[China Securities Regulatory Commission: Fund managers are required to bear the fixed fee costs of fund operation if they choose to continue operating "mini-funds"] On October 9, the China Securities Regulatory Commission publicly solicited opinions on the "Measures for the Operation and Management of Publicly Offered Securities Investment Funds (Draft for Comment)" and supporting rules. Optimize some investment operation indicators and mechanisms. The first is to improve the regulatory requirements for "mini-funds", requiring fund managers to bear the fixed fee costs of fund operations if they choose to continue operating "mini-funds", and to establish a mandatory exit mechanism for fund products that are too small in scale to effectively protect the interests of holders. The second is to optimize the exit requirements for sponsored funds and delete the current regulations that require the termination of fund contracts if the scale of sponsored funds is less than 200 million yuan after three years of establishment. The third is to improve the governance efficiency of the holders’ meeting. Under the framework of the Securities Investment Fund Law, the circumstances under which a holders’ meeting needs to be convened are revised and improved. It is clarified that the fund manager can modify the content of the fund contract without convening a holders’ meeting within specified circumstances. At the same time, the fund manager’s obligations such as notification in advance and consultation with the fund custodian are strengthened.