On October 9, the Securities Regulatory Commission issued the revised “Administrative Measures on the Operation of Publicly Raised Securities Investment Funds” and its supporting rules to further regulate the investment operation of public funds, support the development of equity funds, improve the flexibility of public fund operations, and promote the high-quality development of public equity funds. This is a systematic revision of the “Operational Measures” initiated after a lapse of 12 years. It is an important institutional arrangement to move the industry from “scale growth” to “quality improvement.” Industry insiders pointed out that this revision adheres to strong supervision, risk prevention, and high-quality development, highlights investor-centered, focuses on pain points and blockages in the investment and operation of public fund products, focuses on pushing the industry back to the roots of “being trusted by others and managing financial services on behalf of customers”, and effectively enhances investors' sense of acquisition.

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