Article 40 The fund manager shall, within three months from the effective date of the fund contract, make the fund's portfolio ratio in line with the relevant agreement in the fund contract. If the agreement in the fund contract is not met, the fund share redemption or listing transaction shall not be processed, except in cases approved by the China Securities Regulatory Commission. During this period, the investment scope, investment strategy and risk-return characteristics of the fund shall comply with the agreement in the fund contract.
Article 41 If the fund investment does not meet the ratio stipulated in Article 6, Article 7, Article 37, or 38 of these Measures or the investment ratio agreed in the fund contract due to factors other than those of the fund manager, such as fluctuations in the securities market, mergers of securities issuers, changes in fund size, etc., the fund manager shall complete the adjustment within 10 trading days, except as stipulated by the China Securities Regulatory Commission. Where the liquidity of the relevant assets is limited, the adjustment shall be completed within 10 trading days when the asset with limited liquidity can be sold, transferable or resumed trading. The fund manager shall cash out on the day of the huge redemption application Fund assets may be exempted from the relevant lower asset investment ratio requirements stipulated in laws and regulations and fund contracts.
Article 42 The following expenses relating to the fund may be charged from fund assets: (1) fund manager's management fees; (2) fund custodian's custodian fees; (3) audit fees and lawyers' fees after the fund contract comes into effect; (4) fund shareholders' meeting fees; (5) fund securities transaction fees; and (6) other expenses that can be charged to fund assets in accordance with relevant national regulations and fund contract agreements.
Fund managers can set the structure and level of fund management rates according to the principles consistent with the interests of fund share holders. If a non-fixed rate model is used, the fund manager shall design a fair rate collection mechanism to suit the interests of investors, and take effective measures to avoid motivating fund managers to pursue improper risks when managing portfolios, and raise the requirements for fair trade management between fund products with different rate models. Fund managers can target individual pension funds, investment advisors, and other businesses stipulated by the China Securities Regulatory Commission Set up separate share categories and implement preferential rates for management fees and custodian fees in accordance with regulations.
Article 43 Fund income distribution shall be agreed upon in the fund contract. Fund income distribution shall be made in cash, except in cases approved by the China Securities Regulatory Commission. Fund share holders of open funds may choose in advance to convert the distributed cash proceeds to fund shares in accordance with the fund contract agreement relating to fund share subscription; if fund share holders have not made a choice in advance, the fund manager shall pay cash. The fund manager shall carefully handle the subscription and redemption applications for large amounts of funds during sensitive periods of open income distribution in accordance with regulations to effectively protect stock fund share holdings Human legitimate rights.
Article 44 Fund managers shall establish and improve management mechanisms to participate in the governance of listed companies, play an active role as shareholders, and actively, effectively, and prudently participate in the governance of listed companies by exercising relevant shareholders' rights such as voting rights, question rights, and suggestion rights in accordance with the law. A fund that invests in securities in full accordance with the composition ratio of the relevant index holds a listed company's issued voting rights that have reached 5% of the shares but not 20%, section 63 (1) of the Securities Law shall not apply • Paragraph 2. Relevant provisions. When a fund that invests in securities in full accordance with the composition ratio of the relevant index reaches 5%, the relevant provisions of Article 44 of the Securities Law do not apply; if it sells shares of a listed company that are not within the restricted transfer period stipulated by law, administrative regulations, or the China Securities Regulatory Commission, the relevant provisions of the “Interim Measures on the Administration of Shareholders of Listed Companies Reducing Shareholdings”, except as otherwise provided by the China Securities Regulatory Commission.
Chapter 6: Fund Transfer of Operation Mode, Merger, and Change Registration
Article 45. The fund shall be converted to operation mode or merged with other funds in accordance with laws and regulations and the procedures agreed upon in the fund contract. If the implementation plan is not clearly agreed upon in the fund contract, it shall be reviewed and approved by the fund share holders' meeting. The fund manager shall issue an indicative notice in advance, clarifying the relevant implementation arrangements, explaining the impact on existing fund share holders and the choices enjoyed by fund share holders (such as redemption, transfer or sale), and reserve at least 20 open days or trading days for fund share holders to make choices before implementation.
Article 46 After fund registration, if substantial adjustments are needed to the original registration matters, the relevant procedures shall be carried out in accordance with laws and regulations and the fund contract; where funds are raised publicly, an application to change registration matters shall be submitted to the China Securities Regulatory Commission in accordance with the provisions of the Administrative Licensing Law before public fund-raising. The substantive adjustments mentioned in the preceding paragraph include major adjustments to the fund's investment goals, scope, strategy, performance comparison, and risk-return characteristics; major adjustments to subscription and redemption, valuation accounting, and rate structure rules ; Other matters which may result in non-compliance with the registration requirements stipulated in Sections 12 and 13 of these Measures.
Article 47 An open-ended fund established in accordance with Article 18 (1) of these Measures. After the fund contract comes into effect, if the net asset value of the fund or number of fund share holders does not meet the requirements of Article 18 (1) of these Measures for 20 consecutive working days, the fund manager shall disclose it in a regular report; if the aforementioned situation occurs for 60 consecutive working days, the fund manager shall report and propose solutions to the agency dispatched to the China Securities Regulatory Commission within 10 working days, except in cases approved by the China Securities Regulatory Commission. Expenses. Where the fund manager intends to change the mode of operation, merge with other funds, or terminate the fund contract early, the fund manager shall convene a general meeting of fund share holders in accordance with the regulations. An originating fund established in accordance with Article 18 (2) of these Measures continues to exist three years after the entry into force of the fund contract shall be executed in accordance with the provisions of the preceding paragraph. The fund manager shall clearly agree in the fund contract that the net asset value of the fund continuously falls below a certain size, the fund contract shall be terminated, except in cases approved by the China Securities Regulatory Commission. In terms of degree, etc., it is agreed that the fund contract will be terminated.
Chapter 7 General Meeting of Fund Shareholders
Article 48 In addition to the matters stipulated in Article 47 (1) to (4) of the Securities Investment Fund Law, the fund contract shall also agree on other matters which have a significant impact on the rights and obligations of the parties to the fund contract in accordance with the provisions of the China Securities Regulatory Commission, and must hold a fund share holders' meeting. The fund contract shall agree on matters which are announced 30 days in advance during the opening period and are not required to convene a fund share holders' meeting to amend the fund contract. The fund manager shall fully verify, carefully evaluate and ensure Relevant matters have no substantial adverse impact on the interests of fund share holders. They do not involve major changes in investment goals, scope, strategy, operation methods, etc., and are filed with the relevant agencies of the China Securities Regulatory Commission within 5 days after the announcement. If the opening period is less than 30 days, they must be announced before the opening period. Fund custodians should step up review and evaluation. Fund managers, fund sales institutions and other institutions shall promptly inform fund share holders of relevant matters in accordance with regulations.
Article 49 Where a fund share holders' meeting has not established a regular organization, the fund custodian shall submit a written proposal to the fund manager. The fund manager shall decide whether to convene it within 10 days from the date of receipt of the written proposal and notify the fund custodian in writing. If the fund manager decides to convene it, it shall be convened within 60 days from the date the written decision is issued; the fund manager decides not to convene it; if the fund custodian still deems it necessary to hold it, it shall convene it itself and notify it in writing within 60 days from the date the decision is issued Fund manager, fund manager should cooperate.
Article 50 Where a fund share holders' meeting has not established a regular organization, a fund share holder representing 10% or more of the fund share shall submit a written proposal to the fund manager. The fund manager shall decide whether to convene it within 10 days from the date of receipt of the written proposal, and notify the fund share holder representative and fund custodian submitting the proposal in writing. Where the fund manager decides to convene it, it shall be convened within 60 days from the date the written decision is issued; the fund manager decides not to convene, representing more than 10% of the fund share If the fund share holder still deems it necessary, they shall submit a written proposal to the fund custodian. The fund custodian shall decide whether to convene within 10 days from the date of receipt of the written proposal, and notify the representative of the fund share holder and fund manager submitting the proposal in writing; if the fund custodian decides to convene, it shall be convened within 60 days from the date the written decision is issued.
Article 51 Where a fund share holders' meeting establishes a regular organization, the fund manager, fund custodian, or fund share holder representing 10% or more of the fund share shall submit a written proposal to the regular institution. The daily institution shall decide whether to convene it within 10 days from the date of receipt of the written proposal, and notify the fund manager, fund custodian, and representative of the fund share holder making the proposal in writing. Where the daily organization decides to convene, it shall be convened within 60 days from the date the written decision is issued; the daily institution decides If no convocation is made, the fund manager, fund custodian, or fund share holder representing 10% or more of the fund share still deems necessary, it shall be carried out in accordance with the relevant regulations that have not established a daily organization.
Article 52 Fund share holders' meetings Where neither the organization, fund manager, or fund custodian convenes a fund share holders' meeting on their own, in accordance with the provisions of Article 83 (2) of the Securities Investment Fund Law. Where fund share holders convene a fund share holders' meeting on their own, they shall file a record with the relevant dispatching agency of the China Securities Regulatory Commission at least 30 days in advance.
Article 53 Where fund share holders convene a fund share holders' meeting on their own in accordance with law, the organization, fund manager, and fund custodian of the fund share holders' meeting on a daily basis shall cooperate and must not hinder or interfere.
Article 54. Fund share holders' meetings may be held by means of fund contracts such as on-site meetings or communication meetings. Fund managers, fund custodians, and fund sales institutions shall facilitate fund share holders' exercise of voting rights. Matters decided by the fund share holders' meeting take effect from the date the vote is passed. Matters voted by the fund share holders' meeting in accordance with the provisions of Article 86 of the Securities Investment Fund Law shall be filed with the relevant dispatching agency of the China Securities Regulatory Commission within five days from the date of adoption.
Article 55. The daily organization, fund manager, fund custodian and fund share holder of the fund share holders' meeting shall implement the decisions of the fund share holders' meeting in effect.
Chapter VIII: Supervision, Administration, and Legal Responsibility
Article 56 The China Securities Regulatory Commission and its dispatching agencies shall regularly or irregularly inspect the situation of fund managers and fund custodians engaged in fund operation activities, and fund managers and fund custodians shall cooperate.
Article 57 Where fund managers, fund custodians, fund service agencies and their senior managers and other employees violate the provisions of these Measures and are subject to administrative punishment according to law, administrative punishment shall be imposed in accordance with the provisions of the law or administrative regulations; where laws or administrative regulations are not stipulated, administrative punishment shall be imposed in accordance with the provisions of these Measures; those suspected of committing a crime shall be handed over to judicial authorities in accordance with law to investigate their criminal responsibility.
Article 58 Where fund managers, fund custodians, fund service agencies, their directors, supervisors, directly responsible supervisors, and other directly responsible personnel violate these Measures and other regulations of the China Securities Regulatory Commission, the China Securities Regulatory Commission and its dispatched agencies may adopt administrative supervision measures such as regulatory conversations, issue warning letters, order public explanations, order regular reports, order corrections, etc., and record them in the integrity file. If the fund manager violates the provisions of these Measures, the China Securities Regulatory Commission and its dispatching agency may follow the “Securities Investment Commission” Article 24 of the Fund Law takes measures against fund managers.
Article 59. If the application materials submitted by the fund manager to the China Securities Regulatory Commission contain conflicting information, or there are different statements and substantive differences before and after the same facts, the China Securities Regulatory Commission will suspend the review and no longer accept the fund registration application submitted by the fund manager within six months. If the fund manager registers a fund and the application materials submitted to the China Securities Regulatory Commission contain false records, misleading statements, or major omissions, the China Securities Regulatory Commission will not accept it; if it has already been accepted, it will not be registered; if it has been registered and has not been collected, the registration decision will be withdrawn within no more than one year; The fund registration application submitted by the fund manager is accepted, and relevant administrative supervision measures are taken and recorded in the integrity file; if the circumstances are serious, a warning and a fine of not more than 100,000 yuan is given. Those that have already been registered and raised are punished in accordance with the provisions of section 131 of the Securities Investment Fund Law. If the fund manager violates the provisions of section 46 of these Measures and does not change the registration before public fundraising, the penalty shall be imposed in accordance with the provisions of section 127 of the Securities Investment Fund Law.
Article 60 Where fund managers, fund custodians, their directors, supervisors, senior managers and other employees violate the provisions of Article 11 of these Measures and the circumstances are serious, they shall be punished in accordance with the provisions of Article 123 of the Securities Investment Fund Law. Where a fund manager violates the provisions of Article 38 of these Measures and uses fund assets to invest in securities, the circumstances are serious, or engage in related transactions in violation of the provisions of Article 39 of these Measures, shall be punished in accordance with the provisions of Article 119 of the Securities Investment Fund Law.
Article 61 Where a fund manager or fund custodian fails to convene a general meeting of fund share holders in accordance with the provisions of Articles 48 and 49 of these Measures, shall be punished in accordance with the provisions of Article 132 of the Securities Investment Fund Law.
Article 62 If a fund manager engages in fund operation activities under any of the following circumstances and the circumstances are serious, a warning shall be given, and a fine of not more than 100,000 yuan shall be imposed, if financial security is harmful, and a fine of not more than 200,000 yuan; a warning shall be given to supervisors directly responsible and other persons directly responsible, and a fine of not more than 100,000 yuan. Where financial security and harmful consequences are involved, a fine of not more than 200,000 yuan shall also be imposed:
(1) Violating the provisions of Articles 8 to 10 of these Measures;
(2) Failure to sell fund shares in accordance with the provisions of Article 17 of these Measures;
(3) Failure to complete capital inspection and fund filing procedures in a timely manner in accordance with the provisions of Article 18 of these Measures;
(4) Failure to handle sale, subscription or redemption operations in accordance with the provisions of Article 21 of these Measures, involving damage to fund assets and the interests of fund share holders;
(5) Failure to calculate fund share subscription and redemption prices in accordance with the provisions of Article 23 of these Measures;
(6) Violating the provisions of Article 24 of these Measures and processing the subscription, redemption or conversion of fund shares on a date or time other than as agreed in the fund contract;
(7) Failure to confirm the validity of the subscription or redemption in accordance with the provisions of Article 26 of these Measures, and to pay the redemption amount;
(8) Failure to apply for redemption in accordance with the provisions of Article 29 (2) and Article 30 (1) of these Measures;
(9) Failure to maintain cash, treasury bonds, policy financial bonds, and central bank notes in accordance with the provisions of Article 34 of these Measures;
(10) Failure to establish a performance comparison benchmark management mechanism in accordance with the provisions of Article 36 of these Measures;
(11) Failure to invest in accordance with the provisions of Article 37 of these Measures;
(12) Failure to adjust the investment ratio in accordance with the provisions of Articles 40 and 41 of these Measures;
(13) Failure to distribute income in accordance with the provisions of Article 43 of these Measures, or where the fund manager failed to carefully handle the subscription and redemption of large sums of money during the sensitive period of income distribution;
(14) Failure to handle fund conversion or merger in accordance with the provisions of Article 45 of these Measures;
(15) Failure to disclose, bear fixed costs for fund operation, or hold a general meeting of fund share holders in accordance with the provisions of Article 47 of these Measures;
(16) A technical system failure affects the normal operation of the fund and harms the interests of holders.
Article 63 Where a fund manager or fund custodian has any of the following circumstances and the circumstances are serious, except as otherwise provided by law or administrative regulations, a warning shall be given and a fine of not more than 100,000 yuan shall be imposed; if financial security and harmful consequences are involved, a fine of not more than 200,000 yuan; a warning shall be given to supervisors directly responsible and other directly responsible persons and a fine of not more than 100,000 yuan, involving financial security and harmful consequences, and a fine of not more than 200,000 yuan:
(1) Failure to charge relevant expenses in accordance with the provisions of Articles 20 and 42 of these Measures;
(2) Failure to cooperate with fund share holders to convene a general meeting of fund share holders in accordance with the provisions of Article 53 of these Measures;
(3) Failure to apply for the filing of matters decided by the general meeting of fund share holders in accordance with the provisions of Article 54 of these Measures;
(4) Failure to implement the effective decision of the General Assembly of Fund Shareholders in accordance with the provisions of Article 55 of these Measures;
(5) Failure to cooperate with the China Securities Regulatory Commission and its dispatched agencies to carry out inspections in accordance with the provisions of Article 56 of these Measures.
Chapter IX Supplementary Provisions
Article 64 The relevant terms of these Measures have the following meanings:
(1) A perpetual closed-end fund refers to a fund where the fund contract has no fixed term of existence and the fund share holder cannot apply for redemption;
(2) Equity assets, including assets with equity risk-return characteristics such as stocks, stock funds, partial share mixed funds, depository certificates, stock index futures, etc.;
(3) Relevant agencies dispatched by the China Securities Regulatory Commission, including agencies dispatched by the China Securities Regulatory Commission where the fund management company operates and agencies dispatched by the China Securities Regulatory Commission at the domicile of other asset management agencies that have obtained fund management business qualifications;
(4) A fund with large fund assets or a large number of investors refers to a situation where the net asset value of the fund exceeds 200 billion yuan for 20 consecutive working days, and the number of fund share holders exceeds 50 million for 20 consecutive working days, or approved by the China Securities Regulatory Commission;
(5) Fixed expenses for fund operation refer to fees generated during fund operation that are not charged in a certain proportion of the fund's net asset value, including various fixed costs such as information disclosure fees, audit fees, fund shareholders' meeting fees, interbank account maintenance fees, and calculation and publication fees for transactional open-ended funds (IOPV) reference net value (IOPV).
Article 65 Where funds using other modes of operation involve share sale, subscription, redemption, trading and transfer, they shall be executed in accordance with the provisions of Chapters III and IV of these Measures, except as otherwise provided by the China Securities Regulatory Commission.
Article 66: These Measures take effect on January X, 202X. The “Administrative Measures on the Operation of Publicly Raised Securities Investment Funds” (Securities Regulatory Commission Order No. 104) were abolished at the same time.
This article was selected from the “China Securities Regulatory Commission” website. Zhitong Finance Editor: Xu Wenqiang.