Circular of China Securities Depository & Clearance Corporation Limited on the Promulgation of the Rules for the Implementation of the Registry and Clearance Business of Listed Open-ended Funds
Circular of China Securities Depository & Clearance Corporation Limited on the Promulgation of the Rules for the Implementation of the Registry and Clearance Business of Listed Open-ended Funds
Circular of the China Securities Depository & Clearance Corporation Limited on the Promulgation of the Rules for the Implementation of the Registry and Clearance Business of Listed Open-ended Funds
August 20, 2004
To all member bodies and funds management companies:
With the primary aim of standardizing the registry and clearance business of listed open-ended funds, the Rules for the Implementation of the Registry and Clearance Business of Listed Open-ended Funds as enacted by China Securities Depository & Clearance Corporation Limited, are hereby promulgated and shall be implemented as of the promulgation date.
Rules for the Implementation of the Registry and Clearance Business of Listed Open-ended Funds
Chapter I General Provisions
Article 1.1 These Rules have been promulgated with a view to maintaining order in regard to the securities investment funds market, protecting the legal rights of investors, and standardizing the registry and clearance business of listed open-ended funds, in accordance with the Law of the People's Republic of China on Securities Investment Funds and the relevant provisions of other laws, regulations, and rules including those set forth by China Securities Depository and Clearance Co., Ltd. (hereinafter referred to as this Company).
Article 1.2 The listed open-ended funds as referred to in these rules are those open-ended funds that are replaced, listed, and transacted in the Stock Exchange. Listed open-ended funds may be subscribed to and transacted via the Stock Exchange, or subscribed to, applied for, and redeemed via the funds manager or its best effort institution.
Article 1.3 These rules apply to the registry and clearance business of listed open-ended funds. In situations in which these rules do not have an applicable provision, other related provisions of this Company shall be applied.
Chapter II The Account Management
Article 2.1 Investors holding common RMB securities account or securities investment funds account (hereinafter referred to as the securities account) may subscribe to and transact the listed open-ended funds in the Stock Exchange via securities institutions. Investors may subscribe to, apply for, and redeem the listed open-ended funds via the funds manager or its best effort institution based on the open-ended funds account in this Company.
Article 2.2 The opening, cancellation, or merger of the securities account, a change of the related information thereof, or etc. must be handled in accordance with the Management Rules of Securities Accounts of this Company.
Article 2.3 An investor who has had a securities account may apply via the funds manager or best effort institution to this Company for the depository of a listed funds account based on the securities account.
An investor who has not had a securities account may apply via the funds manager or best effort institution to this Company for the registry of a listed funds account, this Company will allocate a new securities investment funds account and automatic registry of an open-ended funds account will be made.
An investor who has registered an open-ended funds account via the funds manager or best effort institution may apply directly for the release of open-ended funds business to these institutions.
An investor who has registered an open-ended funds account via the funds manager or best effort institution applying for the open-ended funds business via another best effort institution or funds manager must, upon the strength of the open-ended funds account, first complete the open-ended funds account registry confirmation procedures with that best effort institution or the funds manager.
Article 2.4 An investor may have only one Shanghai or Shenzhen open-ended funds account unless otherwise provided for by laws, regulations, rules, or this Company.
Shanghai securities accounts and Shanghai open-ended funds accounts registered based on those accounts may not conduct listed open-ended funds business for the time being.
Article 2.5 In the event that the name of the investor, the type, or number of the valid identification document as stated in the registry information of an open-ended funds account is changed, the investor must complete a securities account information change application at the agency at which the securities account was opened. A change of the registry information, excluding the three items mentioned above, may be made via the funds manager or its best effort institution.
Article 2.6The investor may inquire about the registry information of his open-ended funds account via the funds manager or its best effort institution as referred to in article 2.5.
Article 2.7 The cancellation of an open-ended funds account by the investor must be made in the funds manager or its best effort institution that has formerly handled this open-ended funds account and the following conditions must be satisfied:
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