法律文本

中華人民共和國證券投資基金法（2015修正）

Securities Investment Fund Law of the People's Republic of China (Revision 2015)

第一章 總則

Chapter 1 General Provisions

第一條   為了規範證券投資基金活動，保護投資人及相關當事人的合法權益，促進證券投資基金和資本市場的健康發展，制定本法。

Article 1 This Law is formulated for the purposes of standardising securities investment fund activities, protecting the legitimate rights and interests of investors and the relevant parties concerned, and promoting healthy development of securities investment funds and capital markets.

第二條   在中華人民共和國境內，公開或者非公開募集資金設立證券投資基金（以下簡稱基金），由基金管理人管理，基金托管人托管，為基金份額持有人的利益，進行證券投資活動，適用本法；本法未規定的，適用《中華人民共和國信托法》、《中華人民共和國證券法》和其他有關法律、行政法規的規定。

Article 2 This Law shall apply to securities investment funds (hereinafter referred to as the "funds") established in the People's Republic of China using funds raised from public offering or private offering, managed by a fund manager, placed under the custody of a fund custodian to carry out securities investment activities for the interests of fund unit holders; for matters not stipulated by this Law, the provisions of the Trust Law of the People's Republic of China, the Securities Law of the People's Republic of China and other related laws and administrative regulations shall apply.

第三條   基金管理人、基金托管人和基金份額持有人的權利、義務，依照本法在基金合同中約定。

Article 3 The rights and obligations of fund managers, fund custodians and fund unit holders shall be agreed in a fund contract pursuant to this Law.

基金管理人、基金托管人依照本法和基金合同的約定，履行受托職責。

Fund managers and fund custodians shall perform entrusted duties pursuant to this Law and the agreement in the fund contract.

通過公開募集方式設立的基金（以下簡稱公開募集基金）的基金份額持有人按其所持基金份額享受收益和承擔風險，通過非公開募集方式設立的基金（以下簡稱非公開募集基金）的收益分配和風險承擔由基金合同約定。

Fund unit holders of funds established by way of public offering (hereinafter referred to as the "publicly-offered funds") shall be entitled to earnings and bear risks in accordance with the fund units held by them, distribution of earnings and bearing of risks for funds established by way of private offering (hereinafter referred to as the "privately -offered funds") shall be agreed in the fund contract.

第四條   從事證券投資基金活動，應當遵循自願、公平、誠實信用的原則，不得損害國家利益和社會公共利益。

Article 4 Securities investment fund activities shall comply with the principles of voluntary participation, fairness, honesty and trustworthiness, and shall not harm State interests and public interest.

第五條   基金財產的債務由基金財產本身承擔，基金份額持有人以其出資為限對基金財產的債務承擔責任。但基金合同依照本法另有約定的，從其約定。

Article 5 Debts of fund assets shall be borne by the fund assets, the liability of fund unit holders for the debts of fund assets shall be limited to their capital contribution. Where it is agreed otherwise in the fund contract pursuant to this Law, such agreement shall prevail.

基金財產獨立於基金管理人、基金托管人的固有財產。基金管理人、基金托管人不得將基金財產歸入其固有財產。

Fund assets shall be independent from the inherent assets of the fund manager and the fund custodian. The fund manager and fund trustee may not include fund assets into their own assets.

基金管理人、基金托管人因基金財產的管理、運用或者其他情形而取得的財產和收益，歸入基金財產。

Properties and earnings derived by the fund manager and the fund custodian from management or application of fund assets or any other circumstances shall be included in the fund assets.

基金管理人、基金托管人因依法解散、被依法撤銷或者被依法宣告破產等原因進行清算的，基金財產不屬於其清算財產。

Where the fund manager or the fund custodian is dissolved pursuant to the law, revoked pursuant to the law or declared bankrupt pursuant to the law and undergoes liquidation, the fund assets shall not fall under the liquidation assets.

第六條   基金財產的債權，不得與基金管理人、基金托管人固有財產的債務相抵銷；不同基金財產的債權債務，不得相互抵銷。

Article 6 Creditor's rights of fund assets shall not be offset against the debts of inherent assets of the fund manager and the fund custodian; creditor's rights and debts of different fund assets shall not be offset mutually.

第七條   非因基金財產本身承擔的債務，不得對基金財產強制執行。

Article 7 The debts not arising out of the fund property may not be enforced against such fund property.

第八條   基金財產投資的相關稅收，由基金份額持有人承擔，基金管理人或者其他扣繳義務人按照國家有關稅收征收的規定代扣代繳。

Article 8 The relevant taxes on investments of the fund assets shall be borne by the fund unit holders, the fund manager or any other withholding agent shall make withholding pursuant to the relevant provisions of the State on tax collection.

第九條   基金管理人、基金托管人管理、運用基金財產，基金服務機構從事基金服務活動，應當恪盡職守，履行誠實信用、謹慎勤勉的義務。

Article 9 Fund managers and fund custodians managing and applying fund assets, fund intermediaries engaging in fund service activities shall fulfill their duties, perform the obligations of honesty, trustworthiness, prudence and diligence.

基金管理人運用基金財產進行證券投資，應當遵守審慎經營規則，制定科學合理的投資策略和風險管理制度，有效防範和控制風險。

Fund managers applying fund assets for securities investments shall comply with the rules of prudent operation, formulate scientific and reasonable investment strategies and risk management system, effectively prevent and control risks.

基金從業人員應當具備基金從業資格，遵守法律、行政法規，恪守職業道德和行為規範。

Fund employees shall possess fund practitioner qualifications, comply with laws and administrative regulations, uphold code of professional ethics and code of conduct.

第十條   基金管理人、基金托管人和基金服務機構，應當依照本法成立證券投資基金行業協會（以下簡稱基金行業協會），進行行業自律，協調行業關系，提供行業服務，促進行業發展。

Article 10 Fund managers, fund custodians and fund intermediaries shall establish securities investment fund industry associations (hereinafter referred to as the "fund industry associations") pursuant to this Law, carry out industry self-regulation, coordinate industry relations, provide industry services, promote industry development.

第十一條   國務院證券監督管理機構依法對證券投資基金活動實施監督管理；其派出機構依照授權履行職責。

Article 11 The securities regulatory department under the State Council shall supervise and regulate the activities concerning securities investment funds according to law.

第二章 基金管理人

Chapter 2 Fund Managers

第十二條   基金管理人由依法設立的公司或者合夥企業擔任。

Article 12 Fund managers shall be companies or partnership enterprises established pursuant to the law.

公開募集基金的基金管理人，由基金管理公司或者經國務院證券監督管理機構按照規定核準的其他機構擔任。

Fund managers of publicly-offered funds shall be fund management companies or any other organisations approved by the securities regulatory department of the State Council pursuant to the provisions.

第十三條   設立管理公開募集基金的基金管理公司，應當具備下列條件，並經國務院證券監督管理機構批準：

Article 13 The establishment of a fund management company for managing publicly offered funds shall meet the following conditions and be subject to the approval of the securities regulatory authority of the State Council:

（一）有符合本法和《中華人民共和國公司法》規定的章程；

1. it shall have articles of association as provided for in this Law and the Company Law of the People's Republic of China;

（二）注冊資本不低於一億元人民幣，且必須為實繳貨幣資本；

2. The registered capital is no less than CNY100 million and must be paid-in monetary capital;

（三）主要股東應當具有經營金融業務或者管理金融機構的良好業績、良好的財務狀況和社會信譽，資產規模達到國務院規定的標準，最近三年沒有違法記錄；

(III) The main shareholders shall have good track records in conducting financial business or managing financial institutions, have good financial conditions and social reputation, have assets reaching the standards as prescribed by the State Council, and have no records of breaking the laws in the latest three years;

（四）取得基金從業資格的人員達到法定人數；

(IV) The number of persons with fund practice qualification reaching the statutory requirement;

（五）董事、監事、高級管理人員具備相應的任職條件；

(V) Its directors, supervisors and senior managers have the corresponding qualifications;

（六）有符合要求的營業場所、安全防範設施和與基金管理業務有關的其他設施；

(VI) Having business sites, security facilities and other facilities relating to fund management business that meet the requirements;

（七）有良好的內部治理結構、完善的內部稽核監控制度、風險控制制度；

(VII) It has a good internal governance structure, a sound internal audit and control system as well as a risk control system;

（八）法律、行政法規規定的和經國務院批準的國務院證券監督管理機構規定的其他條件。

(VIII) Other conditions provided for by laws and administrative regulations and the conditions provided for by the securities regulatory department under the State Council and approved by the State Council.

第十四條   國務院證券監督管理機構應當自受理基金管理公司設立申請之日起六個月內依照本法第十三條規定的條件和審慎監管原則進行審查，作出批準或者不予批準的決定，並通知申請人；不予批準的，應當說明理由。

Article 14 The securities regulatory department under the State Council shall, within 6 months from accepting the application for establishing a fund management company, make the examination pursuant to the conditions specified in Article 13 hereof and the principle of prudent supervision, make the decision of approval or disapproval, and notify the applicant, and shall explain the reasons if no approval is granted.

基金管理公司變更持有百分之五以上股權的股東，變更公司的實際控制人，或者變更其他重大事項，應當報經國務院證券監督管理機構批準。國務院證券監督管理機構應當自受理申請之日起六十日內作出批準或者不予批準的決定，並通知申請人；不予批準的，應當說明理由。

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 department of the State Council shall decide on approval or non-approval of an application within 60 days from the date of acceptance of the application, and notify the applicant; the reason shall be stated for unsuccessful applications.

第十五條   有下列情形之一的，不得擔任公開募集基金的基金管理人的董事、監事、高級管理人員和其他從業人員：

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:

（一）因犯有貪汙賄賂、渎職、侵犯財產罪或者破壞社會主義市場經濟秩序罪，被判處刑罰的；

1. having been sentenced to criminal penalties for the crime of embezzlement, bribery, malfeasance, or property encroachment, or the crime of disrupting the order of the socialist market economy;

（二）對所任職的公司、企業因經營不善破產清算或者因違法被吊銷營業執照負有個人責任的董事、監事、廠長、高級管理人員，自該公司、企業破產清算終結或者被吊銷營業執照之日起未逾五年的；

(II) The person is personally liable for the bankruptcy liquidation of a company or enterprise due to poor management or for the forfeiture of the business license of a company or enterprise due to any violation of law, and it has not been five years since the date of completion of bankruptcy liquidation or the date of forfeiture of business license;

（三）個人所負債務數額較大，到期未清償的；

(III) Individuals with large amount of outstanding personal debts;

（四）因違法行為被開除的基金管理人、基金托管人、證券交易所、證券公司、證券登記結算機構、期貨交易所、期貨公司及其他機構的從業人員和國家機關工作人員；

(IV) The practitioners of fund managers, fund trustees, securities exchanges, securities companies, securities registration and settlement institutions, futures exchanges, futures companies and other institutions, and the state functionaries that have been dismissed due to violations of law;

（五）因違法行為被吊銷執業證書或者被取消資格的律師、注冊會計師和資產評估機構、驗證機構的從業人員、投資諮詢從業人員；

(V) The lawyers, certified accountants, practitioners of assets evaluation institutions and verification institutions, and practitioners of investment consultation institutions whose practice licenses have been revoked or who have been disqualified due to violations of law; and

（六）法律、行政法規規定不得從事基金業務的其他人員。

(VI) Other personnel that may not engage in the fund business as provided for by any law or administrative regulation.

第十六條   公開募集基金的基金管理人的董事、監事和高級管理人員，應當熟悉證券投資方面的法律、行政法規，具有三年以上與其所任職務相關的工作經曆；高級管理人員還應當具備基金從業資格。

Article 16 Directors, supervisors and senior management personnel of fund managers of publicly-offered funds shall be familiar with laws and administrative regulations on securities investments, possess three or more years of work experience relevant to their appointment; senior management personnel shall also possess fund practitioner qualification.

第十七條   公開募集基金的基金管理人的董事、監事、高級管理人員和其他從業人員，其本人、配偶、利害關系人進行證券投資，應當事先向基金管理人申報，並不得與基金份額持有人發生利益沖突。

Article 17 Securities investments by directors, supervisors and senior management personnel and other employees of fund managers of publicly-offered funds and their spouse and stakeholders shall be declared to the fund manager beforehand, and shall not have conflict of interests with fund unit holders.

公開募集基金的基金管理人應當建立前款規定人員進行證券投資的申報、登記、審查、處置等管理制度，並報國務院證券監督管理機構備案。

The fund management institution for a publicly offered fund shall establish a management system for the declaration, registration, examination and disposal, etc. of the securities investment by the persons prescribed in the preceding paragraph, and report the same to the securities regulatory authority of the State Council for recordation.

第十八條   公開募集基金的基金管理人的董事、監事、高級管理人員和其他從業人員，不得擔任基金托管人或者其他基金管理人的任何職務，不得從事損害基金財產和基金份額持有人利益的證券交易及其他活動。

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.

第十九條   公開募集基金的基金管理人應當履行下列職責：

Article 19 A fund management institution for a publicly offered fund shall perform the following duties:

（一）依法募集資金，辦理基金份額的發售和登記事宜；

1. Raising capital in accordance with law and handling the sale and registration of fund shares.

（二）辦理基金備案手續；

(II) Handle the fund recordation procedures.

（三）對所管理的不同基金財產分別管理、分別記賬，進行證券投資；

(III) Applying separate management and separate accounts to different fund properties it manages to make securities investment;

（四）按照基金合同的約定確定基金收益分配方案，及時向基金份額持有人分配收益；

(IV) Determining the scheme on distribution of fund proceeds according to the stipulations of the fund contract and distributing profits to the holders of fund shares in good time;

（五）進行基金會計核算並編制基金財務會計報告；

(V) Conducting fund accounting and preparing the fund's financial accounting reports.

（六）編制中期和年度基金報告；

(VI) Prepare midterm and annual fund reports;

（七）計算並公告基金資產淨值，確定基金份額申購、贖回價格；

(VII) Calculating and publishing the net value of the fund assets and determining the subscription and redemption prices for the fund shares.

（八）辦理與基金財產管理業務活動有關的信息披露事項；

(VIII) Handling the relevant information disclosures related to the management of the fund property;

（九）按照規定召集基金份額持有人大會；

(IX) Convening the fund share holders' meeting according to the relevant provisions.

（十）保存基金財產管理業務活動的記錄、賬冊、報表和其他相關資料；

(X) Keeping the records, account books, statements and other relevant materials of the fund property management;

（十一）以基金管理人名義，代表基金份額持有人利益行使訴訟權利或者實施其他法律行為；

(XI) Exercising litigation rights or taking other legal actions in the name of the fund manager for the benefit of the fund share holders.

（十二）國務院證券監督管理機構規定的其他職責。

(XII) Other duties provided for by the securities regulatory department under the State Council.

第二十條   公開募集基金的基金管理人及其董事、監事、高級管理人員和其他從業人員不得有下列行為：

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:

（一）將其固有財產或者他人財產混同於基金財產從事證券投資；

1. Mixing its own property or the property of others with the fund property to make securities investment;

（二）不公平地對待其管理的不同基金財產；

2. Treating different fund properties it manages unfairly;

（三）利用基金財產或者職務之便為基金份額持有人以外的人牟取利益；

(III) Seeking benefits for any third party other than the fund share holders by using the fund property;

（四）向基金份額持有人違規承諾收益或者承擔損失；

(IV) Illegally promising the fund share holders to make benefits or bear losses;

（五）侵占、挪用基金財產；

(V) Seizing or embezzling the fund properties;

（六）泄露因職務便利獲取的未公開信息、利用該信息從事或者明示、暗示他人從事相關的交易活動；

(VI) divulging any undisclosed information obtained by taking advantage of positions, or using such information to engage in or explicitly or implicitly engage others in relevant trading activities;

（七）玩忽職守，不按照規定履行職責；

(VII) Neglecting its duties and not performing its duties according to the rules; and

（八）法律、行政法規和國務院證券監督管理機構規定禁止的其他行為。

(VIII) Acting otherwise as prohibited by any law or administrative regulation or the provisions of the securities regulatory authority of the State Council.

第二十一條   公開募集基金的基金管理人應當建立良好的內部治理結構，明確股東會、董事會、監事會和高級管理人員的職責權限，確保基金管理人獨立運作。

Article 21 Fund managers of publicly-offered funds shall establish a good internal governance structure, specify the duties and powers of shareholders' meetings, board of directors, board of supervisors and senior management personnel, ensure independent operations of fund managers.

公開募集基金的基金管理人可以實行專業人士持股計劃，建立長效激勵約束機制。

Fund managers of publicly-offered funds may implement professional shareholding plans, and establish a long-term incentive and restraint mechanism.

公開募集基金的基金管理人的股東、董事、監事和高級管理人員在行使權利或者履行職責時，應當遵循基金份額持有人利益優先的原則。

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.

第二十二條   公開募集基金的基金管理人應當從管理基金的報酬中計提風險準備金。

Article 22 A fund management institution for a publicly offered fund shall set aside a risk reserve from the fund management remuneration.

公開募集基金的基金管理人因違法違規、違反基金合同等原因給基金財產或者基金份額持有人合法權益造成損失，應當承擔賠償責任的，可以優先使用風險準備金予以賠償。

Fund managers of publicly-offered funds which commit an illegal act or violation or violate a fund contract and cause fund assets to suffer losses or harm the legitimate rights and interests of fund unit holders and should bear compensation liability may give priority to make compensation from the risk reserve.

第二十三條   公開募集基金的基金管理人的股東、實際控制人應當按照國務院證券監督管理機構的規定及時履行重大事項報告義務，並不得有下列行為：

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

（一）虛假出資或者抽逃出資；

1. Making false capital contributions or illegally withdrawing capital contributions;

（二）未依法經股東會或者董事會決議擅自幹預基金管理人的基金經營活動；

(II) 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;

（三）要求基金管理人利用基金財產為自己或者他人牟取利益，損害基金份額持有人利益；

(III) Requiring the fund manager to seek interests for himself or any other person by using the fund property, or thus damaging the interests of the fund share holders;

（四）國務院證券監督管理機構規定禁止的其他行為。

(IV) Other acts prohibited by the provisions of the securities regulatory authority of the State Council.

公開募集基金的基金管理人的股東、實際控制人有前款行為或者股東不再符合法定條件的，國務院證券監督管理機構應當責令其限期改正，並可視情節責令其轉讓所持有或者控制的基金管理人的股權。

Where the shareholders and the actual controlling party of the fund manager of a publicly-offered fund have committed an act stipulated in the preceding paragraph or the shareholders no longer satisfy the statutory criteria, the securities regulatory department of the State Council shall order the shareholders or the actual controlling party to make correction within a stipulated period, and may, based on the circumstances, order the shareholders or the actual controlling party to transfer the equity in the fund manager held or controlled by the shareholders or the actual controlling party.

在前款規定的股東、實際控制人按照要求改正違法行為、轉讓所持有或者控制的基金管理人的股權前，國務院證券監督管理機構可以限制有關股東行使股東權利。

Before the shareholders or the actual controlling party stipulated in the preceding paragraph correct (s) the illegal act or transfer (s) the equity in the fund manager held or controlled by it/them as required, the securities regulatory department of the State Council may restrict exercise of shareholder's rights by the relevant shareholder (s).

第二十四條   公開募集基金的基金管理人違法違規，或者其內部治理結構、稽核監控和風險控制管理不符合規定的，國務院證券監督管理機構應當責令其限期改正；逾期未改正，或者其行為嚴重危及該基金管理人的穩健運行、損害基金份額持有人合法權益的，國務院證券監督管理機構可以區別情形，對其采取下列措施：

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 within a prescribed time limit; and if the fund management institution fails to do so, or its conduct seriously endangers its stable 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:

（一）限制業務活動，責令暫停部分或者全部業務；

1. restrict its business activities, and order it to suspend all or part of its business;

（二）限制分配紅利，限制向董事、監事、高級管理人員支付報酬、提供福利；

(II) Restricting its distribution of dividends, restricting its payment of remunerations to or provision of welfare for its directors, supervisors or senior managers;

（三）限制轉讓固有財產或者在固有財產上設定其他權利；

(III) Restricting any transfer of its own property or the creation of any other right in its own property;

（四）責令更換董事、監事、高級管理人員或者限制其權利；

(IV) To order it to change the directors, supervisors, senior managers or restrict their rights;

（五）責令有關股東轉讓股權或者限制有關股東行使股東權利。

(V) To order the relevant shareholders to transfer their stock rights or restrict their shareholders from exercising their shareholders' rights.

公開募集基金的基金管理人整改後，應當向國務院證券監督管理機構提交報告。國務院證券監督管理機構經驗收，符合有關要求的，應當自驗收完畢之日起三日內解除對其采取的有關措施。

The fund management institution for a publicly offered fund shall, after taking remedial action, submit a report to the securities regulatory authority of the State Council. Upon acceptance inspection by the securities regulatory department of the State Council, where the relevant requirements are satisfied, the relevant measures adopted on the securities company shall be lifted within three days from the date of completion of acceptance inspection.

第二十五條   公開募集基金的基金管理人的董事、監事、高級管理人員未能勤勉盡責，致使基金管理人存在重大違法違規行為或者重大風險的，國務院證券監督管理機構可以責令更換。

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.

第二十六條   公開募集基金的基金管理人違法經營或者出現重大風險，嚴重危害證券市場秩序、損害基金份額持有人利益的，國務院證券監督管理機構可以對該基金管理人采取責令停業整頓、指定其他機構托管、接管、取消基金管理資格或者撤銷等監管措施。

Article 26 Where the fund manager of a publicly-offered fund engages in illegal business operation or bears significant risks and seriously compromises the order of securities market or harms the interests of fund unit holders, the securities regulatory department of the State Council may adopt regulatory measures such as ordering the fund manager to suspend operations to make correction, appointment of another organisation to be the custodian or the receiver, cancellation or revocation of fund management qualification, etc.

第二十七條   在公開募集基金的基金管理人被責令停業整頓、被依法指定托管、接管或者清算期間，或者出現重大風險時，經國務院證券監督管理機構批準，可以對該基金管理人直接負責的董事、監事、高級管理人員和其他直接責任人員采取下列措施：

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:

（一）通知出境管理機關依法阻止其出境；

1. notifying the exit administration to prevent the person from leaving the country in accordance with the law;

（二）申請司法機關禁止其轉移、轉讓或者以其他方式處分財產，或者在財產上設定其他權利。

(II) To apply to the judicial authority for prohibiting them from transferring, assignment or disposing their properties in other forms, or set other rights on their properties.

第二十八條   有下列情形之一的，公開募集基金的基金管理人職責終止：

Article 28 Under any of the following circumstances, the functions of a fund management institution for a publicly offered fund shall terminate:

（一）被依法取消基金管理資格；

1. Being disqualified for fund management;

（二）被基金份額持有人大會解任；

2. Being dismissed by the fund share holders' meeting;

（三）依法解散、被依法撤銷或者被依法宣告破產；

(III) Being dissolved, cancelled, or declared bankruptcy according to law; or

（四）基金合同約定的其他情形。

(IV) Other circumstances stipulated in the fund contract.

第二十九條   公開募集基金的基金管理人職責終止的，基金份額持有人大會應當在六個月內選任新基金管理人；新基金管理人產生前，由國務院證券監督管理機構指定臨時基金管理人。

Article 29 Where the duties of a fund manager terminate, the fund share holders' meeting shall appoint a new fund manager within 6 months; before the appointment of the new fund manager, the securities regulatory department under the State Council shall designate a temporary fund manager.

公開募集基金的基金管理人職責終止的，應當妥善保管基金管理業務資料，及時辦理基金管理業務的移交手續，新基金管理人或者臨時基金管理人應當及時接收。

Where the duties of the fund manager of a publicly-offered fund are terminated, the materials of the fund management business shall be kept properly, handover formalities of the fund management business shall be promptly completed, the new fund manager or the interim fund manager shall promptly take over.

第三十條   公開募集基金的基金管理人職責終止的，應當按照規定聘請會計師事務所對基金財產進行審計，並將審計結果予以公告，同時報國務院證券監督管理機構備案。

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.

第三十一條   對非公開募集基金的基金管理人進行規範的具體辦法，由國務院金融監督管理機構依照本章的原則制定。

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.

第三章 基金托管人

Chapter 3 Fund Custodians

第三十二條   基金托管人由依法設立的商業銀行或者其他金融機構擔任。

Article 32 A fund custodian shall be a commercial bank or any other financial institution legally formed.

商業銀行擔任基金托管人的，由國務院證券監督管理機構會同國務院銀行業監督管理機構核準；其他金融機構擔任基金托管人的，由國務院證券監督管理機構核準。

Appointment of a commercial bank as fund custodian shall be subject to approval by the securities regulatory department of the State Council jointly with the banking regulatory department of the State Council; appointment of any other financial institution as fund custodian shall be subject to approval by the securities regulatory department of the State Council.

第三十三條   擔任基金托管人，應當具備下列條件：

Article 33 To serve as a fund custodian, a commercial bank or any other financial institution shall meet the following conditions:

（一）淨資產和風險控制指標符合有關規定；

1. its net assets and risk control indicators comply with the relevant provisions;

（二）設有專門的基金托管部門；

2. A special fund trust department shall have been set up;

（三）取得基金從業資格的專職人員達到法定人數；

(III) The number of the full-time personnel with fund practice qualification reaching the statutory requirement;

（四）有安全保管基金財產的條件；

(IV) Having the conditions for safe keeping of the fund property;

（五）有安全高效的清算、交割系統；

(V) Having a safe and highly efficient clearing and settlement system;

（六）有符合要求的營業場所、安全防範設施和與基金托管業務有關的其他設施；

(VI) It has business premises and security facilities satisfying the relevant requirements and other facilities related to its fund custody business.

（七）有完善的內部稽核監控制度和風險控制制度；

(VII) Having a sound internal auditing and monitoring system and risk control system;

（八）法律、行政法規規定的和經國務院批準的國務院證券監督管理機構、國務院銀行業監督管理機構規定的其他條件。

(VIII) Satisfying other conditions provided for by laws and administrative regulations and the conditions provided for by the securities and banking regulatory departments under the State Council and approved by the State Council.

第三十四條   本法第十五條、第十七條、第十八條的規定，適用於基金托管人的專門基金托管部門的高級管理人員和其他從業人員。

Article 34 Articles 15, 17 and 18 hereof shall apply to the senior executives and other employees of the specialized fund custody department of a fund custodian.

本法第十六條的規定，適用於基金托管人的專門基金托管部門的高級管理人員。

The provisions of Article 16 of this Law shall apply to senior management personnel of the designated fund custodian department of fund custodians.

第三十五條   基金托管人與基金管理人不得為同一機構，不得相互出資或者持有股份。

Article 35 The fund custodian and the fund manager shall not be the same organisation, shall not be mutual capital contributories or mutual shareholders.

第三十六條   基金托管人應當履行下列職責：

Article 36 A fund custodian shall perform the following duties:

（一）安全保管基金財產；

1. safekeeping the fund property;

（二）按照規定開設基金財產的資金賬戶和證券賬戶；

(II) Opening capital accounts and securities accounts of the fund property pursuant to the provisions;

（三）對所托管的不同基金財產分別設置賬戶，確保基金財產的完整與獨立；

(III) Setting up separate accounts for different fund properties under its trust and ensuring the integrity and independence of the fund properties;

（四）保存基金托管業務活動的記錄、賬冊、報表和其他相關資料；

(IV) Keep the records, account books, statements and other relevant materials of the fund trust business activities;

（五）按照基金合同的約定，根據基金管理人的投資指令，及時辦理清算、交割事宜；

(V) Handling the clearing and settlement at the investment orders of the fund manager pursuant to the stipulations of the fund contract;

（六）辦理與基金托管業務活動有關的信息披露事項；

(VI) Handling information disclosure matters related to the fund custody business.

（七）對基金財務會計報告、中期和年度基金報告出具意見；

(VII) Giving opinions on the fund financial accounting report and the midterm and annual fund reports;

（八）複核、審查基金管理人計算的基金資產淨值和基金份額申購、贖回價格；

(VIII) Verify and examine the net value of the fund assets and the subscription and redemption prices of the fund shares calculated by the fund manager;

（九）按照規定召集基金份額持有人大會；

(IX) Convening the fund share holders' meeting according to the relevant provisions.

（十）按照規定監督基金管理人的投資運作；

(X) Supervising the investment operation of the fund manager pursuant to the provisions;

（十一）國務院證券監督管理機構規定的其他職責。

11. other functions prescribed by the securities regulatory authority of the State Council.

第三十七條   基金托管人發現基金管理人的投資指令違反法律、行政法規和其他有關規定，或者違反基金合同約定的，應當拒絕執行，立即通知基金管理人，並及時向國務院證券監督管理機構報告。

Article 37 Where a fund custodian discovers that an investment instruction of a fund manager violates laws and administrative regulations and other relevant provisions, or violates the agreement in the fund contract, it shall refuse to execute the investment instruction, forthwith notify the fund manager, and promptly report to the securities regulatory department of the State Council.

基金托管人發現基金管理人依據交易程序已經生效的投資指令違反法律、行政法規和其他有關規定，或者違反基金合同約定的，應當立即通知基金管理人，並及時向國務院證券監督管理機構報告。

Where a fund custodian discovers that an investment instruction of a fund manager which has taken effect pursuant to trading procedures violates laws and administrative regulations and other relevant provisions, or violates the agreement in the fund contract, it shall forthwith notify the fund manager, and promptly report to the securities regulatory department of the State Council.

第三十八條   本法第二十條、第二十二條的規定，適用於基金托管人。

Article 38 The provisions of Articles 20 and 22 of this Law shall apply to fund custodians.

第三十九條   基金托管人不再具備本法規定的條件，或者未能勤勉盡責，在履行本法規定的職責時存在重大失誤的，國務院證券監督管理機構、國務院銀行業監督管理機構應當責令其改正；逾期未改正，或者其行為嚴重影響所托管基金的穩健運行、損害基金份額持有人利益的，國務院證券監督管理機構、國務院銀行業監督管理機構可以區別情形，對其采取下列措施：

Article 39 Where a fund custodian no longer satisfies the criteria stipulated in this Law, or failed to act diligently, or commits a serious negligence in performing the duties stipulated in this Law, the securities regulatory department of the State Council and the banking regulatory department of the State Council shall order the fund custodian to make correction; where correction is not made within the stipulated period, or its act has seriously compromised stable operation of the fund under its custody or harmed the interests of fund unit holders, the securities regulatory department of the State Council and the banking regulatory department of the State Council may adopt the following measures based on the circumstances:

（一）限制業務活動，責令暫停辦理新的基金托管業務；

1. Restricting its business activities and ordering suspension of handling any new fund custody.

（二）責令更換負有責任的專門基金托管部門的高級管理人員。

(II) Ordering replacement of the liable senior executives of the specialized fund custody department.

基金托管人整改後，應當向國務院證券監督管理機構、國務院銀行業監督管理機構提交報告；經驗收，符合有關要求的，應當自驗收完畢之日起三日內解除對其采取的有關措施。

Upon correction by the fund custodian, a report shall be submitted to the securities regulatory department of the State Council and the banking regulatory department of the State Council; upon acceptance inspection, where the relevant requirements are satisfied, the relevant measures adopted on the fund custodian shall be lifted within three days from the date of completion of acceptance inspection.

第四十條   國務院證券監督管理機構、國務院銀行業監督管理機構對有下列情形之一的基金托管人，可以取消其基金托管資格：

Article 40 Where a fund custodian falls under any of the following circumstances, the securities and banking regulatory authorities of the State Council may cancel its fund custody qualification:

（一）連續三年沒有開展基金托管業務的；

1. Having not engaged in any fund custody business for three consecutive years.

（二）違反本法規定，情節嚴重的；

(II) Seriously violating the provisions of this Law.

（三）法律、行政法規規定的其他情形。

(III) Other circumstances prescribed in laws and administrative regulations.

第四十一條   有下列情形之一的，基金托管人職責終止：

Article 41 The functions of a fund custodian shall terminate under any of the following circumstances:

（一）被依法取消基金托管資格；

1. Being disqualified as a fund trustee;

（二）被基金份額持有人大會解任；

2. Being dismissed by the fund share holders' meeting;

（三）依法解散、被依法撤銷或者被依法宣告破產；

(III) Being dissolved, cancelled, or declared bankruptcy according to law; or

（四）基金合同約定的其他情形。

(IV) Other circumstances stipulated in the fund contract.

第四十二條   基金托管人職責終止的，基金份額持有人大會應當在六個月內選任新基金托管人；新基金托管人產生前，由國務院證券監督管理機構指定臨時基金托管人。

Article 42 Where the duties of a fund custodian are terminated, a new fund custodian shall be elected by a fund unit holders' general meeting within six months; prior to election of the new fund custodian, the securities regulatory department of the State Council shall designate an interim fund custodian.

基金托管人職責終止的，應當妥善保管基金財產和基金托管業務資料，及時辦理基金財產和基金托管業務的移交手續，新基金托管人或者臨時基金托管人應當及時接收。

A fund trustee shall, upon termination of its duties, keep in good conditions the fund property and fund trust business materials and go through the formalities for handover of the property and business in good time, the new fund trustee or temporary fund trustee shall take over the property and business in good time.

第四十三條   基金托管人職責終止的，應當按照規定聘請會計師事務所對基金財產進行審計，並將審計結果予以公告，同時報國務院證券監督管理機構備案。

Article 43. In the event of termination of a fund trustee, an accounting firm shall be engaged to conduct an audit of the fund's assets and such audit findings shall be announced and submitted simultaneously to the securities regulatory department of the State Council for records.

第四章 基金的運作方式和組織

Chapter IV Operation Mode and Organization of Funds

第四十四條   基金合同應當約定基金的運作方式。

Article 44 A fund contract shall stipulate the fund operation method.

第四十五條   基金的運作方式可以采用封閉式、開放式或者其他方式。

Article 45 A fund may be operated in a closed -end, open -end or any other mode.

采用封閉式運作方式的基金（以下簡稱封閉式基金），是指基金份額總額在基金合同期限內固定不變，基金份額持有人不得申請贖回的基金；采用開放式運作方式的基金（以下簡稱開放式基金），是指基金份額總額不固定，基金份額可以在基金合同約定的時間和場所申購或者贖回的基金。

Funds which adopt the closed -end operation method (hereinafter referred to as the "closed -end funds") shall mean that the total quantity of fund units is fixed during the fund contract period, fund unit holders shall not apply for redemption of units; funds which adopt the open -end operation method (hereinafter referred to as "open-end funds") shall mean that the total quantity of fund units is not fixed and fund units may be subscribed or redeemed at the premises and within the period stipulated in the fund contract.

采用其他運作方式的基金的基金份額發售、交易、申購、贖回的辦法，由國務院證券監督管理機構另行規定。

The measures for the fund share offering, trading, subscription and redemption of the funds operated through other ways shall be separately prescribed by the securities regulatory authority of the State Council.

第四十六條   基金份額持有人享有下列權利：

Article 46 The fund share holders shall enjoy the following rights:

（一）分享基金財產收益；

1. Share the proceeds of the fund property;

（二）參與分配清算後的剩餘基金財產；

(II) Participating in the distribution of the residual fund property after liquidation;

（三）依法轉讓或者申請贖回其持有的基金份額；

(III) Transferring or applying for redemption of the fund shares it holds in accordance with law;

（四）按照規定要求召開基金份額持有人大會或者召集基金份額持有人大會；

(IV) Requesting to convene the fund share holders' meeting or the fund share holders' meeting according to the relevant provisions.

（五）對基金份額持有人大會審議事項行使表決權；

(V) Exercising their voting rights on the matters deliberated at the fund share holders' meeting;

（六）對基金管理人、基金托管人、基金服務機構損害其合法權益的行為依法提起訴訟；

(VI) 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.

（七）基金合同約定的其他權利。

(VII) Other rights stipulated in the fund contract.

公開募集基金的基金份額持有人有權查閱或者複制公開披露的基金信息資料；非公開募集基金的基金份額持有人對涉及自身利益的情況，有權查閱基金的財務會計賬簿等財務資料。

Fund unit holders of publicly-offered funds shall have the right to inspect or make copy of fund information and materials which have been disclosed to the public; Fund unit holders of privately - offered funds shall have the right to inspect financial materials such as financial accounting books of the fund which involve their interests.

第四十七條   基金份額持有人大會由全體基金份額持有人組成，行使下列職權：

Article 47 The fund share holders' meeting shall be composed of all fund share holders and exercise the following powers:

（一）決定基金擴募或者延長基金合同期限；

1. Deciding to offer new shares of the fund or extend the term of the fund contract.

（二）決定修改基金合同的重要內容或者提前終止基金合同；

(II) Deciding to amend the important contents in the fund contract or terminate the fund contract ahead of schedule;

（三）決定更換基金管理人、基金托管人；

3. Deciding to replace the fund management institution or fund custodian.

（四）決定調整基金管理人、基金托管人的報酬標準；

(IV) Deciding to adjust the remuneration standards for the fund management institution or fund custodian.

（五）基金合同約定的其他職權。

(V) Other powers as agreed upon in the fund contract.

第四十八條   按照基金合同約定，基金份額持有人大會可以設立日常機構，行使下列職權：

Article 48 Pursuant to the agreement in the fund contract, a fund unit holders' general meeting may establish a day-to-day organisation to exercise the following official powers:

（一）召集基金份額持有人大會；

1. Convene the fund share holders' meeting.

（二）提請更換基金管理人、基金托管人；

2. Proposing the replacement of the fund management institution or fund custodian.

（三）監督基金管理人的投資運作、基金托管人的托管活動；

(III) Supervising the investment operation of the fund manager and the fund custodian's trusteeship activities;

（四）提請調整基金管理人、基金托管人的報酬標準；

(IV) Proposing the adjustment of remuneration standards for the fund management institution or fund custodian.

（五）基金合同約定的其他職權。

(V) Other powers as agreed upon in the fund contract.

前款規定的日常機構，由基金份額持有人大會選舉產生的人員組成；其議事規則，由基金合同約定。

The day-to-day organisation stipulated in the preceding paragraph shall comprise personnel elected by a fund unit holders' general meeting; the rules of procedure for the day-to-day organisation shall be agreed in the fund contract.

第四十九條   基金份額持有人大會及其日常機構不得直接參與或者幹涉基金的投資管理活動。

Article 49 Fund unit holders' general meetings and the day-to-day organisation shall not directly participate in or interfere with the investment management activities of the fund.

第五章 基金的公開募集

Chapter 5 Public Offering of Funds

第五十條   公開募集基金，應當經國務院證券監督管理機構注冊。未經注冊，不得公開或者變相公開募集基金。

Article 50 A publicly offered fund shall be registered with the securities regulatory authority of the State Council. Without registration, public offering of the fund shall not be made directly or under any pretext.

前款所稱公開募集基金，包括向不特定對象募集資金、向特定對象募集資金累計超過二百人，以及法律、行政法規規定的其他情形。

Public offering of funds referred to in the preceding paragraph shall include offering to non- specific targets, offering to more than 200 specific targets cumulatively, and any other circumstances stipulated by laws and administrative regulations.

公開募集基金應當由基金管理人管理，基金托管人托管。

Public offering of funds shall be managed by the fund manager and placed under the custody of the fund custodian.

第五十一條   注冊公開募集基金，由擬任基金管理人向國務院證券監督管理機構提交下列文件：

Article 51 To register the public offering of a fund, the prospective fund management institution shall submit the following documents to the securities regulatory authority of the State Council:

（一）申請報告；

1. Application report;

（二）基金合同草案；

(II) A draft fund contract;

（三）基金托管協議草案；

(III) A draft fund trust agreement;

（四）招募說明書草案；

(IV) the draft prospectus;

（五）律師事務所出具的法律意見書；

(V) Legal opinions issued by a law firm;

（六）國務院證券監督管理機構規定提交的其他文件。

(VI) Other documents to be submitted as provided for by the securities regulatory department under the State Council.

第五十二條   公開募集基金的基金合同應當包括下列內容：

Article 52 A fund contract for a publicly offered fund shall include:

（一）募集基金的目的和基金名稱；

1. Purpose for raising the fund and the name of the fund;

（二）基金管理人、基金托管人的名稱和住所；

(II) Names and domiciles of the fund manager and fund trustee;

（三）基金的運作方式；

(III) the operating mode of the fund;

（四）封閉式基金的基金份額總額和基金合同期限，或者開放式基金的最低募集份額總額；

(IV) Total fund shares and the valid term of the fund contract in the case of a closed fund, or the minimum total shares to be raised in the case of an open-ended fund;

（五）確定基金份額發售日期、價格和費用的原則；

(V) Principles for determining the date of offering of fund shares, the prices and expenses;

（六）基金份額持有人、基金管理人和基金托管人的權利、義務；

(VI) Rights and obligations of the fund share holders, fund manager and fund trustee;

（七）基金份額持有人大會召集、議事及表決的程序和規則；

(VII) Procedures and rules for the convening of, and deliberation and voting on the fund share holders' meeting;

（八）基金份額發售、交易、申購、贖回的程序、時間、地點、費用計算方式，以及給付贖回款項的時間和方式；

(VIII) The procedures, time and place of the offering, trading, subscription and redemption of fund shares, the calculation method of expenses, and the time and method of payment of redemption price;

（九）基金收益分配原則、執行方式；

(IX) the principles and execution methods for fund income distributions;

（十）基金管理人、基金托管人報酬的提取、支付方式與比例；

(X) the methods for drawing and paying remuneration for the fund management institution and fund custodian and the proportion;

（十一）與基金財產管理、運用有關的其他費用的提取、支付方式；

(XI) Methods of drawing and paying other expenses relating to the management and utilization of fund property;

（十二）基金財產的投資方向和投資限制；

(XII) Directions of and restrictions on investment of fund property;

（十三）基金資產淨值的計算方法和公告方式；

(XIII) Calculation and publication methods for the net asset value of the fund;

（十四）基金募集未達到法定要求的處理方式；

(XIV) Methods of handling where the fund raised fails to meet the statutory requirements;

（十五）基金合同解除和終止的事由、程序以及基金財產清算方式；

(XV) Causes and procedures for the rescission and termination of the fund contract, as well as the liquidation method for the fund property;

（十六）爭議解決方式；

(XVI) Dispute resolution;

（十七）當事人約定的其他事項。

(XVII) Other matters agreed upon by the parties.

第五十三條   公開募集基金的基金招募說明書應當包括下列內容：

Article 53 The prospectus of a publicly offered fund shall include:

（一）基金募集申請的準予注冊文件名稱和注冊日期；

1. Name of the ratification document for the application for fund raising and the date of ratification;

（二）基金管理人、基金托管人的基本情況；

(II) Basic information of the fund manager and fund trustee;

（三）基金合同和基金托管協議的內容摘要；

(III) Summary of the fund contract and fund trust agreement;

（四）基金份額的發售日期、價格、費用和期限；

(IV) Date of offering, prices, expenses, and period of offering of the fund shares;

（五）基金份額的發售方式、發售機構及登記機構名稱；

(V) Method of offering the fund shares and the names of the offering institution and registration institution;

（六）出具法律意見書的律師事務所和審計基金財產的會計師事務所的名稱和住所；

(VI) Names and domiciles of the law firms issuing letters of legal opinion and the accounting firms auditing the fund property;

（七）基金管理人、基金托管人報酬及其他有關費用的提取、支付方式與比例；

(VII) Methods of drawing and paying and proportions of the remuneration of the fund manager and fund trustee and other relevant expenses;

（八）風險警示內容；

(VIII) risk warning contents;

（九）國務院證券監督管理機構規定的其他內容。

(IX) Other contents provided for by the securities regulatory department under the State Council.

第五十四條   國務院證券監督管理機構應當自受理公開募集基金的募集注冊申請之日起六個月內依照法律、行政法規及國務院證券監督管理機構的規定進行審查，作出注冊或者不予注冊的決定，並通知申請人；不予注冊的，應當說明理由。

Article 54 The securities regulatory department of the State Council shall examine an application for registration of a publicly-offered fund and decide on registration or non-registration within six months from the date of acceptance of the application pursuant to laws and administrative regulations and the provisions of the securities regulatory department of the State Council, and notify the applicant; the reason shall be stated for unsuccessful applications.

第五十五條   基金募集申請經注冊後，方可發售基金份額。

Article 55 The fund shares may be offered only after the application for the registration of the fund offering is approved.

基金份額的發售，由基金管理人或者其委托的基金銷售機構辦理。

The fund shares shall be offered by the fund management institution or a fund sales agency authorized by it.

第五十六條   基金管理人應當在基金份額發售的三日前公布招募說明書、基金合同及其他有關文件。

Article 56 The fund manager shall announce the fund prospectus, the fund contract and other relevant documents three days before the sale of fund units.

前款規定的文件應當真實、準確、完整。

The documents stipulated in the preceding paragraph shall be true, accurate and complete.

對基金募集所進行的宣傳推介活動，應當符合有關法律、行政法規的規定，不得有本法第七十七條所列行為。

Promotional activities for offering of fund shall comply with the provisions of the relevant laws and administrative regulations, and shall not commit any of the acts stipulated in Article 77 of this Law.

第五十七條   基金管理人應當自收到準予注冊文件之日起六個月內進行基金募集。超過六個月開始募集，原注冊的事項未發生實質性變化的，應當報國務院證券監督管理機構備案；發生實質性變化的，應當向國務院證券監督管理機構重新提交注冊申請。

Article 57 A fund manager shall start raising fund within 6 months from the day of receiving the ratification document. If the fund is offered after the six months and no substantial changes have occurred to the originally registered matters, the fund management company shall report to the securities regulatory authority of the State Council for recordation; and if there is any substantial change, it shall file a new application with the securities regulatory authority of the State Council.

基金募集不得超過國務院證券監督管理機構準予注冊的基金募集期限。基金募集期限自基金份額發售之日起計算。

The fund raising shall be finished within the fund raising period ratified by the securities regulatory department under the State Council. The fund offering period shall commence from the date of sale of fund units.

第五十八條   基金募集期限屆滿，封閉式基金募集的基金份額總額達到準予注冊規模的百分之八十以上，開放式基金募集的基金份額總額超過準予注冊的最低募集份額總額，並且基金份額持有人人數符合國務院證券監督管理機構規定的，基金管理人應當自募集期限屆滿之日起十日內聘請法定驗資機構驗資，自收到驗資報告之日起十日內，向國務院證券監督管理機構提交驗資報告，辦理基金備案手續，並予以公告。

Article 58 Upon expiry of the fund offering period, where the total quantity of fund units offered by a closed -end fund attains 80% or more of the scale approved in the registration, the total quantity of fund units offered by an open-end fund exceeds the total quantity of units of minimum offering approved in the registration, and the number of fund unit holders comply with the provisions of the securities regulatory department of the State Council, the fund manager shall appoint a statutory capital verification organisation within 10 days from the date of expiry of the offering period to verify the capital and submit a capital verification report to the securities regulatory department of the State Council within 10 days from the date of receipt of the capital verification report, complete fund filing formalities and make a public announcement.

第五十九條   基金募集期間募集的資金應當存入專門賬戶，在基金募集行為結束前，任何人不得動用。

Article 59 Funds raised during the fund offering period shall be deposited into a designated account, and no one shall use the funds before completion of the offering.

第六十條   投資人交納認購的基金份額的款項時，基金合同成立；基金管理人依照本法第五十八條的規定向國務院證券監督管理機構辦理基金備案手續，基金合同生效。

Article 60 A fund contract shall be concluded at the time of payment of subscription monies for fund units by an investor; upon completion of fund filing formalities with the securities regulatory department of the State Council by the fund manager pursuant to the provisions of Article 58 of this Law, the fund contract shall take effect.

基金募集期限屆滿，不能滿足本法第五十八條規定的條件的，基金管理人應當承擔下列責任：

Upon the expiration of the fund raising period, if the conditions prescribed in Article 58 of this Law cannot be met, the fund management institution shall assume the following liability:

（一）以其固有財產承擔因募集行為而產生的債務和費用；

1. Cover with its own property the debts and expenses incurred as a result of the fund raising;

（二）在基金募集期限屆滿後三十日內返還投資人已交納的款項，並加計銀行同期存款利息。

(II) Returning the money that the investors have paid, plus the interest accruing thereon at the current deposit rate, within 30 days after the expiration of the fund raising period.

第六章 公開募集基金的基金份額的交易、申購與贖回

Chapter 6 Trading, Subscription and Redemption of Fund Units of a Publicly Offered Fund

第六十一條   申請基金份額上市交易，基金管理人應當向證券交易所提出申請，證券交易所依法審核同意的，雙方應當簽訂上市協議。

Article 61 An application for listing and trading of fund units shall be submitted by a fund manager to the stock exchange, upon examination and approval by the stock exchange pursuant to the law, both parties shall enter into a listing agreement.

第六十二條   基金份額上市交易，應當符合下列條件：

Article 62 The following conditions shall be met for the listing and trading of fund shares:

（一）基金的募集符合本法規定；

1. the raising of fund complies with the provisions hereof;

（二）基金合同期限為五年以上；

2. The valid term of the fund contract is 5 years or more;

（三）基金募集金額不低於二億元人民幣；

(III) The capital raised is not less than 200 million yuan.

（四）基金份額持有人不少於一千人；

4. There are no less than 1,000 fund share holders.

（五）基金份額上市交易規則規定的其他條件。

(V) Other conditions set forth in the listing and trading rules of fund shares.

第六十三條   基金份額上市交易規則由證券交易所制定，報國務院證券監督管理機構批準。

Article 63 The listing and trading rules for fund units shall be formulated by the stock exchange and approved by the securities regulatory department of the State Council.

第六十四條   基金份額上市交易後，有下列情形之一的，由證券交易所終止其上市交易，並報國務院證券監督管理機構備案：

Article 64 Under any of the following circumstances after the listing and trading of fund shares, the stock exchange shall terminate the listing and trading and report to the securities regulatory authority of the State Council for recordation:

（一）不再具備本法第六十二條規定的上市交易條件；

1. The conditions for listing and trading prescribed in Article 62 of this Law are no longer met.

（二）基金合同期限屆滿；

(II) The fund contract expires;

（三）基金份額持有人大會決定提前終止上市交易；

(III) The fund share holders' meeting decides to terminate the listing prior to the due date;

（四）基金合同約定的或者基金份額上市交易規則規定的終止上市交易的其他情形。

(IV) Other circumstances under which the listing shall be terminated as agreed upon in the fund contract or prescribed in the listing and trading rules for fund shares.

第六十五條   開放式基金的基金份額的申購、贖回、登記，由基金管理人或者其委托的基金服務機構辦理。

Article 65 Subscription, redemption and registration of fund units of an open-end fund shall be handled by the fund manager or the fund intermediary entrusted by the fund manager.

第六十六條   基金管理人應當在每個工作日辦理基金份額的申購、贖回業務；基金合同另有約定的，從其約定。

Article 66 The fund manager shall handle subscription and redemption of fund units on each working day; where it is agreed otherwise in the fund contract, such agreement shall prevail.

投資人交付申購款項，申購成立；基金份額登記機構確認基金份額時，申購生效。

Subscription is established upon payment of subscription monies by an investor; upon confirmation of fund units by the fund unit registrar, subscription shall take effect.

基金份額持有人遞交贖回申請，贖回成立；基金份額登記機構確認贖回時，贖回生效。

Redemption is established upon submission of an application for redemption by a fund unit holder; redemption shall take effect upon confirmation of redemption by the fund unit registrar.

第六十七條   基金管理人應當按時支付贖回款項，但是下列情形除外：

Article 67 The fund management institution shall pay the redemption amount on time, except under the following circumstances:

（一）因不可抗力導致基金管理人不能支付贖回款項；

1. The fund manager is unable to pay for the redemption due to force majeure;

（二）證券交易場所依法決定臨時停市，導致基金管理人無法計算當日基金資產淨值；

2. The securities exchange decides to close the market according to law and as a result, the fund manager is unable to calculate the net value of the fund assets of that day;

（三）基金合同約定的其他特殊情形。

(III) Other special circumstances as agreed upon in the fund contract.

發生上述情形之一的，基金管理人應當在當日報國務院證券監督管理機構備案。

Under any of the aforesaid circumstances, the fund manager shall file record with the securities regulatory department of the State Council on the same day.

本條第一款規定的情形消失後，基金管理人應當及時支付贖回款項。

Upon elimination of the circumstances stipulated in the first paragraph of this Article, the fund manager shall promptly pay redemption monies.

第六十八條   開放式基金應當保持足夠的現金或者政府債券，以備支付基金份額持有人的贖回款項。基金財產中應當保持的現金或者政府債券的具體比例，由國務院證券監督管理機構規定。

Article 68 An open-end fund shall maintain sufficient cash or government bonds to pay redemption monies to fund unit holders readily. The specific percentage of cash or government bonds to be maintained in the fund assets shall be stipulated by the securities regulatory department of the State Council.

第六十九條   基金份額的申購、贖回價格，依據申購、贖回日基金份額淨值加、減有關費用計算。

Article 69 The subscription and redemption prices for fund shares shall be calculated on the basis of the net value of the fund shares subscribed to and redeemed plus or minus the relevant expenses.

第七十條   基金份額淨值計價出現錯誤時，基金管理人應當立即糾正，並采取合理的措施防止損失進一步擴大。計價錯誤達到基金份額淨值百分之零點五時，基金管理人應當公告，並報國務院證券監督管理機構備案。

Article 70 Where there is a mistake in the computation of net value of fund units, the fund manager shall forthwith make correction, and adopt reasonable measures to prevent further losses. Where the wrongly calculated price reaches 0.5% of the net value of the fund shares, the fund manager shall make a pubic announcement and report it to the securities regulatory department under the State Council for archival purposes.

因基金份額淨值計價錯誤造成基金份額持有人損失的，基金份額持有人有權要求基金管理人、基金托管人予以賠償。

Where the fund unit holders incur losses due to a computation error in the net value of fund units, the fund unit holders shall have the right to require the fund manager and the fund custodian to make compensation.

第七章 公開募集基金的投資與信息披露

Chapter 7 Investment and Information Disclosure of a Publicly Offered Fund

第七十一條   基金管理人運用基金財產進行證券投資，除國務院證券監督管理機構另有規定外，應當采用資產組合的方式。

Article 71 A fund manager applying fund assets to invest in securities shall, unless otherwise stipulated by the securities regulatory department of the State Council, adopt the asset portfolio method.

資產組合的具體方式和投資比例，依照本法和國務院證券監督管理機構的規定在基金合同中約定。

The specific method and investment ratio of asset portfolio shall be agreed in the fund contract pursuant to the provisions of this Law and the provisions of the securities regulatory department of the State Council.

第七十二條   基金財產應當用於下列投資：

Article 72 Fund property shall be used for the investment of:

（一）上市交易的股票、債券；

1. Listed stocks and bonds; and

（二）國務院證券監督管理機構規定的其他證券及其衍生品種。

(II) Other securities and their derivatives prescribed by the securities regulatory authority under the State Council.

第七十三條   基金財產不得用於下列投資或者活動：

Article 73 Fund property may not be used in the following investments or activities:

（一）承銷證券；

1. Securities underwriting;

（二）違反規定向他人貸款或者提供擔保；

(II) Providing loans or guarantees to others;

（三）從事承擔無限責任的投資；

(III) Engaging in investment with unlimited liability;

（四）買賣其他基金份額，但是國務院證券監督管理機構另有規定的除外；

(IV) Trading other fund shares, unless the State Council has otherwise provisions;

（五）向基金管理人、基金托管人出資；

(V) Making capital contributions to the fund management institution or fund custodian.

（六）從事內幕交易、操縱證券交易價格及其他不正當的證券交易活動；

(VI) Insider dealing, manipulating the securities price or other wrongful securities dealings; or

（七）法律、行政法規和國務院證券監督管理機構規定禁止的其他活動。

(VII) Other activities prohibited by any law or administrative regulation or the provisions of the securities regulatory authority of the State Council.

運用基金財產買賣基金管理人、基金托管人及其控股股東、實際控制人或者與其有其他重大利害關系的公司發行的證券或承銷期內承銷的證券，或者從事其他重大關聯交易的，應當遵循基金份額持有人利益優先的原則，防範利益沖突，符合國務院證券監督管理機構的規定，並履行信息披露義務。

Application of fund assets to buy and sell securities issued by the fund manager, the fund custodian and their controlling shareholders, actual controlling party or other significant interested companies or securities underwritten during the underwriting period, or engaging in other significant related party transactions shall comply with the principle that the interests of fund unit holders take precedence, prevent conflict of interests, comply with the provisions of the securities regulatory department of the State Council, and perform information disclosure obligations.

第七十四條   基金管理人、基金托管人和其他基金信息披露義務人應當依法披露基金信息，並保證所披露信息的真實性、準確性和完整性。

Article 74 Fund managers, fund custodians and other fund information disclosure obligors shall disclose fund information pursuant to the law, and ensure the veracity, accuracy and integrity of the information disclosed.

第七十五條   基金信息披露義務人應當確保應予披露的基金信息在國務院證券監督管理機構規定時間內披露，並保證投資人能夠按照基金合同約定的時間和方式查閱或者複制公開披露的信息資料。

Article 75 The parties with fund information disclosure obligations shall ensure that the information required to be disclosed is disclosed during the period prescribed by the securities regulatory authority of the State Council and ensure that the investors are able to consult or copy the publicly disclosed information according to the time and method as agreed upon in the fund contract.

第七十六條   公開披露的基金信息包括：

Article 76 The fund information to be publicly disclosed includes:

（一）基金招募說明書、基金合同、基金托管協議；

1. the fund prospectus, fund contract, and fund custody agreement;

（二）基金募集情況；

(II) Fund raising information;

（三）基金份額上市交易公告書；

(III) Public announcements of listing of the fund shares;

（四）基金資產淨值、基金份額淨值；

(IV) the net value of the fund assets and fund shares;

（五）基金份額申購、贖回價格；

(V) Prices for subscription and redemption of fund shares;

（六）基金財產的資產組合季度報告、財務會計報告及中期和年度基金報告；

(VI) Portfolio quarterly reports of fund property, financial accounting reports and the midterm and annual fund reports;

（七）臨時報告；

(VII) Interim reports;

（八）基金份額持有人大會決議；

(VIII) Resolutions of the fund share holders' meeting;

（九）基金管理人、基金托管人的專門基金托管部門的重大人事變動；

(IX) Significant personnel movements in the specialized fund trust department of the fund manager and fund trustee;

（十）涉及基金財產、基金管理業務、基金托管業務的訴訟或者仲裁；

(X) Litigations or arbitrations involving the fund property, fund management or fund trust business; and

（十一）國務院證券監督管理機構規定應予披露的其他信息。

11. other information to be disclosed as required by the securities regulatory authority of the State Council.

第七十七條   公開披露基金信息，不得有下列行為：

Article 77 The following conduct shall be prohibited in the public disclosure of fund information:

（一）虛假記載、誤導性陳述或者重大遺漏；

1. Making false records, misleading statements or major omissions;

（二）對證券投資業績進行預測；

(II) Making predictions on the securities investment performance;

（三）違規承諾收益或者承擔損失；

(III) Promising the profits or bearing the losses in violation of the regulations;

（四）诋毀其他基金管理人、基金托管人或者基金銷售機構；

(IV) Defaming other fund managers, fund trustees or fund sale institutions; or

（五）法律、行政法規和國務院證券監督管理機構規定禁止的其他行為。

(V) Acting otherwise as prohibited by any law or administrative regulation or the provisions of the securities regulatory authority of the State Council.

第八章 公開募集基金的基金合同的變更、終止與基金財產清算

Chapter 8 Alteration and Termination of the Fund Contract and Liquidation of Fund Assets

第七十八條   按照基金合同的約定或者基金份額持有人大會的決議，基金可以轉換運作方式或者與其他基金合並。

Article 78 A fund may change its operating mode or be merged with another fund as agreed upon in the fund contract or according to a resolution of the fund share holders' meeting.

第七十九條   封閉式基金擴募或者延長基金合同期限，應當符合下列條件，並報國務院證券監督管理機構備案：

Article 79 To offer new shares or renew the term of the fund contract, a closed -end fund shall meet the following conditions and report to the securities regulatory authority of the State Council for recordation:

（一）基金運營業績良好；

1. Having good fund performance;

（二）基金管理人最近二年內沒有因違法違規行為受到行政處罰或者刑事處罰；

(II) The fund manager having no record of administrative or criminal punishment for violations of laws or rules within the last two years;

（三）基金份額持有人大會決議通過；

(III) The plan being adopted by the fund share holders' meeting through resolution;

（四）本法規定的其他條件。

(IV) Other conditions provided for herein.

第八十條   有下列情形之一的，基金合同終止：

Article 80 Under any of the following circumstances, a fund contract shall terminate:

（一）基金合同期限屆滿而未延期；

1) The term of the fund contract has not been extended upon expiration;

（二）基金份額持有人大會決定終止；

2. The fund share holders' meeting decides to terminate the contract;

（三）基金管理人、基金托管人職責終止，在六個月內沒有新基金管理人、新基金托管人承接；

(III) The functions of the fund management institution or fund custodian terminate and no new fund management institution or fund custodian undertakes the functions within six months after the termination.

（四）基金合同約定的其他情形。

(IV) Other circumstances stipulated in the fund contract.

第八十一條   基金合同終止時，基金管理人應當組織清算組對基金財產進行清算。

Article 81 Upon termination of a fund contract, the fund manager shall organise a liquidation team to carry out liquidation of the fund assets.

清算組由基金管理人、基金托管人以及相關的中介服務機構組成。

The liquidation team shall comprise the fund manager, the fund custodian and the relevant intermediaries.

清算組作出的清算報告經會計師事務所審計，律師事務所出具法律意見書後，報國務院證券監督管理機構備案並公告。

The liquidation report made by the liquidation group shall be audited by the accounting firm, and shall, after the law firm issues the letter of legal opinions, be submitted to the securities regulatory department under the State Council for archival purposes and a public announcement shall be made.

第八十二條   清算後的剩餘基金財產，應當按照基金份額持有人所持份額比例進行分配。

Article 82 The residual fund property after liquidation shall be distributed according to the proportions of the shares held by the fund share holders.

第九章 公開募集基金的基金份額持有人權利行使

Chapter 9 Rights of the Fund Share Holders of a Publicly Offered Fund

第八十三條   基金份額持有人大會由基金管理人召集。基金份額持有人大會設立日常機構的，由該日常機構召集；該日常機構未召集的，由基金管理人召集。基金管理人未按規定召集或者不能召集的，由基金托管人召集。

Article 83 The fund share holders' meeting shall be convened by the fund management institution. Where a day-to-day organisation is established by a fund unit holders' general meeting, the day-to-day organisation shall convene the meeting; where the day-to-day organisation does not convene the meeting, the fund manager shall convene the meeting. Where the fund manager failed to convene a meeting pursuant to the provisions or cannot convene a meeting, the fund custodian shall convene the meeting.

代表基金份額百分之十以上的基金份額持有人就同一事項要求召開基金份額持有人大會，而基金份額持有人大會的日常機構、基金管理人、基金托管人都不召集的，代表基金份額百分之十以上的基金份額持有人有權自行召集，並報國務院證券監督管理機構備案。

Where fund unit holders representing 10% or more of fund units request for convening a fund unit holders' general meeting in respect of the same matter, but the day-to-day organisation of fund unit holders' general meeting, the fund manager and the fund custodian failed to convene a meeting, fund unit holders representing 10% or more of fund units shall have the right to convene a meeting on their own, and file record with the securities regulatory department of the State Council.

第八十四條   召開基金份額持有人大會，召集人應當至少提前三十日公告基金份額持有人大會的召開時間、會議形式、審議事項、議事程序和表決方式等事項。

Article 84 The convenor of a fund unit holders' general meeting shall announce the date of the fund unit holders' general meeting, form of meeting, agenda, rules of procedure and voting method etc at least 30 days beforehand.

基金份額持有人大會不得就未經公告的事項進行表決。

A fund unit holders' general meeting shall not vote on matters which have not been announced.

第八十五條   基金份額持有人大會可以采取現場方式召開，也可以采取通訊等方式召開。

Article 85 A fund unit holders' general meeting may be convened in the form of physical meeting, or be convened by way of correspondence, etc.

每一基金份額具有一票表決權，基金份額持有人可以委托代理人出席基金份額持有人大會並行使表決權。

Each fund unit shall carry one vote, a fund unit holder may appoint a proxy to attend a fund unit holders' general meeting and exercise voting rights.

第八十六條   基金份額持有人大會應當有代表二分之一以上基金份額的持有人參加，方可召開。

Article 86 The fund share holders' meeting may be held only when the fund share holders representing more than half of fund shares attend the meeting.

參加基金份額持有人大會的持有人的基金份額低於前款規定比例的，召集人可以在原公告的基金份額持有人大會召開時間的三個月以後、六個月以內，就原定審議事項重新召集基金份額持有人大會。重新召集的基金份額持有人大會應當有代表三分之一以上基金份額的持有人參加，方可召開。

Where the fund units held by holders attending a fund unit holders' general meeting are less than the percentage stipulated in the preceding paragraph, the convenor may reconvene a fund unit holders' general meeting after three months and within six months from the date of convening the fund unit holders' general meeting stated in the original announcement for the original agenda. The reconvened fund unit holders' general meeting may be convened only if a quorum of holders representing one-third or more of the fund units is attained.

基金份額持有人大會就審議事項作出決定，應當經參加大會的基金份額持有人所持表決權的二分之一以上通過；但是，轉換基金的運作方式、更換基金管理人或者基金托管人、提前終止基金合同、與其他基金合並，應當經參加大會的基金份額持有人所持表決權的三分之二以上通過。

A decision on an agenda matter by a fund unit holders' general meeting shall be passed by a simple majority of fund unit holders present at the meeting; however, in the event of change of mode of operation of fund, replacement of fund manager or fund custodian, premature termination of fund contract, merger with another fund, a decision shall be passed by two-thirds or more of fund unit holders present at the meeting.

基金份額持有人大會決定的事項，應當依法報國務院證券監督管理機構備案，並予以公告。

Matters decided by a fund unit holders' general meeting shall be filed with the securities regulatory department of the State Council for record pursuant to the law, and a public announcement shall be made.

第十章 非公開募集基金

Chapter 10 Non-Publicly Offered Funds

第八十七條   非公開募集基金應當向合格投資者募集，合格投資者累計不得超過二百人。

Article 87 Privately - offered funds shall make offering to qualified investors, the number of qualified investors shall not exceed 200 cumulatively.

前款所稱合格投資者，是指達到規定資產規模或者收入水平，並且具備相應的風險識別能力和風險承擔能力、其基金份額認購金額不低於規定限額的單位和個人。

Qualified investors referred to in the preceding paragraph shall mean organisations and individuals that attain the stipulated asset scale or income level, possess the corresponding risk identification capacity and risk threshold, and the subscription amount of fund units shall not be less than the stipulated amount.

合格投資者的具體標準由國務院證券監督管理機構規定。

The specific standards for qualified investors shall be prescribed by the securities regulatory authority under the State Council.

第八十八條   除基金合同另有約定外，非公開募集基金應當由基金托管人托管。

Article 88 Unless otherwise agreed in the fund contract, a privately - offered fund shall be placed under the custody of a fund custodian.

第八十九條   擔任非公開募集基金的基金管理人，應當按照規定向基金行業協會履行登記手續，報送基本情況。

Article 89 The fund management institution for a non-publicly offered fund shall undergo registration formalities at the fund association according to the relevant provisions and submit basic information.

第九十條   未經登記，任何單位或者個人不得使用“基金”或者“基金管理”字樣或者近似名稱進行證券投資活動；但是，法律、行政法規另有規定的除外。

Article 90 Without prior registration, no organisation or individual shall use the wording (s) "fund" or "fund management" or a similar name to carry out securities investment activities; unless otherwise stipulated by laws and administrative regulations.

第九十一條   非公開募集基金，不得向合格投資者之外的單位和個人募集資金，不得通過報刊、電臺、電視臺、互聯網等公眾傳播媒體或者講座、報告會、分析會等方式向不特定對象宣傳推介。

Article 91 Privately - offered funds shall not make offering to organisations and individuals other than qualified investors, and shall not carry out promotional activities for non- specific targets through public media such as newspapers, radio, television, Internet, etc or lecture, presentation, seminar, etc.

第九十二條   非公開募集基金，應當制定並簽訂基金合同。基金合同應當包括下列內容：

Article 92 For a non-publicly offered fund, a fund contract shall be prepared and signed. A fund contract shall include the following contents:

（一）基金份額持有人、基金管理人、基金托管人的權利、義務；

1. Rights and obligations of the fund share holders, fund manager and fund trustee;

（二）基金的運作方式；

(II) the operating mode of the fund;

（三）基金的出資方式、數額和認繳期限；

(III) the mode of capital contribution, amount and time limit of subscription of the fund;

（四）基金的投資範圍、投資策略和投資限制；

(IV) the scope, strategies and restrictions of fund investment;

（五）基金收益分配原則、執行方式；

(V) the principles and execution methods for fund income distributions;

（六）基金承擔的有關費用；

(VI) the relevant expenses assumed by the fund;

（七）基金信息提供的內容、方式；

(VII) contents and methods of providing fund information;

（八）基金份額的認購、贖回或者轉讓的程序和方式；

(VIII) The procedures and methods for the subscription, redemption or transfer of fund shares;

（九）基金合同變更、解除和終止的事由、程序；

(IX) the causes and procedures for the modification, rescission and termination of the fund contract;

（十）基金財產清算方式；

(X) Liquidation of fund property;

（十一）當事人約定的其他事項。

(XI) Other matters agreed upon by the parties.

基金份額持有人轉讓基金份額的，應當符合本法第八十七條、第九十一條的規定。

A fund share holder shall transfer fund shares in compliance with Articles 87 and 91 of this Law.

第九十三條   按照基金合同約定，非公開募集基金可以由部分基金份額持有人作為基金管理人負責基金的投資管理活動，並在基金財產不足以清償其債務時對基金財產的債務承擔無限連帶責任。

Article 93 As agreed upon in the fund contract for a non-publicly offered fund, some fund share holders may serve in the capacity of a fund management institution responsible for the investment management of the fund and shall bear unlimited joint and several liability for the debts incurred by fund assets when fund assets are insufficient for repayment of such debts.

前款規定的非公開募集基金，其基金合同還應載明：

The fund contract of a privately - offered fund stipulated in the preceding paragraph shall also state:

（一）承擔無限連帶責任的基金份額持有人和其他基金份額持有人的姓名或者名稱、住所；

1. the names and domiciles of the fund share holders assuming unlimited joint and several liability and other fund share holders;

（二）承擔無限連帶責任的基金份額持有人的除名條件和更換程序；

(II) the conditions for removing and procedures for replacing the fund share holders who bear unlimited joint and several liability;

（三）基金份額持有人增加、退出的條件、程序以及相關責任；

(III) the conditions and procedures for the increase and exit of fund share holders and relevant responsibilities;

（四）承擔無限連帶責任的基金份額持有人和其他基金份額持有人的轉換程序。

(IV) the procedures for conversion between the fund share holders assuming unlimited joint and several liability and other fund share holders.

第九十四條   非公開募集基金募集完畢，基金管理人應當向基金行業協會備案。對募集的資金總額或者基金份額持有人的人數達到規定標準的基金，基金行業協會應當向國務院證券監督管理機構報告。

Article 94 Upon completion of offering of a privately - offered fund, the fund manager shall file record with the fund industry association. Where the total amount of funds raised or the number of fund unit holders attains the stipulated standard, the fund industry association shall report to the securities regulatory department of the State Council.

非公開募集基金財產的證券投資，包括買賣公開發行的股份有限公司股票、債券、基金份額，以及國務院證券監督管理機構規定的其他證券及其衍生品種。

Securities investments using the assets of a privately - offered fund shall include trading of shares of companies limited by shares which make a public offering, bonds, fund units, and other securities and derivatives thereof stipulated by the securities regulatory department of the State Council.

第九十五條   基金管理人、基金托管人應當按照基金合同的約定，向基金份額持有人提供基金信息。

Article 95 Fund managers and fund custodians shall provide fund information to fund unit holders in accordance with the agreement in the fund contract.

第九十六條   專門從事非公開募集基金管理業務的基金管理人，其股東、高級管理人員、經營期限、管理的基金資產規模等符合規定條件的，經國務院證券監督管理機構核準，可以從事公開募集基金管理業務。

Article 96 Where the shareholders, senior management personnel, business period, scale of fund assets managed, etc of a fund manager specialising in fund management business of privately - offered funds satisfy the stipulated criteria, upon approval by the securities regulatory department of the State Council, the fund manager may engage in fund management business of publicly-offered funds.

第十一章 基金服務機構

Chapter 11 Fund Service Institutions

第九十七條   從事公開募集基金的銷售、銷售支付、份額登記、估值、投資顧問、評價、信息技術系統服務等基金服務業務的機構，應當按照國務院證券監督管理機構的規定進行注冊或者備案。

Article 97 Organisations engaging in fund service businesses such as sale, payment, registration of units, valuation, investment advisory, rating, information technology system service, etc for publicly-offered funds shall complete registration or filing formalities pursuant to the provisions of the securities regulatory department of the State Council.

第九十八條   基金銷售機構應當向投資人充分揭示投資風險，並根據投資人的風險承擔能力銷售不同風險等級的基金產品。

Article 98 Fund sales agencies shall fully disclose investment risks to investors, and sell fund products of different risk levels to investors based on their risk threshold.

第九十九條   基金銷售支付機構應當按照規定辦理基金銷售結算資金的劃付，確保基金銷售結算資金安全、及時劃付。

Article 99 Fund sales payment organisations shall handle transfer and payment of fund sales settlement funds pursuant to the provisions, and ensure secured and prompt transfer and payment of fund sales settlement funds.

第一百條   基金銷售結算資金、基金份額獨立於基金銷售機構、基金銷售支付機構或者基金份額登記機構的自有財產。基金銷售機構、基金銷售支付機構或者基金份額登記機構破產或者清算時，基金銷售結算資金、基金份額不屬於其破產財產或者清算財產。非因投資人本身的債務或者法律規定的其他情形，不得查封、凍結、扣劃或者強制執行基金銷售結算資金、基金份額。

Article 100 Fund sales settlement funds and fund units shall be independent from properties of the fund sales agency, fund sales payment organisation or fund unit registrar. In the event of bankruptcy or liquidation of a fund sales agency, fund sales payment organisation or fund unit registrar, fund sales settlement funds and fund units shall not fall under bankruptcy assets or liquidation assets. Under other circumstances which are not due to the debts of the investors or stipulated by the laws, fund sales settlement funds and fund units shall not be seized, frozen, deducted or enforced.

基金銷售機構、基金銷售支付機構、基金份額登記機構應當確保基金銷售結算資金、基金份額的安全、獨立，禁止任何單位或者個人以任何形式挪用基金銷售結算資金、基金份額。

Fund sales agencies, fund sales payment organisations and fund unit registrars shall ensure the security and independence of fund sales settlement funds and fund units, no organisation or individual shall misappropriate fund sales settlement funds or fund units in any form.

第一百零一條   基金管理人可以委托基金服務機構代為辦理基金的份額登記、核算、估值、投資顧問等事項，基金托管人可以委托基金服務機構代為辦理基金的核算、估值、複核等事項，但基金管理人、基金托管人依法應當承擔的責任不因委托而免除。

Article 101 A fund manager may entrust a fund intermediary to handle fund unit registration, accounting, valuation, investment advisory, etc on its behalf, a fund custodian may entrust a fund intermediary to handle accounting, valuation, review for the fund on its behalf, but the liability to be borne by the fund manager or the fund custodian pursuant to the law shall not be exempted due to the entrustment.

第一百零二條   基金份額登記機構以電子介質登記的數據，是基金份額持有人權利歸屬的根據。基金份額持有人以基金份額出質的，質權自基金份額登記機構辦理出質登記時設立。

Article 102 Data registered electronically by the fund unit registrar shall be the basis for attribution of rights of fund unit holders. Where a fund unit holder pledges his/her fund units, the pledge rights shall be created at the time of pledge registration by the fund unit registrar.

基金份額登記機構應當妥善保存登記數據，並將基金份額持有人名稱、身份信息及基金份額明細等數據備份至國務院證券監督管理機構認定的機構。其保存期限自基金賬戶銷戶之日起不得少於二十年。

Fund unit registrars shall keep registration data properly, and back up data such as name and identity information of fund unit holders and breakdown of fund units, etc with an organisation recognised by the securities regulatory department of the State Council. The retention period shall not be less than 20 years from the date of cancellation of the fund account.

基金份額登記機構應當保證登記數據的真實、準確、完整，不得隱匿、偽造、篡改或者毀損。

Fund unit registrars shall ensure the veracity, accuracy and integrity of registration data, and shall not conceal, forge, tamper with or destroy registration data.

第一百零三條   基金投資顧問機構及其從業人員提供基金投資顧問服務，應當具有合理的依據，對其服務能力和經營業績進行如實陳述，不得以任何方式承諾或者保證投資收益，不得損害服務對象的合法權益。

Article 103 Fund investment advisory organisations and their practitioners providing fund investment advisory services shall have reasonable basis, and state their service capacity and business results truthfully, and shall not guarantee or undertake investment gains in any manner or harm the legitimate rights and interests of their clients.

第一百零四條   基金評價機構及其從業人員應當客觀公正，按照依法制定的業務規則開展基金評價業務，禁止誤導投資人，防範可能發生的利益沖突。

Article 104 Fund rating agencies and their practitioners shall be objective and equitable, carry out fund rating pursuant to business rules formulated pursuant to the law, shall not mislead investors, and shall prevent possible conflict of interests.

第一百零五條   基金管理人、基金托管人、基金服務機構的信息技術系統，應當符合規定的要求。國務院證券監督管理機構可以要求信息技術系統服務機構提供該信息技術系統的相關資料。

Article 105 The information technology systems of fund managers, fund custodians and fund intermediaries shall satisfy the stipulated requirements. The securities regulatory department of the State Council may require an information technology system service organisation to provide the relevant materials of the said information technology system.

第一百零六條   律師事務所、會計師事務所接受基金管理人、基金托管人的委托，為有關基金業務活動出具法律意見書、審計報告、內部控制評價報告等文件，應當勤勉盡責，對所依據的文件資料內容的真實性、準確性、完整性進行核查和驗證。其制作、出具的文件有虛假記載、誤導性陳述或者重大遺漏，給他人財產造成損失的，應當與委托人承擔連帶賠償責任。

Article 106 Law firms and accounting firms entrusted by fund managers and fund custodians to issue legal opinions, audit reports, internal control evaluation reports, etc for the relevant fund business activities shall act diligently and responsibly, inspect and verify the veracity, accuracy and integrity of the contents of basis documents and materials. Where the documents prepared or issued by the law firm or accounting firm contain any false record, misleading statement or major omission, causing any loss to the assets of others, the law firm or accounting firm shall assume joint and several liability for compensation together with the client.

第一百零七條   基金服務機構應當勤勉盡責、恪盡職守，建立應急等風險管理制度和災難備份系統，不得泄露與基金份額持有人、基金投資運作相關的非公開信息。

Article 107 Fund intermediaries shall act diligently and responsibly, abide by their duties, establish risk management system and disaster backup system, etc for contingencies, shall not divulge unpublicised information relating to fund unit holders and fund investment operations.

第十二章 基金行業協會

Chapter 12 Fund Associations

第一百零八條   基金行業協會是證券投資基金行業的自律性組織，是社會團體法人。

Article 108 Fund associations are the self-regulatory organizations of the securities investment fund sector and are social group legal persons.

基金管理人、基金托管人應當加入基金行業協會，基金服務機構可以加入基金行業協會。

Fund managers and fund custodians shall join fund industry associations, fund intermediaries may join fund industry associations.

第一百零九條   基金行業協會的權力機構為全體會員組成的會員大會。

Article 109 The authority of a fund industry association shall be the members' congress comprising all members.

基金行業協會設理事會。理事會成員依章程的規定由選舉產生。

A fund association shall establish a council. The members of the council shall be elected in accordance with the provisions of the constitution.

第一百一十條   基金行業協會章程由會員大會制定，並報國務院證券監督管理機構備案。

Article 110 The articles of association of a fund industry association shall be formulated by the members' congress, and filed with the securities regulatory department of the State Council for record.

第一百一十一條   基金行業協會履行下列職責：

Article 111 A fund association shall perform the following duties:

（一）教育和組織會員遵守有關證券投資的法律、行政法規，維護投資人合法權益；

1. educating and organizing members regarding compliance with laws and administrative regulations on securities investment and protecting the lawful rights and interests of investors;

（二）依法維護會員的合法權益，反映會員的建議和要求；

(II) Safeguarding the legitimate rights and interests of its members and reporting the suggestions and requirements of its members;

（三）制定和實施行業自律規則，監督、檢查會員及其從業人員的執業行為，對違反自律規則和協會章程的，按照規定給予紀律處分；

(III) formulating and implementing industrial self-disciplinary rules, supervising and inspecting the practice of the members and their practitioners, and taking disciplinary actions according to the relevant provisions against those who violate the self-disciplinary rules or the articles of association of the association;

（四）制定行業執業標準和業務規範，組織基金從業人員的從業考試、資質管理和業務培訓；

(IV) Developing the industry's practicing standards and business rules, and organizing the practicing examination, qualification management and business training for fund practitioners;

（五）提供會員服務，組織行業交流，推動行業創新，開展行業宣傳和投資人教育活動；

(V) providing membership services, organizing exchanges within the sector, promoting innovation in the sector, and conducting sector publicity and investor education; and

（六）對會員之間、會員與客戶之間發生的基金業務糾紛進行調解；

(VI) Mediating any fund business dispute between its members or between its members and clients;

（七）依法辦理非公開募集基金的登記、備案；

(VII) Handling registration and recordation of non-publicly offered funds in accordance with law;

（八）協會章程規定的其他職責。

(VIII) Other duties as specified by the bylaws of the association.

第十三章 監督管理

Chapter 13 Supervision and Administration

第一百一十二條   國務院證券監督管理機構依法履行下列職責：

Article 112 The securities regulatory department under the State Council shall perform the following duties according to law:

（一）制定有關證券投資基金活動監督管理的規章、規則，並行使審批、核準或者注冊權；

1. Formulating the regulations and rules on the supervision and administration of the activities concerning securities investment fund and exercising the power of examination and approval, ratification or registration;

（二）辦理基金備案；

2. Handling fund recordation.

（三）對基金管理人、基金托管人及其他機構從事證券投資基金活動進行監督管理，對違法行為進行查處，並予以公告；

(III) Supervise and administer the activities concerning securities investment fund undertaken by the fund manager, fund trustee and other institutions, and investigate and punish the illegal acts and make them public;

（四）制定基金從業人員的資格標準和行為準則，並監督實施；

(IV) Formulate the qualification standards and code of conduct of the fund industry practitioners and supervise the implementation thereof.

（五）監督檢查基金信息的披露情況；

(V) Supervising and inspecting the disclosure of fund information;

（六）指導和監督基金行業協會的活動；

(VI) Guiding and supervising the activities of fund associations; and

（七）法律、行政法規規定的其他職責。

(VII) other duties stipulated by laws and administrative regulations.

第一百一十三條   國務院證券監督管理機構依法履行職責，有權采取下列措施：

Article 113 In legally performing its responsibilities, the securities regulatory authority under the State Council has the right to take the following measures:

（一）對基金管理人、基金托管人、基金服務機構進行現場檢查，並要求其報送有關的業務資料；

1. Conducting on-site inspections of fund management institutions, fund custodians and fund service providers and requiring them to submit relevant business data;

（二）進入涉嫌違法行為發生場所調查取證；

2. Entering the suspected premises for investigation and evidence collection;

（三）詢問當事人和與被調查事件有關的單位和個人，要求其對與被調查事件有關的事項作出說明；

(III) inquiring the parties concerned and the entities and individuals relating to the event under investigation and requiring them to give explanations with respect to the matters relating to the event under investigation;

（四）查閱、複制與被調查事件有關的財產權登記、通訊記錄等資料；

(IV) Consulting and copying property right registration materials, communication records and other materials related to the investigated case;

（五）查閱、複制當事人和與被調查事件有關的單位和個人的證券交易記錄、登記過戶記錄、財務會計資料及其他相關文件和資料；對可能被轉移、隱匿或者毀損的文件和資料，可以予以封存；

(V) Consulting and copying the securities trading records, transfer registration records, financial accounting materials and other relevant documents and materials of the parties to and entities and individuals involved in the investigated event; and sealing the documents and materials that may be transferred, concealed or destroyed.

（六）查詢當事人和與被調查事件有關的單位和個人的資金賬戶、證券賬戶和銀行賬戶；對有證據證明已經或者可能轉移或者隱匿違法資金、證券等涉案財產或者隱匿、偽造、毀損重要證據的，經國務院證券監督管理機構主要負責人批準，可以凍結或者查封；

(VI) Enquiring about the capital accounts, securities accounts or bank accounts of the parties to and entities and individuals relating to the event under investigation, and, where there is any evidence proving that the illegal capital or securities and other assets involved have been or may be transferred or concealed or that important evidence has been or may be concealed, forged or damaged, freezing or sealing up such assets or assets upon the approval of the principal of the securities regulatory authority under the State Council; and

（七）在調查操縱證券市場、內幕交易等重大證券違法行為時，經國務院證券監督管理機構主要負責人批準，可以限制被調查事件當事人的證券買賣，但限制的期限不得超過十五個交易日；案情複雜的，可以延長十五個交易日。

(VII) In the investigation of any major securities irregularity such as manipulation of the securities market or insider trading, subject to the approval of the principal of the securities regulatory authority under the State Council, restrict the securities trading activities of any of the parties involved in a case under investigation for up to 15 trading days; where the circumstances are complex, the period of time for which restrictions apply may be extended for a further 15 trading days.

第一百一十四條   國務院證券監督管理機構工作人員依法履行職責，進行調查或者檢查時，不得少於二人，並應當出示合法證件；對調查或者檢查中知悉的商業秘密負有保密的義務。

Article 114 At the time of performance of duties pursuant to the law in conducting investigation or inspection, there shall be not less than two officers of the securities regulatory department of the State Council who shall present their credentials; they shall be obligated to keep confidentiality of commercial secrets which have come into their knowledge in the course of investigation or inspection.

第一百一十五條   國務院證券監督管理機構工作人員應當忠於職守，依法辦事，公正廉潔，接受監督，不得利用職務牟取私利。

Article 115 The personnel of the securities regulatory authority of the State Council shall devote themselves to their duties, perform their duties in accordance with law, adhere to impartiality and integrity, and accept supervision, without seeking any private gains by taking advantage of their positions.

第一百一十六條   國務院證券監督管理機構依法履行職責時，被調查、檢查的單位和個人應當配合，如實提供有關文件和資料，不得拒絕、阻礙和隱瞞。

Article 116 When the securities regulatory department of the State Council performs duties pursuant to the law, the organisation and individual subject to investigation and inspection shall cooperate and provide the relevant documents and materials truthfully, and shall not refuse, hinder or conceal.

第一百一十七條   國務院證券監督管理機構依法履行職責，發現違法行為涉嫌犯罪的，應當將案件移送司法機關處理。

Article 117 When the securities regulatory department of the State Council discovers, in the course of performing its duties pursuant to the law, that an illegal act may constitute a criminal offence, the case shall be forwarded to the judicial authorities for handling.

第一百一十八條   國務院證券監督管理機構工作人員在任職期間，或者離職後在《中華人民共和國公務員法》規定的期限內，不得在被監管的機構中擔任職務。

Article 118 During the term of office or a period prescribed in the Civil Servant Law of the People's Republic of China after leaving office, the personnel of the securities regulatory authority of the State Council shall not hold any positions in the institutions under supervision and administration.

第十四章 法律責任

Chapter 14 Legal Liabilities

第一百一十九條   違反本法規定，未經批準擅自設立基金管理公司或者未經核準從事公開募集基金管理業務的，由證券監督管理機構予以取締或者責令改正，沒收違法所得，並處違法所得一倍以上五倍以下罰款；沒有違法所得或者違法所得不足一百萬元的，並處十萬元以上一百萬元以下罰款。對直接負責的主管人員和其他直接責任人員給予警告，並處三萬元以上三十萬元以下罰款。

Article 119 Persons who violate the provisions of this Law in setting up a fund management company arbitrarily without approval or engaging in public offering fund management business without prior approval shall be outlawed by the securities regulatory authorities or ordered to make correction, illegal income shall be confiscated, and a fine ranging from one to five times the illegal income amount shall be imposed; where there is no illegal income or the illegal income amount is less than RMB1 million, a fine ranging from RMB100,000 to RMB1 million shall be imposed. The person-in-charge and any other person directly responsible shall be given a warning and imposed a fine of 30,000 yuan up to 300, 000 yuan.

基金管理公司違反本法規定，擅自變更持有百分之五以上股權的股東、實際控制人或者其他重大事項的，責令改正，沒收違法所得，並處違法所得一倍以上五倍以下罰款；沒有違法所得或者違法所得不足五十萬元的，並處五萬元以上五十萬元以下罰款。對直接負責的主管人員給予警告，並處三萬元以上十萬元以下罰款。

Fund management companies which violate the provisions of this Law in making change of shareholders and the actual controlling party holding 5% or more of the shares or any other significant change shall be ordered to make correction, illegal income shall be confiscated, and a fine ranging from one to five times the illegal income amount shall be imposed; where there is no illegal income or the illegal income amount is less than RMB500,000, a fine ranging from RMB50,000 to RMB500,000 shall be imposed. The directly responsible person in charge shall be warned and each fined 30,000 yuan up to 100,000 yuan.

第一百二十條   基金管理人的董事、監事、高級管理人員和其他從業人員，基金托管人的專門基金托管部門的高級管理人員和其他從業人員，未按照本法第十七條第一款規定申報的，責令改正，處三萬元以上十萬元以下罰款。

Article 120 The directors, supervisors, senior executives and other employees of a fund management institution or the senior executives and other employees of the specialized fund custody department of a fund custodian, who fail to make declarations in accordance with paragraph 1, Article 17 of this Law, shall be ordered to make correction and each fined 30,000 yuan up to 100,000 yuan.

基金管理人、基金托管人違反本法第十七條第二款規定的，責令改正，處十萬元以上一百萬元以下罰款；對直接負責的主管人員和其他直接責任人員給予警告，暫停或者撤銷基金從業資格，並處三萬元以上三十萬元以下罰款。

Fund managers and fund custodians which violate the provisions of the second paragraph of Article 17 of this Law shall be ordered to make correction and be subject to a fine ranging from RMB100,000 to RMB1 million; person (s) -in-charge who is/are directly accountable and other directly accountable personnel shall be subject to a warning, suspension or revocation of fund practitioner qualification, and a fine ranging from RMB30,000 to RMB300,000.

第一百二十一條   基金管理人的董事、監事、高級管理人員和其他從業人員，基金托管人的專門基金托管部門的高級管理人員和其他從業人員違反本法第十八條規定的，責令改正，沒收違法所得，並處違法所得一倍以上五倍以下罰款；沒有違法所得或者違法所得不足一百萬元的，並處十萬元以上一百萬元以下罰款；情節嚴重的，撤銷基金從業資格。

Article 121 Directors, supervisors and senior management personnel and other practitioners of fund managers, senior management personnel and other practitioners of specialised fund custodian department of fund custodians who violate the provisions of Article 18 of this Law shall be ordered to make correction, illegal income shall be confiscated, and a fine ranging from one to five times the illegal income amount shall be imposed; where there is no illegal income or the illegal income amount is less than RMB1 million, a fine ranging from RMB100,000 to RMB1 million shall be imposed; where the case is serious, fund practitioner qualification shall be revoked.

第一百二十二條   基金管理人、基金托管人違反本法規定，未對基金財產實行分別管理或者分賬保管，責令改正，處五萬元以上五十萬元以下罰款；對直接負責的主管人員和其他直接責任人員給予警告，暫停或者撤銷基金從業資格，並處三萬元以上三十萬元以下罰款。

Article 122 A fund management institution or fund custodian, which, in violation of this Law, fails to apply separate management or separate accounts to fund assets, shall be ordered to make correction and fined 50,000 yuan up to 500,000 yuan; and its directly responsible person in charge and other directly liable persons shall be warned, with their fund business qualifications suspended or revoked, and be each fined 30,000 yuan up to 300,000 yuan.

第一百二十三條   基金管理人、基金托管人及其董事、監事、高級管理人員和其他從業人員有本法第二十條所列行為之一的，責令改正，沒收違法所得，並處違法所得一倍以上五倍以下罰款；沒有違法所得或者違法所得不足一百萬元的，並處十萬元以上一百萬元以下罰款；基金管理人、基金托管人有上述行為的，還應當對其直接負責的主管人員和其他直接責任人員給予警告，暫停或者撤銷基金從業資格，並處三萬元以上三十萬元以下罰款。

Article 123 Fund managers, fund custodians and their directors, supervisors and senior management personnel and other practitioners that have committed any of the acts set out in Article 20 of this Law shall be ordered to make correction, illegal income shall be confiscated, and a fine ranging from one to five times the illegal income amount shall be imposed; where there is no illegal income or the illegal income amount is less than RMB1 million, a fine ranging from RMB100,000 to RMB1 million shall be imposed; the person (s) -in-charge who is/are directly accountable and other directly accountable personnel of fund managers and fund custodians that have committed the aforesaid acts shall also be subject to a warning, suspension or revocation of fund practitioner qualification, and a fine ranging from RMB30,000 to RMB300,000.

基金管理人、基金托管人及其董事、監事、高級管理人員和其他從業人員侵占、挪用基金財產而取得的財產和收益，歸入基金財產。但是，法律、行政法規另有規定的，依照其規定。

Properties and gains derived by fund managers, fund custodians and their directors, supervisors, senior management personnel and other practitioners from encroachment and misappropriation of fund assets shall be included in fund assets. Where the laws and administrative regulations provide otherwise, such provisions shall prevail.

第一百二十四條   基金管理人的股東、實際控制人違反本法第二十三條規定的，責令改正，沒收違法所得，並處違法所得一倍以上五倍以下罰款；沒有違法所得或者違法所得不足一百萬元的，並處十萬元以上一百萬元以下罰款；對直接負責的主管人員和其他直接責任人員給予警告，暫停或者撤銷基金或證券從業資格，並處三萬元以上三十萬元以下罰款。

Article 124 Shareholders and the actual controlling party of a fund manager who violate the provisions of Article 23 of this Law shall be ordered to make correction, illegal income shall be confiscated, and a fine ranging from one to five times the illegal income amount shall be imposed; where there is no illegal income or the illegal income amount is less than RMB1 million, a fine ranging from RMB100,000 to RMB1 million shall be imposed; person (s) -in-charge who is/are directly accountable and other directly accountable personnel shall be subject to a warning, suspension or revocation of fund or securities practitioner qualification, and a fine ranging from RMB30,000 to RMB300,000.

第一百二十五條   未經核準，擅自從事基金托管業務的，責令停止，沒收違法所得，並處違法所得一倍以上五倍以下罰款；沒有違法所得或者違法所得不足一百萬元的，並處十萬元以上一百萬元以下罰款；對直接負責的主管人員和其他直接責任人員給予警告，並處三萬元以上三十萬元以下罰款。

Article 125 Persons who engage in fund custodian business arbitrarily without approval shall be ordered to cease operation of the fund custodian business, illegal income shall be confiscated, and a fine ranging from one to five times the illegal income amount shall be imposed; where there is no illegal income or the illegal income amount is less than RMB1 million, a fine ranging from RMB100,000 to RMB1 million shall be imposed; person (s) -in-charge who is/are directly accountable and other directly accountable personnel shall be subject to a warning and a fine ranging from RMB30,000 to RMB300,000.

第一百二十六條   基金管理人、基金托管人違反本法規定，相互出資或者持有股份的，責令改正，可以處十萬元以下罰款。

Article 126 Fund managers and fund custodians that violate the provisions of this Law in mutual capital contribution or shareholding shall be ordered to make correction and a fine of not more than RMB100,000 may be imposed.

第一百二十七條   違反本法規定，擅自公開或者變相公開募集基金的，責令停止，返還所募資金和加計的銀行同期存款利息，沒收違法所得，並處所募資金金額百分之一以上百分之五以下罰款。對直接負責的主管人員和其他直接責任人員給予警告，並處五萬元以上五十萬元以下罰款。

Article 127 Whoever publicly offers a fund without approval, whether explicitly or implicitly, in violation of this Law, shall be ordered to cease the offering and refund the capital raised plus the bank deposit interest over the same period, with any illegal income confiscated, and be fined 1% up to 5% of the capital raised. The person directly in charge and any other person directly responsible shall be given a warning and fined between CNY50,000 and CNY500,000.

第一百二十八條   違反本法第五十九條規定，動用募集的資金的，責令返還，沒收違法所得，並處違法所得一倍以上五倍以下罰款；沒有違法所得或者違法所得不足五十萬元的，並處五萬元以上五十萬元以下罰款；對直接負責的主管人員和其他直接責任人員給予警告，並處三萬元以上三十萬元以下罰款。

Article 128 Persons who violate the provisions of Article 59 of this Law in applying funds raised shall be ordered to return the funds, illegal income shall be confiscated, and a fine ranging from one to five times the illegal income amount shall be imposed; where there is no illegal income or the illegal income amount is less than RMB500,000, a fine ranging from RMB50,000 to RMB500,000 shall be imposed; person (s) -in-charge who is/are directly accountable and other directly accountable personnel shall be subject to a warning and a fine ranging from RMB30,000 to RMB300,000.

第一百二十九條   基金管理人、基金托管人有本法第七十三條第一款第一項至第五項和第七項所列行為之一，或者違反本法第七十三條第二款規定的，責令改正，處十萬元以上一百萬元以下罰款；對直接負責的主管人員和其他直接責任人員給予警告，暫停或者撤銷基金從業資格，並處三萬元以上三十萬元以下罰款。

Article 129 Fund managers and fund custodians which have committed any of the acts set out in item (1) to item (5) and item (7) of the first paragraph of Article 73 of this Law or violate the provisions of the second paragraph of Article 73 of this Law shall be ordered to make correction and be subject to a fine ranging from RMB100,000 to RMB1 million; person (s) -in-charge who is/are directly accountable and other directly accountable personnel shall be subject to a warning, suspension or revocation of fund practitioner qualification and a fine ranging from RMB30,000 to RMB300,000.

基金管理人、基金托管人有前款行為，運用基金財產而取得的財產和收益，歸入基金財產。但是，法律、行政法規另有規定的，依照其規定。

Where the fund manager and fund trustee commit any of the acts prescribed in the preceding paragraph, the property and proceeds obtained through utilization of the fund property shall be included into the fund property. Where the laws and administrative regulations provide otherwise, such provisions shall prevail.

第一百三十條   基金管理人、基金托管人有本法第七十三條第一款第六項規定行為的，除依照《中華人民共和國證券法》的有關規定處罰外，對直接負責的主管人員和其他直接責任人員暫停或者撤銷基金從業資格。

Article 130 Fund managers and fund custodians which have committed any of the acts stipulated in item (6) of the first paragraph of Article 73 of this Law shall be punished pursuant to the relevant provisions of the Securities Law of the People's Republic of China, in addition, person (s) -in-charge who is/are directly accountable and other directly accountable personnel shall be subject to suspension or revocation of fund practitioner qualification.

第一百三十一條   基金信息披露義務人不依法披露基金信息或者披露的信息有虛假記載、誤導性陳述或者重大遺漏的，責令改正，沒收違法所得，並處十萬元以上一百萬元以下罰款；對直接負責的主管人員和其他直接責任人員給予警告，暫停或者撤銷基金從業資格，並處三萬元以上三十萬元以下罰款。

Article 131 Fund information disclosure obligors who failed to disclose fund information pursuant to the law or disclose information containing false records, misrepresentations or major omissions shall be ordered to make correction, illegal income shall be confiscated, and a fine ranging from RMB100,000 to RMB1 million shall be imposed; person (s) -in-charge who is/are directly accountable and other directly accountable personnel shall be subject to a warning, suspension or revocation of fund practitioner qualification and a fine ranging from RMB30,000 to RMB300,000.

第一百三十二條   基金管理人或者基金托管人不按照規定召集基金份額持有人大會的，責令改正，可以處五萬元以下罰款；對直接負責的主管人員和其他直接責任人員給予警告，暫停或者撤銷基金從業資格。

Article 132 A fund management institution or fund custodian which fails to convene the fund share holders' meeting according to the relevant provisions shall be ordered to make correction and may be fined not more than 50,000 yuan; and its directly responsible person in charge and other directly liable persons shall be warned, with their fund business qualifications suspended or revoked.

第一百三十三條   違反本法規定，未經登記，使用“基金”或者“基金管理”字樣或者近似名稱進行證券投資活動的，沒收違法所得，並處違法所得一倍以上五倍以下罰款；沒有違法所得或者違法所得不足一百萬元的，並處十萬元以上一百萬元以下罰款。對直接負責的主管人員和其他直接責任人員給予警告，並處三萬元以上三十萬元以下罰款。

Article 133 Whoever, in violation of this Law, uses the word of "fund" or words "fund management" or any similar name to engage in securities investment without registration shall, with any illegal income confiscated, be fined one up to five times the amount of illegal income; or if there is no illegal income or the illegal income is less than one million yuan, be fined 100,000 yuan up to one million yuan. The person-in-charge and any other person directly responsible shall be given a warning and imposed a fine of 30,000 yuan up to 300, 000 yuan.

第一百三十四條   違反本法規定，非公開募集基金募集完畢，基金管理人未備案的，處十萬元以上三十萬元以下罰款。對直接負責的主管人員和其他直接責任人員給予警告，並處三萬元以上十萬元以下罰款。

Article 134 A fund management institution which, in violation of this Law, fails to undergo recordation formalities after completing the offering of a non-publicly offered fund shall be fined 100,000 yuan up to 300,000 yuan. The person-in-charge and any other person directly responsible shall be given a warning and imposed a fine of 30,000 yuan up to 100, 000 yuan.

第一百三十五條   違反本法規定，向合格投資者之外的單位或者個人非公開募集資金或者轉讓基金份額的，沒收違法所得，並處違法所得一倍以上五倍以下罰款；沒有違法所得或者違法所得不足一百萬元的，並處十萬元以上一百萬元以下罰款。對直接負責的主管人員和其他直接責任人員給予警告，並處三萬元以上三十萬元以下罰款。

Article 135 Whoever, in violation of this Law, non-publicly offers a fund or transfers such fund shares to any entity or individual other than qualified investors shall, with any illegal income confiscated, be fined one up to five times the amount of illegal income; or if there is no illegal income or the illegal income is less than one million yuan, be fined 100,000 yuan up to one million yuan. The person-in-charge and any other person directly responsible shall be given a warning and imposed a fine of 30,000 yuan up to 300, 000 yuan.

第一百三十六條   違反本法規定，擅自從事公開募集基金的基金服務業務的，責令改正，沒收違法所得，並處違法所得一倍以上五倍以下罰款；沒有違法所得或者違法所得不足三十萬元的，並處十萬元以上三十萬元以下罰款。對直接負責的主管人員和其他直接責任人員給予警告，並處三萬元以上十萬元以下罰款。

Article 136 Whoever, in violation of this Law, engages in the fund service business for publicly offered funds shall be ordered to make correction, with any illegal income confiscated, and be fined one up to five times the amount of illegal income; or if there is no illegal income or the illegal income is less than 300,000 yuan, be fined 100,000 yuan up to 300,000 yuan. The person-in-charge and any other person directly responsible shall be given a warning and imposed a fine of 30,000 yuan up to 100, 000 yuan.

第一百三十七條   基金銷售機構未向投資人充分揭示投資風險並誤導其購買與其風險承擔能力不相當的基金產品的，處十萬元以上三十萬元以下罰款；情節嚴重的，責令其停止基金服務業務。對直接負責的主管人員和其他直接責任人員給予警告，撤銷基金從業資格，並處三萬元以上十萬元以下罰款。

Article 137 A fund distributor which fails to fully disclose investment risks to the investors and misleads the investors into purchasing any fund products unsuitable to their risk tolerance shall be fined 100,000 yuan up to 300,000 yuan; and if the circumstances are serious, be ordered to cease the fund service business. Its directly responsible person in charge and other directly liable persons shall be warned, with their fund business qualifications revoked, and be each fined 30,000 yuan up to 100,000 yuan.

第一百三十八條   基金銷售支付機構未按照規定劃付基金銷售結算資金的，處十萬元以上三十萬元以下罰款；情節嚴重的，責令其停止基金服務業務。對直接負責的主管人員和其他直接責任人員給予警告，撤銷基金從業資格，並處三萬元以上十萬元以下罰款。

Article 138 A fund trading payment agent which fails to transfer the fund sales settlement capital according to the relevant provisions shall be fined 100,000 yuan up to 300,000 yuan; and if the circumstances are serious, be ordered to cease the fund service business. Its directly responsible person in charge and other directly liable persons shall be warned, with their fund business qualifications revoked, and be each fined 30,000 yuan up to 100,000 yuan.

第一百三十九條   挪用基金銷售結算資金或者基金份額的，責令改正，沒收違法所得，並處違法所得一倍以上五倍以下罰款；沒有違法所得或者違法所得不足一百萬元的，並處十萬元以上一百萬元以下罰款。對直接負責的主管人員和其他直接責任人員給予警告，並處三萬元以上三十萬元以下罰款。

Article 139 Persons who have misappropriated fund sales settlement funds or fund units shall be ordered to make correction, illegal income shall be confiscated, and a fine ranging from one to five times the illegal income amount shall be imposed; where there is no illegal income or the illegal income amount is less than RMB1 million, a fine ranging from RMB100,000 to RMB1 million shall be imposed. The person-in-charge and any other person directly responsible shall be given a warning and imposed a fine of 30,000 yuan up to 300, 000 yuan.

第一百四十條   基金份額登記機構未妥善保存或者備份基金份額登記數據的，責令改正，給予警告，並處十萬元以上三十萬元以下罰款；情節嚴重的，責令其停止基金服務業務。對直接負責的主管人員和其他直接責任人員給予警告，撤銷基金從業資格，並處三萬元以上十萬元以下罰款。

Article 140 A fund transfer agent which fails to properly preserve or backup fund share registration data shall be ordered to make correction, be warned, and be fined 100,000 yuan up to 300,000 yuan; and if the circumstances are serious, be ordered to cease the fund service business. Its directly responsible person in charge and other directly liable persons shall be warned, with their fund business qualifications revoked, and be each fined 30,000 yuan up to 100,000 yuan.

基金份額登記機構隱匿、偽造、篡改、毀損基金份額登記數據的，責令改正，處十萬元以上一百萬元以下罰款，並責令其停止基金服務業務。對直接負責的主管人員和其他直接責任人員給予警告，撤銷基金從業資格，並處三萬元以上三十萬元以下罰款。

Fund unit registrars which concealed, forged, tampered with or destroyed fund unit registration data shall be ordered to make correction, be subject to a fine ranging from RMB100,000 to RMB1 million, and ordered to cease fund service business. Its directly responsible person in charge and other directly liable persons shall be warned, with their fund business qualifications revoked, and be each fined 30,000 yuan up to 300,000 yuan.

第一百四十一條   基金投資顧問機構、基金評價機構及其從業人員違反本法規定開展投資顧問、基金評價服務的，處十萬元以上三十萬元以下罰款；情節嚴重的，責令其停止基金服務業務。對直接負責的主管人員和其他直接責任人員給予警告，撤銷基金從業資格，並處三萬元以上十萬元以下罰款。

Article 141 A fund investment adviser or fund rating agency or any of its employees, which provides investment advice or fund rating services in violation of this Law, shall be fined 100,000 yuan up to 300,000 yuan; and if the circumstances are serious, be ordered to cease the fund service business. Its directly responsible person in charge and other directly liable persons shall be warned, with their fund business qualifications revoked, and be each fined 30,000 yuan up to 100,000 yuan.

第一百四十二條   信息技術系統服務機構未按照規定向國務院證券監督管理機構提供相關信息技術系統資料，或者提供的信息技術系統資料虛假、有重大遺漏的，責令改正，處三萬元以上十萬元以下罰款。對直接負責的主管人員和其他直接責任人員給予警告，並處一萬元以上三萬元以下罰款。

Article 142 Information technology system service organisations which failed to provide the relevant information technology system information to the securities regulatory department of the State Council pursuant to the provisions or provide information technology system information which contains false records or major omissions shall be ordered to make correction and be subject to a fine ranging from RMB30,000 to RMB100,000. The person directly in charge and any other person directly responsible shall be fined between CNY10,000 and CNY30,000.

第一百四十三條   會計師事務所、律師事務所未勤勉盡責，所出具的文件有虛假記載、誤導性陳述或者重大遺漏的，責令改正，沒收業務收入，暫停或者撤銷相關業務許可，並處業務收入一倍以上五倍以下罰款。對直接負責的主管人員和其他直接責任人員給予警告，並處三萬元以上十萬元以下罰款。

Article 143 Accounting firms and law firms which failed to act diligently and responsibly and issue documents which contain false records, misrepresentations or major omissions shall be ordered to make correction, be subject to confiscation of operating income, suspension or revocation of the relevant business permit, and a fine ranging from one to five times the operating income amount. The person-in-charge and any other person directly responsible shall be given a warning and imposed a fine of 30,000 yuan up to 100, 000 yuan.

第一百四十四條   基金服務機構未建立應急等風險管理制度和災難備份系統，或者泄露與基金份額持有人、基金投資運作相關的非公開信息的，處十萬元以上三十萬元以下罰款；情節嚴重的，責令其停止基金服務業務。對直接負責的主管人員和其他直接責任人員給予警告，撤銷基金從業資格，並處三萬元以上十萬元以下罰款。

Article 144 A fund service institution which fails to establish emergency response and other risk management rules and a disaster backup system or divulge any undisclosed information regarding fund share holders or fund investment operations shall be fined 100,000 yuan up to 300,000 yuan; and if the circumstances are serious, be ordered to cease the fund service business. Its directly responsible person in charge and other directly liable persons shall be warned, with their fund business qualifications revoked, and be each fined 30,000 yuan up to 100,000 yuan.

第一百四十五條   違反本法規定，給基金財產、基金份額持有人或者投資人造成損害的，依法承擔賠償責任。

Article 145 Persons who violate the provisions of this Law and cause fund assets, fund unit holders or investors to suffer damages shall bear compensation liability pursuant to the law.

基金管理人、基金托管人在履行各自職責的過程中，違反本法規定或者基金合同約定，給基金財產或者基金份額持有人造成損害的，應當分別對各自的行為依法承擔賠償責任；因共同行為給基金財產或者基金份額持有人造成損害的，應當承擔連帶賠償責任。

Fund managers and fund custodians which violate the provisions of this Law or the agreement in a fund contract in the course of performance of their respective duties and cause fund assets or fund unit holders to suffer damages shall bear compensation liability pursuant to the law for their respective act; where a joint act causes fund assets or fund unit holders to suffer damages, the fund manager and the fund custodian shall bear compensation liability jointly and severally.

第一百四十六條   證券監督管理機構工作人員玩忽職守、濫用職權、徇私舞弊或者利用職務上的便利索取或者收受他人財物的，依法給予行政處分。

Article 146 Administrative disciplinary actions shall be taken in accordance with law against employees of the securities regulatory authority who neglect duties, abuse powers, practice favoritism, make falsification, or demand or accept any property from others by taking advantage of their positions.

第一百四十七條   拒絕、阻礙證券監督管理機構及其工作人員依法行使監督檢查、調查職權未使用暴力、威脅方法的，依法給予治安管理處罰。

Article 147 Persons who refuse or obstruct supervision and inspection or investigation carried out by the securities regulatory authorities and their personnel pursuant to the law without using violence or threats shall be subject to public security administration punishment pursuant to the law.

第一百四十八條   違反法律、行政法規或者國務院證券監督管理機構的有關規定，情節嚴重的，國務院證券監督管理機構可以對有關責任人員采取證券市場禁入的措施。

Article 148 For any serious violations of any law or administrative regulation or the relevant provisions of the securities regulatory authority of the State Council, the securities regulatory authority of the State Council may prohibit the relevant liable persons from access to the securities market.

第一百四十九條   違反本法規定，構成犯罪的，依法追究刑事責任。

Article 149 Where a violation of the provisions of this Law constitutes a criminal offence, criminal liability shall be pursued in accordance with the law.

第一百五十條   違反本法規定，應當承擔民事賠償責任和繳納罰款、罰金，其財產不足以同時支付時，先承擔民事賠償責任。

Article 150 Persons who violate the provisions of this Law shall bear civil compensation liability and pay fines and penalties, where their properties are inadequate for both, civil compensation liability shall be borne first.

第一百五十一條   依照本法規定，基金管理人、基金托管人、基金服務機構應當承擔的民事賠償責任和繳納的罰款、罰金，由基金管理人、基金托管人、基金服務機構以其固有財產承擔。

Article 151 Civil compensation liability to be borne by a fund manager, fund custodian or fund intermediary and fines and penalties paid by a fund manager, fund custodian or fund intermediary pursuant to the provisions of this Law shall be borne by the fund manager, fund custodian or fund intermediary using its inherent assets.

依法收繳的罰款、罰金和沒收的違法所得，應當全部上繳國庫。

Fines and penalties collected and illegal income confiscated pursuant to the law shall be fully turned over to the Treasury.

第十五章 附則

Chapter 15 Supplementary Provisions

第一百五十二條   在中華人民共和國境內募集投資境外證券的基金，以及合格境外投資者在境內進行證券投資，應當經國務院證券監督管理機構批準，具體辦法由國務院證券監督管理機構會同國務院有關部門規定，報國務院批準。

Article 152 Overseas securities funds raising funds in the People's Republic of China and securities investments by qualified overseas investors in China shall be subject to approval of the securities regulatory department of the State Council, the detailed measures shall be stipulated by the securities regulatory department of the State Council jointly with the relevant departments of the State Council, and submitted to the State Council for approval.

第一百五十三條   公開或者非公開募集資金，以進行證券投資活動為目的設立的公司或者合夥企業，資產由基金管理人或者普通合夥人管理的，其證券投資活動適用本法。

Article 153 This Law shall apply to the securities investment activities of a publicly-offered fund or privately -offered fund of a company or a partnership enterprise established for the purpose of carrying out securities investment activities whose assets are managed by a fund manager or the general partners.

第一百五十四條   本法自2013年6月1日起施行。

Article 154 This Law shall be effective 1 June 2013.