货币市场基金管理暂行规定

证监发[2004]78号

（Promulgated by the China Securities Regulatory Commission and the People‘s Bank of China on 16 August 2004 and effective as of the date of promulgation.）

颁布日期：20040816 　实施日期：20040816 　颁布单位：中国证券监督管理委员会、 中国人民银行

Article 1　These Provisions have been formulated in accordance with the Securities Investment Funds Law， the Administration of the Operation of Securities Investment Funds Procedures and the Administration of the Entry of Fund Management Companies into the Interbank Market Provisions in order to promote the development of securities investment funds （Funds）， standardize the offering， operation and related activities of money market funds and protect the lawful rights and interests of investors and related parties.

Article 2　For the purposes of these Provisions， the term “money market funds” shall refer to Funds that are exclusively invested in money market instruments.

Funds that carry “money”， “cash”， “liquid”， “cash money”， “short-term bond” and similar wordings in their names shall comply with the relevant requirements specified herein.

Article 3　Money market funds shall be invested in the following financial instruments：

（1） cash；

（2） fixed-term bank deposits and large denomination certificates of deposit with a term of no longer than　one year （inclusive）；

（3） bonds with a remaining maturity of no more than 397 days （inclusive）；

（4） bond repurchases with a maturity of no more than one year （inclusive）；

（5） central bank negotiable instruments with a maturity of no more than one year （inclusive）； and

（6） other money market instruments with high liquidity that are recognized by the China Securities Regulatory Commission and the People‘s Bank of China.

Article 4　Money market funds shall not be invested in the following financial instruments：

（1） stocks；

（2） convertible bonds；

（3） bonds with a remaining maturity of more than 397 days；

（4） enterprise bonds with a credit rating below AAA grade； and

（5） other financial instruments in which investment is prohibited by the China Securities Regulatory Commission and the People‘s Bank of China.

Article 5　The investment portfolio of a money market fund shall comply with the following provisions：

（1） the proportion of investment in the short-term enterprise bonds issued by any single company may not exceed 10% of the net asset value of the Fund；

（2） the deposits placed in any single commercial bank with Fund custody qualifications may not exceed 30% of the net asset value of the Fund； and the deposits placed in any single commercial bank without Fund custody qualifications may not exceed 5% of the net asset value of the Fund；

（3） the balance of capital from bond repurchase in the national interbank bond market may not exceed 40% of the net asset value of the Fund； and

（4） other restrictions on proportion stipulated by the China Securities Regulatory Commission and the People‘s Bank of China.

Article 6　The average remaining maturity of the investment portfolio of a money market fund shall not exceed 180 days.

Article 7　Except in the circumstances set forth below， the remaining maturity of the bonds in a portfolio means the remaining days from the calculation date to the maturity date of the bonds：

（1） for variable- or floating-rate bonds with the market interest rate as the base interest rate， if the frequency of interest rate adjustment is less than once a year， the remaining maturity of the bond shall be the remaining time from the calculation date to the next interest rate adjustment date；

（2） the remaining maturity of a repurchase agreement shall be the remaining time from the calculation date to the date of the trading of the underlying bonds under the agreement； and

（3） other circumstances separately stipulated by the China Securities Regulatory Commission.

Article 8　A money market fund shall disclose the average remaining maturity of the investment portfolio in the investment portfolio section of the annual， interim and quarterly reports.

Article 9　Where a money market fund quotes its price at par each day， the reinvestment of dividends may be agreed in the Fund contract as the method of distribution of earnings， and the distribution of earnings shall be made each day.

Article 10　Where a money market fund does not charge purchase and redemption fees， a charge may be calculated and withdrawn at a percentage of not exceeding 2.5‰ from the Fund assets specially for the sale of the Fund and the services to Fund holders. The annual report of the Fund shall make a special statement on the details of the listing of such charges as expenditure.

Article 11　In the prospectus and promotional literature materials of a money market fund， the Fund management company shall state that the purchase of money market fund by the investor is not equivalent to depositing the funds in a bank or deposit-taking financial institution， and that the Fund management company guarantees neither the profitability of the Fund nor any minimum earning.

Article 12　A money market fund shall adopt a sound and appropriate accounting and audit， and valuation method to ensure that the net asset value of the Fund fairly reflects the value of the Fund. The accounting and audit method to be adopted shall be specified in the Fund contract， and the possible impact on the fluctuation of the net asset value of the Fund from the adoption of such method shall be disclosed in the prospectus.

If the valuation method of the Fund specified in the preceding paragraph cannot fairly reflect the value of the Fund in special circumstances， the money market fund may adopt other valuation methods. Such special circumstances and valuation methods shall be agreed upon in the Fund contract.

If the circumstances specified in the preceding paragraph occur to the money market fund， the matter shall be disclosed in the financial and accounting statement section of the annual and interim reports.

Article 13　In addition to compliance with these Provisions， the activities of money market funds such as offering， purchase， redemption， investment， information disclosure and publicity and promotion shall also comply with the relevant provisions of the Securities Investment Funds Law， the Administration of the Operation of Securities Investment Funds Procedures， the Administration of the Sale of Securities Investment Funds Procedures， the Administration of Information Disclosure for Securities Investment Funds Procedures and the Administration of the Entry of Fund Management Companies into the Interbank Market Provisions.

Article 14　The trading and settlement activities of money market funds in 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 supervision， regulation and on-going inspection of the People’s Bank of China.

Article 15　The China Securities Regulatory Commission and the People‘s Bank of China shall be responsible for interpreting these Provisions.

Article 16　These Provisions shall be implemented as of the date of promulgation.