Group 1 - Regulatory scrutiny on fund distribution continues to intensify, with multiple fund sales institutions receiving penalties for violations [1][2][3] - Tianjin Securities Regulatory Bureau issued a warning letter to Jia Sheng Rui Xin (Tianjin) Fund Sales Co., Ltd. and its former employee for selling non-company products, violating regulations [3][5] - The company is required to improve employee management and submit a written report within 30 working days after receiving the decision [5] Group 2 - This year, several fund sales institutions, including banks and independent platforms, have faced penalties for issues such as unqualified sales personnel and non-compliant marketing activities [2][7] - Banks remain the primary channel for fund distribution and are under close regulatory scrutiny, with recent penalties issued to various banks for compliance failures [7] - Third-party wealth management institutions also faced penalties, highlighting the need for enhanced compliance and risk management across all distribution channels [8][9]