颁布日期：20040820 　实施日期：20040820 　颁布单位：中国证券登记结算有限责任公司

　　August 23， 2004

　　Chapter 1 General Provisions

　　1.1 This Rules is promulgated¹ with a view to maintaining the order of securities investment fund market， protecting the legal rights of investors³ and standardizing⁴ the registry and clearance⁵ business of listed open-end fund， in accordance with the Securities Investment Fund Law of the People's Republic of China and the relevant provisions of other laws， regulations， rules and those set forth⁶ by China Securities Depository and Clearance Co.， Ltd. （hereinafter referred to as this Company）。

　　1.2 The listed open-end fund referred to in this Rules is the open-end fund replaced， listed and transacted⁸ in Stock Exchange. Listed open-end fund may be subscribed¹⁰ and transacted through Stock Exchange， or subscribed， applied¹¹ for and redeemed¹³ through fund manager or its best effort institution.

　　1.3 This Rules applies to the registry and clearance business of listed open-end fund. Where this Rules does not have related provision thereto， other related provisions of this Company will be applied.

　　Chapter 2 The Account Management

　　2.1 Investors holding common RMB securities account or securities investment fund account （hereinafter referred to as the securities account） may subscribe⁹ and transact⁷ the listed open-end fund in Stock Exchange through securities institutions.

　　Investors may subscribe， apply for and redeem¹² the listed open-end fund through fund manager or its best effort institution based on the open-end fund account in this Company.

　　2.2 The open， cancellation¹⁴， merger¹⁵ of the securities account or the change of information thereof， etc. shall be handled in accordance with the Management Rules of Securities Account of this Company.

　　2.3 The investor² who has had a securities account may apply through the fund manager or best effort institution to this Company for the depository of a listed fund account based on the securities account.

　　The investor who has not had a securities account may apply through the fund manager or best effort institution to this Company for the registry of a listed fund account， this Company will allocate¹⁶ new securities investment fund account and automatic registry of an open-end fund account will be made.

　　The investor who has registered an open-end fund account through fund manager or best effort institution may apply directly for the releasing of open-end fund business to these institutions.

　　The investor who has registered an open-end fund account through fund manager or best effort institution applying for the open-end fund business through other best effort institution or fund manager shall， upon the strength of the open-end fund account， first handle the open-end fund account registry confirmation¹⁷ procedures with that best effort institution or fund manager.

　　2.4 An investor may have only one Shanghai or Shenzhen open-end fund account， except otherwise provided for by laws， regulations， rules or this Company.

　　Shanghai securities account and the Shanghai open-end fund account registered based on it may not conduct listed open-end fund business for the time being.

　　2.5 Where the name of the investor， the type or number of valid¹⁸ identification document as stated in the registry information of open-end fund account is changed， the investor shall make securities account information change application at the agency in which the securities account is opened. The change of the registry information， except for the three items mentioned above， can be made in the fund manager or its best effort institution.

　　2.6 The investor may inquire about the registry information of his open-end fund account in the fund manager or its best effort institution as referred to in article 2.5.

　　2.7 The cancellation of the open-end fund account by the investor shall be made in the fund manager or its best effort institution that has formerly¹⁹ handled this open-end fund account and the following conditions shall be satisfied：

　　（1） The fund unit in the open-end fund account is zero；

　　（2） Where the registry confirmation of the open-end fund account has been made in more than one fund managers or best effort institutions， the cancellation of the registry confirmation of the open-end fund account shall have been made.

　　Chapter 3 Registry Trusteeship

　　3.1 This Company adopts the principle of separated system of registry with respect to the unit of listed open-end fund. The fund unit subscribed and purchased in Stock Exchange through securities institutions is registered within the securities registry and clearance system of this Company （hereinafter referred to as the securities registry system） and is recorded as investor's securities account and trusted in the securities institutions； the fund unit subscribed or applied for through fund manager or its best effort institution is registered within the open-end fund registry and clearance system of this Company （hereinafter referred to as the TA system） and is recorded as the investor's open-end fund account and trusted in the fund manger or its best effort institution.

　　3.2 The fund manager shall conclude the registry and clearance service contract with this Company before the replacement²⁰ of listed open-end fund unit.

　　3.3 The fund manager shall， within prescribed time limit after the establishment of the listed open-end fund succeeding to capital verification， handle the primary registry of the raised listed open-end fund unit in the securities registry system and the TA system of this Company separately.

　　3.4 The registry of the change of the fund unit concerning the transaction of listed open-end fund that is made through the Stock Exchange， the ownership transfer that is not made because of transaction of the fund unit under the securities account and the judicial²¹ assistance etc. shall be made through the securities registry system.

　　The registry of change of the fund unit of listed open-end fund concerning the application or redemption through the fund manager and its best effort institution， the non-trading transfer of the fund unit under the open-end fund account， the judicial assistance and other businesses shall be handled through the TA system.

　　3.5 Such data as the preliminary registry， registry of change and related account information of listed open-end fund shall be sent unifiedly to the fund manager by TA system.

　　Chapter 4 Transfer of Trusteeship

　　4.1 The transfer of trusteeship of the listed open-end fund unit is divided into transfer of trusteeship within system and transfer of trusteeship across system （i.e. the transfer of registry across system as referred to in the Listed Open-end Fund Business Rules of Shenzhen Stock Exchange）。

　　4.2 The transfer of trusteeship within system means that investors transfer the trusteeship of listed open-end fund unit trusted in a securities institution to other securities institution， or transfer the trusteeship of listed open-end fund unit trusted in a fund manager or its best effort institution to other best effort institution or fund manager. The transfer of trusteeship within system shall be handled in accordance with the relevant provisions of this Company.

　　In the same securities institution， the change of the operate business office shall be conducted in the light of relevant provisions to “transfer of trusteeship within system”。

　　4.3 The transfer of trusteeship across system means that investors transfer the trusteeship of listed open-end fund unit under a securities institution to a fund manager or best effort institution， or transfer the trusteeship of listed open-end fund unit under a fund manager or its best effort institution to other securities institution.

　　4.4 The transfer of trusteeship across system of listed open-end fund unit can only be carried out between securities account and the open-end fund account registered based on it.

　　4.5 Where investors redeem listed open-end fund unit under the trusteeship of a securities institution through a fund manager or its best effort institution， the transfer of trusteeship across system shall be handled in accordance with the following procedures：

　　（1） Before investors go through the formalities of transfer of trusteeship， they shall ensure that registry or registry confirmation of open-end fund account has been handled successfully in the transferee fund manager or best effort institution.

　　（2） The investors file the applications for transfer of trusteeship across system in transferor securities institution； they shall specify²³ the code of transferee fund manager or best effort institution， securities account number， fund code and the amount transferred.

　　（3） With regard to the application for transfer of trusteeship across system that is qualified²⁴ in examination， the securities registry system makes debit²⁵ to the fund unit in the securities account of the investor and the TA system makes corresponding credit to the fund unit in the securities account of the investor.

　　With respect to the fund unit transferred in， the TA system starts to calculate the fund unit holding duration of the investor from the day when the fund unit of open-end fund account is credited.

　　（4） With respect to the application for transfer of trusteeship across system that has been handled successfully， investors may apply for the redemption of fund unit in the transferee's fund manager or best effort institution after two trading days from the application date.

　　4.6 The investor who sells in a Stock Exchange through a security institution the listed open-end fund unit that is under the trusteeship of a certain fund manager or its best effort institution shall handle the trusteeship transfer across system in accordance with the following procedure：

　　（1） Where the investor applies to the transferring fund manager or its best effort institution for trusteeship transfer across system， he shall specify the chair number of the transferee securities institution， the number of the open-end fund account， the fund code， and the amount to be transferred， of which， the amount to be transferred shall be in integer unit.

　　（2） With respect to the trusteeship transfer across system application that is qualified in examination， TA system debits²⁶ the fund unit of the open-end fund account of the investor， and the security registry system makes corresponding credits to the fund unit of the securities account.

　　（3） With respect to the trusteeship transfer across system application that has been successfully processed， the investor may， after two transaction days from the applying date， apply through the transferee security institution to the Stock exchange for sale of the fund unit.

　　4.7 With respect to the transfer of trusteeship across system in that the transferor system has debited²⁷ the fund unit of the investor's account while the system of the transferee can't make credit thereto， the investor may conduct account adjustment in the system of the transferee.

　　4.8 After the date when the open-end fund is listed， except for the equity²⁸ allocation period （from date R-2 to date R， date R is the equity registry date） when the trusteeship transfer across system is temporary suspended， the investor may， in the transaction day of the Stock Exchange， apply for handling the trusteeship transfer across system.

　　4.9 The unit of the listed open-end fund that is frozen can't be handled with the trusteeship transfer across system.

　　Chapter 5 Fund Clearance

　　5.1 This Company adopts the principle of separated system in clearance with respect to listed open-end fund. The clearance of the fund concerning the subscription²⁹ and transaction of listed open-end fund trough Stock Exchange is conducted in the securities registry system； the clearance of the fund involved in the subscription， application for purchase and redemption of listed open-end fund through fund manager or its best effort institution is conducted in the TA system.

　　5.2 This Company adopts the multilateral net clearance with respect to listed open-end fund. This Company may adopt other fund clearance method with respect to listed open-end fund after relevant business rules are formulated³⁰ by this Company and are submitted to and approved by China Securities Regulatory Commission.

　　5.3 The clearance participants such as the securities institution， fund manager and its best effort institution， before participating in the fund clearance business of listed open-end fund of this Company， shall open clearance reserving account in this Company in accordance with relevant provisions of this Company， and conclude fund clearance business agreement with this Company.

　　5.4 The delivery and receipt of the fund concerning the application for purchase listed open-end fund through Stock Exchange shall abide³¹ by the principle that “delivery and receipt in secondary market is in priority to that in internet application”， the delivery and receipt of the fund concerning the subscribe of listed open-end fund through fund manager and its best effort institution shall abide by the principle that “the delivery and receipt of the fund of application and redemption is in priority to that of subscribed fund”。

　　5.5 The fund clearance in subscribing³² listed open-end fund：

　　（1） The securities registry system， based on the applied data of listed open-end fund made through Stock Exchange in date T， conducts fund clearance in that date and produces fund clearance data， and finishes fund delivery and receipt through the clearance reserve account of its clearance participant in date T-1. Where the balance of the clearance reserve account of its clearance participant is not sufficient for delivery and receipt， the securities registry system makes invalid³³ the applied amount of the insufficient³⁴ part in date T-2.

　　（2） The TA system， based on the applied data of listed open-end fund made through fund manager and its best effort institution in date T， conducts fund clearance and produces fund clearance data in date T-1， and finishes fund delivery and receipt through the clearance reserve account of its clearance participant in date T-2. Where the balance of the clearance reserve account of its clearance participant is not sufficient for delivery and receipt， the TA system makes invalid the applied amount of the insufficient part in date T-3.

　　5.6 The fund clearance in daily transaction， application， redemption of listed open-end fund：

　　（1） The securities registry system conducts fund clearance of the combination of the dealing³⁵ data of the listed open-end fund and other listed stocks in the Stock Exchange and other non-transaction data after the market is closed in date T， figures out the net receivable and payable³⁶ of the clearance participants and produces fund clearance data， and finishes fund delivery and receipt through the clearance reserve account of its clearance participant in date T-1.

　　（2） The TA system conducts fund clearance of the combination of the application in date T-1 and the redemption in T-N-1 working days （N is the redemption payment cyclical period prescribed in advance by fund manager） of the listed open-end fund made through fund manager and its best effort institution and the business data of the open-end fund of the day， figures out the net receivable and payable of the clearance participants and produces fund clearance data， and finishes fund delivery and receipt through the clearance reserve account of its clearance participant in date T-1.

　　Chapter 6 Risk Prevention and Control Measures

　　6.1 This Company and the clearance participants shall adopt the following measures to strengthen the risk control in registry and clearance business：

　　（1） To stipulate³⁷ perfect risk prevention system and inner control system；

　　（2） To establish perfect technical system， to abide by the agreed technical criteria³⁸ and rules.

　　（3） To make backups of the clearance data and technical system and stipulate business urgency solving procedures and operational procedures.

　　6.2 Based on the risk sharing principle， the clearance participants shall pay clearance deposit as prescribed to prevent risks in clearance. The payment， adjustment， management and use of the clearance deposit shall be conducted in accordance with provisions of this Company.

　　6.3 The balance of the clearance reserve account of the clearance participants at the end of a day shall not be lower than the minimum clearance reserve as verified by this Company. The payment rate of the minimum clearance reserve and the adjustment thereof shall be carried out in accordance with the provisions of this Company.

　　6.4 Where the clearance participant violates contract in fund delivery and receipt， this Company may adopt the following measures：

　　（1） To charge interest and fine for breach³⁹ of contract as prescribed in the provisions of the People's Bank of China and this Company based on the breach amount of the clearance participants.

　　（2） On the day of the overdraft⁴⁰， to detain the securities proprietary⁴¹ traded by the clearance participants that is equivalent to 100% of the breach amount. Where the clearance participant who breaches⁴² the contract pay fully²² the capital and interest of the breach amount and the fine for breach of contract， this Company returns back the securities detained. Otherwise this Company will sell out the detained securities and compensate⁴³ for the breach amount of the clearance participants with the amount gained in sale， where the amount gained in sale can't recover fully the capital and interest of the breach amount and the fine thereof， the difference shall be recovered by recourse to the clearance participants.

　　（3） To record the breach of the clearance participant in the bad record of the clearance participant as the proof in evaluating the risk scope and determining the key supervision⁴⁴ object.

　　（4） To be entitled to require the clearance participant that breaches the contract to provide an account of its financial status to this Company and bring forward the specific measures for covering the breach amount， and to make the clearance participant as the key supervision object and keep close supervision on its financial status.

　　6.5 This Company， where necessary to the clearance participant that has a relatively⁴⁵ big risk in clearance， is entitled to adopt such measures as to increase the clearance deposit， adjust the payment rate and time of minimum clearance reserve， require it to provide clearance credit guaranty or clearance mortgage， limit the business application or require it to trust other clearance participant to conduct clearance， etc.

　　6.6 The fees and damages of this Company in dealing with the breach of the clearance participant in delivery and receipt are born by the clearance participant.

　　Chapter 7 The Equity Allocation

　　7.1 The equity allocation of listed open-end fund shall be conducted by the security registry system and TA system based on respective investor's book thereof on the equity registry day （Date R）。

　　The security registry system can only conduct cash dividend⁴⁶ allocation， TA system can conduct cash dividend allocation or dividend re-investing allocation as in the option of the investor.

　　7.2 The fund manager shall， before the announcement of the equity allocation， make equity allocation application to this Company in advance.

　　7.3 The fund manager shall， before the prescribed time point in date R， inform this Company of the finally determined⁴⁷ dividend allocation plan. Where the dividend allocation plan is amended⁴⁸ after the prescribed time point， the equity registry date shall be re-determined.

　　7.4 The fund manager shall， before the prescribed time point in date R-2， appropriate the cash dividend to the bank account designated by this Company. This Company will appropriate the cash dividend to the clearance reserve account of the securities institution， fund manager and its best effort institution in date R-3.

　　Where the fund manager fails to appropriate fully the cash dividend before the prescribed time point， this Company will postpone⁴⁹ the allocation of the cash dividend.

　　Chapter 8 Supplementary⁵⁰ Provisions

　　8.1 This Implementation⁵¹ Rules apply， for the time being， to registry and clearance business of the open-end securities investment fund sold， listed and transacted in Shenzhen Stock exchange.

　　8.2 This Company is not liable to any damage to related parties caused by earthquake， typhoon， drought， fire， war and other force majeure factors， and such contingent⁵² incidents as unpredictable or uncontrollable failure of system， equipment and telecommunication⁵³， electricity power off， etc.

　　8.3 The meanings of the following wordings as used in this Rules are：

　　Purchase： The activity that within the raising period of open-end fund， the investor purchases fund unit in the Stock Exchange through securities institution， or purchases through fund manager and its best effort institution.

　　Application for purchase： The activity that beyond the raising period of open-end fund， an investor buys fund unit through fund manager and its best effort institution.

　　Transaction： The activity that after the open-end fund is listed in Stock Exchange， an investor buys or sells fund unit in Stock Exchange by way of collective transaction and through securities institution.

　　Securities account： It is divided into Shanghai securities account and Shenzhen securities account. Shanghai securities account is used to record the securities listed in Shanghai Stock exchange and other securities acknowledged by this Company； Shenzhen securities account is used to record the securities listed in Shenzhen Stock exchange and other securities acknowledged by this Company.

　　The registry of open-end fund account： The business process in that an investor holding securities account applies to this Company for opening the function of open-end fund business and gets the confirmation feedback from the TA system of this Company.

　　The confirmation of open-end fund account： The business process in that an investor who has registered to open open-end fund account applies for， in order to conduct fund subscribe， application and redemption through more than one best effort institutions， the registered open-end fund account through the proposed best effort institution and gets the confirmation feedback from the TA system of this Company.

　　The Shanghai， Shenzhen open-end fund account： The open-end fund account that comes into being following the registration⁵⁴ of Shanghai， Shenzhen Securities Account.

　　Best effort institution： Such institutions as the commercial banks or securities institution etc. which have best effort institution qualification of open-end fund authorized⁵⁵ by the China Securities Regulatory Commission， sell fund unit upon delegation⁵⁶ of fund manager， and carry out the application and redemption of fund share.

　　Clearance participants： Securities institution， fund manager， best effort institution and other bodies which participate in the clearance business of this Company after the consent of this Company in the electronic securities registry and clearance system established and managed in this Company.

　　8.4 This company shall be responsible for the amendments⁵⁷ and interpretation⁵⁸ of the present Implementation Rules.

　　8.5 The present Implementation Rules shall be implemented⁵⁹ as of the promulgation⁶⁰ date.

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