"A Chinese financial regulator has taken action against a mutual fund manager for working with unlicensed social media influencers to market a medium- to high-risk product, after a fund with similar characteristics was widely reported to have attracted 10 billion yuan ($1.4 billion) in a single day. In a regulatory notice, the authority disclosed a typical case of misconduct in mutual fund distribution without naming the firm involved."
"A Chinese financial regulator has taken action against a mutual fund manager for working with unlicensed social media influencers to market a medium- to high-risk product, after a fund with similar characteristics was widely reported to have attracted 10 billion yuan ($1.4 billion) in a single day."
A Chinese financial regulator identified and took action against a mutual fund manager for collaborating with unlicensed social media influencers to distribute a medium- to high-risk product. The move followed reports that a comparable fund attracted 10 billion yuan ($1.4 billion) in a single day. The regulator issued a notice outlining a typical case of misconduct in mutual fund distribution while withholding the firm’s name. The notice emphasizes compliance with licensing requirements for distributors, the need for approved marketing channels, and potential penalties for improper promotion. The enforcement aims to protect investors and deter unauthorized online marketing practices.
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