[China Securities Regulatory Commission: Mini-funds that continue to operate are no longer required to convene holders’ meetings, and managers must bear fund fixed fees] The China Securities Regulatory Commission today released the “Measures for the Operation and Management of Publicly Offered Securities Investment Funds (Draft for Comment).” For situations where mini-funds are difficult to convene holders' meetings and operating costs are relatively high, the "Operation Measures" clarify that after reaching the mini-fund standard for 60 consecutive working days, if the manager chooses to continue operations, it is no longer required to convene a holders' meeting, but shall bear the fixed expenses incurred during the operation of the fund; and if it plans to change the mode of operation, merge with other funds, or terminate the fund contract early, the fund manager shall still convene a fund unit holder meeting for voting in accordance with regulations. In addition, the "Operation Measures" also mention that the fund manager should clearly stipulate in the fund contract that if the net asset value of the fund is continuously lower than a certain scale, the fund contract will be terminated, except in circumstances recognized by the China Securities Regulatory Commission. The fund manager can also stipulate the circumstances for the termination of the fund contract in terms of the number of fund unit holders, the concentration of fund unit holders, etc. (Reporter Zhou Xiaoya)