2 1 Shi Ji Jing Ji Bao Dao·2025-06-04 11:32Core Viewpoint - The recent adjustments in risk ratings for publicly offered funds by banks are primarily driven by the implementation of the "Administrative Measures for Commercial Banks' Agency Sales Business" which emphasizes stricter risk assessment and management practices [1][5][6] Group 1: Regulatory Changes - The "Administrative Measures" will officially take effect on October 1, 2023, requiring banks to independently and prudently assess the risk of asset management products they sell [5][6] - Banks are now required to adopt a dual approach of "pre-sale and post-sale" risk assessment, ensuring that the final risk rating reflects the higher of the bank's assessment or that of the cooperating institution [1][3][5] Group 2: Bank Actions - China Construction Bank has adjusted the risk ratings of several fund products, raising the risk level of four funds from R3 to R4, marking its second adjustment this year [2] - Agricultural Bank of China has implemented a dynamic risk assessment model in collaboration with third-party evaluation agencies, continuously evaluating fund products throughout their lifecycle [3] - Citic Bank has also announced adjustments to the risk ratings of 158 fund products, all of which have been raised, and has warned investors about potential issues with automatic investment plans if the new ratings exceed their risk tolerance [4] Group 3: Market Implications - The adjustments in risk ratings are seen as a response to the rapid changes in the market, where some funds have experienced significant declines in net value, leading to disputes between investors and banks [6] - A recent court case highlighted the risks faced by investors, where an elderly investor lost approximately 300,000 yuan on a fund investment, raising questions about the responsibilities of banks in ensuring appropriate risk assessments [7]