Securities regulatory bureaus in multiple regions have reiterated that fund companies should cooperate with influencers prudently.
From industry sources, a reporter from Cailian Press has learned that within this week, regulators in multiple regions, during their communications with public fund institutions under their jurisdiction, have once again emphasized compliance issues related to collaborations with external entities such as influential financial content creators and self-media accounts, requiring fund companies to conduct related businesses prudently.
According to multiple inquiries by Cailian Press reporters, some regulatory authorities have put forward clear requirements that such collaborations must be strictly controlled, and fund companies are continuously re-evaluating their partners, content formats, and fee arrangements. Other regulators require institutions to embrace the internet under the principle of prudence while ensuring proper compliance arrangements. Before the detailed implementation rules for the new regulations on online marketing of financial products are released, public fund firms are generally exercising caution in collaborating with influencers, and no new influencer placements will be added before the rules take effect.
The industry holds mixed views on this arrangement, with the core focus being on finding a reasonable balance between guidance and restriction. Some public fund institutions remain open to collaborations with influencers, believing that such business partnerships can be carried out on the premise of well-executed investor education, while stressing that qualification management for these influencers is indispensable. Other institutions have chosen to fully suspend collaborations with influencers until the detailed rules are clarified.
"There are barely any new collaborations now, and many previously agreed-upon projects have been put on hold without being implemented," a financial self-media practitioner told the Cailian Press reporter. Product promotions were the first to be halted, and recently even collaborations such as fund manager interviews, market insights, and branded content columns have become difficult to advance, with most fund companies responding that they are waiting for the detailed rules and further regulatory guidelines.
The handling of existing ongoing projects by fund companies also varies. Cailian Press reporters learned that some fund companies are reviewing their signed annual framework contracts one by one, while content that does not involve specific products or sales funnels is still being implemented; other firms have suspended all their existing ongoing projects.
"During the transition period, new collaborations will definitely be approached with more caution, and different fund companies have different judgments on how to handle existing annual framework contracts," a marketing staff member at a fund company told Cailian Press. Some firms aim to complete their already signed contracts before September 30, but the placement content needs to be re-reviewed, with strict restrictions on elements such as fund codes, performance displays, purchase links, and subscription prompts.
Judging from current implementation practices, pausing new collaborations, re-evaluating existing projects, and raising the qualification threshold for partners have become common practices among many fund companies. Most product promotions have been halted first, while brand publicity, market interviews, and investor education content are being assessed on a case-by-case basis by compliance departments.
Some fully suspend collaborations, others raise review thresholds
In Shanghai, most public fund firms have pressed the pause button on related collaborations.
Since the beginning of this year, the Shanghai regulatory authority has repeatedly reminded fund companies to standardize their collaborations with external entities such as online influencers and self-media. Relevant requirements have been communicated to institutions under its jurisdiction, both in recently held meetings and previous supervisor general meetings. Public fund practitioners interviewed in Shanghai all stated that their companies are currently adopting a stance of suspension or strict scrutiny on influencer collaborations.
A Shanghai-based public fund practitioner told Cailian Press that all related projects at their company are currently prohibited, and product promotions, brand collaborations, and fund manager interviews will not be advanced for the time being.
The scope of the suspension is no longer limited to promotional content that directly displays fund names, fund codes, and purchase links. Some institutions have also suspended projects such as brand communication, market insights, fund manager interviews, and investor education, and will make further adjustments after the regulatory boundaries are more clearly defined.
A practitioner at a Shanghai public fund firm said that previously, collaborations with external accounts at their company were usually initiated by the marketing, e-commerce, and internet business departments, and then the compliance department would review the promotional content. Now, the review focus has extended from individual articles or single live broadcasts to the entire collaboration chain, including verifying whether the signing party matches the account operator, whether the collaborating party has the required qualifications, how fees are paid, and whether content releases could potentially lead to sales funnels.
Another Shanghai-based fund company has adopted even stricter review standards. According to the company's internal requirements, content such as advertorials and interviews must be collaborated on with media organizations that possess the corresponding news gathering, editing, and evaluation qualifications, while advertising and sales promotions must be carried out through institutions with the appropriate sales qualifications. Personal self-media accounts, even those with large traffic, are no longer directly included in the scope of collaboration.
Public fund firms under the Shenzhen regulatory jurisdiction are also under regulatory guidance to conduct influencer collaborations prudently, but there are no more detailed unified guidelines on which businesses need to be suspended, whether brand and investor education collaborations can be retained, and how existing contracts should be handled.
Multiple Shenzhen public fund firms interviewed by Cailian Press stated that related collaborations have been significantly tightened. One company has suspended new product promotion projects and resubmitted existing collaborations for compliance review; another firm has not fully halted brand-related collaborations, but requires case-by-case verification of collaborating entities, publishing accounts, business qualifications, and content purposes. In the past, compliance reviews focused more on the promotional materials themselves, but now collaborating parties and dissemination paths are also receiving attention. Even if the content does not mention specific products, as long as it involves fund company payments, external account publishing, or subsequent traffic redirection, more prudent judgments are required.
Product promotions are halted first, while brand and investor education collaborations are subject to strict scrutiny
Many fund companies have recently halted or scaled back their collaborations with influencers, coinciding with the rectification period before the new regulations on online marketing of financial products take effect.
The *Measures* will come into force on September 30. Before that, financial institutions and third-party internet platforms should proactively clear marketing content and practices that are inconsistent with the new regulations. The new rules define online marketing of financial products as commercial promotional activities conducted through the internet; in addition to displaying specific product information, the regulatory scope also covers business brand displays by financial institutions and providing redirect channels for investors to purchase financial products.
In accordance with the *Measures*, financial institutions and third-party internet platforms entrusted by them can conduct online marketing of financial products, while other organizations or individuals are prohibited from conducting or covertly conducting such activities. Marketing financial products through official accounts, live broadcasts, and short videos must use self-operated platforms of financial institutions or accounts legally registered by the institutions, and marketing personnel must be employees of financial institutions with relevant qualifications and authorized to carry out such activities.
The new regulations also increase the management responsibilities of fund companies for their collaborating platforms. Before entering into collaborations, financial institutions must conduct assessments from aspects such as business qualifications, operational status, technical capabilities, service quality, business compliance, and reputation, sign written agreements, and continuously track the performance of their collaborating partners. Activities such as covertly conducting online marketing of financial products under the guise of "investor education" or "course training" and paying for such services are also explicitly prohibited.
Judging from the current rectification actions of fund companies, marketing materials, accounts, redirect channels, and collaborating partners have become key areas for inspection. The boundaries for product promotions are relatively clear, while most disputes focus on brand communication, market interviews, and investor education content. Such collaborations may not necessarily mention fund names and codes, but they could be funded by fund companies and reach potential investors through external accounts.
What institutions find more difficult to judge at present is brand publicity and investor education content. Some collaborations do not directly display products, but they may include the fund company's name, fund manager insights, or investment strategies; some content does not have purchase links, but it may subsequently channel traffic through comment sections, communities, or other channels. Different institutions still have varying understandings of whether such collaborations constitute covert online marketing.
The account entity is also a key focus of current reviews. Even if the influencer themselves hold the fund practice qualification, more clear rules are still needed on whether personal accounts can be used to undertake commercial collaborations for fund companies, who reviews the content, how interactive information is managed, and how related materials are archived.
A self-media practitioner stated that since the beginning of the year, collaborations related to fund products have significantly decreased, and recently even brand and investor education projects have been affected. Some fund companies have not directly terminated their collaborations, but have temporarily put projects on hold, waiting for local regulators or the industry to further clarify the implementation standards.
This article is from the WeChat official account "ChiNext Observer", written by Wu Yuqi, and published with authorization from 36Kr.