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Adopted: NPC Standing Committee
Reference number: Order of the President XXIII
Promulgated Time: 2015-04-24
Effective Date: 2015-04-24
Effectiveness levels: constitutional law
Timeliness: Corrected
(Standing Committee of the Fifth Session of the Tenth National People's Congress Standing Committee of the Eleventh National People's Congress thirtieth 次会议修订 People's Republic of China December 28, 2012 Presidential Decree 28 October 2003 Seventh 11th promulgated in accordance with "National people's Congress Standing Committee on April 24, 2015 the General Assembly of the twelfth National people's Congress Standing Committee of the fourteenth meeting <people's Republic of China port law since June 1, 2013 > and other seven legal decision "amended)
table of Contents
Chapter I General Provisions
Chapter II Fund Managers
Chapter III fund trustees
Chapter IV fund mode of operation and organization
Chapter V Fund public offering
Chapter VI deal public offering of fund shares fund, purchase and redemption
Chapter VII of the investment and information disclosure public fund raising
Chapter VIII Alteration public offer fund of funds contract, termination and liquidation of the fund assets
Chapter IX fund shares publicly to raise funds the holders to exercise
Chapter raise private funds
Chapter XI fund services
Chapter XII fund industry association
Chapter XIII Supervision and Administration
Chapter XIV Liability
Chapter XV Supplementary Provisions
Chapter I General Provisions
The first purpose of regulating the securities investment fund activities, protect the legitimate rights and interests of investors and other relevant parties, to promote the healthy development of securities investment funds and capital markets, the development of this Law.
Article in the territory of People's Republic of China, public or private securities investment fund set up to raise funds (hereinafter referred to as the Fund), managed by the fund managers, fund custodians and fund share holders of the interests of securities investment activities, applicable law; law unspecified for "People's Republic of China Trust law," "People's Republic of China Securities law" and other relevant laws and administrative regulations.
Article fund managers, fund custodians and fund share holders of the rights and obligations of, in accordance with the provisions stipulated in the fund contract.
Fund manager and fund trustee according to the terms of this law and the fund contract, fiduciary duty.
Fund established by way of a public offer (hereinafter referred to as public fund raising) of the fund share holders of fund shares held by its risk and enjoy the benefits, income distribution fund established by way of a non-public offer (hereinafter referred to as non-public offering funds) and the risk of the fund contract.
Article 4 securities investment fund shall principles of voluntariness, fairness, honesty and credibility, must not harm national interests and public interests.
Article debt fund property shall be borne by the fund property itself, its contribution to the fund share holders are limited liability for the debts of the fund assets. But the fund contract pursuant to this Law otherwise agreed prevail.
Fund assets independent of the fund manager and fund custodian inherent property. Fund manager and fund custodian shall not fund property into their own property.
Fund managers, property and income fund managed by trustees of the fund assets, use or other circumstances acquired into the fund property.
Fund manager and fund custodian due to dissolution according to the law, is revoked or declared bankrupt according to law and other reasons liquidation, the fund property does not belong to their liquidation property.
Article debt fund property, not with the fund manager and fund trustee obligations inherent property of the phase offset; debts of different fund assets not offset each other.
Article by non-fund property assumed debt, the fund property shall not be enforced.
Article VIII of the relevant tax fund property investments be borne by fund shareholders, fund managers or other withholding agents in accordance with the relevant provisions of the State withholding tax levied.
Article IX fund manager and fund trustee management, the use of fund assets, obligations Fund Services Fund Services institutions engaged in activities shall fulfill their duties and fulfill honesty, prudence and diligence.
Fund managers use fund property investment securities shall abide by the rules of prudent operation, the development of scientific and rational investment strategy and risk management systems, to effectively prevent and control risks.
Fund employees shall have the fund qualifications, compliance with laws, administrative regulations and abide by professional ethics and code of conduct.
Article X of fund managers, fund trustees and fund services, should be established in accordance with this Law, securities investment fund industry association (hereinafter referred to as the fund industry association), industry self-regulation conduct and coordinate industry relationships provide the service industry, promote the development of the industry.
Article XI of the State Council securities regulatory authority in accordance with law on securities investment fund supervision and management activities; its duties in accordance with the authorized agency.
Chapter II Fund Managers
Article XII of the fund manager held by the company or partnership established by law.
Public offering fund managers fund, held by the fund management company or other institution under the State Council securities regulatory authority in accordance with the approved.
Article 13 The establishment of the fund managed a public offering fund management company shall meet the following conditions, and approved by the securities regulatory authority under the State Council:
(A) comply with this Act and the "People's Republic of China Company Law" provisions of the Constitution;
(B) the registered capital of not less than one hundred million yuan, and must be paid in money capital;
(Iii) major shareholders should have a financial business or management of financial institutions good performance, a good financial position and social reputation, assets meet the standards prescribed by the State Council, no illegal record the last three years;
(Iv) fund practice qualification of personnel quorum;
(V) the directors, supervisors and senior management personnel have the appropriate qualifications;
(Vi) have to meet the requirements of business premises, security facilities and fund management business and other related facilities;
(Vii) there is good internal governance structure, improve internal auditing and monitoring system, risk control system;
(Viii) laws, administrative regulations and other conditions by the securities regulatory agency under the State Council approved regulations.
Article XIV of the State Council securities regulatory authority shall accept the application for establishment of a fund management company within six months from the date of the conditions in accordance with Article 13 hereof and the principle of prudent regulation to review the decision to approve or not approve of, and notify the applicant; not approved, it shall explain the reasons.
Fund management change holds more than five percent of the equity shareholders, actual control of the company changes, or change other important matters shall be reported to the securities regulatory authority approval of the State Council. The date of the State Council securities regulatory authority shall accept the application within 60 days to approve or disapprove of the decision and notify the applicant; not approved, it shall explain the reasons.
Article 15 of the following circumstances, may not serve as a director of a public offering fund of fund managers, supervisors and senior management personnel and other employees:
(A) embezzlement, bribery, dereliction of duty, crimes against property or destruction of the socialist market economic order and sentenced to penalties;
(Ii) is employed by a company, enterprise bankruptcy and liquidation due to poor management or business license revoked due to illegal personally liable for directors, supervisors, director and senior management personnel from the company, bankruptcy or liquidation, the revocation of business less than five years from the date of the license;
(Iii) persons who have a large amount of debt, overdue;
(Iv) due to violations of expulsion fund managers, fund custodians, stock exchanges, securities companies, securities registration and settlement institutions, futures exchanges, futures companies and employees in state organs and staff of other agencies;
(V) due to violations of the practicing certificate is revoked or disqualified lawyers, certified public accountants and asset evaluation agencies, certification bodies of employees, investment consulting employees;
(Vi) laws and administrative regulations shall not engage in fund business.
Article XVI publicly raised funds of funds managers directors, supervisors and senior management personnel should be familiar with the laws and administrative regulations concerning securities investment, with more than three years with the position they hold relevant work experience; senior managers should also have fund qualifications.
Article XVII public offering fund managers fund directors, supervisors and senior management personnel and other employees, their spouses, interested persons to invest in securities, fund managers should advance to the declaration, and can not hold the fund shares It was a conflict of interest.
Fund managers should establish a public fund-raising staff the preceding paragraph securities investment reporting, registration, examination and disposal management system and report to the securities regulatory authority under the State Council for the record.
Article XVIII public offer funds of funds managers directors, supervisors and senior management personnel and other employees may not serve as custodian of the Fund or any other fund manager's duties, the Fund shall not engage in damage to property and the interests of fund shareholders securities trading and other activities.
Article XIX public offering fund of funds manager shall perform the following duties:
(A) to raise funds in accordance with law, for the sale and registration of fund shares;
(2) Making fund filing procedures;
(Iii) different fund assets managed separately and keep separate accounting, securities investment;
(Iv) determining the fund income distribution programs in accordance with stipulations of the fund contract, the timely distribution of proceeds to the holders of fund shares;
(E) Making fund accounting and fund the preparation of financial reports;
(F) the preparation of interim and annual fund reports;
(Vii) the net asset value calculation and announcement fund, fund shares to determine subscription and redemption prices;
(Viii) handle information and fund property management business activities related disclosures;
(IX) in accordance with the provisions of the General Assembly to convene the fund share holders;
(10) Keeping the fund property management business activities records, books, reports, and other relevant information;
(Xi) the name of the fund manager, on behalf of the interests of fund shareholders to exercise their litigation rights or carrying out other legal acts;
Other duties (xii) the securities regulatory authority under the State Council regulations.
Diershitiao public offering fund of funds managers and directors, supervisors and senior management personnel and other employees shall have the following acts:
(A) its own property or the property of others with the fund assets in securities investment;
(B) does not do justice to the different fund properties it manages;
(C) the use of his position to fund property or person other than the holders of fund shares to seek profit;
(Iv) to the holders of fund shares violations committed gains or bear losses;
(E) occupation, misappropriation of fund assets;
(6) to divulge because of his non-public information to facilitate access to, the use of this information in or express, implied others to engage in activities related to the transaction;
(Vii) negligence, failure to perform duties in accordance with the regulations;
(Viii) laws, administrative regulations and the State Council's securities regulatory authority under the provisions of other acts prohibited.
Twenty-one public fund managers to raise funds should establish good internal governance structure, clear of shareholders, board of directors, duties and powers of the board of supervisors and senior management to ensure that fund managers operate independently.
Public offering fund of funds managers can implement professional stock ownership plan, establish long-term incentive and restraint mechanisms.
Public offering fund shareholders, directors, supervisors and senior management of fund managers in the exercise of the rights or duties, fund shares should follow the principle of giving priority to hold interests.
Article 22 The public offer fund of funds manager shall pay accrued risk reserves from management of the Fund.
Public fund raising because of illegal fund managers, fund contract and other reasons the holder of the legitimate interests of the fund property or fund share losses, should bear the liability, compensation for priority use of risk reserves.
Article 23 The public offer fund managers fund shareholders, the actual control of the State Council shall, in accordance with the provisions of the securities regulatory authority in a timely manner to fulfill the obligations of reporting on important matters, and following acts are prohibited:
(A) false capital contribution or capital flight;
(B) not in accordance with law by the meeting of shareholders or board resolution without intervention fund manager fund operations;
(C) require the fund managers use fund assets for themselves or others reap benefits, harm fund shareholders interests;
(Iv) the securities regulatory authority under the provisions of other acts prohibited.
Public offering fund managers fund shareholders, the actual controller with the conduct or the shareholders no longer meet the statutory requirements, the securities regulatory authority under the State Council shall order it to make corrections, and visual plot ordered held or controlled by its transfer equity fund managers.
In the preceding paragraph, in accordance with the requirements of the actual controller to correct violations before the transfer of shares held or controlled by the fund managers, the securities regulatory authority under the State Council may restrict the exercise of shareholder rights relevant shareholder.
Article 24 The public offer funds of funds managers illegal, or its internal governance structure, auditing and monitoring and risk control and management of non-compliance, the securities regulatory authority under the State Council shall order it to make corrections; overdue correction, or their behavior seriously endanger the sound operation of the fund managers, harm the legitimate interests of fund shareholders, the securities regulatory authority under the State Council can distinguish the case, take the following measures:
(A) restrict business activities, ordered to suspend part or in whole;
(B) limit distribution of dividends, limit remuneration to directors, supervisors and senior management, providing benefits;
(C) restrictions on the transfer of property or other rights inherent in the natural setting of property;
(Iv) order the replacement of directors, supervisors and senior management personnel or restrict their rights;
(V) order the shareholders to transfer shares or restrictions on the exercise of shareholder rights of shareholders.
After the public offering fund of funds manager rectification, shall submit a report to the securities regulatory authority under the State Council. The securities regulatory agency is found to meet the requirements, the completion of the acceptance date shall lifted within 3 days of the relevant measures.
Article 25 The public offer funds of funds managers directors, supervisors, senior management failed to due diligence, resulting in significant illegal activities or significant risk of fund managers, securities regulatory authority under the State Council may order replacement.
Article 26 The public fund managers to raise funds or illegal business major risk of serious harm to the stock market order, impair the interests of the holders of fund shares, the securities regulatory authority under the State Council may take the fund managers ordered to suspend business for rectification, other bodies designated custodian, takeover disqualified for fund management or revocation of such regulatory measures.
Article 27 at the time of the public offer funds of funds managers have been ordered to suspend business for rectification, the custodian designated by law, during the liquidation or takeover, or there is a significant risk, the State Council approved the securities regulatory authority, directly responsible for the fund managers directors, supervisors and senior management personnel and other personnel directly responsible to take the following measures:
(A) notify the exit organ to prevent its departure;
(2) The application judicial organ to prohibit the transfer, transfer or otherwise dispose of property or other rights set on the property.
Article 28 of the following circumstances, the duties of a fund to raise public funds termination:
(A) be legally canceled fund management qualifications;
(2) being dismissed by the fund share holders' meeting;
(3) Being dissolved, revoked or declared bankrupt according to law;
Other circumstances (iv) in the fund contract.
Article 29 The duties of a fund to raise public funds terminate, the fund share holders' meeting shall appoint a new fund manager within 6 months; before the new fund managers generated, designated by the State Council's securities regulatory authority under the temporary fund administrator.
Duties of a fund to raise public funds terminated shall keep the fund management business information, in time for the transfer procedures fund management business, the new fund manger or temporary fund manager shall promptly received.
Article 30 The duties of a fund to raise public funds termination shall be in accordance with the provisions hire an accounting firm to audit the fund property announcement, and the audit results, and reported to the State Council securities regulatory authority for the record.
Article 31 on non-public fund managers to raise funds specifically standardized approach, in accordance with the principles formulated by the State Council in this chapter financial supervision institutions.
Chapter III fund trustees
Article 32 The fund trustee held by commercial banks established by law or other financial institutions.
Commercial Bank as trustee of the fund, the State Council in conjunction with the banking regulatory authority under the State Council securities regulatory authority; other financial institutions as a fund trustee, approved by the State Council securities regulatory authority.
Article 33 as a fund custodian shall meet the following conditions:
(A) the net assets and risk control indicators comply with the relevant regulations;
(B) a specialized fund trust department;
(Iii) fund practice qualification of full-time staff to reach a quorum;
(D) conditions for the safe custody of the fund assets;
(V) have a safe and efficient settlement and delivery system;
(Vi) have to meet the requirements of business premises, security facilities and fund custody business and other related facilities;
(Vii) a sound internal auditing and monitoring system and risk control system;
(Viii) laws, administrative regulations and other conditions by the securities regulatory agency under the State Council approved by the banking regulatory agency of the State Council regulations.
Article 34 of this Law Article 15, Article 18, Article 19 stipulates that senior management applies to the fund custodian specialized fund trust department and other practitioners.
Provisions of Article 16 of the provisions applicable to senior management of the fund custodian special fund custody department.
Article 35 The fund trustee and fund manager may not be the same organization can not be funded from each other or hold the shares.
Article 36 A fund custodian shall perform the following duties:
(A) safe custody of fund assets;
(B) open capital accounts and securities accounts in accordance with the provisions of the fund property;
(Iii) hosted by different fund properties were set accounts to ensure the integrity and independence of fund assets;
Record (D) to save the fund custody business activities, books, reports, and other relevant information;
(V) in accordance with the stipulations of the fund contract, the fund manager's investment directives, in time for settlement and delivery issues;
(6) handling information and fund custody business activities related disclosures;
(Vii) of the Fund's financial and accounting reports, interim reports and annual opinions issued fund;
(Viii) review, the fund net asset value of the fund shares and fund managers to review the calculation of the subscription and redemption prices;
(IX) in accordance with the provisions of the General Assembly to convene the fund share holders;
(X) in accordance with the supervision of the operation of investment fund managers;
(11) Other responsibilities of the State Council securities regulatory authority under the regulations.
Article 37 The fund trustee finds investment fund managers directive in violation of laws, administrative regulations and other relevant regulations, or in violation of the fund contract, shall refuse to execute, immediately notify the fund manager, and promptly to the State Council securities regulatory authority report.
Fund custodian found a basis for investment fund managers directive transaction procedures already in force in violation of laws, administrative regulations and other relevant regulations, or in violation of the fund contract, it shall immediately notify the fund manager, and promptly report to the State Council securities regulatory authority.
Article 38 Article 21, Article 23, apply to the fund custodian.
Article 39 The fund trustee no longer meets the conditions prescribed in this Law, or failed diligence, there are significant errors in the performance of duties stipulated in this Law, the State Council securities regulatory authority under the State Council shall order the banking regulatory agency its correction; overdue correction, or their behavior seriously affect the sound operation of the Trust Fund, damage the interests of the fund shareholders, the securities regulatory authority under the State Council, the banking financial institutions of different circumstances, take the following measures:
(A) restrict business activities, ordered to suspend for the new fund custody business;
(Ii) order the replacement of senior management responsible for the specialized fund custody department.
After rectification fund custodian shall submit a report to the securities regulatory authority under the State Council, the banking financial institutions; experience found to meet the requirements of the inspection is completed within three days from the date should lift the relevant measures.
Article 40 The State Council's securities regulatory authority under the State Council of the banking regulatory agency of the following circumstances of the fund custodian, fund trustee can cancel their qualifications:
(A) for three consecutive years did not carry out fund custody business;
(B) violation of the provisions of this Law, the circumstances are serious;
Other circumstances (iii) laws and administrative regulations.
Article 41 of the following circumstances, the fund trusteeship is terminated:
(A) be legally canceled qualification for fund trust;
(2) being dismissed by the fund share holders' meeting;
(3) Being dissolved, revoked or declared bankrupt according to law;
Other circumstances (iv) in the fund contract.
Article 42 of the termination of the fund trusteeship, fund share holders' meeting shall appoint a new custodian of the Fund within six months; before the new fund trustee designate a temporary fund custodian by the securities regulatory authority under the State Council.
Fund trusteeship terminated shall keep the fund assets and fund custody business information, in time for the handover procedures fund assets and fund custody business, the new fund custodian or temporary fund custodian shall promptly received.
Article 43 The fund trusteeship is terminated, shall be subject to a public announcement to hire an accounting firm to audit the fund property, and the results of the audit, and reported to the State Council securities regulatory authority for the record.
Chapter IV fund mode of operation and organization
Article 44 The fund contract shall stipulate the mode of operation of the Fund.
Article 45 The mode of operation of the fund can be used closed, open or otherwise.
Fund (hereinafter operated in an open manner; the Fund (hereinafter referred to as closed-end funds) in a closed mode of operation refers to the total amount of fund shares in the Fund fixed-term contracts, the fund share holders can not apply for redemption fund called open-end fund), refers to the total amount of fund shares is not fixed, fund shares may be subscribed or redeemed at the time and place the fund contract funds.
Use other mode of operation of the fund of fund shares on sale, trading, purchase, redemption shall be separately formulated by the State Council securities regulatory authority.
Article 46 The fund share holders enjoy the following rights:
(A) share of property income fund;
(B) participation in the distribution of property remaining after liquidation of the fund;
(C) be legally transferred or redeem their fund shares held;
(Iv) in accordance with the requirements of the fund share holders 'meeting was held or convene the fund share holders' meeting;
(V) consider matters of fund share holders' meeting to exercise voting rights;
(Vi) of the fund managers, fund custodians, fund services agency to prejudice its legitimate rights and interests according to law proceedings;
Other rights (7) The fund contract.
Public fund raising fund share holders have the right to inspect or copy the information publicly disclosed by the Fund; the share of non-public fund raising fund holders to situations involving their own interests, the right to access financial and accounting books of the Fund and other financial information.
Article 47 The fund share holders' meeting by all fund shareholders composition, exercise the following powers:
(A) decision to extend the term of the fund or the fund Kuomu contract;
(B) The decision to modify an important part of the fund contract or early termination of the fund contract;
(Iii) decided to replace the fund manager and fund custodian;
(Iv) decided to adjust the fund manager and fund custodian's remuneration;
Other terms of reference (v) in the fund contract.
Article 48 in accordance with the fund contract, the fund share holders' meeting may establish daily agencies, exercise the following powers:
(A) to convene the fund share holders' meeting;
(Ii) to draw the replacement fund manager and fund custodian;
(3) supervising the operation of investment fund managers, fund custodian custodian activity;
(4) to apply the adjustment fund manager and fund custodian's remuneration;
Other terms of reference (v) in the fund contract.
Daily institution in the preceding paragraph, the people who elected Assembly held by the fund share composition; its rules of procedure by the fund contract.
Article 49 The fund share holders' meeting its daily agencies shall not directly involved or interfere in the investment management activities of the Fund.
Chapter V Fund public offering
Article 50 The public offer fund, should be registered by the securities regulatory authority under the State Council. Unregistered, shall not be open or disguised public to raise funds.
The aforesaid public offering funds, including raising funds to non-specific, to raise funds to specific objects accumulated over two hundred people, and others with laws, administrative regulations.
The public offer fund should be managed by the fund manager and fund custodian.
Article 51 of the registered public offering funds, submit the following documents aspiring fund managers to the securities regulatory authority under the State Council:
(1) an application;
(Ii) Draft contract funds;
(Iii) a draft agreement fund custodian;
(Iv) the recruitment of the draft specification;
(E) Lawyers legal opinion issued by the firm;
(Vi) the securities regulatory authority under the provisions of other documents submitted.
Article 52 The public offer fund of funds contract shall include the following:
Objective and Fund Name (a) to raise funds;
(2) The fund manager and fund custodian's name and address;
(C) The Fund works;
The Fund's total shares and fund-term contracts (four) closed-end fund, or raising the minimum share of the total open-end funds;
(V) determine the principles of fund shares on sale dates, prices and costs;
(Vi) the fund share holders, the rights of fund managers and fund trustees and obligations;
(7) The fund share holders' meeting convened to vote on the rules of procedure and the procedures and rules;
(Viii) the sale of fund shares, trading, subscription and redemption procedures, time, place, cost calculation, and the time and manner of payment of redemption money;
(Ix) the fund income distribution, implementation modalities;
(J) the fund manager and fund trustee remuneration extracted payment ratio;
(Xi) and property fund management, the use of other costs related to the extraction, method of payment;
Investment direction and investment restrictions (xii) fund property;
(Xiii) The method of calculation and public announcement of the Fund's net asset value;
(Xiv) raise funds does not meet the statutory requirements of the treatment;
(Xv) the fund contract cancellation and termination of the subject matter, procedures and fund property liquidation mode;
(Xvi) dispute resolution;
(17) other matters agreed by the parties.
Article 53 public fund raising fund prospectus shall include the following:
(A) grant the application for fund raising registration file name and date of registration;
(Ii) fund managers, the basic situation of the fund custodian;
(C) Summary of the fund contract and fund custody agreement;
Release date (iv) fund shares, price, cost and duration;
Offer mode (v) fund shares, offering institutions and their name registration;
Accounting firm (vi) legal opinion issued by the audit firm and the name and domicile of the fund property;
(7) The fund manager and fund trustee remuneration and other related costs of extraction, and the proportion of payment;
(Viii) risk warning content;
Other content (ix) the securities regulatory authority under the State Council regulations.
Article 54 The securities regulatory authority under the State Council shall accept the public offer to raise funds from the date of application for registration in accordance with laws, administrative regulations and the State Council's securities regulatory authority be reviewed within six months, registered or not registered to decision and notify the applicant; not registered, it shall explain the reasons.
Article 55 The application for fund raising registered only after the sale of fund shares.
Fund share sale, handled by the fund manager or fund sales organization of its delegate.
Article 56 A fund manager shall fund shares three days before the publication of the prospectus, the fund contract and other relevant documents.
File in the preceding paragraph shall be true, accurate and complete.
Publicity and promotion of the fund raising, it shall comply with relevant laws and administrative regulations, and shall not involve any acts listed in Article 78.
Article 57 A fund manager shall receive the grant date of registration documents within six months of fund raising. Start raising more than six months, the matter of the original registration and no substantial changes should be reported to the State Council securities regulatory authority for the record; substantial changes shall resubmit the application for registration to the securities regulatory authority under the State Council.
Fund raising fund raising period shall not exceed the securities regulatory authority under the State Council approved the registration. Fund raising period shall be calculated from the date of offering the fund shares.
Article 58 expiration of the fund raising period, the total amount of closed-end fund shares fund raising reaches 80% or more than the size of grant registration, it raised the minimum share of the total registered open-end fund share of the total fund raised more than allowed, and fund shares holders meets the State Council's securities regulatory authority under the regulations, the fund manager shall from the date of expiration of the period of ten days to raise the statutory capital verification institution hired from the date of receiving the capital verification report within ten days, submit to the securities regulatory authority shall verification report, for the record the fund and make a public announcement.
The capital raised during the fund raising Article 59 shall be deposited in a special account, before the end of the fund raising, no person shall use.
Article 60 When investors paid subscription fund shares fund contract; fund managers in accordance with the provisions of Article 59 shall apply for the fund filing procedures to the securities regulatory authority under the State Council, effective fund contract.
Expiration of the fund raising period, can not meet the conditions specified in Article 59 of this Law, the fund manager shall assume the following responsibilities:
(A) the assumption of debt and expenses generated by the fund raising with its own property;
(Ii) after the expiration of the fund raising period thirty days to return investor money has been paid, plus the interest on deposits and the bank earlier.
Chapter VI deal public offering of fund shares fund, purchase and redemption
Article 61 apply for listing and trading of fund shares, the fund manager shall submit an application to the stock exchange, stock exchange law examination and approval, the parties shall enter into a listing agreement.
Article 62 of the listing and trading of fund shares, shall meet the following conditions:
(A) raise funds in line with provisions of this Law;
(B) The term of the fund contract of more than five years;
(Iii) the amount of fund raising not less than two hundred million yuan;
(D) the fund share holders of not less than a thousand people;
(V) fund shares listed on other terms of the transaction Rules.
Article 63 of the listing rules of fund shares shall be formulated by the stock exchange, approved by the State Council securities regulatory authority.
After Article 64 of the listing and trading of fund shares, the following circumstances, the stock exchange shall terminate the listing and trading, and report to the securities regulatory authority under the State Council for the record:
(A) no longer meets the conditions for listing and trading of the provisions of Article 63 of this Law;
Expiry (b) The term of the fund contract;
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