《证券投资基金管理公司管理办法》已经2004年6月29日中国证券监督管理委员会第98次主席办公会议审议通过，并于2004年8月12日经国务院批准，现予公布，自2004年10月1日起施行。中国证券监督管理委员会令第9号《外资参股基金管理公司设立规则》同时废止。
经2004年8月12日国务院批准，1997年11月5日国务院批准、1997年11月14日国务院证券委员会发布的《证券投资基金管理暂行办法》即行废止。
主席 尚福林
二00四年九月十六日
第一章 总则
第一条 为了加强对证券投资基金管理公司的监督管理，规范证券投资基金管理公司的行为，保护基金份额持有人及相关当事人的合法权益，根据《证券投资基金法》、《公司法》和其他有关法律、行政法规，制定本办法。
第二条 本办法所称证券投资基金管理公司(以下简称基金管理公司)，是指经中国证券监督管理委员会(以下简称中国证监会)批准，在中华人民共和国境内设立，从事证券投资基金管理业务的企业法人。
第三条 基金管理公司应当遵守法律、行政法规和中国证监会的规定，恪守诚信，审慎勤勉，忠实尽责，为基金份额持有人的利益管理和运用基金财产。
第四条 中国证监会及其派出机构依照《证券投资基金法》、《公司法》等法律、行政法规、中国证监会的规定和审慎监管原则，对基金管理公司及其业务活动实施监督管理。
第五条 基金行业的协会依据法律、行政法规、中国证监会的规定和自律规则，对基金管理公司及其业务活动进行自律管理。
第二章 基金管理公司的设立
第六条 设立基金管理公司，应当具备下列条件:
(一)股东符合《证券投资基金法》和本办法的规定；
(二)有符合《证券投资基金法》、《公司法》以及中国证监会规定的章程；
(三)注册资本不低于1亿元人民币，且股东必须以货币资金实缴，境外股东应当以可自由兑换货币出资；
(四)有符合法律、行政法规和中国证监会规定的拟任高级管理人员以及从事研究、投资、估值、营销等业务的人员，拟任高级管理人员、业务人员不少于15人，并应当取得基金从业资格；
(五)有符合要求的营业场所、安全防范设施和与业务有关的其他设施；
(六)设置了分工合理、职责清晰的组织机构和工作岗位；
(七)有符合中国证监会规定的监察稽核、风险控制等内部监控制度；
(八)经国务院批准的中国证监会规定的其他条件。
第七条 基金管理公司的主要股东是指出资额占基金管理公司注册资本的比例(以下简称出资比例)最高，且不低于25%的股东。
主要股东应当具备下列条件:
(一)从事证券经营、证券投资咨询、信托资产管理或者其他金融资产管理；
(二)注册资本不低于3亿元人民币；
(三)具有较好的经营业绩，资产质量良好；
(四)持续经营3个以上完整的会计年度，公司治理健全，内部监控制度完善；
(五)最近3年没有因违法违规行为受到行政处罚或者刑事处罚；
(六)没有挪用客户资产等损害客户利益的行为；
(七)没有因违法违规行为正在被监管机构调查，或者正处于整改期间；
(八)具有良好的社会信誉，最近3年在税务、工商等行政机关，以及金融监管、自律管理、商业银行等机构无不良记录。
第八条 基金管理公司除主要股东外的其他股东，注册资本、净资产应当不低于1亿元人民币，资产质量良好，且具备本办法第七条第二款第(四)项至第(八)项规定的条件。
第九条 中外合资基金管理公司中，出资比例最高的境内股东应当具备本办法第七条第二款规定的主要股东的条件；其他境内股东应当具备本办法第八条规定的条件。
中外合资基金管理公司的境外股东应当具备下列条件:
(一)为依其所在国家或者地区法律设立，合法存续并具有金融资产管理经验的金融机构，财务稳健，资信良好，最近3年没有受到监管机构或者司法机关的处罚；
(二)所在国家或者地区具有完善的证券法律和监管制度，其证券监管机构已与中国证监会或者中国证监会认可的其他机构签订证券监管合作谅解备忘录，并保持着有效的监管合作关系；
(三)实缴资本不少于3亿元人民币的等值可自由兑换货币；
(四)经国务院批准的中国证监会规定的其他条件。
香港特别行政区、澳门特别行政区和台湾地区的投资机构比照适用前款规定。
第十条 基金管理公司股东的出资比例应当符合中国证监会的规定。
基金管理公司的股东不得持有其他股东的股份或者拥有其他股东的权益；不得与其他股东同属一个实际控制人或者有其他关联关系。
中外合资基金管理公司外资出资比例或者拥有的权益比例，累计(包括直接持有和间接持有)不得超过国家证券业对外开放所做的承诺。
第十一条 一家机构或者受同一实际控制人控制的多家机构参股基金管理公司的数量不得超过两家，其中控股基金管理公司的数量不得超过一家。
第十二条 申请设立基金管理公司，申请人应当按照中国证监会的规定报送设立申请材料。
主要股东应当组织、协调设立基金管理公司的相关事宜，对申请材料的真实性、完整性负主要责任。
第十三条 申请期间申请材料涉及的事项发生重大变化的，申请人应当自变化发生之日起5个工作日内向中国证监会提交更新材料；股东发生变动的，应当重新报送申请材料。
第十四条 中国证监会依照《行政许可法》和《证券投资基金法》第十四条第一款的规定，受理基金管理公司设立申请，并进行审查，做出决定。
第十五条 中国证监会审查基金管理公司设立申请，可以采取下列方式:
(一)征求相关机构和部门关于股东条件等方面的意见；
(二)采取专家评审、核查等方式对申请材料的内容进行审查；
(三)自受理之日起5个月内现场检查基金管理公司设立准备情况。
第十六条 中国证监会批准设立基金管理公司的，申请人应当自收到批准文件之日起30日内向工商行政管理机关办理注册登记手续；凭工商行政管理机关核发的《企业法人营业执照》向中国证监会领取《基金管理资格证书》。
中外合资基金管理公司还应当按照法律、行政法规的规定，申领《外商投资企业批准证书》，并开设外汇资本金账户。
基金管理公司应当自工商注册登记手续办理完毕之日起10日内，在中国证监会指定的报刊上将公司成立事项予以公告。
第三章 基金管理公司的变更、解散
第十七条 基金管理公司变更下列重大事项，应当报中国证监会批准:
(一)变更股东、注册资本或者股东出资比例；
(二)变更名称、住所；
(三)修改章程；
(四)中国证监会规定的其他重大事项。
第十八条 基金管理公司变更股东、注册资本、股东出资比例后，股东的条件、股东的出资比例、股东参股基金管理公司的数量、注册资本等应当符合本办法第二章的规定。
第十九条 基金管理公司的股东处分其出资，应当遵守下列规定:
(一)股东转让出资应当诚实守信，遵守在认购、受让出资时所做的承诺，不得损害基金份额持有人的合法权益；
(二)股东转让出资应当遵守《公司法》关于其他股东享有优先购买权的规定，不得采取虚报转让价格等不正当手段损害其他股东的合法权益；
(三)股东与受让方应当就转让期间的有关事宜明确约定，确保不损害基金管理公司和基金份额持有人的合法权益，股东不得通过股权托管、信托合同、秘密协议等形式处分其出资；
(四)变更股东的事项未经中国证监会批准并履行相关法律程序，转让方应当继续履行股东义务，承担相应责任，受让方不得以任何形式行使股东权利；
(五)法律、行政法规和公司章程的其他规定。
第二十条 基金管理公司增加的注册资本，股东必须以货币资金实缴。
第二十一条 基金管理公司变更重大事项，应当自董事会或者股东会做出决议之日起15日内按照中国证监会的规定提出变更申请；涉及股东出资转让的，基金管理公司未按规定提出申请时，相关股东可以直接提出申请。
第二十二条 中国证监会依照《行政许可法》和《证券投资基金法》第十四条第二款的规定，受理基金管理公司变更重大事项的申请，并进行审查，做出决定。
第二十三条 中国证监会可以采取约请相关人员谈话、专家评审、核查等方式，审查基金管理公司变更重大事项的申请。
涉及变更基金管理公司主要股东、合计出资比例超过50%以上的股东，或者提名董事人数最多的股东的，中国证监会比照本办法关于基金管理公司设立的规定进行审查。
第二十四条 基金管理公司的重大变更事项涉及变更工商登记的，基金管理公司应当自收到批准文件之日起30日内向工商行政管理机关办理变更登记手续。
变更为中外合资基金管理公司的，还应当按照有关规定申领《外商投资企业批准证书》，并开设外汇资本金账户。
第二十五条 基金管理公司高级管理人员的选任或者改任，应当按照法律、行政法规和中国证监会的规定办理。
第二十六条 基金管理公司的重大变更事项涉及《基金管理资格证书》内容变更的，基金管理公司应当向中国证监会换领《基金管理资格证书》。
第二十七条 基金管理公司应当按照法律、行政法规和中国证监会的规定将重大变更事项予以公告。
第二十八条 基金管理公司的解散，应当在中国证监会取消其基金管理资格后方可进行。
基金管理公司的解散应当按照《公司法》等法律、行政法规的规定办理。
第四章 基金管理公司分支机构的设立、变更、撤销
第二十九条 基金管理公司可以设立分公司或者中国证监会规定的其他形式的分支机构。
基金管理公司分支机构可以从事基金品种开发、基金销售及公司授权的其他业务活动。
第三十条 基金管理公司设立分支机构，应当具备下列条件:
(一)公司治理健全，内部监控完善，经营稳定，有较强的持续经营能力；
(二)公司最近1年内没有因违法违规行为受到行政处罚或者刑事处罚；
(三)公司没有因违法违规行为正在被监管机构调查，或者正处于整改期间；
(四)拟设立的分支机构有符合规定的名称、办公场所、业务人员、安全防范设施和与业务有关的其他设施；
(五)拟设立的分支机构有明确的职责和完善的管理制度；
(六)中国证监会规定的其他条件。
第三十一条 基金管理公司设立分支机构，应当自董事会或者股东会做出决议之日起15日内，按照中国证监会的规定报送申请材料。
第三十二条 中国证监会依照《行政许可法》和《证券投资基金法》第十四条第二款的规定，受理基金管理公司设立分支机构的申请，并进行审查，做出决定。
中国证监会可以对拟设立的分支机构进行现场检查。
第三十三条 基金管理公司变更、撤销分支机构，应当自变更、撤销之日起15日内向中国证监会和分支机构所在地的中国证监会派出机构报告。
第三十四条 基金管理公司设立分支机构，应当自收到批准文件之日起30日内向工商行政管理机关办理登记注册手续。
基金管理公司变更、撤销分支机构，应当按照有关规定向工商行政管理机关办理有关手续。
第三十五条 基金管理公司应当按照法律、行政法规和中国证监会的规定将设立、变更或撤销分支机构的事项予以公告。
第五章 基金管理公司的治理和经营
第三十六条 基金管理公司应当按照《公司法》等法律、行政法规和中国证监会的规定，建立组织机构健全、职责划分清晰、制衡监督有效、激励约束合理的治理结构，保持公司规范运作，维护基金份额持有人的利益。
第三十七条 基金管理公司的股东应当履行法定义务，不得虚假出资、抽逃或者变相抽逃出资。
第三十八条 基金管理公司应当明确股东会的职权范围和议事规则。
基金管理公司应当建立和股东之间的业务隔离制度；股东应当通过股东会依法行使权利，不得越过股东会、董事会直接干预基金管理公司的经营管理或者基金财产的投资运作，不得在证券承销、证券投资等业务活动中要求基金管理公司为其提供配合，损害基金份额持有人和其他当事人的合法权益。
第三十九条 基金管理公司主要股东在公司不能正常经营时，应当召集其他股东及有关当事人，按照有利于保护基金份额持有人利益的原则妥善处理有关事宜。
第四十条 基金管理公司应当明确董事会的职权范围和议事规则，董事会应当按照法律、行政法规和公司章程的规定，制定公司基本制度，决策有关重大事项，监督、奖惩经营管理人员。
董事会和董事长不得越权干预经营管理人员的具体经营活动。
第四十一条 基金管理公司应当建立健全独立董事制度，独立董事人数不得少于3人，且不得少于董事会人数的1/3。
董事会审议下列事项应当经过2/3以上的独立董事通过:
(一)公司及基金投资运作中的重大关联交易；
(二)公司和基金审计事务，聘请或者更换会计师事务所；
(三)公司管理的基金的半年度报告和年度报告；
(四)法律、行政法规和公司章程规定的其他事项。
第四十二条 基金管理公司应当建立健全督察长制度，督察长由董事会聘任，对董事会负责，对公司经营运作的合法合规性进行监察和稽核。
督察长发现公司存在重大风险或者有违法违规行为，应当告知总经理和其他有关高级管理人员，并向董事会、中国证监会和公司所在地中国证监会派出机构报告。
第四十三条 基金管理公司应当加强监事会或者执行监事对公司财务、董事会履行职责的监督作用，维护股东合法利益。
第四十四条 基金管理公司的总经理负责公司的经营管理。基金管理公司的高级管理人员及其他工作人员应当忠实、勤勉地履行职责，不得为股东、本人或者他人谋取不正当利益。
第四十五条 基金管理公司应当按照中国证监会的规定，建立科学合理、控制严密、运行高效的内部监控体系，制定科学完善的内部监控制度，保持经营运作合法、合规，保持公司内部监控健全、有效。
第四十六条 基金管理公司应当建立健全由授权、研究、决策、执行和评估等环节构成的投资管理系统，公平对待其管理的不同基金财产和客户资产。
第四十七条 基金管理公司应当建立完善的基金财务核算与基金资产估值系统，严格遵守国家有关规定，及时、准确和完整地反映基金财产的状况。
第四十八条 基金管理公司应当建立和维护信息管理系统，严格信息管理，保证客户资料等信息安全、真实和完整。
第四十九条 基金管理公司应当建立和完善客户服务标准，加强销售管理，规范基金宣传推介，不得有不正当销售行为和不正当竞争行为。
第五十条 基金管理公司按照审慎经营原则和业务发展需要，可以相应增加注册资本。
基金管理公司应当按照规定提取风险准备金。
第五十一条 基金管理公司应当按照中国证监会的规定，管理和运用固有资金。
基金管理公司管理、运用固有资金，应当保持公司的正常运营，不得损害基金份额持有人的合法权益。
第五十二条 基金管理公司应当建立有效的管理制度，加强对分支机构的管理，分支机构不得以承包、租赁、托管、合作等方式经营。
基金管理公司可以设立办事处，办事处不得从事经营性活动。
第五十三条 基金管理公司应当建立突发事件处理预案制度，对发生严重影响基金份额持有人利益、可能引起系统性风险、严重影响社会稳定的突发事件，按照预案妥善处理。
第六章 监督管理
第五十四条 基金管理公司、基金管理公司的股东申请批准有关事项，隐瞒有关情况或者提供虚假材料的，中国证监会不予受理；已经受理的，不予批准。
第五十五条 中国证监会依照法律、行政法规、中国证监会规定和审慎监管原则对基金管理公司的公司治理、内部监控、经营运作、风险状况，以及相关业务活动进行非现场检查和现场检查。
第五十六条 非现场检查主要以审阅基金管理公司报送材料的方式进行。
基金管理公司应当向中国证监会和所在地中国证监会派出机构报送下列材料:
(一)经具有从事证券相关业务资格的会计师事务所审计的基金管理公司年度报告；
(二)由具有从事证券相关业务资格的会计师事务所出具的基金管理公司内部监控情况的年度评价报告；
(三)监察稽核季度报告和年度报告；
(四)中国证监会根据审慎监管原则要求报送的其他材料。
第五十七条 基金管理公司应当自年度结束之日起3个月内报送基金管理公司年度报告和年度评价报告；自季度结束之日起15日内报送监察稽核季度报告，自年度结束之日起30日内报送监察稽核年度报告。
第五十八条 基金管理公司发生下列情形之一的，应当自发生之日起5日内向中国证监会和所在地中国证监会派出机构报告:
(一)公司股东的出资被司法机关采取诉讼保全等措施；(二)公司股东处分其出资；
(三)公司股东发生合并、分立或者进行重大资产、债务重组；
(四)公司股东被监管机构或者司法机关立案调查；
(五)公司股东进入清算程序或者被接管；
(六)公司及其董事、高级管理人员、基金经理受到刑事、行政处罚；
(七)公司及其董事、高级管理人员、基金经理被监管机构或者司法机关调查；
(八)公司财务状况发生重大变化；
(九)对公司经营产生重大影响的其他事项。
基金管理公司发生本办法第五十三条规定的突发事件，应当立即向中国证监会和所在地中国证监会派出机构报告。
基金管理公司设立、变更或者撤销办事处，应当自设立、变更或者撤销之日起15日内向中国证监会和所在地中国证监会派出机构报告。
第五十九条 中外合资基金管理公司的境外股东，其注册地或主要经营活动所在地的主管当局对境外投资有备案要求的，该境外股东在依法取得中国证监会的批准文件后，如向其注册地或主要经营活动所在地的主管当局提交有关备案材料，应当同时将副本报送中国证监会。
第六十条 中国证监会可以采取下列措施对基金管理公司进行现场检查，并根据日常监管情况确定现场检查的对象、内容和频率:
(一)进入基金管理公司及其分支机构进行检查；
(二)要求基金管理公司提供与检查事项有关的文件、会议记录、报表、凭证和其他资料；
(三)询问基金管理公司的工作人员，要求其对有关检查事项做出说明；
(四)查阅、复制基金管理公司与检查事项有关的文件、资料，对可能被转移、隐匿或者毁损的文件、资料予以封存；
(五)检查基金管理公司运用电子计算机管理业务数据的系统；
(六)中国证监会规定的其他措施。
第六十一条 中国证监会对基金管理公司进行现场检查，检查人员不得少于两人，并应当出示合法证件；检查人员少于两人或者未出示合法证件的，基金管理公司有权拒绝检查。
中国证监会可以聘请注册会计师、律师等专业人员为检查工作提供专业服务。
第六十二条 基金管理公司及有关人员应当配合中国证监会进行检查，不得以任何理由拒绝、拖延提供有关资料，或者提供不真实、不准确、不完整的资料。
第六十三条 中国证监会对基金管理公司进行现场检查后，应当向被检查的基金管理公司出具检查结论。
第六十四条 基金管理公司违反法律、行政法规、中国证监会的规定或者存在较大经营风险的，中国证监会可以责令其整改，暂停办理相关业务；对直接负责的主管人员和其他直接责任人员，可以采取监管谈话、出具警示函、记入诚信档案、暂停履行职务、认定为不适宜担任相关职务者等行政监管措施。
基金管理公司整改结束，应当向中国证监会提交整改报告，中国证监会对其进行检查验收。
第六十五条 基金管理公司股东违反本办法第十九条的规定认购、转让出资，或者违反本办法第三十七条的规定不履行法定义务的，中国证监会可以责令其整改；对其有关董事、监事、高级管理人员，可以采取监管谈话、记入诚信档案、认定为不适宜担任相关职务者等行政监管措施。
第六十六条 基金管理公司、基金管理公司的股东及其直接负责的主管人员和其他直接责任人员违反法律、行政法规和中国证监会的规定，依法应予行政处罚的，依照有关规定进行行政处罚；涉嫌犯罪的，依法移送司法机关，追究其刑事责任。
第七章 附则
第六十七条 本办法所称中外合资基金管理公司，包括境外股东与境内股东共同出资设立的基金管理公司和境外股东受让、认购境内基金管理公司股权而变更的基金管理公司。
第六十八条 自然人参股基金管理公司、基金管理公司采用股份有限公司形式和在境外设立分支机构的具体管理办法，由中国证监会另行规定。
第六十九条 本办法自2004年10月1日起施行。中国证券监督管理委员会令第9号《外资参股基金管理公司设立规则》同时废止。
Administratn of Securities Investment Fund Management panies Procres
（Promulgated by the China Securities Regulatory missn on 16 September 2004 and effective as of 1 October 2004.）
PART ONE GENERAL PROVISNS
Article 1 These Procres have been formulated in aordance with the Securities Investment Funds Law， the pany Law and other relevant laws and administrative regulatns in order to strengthen the regulatn of securities investment fund management panies， standardize the acts of securities investment fund management panies and protect the lawful rights and interests of fund shareholders and relevant parties.
Article 2 For the purposes of these Procres， the term “securities investment fund management panies” （Fund Management panies） means enterprise legal persons established in the People‘s Republic of China upon approval of the China Securities Regulatory missn （CSRC） to engage in securities investment fund management businesses.
Article 3 Fund Management panies shall ply with laws， administrative regulatns and the provisns of the CSRC and act with good faith， prudence and due diligence， loyalty and responsibility， to manage and use fund properties in the interest of fund shareholders.
Article 4 The CSRC and its agencies shall implement supervisn and administratn on Fund Management panies and their business activities in aordance with laws and administrative regulatns such as the Securities Investment Funds Law and the pany Law， the provisns of the CSRC and the principle of prudential regulatn.
Article 5 The associatn of the fund industry shall carry out self-regulatn on Fund Management panies and their business activities in aordance with laws， administrative regulatns， the provisns of the CSRC and the rules of self-regulatn.
PART TWO ESTABLISHMENT OF FUND MANAGEMENT PANIES
Article 6 To establish a Fund Management pany， the following nditns shall be met：
1. its shareholders ply with the provisns of the Securities Investment Funds Law and these Procres；
2. its articles of associatn ply with the Securities Investment Funds Law， the pany Law and the provisns of the CSRC；
3. the registered capital is at least Rmb 100 milln， which must be paid in by the shareholders in moary funds. Overseas shareholders shall make capital ntributn in a freely nvertible currency；
4. it has proposed senr management personnel and personnel that engage in research， investment， valuatn and marketing businesses that satisfy laws， administrative regulatns and the provisns of the CSRC. There are at least 15 proposed senr management personnel and business personnel that have obtained fund business qualificatns；
5. it has the business premises， security precautn facilities and other business-related facilities that satisfy the relevant requirements；
6. it has established an anizatnal structure and work post arrangement with reasonable divisn of labour and clear definitn of responsibilities；
7. it has the internal ntrol systems， such as supervisn and audit and risk ntrol systems， that satisfy the provisns of the CSRC； and
8. other nditns stipulated by the CSRC upon approval of the State uncil.
Article 7 A “principal shareholder of a Fund Management pany” means a shareholder the rat of whose capital ntributn in the registered capital of the Fund Management pany （Capital ntributn Rat） is the highest and is not less than 25%.
A principal shareholder shall meet the following nditns：
1. it engages in securities business， securities investment nsultancy， management of assets held in trust or other financial asset management；
2. it has a registered capital of not less than Rmb 300 milln；
3. it has relatively good business results and its assets are of good quality；
4. it has ntinuously operated for three or more plete fiscal years with sound rporate ernance and internal ntrol systems；
5. it has not been subject to administrative or criminal penalty for vlatn of laws or regulatns in the most recent three years；
6. it has not engaged in acts detrimental to the interests of clients such as misappropriatn of client assets；
7. it is not under investigatn by the regulatory authority for vlatn of laws or regulatns， or in a rectificatn perd； and
8. it has good social reputatn and no bad rerd with administrative authorities such as the tax authority and the industry and merce authority or with institutns such as financial regulatory institutn， self-regulatory institutn or mercial banking institutn in the most recent three years.
Article 8 The shareholders of a Fund Management pany other than the principal shareholder shall have registered capital or assets of not less than Rmb 100 milln. The assets shall be of good quality， and shall also meet the nditns specified in Items （4） to （8） in Paragraph Two of Article 7 hereof.
Article 9 In a Sino-foreign equity joint venture Fund Management pany， the domestic shareholder with the highest Capital ntributn Rat shall meet the nditns on principal shareholders specified in Paragraph Two of Article 7 hereof. Other domestic shareholders shall meet the nditns specified in Article 8 hereof.
An overseas shareholder of a Sino-foreign equity joint venture Fund Management pany shall meet the following nditns：
1. it is a financial institutn established and lawfully existing under the laws of its home untry or regn with financial asset management experience， is in sound financial nditns and on good credit standing， and has not been subject to penalty by the regulatory or judicial authority in the most recent three years；
2. its home untry or regn has sound systems for securities laws and regulatn， and the securities regulatory authority has signed a memorandum of understanding on securities regulatory operatn， and is maintaining effective regulatory operatn， with the CSRC or another authority regnized by the CSRC；
3. its paid-up capital is not less than Rmb 300 milln or equivalent in a freely nvertible currency； and
4. other nditns stipulated by the CSRC that are approved by the State uncil.
The provisns of the preceding paragraph shall， mutatis mutandis， apply to investment institutns from the Hong Kong Special Administrative Regn， the Macao Special Administrative Regn and the Taiwan regn.
Article 10 The Capital ntributn Rat of the shareholders of a Fund Management pany shall ply with the provisns of the CSRC.
A shareholder of a Fund Management pany may not hold the shares or own the equity interests of other shareholders， and may not be under the mon ntrol of the same actual ntrolling party， or otherwise nnected， with another shareholder.
The Capital ntributn Rat of or the equity interests owned by the foreign investors of a Sino-foreign equity joint venture Fund Management pany may not， in aggregate （including direct and indirect holdings）， exceed the mitment to open up the securities industry to foreign investors made by the State.
Article 11 The number of Fund Management panies in which an institutn or several institutns ntrolled by the same actual ntrolling party has/have equity participatn shall not exceed two， among which no more than one shall be a share holding Fund Management pany.
Article 12 To apply for establishment of a Fund Management pany， the applicant shall submit applicatn materials in aordance with the provisns of the CSRC.
The principal shareholder shall anize and ordinate the matters relating to the establishment of the Fund Management pany， and bear principal responsibility for the truthfulness and pleteness of the applicatn materials.
Article 13 If there is a major change in a matter involved in the applicatn materials during the applicatn perd， the applicant shall submit the updated materials to the CSRC within five working days of the ourrence of the change. If there is a change in a shareholder， new applicatn materials shall be submitted.
Article 14 The CSRC shall aept， examine， and render its decisn on， applicatns for establishment of Fund Management panies in aordance with the provisns of the Administrative Licensing Law and Paragraph One of Article 14 of the Securities Investment Funds Law.
Article 15 The CSRC may adopt the following methods in examining an applicatn for establishment of a Fund Management pany：
1. solicit the opinns of the relevant authorities and departments regarding matters such as the nditns of the shareholders；
2. examine the particulars of the applicatn materials by such means as evaluatn by experts and verificatn and investigatn； and
3. nduct on- inspectn on the preparatn for the establishment of the Fund Management pany within five months of the date of aeptance of the applicatn.
Article 16 If the establishment of a Fund Management pany is approved by the CSRC， the applicant shall， within 30 days of the date of receipt of the approval document， plete the registratn formalities with the administratn for industry and merce， and obtain the Fund Management Qualificatn Certificate from the CSRC on the strength of the Enterprise Legal Person Business Licence issued by the administratn for industry and merce.
In the case of a Sino-foreign equity joint venture Fund Management pany， it shall also obtain an Approval Certificate for Foreign-invested Enterprises and open a foreign exchange capital aount in aordance with the provisns of laws and administrative regulatns.
The Fund Management pany shall， within 10 days of the pletn of the registratn formalities with the administratn for industry and merce， announce the establishment in the newspapers and perdicals designated by the CSRC.
PART THREE CHANGES TO AND DISSOLUTN OF FUND MANAGEMENT PANIES
Article 17 Where there is a change in the following major matters， the Fund Management pany shall apply to the CSRC for approval：
1. a change in the shareholder（s）， registered capital or the Capital ntributn Rat of the shareholders；
2. a change in the name or address；
3. an amendment to the articles of associatn； or
4. other major matters stipulated by the CSRC.
Article 18 After a Fund Management pany has changed the shareholders， registered capital or the Capital ntributn Rat of the shareholders， the nditns of the shareholders， the Capital ntributn Rat of the shareholders， the number of Fund Management panies in which the shareholders have equity participatn and the registered capital shall ply with the provisns of Part Two hereof.
Article 19 A shareholder of a Fund Management pany that disposes of its capital ntributn shall ply with the following provisns：
1. a shareholder that transfers capital ntributn shall act in good faith and abide by the undertakings it made in share subscriptn or aeptance of the transfer of capital ntributn， and may not prejudice the lawful rights and interests of the fund shareholders；
2. a shareholder that transfers capital ntributn shall ply with the provisns of the pany Law on the preemptive right of purchase of other shareholders， and may not prejudice the lawful rights and interests of other shareholders by adopting improper means such as quoting a false transfer price；
3. the shareholder and the transferee shall explicitly agree on the matters relating to the transfer perd to ensure that the lawful rights and interests of the Fund Management pany and the fund shareholders are not prejudiced. The shareholder may not dispose of its capital ntributn by means such as custody of equity interests， trust ntract and secret agreement；
4. where the change of shareholder has not been approved by the CSRC and the relevant legal procres have not been pleted， the transferor shall ntinue to perform its obligatns as a shareholder and assume the rresponding liability， and the transferee may not exercise the rights of a shareholder in any manner； and
5. other provisns of laws， administrative regulatns and the articles of associatn of the pany.
Article 20 Any increase in the registered capital of a Fund Management pany must be paid up by the shareholders in moary funds.
Article 21 Where there is a change in a major matter， the Fund Management pany shall submit an amendment applicatn in aordance with the provisns of the CSRC within 15 days of the date on which the board of directors or the shareholders‘ meeting adopts the resolutn. If the change involves the transfer of a shareholder’s capital ntributn， and the Fund Management pany has not submitted an applicatn as required， the relevant shareholder may directly submit an applicatn.
Article 22 The CSRC shall aept， examine， and render a decisn on， applicatns of Fund Management panies for change in major matters in aordance with the provisns of the Administrative Licensing Law and Paragraph Two of Article 14 of the Securities Investment Funds Law.
Article 23 The CSRC may examine applicatns for change in major matters by Fund Management panies by means such as arranging interviews with relevant personnel， evaluatn by experts and verificatn and investigatn.
If a change in the principal shareholder of the Fund Management pany， in shareholders with an aggregate Capital ntributn Rat of 50% or more， or in the shareholder that nominates the largest number of directors is involved， the CSRC shall nduct an examinatn by reference to the provisns hereof on the establishment of Fund Management panies.
Article 24 If a major change of a Fund Management pany involves a change in the industry and merce registratn， the Fund Management pany shall plete the change registratn formalities with the administratn for industry and merce within 30 days of the date of receipt of the approval document.
If it is nverted into a Sino-foreign equity joint venture Fund Management pany， it shall also apply for an Approval Certificate for Foreign-invested Enterprises and open a foreign exchange capital aount in aordance with the relevant provisns.
Article 25 The appointment or replacement of the senr management personnel of Fund Management panies shall be handled in aordance with laws， administrative regulatns and the provisns of the CSRC.
Article 26 If a major change of a Fund Management pany involves a change in the ntents of the Fund Management Qualificatn Certificate， the Fund Management pany shall renew the Fund Management Qualificatn Certificate with the CSRC.
Article 27 Fund Management panies shall announce major changes in aordance with laws， administrative regulatns and the provisns of the CSRC.
Article 28 A Fund Management pany may be dissolved only after its fund management qualificatn has been revoked by the CSRC.
The dissolutn of Fund Management panies shall be handled in aordance with the provisns of laws such as the pany Law， and administrative regulatns.
PART FOUR ESTABLISHMENT OF， CHANGES TO， AND SHUTTING DOWN OF， BRANCHES OF FUND MANAGEMENT PANIES
Article 29 Fund Management panies may establish branch panies or other forms of branches stipulated by the CSRC.
The branches of a Fund Management pany may engage in the development of fund products， sales of funds and other business activities authorized by the pany.
Article 30 To establish a branch， a Fund Management pany shall meet the following nditns：
1. it has sound rporate ernance， sound internal ntrol， stable operatn and relatively strong capacity for ntinuing operatn；
2. it has not been subject to administrative or criminal penalty for vlatn of laws or regulatns in the most recent year；
3. it is not under investigatn by the regulatory authority for vlatn of laws or regulatns or in a rectificatn perd；
4. the proposed branch has the name， office premises， business personnel， security precautn facilities and other business-related facilities that satisfy the relevant provisns；
5. the proposed branch has specific duties and responsibilities and a sound management system； and
6. other nditns stipulated by the CSRC.
Article 31 To establish a branch， a Fund Management pany shall submit applicatn materials in aordance with the provisns of the CSRC within 15 days of the date on which the board of directors or the shareholders‘ meeting adopts the resolutn.
Article 32 The CSRC shall aept， examine， and render a decisn on， applicatns of Fund Management panies for establishment of branches in aordance with the provisns of the Administrative Licensing Law and Paragraph Two of Article 14 of the Securities Investment Funds Law.
The CSRC may nduct on- inspectn on proposed branches.
Article 33 Where a Fund Management pany makes a change to or shuts down a branch， it shall， within 15 days of the date of the change or shut down， report the matter to the CSRC and the agency of the CSRC at the place of the branch.
Article 34 Where a Fund Management pany establishes a branch， it shall plete the registratn formalities with the administratn for industry and merce within 30 days of the date of receipt of the approval document.
Where a Fund Management pany makes a change to or shuts down a branch， it shall plete the relevant formalities with the administratn for industry and merce in aordance with the relevant provisns.
Article 35 A Fund Management pany shall announce the establishment of， changes to or shut down of branches in aordance with laws， administrative regulatns and the provisns of the CSRC.
PART FIVE ERNANCE AND OPERATN OF FUND MANAGEMENT PANIES
Article 36 A Fund Management pany shall set up a ernance structure with sound anizatnal structure， clear divisn of duties and responsibilities， effective checks and balances and reasonable incentives and nstraints in aordance with laws such as the pany Law， and administrative regulatns and the provisns of the CSRC， in order to maintain standardized operatn of the pany and safeguard the interests of fund shareholders.
Article 37 The shareholders of a Fund Management pany shall perform their statutory obligatns， and may not make sham capital ntributn or withdraw their capital ntributn surreptitusly or in a disguised manner.
Article 38 Fund Management panies shall specify the spe of authority and the rules of procre of the shareholders‘ meeting.
A Fund Management pany shall set up a business separatn system between itself and its shareholders. Shareholders shall exercise their rights through the shareholders‘ meeting in aordance with the law， may not bypass the shareholders’ meeting and the board of directors to directly interfere with the operatn and management of the Fund Management pany or the investment of fund property， and may not require the Fund Management pany to provide operatn in securities underwriting and securities investment and other business activities to prejudice the lawful rights and interests of fund shareholders and other parties.
Article 39 When the principal shareholder of a Fund Management pany is unable to operate normally， it shall call upon other shareholders and the relevant parties to properly handle the relevant matters aording to the principles in favour of protecting the interests of the fund shareholders.
Article 40 Fund Management panies shall specify the spe of authority and the rules of procre of the board of directors. The board of directors shall， in aordance with the provisns of laws， administrative regulatns and the articles of associatn， formulate the fundamental systems of the pany and decide on relevant major matters， and supervise， reward and punish operatn and management personnel.
The board of directors and its chairman may not ultra vires interfere with the specific operatn activities of the operatn and management personnel.
Article 41 Fund Management panies shall set up a sound independent director system. The number of independent directors shall be at least three and may not be less than one-third of the total number of directors on the board.
The following matters that are deliberated by the board of directors shall be passed by at least two-thirds of the independent directors：
1. major affiliated transactns in the operatn of the pany and fund investment；
2. the affairs of the audit of the pany and the funds， and the appointment or replacement of the aounting firm；
3. interim and annual reports of the funds that are managed by the pany； and
4. other matters stipulated by laws， administrative regulatns and the articles of associatn of the pany.
Article 42 Fund Management panies shall set up a sound superintendent system. The superintendent shall be appointed by and aountable to the board of directors， and shall supervise and audit the legal and regulatory pliance of the business operatn of the pany.
If a superintendent disvers that the pany is at a major risk or has carried out an act that vlates laws or regulatns， he shall inform the general manager and other relevant senr management personnel and report the matter to the board of directors， the CSRC and the CSRC agency at the place in which the pany is located.
Article 43 Fund Management panies shall strengthen the supervisory functn of the board of supervisors or executive supervisors on the finance of the pany and the performance of duties of the board of the directors in order to safeguard the lawful interests of the shareholders.
Article 44 The general manager of a Fund Management pany shall be in charge of the operatn and management of the pany. The senr management personnel and other working personnel of the Fund Management pany shall perform their duties faithfully and diligently， and shall not seek improper gains for the shareholders， themselves or other parties.
Article 45 Fund Management panies shall， aording to the provisns of the CSRC， set up an internal ntrol system with scientific ratnale， rigorous ntrol and efficient operatn and formulate scientific and sound internal ntrol systems to maintain the legal and regulatory pliance of the business operatns， and the soundness and effectiveness of the internal ntrol of the pany.
Article 46 Fund Management panies shall set up a sound investment management system nsisting of ponents including authorizatn， research， decisn making， implementatn and evaluatn to treat the varus fund properties and clients‘ assets under their management fairly.
Article 47 Fund Management panies shall set up a sound fund financial auditing and fund asset valuatn system to reflect the nditns of fund properties in a timely， aurate and plete manner strictly in pliance with the relevant State provisns.
Article 48 Fund Management panies shall set up and safeguard an informatn management system to rigorously implement informatn management and ensure the security， truthfulness and pleteness of client informatn and other informatn.
Article 49 Fund Management panies shall set up and improve client service standards， strengthen sales management and standardize the publicity and promotn of funds， and may not engage in acts of improper sales and unfair petitn.
Article 50 Fund Management panies may increase the registered capital aording to the principle of prudential operatn and the needs of business development.
Fund Management panies shall withdraw risk reserves in aordance with the relevant regulatns.
Article 51 Fund Management panies shall manage and use their own funds in aordance with the provisns of the CSRC.
Fund Management panies shall maintain the normal operatn of the pany in the management and use of their own funds， and may not prejudice the lawful rights and interests of fund shareholders.
Article 52 Fund Management panies shall set up an effective management system to strengthen the management of their branches. The branches may not be operated in the form of ntracting， leasing， custody or operatn.
Fund Management panies may set up offices but such offices shall not engage in business activities.
Article 53 Fund Management panies shall set up a system for emergency ntingency plan， and shall properly handle emergencies that serusly affect the interests of fund shareholders or may lead to systematic risks or have a serus impact on the stability of the society in aordance with such plan.
PART SIX SUPERVISN AND ADMINISTRATN
Article 54 If a Fund Management pany or its shareholders nceal（s） relevant informatn or provide（s） false materials in applying for approval of relevant matters， the CSRC shall not aept the applicatn. If it has aepted the applicatn， no approval shall be granted thereto.
Article 55 The CSRC shall nduct off- and on- inspectn on the rporate ernance， internal ntrol， business operatn， risk status and related business activities of Fund Management panies in aordance with laws， administrative regulatns， the provisns of the CSRC and the principle of prudential regulatn.
Article 56 Off- inspectn shall be nducted mainly by reviewing the materials submitted by Fund Management panies.
Fund Management panies shall submit the following materials to the CSRC and the local CSRC agency：
1. annual report of the Fund Management pany audited by an aounting firm with the qualificatns to engage in securities-related business；
2. annual evaluatn report on the internal ntrol status of the Fund Management pany issued by an aounting firm with the qualificatns to engage in securities-related business；
3. quarterly and annual supervisn and audit reports； and
4. other materials required by the CSRC in aordance with the principle of prudential regulatn.
Article 57 A Fund Management pany shall submit its annual report and annual evaluatn report within three months of the end of a year. It shall submit the quarterly supervisn and audit report within 15 days of the end of a quarter， and the annual supervisn and audit report within 30 days of the end of a year.
Article 58 If any of the following events ours to a Fund Management pany， the pany shall report the event to the CSRC and the local CSRC agency within five days of its ourrence：
1. the capital ntributn of a shareholder of the pany is subject to a preservatn measure in relatn to litigatn adopted by a judicial authority；
2. a shareholder of the pany disposes of its capital ntributn；
3. a shareholder of the pany is merged or divided or carries out major asset or debt restructuring；
4. a shareholder of the pany is under investigatn by the regulatory or judicial authority；
5. a shareholder of the pany mences liquidatn proceedings or is taken over；
6. the pany and its directors， senr management personnel or fund managers are subject to criminal or administrative penalty；
7. the pany and its directors， senr management personnel or fund managers are under investigatn by the regulatory or judicial authority；
8. there is a major change in the financial status of the pany； or
9. other events that have a major impact on the operatn of the pany.
If the Fund Management pany has an emergency stipulated in Article 53 hereof， it shall immediately report the event to the CSRC and the local CSRC agency.
If the Fund Management pany establishes， makes a change to or shuts down an office， it shall report the matter to the CSRC and the local CSRC agency within 15 days of such establishment， change or shut down.
Article 59 Where， in respect of an overseas shareholder of a Sino-foreign equity joint venture Fund Management pany， there are requirements on rerd filing of overseas investment by the petent authority at the place in which such overseas shareholder is registered or in which its principal business is nducted， and if such overseas shareholder submits the relevant rerd filing materials to the petent authority after it has obtained the approval document from the CSRC in aordance with the law， it shall at the same time provide a py of the materials to the CSRC.
Article 60 The CSRC may nduct on- inspectn on Fund Management panies by adopting the following measures， and shall determine the subjects， particulars and frequency of such on- inspectn aording to the oute of routine regulatn：
1. enter the Fund Management pany and its branches for inspectn；
2. require the Fund Management pany to provide the documents， meeting minutes， statements， certificates and other informatn that are related to the inspectn items；
3. questn the working personnel of the Fund Management pany and require them to give explanatns on the inspectn items；
4. review and duplicate the documents and informatn of the Fund Management pany that are related to the inspectn items， and seal up the documents and informatn that might be transferred， ncealed or destroyed；
5. inspect the system of the Fund Management pany that uses puters to manage its business data； and
6. other measures stipulated by the CSRC.
Article 61 When the CSRC nducts on- inspectn on a Fund Management pany， there shall be at least two inspectors and they shall produce legal identity documents. If there are fewer than two inspectors or they fail to produce legal identity documents， the Fund Management pany has the right to refuse inspectn.
The CSRC may employ certified public aountants， lawyers and other professnals to provide professnal services for inspectn work.
Article 62 Fund Management panies and the relevant personnel shall operate with the CSRC in inspectn， and shall not refuse to provide， or delay the provisn of， the relevant informatn by any reason， nor shall they provide false， inaurate or inplete informatn.
Article 63 After the CSRC has nducted on- inspectn on a Fund Management pany， it shall issue an inspectn nclusn to the inspected Fund Management pany.
Article 64 If a Fund Management pany vlates laws， administrative regulatns or the provisns of the CSRC， or it has a relatively large operatnal risk， the CSRC may order it to rectify the matter and/or to suspend the handling of relevant business. In respect of the persons in charge that are directly responsible and other directly responsible persons， the CSRC may adopt administrative regulatory measures such as regulatory nversatn， issuance of warning letter， demerit rerd in the credit file， suspensn of duties and having the personnel deemed as unsuitable for the relevant positn.
After the Fund Management pany has pleted rectificatn， it shall submit a rectificatn report to the CSRC， and the CSRC shall nduct an aeptance inspectn on the pany.
Article 65 If a shareholder of a Fund Management pany subscribes for or transfers its capital ntributn in vlatn of Article 19 hereof， or it fails to perform its statutory obligatns in vlatn of Article 37 hereof， the CSRC may order it to rectify the matter. In respect of its relevant directors， supervisors and senr management personnel， the CSRC may adopt administrative regulatory measures such as regulatory nversatn， demerit rerd in the credit file and having the personnel deemed as unsuitable for the relevant positn.
Article 66 If a Fund Management pany， its shareholders and the persons in charge that are directly responsible and other directly responsible persons vlate laws， administrative regulatns and the provisns of the CSRC， and administrative penalty shall be imposed aording to law， the CSRC shall impose administrative penalty in aordance with the relevant provisn. Where a criminal offence is suspected， the case shall be transferred to the judicial authorities for pursuance of criminal liability.
PART SEVEN SUPPLEMENTARY PROVISNS
Article 67 For the purposes of these Procres， the term “Sino-foreign equity joint venture Fund Management panies” includes fund management panies established with joint capital ntributns of overseas shareholders and domestic shareholders， and fund management panies nverted through transfer of or subscriptn for equity interests of domestic Fund Management panies by overseas shareholders.
Article 68 The specific administrative procres for equity participatn in Fund Management panies by natural persons， Fund Management panies that take the form of pany limited by shares and establishment of overseas branches shall be stipulated by the CSRC separately.
Article 69 These Provisns shall be implemented as of 1 October 2004. Order No. 9 of the China Securities Regulatory missn， Establishment of Fund Management panies with Foreign Equity Participatn Rules， shall be repealed simultaneously.
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