Matters Relevant to the Use by Fund Management Companies of Their Own Funds to Engage In Fund Investments Circular
关于基金管理公司运用固有资金进行基金投资有关事项的通知
This Circular allows fund management companies to use their own funds to engage in fund investments only if it has net assets of at least Rmb 50 million and that the amount of fund shares it holds do not account for more than 60% of its net assets.
(Issued by the China Securities Regulatory Commission on June 8 2005.)
(中国证券监督管理委员会于二零零五年六月八日下发。)
Zheng Jian Ji Jin Zi [2005] No.96
证监基金字 [2005] 96号
To all fund management companies:
各基金管理公司:
Pursuant to the Securities Investment Funds Law and the Administration of Securities Investment Fund Management Companies Procedures, we hereby notify you as follows on matters relevant to the use by fund management companies of their own funds to engage in fund investments, in order to regulate the use by fund management companies of their own funds to engage in fund investments and protect the lawful rights and interests of fund shareholders:
为了规范基金管理公司运用固有资金进行基金投资的行为，保护基金份额持有人的合法权益，根据《证券投资基金法》、《证券投资基金管理公司管理办法》的规定，现就基金管理公司运用固有资金进行基金投资的有关事项通知如下:
1. When using its own funds to engage in fund investments, a fund management company shall abide by laws, administrative regulations and relevant provisions of the China Securities Regulatory Commission (CSRC) and carry out the relevant procedures in accordance with its articles of association.
一、 基金管理公司运用固有资金进行基金投资，应当遵守法律、行政法规和中国证监会的相关规定，并依照公司章程规定履行相应程序。
2. When using its own funds to engage in fund investments, a fund management company shall abide by the principles of prudence and moderation, strengthen the management of the liquidity of its own funds, ensure the company's normal operations, may not seek financing from third parties or borrow funds from other institutions on the inter-bank market, may not engage in other improper connected transactions or acts of benefit conveyance and may not prejudice the lawful rights and interests of fund shareholders.
二、 基金管理公司运用固有资金进行基金投资，应当遵循谨慎、稳健的原则，加强对固有资金的流动性管理，保持公司的正常运营，不得对外融资和向其他机构拆借资金，不得从事其他不正当关联交易和利益输送行为，不得损害基金份额持有人的合法权益。
When using its own funds, a fund management company may not invest in exchange-traded funds (ETF).
基金管理公司运用固有资金，不得投资于交易型开放式指数基金(ETF)。
3. A fund management company may only use its own funds to engage in fund investments if it has net assets of at least Rmb50 million and provided that the total monetary amount of the fund shares it holds do not account for more than 60% of its net assets.
三、 基金管理公司净资产在5000万元以上的，方可运用固有资金进行基金投资，且其持有的基金份额总金额不得超过该公司净资产的60%。
4. If a fund management company uses its own funds to invest in a closed-end fund, it may not hold more than 10% of the total shares in such fund nor may it sell such shares before the termination of the fund contract. If its normal operations are seriously impaired due to an asset liquidity problem, it may sell the shares in the closed-end fund that it purchased, provided that it obtains the approval of its board of directors and reports the same to the CSRC.
四、 基金管理公司运用固有资金投资封闭式基金的，其持有该基金份额的比例不得超过该基金总份额的10%，且持有的基金份额在基金合同终止前不得出售。确因资产流动性问题严重影响公司正常经营的，可以出售其购买的封闭式基金，但需经董事会批准，并向中国证监会报告。
When a fund management company uses its own funds to invest in a closed-end fund, it shall disclose the number of shares it holds and changes thereto, etc. in the quarterly report of the relevant fund. In the event that the percentage of shares it holds in such fund exceeds 5% of the total number of shares in the fund, it shall report the relevant matters in the newspapers and periodicals designated by the CSRC and on the company's website within two trading days of the occurrence thereof. Thereafter, whenever its holding of the shares of the fund accounts for another 2%, it shall disclose relevant matters within two trading days.
基金管理公司运用固有资金投资封闭式基金的，应当在相关基金季度报告中将所持有份额及变化等情况予以披露;持有该基金份额的比例超过该基金总份额的5%时，应当在两个交易日内将相关情况登载在中国证监会指定报刊和本公司网站上;此后持有该基金份额的比例每增加2%时，应当在两个交易日内将相关情况予以公开披露。
5. If a fund management company uses its own funds to invest in an open-ended fund that it itself manages, it shall abide by the principles of transparency and fairness, observe the provisions of the fund contract, prospectus, etc. and abide by the following provisions:
五、 基金管理公司运用固有资金投资本公司管理的开放式基金的，应当遵循公开、公平的原则，遵守基金合同、招募说明书等的约定，并遵守下列规定:
(1) it shall invest through a distribution agent and may not conduct trades after market closing; its investment in a listed open-ended fund (LOF) may only be conducted by way of subscription, purchase or redemption;
(一) 通过代销机构进行投资，不进行盘后交易，投资上市开放式基金(LOF)只以认购、申购或者赎回的方式进行;
(2) it may not hold its fund shares for less than six months; it may not hold more than 10% of the total shares of the fund, however, it shall not be subject to this limit if its holding of fund shares exceeds 10% due to the redemption of fund shares by other fund shareholders;
(二) 持有基金份额的期限不少于六个月;持有该基金份额的比例不超过该基金总份额的10%，因其他基金份额持有人赎回致使公司持有该基金份额的比例提高的，不受此限制。
(3) it shall subscribe to, purchase and redeem fund shares at the fee rates specified in the fund contract and prospectus and shall not enjoy fee rates more preferential than those enjoyed by other investors;
(三) 按照基金合同、招募说明书的约定费率进行认购、申购和赎回，不享有比其他投资人更优惠的费率;
(4) when it subscribes to fund shares, it shall state the number of shares it subscribed to, the subscription date(s), the applicable fee rate, etc. in the announcement of the entry into effect of the fund contract;
(四) 认购基金份额的，在基金合同生效公告中载明所认购的基金份额、认购日期、适用费率等情况;
(5) when it intends to purchase fund shares, it shall state the product it intends to invest in, the investment date, the purchase amount, the applicable fee rate, etc. in the newspapers and periodicals designated by the CSRC and on the company's website at least two trading days in advance, and shall report the same for the record to the CSRC and the CSRC's agency in the place where the company is located within the aforementioned period; and
(五) 申购基金份额的，至少提前两个交易日将拟投资品种、投资日期、拟申购金额、适用费率等情况登载在中国证监会指定报刊和本公司网站上，并在前述期限内向中国证监会及公司所在地中国证监会派出机构备案;
(6) when it intends to redeem fund shares, it shall state the product it intends to redeem, the redemption date, the number of shares to be redeemed, the applicable fee rate, etc. in the newspapers and periodicals designated by the CSRC and on the company's website at least two trading days in advance, and shall report the same for the record to the CSRC and the CSRC's agency in the place where the company is located within the aforementioned period.
(六) 赎回基金份额的，至少提前两个交易日将拟赎回品种、赎回日期、赎回份额、适用费率等情况登载在中国证监会指定报刊和本公司网站上，并在前述期限内向中国证监会及公司所在地中国证监会派出机构备案。
After publishing its purchase or redemption announcement, the fund management company shall timely and accurately perform its transaction obligation in accordance with the matters stated in the announcement.
基金管理公司在发布申购、赎回公告后，应当及时、准确地按照公告载明事项履行交易义务。
6. If a fund management company invests its own funds in an open-ended fund managed by another company, it shall state the product it has invested in, the investment date, the number of shares purchased, the applicable fee rate, etc. in the newspapers and periodicals designated by the CSRC and on the company's website within two trading days of doing so.
六、 基金管理公司运用固有资金投资其他公司管理的开放式基金后，应当在两个交易日内将所投资品种、投资日期、购买份额、适用费率等情况登载在中国证监会指定报刊和本公司网站上。
7. If a fund management company uses its own funds to invest in a fund that it itself manages, it may not raise motions at fund shareholders' general meetings as a fund shareholder, and when a vote is to be taken on matters that involve the interests of the company, it shall abstain.
七、 基金管理公司运用固有资金投资本公司管理的基金的，不能作为基金份额持有人向基金份额持有人大会提出议案，对涉及本公司利益的表决事项应当回避。
8. Fund management companies shall set up an internal control system governing the use of their own funds to engage in fund investments, which shall specify rules on investment decision-making, implementation of such decisions, information disclosure, etc., and submit the same to the CSRC and the relevant CSRC agency for the record.
八、 基金管理公司应当制定运用固有资金进行基金投资的内部控制制度，对投资决策、执行、信息披露等事项作出规定，报中国证监会及相关派出机构备案。
If a fund management company has used its own funds to engage in fund investments prior to the issuance of this Circular and the percentage it holds is in violation of the Circular, it shall timely rectify the matter; if it has invested in the shares of an open-ended fund that it itself manages, it shall disclose the relevant information.
基金管理公司在本通知发布前已经运用固有资金进行基金投资，其比例不符合本通知规定的，应当及时进行修正;投资本公司管理的开放式基金份额的，应当披露相关信息。
9. If a fund management company violates the provisions hereof, the CSRC may take administrative regulatory measures against the relevant fund management company and the person in charge directly responsible and other persons directly responsible in accordance with the Administration of Securities Investment Fund Management Companies Procedures.
clp reference:3700/05.06.08prc reference:证监基金字 [2005] 96 号promulgated:2005-06-08九、 基金管理公司违反本通知规定的，中国证监会根据《证券投资基金管理公司管理办法》，可以对相关基金管理公司及其直接负责的主管人员和其他直接责任人员采取行政监管措施。
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