证监会出台了一个内部的指导性文件以规范基金公司的红利分配，文件至今尚未公开。据了解，该文件中明确规定：基金红利发放日距离收益分配基准日的时间，不得超过15个工作日。不过，证监会也表示，如果基金投资当期出现净亏损，可以不分红。


China's stock regulator is pressing fund companies to adopt more generous dividend polices. The move aims to allow fair returns for consumers' investments.

The China Securities Regulatory Commission has issued a internal guidance to regulate fund dividend distribution. The guide has not been released to the general public. But it says fund companies should pay out dividends 15 days ahead of the end of fiscal cycle.

Li Wei, Researcher of Funds Research CTR of China Galaxy Securities said "The guidance acts more like regulations. The guide has specifically pointed out that investors should be aware of the numbers of minimum dividends and bonus times."

The China Securities Regulatory Commission has also stated, that if a fund suffers a net loss, it might not go through dividend distribution.

Figures show that 16 open-ended funds had earnings in 2006 and 2007. But non of them had distributed earnings to investors so far. In 2007, they accumulated more than 80 billion yuan worth of available earnings for dividend distribution. But in 2008, they has a net loss of 94 billion yuan. Some other funds in the market even fell below net worth.

Wang Lianzhou, Former Head of Fund Law Drafting of Financial & Economic Committee of NPC said "When there are earnings, it's unreasonable not to share them with investors. We should work out rules of how to distribute incomes of funds, work out the appropriate proportions and more detailed polices. So we could reduce conflicts."

Some say fund companies have incentives to withhold bonus payouts, because payouts reduce their commissions or management fees. Some money managers use contract loopholes to minimize or avoid dividend payments.

On the other hand, investors love dividends. They can cash out the earnings, and then put the money into new investments.

Some analysts suggest further policies to supervise the contract terms for fund investments.