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Mainland to Ban Online Marketing Services for Virtual Currency Issuance and Trading from End-Sep
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The People's Bank of China and seven other authorities jointly issued the "Administrative Measures for Online Marketing of Financial Products", which will take effect on September 30, to systematically regulate online marketing activities of financial products. The measures set out detailed requirements on the authenticity of marketing content, risk disclosure, algorithm-based recommendations, pop-up advertisements, account naming, trademark wording, cooperation models, as well as data and personal information protection. They also clarify the division of supervisory responsibilities and penalties among financial regulators, cyberspace authorities, telecommunications regulators and market supervision authorities. The measures stipulate that only approved financial institutions and their proprietary platforms, as well as entrusted third-party internet platforms, may conduct online marketing of financial products. It is prohibited to provide online marketing services for illegal financial activities, including illegal fundraising, illegal securities and futures activities, illegal deposit-taking, illegal lending, virtual currency issuance and trading, illegal foreign exchange margin trading, and the provision of financial product services by overseas institutions to domestic residents without approval. At the same time, third-party internet platforms are prohibited from sub-delegating or disguisedly sub-delegating commissioned business from financial institutions to other institutions. Where redirection channels are provided for financial consumers and investors to purchase financial products, users must be redirected to the proprietary platforms of financial institutions and must not be redirected to other third-party internet platforms engaged in online marketing of financial products. The measures require that online marketing content use accurate and plain language to introduce key information of financial products, and must not contain false or misleading statements. In response to new models such as algorithm-based recommendations and livestream marketing, as well as issues including forced bundling, harassing marketing practices and improper use of financial-related wording, corresponding regulatory requirements have been introduced. The measures also specify that loan products must not use marketing phrases such as "low threshold", "instant disbursement" or "low interest rate". Payment tools displayed on checkout pages of payment institutions must be clearly separated from loan and other financial products to avoid misleading users into confusing payment tools with loan products. Institutions that have not obtained qualifications for financial and financial information service businesses are prohibited from using the word "financial" in their apps and registered trademarks. Non-financial practitioners are not allowed to market financial products through livestreams, short videos or public accounts, particularly in the form of illegal securities investment advisory services such as stock recommendations. (ta/w) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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