On June 20 12, China Asset Management Association was formally established, and the industry self-discipline responsibility of the former member department of China Securities Association Fund Company was assigned to China Asset Management Association. On this basis, 20 13 Securities Investment Fund Law specially added a chapter of "fund industry association", which stipulated the nature, composition and main responsibilities of fund industry association in detail, providing a basic legal basis for determining the status of fund industry association and standardizing its responsibilities and powers.