Shanghai Regulator Tightens Rules on Online Marketing of Financial Products

Shanghai's securities regulator has issued a notice to fund managers, asset managers and fund sales firms in its jurisdiction on implementing the Financial Product Online Marketing Measures, according to Jiemian News. The notice sets out six requirements, including a ban on cooperating with any party other than third-party internet platforms for online marketing, tighter controls on platform involvement in account opening, order handling and settlement, and a requirement to strengthen in-house mobile apps. The notice also says firms must establish pre-assessment mechanisms when hiring third-party platforms, avoid working with platforms that have not completed IT system filings for fund subscription and redemption transfer channels, and report related cooperation every quarter within 10 working days after quarter-end. Jiemian News reported that regulators are focusing on transfer channels, where investors click from an internet platform to a fund company or broker page to open accounts, complete risk assessments and buy products. A compliance executive at a fund manager in eastern China said the key regulatory focus is on these transfer channels. Jiemian News also reported that local securities regulators have made such cooperation a routine supervisory priority, using off-site monitoring and targeted on-site inspections. The article said the new rules are prompting firms to tighten external marketing ties and accelerate compliance work. It added that many fund companies are questioning how broadly “financial product online marketing” should be defined, especially around business-brand promotion. Some firms have already suspended cooperation with finance influencers and MCN agencies, while others have slowed traditional media and content partnerships. In April 2026, China's central bank, the CSRC and six other departments jointly issued the Financial Product Online Marketing Measures, which are due to take effect on September 30, 2026.