The China Securities Association formulated and issued the “Securities Company Bond Investment Advisory Business Management Rules”, which aim to strengthen the self-regulatory management of brokers' bond investment business and standardize institutional exhibition and service models. The new regulations focus on clarifying risk control requirements for bond investment business position concentration and delineate a red line of hard supervision: when a brokerage firm issues a bond investment proposal, in principle, it must not cause the cost of holding a single bond account to exceed 25% of the account's total assets, and strictly control the risk of concentration in a single bond position. At the same time, the new regulations specify three types of exemptions. Specifically, the investment targets include treasury bonds, central bank notes, policy financial bonds, local government bonds, and domestic systemically important bank interbank deposits; within three months of investing in corresponding accounts for the first time; and passive overruns due to objective factors such as bond resale and adjustments to the list of systemically important banks.

The China Securities Association formulated and issued the “Securities Company Bond Investment Advisory Business Management Rules”, which aim to strengthen the self-regulatory management of brokers' bond investment business and standardize institutional exhibition and service models. The new regulations focus on clarifying risk control requirements for bond investment business position concentration and delineate a red line of hard supervision: when a brokerage firm issues a bond investment proposal, in principle, it must not cause the cost of holding a single bond account to exceed 25% of the account's total assets, and strictly control the risk of concentration in a single bond position. At the same time, the new regulations specify three types of exemptions. Specifically, the investment targets include treasury bonds, central bank notes, policy financial bonds, local government bonds, and domestic systemically important bank interbank deposits; within three months of investing in corresponding accounts for the first time; and passive overruns due to objective factors such as bond resale and adjustments to the list of systemically important banks.