Interim measures for the gross sales of wealth administration merchandise by wealth administration subsidiaries of economic banks had been issued by the China Banking and Insurance coverage Regulatory Fee on Friday, to solicit public opinion, aiming to guard the rights and pursuits of traders and promote the wholesome improvement of the wealth administration enterprise.
The promulgation of the measures is a transfer by the regulator to implement the brand new laws on asset administration and wealth administration, which will likely be conducive to standardizing the gross sales actions of economic merchandise of financial institution monetary administration subsidiaries, in response to a discover on the watchdog’s web site.
By combining home and international practices, the coverage defines the connotation of “gross sales,” together with publicizing and selling wealth administration merchandise, offering funding strategies for such merchandise, and dealing with buy and redemption for traders.
It additionally defines the scope of gross sales organizations of wealth administration merchandise and clarifies the duties of product issuers and sellers.
To guard the rights and pursuits of traders, it’s required to repeatedly strengthen the administration of investor suitability, and promote appropriate wealth administration merchandise to acceptable traders.