On April 24, 2026, 大红鹰dhy优惠大厅(中国)有限公司 CSRC formulated and issued 大红鹰dhy优惠大厅(中国)有限公司 Rules for 大红鹰dhy优惠大厅(中国)有限公司 Regulation of Board Secretaries of Listed Companies(大红鹰dhy优惠大厅(中国)有限公司 "Board Secretary Rules"), effective from May 24, 2026. 大红鹰dhy优惠大厅(中国)有限公司 key elements are as follows:

(1) Scope of Duties: Refining 大红鹰dhy优惠大厅(中国)有限公司 board secretary's specific duties in information disclosure, corporate governance, and internal/external communications; clarifying 大红鹰dhy优惠大厅(中国)有限公司 board secretary's role as 大红鹰dhy优惠大厅(中国)有限公司 "governance hub" of listed companies

(2) Safeguards for Performance: Providing institutional safeguards from multiple dimensions including information access rights, performance platforms, and performance remedies to ensure independent and full lawful performance of duties

(3) Appointment Management: Raising professional competence and compliance requirements; prohibiting concurrent positions that may affect independent performance; requiring 大红鹰dhy优惠大厅(中国)有限公司 nomination committee to conduct pre-appointment qualification reviews

(4) Accountability: Establishing regular evaluation and accountability mechanisms; imposing strict regulatory measures or penalties where 大红鹰dhy优惠大厅(中国)有限公司 board secretary fails to perform duties with due diligence despite corporate violations

(5) Transitional Arrangements: Setting a transitional period until December 31, 2027, allowing listed companies ample time to adjust board secretary appointments and concurrent positions

大红鹰dhy优惠大厅(中国)有限公司 Board Secretary Rules construct a complete regulatory loop across five dimensions—duties, safeguards, management, accountability, and transition—embodying three layers of institutional logic: First, independence protection, addressing 大红鹰dhy优惠大厅(中国)有限公司 long-standing dilemma of board secretaries being "high in rank but low in authority" by prohibiting conflict-of-interest concurrent positions and strengthening performance remedies; Second, professionalism enhancement, upgrading board secretary appointments from a "qualification threshold" to a "competence threshold" and promoting 大红鹰dhy优惠大厅(中国)有限公司 professionalization of 大红鹰dhy优惠大厅(中国)有限公司 board secretary workforce; Third, responsibility enforcement, establishing a dual accountability mechanism of "corporate violation + individual dereliction" to incentivize board secretaries to effectively perform their "gatekeeper" function.

Notably, 大红鹰dhy优惠大厅(中国)有限公司 transitional arrangement fully accounts for market realities—many listed companies currently have board secretaries concurrently serving as CFOs or deputy general managers—and reflects a balanced approach between "institutional rigidity" and "implementation flexibility." Listed companies are advised to initiate internal assessments at 大红鹰dhy优惠大厅(中国)有限公司 earliest opportunity, review existing board secretary concurrent positions, and ensure compliance adjustments are completed within 大红鹰dhy优惠大厅(中国)有限公司 transitional period.

On April 21, 2026, 大红鹰dhy优惠大厅(中国)有限公司 PBOC, 大红鹰dhy优惠大厅(中国)有限公司 Ministry of Industry and Information Technology, 大红鹰dhy优惠大厅(中国)有限公司 State Administration for Market Regulation, 大红鹰dhy优惠大厅(中国)有限公司 National Financial Regulatory Administration, 大红鹰dhy优惠大厅(中国)有限公司 CSRC, 大红鹰dhy优惠大厅(中国)有限公司 China National Intellectual Property Administration, 大红鹰dhy优惠大厅(中国)有限公司 Cyberspace Administration of China, 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 Measures for 大红鹰dhy优惠大厅(中国)有限公司 Administration of Online Marketing of Financial Products (大红鹰dhy优惠大厅(中国)有限公司 "Measures"), effective from September 30, 2026. Comprising seven chapters and 39 articles, 大红鹰dhy优惠大厅(中国)有限公司 Measures represent 大红鹰dhy优惠大厅(中国)有限公司 first systematic ministerial regulation specifically governing internet-based marketing activities of financial products.

(1) Scope of Application and Subject Definition: Drawing 大红鹰dhy优惠大厅(中国)有限公司 Boundary of "Who May Sell Financial Products"

大红鹰dhy优惠大厅(中国)有限公司 Measures clearly define two categories of applicable subjects: financial institutions conducting online marketing of financial products, and third-party internet platforms entrusted by financial institutions to provide related services. 大红鹰dhy优惠大厅(中国)有限公司 Measures prohibit any other organization or individual—outside of these two categories—from conducting or covertly conducting online marketing of financial products. This provision plugs 大红鹰dhy优惠大厅(中国)有限公司 loophole of "unlicensed financial selling" at its source, bringing long-standing grey-area practices such as "financial live-streaming sales" and "influencer fund recommendations" within 大红鹰dhy优惠大厅(中国)有限公司 regulatory perimeter.

大红鹰dhy优惠大厅(中国)有限公司 definition of "financial products" adopts an open-ended enumeration, essentially covering all major products and services that financial institutions may provide via 大红鹰dhy优惠大厅(中国)有限公司 internet, thereby reserving regulatory leeway for 大红鹰dhy优惠大厅(中国)有限公司 substance-over-form identification of "disguised financial businesses."

(2) Marketing Content Regulation: From "Script Freedom" to "Compliance Baseline"

大红鹰dhy优惠大厅(中国)有限公司 Measures require financial institutions to assume ultimate responsibility for 大红鹰dhy优惠大厅(中国)有限公司 legality and compliance of marketing content, and to establish a three-tier review mechanism featuring headquarters-level coordination, approval and filing, and compliance review. Marketing content involving key information such as product names, interest rates and fees, and risk disclosures must be consistent with 大红鹰dhy优惠大厅(中国)有限公司 relevant terms of 大红鹰dhy优惠大厅(中国)有限公司 financial product contracts.

大红鹰dhy优惠大厅(中国)有限公司Prohibited Marketing Practices List (Article 10) merits particular attention, explicitly delineating eight prohibited zones:

• Use of false or misleading content

• Citation of untrue or inaccurate data

• Express or implied guarantees of principal or promises of returns

• Use of inducement language such as "low risk," "high return," "low threshold," or "instant disbursement"

• Implication of official endorsement by referencing regulatory filing procedures

• Simplistic comparison of insurance product returns with deposits or asset management products

• Misleading investors by citing short-term or simulated performance

• Other conduct violating public order, good customs, or regulatory requirements

(3) Marketing Conduct Regulation: Compliance Response to New Technologies and Business Models

Regarding algorithmic recommendations, 大红鹰dhy优惠大厅(中国)有限公司 Measures establish dedicated provisions: algorithmic models shall not be configured to induce excessive consumption; marketing messages or calls must provide opt-out or unsubscribe options, with no repeated outreach by 大红鹰dhy优惠大厅(中国)有限公司 same means following opt-out; and non-personalized options or convenient access to disable algorithmic recommendation services must be provided. These requirements will directly impact 大红鹰dhy优惠大厅(中国)有限公司 design logic and application boundaries of "customized content for each user" recommendation models.

For emerging channels such as live streaming and short videos, 大红鹰dhy优惠大厅(中国)有限公司 Measures require marketers to be employees of financial institutions, holding relevant qualifications and institutional authorization; marketing activities must be conducted on 大红鹰dhy优惠大厅(中国)有限公司 institution's proprietary platforms or legally registered accounts on third-party platforms; and financial institutions must strengthen compliance review and traceability management, retaining video, audio, graphic, and text materials for inspection.

(4) Clarifying Cooperation Boundaries: Platforms "In Position" Rather Than "Overreaching"

大红鹰dhy优惠大厅(中国)有限公司 Measures establish refined responsibility allocation between financial institutions and third-party internet platforms:

• Platform Prohibited Zones: No intervention or covert intervention in core sales processes including execution of sales contracts, fund transfers, or suitability assessments; no interactive consulting with consumers regarding financial products

• Institutional Responsibility: Financial institutions shall not be exempted from statutory liability for financial products merely by virtue of entrusting platform services

• Full-Process Management:Establish closed-loop management mechanisms covering pre-engagement assessment, ongoing monitoring, and post-event accountability

• Brand Independence:Ensure independent display of financial product brands to avoid brand confusion

大红鹰dhy优惠大厅(中国)有限公司 promulgation of 大红鹰dhy优惠大厅(中国)有限公司 Measures marks 大红鹰dhy优惠大厅(中国)有限公司 transition of internet-based financial marketing from "fragmented regulation under multiple departments" to "unified rules and systematic governance." Its institutional value is manifested at three levels:

For financial institutions, online marketing will no longer be a peripheral business segment allowing "flexible innovation," but must be incorporated into 大红鹰dhy优惠大厅(中国)有限公司 corporate governance and comprehensive risk management system. Institutions must establish unified mechanisms at 大红鹰dhy优惠大厅(中国)有限公司 headquarters level for content review, information disclosure, and traceability management, conduct compliance inspections on existing marketing copy, scripts, and materials, and promptly adjust expressions that violate 大红鹰dhy优惠大厅(中国)有限公司 prohibitive provisions. Certain existing models relying on "high-conversion scripts" and "emotion-driven marketing" will no longer be viable.

For third-party internet platforms, 大红鹰dhy优惠大厅(中国)有限公司 room to deeply embed in financial businesses through traffic entry points and participate in 大红鹰dhy优惠大厅(中国)有限公司 "full product sales process" via targeted marketing has been significantly compressed. Platforms must refocus on their core positioning as technology service providers and information intermediaries, improving qualification verification, content inspection, and clue reporting mechanisms to prevent becoming vehicles for illegal financial activities.

For 大红鹰dhy优惠大厅(中国)有限公司 private fund industry, 大红鹰dhy优惠大厅(中国)有限公司 Measures apply in an overlapping manner with existing private fund offering rules and 大红鹰dhy优惠大厅(中国)有限公司 qualified investor system. Through 大红鹰dhy优惠大厅(中国)有限公司 dual restrictions of "marketing to unspecified parties" and "conduct via third-party internet platforms," 大红鹰dhy优惠大厅(中国)有限公司 online marketing of private funds is confined within a compliant trajectory—public page displays, homepage banners, open live streaming rooms, and short video recommendation feeds will be strictly prohibited.

For further detailed commentary, please refer to our article “”

On April 17, 2026, 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 Measures for 大红鹰dhy优惠大厅(中国)有限公司 Supervision and Administration of Futures Companies (Draft for Comments) (大红鹰dhy优惠大厅(中国)有限公司 "Administrative Measures") and supporting implementation provisions for public consultation, with comments accepted until May 17, 2026. This revision further improves upon 大红鹰dhy优惠大厅(中国)有限公司 March 2023 consultation draft, aiming to refine regulatory provisions concerning futures companies under 大红鹰dhy优惠大厅(中国)有限公司 Futures and Derivatives Law.

(1) Business Classification and Tiered Capital Thresholds

大红鹰dhy优惠大厅(中国)有限公司 Administrative Measures classify futures company business into two categories with differentiated capital requirements:

Additionally, futures companies may only apply to add one type of business at a time, with an interval of no less than six months between applications. This design reflects 大红鹰dhy优惠大厅(中国)有限公司 regulatory orientation of "supporting 大红鹰dhy优惠大厅(中国)有限公司 superior and limiting 大红鹰dhy优惠大厅(中国)有限公司 inferior," guiding futures companies toward prudent expansion and sound operation.

(2) Bringing Subsidiary Financial Business Back Under Parent Company: From Self-Regulatory Management to Administrative Licensing

A notable highlight of this revision is 大红鹰dhy优惠大厅(中国)有限公司 transfer of futures market-making and derivatives trading businesses—previously operated by risk management subsidiaries under filing-based access and self-regulatory management by 大红鹰dhy优惠大厅(中国)有限公司 futures association—back to 大红鹰dhy优惠大厅(中国)有限公司 futures company parent companies for operation under licensing-based access and administrative supervision. Futures companies are required to establish dedicated departments for market-making business, with strict separation from brokerage, consulting, and asset management businesses in terms of personnel, funds, trading seats, and accounting.

For existing subsidiaries, an 18-month transitional period is provided, requiring gradual exit from such businesses. This adjustment strengthens 大红鹰dhy优惠大厅(中国)有限公司 principal responsibility of futures companies and enhances 大红鹰dhy优惠大厅(中国)有限公司 uniformity and effectiveness of risk management.

(3) Upgraded Regulation of Shareholders and Actual Controllers

• Equity Transparency:Requirement for full disclosure of equity structures

• Net Asset Thresholds:Major shareholders raised from ≥RMB 100 million to ≥RMB 200 million; largest shareholder, controlling shareholder, and actual controller ≥RMB 1 billion

• Prohibition of Cross-Shareholding and Circular Shareholding, maintaining 大红鹰dhy优惠大厅(中国)有限公司 "one shareholding participation and one controlling interest" principle

• Negative List of Shareholder Conduct, prohibiting interference with operations, misappropriation of assets, and other misconduct

(4) Improved Regulation of Subsidiaries and Branches

大红鹰dhy优惠大厅(中国)有限公司 Administrative Measures represent a systematic reconstruction of 大红鹰dhy优惠大厅(中国)有限公司 futures industry regulatory framework, embodying three layers of regulatory logic: business classification management enabling precise matching of risk and capital; bringing subsidiary businesses back under parent companies strengthening futures companies' core position as risk-bearing entities; and shareholder look-through regulation enhancing equity transparency and preventing related-party transactions and insider control.

For 大红鹰dhy优惠大厅(中国)有限公司 futures industry, this signals an accelerated transition from "scale expansion" to "high-quality development." Futures companies with strong capital positions, sound governance, and robust risk management capabilities will gain greater room for business development, while institutions with weak capital and chaotic governance will face pressure to exit. Futures companies are advised to assess their capital adequacy ratios, business portfolios, and governance structures at 大红鹰dhy优惠大厅(中国)有限公司 earliest opportunity to prepare for 大红鹰dhy优惠大厅(中国)有限公司 new rules' implementation.

On April 24, 2026, 大红鹰dhy优惠大厅(中国)有限公司 SSE and SZSE respectively revised and issued 大红鹰dhy优惠大厅(中国)有限公司 Rules Governing 大红鹰dhy优惠大厅(中国)有限公司 Listing of Stocks, effective upon issuance. This revision aims to implement 大红鹰dhy优惠大厅(中国)有限公司 Code of Corporate Governance for Listed Companies and 大红鹰dhy优惠大厅(中国)有限公司 Board Secretary Rules, strengthen supervision of "key minorities," promote active performance of duties by board secretaries, and protect 大红鹰dhy优惠大厅(中国)有限公司 legitimate rights and interests of small and medium investors.Key revisions are as follows:

• Strengthening Board Secretaries' Duty Positioning:Refining board secretaries' duties in information disclosure, corporate governance, and internal/external communications, embedding such duties into companies' daily operational management processes

  
  

• Improving Safeguards for Performance: Clarifying that directors, senior executives, and relevant departments shall actively cooperate with board secretaries' performance of duties, and improving reporting mechanisms for obstacles to performance

  
  

• Improving Appointment Management: Tightening board secretary qualifications, requiring necessary work experience; regulating selection and dismissal procedures for directors and senior executives to guard against unqualified persons taking office

  
  

• Regulating Controlling Shareholder Conduct: Clarifying that controlling shareholders, actual controllers, and other entities under their control may not engage in competing businesses that may have a material adverse effect on 大红鹰dhy优惠大厅(中国)有限公司 listed company

  
  

• Transitional Arrangements: 大红鹰dhy优惠大厅(中国)有限公司 SSE clarified that board secretary-related provisions take effect on May 24, 2026, and listed companies shall appoint or replace board secretaries and adjust senior executive appointments in accordance with 大红鹰dhy优惠大厅(中国)有限公司 new rules before January 1, 2028; 大红鹰dhy优惠大厅(中国)有限公司 SZSE issued similar provisions

大红鹰dhy优惠大厅(中国)有限公司 simultaneous revision of listing rules by 大红鹰dhy优惠大厅(中国)有限公司 SSE and SZSE creates a regulatory synergy with 大红鹰dhy优惠大厅(中国)有限公司 CSRC's Board Secretary Rules. Notably, 大红鹰dhy优惠大厅(中国)有限公司 January 1, 2028 deadline provides listed companies ample adjustment time, but early initiation of internal assessments is advisable to avoid talent market supply-demand imbalances caused by "concentrated adjustments."

On April 24, 2026, to implement 大红鹰dhy优惠大厅(中国)有限公司 CSRC's Opinions on Deepening 大红鹰dhy优惠大厅(中国)有限公司 Reform of 大红鹰dhy优惠大厅(中国)有限公司 ChiNext Board to Better Serve 大红鹰dhy优惠大厅(中国)有限公司 Development of New Quality Productive Forces, 大红鹰dhy优惠大厅(中国)有限公司 SZSE formally issued 大红鹰dhy优惠大厅(中国)有限公司 first batch of four supporting business rules:

1.大红鹰dhy优惠大厅(中国)有限公司 revised Rules Governing 大红鹰dhy优惠大厅(中国)有限公司 Listing of Stocks on 大红鹰dhy优惠大厅(中国)有限公司 ChiNext Board

2.大红鹰dhy优惠大厅(中国)有限公司 revised Trading Rules

3.大红鹰dhy优惠大厅(中国)有限公司 revised Implementation Rules for 大红鹰dhy优惠大厅(中国)有限公司 Business of Issuance and Underwriting of Securities in Initial Public Offerings

4.大红鹰dhy优惠大厅(中国)有限公司 newly formulated Guideline No. 9 on 大红鹰dhy优惠大厅(中国)有限公司 Review of Issuance and Listing—Preliminary Review

大红鹰dhy优惠大厅(中国)有限公司 "Preliminary Review" mechanism is a notable highlight of 大红鹰dhy优惠大厅(中国)有限公司 new rules, allowing issuers to engage in pre-filing communication with 大红鹰dhy优惠大厅(中国)有限公司 exchange to identify and address review concerns in advance, thereby improving IPO filing quality. This mechanism echoes similar arrangements already in place on 大红鹰dhy优惠大厅(中国)有限公司 STAR Market, reflecting 大红鹰dhy优惠大厅(中国)有限公司 deepening of 大红鹰dhy优惠大厅(中国)有限公司 registration-based review philosophy centered on "information disclosure as 大红鹰dhy优惠大厅(中国)有限公司 core."

On April 15, 2026, 大红鹰dhy优惠大厅(中国)有限公司 PBOC and 大红鹰dhy优惠大厅(中国)有限公司 SAFE jointly issued and implemented 大红鹰dhy优惠大厅(中国)有限公司 Notice on Matters Concerning 大红鹰dhy优惠大厅(中国)有限公司 Adjustment of Overseas Lending Business of Banking Financial Institutions(Yin Fa [2026] No. 72).

Main Adjustments:

• Raising Overseas Lending Leverage Ratios: For wholly foreign-owned banks in China, Sino-foreign joint venture banks in China, and domestic branches of foreign banks, 大红鹰dhy优惠大厅(中国)有限公司 ratio is raised from 0.5 to 1.5; for 大红鹰dhy优惠大厅(中国)有限公司 Export-Import Bank of China, from 3 to 3.5. Where 大红鹰dhy优惠大厅(中国)有限公司 calculated ceiling for overseas lending balance is less than RMB 10 billion, 大红鹰dhy优惠大厅(中国)有限公司 ceiling is set at RMB 10 billion.

• Relaxing Indirect Lending Management Requirements:Where domestic banks indirectly extend loans of more than one year in domestic and foreign currencies to overseas enterprises by lending funds to overseas banks, 大红鹰dhy优惠大厅(中国)有限公司 overseas banks may handle such matters in accordance with 大红鹰dhy优惠大厅(中国)有限公司 laws and regulations of their respective countries or regions; it is no longer required that overseas banks handle such matters by reference to 大红鹰dhy优惠大厅(中国)有限公司 relevant provisions governing overseas lending by domestic banks. 大红鹰dhy优惠大厅(中国)有限公司 provision in Article 7 of Yin Fa [2022] No. 27 concerning indirect lending being handled by reference is no longer applicable.

大红鹰dhy优惠大厅(中国)有限公司 leverage ratio increase significantly expands banks' overseas lending capacity (up to three times for certain banks), supporting Chinese enterprises' "going global" strategies and Belt and Road project financing. 大红鹰dhy优惠大厅(中国)有限公司 relaxation of indirect lending management requirements reduces cross-border financing compliance costs and enhances operational flexibility. Banks must nonetheless remain vigilant regarding cross-border risks such as anti-money laundering and sanctions compliance, establishing risk management systems commensurate with their business scale.

On April 17, 2026, 大红鹰dhy优惠大厅(中国)有限公司 AMAC issued 大红鹰dhy优惠大厅(中国)有限公司 Guidelines on Performance Appraisal Management of Fund Management Companies (Zhong Ji Xie Fa [2026] No. 9, 大红鹰dhy优惠大厅(中国)有限公司 "Guidelines"), effective upon issuance. Representing a major revision of 大红鹰dhy优惠大厅(中国)有限公司 2022 Guidelines on Performance Appraisal and Compensation Management of Fund Management Companies, 大红鹰dhy优惠大厅(中国)有限公司 Guidelines comprise seven chapters and 31 articles, with a focus on strengthening 大红鹰dhy优惠大厅(中国)有限公司 alignment of interests with holders of fund shares.

Core Mechanisms:

大红鹰dhy优惠大厅(中国)有限公司 institutional design of 大红鹰dhy优惠大厅(中国)有限公司 Guidelines reflects a value orientation of "fund holders’ interests first," attempting to fundamentally correct 大红鹰dhy优惠大厅(中国)有限公司 incentive distortions of "scale over performance" and "short-term over long-term" through a triple mechanism of "appraisal conductor," "compensation constraints," and "shareholder interest alignment."

For fund management companies, 大红鹰dhy优惠大厅(中国)有限公司 requirement to restructure internal appraisal systems and raise 大红鹰dhy优惠大厅(中国)有限公司 weight of medium- and long-term performance indicators to over 80% means that fund managers' short-term ranking pressure will be alleviated, while long-term performance accountability will be significantly intensified. 大红鹰dhy优惠大厅(中国)有限公司 mandatory co-investment mechanism deeply aligns management interests with fund holders’ interests, helping to address 大红鹰dhy优惠大厅(中国)有限公司 industry pain point of "funds making money while fund investors do not."

For fund distribution institutions, 大红鹰dhy优惠大厅(中国)有限公司 requirement that investor profit and loss indicators carry a weight of no less than 50% will drive sales behavior to shift from "sales volume orientation" to "suitability orientation," reducing conduct that harms investor interests such as blind promotion and frequent subscriptions and redemptions.

大红鹰dhy优惠大厅(中国)有限公司newly added requirement for shareholder dividend alignment is 大红鹰dhy优惠大厅(中国)有限公司 most significant highlight of this revision, filling 大红鹰dhy优惠大厅(中国)有限公司 institutional gap in aligning fund company fund holders’ interests. Previously, some fund company shareholders pursued short-term dividend returns, creating conflicts of interest with managers pursuing long-term performance. 大红鹰dhy优惠大厅(中国)有限公司 new rules, through a linkage mechanism of "poor performance—reduced dividends," incorporate shareholder interests and fund holders' interests into a unified evaluation framework, promoting fund companies' transition from "shareholder value maximization" to "shareholder interest priority".

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