The Zhitong Finance App learned that on August 7, the China Securities Association issued an announcement stating that in order to strengthen self-regulatory management of securities companies' bond investment advisory business, standardize bond investment advisory business exhibition and service methods, and prevent conflicts of interest and business risks between bond investment advisory services and related businesses, the Securities Industry Association researched and formulated the “Securities Company Bond Investment Advisory Business Management Rules” (hereinafter referred to as the “Management Rules”), which were approved by the 4th meeting of the 8th Council of the Association and filed with the China Securities Regulatory Commission. The “Administrative Rules” set a six-month transition period and will be officially implemented on February 5, 2027.
The “Administrative Rules” are divided into 6 chapters and 44 articles: general provisions, business management, risk compliance management, personnel management, self-regulation management, and supplementary provisions. It mainly includes the following:
The first is the General Provisions. There are 6 articles, mainly the basis for formulation, scope of application, exhibition conditions, basic principles, exhibition boundary requirements, etc.
The second is the business management section, which consists of 19 articles, mainly business management rules covering the entire process of bond investment advisory business, such as customer appropriateness management, customer due diligence, promotion, agreement signing, service provision, customer visits, and complaint handling.
The third is the Risk Compliance Management section, which consists of 10 articles. It mainly incorporates the bond investment advisory business into overall risk management, and puts forward specific requirements in areas such as conflict of interest management, separation of responsible personnel, system management, concentration management, deviation management, internal inspection, and file management.
The fourth is the personnel management section, which consists of 4 articles. It is mainly based on actual bond investment advisory business and puts forward requirements on personnel qualifications, disclosure of personnel information, personnel assessment management, and prohibition of sexual acts.
The fifth is the self-regulatory management section, which consists of 3 articles, which mainly clarify self-regulatory management responsibilities, self-regulatory inspection subjects, targets, measures, etc.
The sixth is the Supplementary Provisions, which consist of 2 articles, which mainly clearly explain the subject and implementation date.
The original text is as follows:
Notice on Issuing the “Securities Company Bond Investment Advisory Business Management Rules”
China Securities Cooperative Development [2026] No. 169
Each securities company:
In order to strengthen self-regulatory management of securities companies' bond investment advisory business, standardize bond investment advisory business exhibition and service methods, and prevent conflicts of interest and operating risks between bond investment advisory business and related business, the Securities Industry Association researched and formulated the “Securities Company Bond Investment Advisory Business Management Rules” (hereinafter referred to as the “Administrative Rules”), which were voted on by the 4th meeting of the 8th Council of the Association and filed with the China Securities Regulatory Commission. The “Administrative Rules” set a six-month transition period and will be officially implemented on February 5, 2027.
Attachments: 1. “Securities Company Bond Investment Advisory Business Administration Rules”
2. Drafting instructions on the “Securities Company Bond Investment Advisory Business Management Rules”
China Securities Association
August 7, 2026
Securities company bond investment advisory business management rules
Chapter I General Provisions
Article 1. These rules are formulated in accordance with relevant laws, regulations, regulations, etc. such as the “Securities Law of the People's Republic of China”, “Interim Measures on the Administration of Securities and Futures Investment Advisory and Administration”, “Notice of the People's Bank of China Banking Regulatory Commission and the Securities Regulatory Commission on Regulating the Bond Trading Business of Participants in the Bond Market” and “Interim Provisions on Securities Investment Advisory Business” (hereinafter collectively referred to as “Regulatory Rules”).
Article 2. Securities companies carry out securities investment advisory services that provide customers with investment advice using bonds as an investment type, and the content of investment advice services includes investment transactions in the primary and secondary markets of bonds, and these rules apply.
Securities companies and their subsidiaries engaged in asset management business in accordance with the law shall apply these rules in accordance with the relevant regulations of the China Securities Regulatory Commission to provide bond investment advice services for products managed by other securities and futures management agencies or other private equity investment funds.
Article 3. To carry out bond investment advisory business, securities companies shall meet the following conditions:
(1) Obtain securities investment consulting business qualifications;
(2) Establishing a sound and effective internal control management system;
(3) The business department shall be equipped with sufficient professionals to ensure that the level of expertise is in line with its service methods and scale of business. Among them, there are no less than 3 full-time bond investment advisory business personnel with at least 2 years of relevant experience in bond investment research, and no less than 1 compliance officer with at least 2 years of experience in bond investment transaction compliance;
(4) Establish an information technology management system for bond investment advisory services (hereinafter referred to as the “management system”) with necessary processes such as business approval, business element entry, business risk monitoring and management, and business compliance review functions;
(5) Other necessary conditions to support business development.
Article 4 Securities companies and their bond investment advisory business personnel engaged in bond investment advisory business shall abide by the rules of supervision, follow the principle of honesty and credit, and diligently and prudently provide investment advisory services to customers.
Article 5. Securities companies and their bond investment advisory business personnel engaged in bond investment advisory business shall fulfill their fiduciary obligations, prevent conflicts of interest, strengthen compliance management, and effectively safeguard the legitimate rights and interests of customers; they must not harm the interests of customers for the interests of the company and its related parties, the interests of bond investment advisory business personnel and their stakeholders, and must not harm the interests of other customers for the interests of specific customers.
Article 6. Securities companies and their bond investment advisory business personnel are limited to providing investment advice to customers, assisting customers in making investment decisions, and must not accept entrustment management of clients' funds or assets, control the operation of customer accounts, or make investment decisions on behalf of customers in any way.
Chapter 2 Business Management Article 7 A securities company shall establish a management system covering all bond investment advisory business processes, such as customer entry, business promotion, agreement signing, service provision, customer visits, and complaint handling, and ensure effective operation.
Article 8. Customers in the bond investment advisory business shall be investors who meet the provisions of Article 8 (1) to (4) of the “Measures for Appropriate Administration of Securities and Futures Investors”, and institutional investors specialized in converting ordinary investors as stipulated in Article 11.
Article 9. In carrying out bond investment advisory business, securities companies shall conduct full due diligence, understand the customer's situation, take necessary measures such as requiring customers to provide supporting documents, inquire about public information, etc., and verify whether the customer complies with the requirements for proper management.
Article 10. Securities companies shall strictly regulate marketing and publicity practices, strengthen information disclosure, fully disclose risks, effectively guarantee the legitimate rights and interests of bond investment advisor clients, and strictly prohibit misleading or defrauding customers. Securities companies promote bond investment advisory services and must not engage in the following acts:
(1) Making false, untrue, or misleading marketing publicity about the company's service capabilities and past performance, or deliberately concealing investment advisory business risks;
(2) Promise or guarantee the safety of principal funds by any means, or promise or suggest that investment returns are guaranteed;
(3) Other acts that violate laws and regulations.
Article 11 When securities companies provide bond investment advisory services to customers, they shall inform customers of the following basic information;
(1) Company name, address, contact information, complaint phone number, securities investment consulting business qualification, etc.;
(2) The name, registration code, department and job information of the person in the bond investment advisory business;
(3) The content and methods of bond investment advisory services;
(4) Investment decisions are made by clients, and bond investment advisory business personnel shall not make investment decisions on behalf of clients.
Securities companies shall also publicize the information in items (1) and (2) of the preceding paragraph through the company's website to facilitate investors' inquiries and supervision.
Article 12 When carrying out bond investment advisory business, a securities company shall sign a bond investment advisory service agreement with the customer and implement code management for the agreement. The agreement shall include, but is not limited to, the following:
(1) the rights and obligations of the parties;
(2) The content and methods of bond investment advisory services;
(3) The scope of investment and investment restrictions providing bond investment recommendations;
(4) The duties of a bond investment advisor and prohibited sexual acts;
(5) Obligations to disclose and manage conflicts of interest relating to bond investment advisory services;
(6) Fee standards and payment methods;
(7) Information such as the name and registration code of the bond investment advisory business personnel providing investment suggestions, and the obligation to notify the business personnel in writing when they change;
(8) Disputes or dispute resolution methods;
(9) the conditions and manner of termination or cancellation of the agreement;
(10) Other necessary content.
Where the content of bond investment advisory services provided by securities companies includes inquiries for bond transactions, they shall be clearly agreed upon in the agreement.
Article 13. A securities company carrying out bond investment advisory business shall comply with the regulatory rules and the agreement of the bond investment advisory service agreement, and have a reasonable basis for investment and research. The basis for investment proposals may include market analysis, industry research, credit ratings, securities research reports, or investment analysis opinions based on securities research reports, theoretical models, and analytical methods.
Article 14 A securities company shall establish a bank of bond products subject to investment proposals, conduct necessary due diligence and internal ratings of the bonds subject to investment proposals, and continuously monitor the credit risk and liquidity risks faced by the underlying bond investment proposal for customers.
For bonds subject to investment proposals with different risk levels, securities companies should establish hierarchical approval mechanisms and differentiated credit tracking management mechanisms.
Article 15. Securities companies shall conduct necessary due diligence investigations on counterparties involved in reverse repurchase, forward, and loan financing transactions in the bond investment advisory business, and establish a white list system. The counterparty whitelist should be updated at least once a year. Where counterparties are included in the transaction elements involved in providing investment proposals to customers, a securities company shall ensure that the counterparty complies with the above requirements.
Article 16 Where a securities company provides customers with bond transaction inquiry services in accordance with a bond investment advisory service agreement, it shall meet the requirements of the bond investment scope, investment restrictions, etc. of the bond investment advisory service agreement.
When carrying out an inquiry service for bond transactions, bond investment advisory business personnel shall fully disclose the identity of the securities company as investment advisors to the inquirer and use the company's uniformly configured inquiry tools to ensure that the inquiry records are complete and traceable.
Article 17 A securities company shall establish a hierarchical authorization and approval mechanism for investment proposals, clarify the approval requirements and content covered by the approvers for bond investment proposals to be issued, and approve and leave marks on the proposed bond investment proposals through a management system.
Article 18 A securities company shall send an investment proposal to the customer on the day the approval of the investment proposal is completed. The investment proposal shall be signed by two securities practitioners, at least one of whom is registered as a securities investment advisor. Securities investment advisors shall be responsible for investment proposals signed by them.
Customers have the right to refuse investment proposals issued by securities companies, and securities companies must not require customers to provide explanations on investment proposals they refuse to execute.
Article 19 A securities company shall provide a risk disclosure statement to the customer, and the customer shall sign and confirm it. The risk disclosure statement should explain the main risks faced by the bond investment advisory business and prompt clients to bear their own investment risks.
Article 20. Bond investment advisory business personnel shall promptly follow up with customers to understand their adoption of investment proposals to make transaction decisions and execution, and promptly record transaction elements feedback from customers in the management system.
Article 21. Securities companies shall not use charging methods that may cause conflicts of interest, and shall, in accordance with the principles of fairness, rationality, and voluntariness, negotiate with clients on an equal basis and agree in writing on arrangements to collect fees for bond investment advisory services.
Bond investment advisory service fees shall be charged to the company account, and bond investment advisory business personnel shall not charge clients for investment advisory services in their personal name.
Article 22 A securities company shall appoint business personnel independent of the provision of bond investment advisory services to carry out return visits to the bond investment advisory business at least once a year. The proportion of returning customers shall not be less than 50% of the total number of clients served at the end of the previous year. Multiple asset management products of the same manager are treated as the same customer.
The content of the securities company's return visit should include investor suitability matching mechanisms, customer satisfaction, etc. Customers must cooperate with the securities company to provide truthful feedback on whether to independently carry out investment decisions, and whether bond investment advisory business personnel have committed illegal acts such as operating customer accounts, investing decisions on behalf of customers, promising customer profits, or bearing customer losses.
Article 23. Securities companies may carry out customer visits on site, telephone, questionnaire surveys, etc., and properly store customer return visit materials. Where return visits are carried out on-site or by telephone, customer inquiries should be recorded for archival purposes. If the customer visits are carried out through a questionnaire survey, the customer shall be required to stamp an official seal or reserve seal on the return visit materials.
Article 24. Departments and personnel responsible for customer return visits shall record customer return visits. If during customer visits they discover that the business department or business personnel have or may have violated laws and regulations, they shall promptly report them to the company's compliance department. If a securities company discovers a major violation of laws and regulations in the bond investment business, it shall report it to the relevant dispatching agency of the China Securities Regulatory Commission.
Article 25 When carrying out bond investment advisory business, securities companies shall establish a mechanism for handling customer complaints and appoint personnel independent of providing investment advisory services to handle customer complaints in a timely and proper manner.
Chapter III Risk Compliance Management
Article 26 A securities company shall integrate the bond investment advisory business into a comprehensive risk management system, establish a risk management mechanism that matches the scale of the business, operate prudently, effectively prevent and control risks, and ensure that the scope and scale of the business are in line with its corporate governance capacity, human resources situation, and level of risk control.
Article 27. Securities companies shall establish and improve conflict of interest identification and management mechanisms, promptly and accurately identify possible conflicts of interest between securities companies' bond underwriting, proprietary management, and bond investment advisory services, and take effective measures to manage the risk of conflicts of interest.
A securities company shall establish a special business department or second-level department responsible for carrying out bond investment advisory services, and be independent and effectively isolated from each other in terms of personnel, system authority, office space, etc. from bond underwriting, proprietary management, etc.
Departments responsible for carrying out bond investment advisory services shall establish and improve an information barrier system with reference to the “Securities Company Information Wall System Guidelines” and the “Internal Control Guidelines for Securities Fund Management Agencies in Bond Investment and Trading Business”.
Article 28 A department head in the bond investment advisory business shall not simultaneously serve as the head of a department that has an obvious conflict of interest with the bond investment advisory business. When senior management of a securities company is also in charge of business where there may be a conflict of interest, such as bond ownership, asset management, investment advisors, etc., they must not directly or indirectly participate in business activities that may cause a conflict of interest, such as investment decisions or investment consulting on specific securities types.
Discussion meetings involving investment decisions involving securities companies carrying out proprietary bond transactions, asset management, and bond investment advisory services should be conducted independently to avoid improper flow of information.
Article 29 The bond investment advisory business management system of a securities company shall leave marks on the approval and issuance of bond investment proposals, risk monitoring, etc., and establish corresponding system authority according to the division of responsibilities to achieve effective business isolation.
Article 30 Where bond investment proposals provided by securities companies and their subsidiaries to customers include counterparties, counterparties shall not be the company's own accounts, other accounts acting as investment advisors, or asset management product accounts managed by the company or subsidiary, except where there is sufficient evidence to prove that they are effectively isolated and the price is fair.
Securities companies shall not recommend that customers invest in and trade bonds issued by the company. Securities companies recommend that clients invest in bonds underwritten by the company, establish and improve internal approval mechanisms and evaluation mechanisms, follow the principle of prioritizing customer interests, obtain customer consent in advance, and take effective measures to protect the legitimate rights and interests of customers.
Where a securities company simultaneously acts as an investment advisor and agency for the same financial product, the consignment business and investment adviser shall be strictly isolated; the financial product manager shall actively perform active management duties; the securities company shall establish an internal control management mechanism that clarifies responsibilities and covers prior evaluation, continuous supervision, and subsequent inspection. The financial product manager shall follow the principle of prioritizing customer interests, fully disclose possible conflicts of interest to the customer, and take effective measures to protect the legitimate rights and interests of the customer.
Article 31 A securities company shall include bond investment advisory business transaction inquiries and transactions carried out by customers in accordance with investment proposals in daily bond transaction monitoring, and monitor bond investment transactions between the bond investment advisory business account and the company's own management, asset management and other investment advisory business accounts through factors such as the subject matter, price deviation, recommended transaction date, etc., to prevent transfer of benefits, conflicts, and risk transmission.
Article 32. When carrying out bond investment advisory business, securities companies shall pay attention to the risk of concentration in the bonds that are the subject of investment proposals. In principle, they shall not issue investment proposals that cause the amount of a single bond investment advisor account invested in the same bond (calculated at the purchase cost) to exceed 25% of the account's asset size, except in the following circumstances:
(1) The underlying bonds of the investment proposal are treasury bonds, central bank notes, policy financial bonds, local government bonds, and domestic systemically important bank interbank statements;
(2) Within three months of the initial service of the account by the investment advisor;
(3) Concentration management requirements were passively exceeded due to reasons such as bond resales and adjustments to the list of systemically important banks. Under such circumstances, securities companies must not continue to issue investment proposals to buy bonds that have exceeded the limit, and should recommend that customers reduce the size of their holdings in overrun bonds in a reasonable and orderly manner.
Article 33 Where the transaction price is included among the transaction elements involved in providing bond investment proposals to customers, a securities company shall pay attention to the degree of deviation between the transaction price and the fair market index on the day of transaction. If the recommended transaction price clearly deviates from the market level, the bond investment advisory business personnel should file a record with the company's internal control department and provide proof of rationality.
Market fairness indicators and deviations are implemented in accordance with the “Internal Control Guidelines for Bond Investment and Trading Business of Securities Fund Management Agencies”.
Article 34 A securities company shall determine an independent department as an internal control department to regularly select bond investment advisory projects to inspect all business aspects, and regularly conduct fair trade checks on bond investment transactions between the company's own management, asset management, and other investment advisory business accounts. Inquire or investigate hidden risks of illegal violations, put forward specific rectification opinions, and supervise implementation.
Article 35 A securities company shall properly keep the relevant data on the bond investment advisory business and file it for inspection. The storage period of the relevant data shall not be less than 5 years from the date of termination of the agreement, and the relevant data shall be recorded and kept in the form of written or electronic documents. Relevant materials include, but are not limited to, the following:
(1) Written agreement on bond investment advisory business;
(2) Investment proposal approval and circulation records;
(3) Providing customers with information on the timing, content, method and basis of investment proposals;
(4) Customer suitability materials and customer return visit materials;
(5) Data related to the bond investment business management system;
(6) Other materials relating to the regulation of business development.
Chapter IV Personnel Management
Article 36 Bond investment advisory business personnel include securities investment advisors who issue investment proposals to clients, participate in bond transaction inquiries, and provide customers with substantive opinions on the types, prices, and quantities of bonds.
The person issuing the investment proposal referred to in these rules shall register as a securities investment advisor. Personnel participating in bond trading inquiries shall obtain the qualifications required by the relevant bond trading market.
Article 37 A securities company shall publish information on bond investment advisory personnel on the company and the China Securities Association website in accordance with regulatory rules. If the above personnel leave their jobs, they shall publish the separation information on the company's website and the China Securities Association website within 2 working days after completing the separation procedure. The publicity period is not less than 1 month.
Article 38 A securities company shall establish a scientific and reasonable remuneration and performance evaluation system, focusing on the compliance performance and customer satisfaction of bond investment advisory business personnel, etc., and shall include in the assessment and management of bond investment advisory business personnel situations that cause significant risks and customer complaints to customers due to lack of diligence and prudence in issuing investment recommendations, and shall not directly use customer excess income as a performance evaluation index for bond investment advisory business personnel.
Article 39. Securities companies and their employees shall not engage in the following acts when carrying out bond investment advisory business:
(1) Accept customer funds or asset entrustment, directly operate customer accounts, or make investment decisions on behalf of customers;
(2) Using personal names or fraudulently using someone else's name to accept requests from clients, provide bond investment advisory services, and collect fees;
(3) Using information advantages, financial advantages, and securities holding advantages to influence transaction prices or transaction volume alone or through collusion;
(4) Suggest unnecessary transactions with customer assets for the purpose of obtaining commissions or other benefits;
(5) Providing customers with liquidity support services;
(6) Issuing investment proposals in accordance with the customer's or third party's instructions to assist the customer or third party in evading supervision;
(7) Using clients' financial products to engage in illegal and illegal acts such as unfair transactions, transfer of benefits, and evasion of supervision;
(8) Accepting any property or other benefit that may affect their independent and objective practice;
(9) Other acts of conveying or seeking improper benefits.
Chapter V Self-Regulatory Management
Article 40. The China Securities Association shall exercise self-regulatory control over securities companies carrying out bond investment advisory services. If a securities company or relevant practitioner violates these rules and the relevant self-regulatory rules of the Association, the Association may take self-regulatory management measures or disciplinary action in accordance with the “Implementation Measures on Self-Regulatory Measures of the China Securities Association”.
Article 41 The Association may conduct on-site or off-site inspections on the bond investment advisory business of a securities company; the securities company and its relevant personnel shall cooperate and accept inquiries in accordance with the requirements.
Article 42 Where securities companies and related practitioners carry out bond investment advisory business suspected of violating regulatory rules or posing hidden risks. If the circumstances are serious, the Association shall hand them over to the China Securities Regulatory Commission and other relevant agencies for handling in accordance with regulations.
Chapter 6 Supplementary Provisions
Article 43: The China Securities Association shall be responsible for interpreting these rules.
Article 44: These Rules shall take effect on February 5, 2027.
Drafting instructions on the “Securities Company Bond Investment Advisory Business Administration Rules”
In order to strengthen self-regulatory management of securities companies' bond investment advisory business, standardize bond investment advisory business exhibition and service methods, and prevent conflicts of interest and operating risks between bond investment advisory business and related business, the China Securities Association (hereinafter referred to as the Association) researched and formulated the “Securities Investment Advisory Service”, “China Bank of China Banking Regulatory Commission Securities Regulatory Commission Insurance Regulatory Commission Notice on Regulating the Bond Trading Business of Bond Market Participants” and “Interim Provisions on Securities Investment Advisory Business”, and “Securities Investment Advisory Business Interim Regulations”, based on the industry's summary of recent experience in bond investment advisory business management “Corporate Bond Investment Advisory Business Management Rules” (hereinafter referred to as the “Administrative Rules”). The relevant situation is described as follows:
I. Drafting background
In recent years, the bond investment advisory business of securities companies has developed rapidly. Under the guidance of the China Securities Regulatory Commission, the Association focuses on risk prevention, strong supervision, and promotion of high-quality development, further strengthening business isolation, fair trading, and information disclosure between bond investment, trading and underwriting, establishing and improving bond investment advisory business management mechanisms, clarifying the exhibition boundaries, business management, internal control management, personnel management, and self-regulatory management requirements for bond investment advisory services.
II. Drafting ideas
The “Administrative Rules” are guided by professional capacity building and strengthen guidance and support for the specialized and standardized development of the securities industry.
In the drafting process, there were the following main considerations: first, to use the political and popular nature of financial work as a guide to urge securities companies to put functionality first, effectively fulfill their fiduciary obligations, and implement the principle of prioritizing customer interests; the second is to promote the formation of a “compliant, honest, professional, and steady” industry ecosystem, starting with the trinity of “institutions, business, and personnel” to establish an internal control management mechanism covering the entire process of bond investment advisory business; third, adhering to goal orientation and problem orientation, combined with problem orientation The development status and pain points and difficulties of the industry, listen to the industry Voices summarize good experiences and good practices in the industry to achieve a new situation of joint management in risk prevention and development promotion; fourth, guide securities companies to strengthen technology and finance construction, strengthen the digital management of bond investment advisory services, and improve the self-regulatory management effectiveness of bond investment advisory services.
III. MAIN CHAPTERS AND PROVISIONS
The “Administrative Rules” are divided into 6 chapters and 44 articles: general provisions, business management, risk compliance management, personnel management, self-regulation management, and supplementary provisions. It mainly includes the following:
The first is the General Provisions. There are 6 articles, mainly the basis for formulation, scope of application, exhibition conditions, basic principles, exhibition boundary requirements, etc.
The second is the business management section, which consists of 19 articles, mainly business management rules covering the entire process of bond investment advisory business, such as customer appropriateness management, customer due diligence, promotion, agreement signing, service provision, customer visits, and complaint handling.
The third is the Risk Compliance Management section, which consists of 10 articles. It mainly incorporates the bond investment advisory business into overall risk management, and puts forward specific requirements in areas such as conflict of interest management, separation of responsible personnel, system management, concentration management, deviation management, internal inspection, and file management.
The fourth is the personnel management section, which consists of 4 articles. It is mainly based on actual bond investment advisory business and puts forward requirements on personnel qualifications, disclosure of personnel information, personnel assessment management, and prohibition of sexual acts.
The fifth is the self-regulatory management section, which consists of 3 articles, which mainly clarify self-regulatory management responsibilities, self-regulatory inspection subjects, targets, measures, etc.
The sixth is the Supplementary Provisions, which consist of 2 articles, which mainly clearly explain the subject and implementation date.
This article was selected from the “China Securities Association” official website, Zhitong Finance Editor: Feng Qiuyi.