In recent days, the people's bank of china, the ministry of industry and information technology, the general directorate of market supervision, the general directorate of financial supervision, the china securities commission, the state intellectual property administration, the state network office and the state foreign exchange office have jointly issued the measures for the management of the marketing of financial products network (hereinafter referred to as " the scheme " ). The responsible persons answered questions from journalists on issues related to the scheme。
I. What is the context in which the scheme was launched
In recent years, as the digital economy has flourished, the financial sector has accelerated its digital transformation process, and the internet has become an important channel for the marketing of financial products, reducing the cost of financial services and improving their efficiency and coverage. At the same time, there are a number of risk issues, such as false and misleading propaganda, marketing practices suspected of monopolization and disorderly competition, and marketing propaganda content that is contrary to social good practices。
The party's central government and state council attach great importance to the platform's work on economic health and development. They have repeatedly pointed to the establishment of a sound platform's system of economic governance, with clear rules, clear lines, improved regulation and regulation. The 20 major reports of the party clearly state that modern financial regulation is to be strengthened and improved and that all types of financial activity are regulated by law. The central financial work conference in 2023 proposed the harmonization of operational standards of the same kind on line and the strengthening of internet financial regulation. With a view to regulating the marketing of financial products networks and protecting the legitimate rights and interests of financial consumers and investors, the people's bank of china, together with the ministry of industry and information technology, the general directorate of market supervision, the general directorate of financial supervision, the china securities and inspection commission, the national intellectual property administration, the national networking office and the national foreign exchange agency, have developed a methodology. Following this, the department of state's financial management service (hereinafter referred to as the financial management authority) may specify additional regulatory requirements for network marketing of financial products in their respective subdivisions。
Ii. What is the scope of application of the scheme
The scheme comprehensively regulates the conduct of financial institutions in the marketing of financial products networks and the acceptance by third-party internet platforms of financial institutions to commission services for the marketing of financial products networks. In this regard, financial institutions are those established with the approval of the state council or the financial management authority to carry out financial operations, and local financial organizations are regulated by local financial management bodies in accordance with the provisions of the scheme. Third-party internet platforms are websites, mobile internet applications, etc., that are not owned by financial institutions, which provide services for the marketing of financial product networks; third-party internet platforms that provide services for the marketing of financial products networks should be legally commissioned by financial institutions, comply with the regulatory requirements of financial management and not go beyond those entrusted by financial institutions。
What are the requirements of the scheme for marketing qualifications
The scheme implements the requirement of “the full regulation of all types of financial activity in accordance with the law” and requires financial institutions and their delegated third-party internet platforms to conduct network marketing of financial products within the scope of operations authorized by the financial authorities and not to provide network marketing services or facilities for illegal financial activities such as illegal collection of funds, illegal securities futures activities, illegal borrowing of deposits, illegal lending, virtual currency issuance transactions, illegal foreign exchange deposit transactions and unauthorized provision of financial products services by offshore agencies to residents of the country. A third-party internet platform should not transfer the commissioning of business by financial institutions to other institutions or to provide a channel for financial consumers and investors to purchase financial products. It should jump to the financial institution's own-account platform and not to other third-party internet platforms that engage in network marketing of financial products。
What are the provisions of the scheme regarding marketing content and behaviour
The scheme reinforces the responsibility of the financial institution's principals, holds them accountable for legal compliance with the content of web marketing, and establishes auditing mechanisms. Third-party internet platforms are required to enhance information disclosure to facilitate access to and verification of basic information on cooperating financial institutions and the marketing of financial products by financial consumers and investors. Net marketing content should be required to present key information on financial products in an accurate and popular language, without false or misleading content. There are corresponding regulatory requirements for new models such as algorithm recommendations, live marketing, forced tying, harassment of marketing, and financial irregularities。
Under the scheme, loan products will not be able to use marketing techniques such as “low threshold” “second-to-second” “low interest rates”; payment instruments must be displayed on the cashiers' pages of payment agencies in isolation from financial products such as loans, and users must not be misled in confusing payment instruments with loan products; institutions that do not have the financial, financial information services business qualifications may not use financial words in their aps and registered trademarks; and non-financial institution practitioners may not market financial products in the form of live broadcasts, short videos, public numbers, and, in particular, illegal securities investment advice in the form of stakes。
What are the provisions of the scheme for financial institutions to cooperate with third party internet platforms
The scheme focuses on clarifying the boundaries of authority and accountability between financial institutions and third-party internet platforms, requiring financial institutions to ensure operational independence, technical security and enhanced pre-assessment and ongoing management of cooperative platforms, requiring that third-party internet platforms should not interfere with the conclusion of contracts of sale, transfer of funds, assessment of the adequacy of financial consumers and investors, loan line assessments, interact with financial consumers and investors, create branding with financial institutions, and present in a clear and visible manner the names or relevant symbols of financial institutions that actually provide financial products。
The implementation of the scheme is scheduled for 30 september 2026, pending the initiative of financial institutions and third-party internet platforms to expedite the clean-up of marketing content and behaviour inconsistent with the requirements of the scheme. The people's bank of china, the ministry of industry and information technology, the general directorate of market supervision, the general directorate of financial supervision, the china securities commission, the national intellectual property administration, the national networking office and the state foreign exchange office will perform their duties in accordance with the law, in coordination with the government of china, to ensure that financial institutions and third-party internet platforms comply with the requirements of the scheme and to investigate and prosecute all types of illegal financial product network marketing activities。
