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2025年7月11日，金融監(jiān)管總局頒布《金融機構(gòu)產(chǎn)品適當性管理辦法》（“《適當性管理辦法》”），以進一步對金融機構(gòu)適當性管理進行規(guī)范，同時強化金融消費者權(quán)益保護。《適當性管理辦法》共5章49條，將于2026年2月1日起正式實施，其主要內(nèi)容如下：

（1）適當性管理基本規(guī)則：金融機構(gòu)需全面了解客戶特點與產(chǎn)品特性，確保通過適當?shù)匿N售渠道，將適合的金融產(chǎn)品或服務(wù)提供給相應(yīng)的客戶群體；

（2）投資產(chǎn)品適當性規(guī)則：《適當性管理辦法》明確要求金融機構(gòu)針對投資型產(chǎn)品實施風險等級劃分與動態(tài)管理；同時將投資者區(qū)分為專業(yè)投資者與普通投資者，通過加強風險承受能力評估、嚴格履行信息披露義務(wù)、進行風險提示等方式對普通投資者進行特別保護；

（3）保險產(chǎn)品適當性規(guī)則：金融機構(gòu)應(yīng)綜合各方面因素對保險產(chǎn)品進行分類分級，并與保險銷售人員的資質(zhì)分級管理制度相銜接，同時須在了解投保人相關(guān)信息的基礎(chǔ)上對投保人進行需求分析及財務(wù)水平評估。在銷售投資連結(jié)型保險等高風險產(chǎn)品時，必須進一步采取產(chǎn)品風險評級和投保人風險承受能力評估等措施；

（4）強化監(jiān)督管理：如金融機構(gòu)及其相關(guān)責任人員未依法履行適當性管理義務(wù)，金融監(jiān)管總局及其派出機構(gòu)可依法采取相應(yīng)監(jiān)管措施或?qū)嵤┬姓幜P。

為全面貫徹中央金融工作會議精神，進一步規(guī)范地方資產(chǎn)管理公司行為，促進其規(guī)范健康發(fā)展，防范化解區(qū)域金融和實體經(jīng)濟風險，金融監(jiān)管總局于2025年7月13日發(fā)布《地方資產(chǎn)管理公司監(jiān)督管理暫行辦法》（“《地方資管公司監(jiān)管辦法》”），其主要內(nèi)容如下：

（1）規(guī)范地方資產(chǎn)管理公司經(jīng)營行為：明確其業(yè)務(wù)范圍、業(yè)務(wù)比例限制、經(jīng)營區(qū)域以及可收購資產(chǎn)類型。同時，規(guī)范其在不良資產(chǎn)處置中的債權(quán)追償、對外轉(zhuǎn)讓等行為。明確規(guī)定禁止從事的經(jīng)營行為，包括承諾保本或保證固定收益、要求轉(zhuǎn)讓方承擔回購責任、協(xié)助金融機構(gòu)掩蓋不良資產(chǎn)、向融資平臺提供融資渠道以新增地方政府隱性債務(wù)等。

（2）強化風險管理：在集中度風險監(jiān)管層面，地方資產(chǎn)管理公司對單一客戶及同一集團客戶的股權(quán)、債權(quán)等投融資余額不得超過其自身凈資產(chǎn)的10%和15%。就流動性風險管理而言，其持有的優(yōu)質(zhì)流動性資產(chǎn)不得低于未來30日內(nèi)的凈資金流出。針對關(guān)聯(lián)交易監(jiān)管，地方資產(chǎn)管理公司對全部關(guān)聯(lián)方的債權(quán)余額不得超過其上季度末凈資產(chǎn)的50%。此外，為控制外部融資并防范風險外溢，將地方資產(chǎn)管理公司融入資金余額上限限制在其凈資產(chǎn)的3倍。

（3）明確監(jiān)管職責分工：省級金融管理機構(gòu)承擔對本地區(qū)地方資產(chǎn)管理公司監(jiān)管及風險處置的首要職責，金融監(jiān)管總局及其派出機構(gòu)應(yīng)推進與地方之間的信息互通與協(xié)作。

2025年7月21日，海南省地方金融管理局等五部門聯(lián)合發(fā)布《海南自由貿(mào)易港跨境資產(chǎn)管理試點業(yè)務(wù)實施細則》（“《實施細則》”）。

根據(jù)《實施細則》規(guī)定，試點業(yè)務(wù)允許境外投資者參與投資由海南自貿(mào)港內(nèi)金融機構(gòu)發(fā)行的多元化資產(chǎn)管理產(chǎn)品，包括但不限于私募資管計劃、公募證券投資基金以及保險資管產(chǎn)品。在制度設(shè)計層面，《實施細則》從以下七個維度進行了系統(tǒng)規(guī)范：試點機構(gòu)資質(zhì)認定與試點報備程序、試點資管產(chǎn)品范圍界定、境外投資者適當性要求、賬戶管理與資金跨境流動、試點規(guī)模控制機制、投資者權(quán)益保障及爭議解決、統(tǒng)計監(jiān)測及監(jiān)督管理。詳細信息請見《審慎開放的制度創(chuàng)新：<海南自由貿(mào)易港跨境資產(chǎn)管理試點業(yè)務(wù)實施細則>要點解讀》

2025年7月25日，中國證監(jiān)會就《上市公司治理準則（修訂征求意見稿）》公開征求意見，以進一步強化對上市公司董事、高級管理人員和控股股東、實際控制人的行為約束，提升上市公司治理水平。此次修訂的重點內(nèi)容如下：

（1）健全董事及高級管理人員的監(jiān)管制度：對其任職、履職到離職的全過程予以系統(tǒng)規(guī)范，以督促其恪盡職守、勤勉盡責；

（2）完善董事與高級管理人員激勵約束機制：推動上市公司建立薪酬管理制度，確保薪酬水平符合公司經(jīng)營和個人業(yè)績情況，實現(xiàn)管理層與公司的利益綁定；

（3）強化對控股股東和實際控制人行為的規(guī)制：嚴格限制可能對上市公司造成重大不利影響的同業(yè)競爭行為，并進一步明確關(guān)聯(lián)交易的審議程序與責任機制；

（4）增強與其他相關(guān)法律法規(guī)的協(xié)調(diào)銜接：依照《證券法》及《上市公司獨立董事管理辦法》等上位法及規(guī)章，完善關(guān)于股東權(quán)利公開征集、董事會提名委員會、薪酬與考核委員會等方面的規(guī)定，以提升法律法規(guī)彼此之間的一致性與系統(tǒng)性。

2025年7月4日，人民銀行發(fā)布《人民幣跨境支付系統(tǒng)業(yè)務(wù)規(guī)則（征求意見稿）》（“《業(yè)務(wù)規(guī)則》”），旨在適應(yīng)人民幣跨境支付系統(tǒng)（“CIPS”）業(yè)務(wù)發(fā)展需要。《業(yè)務(wù)規(guī)則》共6章31條，其主要內(nèi)容包括：

（1）賬戶管理：規(guī)范參與者及運營機構(gòu)在賬戶開設(shè)、結(jié)算資金歸屬、流動性管理等方面的行為要求。

2025年7月4日，上交所發(fā)布《上海證券交易所基金自律監(jiān)管規(guī)則適用指引第4號——交易型開放式基金風險管理》，深交所也于同日發(fā)布《深圳證券交易所證券投資基金業(yè)務(wù)指引第4號——交易型開放式基金風險管理》，旨在進一步明確基金管理人及會員在交易型開放式基金（“ETF”）風險管理過程中的責任義務(wù)，以保障ETF市場的有序運行與健康發(fā)展。相比于此前的《上海證券交易所交易型開放式指數(shù)基金管理公司運營風險管理業(yè)務(wù)指引》《深圳證券交易所交易型開放式指數(shù)基金風險管理指引》，本次主要修訂內(nèi)容有：

（1）強化基金管理人ETF運作風險防控要求：加強ETF申購贖回清單管理，審慎確定申購贖回清單中的關(guān)鍵參數(shù)，建立健全的內(nèi)部控制機制，優(yōu)化應(yīng)急預(yù)案與演練，同時針對基金份額參考凈值可能出現(xiàn)的異常風險情形，制定并完善相應(yīng)的應(yīng)急處理安排；

2025年7月11日，上交所、深交所分別發(fā)布《上海證券交易所證券交易規(guī)則適用指引第2號——滬股通投資者程序化交易報告》與《深圳證券交易所證券交易業(yè)務(wù)指引第3號——深股通投資者程序化交易報告》，其主要內(nèi)容如下：

（1）總體要求與報告范圍：依托內(nèi)地與香港股市互聯(lián)互通機制參與交易所市場的股票、基金等證券程序化交易的投資者，須按規(guī)定履行報告義務(wù)，且應(yīng)確保信息的真實性、準確性和完整性。

• https://www.nfra.gov.cn/cn/view/pages/ItemDetail.html?docId=1217123&itemId=916&generaltype=0

• https://www.nfra.gov.cn/cn/view/pages/governmentDetail.html?docId=1217553&itemId=878&generaltype=1

• http://www.csrc.gov.cn/hainan/c104739/c7572249/content.shtml

• http://www.csrc.gov.cn/csrc/c100028/c7573353/content.shtml
• http://www.pbc.gov.cn/tiaofasi/144941/144979/3941920/5769878/2025070416124880647.pdf

• https://www.sse.com.cn/lawandrules/sselawsrules/fund/listing/c/c_20250704_10783950.shtml

• https://www.szse.cn/lawrules/rule/allrules/bussiness/t20250704_614738.html

• https://www.sse.com.cn/lawandrules/sselawsrules/trade/universal/c/c_20250711_10784624.shtml

• https://www.szse.cn/lawrules/rule/trade/current/t20250711_614858.html

(1) Fundamental Rules of Suitability Management: Financial institutions are required to comprehensively assess both client characteristics and product features to ensure that appropriate financial products or services are provided to corresponding client groups through suitable sales channels.

(2) Suitability Rules for Investment Products: The Measures for the Suitability Management mandate financial institutions to adopt a risk-grading system and implement dynamic risk management for investment-oriented products. Investors are categorized into professional investors and retail investors. Enhanced protections for retail investors are made, including the assessment of risk tolerance, strict compliance with information disclosure obligations, and provision of explicit risk warnings.

(3) Suitability Rules for Insurance Products: Financial institutions must classify and grade insurance products by taking into account multiple risk factors, in alignment with the qualification-based hierarchical management system for insurance sales personnel. Institutions are further required to conduct needs analysis and financial capability assessments of policyholders based on the information collected. When selling high-risk products such as investment-linked insurance, additional measures must be taken, including product risk rating and policyholder risk tolerance assessment.

(4) Enhanced Supervision and Enforcement: Where financial institutions or their responsible personnel fail to fulfill suitability management obligations as prescribed by law, NFRA and its local offices are empowered to take supervisory measures or impose administrative penalties in accordance with the relevant regulations.

The Measures for the Suitability Management implement in depth the policy directives and strategic decisions of the Central Committee of the Communist Party of China and the State Council concerning the strengthening of financial consumer protection. By advancing the regulatory front line of financial consumer rights protection, the Measures for the Suitability Management are conducive to enhancing the suitability management standards of financial institutions and regulating their business conduct. Moreover, they contribute to the establishment of a more equitable, trustworthy, secure, and prudent financial consumption environment.

In order to fully implement the guiding principles of the Central Financial Work Conference, further regulate the conduct of local asset management companies, promote their sound and compliant development, and mitigate regional financial risks as well as risks to the real economy, NFRA issued the Interim Measures for the Supervision and Administration of Local Asset Management Companies (the “Interim Measures for Local Asset Management Companies”) on July 13, 2025. The principal provisions are summarized as follows:

(1) Regulation of Business Conduct of Local Asset Management Companies: The Interim Measures for Local Asset Management Companies define the scope of business, establish limits on business proportions, clarify operating regions, and specify the types of assets that may be acquired by local asset management companies. Moreover, the Interim Measures for Local Asset Management Companies regulate their conduct in non-performing asset disposals, including debt recovery and external transfers. Explicit prohibitions are also stipulated, such as guaranteeing principal or fixed returns, imposing repurchase obligations on transferors, assisting financial institutions in concealing non-performing assets, and providing financing channels to local government financing vehicles in a manner that generates implicit local government debt.

(2) Strengthening Risk Management: With respect to concentration risk, the balance of equity, debt, and other investment exposures to a single client or a single corporate group may not exceed 10% and 15% of the net assets of a local asset management company, respectively. Regarding liquidity risk, the value of high-quality liquid assets held must not be lower than the projected net cash outflows within the following 30 days. As for related-party transactions, the total credit balance to all related parties may not exceed 50% of the company’s net assets as of the end of the previous quarter. In addition, in order to control external financing and prevent risk contagion, the balance of external financing of a local asset management company is capped at three times its net assets.

(3) Clarification of Supervisory Responsibilities: Provincial-level financial regulatory authorities bear primary responsibility for supervising local asset management companies and managing related risks within their respective jurisdictions. NFRA and its local offices are required to strengthen information-sharing and coordination with provincial regulators.

The Interim Measures for Local Asset Management Companies, as an important step in implementing the directives of the Central Financial Work Conference, are instrumental in improving the regulatory framework for local asset management companies, enhancing industry standards in risk management and compliance, and strengthening the capacity of the sector to prevent and resolve risks affecting regional financial stability and the real economy.

On July 21, 2025, the Hainan Provincial Local Financial Supervision Administration, together with four other government departments, jointly issued the Implementation Rules for the Pilot Program of Cross-Border Asset Management in Hainan Free Trade Port (the “Implementation Rules”).

According to the Implementation Rules, the pilot program permits foreign investors to participate in diversified asset management products issued by financial institutions located within the Hainan Free Trade Port. Such products include, but are not limited to, private asset management plans, public securities investment funds, and insurance asset management products. From a regulatory design perspective, the Implementation Rules establish a comprehensive framework across seven dimensions: (i) qualification requirements for pilot institutions and reporting procedures; (ii) scope of pilot asset management products; (iii) suitability requirements for foreign investors; (iv) account management and cross-border capital flows; (v) mechanisms for controlling the scale of the pilot program; (vi) investor protection and dispute resolution; and (vii) statistical monitoring and regulatory supervision.

For details, please refer to Institutional Innovation under Prudent Openness: Key Interpretations of the Implementation Rules for the Pilot Program of Cross-Border Asset Management in Hainan Free Trade Port.

On July 25, 2025, CSRC issued the Guidelines on Governance of Listed Companies (Revised Draft for Comments) (the “Guidelines”) to solicit public comments. The draft aims to further strengthen constraints on the conduct of directors, senior management personnel, controlling shareholders, and de facto controllers of listed companies, and to enhance corporate governance standards. The key revisions are as follows: 

(1) Improvement of the Supervisory System for Directors and Senior Management Personnel: The Guidelines establish systematic rules covering the entire process of appointment, performance of duties, and departure, in order to ensure diligence and accountability.

(2) Specification of Administrative Measures for Seriously Dishonest Entities: Pursuant to applicable laws, regulations, and central policies, the Interim Provisions authorizes the NFRA and its regional offices to implement targeted administrative measures against listed entities.

(3) Strengthening of Regulatory Constraints on Controlling Shareholders and De Facto Controllers: The Guidelines impose strict restrictions on competitive conduct that may materially and adversely affect listed companies, and further clarify deliberation procedures and liability mechanisms for related-party transactions.

(4) Enhanced Coordination with Other Laws and Regulations: In line with the Securities Law of the People’s Republic of China and the Measures for the Administration of Independent Directors of Listed Companies, the Guidelines improve provisions regarding the public solicitation of shareholder rights, the functioning of nomination committees, and the remuneration and appraisal committees. These adjustments are intended to enhance the consistency and systemic coherence among relevant laws and regulations.

On July 4, 2025, PBOC issued the Promulgation of the Business Rules for Cross-border Interbank Payment System (Draft for Comments) (the “Business Rules”) to accommodate the operational development needs of the Cross-border Interbank Payment System (“CIPS”). The Business Rules consist of six chapters and thirty-one articles, with the main provisions summarized as follows:

（1）Account Management: The Business Rules standardize the behavior requirements for participants and operating institutions in relation to account opening, settlement fund ownership, and liquidity management.

（2）Business Processing: The Business Rules define the types of business activities participants are permitted to conduct and provide detailed regulations for message permission applications, system login, business classification entry, and inquiry and verification procedures.

（3）Settlement Mechanism: The Business Rules clarify the settlement mechanisms adopted by the system, including queue management, transaction reversal and return, and participant account recording and reconciliation procedures.

（4）Risk Management and Emergency Handling: Participants and CIPS operating institutions are required to establish comprehensive emergency response mechanisms, implement early warning systems for system anomalies and unexpected events, maintain backup systems, and ensure timely and effective troubleshooting and resolution of operational failures.

On July 4, 2025, SSE issued the Guidelines of Shanghai Stock Exchange for the Risk Management of Exchange-traded Funds (Application Guideline No. 4 under the Fund Self-regulatory Rules) (the “SSE Guideline No. 4”), while SZSE issued on the same day the SZSE Securities Investment Fund Business Guideline No. 4 — Risk Management of Exchange-traded Funds (Business Guideline No. 4 under the Securities Investment Fund Rules) (the “SZSE Guideline No. 4”, together with SSE Guideline No. 4, referred to the “ETF Guidelines”). Both Guidelines aim to further clarify the responsibilities and obligations of fund managers and exchange members in the risk management process of exchange-traded funds (“ETFs”), thereby ensuring the orderly operation and healthy development of the ETF market. Compared with the previous Guidelines of Shanghai Stock Exchange for the Operational Risk Management of Exchange-traded Index Fund Management Companies and the Guidelines of Shenzhen Stock Exchange for the Risk Management of Exchange-traded Funds, the key revisions are as follows:

（1）Strengthening ETF Operational Risk Prevention Requirements for Fund Managers: The ETF Guidelines enhance the management of ETF subscription and redemption lists, prudently determine key parameters within these lists, establish robust internal control mechanisms, and optimize emergency plans and drills. In addition, for scenarios where ETF share reference net value may deviate abnormally, the ETF Guidelines require the formulation and improvement of corresponding emergency handling arrangements.

（2）Clarifying Risk Management of Member Clients’ ETF Trading Behavior: Members are required to improve internal management systems and processes, establish mechanisms for continuous monitoring and tracking of client trading behavior, effectively implement client classification management, and continuously strengthen their capacity to manage risks arising from clients’ ETF trading activities.

On July 11, 2025, SSE and SZSE respectively issued the Guidelines of Shanghai Stock Exchange for the Programmatic Trading Reporting of Shanghai-Hong Kong Stock Connect Investors (Application Guideline No. 2 under the Securities Trading Rules) (the “SSE Guideline No. 2”) and the Guidelines of Shenzhen Stock Exchange for the Programmatic Trading Reporting of Shenzhen-Hong Kong Stock Connect Investors (Business Guideline No. 3 under the Securities Trading Rules) (the “SZSE Guideline No. 3”, together with SSE Guideline No. 2, referred to the “Programmatic Trading Guidelines”). The main provisions are summarized as follows:

（1）General Requirements and Reporting Scope: Investors engaging in programmatic trading of stocks, funds, and other securities on the exchange markets through the Mainland-Hong Kong Stock Connect mechanism are required to fulfill reporting obligations in accordance with the Programmatic Trading Guidelines. Such investors must ensure that the reported information is true, accurate, and complete.

（2）Reporting Channels and Timeframe: The Programmatic Trading Guidelines establish a “report-first, trade-later” principle. HKEX clients participating in trading must first report relevant information to the HKEX participant through whom they place trades. The participant must submit the reported information to the Exchanges for confirmation within five trading days via the HKEX Securities Trading Service Company (the “Service Company”). If a HKEX participant conducts programmatic trading on its own account, it shall directly fulfill reporting obligations through the Service Company. The Service Company is responsible for consolidating daily reports and submitting them to the Exchanges.

（3）Types of Reported Information: Required information includes basic information, fund information, trading information, and trading system software information. Relevant parties are also required to cooperate with the Exchanges in assisting the HKEX in contacting and coordinating with investors.

（4）High-frequency Trading Management: Investors identified as engaging in high-frequency trading must submit additional supporting materials, including server locations of trading systems, system test reports, and emergency response plans.

（5）Responsibilities of HKEX Participants: the Service Company shall supervise HKEX participants in reminding their clients to fulfill reporting obligations and review the submitted information based on available data. If clients fail to comply after multiple reminders, the Service Company shall require the participant, in accordance with contractual provisions, to refuse acceptance of such clients’ programmatic trading orders.

（6）Regulatory Requirements: Where market participants fail to fulfill reporting or update obligations, submit incomplete or inaccurate information, or otherwise fail to comply with reporting management requirements, the Exchanges have the authority to request the HKEX to assist in implementing self-regulatory actions or disciplinary measures.

（7）Client Information Acquisition: The Exchanges may, through regulatory cooperation arrangements, obtain client information for investors engaged in programmatic trading and related business activities, such as total return swaps.

• https://www.nfra.gov.cn/cn/view/pages/ItemDetail.html?docId=1217123&itemId=916&generaltype=0

• https://www.nfra.gov.cn/cn/view/pages/governmentDetail.html?docId=1217553&itemId=878&generaltype=1

• http://www.csrc.gov.cn/hainan/c104739/c7572249/content.shtml

• http://www.csrc.gov.cn/csrc/c100028/c7573353/content.shtml
• http://www.pbc.gov.cn/tiaofasi/144941/144979/3941920/5769878/2025070416124880647.pdf

• https://www.sse.com.cn/lawandrules/sselawsrules/fund/listing/c/c_20250704_10783950.shtml

• https://www.szse.cn/lawrules/rule/allrules/bussiness/t20250704_614738.html

• https://www.sse.com.cn/lawandrules/sselawsrules/trade/universal/c/c_20250711_10784624.shtml

• https://www.szse.cn/lawrules/rule/trade/current/t20250711_614858.html

*實習生畢彧、田冰對本文亦有貢獻