| Securities Investment Fund Law of the People's Republic of China | | 中华人民共和国证券投资基金法 |
| (Adopted at the 5th Session of the Standing Committee of the Tenth National People's Congress on October 28, 2003 and revised at the 30th Session of the Standing Committee of the Eleventh National People's Congress on December 28, 2012; and amended in accordance with the Decision on Amending the Seven Laws Including the Law of the People's Republic of China on Ports adopted at the Third Session of the Twelfth National People's Congress on April 24, 2015) | | （2003年10月28日第十届全国人民代表大会常务委员会第五次会议通过 2012年12月28日第十一届全国人民代表大会常务委员会第三十次会议修订 根据2015年4月24日第十二届全国人民代表大会常务委员会第十四次会议《关于修改〈中华人民共和国港口法〉等七部法律的决定》修正） |
| Table of Contents | | 目录 |
| Chapter I General Provisions | | 第一章 总则 |
| Chapter II Fund Management Institutions | | 第二章 基金管理人 |
| Chapter III Fund Custodians | | 第三章 基金托管人 |
| Chapter IV Operating Mode and Organization of a Fund | | 第四章 基金的运作方式和组织 |
| Chapter V Public Offering of a Fund | | 第五章 基金的公开募集 |
| Chapter VI Fund Share Trading, Subscription and Redemption of a Publicly Offered Fund | | 第六章 公开募集基金的基金份额的交易、申购与赎回 |
| Chapter VII Investment of a Publicly Offered Fund and Information Disclosure | | 第七章 公开募集基金的投资与信息披露 |
| Chapter VIII Modification and Termination of the Fund Contract on a Publicly Offered Fund and Liquidation of Fund Assets | | 第八章 公开募集基金的基金合同的变更、终止与基金财产清算 |
| Chapter IX Exercise of Rights by Fund Share Holders of a Publicly Offered Fund | | 第九章 公开募集基金的基金份额持有人权利行使 |
| Chapter X Non-Publicly Offered Funds | | 第十章 非公开募集基金 |
| Chapter XI Fund Service Institutions | | 第十一章 基金服务机构 |
| Chapter XII Fund Associations | | 第十二章 基金行业协会 |
| Chapter XIII Supervision and Administration | | 第十三章 监督管理 |
| Chapter XIV Legal Liability | | 第十四章 法律责任 |
| Chapter XV Supplementary Provisions | | 第十五章 附则 |
| Chapter I General Provisions | | 第一章 总则 |
| Article 1 This Law is enacted to regulate securities investment fund activities, protect the lawful rights and interests of investors and relevant parties, and promote the sound development of securities investment funds and the capital market. | | 第一条 为了规范证券投资基金活动，保护投资人及相关当事人的合法权益，促进证券投资基金和资本市场的健康发展，制定本法。 |
| Article 2 This Law shall apply to the formation of a securities investment fund (hereinafter referred to as a “fund”) through the public or non-public raising of capital, the management of the fund by a fund management institution, the custody of the fund by a fund custodian, and the securities investment activities conducted for the benefit of the fund share holders, within the territory of the People's Republic of China; and matters not included in this Law shall be governed by the Trust Law of the People's Republic of China, the Securities Law of the People's Republic of China, and other relevant laws and administrative regulations. | | 第二条 在中华人民共和国境内，公开或者非公开募集资金设立证券投资基金（以下简称基金），由基金管理人管理，基金托管人托管，为基金份额持有人的利益，进行证券投资活动，适用本法；本法未规定的，适用《中华人民共和国信托法》、《中华人民共和国证券法》和其他有关法律、行政法规的规定。 |
| Article 3 The rights and obligations of a fund management institution, a fund custodian and the fund share holders shall be agreed upon in a fund contract in accordance with this Law. | | 第三条 基金管理人、基金托管人和基金份额持有人的权利、义务，依照本法在基金合同中约定。 |
| The fund management institution and the fund custodian shall perform their fiduciary duties in accordance with this Law and the fund contract. | | 基金管理人、基金托管人依照本法和基金合同的约定，履行受托职责。 |
| The fund share holders of a fund formed through the public raising of capital (hereinafter referred to as a “publicly offered fund”) shall enjoy income and assume risks to the extent of the fund shares held respectively, and the distribution of income and assumption of risks for a fund formed through the non-public raising of capital (hereinafter referred to as a “non-publicly offered fund”) shall be agreed upon in the fund contract. | | 通过公开募集方式设立的基金（以下简称公开募集基金）的基金份额持有人按其所持基金份额享受收益和承担风险，通过非公开募集方式设立的基金（以下简称非公开募集基金）的收益分配和风险承担由基金合同约定。 |
| Article 4 Securities investment fund activities shall be conducted under the principles of free will, fairness and good faith, without any infringement upon the national interest or public interest. | | 第四条 从事证券投资基金活动，应当遵循自愿、公平、诚实信用的原则，不得损害国家利益和社会公共利益。 |
| Article 5 The debts incurred by fund assets shall be repaid with fund assets only, and the fund share holders shall be liable for the debts incurred by fund assets only to the extent of their respective capital contributions, except as otherwise agreed upon in the fund contract in accordance with this Law. | | 第五条 基金财产的债务由基金财产本身承担，基金份额持有人以其出资为限对基金财产的债务承担责任。但基金合同依照本法另有约定的，从其约定。 |
| Fund assets shall be independent from a fund management institution's or a fund custodian's own assets. The fund management institution or fund custodian shall not incorporate any fund assets into its own assets. | | 基金财产独立于基金管理人、基金托管人的固有财产。基金管理人、基金托管人不得将基金财产归入其固有财产。 |
| All property and income obtained by the fund management institution or fund custodian from managing, utilizing or otherwise disposing of fund assets shall be incorporated into fund assets. | | 基金管理人、基金托管人因基金财产的管理、运用或者其他情形而取得的财产和收益，归入基金财产。 |
| Where the fund management institution or fund custodian is liquidated for being dissolved, administratively dissolved or declared bankrupt in accordance with law or any other reason, fund assets are not liquidating property. | | 基金管理人、基金托管人因依法解散、被依法撤销或者被依法宣告破产等原因进行清算的，基金财产不属于其清算财产。 |
| Article 6 The claims enjoyed by fund assets shall not be used to offset the debts incurred by a fund management institution's or a fund custodian's own assets; and the claims enjoyed and debts incurred by the assets of different funds shall not be offset mutually. | | 第六条 基金财产的债权，不得与基金管理人、基金托管人固有财产的债务相抵销；不同基金财产的债权债务，不得相互抵销。 |
| Article 7 No enforcement may be conducted against fund assets, except for the debts incurred by fund assets. | | 第七条 非因基金财产本身承担的债务，不得对基金财产强制执行。 |
| Article 8 Taxes related to the holdings of a fund shall be assumed by the fund share holders, and the fund management institution or any other withholding agent shall withhold taxes in accordance with the relevant tax collection provisions of the state. | | 第八条 基金财产投资的相关税收，由基金份额持有人承担，基金管理人或者其他扣缴义务人按照国家有关税收征收的规定代扣代缴。 |
| Article 9 Fund management institutions and fund custodians in managing and utilizing fund assets and fund service institutions in conducting fund service activities shall devote themselves to their duties and perform their obligations of good faith, prudence and diligence. | | 第九条 基金管理人、基金托管人管理、运用基金财产，基金服务机构从事基金服务活动，应当恪尽职守，履行诚实信用、谨慎勤勉的义务。 |
| Fund management institutions shall, when investing fund assets in securities, comply with the rules on prudential business operations and develop methodical and rational investment strategies and risk management rules to effectively prevent and control risks. | | 基金管理人运用基金财产进行证券投资，应当遵守审慎经营规则，制定科学合理的投资策略和风险管理制度，有效防范和控制风险。 |
| Fund employees shall be qualified for engaging in the fund business and comply with laws, administrative regulations, professional ethics, and the code of conduct. | | 基金从业人员应当具备基金从业资格，遵守法律、行政法规，恪守职业道德和行为规范。 |
| Article 10 Fund management institutions, fund custodians and fund service institutions shall, in accordance with this Law, form associations of the securities investment fund sector (hereinafter referred to as the “fund associations”) to strengthen industry self-regulation, coordinate industry relationships, provide services for the industry, and promote industry development. | | 第十条 基金管理人、基金托管人和基金服务机构，应当依照本法成立证券投资基金行业协会（以下简称基金行业协会），进行行业自律，协调行业关系，提供行业服务，促进行业发展。 |
| Article 11 The securities regulatory authority of the State Council shall, in accordance with law, supervise and administer securities investment fund activities, and its local offices shall perform duties as authorized. | | 第十一条 国务院证券监督管理机构依法对证券投资基金活动实施监督管理；其派出机构依照授权履行职责。 |
| Chapter II Fund Management Institutions | | 第二章 基金管理人 |
| Article 12 A fund management institution shall be a company or partnership legally formed. | | 第十二条 基金管理人由依法设立的公司或者合伙企业担任。 |
| The fund management institution of a publicly offered fund shall be a fund management company or any other institution confirmed by the securities regulatory authority of the State Council in accordance with the relevant provisions. | | 公开募集基金的基金管理人，由基金管理公司或者经国务院证券监督管理机构按照规定核准的其他机构担任。 |
| Article 13 The formation of a fund management company managing publicly offered funds shall meet the following conditions and be subject to the approval of the securities regulatory authority of the State Council: | | 第十三条 设立管理公开募集基金的基金管理公司，应当具备下列条件，并经国务院证券监督管理机构批准： |
| (1) The fund management company's bylaws comply with this Law and the Company Law of the People's Republic of China. | | （一）有符合本法和《中华人民共和国公司法》规定的章程； |
| (2) The registered capital of the fund management company, which must be paid-in monetary capital, is not less than 100 million yuan. | | （二）注册资本不低于一亿元人民币，且必须为实缴货币资本； |
| (3) The major shareholder of the fund management company has good performance, financial condition and social reputation in conducting financial business or managing financial institutions, has assets reaching the standards prescribed by the State Council, and has no record of any violation of law in the last three years. | | （三）主要股东应当具有经营金融业务或者管理金融机构的良好业绩、良好的财务状况和社会信誉，资产规模达到国务院规定的标准，最近三年没有违法记录； |
| (4) The number of employees qualified for engaging in the fund business of the fund management company satisfies the statutory requirement. | | （四）取得基金从业资格的人员达到法定人数； |
| (5) The directors, supervisors and senior executives of the fund management company meet the corresponding office conditions. | | （五）董事、监事、高级管理人员具备相应的任职条件； |
| (6) The fund management company has business premises and security protection facilities satisfying the relevant requirements and other facilities related to its fund management business. | | （六）有符合要求的营业场所、安全防范设施和与基金管理业务有关的其他设施； |
| (7) The fund management company has a sound internal governance structure and adequate and effective internal auditing and monitoring rules and risk control rules. | | （七）有良好的内部治理结构、完善的内部稽核监控制度、风险控制制度； |
| (8) Other conditions prescribed by laws and administrative regulations and by the securities regulatory authority of the State Council with the approval of the State Council. | | （八）法律、行政法规规定的和经国务院批准的国务院证券监督管理机构规定的其他条件。 |
| Article 14 The securities regulatory authority of the State Council shall, within six months after accepting an application for the formation of a fund management company, conduct examination according to the conditions set out in Article 13 of this Law and under the principle of prudent supervision, make an approval or disapproval decision, and notify the applicant of the decision; and, in the case of disapproval, shall explain the reasons for the disapproval. | | 第十四条 国务院证券监督管理机构应当自受理基金管理公司设立申请之日起六个月内依照本法第十三条规定的条件和审慎监管原则进行审查，作出批准或者不予批准的决定，并通知申请人；不予批准的，应当说明理由。 |
| Where a fund management company intends to modify a shareholder holding 5% or more equity in the company, modify its actual controller or modify any other major matter, the fund management company shall apply to the securities regulatory authority of the State Council for approval. The securities regulatory authority of the State Council shall, within 60 days after accepting the application, make an approval or disapproval decision and notify the applicant of the decision; and, in the case of disapproval, shall explain the reasons for the disapproval. | | 基金管理公司变更持有百分之五以上股权的股东，变更公司的实际控制人，或者变更其他重大事项，应当报经国务院证券监督管理机构批准。国务院证券监督管理机构应当自受理申请之日起六十日内作出批准或者不予批准的决定，并通知申请人；不予批准的，应当说明理由。 |
| Article 15 Under any of the following circumstances, a person shall not serve as a director, supervisor, senior executive or any other employee of a fund management institution for a publicly offered fund: | | 第十五条 有下列情形之一的，不得担任公开募集基金的基金管理人的董事、监事、高级管理人员和其他从业人员： |
| (1) The person has received a criminal penalty for embezzlement, bribery, malfeasance, property encroachment, or disruption of the order of the socialist market economy. | | （一）因犯有贪污贿赂、渎职、侵犯财产罪或者破坏社会主义市场经济秩序罪，被判处刑罚的； |
| (2) The person is personally liable for the bankruptcy liquidation of a company or enterprise due to poor business management or for the forfeiture of the business license of a company or enterprise due to any violation of law, in which the person served as a director, supervisor, factory director, or senior executive, and it has not been five years since the date of completion of bankruptcy liquidation or the date of forfeiture of business license. | | （二）对所任职的公司、企业因经营不善破产清算或者因违法被吊销营业执照负有个人责任的董事、监事、厂长、高级管理人员，自该公司、企业破产清算终结或者被吊销营业执照之日起未逾五年的； |
| (3) The person fails to repay a large amount of personal debts upon maturity. | | （三）个人所负债务数额较大，到期未清偿的； |
| (4) The person is an employee of a fund management institution, a fund custodian, a stock exchange, a securities company, a securities depository and clearing institution, a futures exchange, a futures company or any other institution or an employee of a government agency from which the person has been dismissed for any violation of law. | | （四）因违法行为被开除的基金管理人、基金托管人、证券交易所、证券公司、证券登记结算机构、期货交易所、期货公司及其他机构的从业人员和国家机关工作人员； |
| (5) The person is a lawyer, a certified public accountant, an employee of an asset appraisal or verification institution, or an investment advisory employee who has forfeited his or her practicing license or who has been disqualified for any violation of law. | | （五）因违法行为被吊销执业证书或者被取消资格的律师、注册会计师和资产评估机构、验证机构的从业人员、投资咨询从业人员； |
| (6) The person is otherwise prohibited by any law or administrative regulation from engaging in the fund business. | | （六）法律、行政法规规定不得从事基金业务的其他人员。 |
| Article 16 A director, supervisor or senior executive of a fund management institution for a publicly offered fund shall be familiar with securities investment laws and administrative regulations and have three or more years of work experience relevant to the position held, and a senior executive shall also be qualified for engaging in the fund business. | | 第十六条 公开募集基金的基金管理人的董事、监事和高级管理人员，应当熟悉证券投资方面的法律、行政法规，具有三年以上与其所任职务相关的工作经历；高级管理人员还应当具备基金从业资格。 |
| Article 17 The directors, supervisors, senior executives and other employees of a fund management institution for a publicly offered fund shall declare to the fund management institution in advance any securities investment to be made by them, their spouses or any interested parties, without any conflicts of interest with the fund share holders. | | 第十七条 公开募集基金的基金管理人的董事、监事、高级管理人员和其他从业人员，其本人、配偶、利害关系人进行证券投资，应当事先向基金管理人申报，并不得与基金份额持有人发生利益冲突。 |
| The fund management institution for a publicly offered fund shall develop management rules for the declaration, registration, examination and disposition, among others, of the securities investment made by the persons prescribed in the preceding paragraph and file such rules with the securities regulatory authority of the State Council for recordation. | | 公开募集基金的基金管理人应当建立前款规定人员进行证券投资的申报、登记、审查、处置等管理制度，并报国务院证券监督管理机构备案。 |
| Article 18 The directors, supervisors, senior executives and other employees of a fund management institution for a publicly offered fund shall not hold any positions in a fund custodian or another fund management institution and shall not conduct any securities trading or other activities that cause damage to fund assets and the interests of the fund share holders. | | 第十八条 公开募集基金的基金管理人的董事、监事、高级管理人员和其他从业人员，不得担任基金托管人或者其他基金管理人的任何职务，不得从事损害基金财产和基金份额持有人利益的证券交易及其他活动。 |
| Article 19 A fund management institution for a publicly offered fund shall perform the following functions: | | 第十九条 公开募集基金的基金管理人应当履行下列职责： |
| (1) Raising capital in accordance with law and handling the sale and registration of fund shares. | | （一）依法募集资金，办理基金份额的发售和登记事宜； |
| (2) Undergoing recordation procedures for the fund. | | （二）办理基金备案手续； |
| (3) Applying separate management and separate accounts to the assets of different funds under management and making securities investment. | | （三）对所管理的不同基金财产分别管理、分别记账，进行证券投资； |
| (4) Determining the income distribution of the fund according to the provisions of the fund contract and distributing income to the fund share holders in a timely manner. | | （四）按照基金合同的约定确定基金收益分配方案，及时向基金份额持有人分配收益； |
| (5) Conducting fund accounting and preparing the fund's financial accounting reports. | | （五）进行基金会计核算并编制基金财务会计报告； |
| (6) Preparing the fund's semi-annual and annual reports. | | （六）编制中期和年度基金报告； |
| (7) Calculating and publishing the net asset value of the fund and determining the subscription and redemption prices for fund shares. | | （七）计算并公告基金资产净值，确定基金份额申购、赎回价格； |
| (8) Handling information disclosure regarding the management of fund assets. | | （八）办理与基金财产管理业务活动有关的信息披露事项； |
| (9) Convening the fund share holders' meeting according to the relevant provisions. | | （九）按照规定召集基金份额持有人大会； |
| (10) Preserving records, account books, statements and other materials regarding the management of fund assets. | | （十）保存基金财产管理业务活动的记录、账册、报表和其他相关资料； |
| (11) Exercising litigation rights or taking other legal actions in the name of the fund management institution for the benefit of the fund share holders. | | （十一）以基金管理人名义，代表基金份额持有人利益行使诉讼权利或者实施其他法律行为； |
| (12) Other functions prescribed by the securities regulatory authority of the State Council. | | （十二）国务院证券监督管理机构规定的其他职责。 |
| Article 20 A fund management institution for a publicly offered fund and the directors, supervisors, senior executives and other employees of the fund management institution shall not: | | 第二十条 公开募集基金的基金管理人及其董事、监事、高级管理人员和其他从业人员不得有下列行为： |
| (1) mix the institution's or such a person's own assets or the assets of others with fund assets to engage in securities investment; | | （一）将其固有财产或者他人财产混同于基金财产从事证券投资； |
| (2) unfairly treat the assets of different funds under management; | | （二）不公平地对待其管理的不同基金财产； |
| (3) seek any benefit for any party other than the fund share holders by using fund assets or taking advantage of his or her position; | | （三）利用基金财产或者职务之便为基金份额持有人以外的人牟取利益； |
| (4) illegally promise the fund share holders any income or assumption of losses; | | （四）向基金份额持有人违规承诺收益或者承担损失； |
| (5) embezzle or misappropriate fund assets; | | （五）侵占、挪用基金财产； |
| (6) divulge any undisclosed information obtained by taking advantage of his or her position or use such information to engage or explicitly or implicitly advise any other person to engage in the relevant trading activities; | | （六）泄露因职务便利获取的未公开信息、利用该信息从事或者明示、暗示他人从事相关的交易活动； |
| (7) neglect duties or fail to perform duties as required; and | | （七）玩忽职守，不按照规定履行职责； |
| (8) act otherwise as prohibited by any law or administrative regulation or the provisions of the securities regulatory authority of the State Council. | | （八）法律、行政法规和国务院证券监督管理机构规定禁止的其他行为。 |
| Article 21 A fund management institution for a publicly offered fund shall establish a sound internal governance structure and specify the functions and powers of the shareholders' meeting, board of directors, board of supervisors and senior executives to ensure the independent operation of the fund management institution. | | 第二十一条 公开募集基金的基金管理人应当建立良好的内部治理结构，明确股东会、董事会、监事会和高级管理人员的职责权限，确保基金管理人独立运作。 |
| A fund management institution for a publicly offered fund may implement professional stock ownership plans and establish a long-term effective incentives and restraints mechanism. | | 公开募集基金的基金管理人可以实行专业人士持股计划，建立长效激励约束机制。 |
| The shareholders, directors, supervisors and senior executives of a fund management institution for a publicly offered fund shall exercise rights or perform duties under the principle of giving priority to the interests of the fund share holders. | | 公开募集基金的基金管理人的股东、董事、监事和高级管理人员在行使权利或者履行职责时，应当遵循基金份额持有人利益优先的原则。 |
| Article 22 A fund management institution for a publicly offered fund shall set aside a risk reserve from the fund management remuneration. | | 第二十二条 公开募集基金的基金管理人应当从管理基金的报酬中计提风险准备金。 |
| Where the fund management institution for a publicly offered fund has caused any loss to fund assets or the lawful rights and interests of the fund share holders for its violation of any law or regulation or violation of the fund contract or otherwise and shall assume compensatory liability, it may first use the risk reserve to make compensation. | | 公开募集基金的基金管理人因违法违规、违反基金合同等原因给基金财产或者基金份额持有人合法权益造成损失，应当承担赔偿责任的，可以优先使用风险准备金予以赔偿。 |
| Article 23 The shareholders and actual controller of a fund management institution for a publicly offered fund shall perform their obligations to report major events in a timely manner in accordance with the provisions of the securities regulatory authority of the State Council and shall not: | | 第二十三条 公开募集基金的基金管理人的股东、实际控制人应当按照国务院证券监督管理机构的规定及时履行重大事项报告义务，并不得有下列行为： |
| (1) make any false capital contribution or illegally withdraw any capital contribution; | | （一）虚假出资或者抽逃出资； |
| (2) intervene in the fund business of the fund management institution without authorization by a resolution of the shareholders' meeting or board of directors of the fund management institution; | | （二）未依法经股东会或者董事会决议擅自干预基金管理人的基金经营活动； |
| (3) require the fund management institution to seek any benefits for them or any other person by using fund assets, damaging the interests of the fund share holders; and | | （三）要求基金管理人利用基金财产为自己或者他人牟取利益，损害基金份额持有人利益； |
| (4) act otherwise as prohibited by the provisions of the securities regulatory authority of the State Council. | | （四）国务院证券监督管理机构规定禁止的其他行为。 |
| Where any shareholder or the actual controller of a fund management institution for a publicly offered fund commits any act prescribed in the preceding paragraph or any shareholder of the fund management institution no longer meets the statutory conditions, the securities regulatory authority of the State Council shall order the shareholder or actual controller to make correction during a prescribed period and may, according to the circumstances, order the shareholder or actual controller to transfer the equity or controlling equity held in the fund management institution. | | 公开募集基金的基金管理人的股东、实际控制人有前款行为或者股东不再符合法定条件的，国务院证券监督管理机构应当责令其限期改正，并可视情节责令其转让所持有或者控制的基金管理人的股权。 |
| Before the shareholder or actual controller prescribed in the preceding paragraph corrects the relevant violation or transfers the equity or controlling equity held in the fund management institution as required, the securities regulatory authority of the State Council may restrict the relevant shareholder from exercising the shareholder's rights. | | 在前款规定的股东、实际控制人按照要求改正违法行为、转让所持有或者控制的基金管理人的股权前，国务院证券监督管理机构可以限制有关股东行使股东权利。 |
| Article 24 Where a fund management institution for a publicly offered fund violates any law or regulation or there is any noncompliance in its internal governance structure, auditing and monitoring or risk control management, the securities regulatory authority of the State Council shall order the fund management institution to make correction during a prescribed period; and if the fund management institution fails to do so, or its conduct seriously endangers its robust operation or infringes upon the lawful rights and interests of the fund share holders, the securities regulatory authority of the State Council may, as the case may be, take the following measures against the fund management institution: | | 第二十四条 公开募集基金的基金管理人违法违规，或者其内部治理结构、稽核监控和风险控制管理不符合规定的，国务院证券监督管理机构应当责令其限期改正；逾期未改正，或者其行为严重危及该基金管理人的稳健运行、损害基金份额持有人合法权益的，国务院证券监督管理机构可以区别情形，对其采取下列措施： |
| (1) Restricting its business activities and ordering suspension of a part or all of its business. | | （一）限制业务活动，责令暂停部分或者全部业务； |
| (2) Restricting its dividend distribution and restricting its payment of remuneration and provision of welfare to its directors, supervisors and senior executives. | | （二）限制分配红利，限制向董事、监事、高级管理人员支付报酬、提供福利； |
| (3) Restricting it from transferring its own assets or creating any other right in its own assets. | | （三）限制转让固有财产或者在固有财产上设定其他权利； |
| (4) Ordering it to replace any of its directors, supervisors and senior executives or restricting their rights. | | （四）责令更换董事、监事、高级管理人员或者限制其权利； |
| (5) Ordering the relevant shareholder to transfer the equity held or restricting the relevant shareholder from exercising the shareholder's rights. | | （五）责令有关股东转让股权或者限制有关股东行使股东权利。 |
| The fund management institution for a publicly offered fund shall, after making rectification, submit a report to the securities regulatory authority of the State Council. The securities regulatory authority of the State Council shall, after verifying that the fund management institution satisfies the relevant requirements, remove the relevant measures taken against the institution within three days from the date of completion of the verification. | | 公开募集基金的基金管理人整改后，应当向国务院证券监督管理机构提交报告。国务院证券监督管理机构经验收，符合有关要求的，应当自验收完毕之日起三日内解除对其采取的有关措施。 |
| Article 25 Where any director, supervisor or senior executive of a fund management institution for a publicly offered fund fails to diligently perform his or her duties, thus causing the fund management institution to incur any material violation of any law or regulation or any material risk, the securities regulatory authority of the State Council may order replacement of him or her. | | 第二十五条 公开募集基金的基金管理人的董事、监事、高级管理人员未能勤勉尽责，致使基金管理人存在重大违法违规行为或者重大风险的，国务院证券监督管理机构可以责令更换。 |
| Article 26 Where a fund management institution for a publicly offered fund engages in any illegal business operation or has incurred any material risk, seriously disturbing the order of the securities market or infringing upon the interests of the fund share holders, the securities regulatory authority of the State Council may take regulatory measures against the fund management institution, such as ordering it to cease business suspension for rectification, designating a custodial or receivership institution for it, disqualifying it for fund management, and administratively dissolving it. | | 第二十六条 公开募集基金的基金管理人违法经营或者出现重大风险，严重危害证券市场秩序、损害基金份额持有人利益的，国务院证券监督管理机构可以对该基金管理人采取责令停业整顿、指定其他机构托管、接管、取消基金管理资格或者撤销等监管措施。 |
| Article 27 During the period when a fund management institution for a publicly offered fund is ordered to cease business operation for rectification, a custodial or receivership institution is legally designated for it or it is liquidated, or where it incurs any material risk, the following measures may be taken against the directly responsible directors, supervisors and senior executives and other directly liable persons of the fund management institution with the approval of the securities regulatory authority of the State Council: | | 第二十七条 在公开募集基金的基金管理人被责令停业整顿、被依法指定托管、接管或者清算期间，或者出现重大风险时，经国务院证券监督管理机构批准，可以对该基金管理人直接负责的董事、监事、高级管理人员和其他直接责任人员采取下列措施： |
| (1) Notifying the exit administrative authority to prevent them from exiting China in accordance with law. | | （一）通知出境管理机关依法阻止其出境； |
| (2) Requesting the judicial authority to prohibit them from displacing, transferring or otherwise disposing of their respective assets or creating any other right in their respective assets. | | （二）申请司法机关禁止其转移、转让或者以其他方式处分财产，或者在财产上设定其他权利。 |
| Article 28 Under any of the following circumstances, the functions of a fund management institution for a publicly offered fund shall terminate: | | 第二十八条 有下列情形之一的，公开募集基金的基金管理人职责终止： |
| (1) Being disqualified for fund management in accordance with law. | | （一）被依法取消基金管理资格； |
| (2) Being dismissed by the fund share holders' meeting. | | （二）被基金份额持有人大会解任； |
| (3) Being dissolved, administratively dissolved, or declared bankrupt in accordance with law. | | （三）依法解散、被依法撤销或者被依法宣告破产； |
| (4) Any other circumstances as agreed upon in the fund contract. | | （四）基金合同约定的其他情形。 |
| Article 29 Where the functions of a fund management institution for a publicly offered fund terminate, the fund share holders' meeting shall appoint another fund management institution within six months; and before the appointment of the new fund management institution, the securities regulatory authority of the State Council shall designate a temporary fund management institution. | | 第二十九条 公开募集基金的基金管理人职责终止的，基金份额持有人大会应当在六个月内选任新基金管理人；新基金管理人产生前，由国务院证券监督管理机构指定临时基金管理人。 |
| The fund management institution for a publicly offered fund shall, after its functions terminate, properly preserve all the fund management business data and undergo the handover formalities for the fund management business in a timely manner, and the new or temporary fund management institution shall receive the business in a timely manner. | | 公开募集基金的基金管理人职责终止的，应当妥善保管基金管理业务资料，及时办理基金管理业务的移交手续，新基金管理人或者临时基金管理人应当及时接收。 |
| Article 30 A fund management institution for a publicly offered fund shall, after its functions terminate, employ an accounting firm to audit fund assets according to the relevant provisions, publish the auditing results, and, at the same time, file such results with the securities regulatory authority of the State Council for recordation. | | 第三十条 公开募集基金的基金管理人职责终止的，应当按照规定聘请会计师事务所对基金财产进行审计，并将审计结果予以公告，同时报国务院证券监督管理机构备案。 |
| Article 31 The specific measures for regulating fund management institutions for non-publicly offered funds shall be developed by the financial regulatory authorities of the State Council in accordance with the principles in this Chapter. | | 第三十一条 对非公开募集基金的基金管理人进行规范的具体办法，由国务院金融监督管理机构依照本章的原则制定。 |
| Chapter III Fund Custodians | | 第三章 基金托管人 |
| Article 32 A fund custodian shall be a commercial bank or any other financial institution legally formed. | | 第三十二条 基金托管人由依法设立的商业银行或者其他金融机构担任。 |
| To serve as a fund custodian, a commercial bank shall obtain a confirmation from the securities regulatory authority and the banking regulatory authorities of the State Council; and to serve as a fund custodian, any other financial institution shall obtain a confirmation from the securities regulatory authority of the State Council. | | 商业银行担任基金托管人的，由国务院证券监督管理机构会同国务院银行业监督管理机构核准；其他金融机构担任基金托管人的，由国务院证券监督管理机构核准。 |
| Article 33 To serve as a fund custodian, a commercial bank or any other financial institution shall meet the following conditions: | | 第三十三条 担任基金托管人，应当具备下列条件： |
| (1) Its net assets and risk control indicators comply with the relevant provisions. | | （一）净资产和风险控制指标符合有关规定； |
| (2) It has specially set up a fund custody department. | | （二）设有专门的基金托管部门； |
| (3) The number of its full-time personnel qualified for the fund business satisfies the statutory requirement. | | （三）取得基金从业资格的专职人员达到法定人数； |
| (4) It meets the conditions for the safekeeping of fund assets. | | （四）有安全保管基金财产的条件； |
| (5) It has safe and efficient clearing and settlement systems. | | （五）有安全高效的清算、交割系统； |
| (6) It has business premises and security protection facilities satisfying the relevant requirements and other facilities related to its fund custody business. | | （六）有符合要求的营业场所、安全防范设施和与基金托管业务有关的其他设施； |
| (7) It has adequate and effective internal auditing and monitoring rules and risk control rules. | | （七）有完善的内部稽核监控制度和风险控制制度； |
| (8) Other conditions prescribed by laws and administrative regulations and by the securities regulatory authority and the banking regulatory authorities of the State Council with the approval of the State Council. | | （八）法律、行政法规规定的和经国务院批准的国务院证券监督管理机构、国务院银行业监督管理机构规定的其他条件。 |
| Article 34 The provisions of Articles 15, 18 and 19 of this Law shall apply to the senior executives and other employees of the specialized fund custody department of a fund custodian. | | 第三十四条 本法第十五条、第十七条、第十八条的规定，适用于基金托管人的专门基金托管部门的高级管理人员和其他从业人员。 |
| The provisions of Article 16 of this Law shall apply to the senior executives of the specialized fund custody department of a fund custodian. | | 本法第十六条的规定，适用于基金托管人的专门基金托管部门的高级管理人员。 |
| Article 35 The fund custodian and the fund management institution for a fund shall not be the same institution and shall not make capital contribution to each other or hold shares in each other. | | 第三十五条 基金托管人与基金管理人不得为同一机构，不得相互出资或者持有股份。 |
| Article 36 A fund custodian shall perform the following functions: | | 第三十六条 基金托管人应当履行下列职责： |
| (1) The safekeeping of fund assets. | | （一）安全保管基金财产； |
| (2) Opening the capital accounts and securities accounts for fund assets according to the relevant provisions. | | （二）按照规定开设基金财产的资金账户和证券账户； |
| (3) Maintaining separate accounts for the assets of different funds under custody and ensuring the integrity and independence of fund assets. | | （三）对所托管的不同基金财产分别设置账户，确保基金财产的完整与独立； |
| (4) Preserving records, account books, statements and other relevant materials regarding the fund custody business. | | （四）保存基金托管业务活动的记录、账册、报表和其他相关资料； |
| (5) Handling clearing and settlement matters in a timely manner according to the investment orders of the fund management institution as agreed upon in the fund contract. | | （五）按照基金合同的约定，根据基金管理人的投资指令，及时办理清算、交割事宜； |
| (6) Handling information disclosure matters related to the fund custody business. | | （六）办理与基金托管业务活动有关的信息披露事项； |
| (7) Offering opinions on the fund's financial accounting reports and semi-annual and annual reports. | | （七）对基金财务会计报告、中期和年度基金报告出具意见； |
| (8) Reviewing and examining the net asset value of the fund and the subscription and redemption prices for fund shares as calculated by the fund management institution. | | （八）复核、审查基金管理人计算的基金资产净值和基金份额申购、赎回价格； |
| (9) Convening the fund share holders' meeting according to the relevant provisions. | | （九）按照规定召集基金份额持有人大会； |
| (10) Overseeing the investment operations of the fund management institution according to the relevant provisions. | | （十）按照规定监督基金管理人的投资运作； |
| (11) Other functions prescribed by the securities regulatory authority of the State Council. | | （十一）国务院证券监督管理机构规定的其他职责。 |
| Article 37 Where a fund custodian discovers that any investment order of a fund management institution violates any law, administrative regulation or other relevant provisions or the fund contract, it shall refuse to execute the order, immediately notify the fund management institution, and report to the securities regulatory authority of the State Council in a timely manner. | | 第三十七条 基金托管人发现基金管理人的投资指令违反法律、行政法规和其他有关规定，或者违反基金合同约定的，应当拒绝执行，立即通知基金管理人，并及时向国务院证券监督管理机构报告。 |
| Where a fund custodian discovers that any investment order of a fund management institution which has been executed under the trading procedures violates any law, administrative regulation or other relevant provisions or the fund contract, it shall immediately notify the fund management institution and report to the securities regulatory authority of the State Council in a timely manner. | | 基金托管人发现基金管理人依据交易程序已经生效的投资指令违反法律、行政法规和其他有关规定，或者违反基金合同约定的，应当立即通知基金管理人，并及时向国务院证券监督管理机构报告。 |
| Article 38 The provisions of Articles 21 and 23 of this Law shall apply to fund custodians. | | 第三十八条 本法第二十条、第二十二条的规定，适用于基金托管人。 |
| Article 39 Where a fund custodian no longer meets the conditions prescribed by this Law, fails to diligently perform its functions, or has any material lapse in performing its functions prescribed by this Law, the securities regulatory authority and the banking regulatory authorities of the State Council shall order the fund custodian to make correction; and if the fund custodian fails to do so during the prescribed period or its conduct seriously endangers the robust operation of the fund under custody or infringes upon the lawful rights and interests of the fund share holders, the securities regulatory authority and the banking regulatory authorities of the State Council may, as the case may be, take the following measures against the fund custodian: | | 第三十九条 基金托管人不再具备本法规定的条件，或者未能勤勉尽责，在履行本法规定的职责时存在重大失误的，国务院证券监督管理机构、国务院银行业监督管理机构应当责令其改正；逾期未改正，或者其行为严重影响所托管基金的稳健运行、损害基金份额持有人利益的，国务院证券监督管理机构、国务院银行业监督管理机构可以区别情形，对其采取下列措施： |
| (1) Restricting its business activities and ordering suspension of handling any new fund custody. | | （一）限制业务活动，责令暂停办理新的基金托管业务； |
| (2) Ordering replacement of the liable senior executives of the specialized fund custody department. | | （二）责令更换负有责任的专门基金托管部门的高级管理人员。 |
| The fund custodian shall, after making rectification, submit a report to the securities regulatory authority and the banking regulatory authorities of the State Council; and if, after verification, the fund custodian satisfies the relevant requirements, the relevant measures taken against it shall be removed within three days from the date of completion of the verification. | | 基金托管人整改后，应当向国务院证券监督管理机构、国务院银行业监督管理机构提交报告；经验收，符合有关要求的，应当自验收完毕之日起三日内解除对其采取的有关措施。 |
| Article 40 Where a fund custodian falls under any of the following circumstances, the securities regulatory authority and the banking regulatory authorities of the State Council may disqualify it for fund custody: | | 第四十条 国务院证券监督管理机构、国务院银行业监督管理机构对有下列情形之一的基金托管人，可以取消其基金托管资格： |
| (1) Having not engaged in any fund custody business for three consecutive years. | | （一）连续三年没有开展基金托管业务的； |
| (2) Seriously violating the provisions of this Law. | | （二）违反本法规定，情节严重的； |
| (3) Other circumstances prescribed by laws and administrative regulations. | | （三）法律、行政法规规定的其他情形。 |
| Article 41 The functions of a fund custodian shall terminate under any of the following circumstances: | | 第四十一条 有下列情形之一的，基金托管人职责终止： |
| (1) Being disqualified for fund custody in accordance with law. | | （一）被依法取消基金托管资格； |
| (2) Being dismissed by the fund share holders' meeting. | | （二）被基金份额持有人大会解任； |
| (3) Being dissolved, administratively dissolved, or declared bankrupt in accordance with law. | | （三）依法解散、被依法撤销或者被依法宣告破产； |
| (4) Any other circumstances as agreed upon in the fund contract. | | （四）基金合同约定的其他情形。 |
| Article 42 The fund share holders' meeting shall appoint a new fund custodian within six month after the functions of the fund custodian terminate; and before the appointment of the new fund custodian, the securities regulatory authority of the State Council shall designate a temporary fund custodian. | | 第四十二条 基金托管人职责终止的，基金份额持有人大会应当在六个月内选任新基金托管人；新基金托管人产生前，由国务院证券监督管理机构指定临时基金托管人。 |
| The fund custodian shall, after its functions terminate, properly preserve fund assets and fund custody business data and undergo the handover formalities for fund assets and the fund custody business in a timely manner, and the new or temporary fund custodian shall receive the same in a timely manner. | | 基金托管人职责终止的，应当妥善保管基金财产和基金托管业务资料，及时办理基金财产和基金托管业务的移交手续，新基金托管人或者临时基金托管人应当及时接收。 |
| Article 43 A fund custodian shall, after its functions terminate, employ an accounting firm to audit fund assets according to the relevant provisions, publish the auditing results, and, at the same time, file such results with the securities regulatory authority of the State Council for recordation. | | 第四十三条 基金托管人职责终止的，应当按照规定聘请会计师事务所对基金财产进行审计，并将审计结果予以公告，同时报国务院证券监督管理机构备案。 |
| Chapter IV Operating Mode and Organization of a Fund | | 第四章 基金的运作方式和组织 |
| Article 44 The operating mode of a fund shall be agreed upon in the fund contract. | | 第四十四条 基金合同应当约定基金的运作方式。 |
| Article 45 A fund may be operated in a closed-end, open-end or any other mode. | | 第四十五条 基金的运作方式可以采用封闭式、开放式或者其他方式。 |
| A fund operated in a closed-end mode (hereinafter referred to as a “closed-end fund”) means a fund of which the fund shares remain unchanged in the total amount and may not be redeemed by the fund share holders upon request during the term of the fund contract. A fund operated in an open-end mode (hereinafter referred to as an “open-end fund”) means a fund of which the fund shares are unfixed in the total amount and may be subscribed for or redeemed at the time and place as agreed upon in the fund contract. | | 采用封闭式运作方式的基金（以下简称封闭式基金），是指基金份额总额在基金合同期限内固定不变，基金份额持有人不得申请赎回的基金；采用开放式运作方式的基金（以下简称开放式基金），是指基金份额总额不固定，基金份额可以在基金合同约定的时间和场所申购或者赎回的基金。 |
| The measures for the fund share offering, trading, subscription and redemption of the funds operated in other modes shall be separately developed by the securities regulatory authority of the State Council. | | 采用其他运作方式的基金的基金份额发售、交易、申购、赎回的办法，由国务院证券监督管理机构另行规定。 |
| Article 46 The fund share holders shall enjoy the following rights: | | 第四十六条 基金份额持有人享有下列权利： |
| (1) Sharing income from fund assets. | | （一）分享基金财产收益； |
| (2) Participating in the distribution of the residual fund assets upon liquidation. | | （二）参与分配清算后的剩余基金财产； |
| (3) Transferring or requesting redemption of the fund shares respectively held by them in accordance with law. | | （三）依法转让或者申请赎回其持有的基金份额； |
| (4) Requiring that the fund share holders' meeting be convened or convening the fund share holders' meeting according to the relevant provisions. | | （四）按照规定要求召开基金份额持有人大会或者召集基金份额持有人大会； |
| (5) Exercising their voting rights regarding matters deliberated at the fund share holders' meeting. | | （五）对基金份额持有人大会审议事项行使表决权； |
(6) Instituting an action against the fund management institution, fund custodian or fund service institution for its conduct that infringes upon their lawful rights and interests.
．．．．．． | | （六）对基金管理人、基金托管人、基金服务机构损害其合法权益的行为依法提起诉讼；
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