AMAC Solicits Comments on New Rules for the Sale of Publicly Offered Funds

Recently, the Asset Management Association of China (AMAC) has drafted the Detailed Rules for the Suitability Management of Investors in Publicly Offered Securities Investment Funds (Draft for Comment) (the "Draft") to solicit public opinions. The deadline for submitting comments is November 26, 2025.

The Draft sets out clear requirements for fund managers and fund distributors regarding the assessment of investors' risk tolerance, the sale of high-risk funds to elderly investors, and the promotion and marketing of funds through live-streaming. In terms of risk tolerance assessment, the Draft provides that fund managers and fund distributors shall reasonably control the frequency of risk tolerance assessments for ordinary investors. Specifically, investors shall not undergo risk tolerance assessments more than twice in a single day and no more than eight times within a 12-month period at the same institution. In principle, the validity period of a risk tolerance assessment result shall not exceed 12 months. The Draft also stipulates that, when selling funds with a risk rating of R4 or higher to ordinary investors aged 65 and above, fund managers and fund distributors shall fulfill special duty of care.



(Source: https://www.amac.org.cn/xwfb/tzgg/202511/t20251112_27034.html)

Note: The link to the Chinese official website of the document is for your reference.