What signal was transmitted?, Fund sector announces heavyweight new regulatory services | Wealth | New Regulations

A heavyweight interpretation of ten thousand words! 150 billion market opens a new chapter

China Fund News reporter Li Shuchao

In order to improve the wealth management function of the capital market, deepen the reform of the capital market investment side, develop the buyer's intermediary team, and promote the pilot transformation of fund investment advisory business, the China Securities Regulatory Commission recently issued the "Regulations on the Management of Investment Advisory Business for Publicly Offered Securities Investment Funds" and solicited opinions from the public.

Multiple industry insiders have interpreted this as the "Regulations" further optimizing the concentration requirements for holding individual fund shares, adding categories such as private equity, guiding "investment advisory+pension", expanding the development space of fund investment advisory business, and will open a new chapter in the development of the fund industry. At the same time, the full development of fund investment advisory business will also drive the coordinated development of asset management and wealth management, promote the comprehensive reform of the investment and financing ends of the capital market, and promote the high-quality development of the fund industry and capital market.

Has a very important leading role

This marks the arrival of the era of fund investment buyers

Several industry insiders have stated that the new regulations have optimized and improved the fund investment advisory business over the past three years, playing an important leading role in the future development of this business and marking the arrival of the era of fund investment buyers.

Chen Tong, Vice President of E Fund, stated that the recent regulatory release of the draft of investment advisory business management regulations for soliciting opinions marks the gradual transition of investment advisory business from pilot to routine. This is a milestone event in China's asset management industry, which will not only further enhance the ability of the capital market to serve investors and support the real economy, but also provide broader space for the development of buyer's agent power in the Chinese market.

The person in charge of Guangfa Fund's investment advisory business stated that compared to the 2019 Notice on Doing a Good Job in Pilot Work of Publicly Offered Securities Investment Fund Investment Advisory Business, the new regulations have put forward more detailed requirements for fund investment advisory business, which is an important measure for regulatory authorities to promote the transformation of fund investment advisory business to routine. The Regulations not only optimize and improve the problems that have arisen since the three-year pilot development, but also provide business guidance for the future development of investment advisory business, playing a very important leading role.

Tao Ronghui, General Manager of Jiashi Wealth, also stated that the draft for soliciting opinions summarized the experience and achievements of fund investment advisory pilot work since 2019, improved the specific norms and regulatory rules of fund investment advisory business, and marked the arrival of the buyer's era of fund wealth management.

Xu Haining, Vice President of Dongfang Securities, also believes that the introduction of fund investment advisory management regulations is a return to the origin of wealth management and a practice of original integrity and innovation. The introduction of regulations on the management of public fund investment advisory business is of great significance for deepening the transformation and development of wealth management, and practicing finance for the people, marking the arrival of the era of buyer's wealth management.

Several industry insiders also mentioned that the new regulations will help guide the industry to adhere to the origin of "advisory" services and fundamentally protect the interests of investors.

"The Regulations specify that investment advisory institutions should adhere to a customer-oriented approach and adhere to long-term principles. While abandoning shortsighted investment tendencies, investment advisory institutions should guide investors to adhere to long-term investment concepts." Xiao Wen, CEO of Yingmi Fund, stated that the Regulations require fund investment advisory institutions to strengthen customer service, improve the quality and level of advisory services, strengthen investment behavior guidance, assist clients in scientific and rational fund allocation, and continuously improve their fund investment experience; Secondly, it is emphasized and required that investment advisory institutions actively carry out investor education, scientifically set up the content and methods of investor education, and help fund investors establish long-term and scientific investment concepts; In addition, the focus is on investment advisory institutions providing investment planning for clients, and relevant requirements are also proposed.

The person in charge of Huaxia Wealth also believes that the new regulations completely start from the buyer's position of improving investor returns and aligning with investor interests, and provide a more comprehensive mechanism for preventing conflicts of interest from a lower level perspective. As the pilot of fund advisory business is about to turn routine, more institutions will join the fund advisory business, relying on different resource endowments to form a differentiated competitive situation, providing a foundation for further refined division of labor and cooperation in the business chain, which is conducive to promoting the expansion of buyer intermediary forces.

China Europe Wealth also stated that the "investment" and "consideration" of fund advisors are inseparable. This regulation not only further improves the regulatory requirements for the investment process, but also emphasizes the essence of fund investment advisory services.

Xingzheng Global Fund also believes that the new regulations reflect the regulatory guidance on investment advisory business, further optimizing the concentration requirements for holding individual fund shares; In addition, the new regulations allow portfolio strategies to set lock periods or invest in restricted funds, which also reflects regulatory encouragement for investment advisory firms to design portfolio strategies that better align with investors' investment deadlines and goals, reducing the risk of price chasing and buying behavior caused by market factors.

Has a significant promoting effect on the industry ecosystem

Will drive the coordinated development of asset management and wealth management

In addition to optimizing regulatory rules and focusing on the essence of "service", many industry insiders also believe that the release of new regulations for fund investment advisory business will improve investment advisory norms and provide guidance for business development. At the same time, the full development of fund investment advisory business will also expand the professional buyer intermediary force, empower asset management and wealth management, promote the coordinated development of investment and financing ends, promote the high-quality development of the fund industry and capital market, and ultimately benefit the vast number of investors.

Xiao Wen believes that the introduction of this system has elevated the industry's understanding of investment advisory business to a new level. The Regulations further improve the regulatory system for fund investment advisory business, clarify the specific norms and regulatory rules for fund investment advisory business, and help guide the industry to adhere to the source of "advisory" services.

From the perspective of industry ecology, the development of fund advisors will also drive the coordinated development of asset management and wealth management.

In Xiao Wen's view, on the one hand, it is conducive to the coordinated development of investment and financing ends. Public funds, as the most important investment side layout, may face challenges from fluctuations in customer funds in terms of debt stability. The bond market volatility in November 2022, where buyer power can help form long-term funds for public funds, played a very important role by investment advisors.

On the other hand, it is conducive to the dual drive and dual empowerment of asset management and wealth management. At present, wealth management is not yet well-established in terms of system and function, and the buyer intermediary and buyer power representing customers are relatively weak. Investment advisory business will play a role in wealth management in the future. By providing investment advisory services to customers and improving their investment behavior, it is beneficial to help the Chinese capital market form a stable force for long-term funds and create a "long bull" market.

Xu Haining also stated that the new regulations are expected to further drive the transformation of industry wealth management and expand the professional buyer intermediary force; Secondly, further enhance the scale of fund advisors and market penetration rate; The third is to promote the comprehensive reform of the capital market investment side. The pilot conversion to routine has created favorable conditions for further reform of systems such as personal pension and securities investment advisory, which helps to promote the steady progress of comprehensive reform in the capital market investment side.

According to data disclosed by the China Securities Regulatory Commission, as of the end of March 2023, a total of 60 institutions have been included in the pilot program, with a service asset scale of 146.4 billion yuan and a total of 5.24 million customers, of which individual investors below 100000 yuan account for 94%.

"Compared with the industry's public funds of 27 trillion yuan and 720 million investors, there is still a lot of development space for fund advisors. Pilot conversion to conventional methods will help improve the scale and popularity of fund advisors," said Xu Haining.

Lin Jiecai, Vice President of Yingmi Fund and Head of Qieshan Business, also mentioned that the transition of fund investment advisory pilot projects to conventional ones has a great promoting effect on the industry ecosystem: firstly, it has expanded the business scope that investment advisory institutions can carry out, added important content such as private equity funds and pension advisors, which has opened up greater space for industry development; Secondly, further requirements have been made for the standardization of the business behavior of investment advisory institutions, to avoid the productization of investment advisory business by investment advisory funds and guide institutions to return to the source of investment advisory; Thirdly, with the successive introduction of relevant regulations, it also means that more institutions can participate in the investment advisory business and serve more customers.

"Through such a combination of punches, it not only constrains the obligations and business norms of investment advisory institutions, but also gives them more space to play and participate, which can make the investment advisory ecosystem develop more healthily and vigorously, and ultimately benefit the vast number of investors," said Lin Jiecai.

China Europe Wealth also believes that the launch of the Regulations is an important sign of China's fund investment advisors accelerating their journey towards the buyer's era and laying a more solid foundation for the high-quality development of the industry in the future. I believe that under regulatory guidance, fund advisors will develop into professional buyer intermediaries in the wealth management market, and ultimately play a more active role in the high-quality development of the fund industry and optimizing the capital market fund structure.

New regulations exert force from multiple perspectives

Further optimize the top-level institutional design

China Fund News reporter Fang Li and Lu Huijing

Since the pilot program was launched in October 2019, after more than three years, the fund investment advisory business has finally ushered in a critical moment of "pilot to routine".

Recently, the China Securities Regulatory Commission (CSRC) drafted a draft of the "Regulations on the Management of Investment Advisory Business for Publicly Offered Securities Investment Funds" for soliciting opinions. The regulations mainly address the problems encountered in the development of fund investment advisory business over the past three years, such as insufficient rule supply, some institutions' emphasis on investment and neglect of investment, and a tendency towards "productization" of services. They provide new guidance from three aspects: "optimizing restrictions on investment diversification", "strengthening consultant supervision and guidance", and "filling gaps in new problems and situations".

Several industry insiders have expressed that the introduction of the new regulations will further improve the top-level institutional design of fund investment advisory business, comprehensively strengthen the requirements for "Gu", broaden the boundaries of "Gu", and is expected to continue to strengthen the power of buyer intermediaries, opening a new chapter in development.

Optimize the requirements for limiting investment diversification

Allow the issuance of policy combinations with lock up periods

The Regulations continue to use the norms and restrictions on "investment" during the pilot period at the investment level, while optimizing the requirements for restrictions on investment diversification. Adjustments have been made to the investment restrictions of index funds and index enhancement funds, while allowing the issuance of strategy portfolios with lock-in period characteristics and effectively controlling the turnover rate of fund portfolio strategies.

Chen Tong, Vice President of E Fund, interpreted the impact of the new regulations from the perspectives of lock up periods and turnover rates. He believes that the "Regulations" introduce the concept of "lock up period" for the first time, combined with the relevant requirements and institutional arrangements of the previous pilot measures for investment liquidity restricted funds, effectively promoting the organic management linkage between customer liabilities and assets, distinguishing funds with different liquidity requirements, and maximizing the balance of liquidity management and corresponding risk premium acquisition. Specifically, it is reflected in the following three aspects:

Firstly, on the asset side, setting a lock period strategy portfolio makes the selection of investment targets more flexible, such as liquidity restricted varieties that match the lock period, and appropriately participating in QDII funds, specific strategy funds, etc. This not only enhances the diversity of holding target varieties and disperses risks, but also fully explores more dimensions of income sources.

Secondly, on the strategy side, allowing for the issuance of lock up period nature strategy combinations expands the development space of investment advisory strategies. At the portfolio level, more refined management strategies that better meet the risk and return requirements of different clients, including CPPI, can be attempted. For stock strategies, it is also possible to consider using a lock period approach to better match customer funds with corresponding strategies for different liquidity needs, providing a lever to guide customers to achieve strategic goals in a reasonable time cycle.

Furthermore, in terms of portfolio management, appropriately extending the investment period through a lock period approach allows investment advisors to focus more on long-term and value investments, promoting more cautious portfolio structure adjustments and component fund optimization from a medium to long term perspective, and practicing a long-term, value based investment advisory management philosophy.

Xingzheng Global Fund discussed the role of optimizing investment diversification restrictions. In the view of Xingzheng Global Fund, the new regulations have further optimized the concentration requirement for holding a single fund share, from a single portfolio strategy of no more than 20% to a single investment advisory institution of no more than 50%. If this is implemented, it will reduce the impact of a single investment advisory institution on the size of a single fund and the liquidity of underlying assets. For a single customer holding a single index fund, there is no 20% limit, and the exemption will be adjusted to only apply to broad-based index and broad-based index enhancement funds. The proportion of single portfolio strategies allocated to industry and style index funds will be indirectly restricted; At the same time, the exemption also includes pension target funds and fund products within the fund, highlighting the excellent liquidity of the underlying assets of FOF funds themselves.

Yang Yuanchun, Vice President of Yingmi Fund and Dean of Yingmi Fund Research Institute, also paid attention to the impact of controlling the turnover rate of fund strategy portfolios. She stated that the new regulations specify that transaction costs generated by exceeding double the turnover rate can be offset against investment advisory fees, further reflecting the policy essence of protecting investor interests.

"Overall, these changes can further reduce investment costs and improve investment efficiency at the investment level. With a moderate expansion of investment scope, consistency has been achieved between portfolio liquidity design and underlying variety liquidity design, opening up space for future exploration of more diversified strategies." Yang Yuanchun concluded.

Strengthen the requirements of "Gu" and expand the boundaries of "Gu"

Avoid productization of services

The Regulations strengthen the supervision of the principle of "consulting" services, emphasize the two main themes of "in-depth understanding of customers and matching their actual needs", solve the problem of "heavy investment and light consideration", avoid the tendency of "productization" of services, strengthen the isolation between fund investment consulting and fund sales business, and directly point to the key to the development of fund investment consulting business. This move clearly places higher demands on "investment advisors" and avoids productization tendencies. The industry has pointed out that this move guides the industry to adhere to the origin of investment advisory services.

"The" Regulations "specifically regulate the business rules covering both investment and advisory ends, and compared with the" Pilot Notice ", strengthen Gu's requirements, expand Gu's boundaries, reflect the regulatory authorities' emphasis on" advisory "services, and help guide the industry to adhere to the source of" advisory "services." The person in charge of Guangfa Fund's investment advisory business expressed this.

The above-mentioned individuals specifically stated that the "Regulations" have added provisions that investment advisory institutions can include services that meet customer fund planning and asset allocation needs in their service scope, and encourage institutions to provide comprehensive wealth management services to customers through multiple fund portfolio strategies to meet their wealth management needs for multiple transactions. This requirement will guide investment advisory institutions to upgrade from the current situation of providing clients with a single portfolio strategy configuration to the direction of full account investment advisory services. This poses higher requirements for institutions to portray different investment needs of customers and their ability to allocate large categories of assets.

Xiao Wen, CEO of Yingmi Fund, also believes that the "Regulations" comprehensively strengthen the requirements for "Gu" and broaden the boundaries of "Gu" around issues such as insufficient planning supply, some institutions' emphasis on investment and neglect of services, and the tendency towards "productization".

Xiao Wen stated that, specifically, the "Regulations" clarify that investment advisory institutions can provide planning services such as fund planning, investment planning, and pension and wealth management planning, expanding the boundaries of investment advisory services. Clear definitions have been proposed for various planning businesses, while returning to the origin of "services" and reversing the trend of "productization" of investment advisory services. In addition, supervision and promotion are guided by reflecting service quality, and regulations on cooperation between investment advisors and other institutions have been refined. Corresponding regulations are also made for situations where consulting firms have conflicts of interest in simultaneously providing sales services.

Jia Shi Wealth General Manager Tao Ronghui also stated that this regulation has particularly strengthened the positioning of the "consultant" role and standardized guidance for "consultant" services. It has put forward clear requirements for detailed items such as fund planning, deadline goals, scheme matching, and portfolio strategy, and proposes to provide comprehensive wealth management services for customers. From the perspective of buyer agents, it is more important to start from the actual needs of customers, take accounts as the focus, and provide planning, asset allocation, and other services for the overall assets of customers, in order to better meet the growing wealth management needs of residents.

However, China Europe Wealth believes that the Regulations clearly stipulate that fund advisory institutions need to provide fund planning and allocation plans to customers after fully understanding their situation. At the same time, the Regulations also put forward higher requirements for the sustainability of investment advisory services, requiring investment advisory institutions to establish a sound customer follow-up mechanism and understand business operations and service effectiveness through regular and irregular follow-up visits. This will promote fund advisory institutions to truly be guided by the needs of individual investors, provide matching investment advisory strategies and services based on personalized differences among users, and enhance user investment experience through long-term service quality improvement and behavioral guidance.

It is worth mentioning that many people believe that this move has reversed the trend of "productization" of investment advisory services.

Chen Tong, Vice President of E Fund, stated that during the pilot period, there was a situation in the market where fund advisors were "productized" or even viewed as narrow industry funds, and turned into FOF like fund products, which posed a risk of following the old path of selling products with competitive returns. "Investment" is certainly the foundation of investment advisory strategy portfolio, but "advisory" services are the true core. Over the past three years, regulatory authorities have provided many guidelines and regulations to reverse the productization of investment advisory services, gradually streamlining the entire chain of "advisory" services. Multiple long-term studies spanning 40 to 50 years overseas have also proven that the value created by consultants will increase clients' revenue by 2% to 4% annually. About half of these increased profits come from guiding customer behavior, while others such as transaction optimization are the main components of advisory services in investment advisory business.

Strictly regulate publicity and promotion

Only after completing the matching can the performance be displayed for more than 1 year

This regulation strictly regulates the promotion and promotion behavior, requiring that fund portfolio strategies should not be displayed before understanding customer situations, and historical performance should not be displayed before implementing matching. Performance can only be displayed after completing service matching for investors, and only the overall performance of the past year or more can be displayed. Risk indicators such as volatility and maximum drawdown need to be disclosed at the same time.

"Guiding the industry to adhere to the origin of consulting services and starting from the customer's perspective is one of the overall ideas of the" Regulations ". These requirements all reflect this principle. Investment advisory institutions should continue to start from the customer's perspective and continuously create the best interests for customers, which is fundamentally different from traditional sales that only need to bear the obligation of appropriateness." said Xiao Wen, CEO of Yingmi Fund.

Xiao Wen also gave an example, stating that before investing, fund advisory institutions must fully understand the client's situation and provide investment planning solutions such as fund planning and asset allocation. This is a very important service process for investment advisors. Once ignored, it is easy to fall into the old path of selling products. The regulation states that prior to understanding the detailed needs of clients and matching investment advisory strategies, it is not allowed to display the historical performance of relevant portfolios.

She further gave an example that in the mid investment and post investment stages, the "Regulations" also focus on requiring investment advisory institutions to continue to pay attention to changes in customer risk tolerance, timely evaluate the effectiveness of investment planning schemes and the robustness of fund portfolio strategy risk return characteristics, monitor the degree of matching between fund investment advisory services and customer investment goals and risk tolerance, and promptly handle any mismatches. This is an important requirement for continuous and dynamic services of investment advisors. In addition, requiring investment advisory institutions to actively carry out investment education business in the service process is closely related to the industry's understanding of "three parts investment and seven parts investment".

Similar to Xiao Wen, Xingzheng Global Fund also stated that this move reflects the regulatory guidance for investment advisory business to return to the essence of "service", guiding investment advisory business to avoid recommending portfolio strategies that are not suitable for customer risk tolerance without understanding their situation; Avoiding the direct use of historical performance to attract clients to invest in high-yield and high-risk portfolio strategies is believed to reduce the tendency of investment advisory services towards productization.

In response, the relevant person in charge of Guangfa Fund's investment advisory business also stated that since the pilot development of investment advisory business, regulatory requirements have been made clear for the display of fund portfolio strategies; The new regulations regulate promotional behavior and overall continue the regulatory positioning of investment advisory business: that is, investment advisory business is essentially based on understanding the needs of investors, providing them with a basket of personalized solutions, rather than simply offering products.

Tao Ronghui, General Manager of Jiashi Wealth, also believes that the provisions of this draft for soliciting opinions are more in line with the essence of fund advisory services. The core of fund advisory services is asset allocation account management services, rather than fund product portfolios. From the perspective of investment advisory service providers, they should demonstrate their true investment advisory service capabilities, pay attention to demonstrating their ability to meet the wealth management goals of investors and improve their investment experience.

The strict requirements of the new regulations have put forward higher requirements for investment advisory business. Many fund companies believe that the way to break through the future of fund advisory business is still to "cultivate internal skills", and use excellent investment management and customer service capabilities to win the trust of the market and customers.

Chen Tong, Vice President of E Fund, bluntly stated that investment advisory business is bound to be a "difficult but correct path". On the one hand, the seller ecosystem is currently quite solid, and creating a completely different buyer ecosystem in such an industry environment will inevitably face many difficulties. On the other hand, investors gradually accept the concept of "professional commission and service payment" from a conceptual perspective, which also requires a certain amount of time and continuous popularization and promotion.

He further stated that in this process, practitioners in the buyer's investment advisory business must not "sacrifice the basics for the bottom line". In order to quickly "increase volume" and cater to the old market model, they should excessively promote performance and "productize" investment advisory services. Although this approach may be easier for customers to accept in the short term, it is essentially a new bottle of old wine, which is not conducive to the long-term development of the industry. Investment advisory firms can only achieve high-quality development by restraining short-term desires and adhering to their original intentions.

"Considering the current development of the domestic market and the overall understanding of investors, there are certain differences between this model and the behavioral patterns and path habits of existing investment funds, but it also highlights the differences between fund investment advisors and fund sales." The above-mentioned Guangfa Investment Advisor also stated that for investment advisory institutions, it is necessary to continue to "cultivate internal skills", focus on forging their own investment management and customer service capabilities, continuously improve investor account returns, and win the trust of the market and customers.

Xiao Wen also proposed four major adjustment directions for the true implementation of the "customer-centric" concept. Firstly, in terms of business models, how to redesign end-to-end business processes and mechanisms to achieve the transformation of sales systems to investment advisory systems; Secondly, in terms of organizational structure, especially channels such as securities firms and banks, how to establish a distributed investment advisory system with division of labor and cooperation between headquarters and branches, and form a certain separation or interaction with their own sales system; Thirdly, in terms of assessment system, how to establish scientific sales scale and retention scale, commission income and customer account revenue targets to achieve a balance between short-term and long-term; Fourthly, in terms of technical systems, how to support business process reengineering, connect past business silos and data silos, and form an integrated service system around customers in the front, middle, and back ends.

One "Gu" accepts private equity and another "Gu" assists elderly care

The fund investment advisory business is obstructed and lengthy

China Fund News reporter Cao Wenjing

On June 9th, the China Securities Regulatory Commission (CSRC) released the "Regulations on the Management of Investment Advisory Business for Publicly Offered Securities Investment Funds", which for the first time included the allocation of private securities and other products by fund investment advisory institutions in the regulations. In addition, the new regulations also guide "investment advisory+elderly care" and put forward higher requirements for strengthening investment advisory services to meet the financial needs of residents for elderly care.

Several industry insiders have stated that expanding investment targets to private equity products is to meet the diverse investment needs of investors and help better serve the corresponding customer groups. Guiding "investment advisory+elderly care" broadens the boundaries and scenarios of investment advisory services, which is beneficial for providing customers with more complete comprehensive wealth management services.

New regulations incorporate more diverse strategies

Beneficially meeting a wider range of customer needs

The reporter noticed that in the past, the underlying products of public fund advisors were mainly public funds. However, this new regulation has expanded the underlying products of fund advisors from public funds to private funds, and has made special requirements for allocation ratios. Regarding this adjustment, several industry insiders have expressed that expanding the allocation scope of investment advisors to private equity and incorporating more diversified strategies will be beneficial in providing more suitable investment plans for investors, and the future development prospects of buyer's investment advisors will also be broader.

Xu Haining, Vice President of Oriental Securities, stated that private equity funds not only have subjective long stock strategies, but also include stock quantification, macro hedging, CTA, option strategies, etc., with more diverse strategies. Including private equity products helps to construct investment portfolio strategies with different risk return characteristics, reduce the correlation between underlying targets of the portfolio strategy, and improve the Sharpe ratio. On the other hand, for most fund investment advisory firms, they also provide private equity product sales services, accumulating a certain foundation of high net worth clients who invest in private equity products. Incorporating private equity products into the fund investment advisory business can help better serve the corresponding customer group and meet a wider range of customer needs.

The person in charge of Guangfa Fund's investment advisory business also stated that for some high net worth and institutional clients, their asset allocation needs are more diversified. Including private equity in the bidding process is conducive to providing investment solutions that are more suitable for the characteristics and needs of such clients. At the same time, regulation has also set the allocation ratio for individual private equity and the relevant requirements for private equity, which is also conducive to protecting the interests of investors and allowing business to develop more steadily.

"In addition to expanding new varieties, regulation has also controlled the proportion within a certain range, achieving a good balance between innovation and risk control." Lin Jiecai, Vice President of Yingmi Fund and Head of Qieshan Business, said that he believes that in the future, as the business further deepens, more varieties will be included in the scope of investment advisors, better meeting the comprehensive needs of investors' wealth management.

Chen Tong, Vice President of E Fund, also mentioned that it is worth noting that private equity funds themselves have a wide range of products, and their strategies are often more personalized. Information disclosure is not as sufficient as public equity funds. Including private equity funds in the investment advisory category will put higher requirements on the investment research capabilities of investment advisory institutions. At the same time, high-quality private equity fund products are often in a restricted purchase state, so the execution of private equity transactions is often not as convenient as public offerings, and more attention needs to be paid to the operation of investment advisory accounts. From the new regulations on the allocation ratio of private equity funds and the requirements for private equity funds selected for filing, it can be seen that the regulatory authorities are continuously exploring and innovating while maintaining a cautious regulatory attitude towards private equity products being included in investment advisory targets.

New regulations guide "investment advisors+elderly care"

Meeting the diverse elderly care needs of residents

Last November, the personal pension system was officially launched and implemented, with all participating entities such as banks, fund companies, securities companies, and third parties fully investing, accelerating the implementation of the personal pension business. This new regulation