Administration of Money Market Funds Tentative Provisions
货币市场基金管理暂行规定
The Provisions regulate the offering, operation and related activities of money market funds.
(Promulgated by the China Securities Regulatory Commission and the People's Bank of China on, and effective as of, August 16 2004.)
(中国证券监督管理委员会、中国人民银行于二零零四年八月十六日发布，自发布之日起施行。)
Zheng Jian Fa [2004] No.78
证监发[2004]78号
Article 1: These Provisions have been formulated pursuant to such relevant provisions as the Securities Investment Funds Law, the Administration of Securities Investment Fund Operations Procedures and the Administration of the Access of Fund Management Companies to the Interbank Market Provisions, in order to promote the development of securities investment funds (Funds), regulate the offering, operation and related activities of money market Funds and protect the lawful rights and interests of investors and relevant concerned parties.
第一条为了促进证券投资基金(以下简称基金)的发展，规范货币市场基金的募集、运作及相关活动，保护投资人及相关当事人的合法权益，根据《证券投资基金法》、《证券投资基金运作管理办法》、《基金管理公司进入银行间同业市场管理规定》等有关规定，制定本规定。
Article 2: For the purposes of these Provisions, the term "money market Fund" means a Fund that invests solely in money market instruments.
第二条本规定所称货币市场基金是指仅投资于货币市场工具的基金。
Funds that have such words as "money", "cash", "liquid", "ready money", "short-term bond", etc. in their names shall comply with the relevant requirements hereof.
在基金名称中使用“货币”、“现金”、“流动”、“现款”、“短期债券”等类似字样的基金，应当符合本规定的有关要求。
Article 3: Money market Funds shall invest in the following types of financial instruments:
第三条货币市场基金应当投资于以下金融工具：
(1) cash;
(一) 现金；
(2) bank term deposits and certificates of deposit with a term of one year or less;
(二) 一年以内(含一年)的银行定期存款、大额存单；
(3) bonds with a remaining term of 397 days or less;
(三) 剩余期限在三百九十七天以内(含三百九十七天)的债券；
(4) bond repurchases with a term of one year or less;
(四) 期限在一年以内(含一年)的债券回购；
(5) central bank bills with a term of one year or less; and
(五) 期限在一年以内(含一年)的中央银行票据；
(6) other highly liquid money market instruments approved by the China Securities Regulatory Commission and the People's Bank of China.
(六) 中国证监会、中国人民银行认可的其它具有良好流动性的货币市场工具。
Article 4: Money market Funds may not invest in the following financial instruments:
第四条货币市场基金不得投资于以下金融工具：
(1) stocks;
(一) 股票；
(2) convertible bonds;
(二) 可转换债券；
(3) bonds with a remaining term of more than 397 days;
(三) 剩余期限超过三百九十七天的债券；
(4) corporate bonds with a credit rating of lower than AAA; and
(四) 信用等级在AAA级以下的企业债券；
(5) other financial instruments the investment in which is prohibited by the China Securities Regulatory Commission and the People's Bank of China.
(五) 中国证监会、中国人民银行禁止投资的其它金融工具。
Article 5: The portfolio of a money market Fund shall comply with the following provisions:
第五条货币市场基金的投资组合应当符合下列规定：
(1) the percentage invested in the short term corporate bonds issued by one company may not exceed 10% of the net asset value of the Fund;
(一) 投资于同一公司发行的短期企业债券的比例，不得超过基金资产净值的百分之十；
(2) the amount deposited with one commercial bank that has Fund custodianship qualifications may not exceed 30% of the net asset value of the Fund; the amount deposited with one commercial bank that does not have Fund custodianship qualifications may not exceed 5% of the net asset value of the Fund;
(二) 存放在具有基金托管资格的同一商业银行的存款，不得超过基金资产净值的百分之三十；存放在不具有基金托管资格的同一商业银行的存款，不得超过基金资产净值的百分之五;
(3) the balance of funds in bond repos on the national interbank bond market may not exceed 40% of the net asset value of the Fund; and
(三) 在全国银行间债券市场债券正回购的资金余额不得超过基金资产净值的百分之四十；
(4) other percentage limits imposed by the China Securities Regulatory Commission and the People's Bank of China.
(四) 中国证监会、中国人民银行规定的其它比例限制。
Article 6: The average remaining term of the portfolio of a money market Fund may not exceed 180 days.
第六条货币市场基金投资组合的平均剩余期限，不得超过一百八十天。
Article 7: With the exception of the circumstances set forth below, the remaining term of a bond in a portfolio means the number of days remaining between the calculation date and the date of maturity of the bond:
第七条除以下列明的情况外，组合中债券的剩余期限是指计算日至债券到期日为止所剩余的天数：
(1) the remaining term of variable rate and floating rate bonds that are benchmarked to the market rate and of bonds whose rate adjustment frequency is less than one year is the time remaining between the calculation date and the next rate adjustment date;
(一) 以市场利率为基准利率的可变利率或浮动利率债券，利率调整频率小于一年的债券的剩余期限等于计算日距下一个利率调整日的剩余时间；
(2) the remaining term of repos is the time remaining between the calculation date and the date of trading of the underlying bonds as specified in the agreement; and
(二) 回购协议的剩余期限等于计算日距协议规定的交易基础债券的日期的剩余时间；
(3) other circumstances for which the China Securities Regulatory Commission has separate provisions.
(三) 中国证监会另有规定的其它情况。
Article 8: Money market Funds shall disclose the average remaining term of their portfolios in the investment portfolio report section of their annual reports, interim reports and quarterly reports.
第八条货币市场基金应当在年度报告、半年度报告和季度报告的投资组合报告部分披露基金投资组合的平均剩余期限。
Article 9: Money market Funds that issue their quotes based on their face value on a daily basis may specify in the Fund contract that the earning distribution method shall be accomplished through the reinvestment of dividends, and shall distribute earnings on a daily basis.
第九条对于每日按照面值进行报价的货币市场基金，可以在基金合同中将收益分配的方式约定为红利再投资，并应当每日进行收益分配。
Article 10: Money market Funds that do not charge a purchase or redemption fee may allocate a certain fee from the Fund assets, which is not to exceed 0.25%, to be used solely for the sale of the Fund and for services to Fund shareholders. A special explanation of how the said fee is disbursed shall be included in the Fund's annual report.
第十条对于不收取申购、赎回费的货币市场基金，可以按照不高于千分之二点五的比例从基金资产计提一定的费用，专门用于本基金的销售与基金持有人服务。基金年度报告应当对该项费用的列支情况作专项说明。
Article 11: The Fund management company shall state in the prospectus and the publicity and promotional materials for a money market Fund that an investor's purchasing into a money market Fund is not the same as depositing the Funds as a deposit with a bank or a deposit-taking financial institution and that the Fund management company does not guarantee that the Fund will be profitable and does not guarantee minimum returns.
第十一条基金管理公司应当在货币市场基金的招募说明书及宣传推介材料中列明，投资者购买货币市场基金并不等于将资金作为存款存放在银行或存款类金融机构，基金管理公司不保证基金一定盈利，也不保证最低收益。
Article 12: Money market Funds shall adopt conservative and appropriate accounting and value assessment methods so as to ensure that the net asset value of the Fund fairly reflects the value of the Fund. The adopted accounting method shall be specified in the Fund contract, and the prospectus shall disclose the effect that the adopted method might have on the fluctuation in the net value of the Fund.
第十二条货币市场基金应当采取稳健、适当的会计核算和估值方法，确保基金资产净值能够公允地反映基金的价值，所采用的会计核算办法应当在基金合同中订明，并应当在招募说明书中披露采用该方法可能对基金净值波动带来的影响。
If the method of assessing the value of the Fund as specified in the preceding paragraph is unable to fairly reflect the value of the Fund under certain specific circumstances, the money market Fund may adopt another assessment method. The said specific circumstances and the said assessment method shall be specified in the Fund contract.
前款规定的基金估值方法在特殊情形下不能公允反映基金价值的，货币市场基金可以采用其它估值方法。该特殊情形及该估值方法应当在基金合同中约定。
If the circumstance described in the preceding paragraph arises, the money market Fund shall disclose the same in the financial accounting report section of its annual report and interim report.
货币市场基金发生前款所述情形的，应当在年度报告、半年度报告中的财务会计报告部分予以披露。
Article 13: In addition to complying with these Provisions, such activities of money market Funds as offering, purchase, redemption, investment, information disclosure, publicity and promotion shall comply with such relevant provisions as the Securities Investment Funds Law, the Administration of Securities Investment Fund Operations Procedures, the Administration of the Sale of Securities Investment Funds Procedures, the Administration of Information Disclosure of Securities Investment Funds Procedures and the Administration of the Access of Fund Management Companies to the Interbank Market Provisions.
第十三条货币市场基金的募集、申购、赎回、投资、信息披露、宣传推介等活动，除应当遵守本规定的外，还应当符合《证券投资基金法》、《证券投资基金运作管理办法》、《证券投资基金销售管理办法》、《证券投资基金信息披露管理办法》、《基金管理公司进入银行间同业市场管理规定》等有关规定。
Article 14: The trading and settlement activities of money market Funds on the national interbank market shall comply with the provisions of the People's Bank of China on the administration of the national interbank market and shall be subject to the regulation and dynamic inspection of the People's Bank of China.
第十四条货币市场基金在全国银行间市场的交易、结算活动，应当遵守中国人民银行关于全国银行间市场的管理规定，并接受中国人民银行的监管和动态检查。
Article 15: The China Securities Regulatory Commission and the People's Bank of China are in charge of interpreting these Provisions.
第十五条本规定由中国证监会、中国人民银行负责解释。
Article 16: These Provisions shall be implemented as of the date of promulgation.
clp reference:3700/04.08.16prc reference:证监发[2004]78号promulgated:2004-08-16effective:2004-08-16第十六条本规定自发布之日起施行。
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