On December 28, 2012, The Law of the People's Republic of China on Securities Investment Funds (Revised in 2012) (the "2012 Securities Investment Funds Law") was ratified after three rounds of review by the Standing Committee of the National People’s Congress, and shall come into effect on June 1, 2013. The revision of the Law of People's Republic of China on Securities Investment Funds Law effective on June 1, 2004(the “2004 Securities Investment Funds Law”) was finally completed, which lasted for three years and lead to intense debates within the industry. The following contains a brief introduction regarding the major revisions made to the 2004 Securities Investment Funds Law: