Core Viewpoint - The new regulations issued by the Financial Regulatory Bureau aim to standardize the agency sales of financial products by banks, enhancing consumer protection and addressing issues such as misleading sales practices and the phenomenon of "deposits turning into insurance" [1]. Group 1: New Regulations Highlights - The regulations impose strict selection criteria for agency products and partner institutions, ensuring that banks only accept products from licensed financial institutions and conduct thorough due diligence on these products [2][3]. - Banks are required to manage partner institutions through a list system, establishing qualification standards and exit mechanisms for institutions that violate regulations or pose significant risks [3]. Group 2: Prohibited Practices - The regulations outline 11 prohibited behaviors for bank agency sales, including misrepresenting agency products as proprietary, false advertising, bundling sales, and selling products unsuitable for the customer's risk tolerance [4]. - Banks must enhance suitability management in their agency sales, recommending products based on the customer's financial situation and risk capacity [4]. Group 3: Special Considerations and After-Sales Service - The regulations mandate more cautious sales processes for vulnerable groups, such as the elderly, and emphasize the importance of risk disclosures [5]. - Banks are required to maintain oversight of agency products throughout their duration, ensuring that they monitor risk characteristics and facilitate customer complaints effectively [5].

Core Viewpoint - The newly released regulations for commercial banks' agency sales business aim to clarify requirements for selling public and private fund products, enhancing investor protection and promoting industry stability [1][2]. Group 1: Regulatory Changes - The new regulations will take effect on October 1, 2025, and provide comprehensive guidelines for banks, public funds, and private funds, reducing uncertainty in the industry [1]. - Commercial banks must conduct a comprehensive evaluation of asset management products targeting private funds, requiring approval from senior management [2][3]. Group 2: Private Fund Access - The regulations set minimum thresholds for private fund management, including a total of at least 500 million yuan for private equity funds and 300 million yuan for private securities funds [2][4]. - Banks are prohibited from directly selling private fund products, but can sell products that invest in private funds under certain conditions [3][5]. Group 3: Approval Process - The approval responsibility for agency sales products lies with the bank's head office, which must authorize the range of products for its branches based on specific criteria [6][8]. - The requirement for senior management approval for products targeting private funds indicates a stricter approach to risk management [6][8]. Group 4: Investor Protection - The regulations emphasize the need for banks to design sales processes and contracts that are understandable for elderly clients and those with limited civil capacity [8]. - Banks are restricted to selling agency products through their own channels, prohibiting outsourcing or embedding sales processes in third-party platforms [9].