Laws of the People's Republic of China

the China Securities Regulatory Commission

Order of the China Securities Regulatory Commission

No. 22

The Measures for the Administration of Securities Investment Fund Management Companies, deliberated and adopted at the 98th office meeting of the chairman of the China Securities Regulatory Commission on June 29, 2004, and approved by the State Council on August 12, 2004, are hereby promulgated, and shall go into effect as of October 1, 2004. The Rules on the Establishment of Foreign-shared Fund Management Companies by Order No. 9 of the China Securities Regulatory Commission shall be abolished simultaneously.

Upon the approval of the State Council on August 12, 2004, the Interim Measures for the Administration of Securities Investment Funds as promulgated by the Securities Commission of the State Council on November 14, 1997 upon the approval of the State Council on November 5, 1997 shall be abolished simultaneously.

Chairman of the China Securities Regulatory Commission Shang Fulin

September 16, 2004

Measures for the Administration of Securities Investment Fund Management Companies

Chapter I General Provisions

Article 1

In order to strengthen supervision over and administration of securities investment fund management companies, to regulate acts of securities investment fund management companies, and to protect the lawful rights and interests of the fund shareholders and the relevant parties concerned, the present Measures are formulated in accordance with the Securities Investment Fund Law, Company Law and other relevant laws and administrative regulationsshareholders.

Article 2

The "securities investment fund management company" (hereinafter referred to as the fund management company) as mentioned in the present Measures shall refer to the legal person of enterprise, which is established within the territory of the People's Republic of China upon the approval of China Securities Regulatory Commission (hereinafter referred to as the CSRC) and undertakes securities investment fund management business.

Article 3

A fund management company shall abide by laws, administrative regulations and the provisions of the CSRC, scrupulously abide by good faith, be cautious and diligent, and loyally fulfill its responsibilities to manage and use fund property in the interest of fund shareholders.

Article 4

The CSRC and its branch organs shall conduct supervision over and administration on fund management companies and their business activities in accordance with the Securities Investment Fund Law, Company Law and other laws, administrative regulations and the provisions of the CSRC, as well as in light of the principle of prudent supervision.

Article 5

The fund industry association shall make self-disciplinary regulation on fund management companies and their business activities according to laws, administrative regulations, provisions of the CSRC and the self-disciplinary rules.

Chapter II Establishment of Fund Management Companies

Article 6

The following requirements shall be fulfilled for the establishment of a fund management company:

1.

The shareholders shall meet the requirements of the Securities Investment Fund Law and the provisions of the present Measures;

2.

Having articles of association complying with the Securities Investment Fund Law, Company Law and the provisions of the CSRC;

3.

The registered capital shall be no less than RMB a hundred million Yuan, and the shareholders shall pay the capital contribution in full in currency, and the overseas shareholders shall make capital contribution in freely convertible currency;

4.

Having senior management personnel to be appointed who comply with laws, administrative regulations and the provisions of the CSRC and personnel to be appointed who undertake such businesses as research, investment, appraisal and marketing, etc., and the senior management personnel and business personnel are no less than 15 persons and shall have obtained the qualification for fund practice;

5.

Having a business ground of office, safety and prevention facilities meeting the requirements and other facilities relating to the business;

6.

Having established organizations and work posts with reasonable division of work and well-defined duties;

7.

Having such internal monitoring systems as supervision and audit and risk control, which meet the provisions of the CSRC; and

8.

Other conditions as prescribed by the CSRC upon the approval of the State Council.

Article 7

The principal shareholders of a fund management company shall refer to those shareholders whose proportion of capital contribution accounts for the most of the registered capital of the fund management company (hereinafter referred to as the proportion of capital contribution), and is no less than 25% of the registered capital.

The principal shareholders shall meet the following conditions:

1.

Undertaking securities management, securities investment consulting, trust capital management or other financial capital management;

2.

The registered capital shall be no less than RMB 3 hundred million Yuan;

3.

Having better business performance, and the quality of the assets is in good condition;

4.

Managing continuously for three more complete fiscal years, and the corporate governance is sound with perfect internal monitoring systems;

5.

Having no records of administrative punishment or criminal punishment due to acts in violation of law and regulations in the past 3 years;

6.

Having no acts of misappropriating customers' capitals and other acts impairing customers' interests;

7.

Not being under investigation by the regulatory institution due to acts in violation of laws and regulations or not being in rectification period; and

8.

Having good public credit standing, having no bad records in the administrative departments of taxation and industry and commerce, and such institutions as finance supervision, self-disciplinary management and commercial banks, etc..

Article 8

For other shareholders of a fund management company other than the principal shareholders, their registered capital and net assets shall be no less than RMB one hundred million Yuan, the quality of the assets shall be in good condition, and they shall meet the conditions as prescribed in Item (4) through (8) of paragraph 2 of Article 7 of the present Measures in addition.

Article 9

In a Sino-foreign joint venture fund management company, the domestic shareholder who makes the highest proportion of capital contribution shall meet the conditions for principal shareholders as prescribed in paragraph 2, Article 7 of the present Measures. Other domestic shareholders shall meet the conditions as prescribed in Article 8 of the present Measures.

The overseas shareholder in a Sino-foreign joint venture fund management company shall meet the following conditions:

1.

Being a financial institution that is established according to the law of the country or district where it is located, existing lawfully and continuously, and having financial assets management experiences, steady and sound finance, good credit, and not having been punished by any regulatory institution or judicial organ in the past three years;

2.

The country or district where it is located in has perfect securities laws and regulatory systems, and the securities regulatory institution there has signed understanding memorandum on securities regulatory cooperation with the CSRC or other institutions authorized by the CSRC, and has been keeping effective regulatory cooperation relationship;

3.

The paid-up capital is no less than the amount in freely convertible currency equal to RMB 300 million Yuan; and

4.

Other conditions as prescribed by the CSRC upon the approval of the State Council.

The preceding provisions shall be applied to the investment institutions in Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan district by analogy.

Article 10

The proportion of capital contribution paid by shareholders of a fund management company shall comply with the provisions of the CSRC.

A shareholder of a fund management company may not hold shares of other shareholders or possess other shareholders' equity . No one may be the same actual controller with any other shareholder or have other affiliated relation.

The proportion of capital contribution of or proportion of equity owned by the foreign party of a Sino-foreign joint venture fund management company may not exceed those in the commitment made by the state securities industry for opening to the outside world accumulatively (including those held directly and indirectly).

Article 11

The number of one institution shared or multi-institution shared fund management companies controlled by the same one actual controller may not exceed two, of which the number of share holding fund management companies may not exceed one.

Article 12

When applying for establishing a fund management company, an applicant shall submit materials of application for the establishment in accordance with the provisions of the CSRC.

The principal shareholders shall organize and coordinate the relevant matters concerning the establishment of a fund management company, and shall assume the main responsibility for the authenticity and integrity of the application materials.

Article 13

In the case of any major change in the matters involved in the application materials during the application, , the applicant shall submit updated materials to the CSRC within 5 working days from the date of occurrence of such change. If there is any alteration in shareholders, the application materials shall be submitted once again.

Article 14

The CSRC shall accept the application for the establishment of a fund management company in accordance with the Administrative License Law and the provisions of paragraph 1, Article 14 of the Securities Investment Fund Law, and make examination and decision.

Article 15

The CSRC may take the following ways to conduct examination on the application for the establishment of a fund management company:

1.

Asking the relevant institutions and departments for opinions on such aspects as shareholders' conditions;

2.

Conducting examination on the contents of the application documents by means of expert's appraisal and checking, etc.; or

3.

Making on-site inspection on the preparation for the establishment of the fund management company within 5 months from the date of acceptance.

Article 16

Where the establishment of a fund management company has been approved by the CSRC, the applicant shall go through formalities for registration within 30 days from the date when the document of approval is received, and it shall obtain from the CSRC the Certificate of Qualification for Fund Management upon the strength of the Business License of Enterprise Legal Person issued by the administrative department for industry and commerce.

A Sino-foreign joint venture fund management company shall also apply for the Certificate of Approval for Foreign Investment Enterprises and open a foreign exchange capital account in accordance with the provisions of laws and administrative regulations.

A fund management company shall make a public notice on its establishment in the newspapers and periodicals designated by the CSRC within 10 days from the date when it has gone through the formalities for industrial and commercial registration.

Chapter III Alteration and Dissolution of Fund Management Companies

Article 17

In case of altering the following major matters concerned, a fund management company shall report to the CSRC for approval:

1.

Alteration of any shareholder, registered capital or proportion of capital contribution of shareholders;

2.

Alteration of the name and domicile;

3.

Amendment to articles of association; and

4.

Other major matters prescribed by the CSRC.

Article 18

After any fund management company alters any shareholder, registered capital, proportion of capital contribution of shareholders, the provisions of Chapter II of the present Measures shall be complied with for shareholder's conditions, proportion of capital contribution of shareholders, amount and registered capital of shareholder shared fund management companies.

Article 19

When disposing his/its capital contribution, a shareholder of a fund management company shall observe the following provisions:

1.

The shareholder shall be honest and in good faith when transferring capital contribution, and shall stick to the commitment he/it made in subscribing or assigning capital contribution, and may not damage the legal rights and interests of fund shareholders;

2.

When transferring capital, the shareholder shall abide by the provisions of the Company Law on the preemptive rights enjoyed by other shareholders, and may not do harm to the legal rights and interests of other shareholders by taking such improper measures as making a false report on the transfer price, etc.;

3.

The shareholder and the transferee shall clarify the relevant matters concerned in the transfer period, so as to ensure that it will not damage the legal rights and interests of the fund management company and fund shareholders. No shareholder may dispose his/its capital contribution by such ways as share right custody, trust contract or secret agreement, etc.;

4.

If the matters concerning the alteration of shareholders are not approved by the CSRC or the relevant legal formalities have not been gone through, the transferor shall continue to fulfill shareholder's duties, and assume the corresponding responsibilities, and the transferee may not exercise shareholder's rights in any form; or

5.

Other provisions as prescribed by laws, administrative regulations and the articles of associations of the company.

Article 20

A shareholder must pay capital in currency in full for the registered capital increased by a fund management company.

Article 21

In case of any alteration of major matters, a fund management company shall submit an alteration application in accordance with the provisions of the CSRC within 15 days from the date when the board of directors or the shareholders' meeting adopts such a resolution. If the alteration involves the transfer of capital contribution of any shareholder, and the fund management company fails to submit an application as required, the relevant shareholder may submit an application directly.

Article 22

The CSRC shall accept the application of any fund management company for alteration of major matters in accordance with the Administrative License Law and the provisions of paragraph 2, Article 14 of the Securities Investment Fund Law, and make examination and decision.

Article 23

The CSRC may conduct examination on the application of a fund management company for alteration of major matters concerned by such ways of inviting the relevant personnel to talk, expert's appraisal and checking, etc.

For the alteration of the principal shareholders of a fund management company, alteration of the shareholders whose aggregate proportion of capital contribution exceeds 50%, or alteration of shareholders who have nominated the most directors, the CSRC shall conduct examination with reference to the provisions of the present Measures for the establishment of a fund management company.

Article 24

In case the alteration of major matters of a fund management company concerns the industrial and commercial registration, a fund management company shall go through the formalities for the alteration of registration at governmental the administrative department for industry and commerce within 30 days from the date of receiving the document of approval.

If a fund management company is changed into a Sino-foreign joint venture fund management company, it shall also apply for the Certificate of Approval for Foreign Investment Enterprises in accordance with the relevant provisions and open a foreign exchange capital account.

Article 25

In respect to the handling of the election and changing of senior management personnel of a fund management company to another post, the laws, administrative regulations and the provisions of the CSRC shall be abided by.

Article 26

In case the alteration of major matters of a fund management company involve the alteration of the contents of Certificate of Qualification for Fund Management, the fund management company shall obtain a new Certificate of Qualification for Fund Management with the original one at the CSRC.

Article 27

A fund management company shall make a public notice on the alteration of major matters in accordance with laws, administrative regulations and the provisions of the CSRC.

Article 28

A fund management company may not be dissolved until the CSRC has cancelled its fund management qualification.

The dissolution of a fund management company shall be handled in accordance with the Company Law and other laws and administrative regulations.

Chapter IV Establishment, Alteration and Revocation of the Branches of a Fund Management Company

Article 29

A fund management company may set up a branch company or other forms of branch institutions as prescribed by the CSRC.

A branch of a fund management company may undertake the development of the range of funds, fund sale, and other business activities authorized by the company.

Article 30

A fund management company shall meet the following conditions for the establishment of branches:

1.

The corporate governance is sound with perfect internal monitoring system, stable business management, and strong capacity for continuous management;

2.

The company has not been imposed on administrative punishments or criminal penalties for acts in violation of laws and regulations in the past year;

3.

The company is not under investigation by the regulatory institutions due to acts in violation of laws and regulations, or not in the rectification period;

4.

The branches to be established have qualified name, offices, business personnel, safety and prevention facilities and other facilities relating to the business;

5.

The branches to be established have clear functions and perfect management system; and

6.

Other conditions as prescribed by the CSRC.

Article 31

A fund management company shall submit application materials in accordance with the provisions of the CSRC for the establishment of branches within 15 days from the date when the board of directors or the shareholders' meeting adopt the resolution.

Article 32

The CSRC shall accept the application of a fund management company for the establishment of branches in accordance with the Administrative License Law and the provisions of paragraph 2, Article 14 of the Securities Investment Fund Law, and make examination and decision.

The CSRC may conduct on-site inspection on the branches to be established.

Article 33

In case a fund management company alters or revokes branches, it shall report to the CSRC and the branch organ of the CSRC at its locality within 30 days from the receipt of the document of approval.

Article 34

A fund management company shall go through registration formalities for the establishment of branches with the administrative department for industry and commerce within 30 days from the receipt of the document of approval.

A fund management company shall go through the relevant formalities for alteration or revocation of branches with the administrative department for industry and commerce according to the relevant provisions.

Article 35

A fund management company shall make a public notice on matters concerning the establishment, alteration or revocation of branches in accordance with laws, administrative regulations and the provisions of the CSRC.

Chapter V Governance and Management of Fund Management Companies

Article 36

A fund management company shall establish a governance structure with sound organizational framework, clear division of functions, effective check and balance and supervision, reasonable stimulation and restriction in accordance with the Company Law and other laws, administrative regulations and the provisions of the CSRC, so as to keep the company running sound, and maintain the interests of the fund shareholders.

Article 37

Shareholders of a fund management company shall fulfill legal obligations, and may not take up capital contribution in a false way, withdraw or withdraw in disguised form the capital contributed.

Article 38

A fund management company shall define the scope of functions and rules of procedures of the shareholders' meeting.

A fund management company shall establish business separation system with shareholders. A shareholder shall exercise power through shareholders' meeting in accordance with law, and may not exceed shareholders' meeting and the board of directors to directly intervene with the business management of the fund management company or the investment operation of fund property, nor may he require the fund management company to cooperate with him in such business activities as securities underwriting and securities investment, etc., which impair the legal rights and interests of fund shareholders and other parties concerned.

Article 39

A fund management company shall, when its principal shareholders are unable to operate normally, call together other shareholders and parties concerned to handle the relevant matters properly in light of the principle of being beneficial to protect the interests of fund shareholders.

Article 40

A fund management company shall define the scope of functions and rules of procedure of the board of directors. The board of directors shall formulate the basic systems of the company in accordance with the provisions of laws, administrative regulations and articles of association of the company, and make decision on the relevant major matters, supervise and give rewards and punishments to the business management personnel.

The board of directors and the chairman of the board may not exceed their authority to interfere in the concrete business activities of the management personnel by.

Article 41

A fund management company shall establish and improve independent director system, the number of independent directors may not be less than 3 persons, and may not be less than one third of that of the board of directors.

When the board of directors discusses the following matters concerned, they shall be passed by more than two thirds of the independent directors:

1.

Major connected transaction of the company and in fund investment operation;

2.

Auditing affairs of the company and the fund, hiring or changing of accounting firms;

3.

Half-year report and annual report of the fund under the management of the company; and

4.

Other matters prescribed by laws, administrative regulations and articles of association of the company.

Article 42

A fund management company shall establish and improve supervisor system. The supervisor shall be hired by the board of directors and shall be accountable to the board of directors, and conduct supervision over and audit on the legality and compliance of business operation of the company.

When the supervisor finds out that there exists great risk in the company or any act of the company in violation of laws and regulations, he shall notify the general manager and other relevant senior management personnel, and report to the board of directors, the CSRC and the branch organ of the CSRC at its locality.

Article 43

A fund management company shall strengthen the role of the supervisory board or executing supervisor for their supervision over the finance of the company and the performance of duties by the board of directors, so as to maintain the lawful rights and interests of shareholders.

Article 44

The general manager of a fund management company shall be responsible for the business management of the company. The senior management personnel and other staff members of a fund management company shall fulfill duties faithfully and diligently, and may not seek improper interests for any shareholder, themselves or others.

Article 45

A fund management company shall establish an internal monitoring system, which is scientific and reasonable, strictly controlled and operated with high efficiency in accordance with the provisions of the CSRC, establish a scientific and perfect internal monitoring system, keep the business operation lawful and compliant, and keep the internal monitoring sound and effective.

Article 46

A fund management company shall establish and perfect an investment management system , which consists of such links as authorization, research, decision-making, execution and appraisal, and deal fairly with the different fund properties and clients' assets under its management.

Article 47

A fund management company shall establish perfect fund financial business accounting and fund asset appraisal systems, strictly observe the relevant provisions of the state, and reflect the status of fund property timely, accurately and completely.

Article 48

A fund management company shall establish and maintain an information management system, implement strict information management to ensure the safety, truthfulness and integrity of clients' materials and other information.

Article 49

A fund management company shall establish and perfect customs service standards, strengthen sales management, regulate fund publicity and introduction, and may not have unjustifiable sales acts and unfair practices in competition.

Article 50

A fund management company may increase registered capital accordingly in light of the principle of prudent management and upon the need of business development.

A fund management company shall draw risk reserves as required.

Article 51

A fund management company shall manage and use its own capital in accordance with the provisions of the CSRC.

When managing or using its own capital, a fund management company shall keep the company operate normally and may not damage the lawful rights and interests of the fund shareholders.

Article 52

A fund management company shall establish effective management system and strengthen management on its branches. The branches may not undertake business operations in such ways of contracting, leasing, custody and cooperation.

A fund management company may establish offices, but the offices may not undertake profit-making activities.

Article 53

A fund management company shall establish emergency preparedness system in accordance with the preparedness plan to properly handle emergencies that may have great influence on the interests of fund shareholders, or may result in systematic risk, and seriously affect the social stability.

Chapter VI Supervision and Administration

Article 54

Where any fund management company or any shareholder of a fund company disguises the relevant conditions or provides false materials when applying for approval of relevant matters, the CSRC shall not accept the application. Even if the application has been accepted, it shall not be approved.

Article 55

The CSRC shall conduct off-site inspections and on-site inspections on the corporate governance, internal monitoring, business operation, risk status, and the relevant business activities of any fund management company in accordance with the provisions of laws, administrative regulations and the provisions of the CSRC and in light of the principle of prudent supervision.

Article 56

The off-site inspection shall mainly be carried out in such ways of checking and approving the materials submitted by a fund management company.

A fund management company shall submit the following materials to the CSRC and the branch organ of the CSRC at its locality:

1.

Annual report of a fund management company audited by the accountant firm that is qualified for undertaking securities related business;

2.

Annual appraisal report on the internal monitoring of a fund management company issued by the accountant firm that is qualified for undertaking securities related business;

3.

Quarterly report and annual report of supervisions and audit; and

4.

Other materials to be submitted as required by the CSRC in light of the principle of prudent supervision.

Article 57

A fund management company shall submit annual report and annual appraisal report of the fund management company within 3 months after the end of each year; and submit quarterly supervision and audit report within 15 days after the end of each quarter, and submit annual supervision and audit report within 30 days after the end of each year.

Article 58

If any of the following circumstances occurs with respect to a fund management company, it shall report to the CSRC and the branch organ of the CSRC at its locality within 5 days from the date of the occurrence:

1.

The capital contribution of the shareholders of the company is under the preservation in litigation or other measures taken by the judicial organ;

2.

The shareholders of the company dispose its capital contribution;

3.

The shareholders of the company are under a merger, division or make major reorganization of assets and liabilities;

4.

The shareholders of the company are put on record by and under the investigation of the regulatory institutions or judicial organ;

5.

The shareholders enter into liquidation procedures or are taken over;

6.

The company and its directors, senior management personnel, fund managers are imposed on criminal or administrative penalties;

7.

The company and its directors, senior management personnel, fund managers are under the investigation of regulatory institution or judicial organ;

8.

There are major changes in the financial situation of the company; or

9.

Other matters that have a great influence on the management of the company.

In case of the occurrence of any of the emergencies as prescribed in Article 53 of the present Measures, a fund management company shall report immediately to the CSRC and the branch organ of the CSRC at its locality.

When a fund management company establishes, alters or revokes offices, it shall report to the CSRC and the branch organ of the CSRC at its locality within 15 days from the date of such establishment, alteration or revocation.

Article 59

Where the competent authority at the registration place or at the locality of main business activities of any overseas shareholder of a Sino-foreign joint venture fund management company has requirements on the record of overseas investment, the overseas shareholder shall, after having obtained document of approval of the CSRC in accordance with law, submit the relevant materials for record to the competent authority at its registration place or locality of main business activities, and shall submit the duplicate to the CSRC at the same time.

Article 60

The CSRC may take the following measures to conduct on-site inspection on fund management companies, and determine the objects, contents, and frequency of on-site inspection in light of the routine supervision:

1.

Entering a fund management company and its branches to conduct inspection;

2.

Requiring a fund management company to provide the relevant documents, minutes of a conference, statements and reports, credence, and other materials relating to the inspection;

3.

Inquiring of the staff members of a fund management company and requiring them to make statements on the relevant matters under inspection;

4.

Referring to or reproducing the relevant documents or materials of a fund management company in relation to the matters under inspection, and keeping in custody after sealing the documents or materials that are likely to be transferred, hidden or destroyed;

5.

Checking the system of a fund management company which is designed to manage business data by the application of electronic computers; and

6.

Other measures prescribed by the CSRC.

Article 61

When the CSRC conducts on-site inspection on any fund management company, the inspectors shall be no less than two persons, and shall produce their lawful certificates. If the inspectors are less than two persons or fail to produce their legal certificates, the fund management company shall have the right to refuse the inspection.

The CSRC may engage certified public accountants, lawyers and other professionals to provide professional services for the inspection work.

Article 62

Any fund management company and the personnel concerned shall cooperate with the CSRC in the inspection, no one may refuse or delay the provision of the relevant materials for any reason, nor may any one provide untrue, inaccurate or incomplete materials.

Article 63

After making the on-site inspection on a fund management company, the CSRC shall issue inspection conclusions to the fund management company inspected.

Article 64

In case any fund management company violates laws, administrative regulations or the provisions of the CSRC, or has greater operating risks, the CSRC may order it to make rectifications and corrections and suspend its relevant business operation; and the CSRC may take such administrative supervision measures against the directly liable person in charge and other directly liable personnel as holding supervision talks, issuing warning letters, recording into good faith archives, suspending their performance of duties, determining them as unsuitable for assuming the relevant posts, etc..

After a fund management company has completed the rectification and correction, it shall submit a report thereof to the CSRC, who shall make inspection and check and acceptance on it.

Article 65

In case any shareholder of a fund management company subscribes or transfers his/its capital contribution in violation of the provisions of Article 19 of the present Measures, or fails to fulfill legal obligations in violation of the provisions of Article 37 of the present Measures, the CSRC may order him/it to make rectification and correction, and take such administrative supervision measures against the relevant directors, supervisors or senior management personnel as holding supervision talks, recording into good faith archives, or determining them as unsuitable for assuming the relevant posts.

Article 66

In case any fund management company, shareholder or a fund management company and their directly responsible person in charge and other directly liable personnel violates laws, administrative regulations and the provisions of the CSRC, it/he shall be given an administrative punishment if it/he shall be subject to administrative punishment. If it/he is suspected of committing a crime, it/he shall be transferred to the judicial organ, and shall be subject to criminal responsibilities.

Chapter VII Supplementary Provisions

Article 67

The Sino-foreign joint venture fund management companies as mentioned in the present Measures shall include: fund management companies established by overseas shareholders and domestic shareholders jointly, and fund management companies altered from transfer or subscription of shares of domestic fund management companies by overseas shareholders.

Article 68

The concrete measures shall be separately formulated by the CSRC for the administration of natural person shared fund management companies and fund management companies taking the form of joint-stock companies and establishing branches overseas.

Article 69

The present Measures shall go into effect as of October 1, 2004. The Rules on the Establishment of Foreign-shared Fund Management Companies by Order No. 9 of China Securities Regulatory Commission shall be abolished simultaneously.