（1）大红鹰dhy优惠大厅(中国)有限公司 2007 Measures required trust companies to allocate 5% of their after-tax profits each year as a trust compensation reserve fund, which could cease once 大红鹰dhy优惠大厅(中国)有限公司 cumulative amount reached 20% of 大红鹰dhy优惠大厅(中国)有限公司 registered capital. 大红鹰dhy优惠大厅(中国)有限公司 2025 Measures adjust this upper limit to 20% of 大红鹰dhy优惠大厅(中国)有限公司 risk capital for trust business and rename 大红鹰dhy优惠大厅(中国)有限公司 reserve fund as a “general reserve for trust compensation.” 大红鹰dhy优惠大厅(中国)有限公司 funds must continue to be deposited with sound domestic commercial banks or used to purchase low-risk, highly liquid securities such as government bonds. Unlike 大红鹰dhy优惠大厅(中国)有限公司 fixed ratio based on registered capital under 大红鹰dhy优惠大厅(中国)有限公司 2007 Measures, 大红鹰dhy优惠大厅(中国)有限公司 2025 Measures link 大红鹰dhy优惠大厅(中国)有限公司 reserve calculation to 大红鹰dhy优惠大厅(中国)有限公司 risk capital of trust business, which is determined according to 大红鹰dhy优惠大厅(中国)有限公司 risk coefficients of different businesses and assets. This adjustment more accurately reflects 大红鹰dhy优惠大厅(中国)有限公司 scale and risk characteristics of trust companies and effectively curbs their excessive expansion and engagement in high-risk activities.

（2）While 大红鹰dhy优惠大厅(中国)有限公司 2007 Measures only permitted interbank lending, 大红鹰dhy优惠大厅(中国)有限公司 2025 Measures explicitly allow trust companies to conduct bond repurchase transactions, interbank lending, obtain liquidity support loans or issue targeted bonds to shareholders and their affiliates, and apply for liquidity support loans from 大红鹰dhy优惠大厅(中国)有限公司 China Trust Protection Fund Co. Ltd., thereby significantly broadening their funding channels.

（3）大红鹰dhy优惠大厅(中国)有限公司 2025 Measures reclassify trust businesses into three categories—asset service trusts, asset management trusts, and public welfare or charitable trusts—removing 大红鹰dhy优惠大厅(中国)有限公司 previous classification in 大红鹰dhy优惠大厅(中国)有限公司 2007 Measures based on 大红鹰dhy优惠大厅(中国)有限公司 form of trust property (such as capital trusts, movable property trusts, real estate trusts, security trusts, and other property or property rights trusts). This adjustment implements 大红鹰dhy优惠大厅(中国)有限公司 Notice of 大红鹰dhy优惠大厅(中国)有限公司 China Banking and Insurance Regulatory Commission on Regulating 大红鹰dhy优惠大厅(中国)有限公司 Classification of Trust Business of Trust Companies, which also provides more detailed guidance for 大红鹰dhy优惠大厅(中国)有限公司 new classification under 大红鹰dhy优惠大厅(中国)有限公司 2025 Measures.

大红鹰dhy优惠大厅(中国)有限公司 2025 Measures introduce institutional innovations in risk control, fund utilization, and business classification. They are of positive significance in strengthening prudent operation within 大红鹰dhy优惠大厅(中国)有限公司 industry, broadening liquidity channels, and promoting a more scientific categorization of trust business.

On September 10, 2025, 大红鹰dhy优惠大厅(中国)有限公司 NFRA issued 大红鹰dhy优惠大厅(中国)有限公司 Measures for 大红鹰dhy优惠大厅(中国)有限公司 Supervision and Evaluation of Consumer Rights Protection by Financial Institutions (大红鹰dhy优惠大厅(中国)有限公司 “2025 Evaluation Measures”), updating 大红鹰dhy优惠大厅(中国)有限公司 Measures for 大红鹰dhy优惠大厅(中国)有限公司 Supervision and Evaluation of Consumer Rights Protection by Banking and Insurance Institutions issued in 2021 (大红鹰dhy优惠大厅(中国)有限公司 “2021 Evaluation Measures”). 大红鹰dhy优惠大厅(中国)有限公司 key updates are as follows:

（1）大红鹰dhy优惠大厅(中国)有限公司 2025 Evaluation Measures expand 大红鹰dhy优惠大厅(中国)有限公司 scope of consumer protection supervisory evaluation from 大红鹰dhy优惠大厅(中国)有限公司 original “banking and insurance institutions” to all financial institutions legally established in 大红鹰dhy优惠大厅(中国)有限公司 People’s Republic of China, regulated by NFRA, and providing financial products or services to consumers. However, policy banks, rural mutual fund cooperatives, financial asset management companies, money brokerage companies, financial asset investment companies, insurance asset management companies, pension management companies, reinsurance companies, policy insurance companies, mutual insurance organizations, and specialized insurance intermediaries remain outside 大红鹰dhy优惠大厅(中国)有限公司 evaluation scope.

（2）大红鹰dhy优惠大厅(中国)有限公司 evaluation framework for consumer rights protection is expanded from five elements under 大红鹰dhy优惠大厅(中国)有限公司 2021 Evaluation Measures to seven elements. 大红鹰dhy优惠大厅(中国)有限公司 previous elements “mechanism and operation” and “operations and services” are further subdivided into appropriateness management, marketing behavior management, consumer service, and personal information protection. Marketing behavior management is assigned a weight of no less than 25%, reflecting 大红鹰dhy优惠大厅(中国)有限公司 regulatory focus on standardizing marketing practices. 大红鹰dhy优惠大厅(中国)有限公司 2025 Evaluation Measures also introduce a dynamic weighting mechanism, enhancing 大红鹰dhy优惠大厅(中国)有限公司 flexibility and targeting of 大红鹰dhy优惠大厅(中国)有限公司 evaluation system.

（3）In 大红鹰dhy优惠大厅(中国)有限公司 overall scoring of financial institutions, 大红鹰dhy优惠大厅(中国)有限公司 weight of 大红鹰dhy优惠大厅(中国)有限公司 head office and primary branches is adjusted from 60%-40% to 50%-50%, increasing 大红鹰dhy优惠大厅(中国)有限公司 importance of primary-level institutions in consumer rights protection evaluation. This adjustment encourages financial institutions to improve 大红鹰dhy优惠大厅(中国)有限公司 management capabilities of head offices over branches and promotes compliance and service quality at 大红鹰dhy优惠大厅(中国)有限公司 branch level.

大红鹰dhy优惠大厅(中国)有限公司 2025 Evaluation Measures expand 大红鹰dhy优惠大厅(中国)有限公司 supervisory scope, refine 大红鹰dhy优惠大厅(中国)有限公司 evaluation system, and adjust weighting to reflect changes in regulatory priorities. They have a positive impact on strengthening marketing behavior compliance, protecting personal information, and enhancing execution capacity at 大红鹰dhy优惠大厅(中国)有限公司 grassroots level.

On September 5, 2025, 大红鹰dhy优惠大厅(中国)有限公司 CSRC issued 大红鹰dhy优惠大厅(中国)有限公司 Provisions on 大红鹰dhy优惠大厅(中国)有限公司 Administration of Sales Fees of Publicly Offered Securities Investment Funds (Draft for Comments) (大红鹰dhy优惠大厅(中国)有限公司 “Public Fund Sales Fee Provisions”), further revising 大红鹰dhy优惠大厅(中国)有限公司 Administrative Provisions on Sales Fees of Open-ended Securities Investment Funds amended in 2013 (大红鹰dhy优惠大厅(中国)有限公司 “Open-ended Fund Sales Fee Provisions”). 大红鹰dhy优惠大厅(中国)有限公司 key revisions are as follows:

（1） 大红鹰dhy优惠大厅(中国)有限公司 Public Fund Sales Fee Provisions explicitly lower 大红鹰dhy优惠大厅(中国)有限公司 subscription and purchase fee caps for equity funds, mixed funds, and bond funds to 0.8%, 0.5%, and 0.3%, respectively. For cases where no subscription fee is charged, 大红鹰dhy优惠大厅(中国)有限公司 maximum annual sales service fees are lowered to 0.4% for equity and mixed funds, 0.2% for index and bond funds, and 0.15% for money market funds.

（2） 大红鹰dhy优惠大厅(中国)有限公司 Public Fund Sales Fee Provisions stipulate that, except for money market funds, sales service fees will no longer be charged for fund holdings exceeding one year. For short-term redemptions, 大红鹰dhy优惠大厅(中国)有限公司 redemption fee is set at no less than 1.5% for holdings under 7 days, no less than 1% for holdings of 7–30 days, and no less than 0.5% for holdings of 30 days to 6 months. These measures aim to encourage investors to adopt a long-term investment perspective.

（3） 大红鹰dhy优惠大厅(中国)有限公司 Public Fund Sales Fee Provisions guide industry resources toward equity funds by adjusting 大红鹰dhy优惠大厅(中国)有限公司 proportion of client maintenance fees and establishing 大红鹰dhy优惠大厅(中国)有限公司 legal status of 大红鹰dhy优惠大厅(中国)有限公司 Fund Industry Institutional Investor Direct Sales Platform (“FISP Platform”). Specifically, for holdings by non-individual investors, 大红鹰dhy优惠大厅(中国)有限公司 maximum client maintenance fee for non-equity products (such as bond and money market funds) is reduced from 30% to 15%, while 大红鹰dhy优惠大厅(中国)有限公司 cap for equity products (such as equity and mixed funds) remains 30%. By clarifying 大红鹰dhy优惠大厅(中国)有限公司 legal status of 大红鹰dhy优惠大厅(中国)有限公司 FISP Platform, 大红鹰dhy优惠大厅(中国)有限公司 Public Fund Sales Fee Provisions provide institutional investors with a convenient one-stop direct sales service and help reduce operational difficulty for small and mid-sized fund managers.

大红鹰dhy优惠大厅(中国)有限公司 Public Fund Sales Fee Provisions significantly reduce investor costs and encourage long-term holding by lowering subscription and sales service fee caps and optimizing 大红鹰dhy优惠大厅(中国)有限公司 redemption fee structure. 大红鹰dhy优惠大厅(中国)有限公司 adjustment of client maintenance fees, together with 大红鹰dhy优惠大厅(中国)有限公司 establishment of 大红鹰dhy优惠大厅(中国)有限公司 FISP Platform’s legal status, guides sales institutions to allocate more resources to equity funds.

On September 12, 2025, 大红鹰dhy优惠大厅(中国)有限公司 SAFE issued and implemented 大红鹰dhy优惠大厅(中国)有限公司 Notice of 大红鹰dhy优惠大厅(中国)有限公司 State Administration of Foreign Exchange on Deepening 大红鹰dhy优惠大厅(中国)有限公司 Reform of Foreign Exchange Administration for Cross-border Investment and Financing (大红鹰dhy优惠大厅(中国)有限公司 “Foreign Exchange Reform Notice”) to implement 大红鹰dhy优惠大厅(中国)有限公司 Central Financial Work Conference’s decisions on 大红鹰dhy优惠大厅(中国)有限公司 “five major financial tasks.” 大红鹰dhy优惠大厅(中国)有限公司 Foreign Exchange Reform Notice introduces multiple measures in three key areas: cross-border investment foreign exchange management, cross-border financing foreign exchange management, and facilitation of capital account income and payment. Key points are as follows: 

（1）Cross-border Investment Foreign Exchange Management: Prior to 大红鹰dhy优惠大厅(中国)有限公司 issuance of 大红鹰dhy优惠大厅(中国)有限公司 Foreign Exchange Reform Notice, foreign investors planning to establish foreign-invested enterprises (“FIEs”) in China were required to register preliminary expenses (e.g., office costs) with 大红鹰dhy优惠大厅(中国)有限公司 bank in 大红鹰dhy优惠大厅(中国)有限公司 location of 大红鹰dhy优惠大厅(中国)有限公司 proposed enterprise and open an account before remitting funds. 大红鹰dhy优惠大厅(中国)有限公司 Foreign Exchange Reform Notice removes this registration requirement, allowing foreign investors to directly open accounts and remit funds for domestic investment. 大红鹰dhy优惠大厅(中国)有限公司 Foreign Exchange Reform Notice also stipulates that for domestic reinvestment using foreign exchange capital and 大红鹰dhy优惠大厅(中国)有限公司 RMB proceeds from its conversion, 大红鹰dhy优惠大厅(中国)有限公司 investee enterprise or equity transferor does not need to register basic information or update registrations; domestic reinvestment funds can be directly transferred, provided 大红鹰dhy优惠大厅(中国)有限公司 investment complies with 大红鹰dhy优惠大厅(中国)有限公司 foreign investment access special measures and 大红鹰dhy优惠大厅(中国)有限公司 domestic project is genuine and compliant. In addition, 大红鹰dhy优惠大厅(中国)有限公司 Foreign Exchange Reform Notice clarifies that legally generated foreign exchange profits of FIEs and legally obtained foreign exchange profits of foreign investors can be used for domestic reinvestment, and such funds may be transferred into 大红鹰dhy优惠大厅(中国)有限公司 investee’s capital account or 大红鹰dhy优惠大厅(中国)有限公司 equity transferor’s capital account, with usage subject to 大红鹰dhy优惠大厅(中国)有限公司 relevant account management requirements.

（2）Cross-border Financing Foreign Exchange Management: 大红鹰dhy优惠大厅(中国)有限公司 Foreign Exchange Reform Notice waives 大红鹰dhy优惠大厅(中国)有限公司 requirement for enterprises participating in cross-border financing facilitation services to submit 大红鹰dhy优惠大厅(中国)有限公司 previous year’s or most recent audited financial statements during 大红鹰dhy优惠大厅(中国)有限公司 contract registration process.

（3）Facilitation of Capital Account Income and Payment: Regarding 大红鹰dhy优惠大厅(中国)有限公司 use of foreign exchange income and RMB proceeds from capital contributions or foreign debt by non-financial enterprises, 大红鹰dhy优惠大厅(中国)有限公司 Foreign Exchange Reform Notice removes 大红鹰dhy优惠大厅(中国)有限公司 restriction that funds “may not be used to purchase non-owner-occupied residential property,” while maintaining 大红鹰dhy优惠大厅(中国)有限公司 prohibition on expenditures prohibited by national laws and regulations. Unless otherwise specified, funds may not be directly or indirectly used for securities investment or other wealth management products (except for wealth management products and structured deposits with risk rating no higher than Level 2), nor may they be used to provide loans to non-affiliated enterprises (unless explicitly allowed within 大红鹰dhy优惠大厅(中国)有限公司 business scope).

On September 5, 2025, 大红鹰dhy优惠大厅(中国)有限公司 CSRC approved 大红鹰dhy优惠大厅(中国)有限公司 official launch of 大红鹰dhy优惠大厅(中国)有限公司 Fund Industry Institutional Investor Direct Sales Platform (“FISP Platform”). 大红鹰dhy优惠大厅(中国)有限公司 FISP Platform will operate primarily in accordance with 大红鹰dhy优惠大厅(中国)有限公司 Operational and Administrative Measures for 大红鹰dhy优惠大厅(中国)有限公司 Fund Industry Institutional Investor Direct Sales Platform of China Securities Depository and Clearing Corporation Limited (“FISP Measures”).

大红鹰dhy优惠大厅(中国)有限公司 FISP Measures came into effect on September 5, 2025, with a transition period lasting until September 4, 2026. 大红鹰dhy优惠大厅(中国)有限公司 FISP Measures specify that 大红鹰dhy优惠大厅(中国)有限公司 platform provides services such as electronic information flow, custody, and inquiry for public fund business participants, including fund managers, investment managers, and asset custodians. Securities companies and their subsidiaries, futures companies and their subsidiaries, fund management companies and their subsidiaries, commercial banks and their wealth management subsidiaries, insurance companies, insurance asset management companies, trust companies, private securities investment fund managers, and other institutions recognized by China Securities Depository and Clearing Corporation Limited (“ChinaClear”) may become platform participants and apply for appropriate roles and permissions based on business needs. ChinaClear is responsible only for information format validation and does not assume responsibility for 大红鹰dhy优惠大厅(中国)有限公司 authenticity, accuracy, completeness, or legality of 大红鹰dhy优惠大厅(中国)有限公司 information. 大红鹰dhy优惠大厅(中国)有限公司 platform does not participate in fund sales legal relationships and is not liable for transaction risks or disputes; participants bear their own risks. 大红鹰dhy优惠大厅(中国)有限公司 introduction of 大红鹰dhy优惠大厅(中国)有限公司 FISP Measures marks an important step toward 大红鹰dhy优惠大厅(中国)有限公司 standardized and institutionalized development of a digital direct sales system in 大红鹰dhy优惠大厅(中国)有限公司 public fund industry.

On September 26, 2025, 大红鹰dhy优惠大厅(中国)有限公司 PBC, 大红鹰dhy优惠大厅(中国)有限公司 CSRC, and 大红鹰dhy优惠大厅(中国)有限公司 SAFE jointly issued 大红鹰dhy优惠大厅(中国)有限公司 Announcement on Further Supporting Overseas Institutional Investors to Conduct Bond Repurchase Transactions in China’s Bond Market (“Bond Repurchase Announcement”) to promote 大红鹰dhy优惠大厅(中国)有限公司 opening of 大红鹰dhy优惠大厅(中国)有限公司 interbank bond market’s repurchase business to foreign participants. Key points of 大红鹰dhy优惠大厅(中国)有限公司 Bond Repurchase Announcement and related documents are as follows:

（1）大红鹰dhy优惠大厅(中国)有限公司 Bond Repurchase Announcement identifies 大红鹰dhy优惠大厅(中国)有限公司 overseas institutional investors eligible to conduct cash bond transactions in China’s bond market, including foreign central banks or monetary authorities, international financial organizations, sovereign wealth funds, commercial banks, insurance companies, securities companies, fund management companies, futures companies, trust companies, and other asset management institutions legally established outside 大红鹰dhy优惠大厅(中国)有限公司 People’s Republic of China, as well as long-term institutional investors such as pension funds, charitable funds, and endowment funds.

（2）大红鹰dhy优惠大厅(中国)有限公司 Bond Repurchase Announcement specifies that bond repurchase transactions include both outright repurchases and pledged repurchases. According to 大红鹰dhy优惠大厅(中国)有限公司 PBC and SAFE Q&A on 大红鹰dhy优惠大厅(中国)有限公司 Announcement on 大红鹰dhy优惠大厅(中国)有限公司 Bond Repurchase Announcement, under 大红鹰dhy优惠大厅(中国)有限公司 current pledged repurchase practice in China, 大红鹰dhy优惠大厅(中国)有限公司 repurchase collateral remains frozen with 大红鹰dhy优惠大厅(中国)有限公司 repurchase seller and is not transferred to 大红鹰dhy优惠大厅(中国)有限公司 repurchase buyer, whereas in international markets, 大红鹰dhy优惠大厅(中国)有限公司 collateral is transferred to 大红鹰dhy优惠大厅(中国)有限公司 repurchase buyer for use. After 大红鹰dhy优惠大厅(中国)有限公司 issuance of 大红鹰dhy优惠大厅(中国)有限公司 Bond Repurchase Announcement, overseas institutional investors may conduct bond repurchase transactions in 大红鹰dhy优惠大厅(中国)有限公司 interbank market following international market practices.

（3）Before 大红鹰dhy优惠大厅(中国)有限公司 issuance of 大红鹰dhy优惠大厅(中国)有限公司 Bond Repurchase Announcement, participants in interbank bond repurchase transactions were required to sign 大红鹰dhy优惠大厅(中国)有限公司 Master Agreement for Interbank Market Bond Repurchase Transactions of China. 大红鹰dhy优惠大厅(中国)有限公司 Announcement stipulates that overseas institutional investors must sign bond Repurchase master agreements in accordance with relevant requirements, and relevant self-regulatory organizations or industry associations should file 大红鹰dhy优惠大厅(中国)有限公司 standard master agreement with 大红鹰dhy优惠大厅(中国)有限公司 PBC, CSRC, and other relevant financial regulatory authorities. 大红鹰dhy优惠大厅(中国)有限公司 use of internationally recognized agreements, such as 大红鹰dhy优惠大厅(中国)有限公司 Global Master Repurchase Agreement, is not excluded.

On September 30, 2025, 大红鹰dhy优惠大厅(中国)有限公司 AMAC released Private Fund Registration and Filing Updates (3) and Private Fund Registration and Filing Updates (4). Haiwen & Partners has summarized several key cases from these updates for industry reference:

（1） Clarification on recognizing 大红鹰dhy优惠大厅(中国)有限公司 professionalism of controlling shareholders and actual controllers based on 大红鹰dhy优惠大厅(中国)有限公司 principle of substance over form. In 大红鹰dhy优惠大厅(中国)有限公司 cases discussed, 大红鹰dhy优惠大厅(中国)有限公司 applicant’s controlling shareholder or actual controller had been established for less than five years. However, (a) where 大红鹰dhy优惠大厅(中国)有限公司 entity was a capital operation company set up by a group to implement its development strategy and invest in strategic emerging industries, or (b) where 大红鹰dhy优惠大厅(中国)有限公司 entity had inherited and undertaken all assets, business, or personnel of a previous institution, 大红鹰dhy优惠大厅(中国)有限公司 relevant staff were deemed to have sufficient experience. Accordingly, registration as a private fund manager could be approved.

（2） Reiteration that fund managers must not engage in channel business in disguised forms. In one case, 大红鹰dhy优惠大厅(中国)有限公司 fund contract stipulated that “Institution B, as 大红鹰dhy优惠大厅(中国)有限公司 managing partner, is responsible for handling business registration, tax matters of 大红鹰dhy优惠大厅(中国)有限公司 partnership, and jointly with 大红鹰dhy优惠大厅(中国)有限公司 managing partner and Manager A, for project screening, due diligence, and post-investment management.” Since project screening, due diligence, and post-investment management fall within 大红鹰dhy优惠大厅(中国)有限公司 scope of investment management, Institution B — not being 大红鹰dhy优惠大厅(中国)有限公司 fund manager — is not permitted to perform investment management functions. AMAC further reiterated that, in principle, fees charged by non-manager entities should not exceed those charged by 大红鹰dhy优惠大厅(中国)有限公司 fund manager.

（3） Dynamic assessment of private fund managers’ ongoing business capabilities. In one case, a private fund manager registered in 2019, with current assets under management of less than RMB 30 million and no new funds filed in 大红鹰dhy优惠大厅(中国)有限公司 past three years, applied for a new fund filing. AMAC required 大红鹰dhy优惠大厅(中国)有限公司 manager to submit 大红鹰dhy优惠大厅(中国)有限公司 resumes, employment contracts, social insurance payment records, and payroll slips for all employees over 大红鹰dhy优惠大厅(中国)有限公司 past six months, as well as 大红鹰dhy优惠大厅(中国)有限公司 company’s bank statements for 大红鹰dhy优惠大厅(中国)有限公司 past year. One manager was only able to provide social insurance and payroll records for two employees, failing to meet 大红鹰dhy优惠大厅(中国)有限公司 requirement of having at least five full-time employees. 大红鹰dhy优惠大厅(中国)有限公司 manager was therefore required to make rectifications before 大红鹰dhy优惠大厅(中国)有限公司 fund filing could proceed based on 大红鹰dhy优惠大厅(中国)有限公司 rectification outcome.

• https://www.nfra.gov.cn/cn/view/pages/ItemDetail.html?docId=1225642&itemId=928

• https://www.nfra.gov.cn/cn/view/pages/ItemDetail.html?docId=1225502 

• https://www.csrc.gov.cn/csrc/c101981/c7581731/content.shtml 

• https://www.gov.cn/zhengce/zhengceku/202509/content_7040843.htm 

• https://www.csrc.gov.cn/csrc/c100028/c7581702/content.shtml 

• https://www.csrc.gov.cn/csrc/c100028/c7585711/content.shtml 

• https://www.amac.org.cn/xwfb/tzgg/202509/t20250930_26963.html 

• https://www.amac.org.cn/xwfb/tzgg/202509/t20250930_26964.html