Internet sales of financial products including funds and insurance have become the most common way of sales in recent years. Including financial institutions and third parties, they all take the Internet as an important financial product sales platform. At the same time, chaos followed.
Among them, some Internet platform enterprises take advantage of the online scene and the advantages of reaching customers to carry out financial business by participating in and holding financial institutions or cooperating with financial institutions. There are some violations in the marketing of financial products, which infringe on the rights and interests of financial consumers, exclude and restrict fair competition. It is urgent to formulate policies and systems to standardize the online marketing behavior of financial products.
The people’s Bank of China, the Ministry of industry and information technology, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the state Internet Information Office, the State Administration of foreign exchange and the Intellectual Property Office solicited public opinions on the administrative measures for online marketing of financial products from December 31, 2021 to January 31, 2022.
The drafting note mentioned that from the practice of Internet financial supervision in recent years, the problems of selling illegal financial products to financial consumers or inducing financial consumers to buy financial products that do not match their financial status and risk-taking ability are more prominent, which infringes on the property safety of the people. Preventing and dealing with relevant risks is related to the vital interests of financial consumers. We must strengthen the supervision of financial institutions and Internet platform enterprises from the source link of financial product marketing.
The exposure draft proposes that no institution or individual shall provide online marketing services for illegal financial activities, including but not limited to illegal fund-raising, illegal issuance of securities, illegal lending, illegal stock recommendation, virtual currency trading, foreign exchange deposit trading, etc; It is not allowed to carry out network marketing for unspecified objects for financial products such as private placement asset management products and non-public issuance of securities; When marketing financial products through new network channels such as live broadcast, we media account and Internet Group, the marketers shall be employees of financial institutions and have relevant financial qualifications.
key point 1: the measures focus on four main contents
The measures focus on five prominent problems: marketing of illegal financial products, false and misleading publicity, violation of social public order and good customs, lack of appropriateness management and unfair competition, pay attention to giving full play to the joint efforts of various management departments, effectively connect with the existing regulatory system, from the basic principles and qualification requirements, content and code of conduct, cooperative behavior management It puts forward 34 specific requirements in terms of regulatory measures and legal liability. The main contents include:
First, put forward the basic principles and business qualification requirements of network marketing. Make it clear that the network marketing of financial products should follow the basic principles of law and compliance, public order and good customs, honesty and trustworthiness, fair competition and so on.
The second is to clarify the specific norms of marketing publicity content and behavior. When carrying out online marketing of financial products, various financial products shall be displayed in different areas, and harassing marketing and nested sales are not allowed. In addition, clarify the basic code of conduct for new marketing and combined sales such as precision marketing and live broadcasting.
Third, strengthen the management of marketing cooperation. Clarify the business boundary and management responsibility division between financial institutions and cooperative Internet platform enterprises. Financial institutions are required to assume the management responsibility for marketing cooperation as business subjects, sign a written agreement with cooperative Internet platform enterprises, and establish an access and exit management mechanism for cooperative Internet platform enterprises.
Fourth, put forward regulatory measures to clarify the legal liability for violations. Clarify the supervision responsibilities of financial management, network information, telecommunications authorities, market supervision, intellectual property rights and other departments on the online marketing activities of financial products, as well as the legal responsibilities and punishment basis for financial institutions and Internet platform enterprises violating the provisions of the measures.
key point 2: clarify the basic principles and business qualification requirements of network marketing
It is mentioned in the measures that financial institutions themselves or entrust Internet platform enterprises to carry out online marketing of financial products must be carried out within the business scope approved by the financial management department. Prohibit any institution or individual from providing network marketing for illegal financial activities such as illegal fund-raising; It is prohibited to market private financial products to unspecified objects through the Internet.
The focus of this article is to define terms such as financial products, including:
1. Financial products: refer to the products and services designed, developed and sold by financial institutions, including but not limited to deposits, loans, asset management products, insurance, payment, precious metals, etc.
2. Scope of application: these measures are applicable to financial institutions or third-party Internet platform operators entrusted by them to carry out online marketing of financial products.
3. Third party Internet platform: refers to websites, mobile Internet applications, applets, we media and other Internet media that are self operated by non-financial institutions and provide services such as cyberspace business premises, information interaction and transaction matching for financial institutions to carry out online marketing.
4. Network marketing: refers to the commercial publicity and promotion of financial products through the Internet platform, including but not limited to displaying and introducing the relevant information of financial products or the business brand of financial institutions, providing transfer channels for consumers to buy financial products, etc.
key point 3: clarify the specific norms of marketing publicity content and behavior
Financial institutions are required to be responsible for the legality and compliance of online marketing publicity content and establish an audit mechanism. Specifically, the content of online marketing publicity shall be consistent with the contract terms of financial products, including key information such as product name, product provider and seller name, product filing or approval information, product term, function type, interest rate charge, risk prompt, matters restricting the rights of financial consumers and strengthening the obligations of financial consumers, and there shall be no major omission.
The specific norms of marketing behavior include:
1. If marketing is carried out in the form of pop-up pages, the closing sign shall be clearly marked to ensure one click closing. Do not deceive or mislead users to click on the marketing content of financial products;
2. When marketing financial products in combination, financial consumers shall be reminded in a significant way that the option of selling financial products in combination shall not be set as default or preferred;
3. When marketing financial products through new network channels such as live broadcast, we media account and Internet Group, the marketers shall be employees of financial institutions and have relevant financial qualifications. Financial institutions shall strengthen prior audit and designate compliance personnel to watch the live broadcast or access relevant we media accounts and internet groups;
4. It is not allowed to use the name or image of academic institutions, industry associations and professionals for recommendation and certification. Financial institutions shall not use the name or image of performing star for recommendation and certification.
Network marketing publicity shall not contain the following contents:
1. False, fraudulent or misleading content;
2. Citing untrue, inaccurate or unverified data and materials;
3. Express or imply that the asset management product guarantees the principal, promises the income, and limits the amount or proportion of loss;
4. Exaggerate the insurance liability or the income of insurance products, and make a simple analogy between the income of insurance products and financial products such as deposits and asset management products;
5. Provide credit enhancement guarantee for financial products by using the examination or filing of the financial regulatory department of the State Council;
6. Other contents prohibited by laws, regulations, rules and normative documents.
key four: strengthen the management of marketing cooperation
Clarify the business boundary and management responsibility division between financial institutions and cooperative Internet platform enterprises. Financial institutions are required to assume the management responsibility for marketing cooperation as business subjects, sign a written agreement with cooperative Internet platform enterprises, and establish an access and exit management mechanism for cooperative Internet platform enterprises.
At the same time, Internet platform enterprises are required to carry out marketing activities in accordance with the contract, and shall not intervene or intervene in the sales business of financial products in a disguised form. At the same time, they shall strengthen the management of settled financial institutions, not mix brands with financial institutions, and shall not use financial words in websites, APP names and trademarks in violation of regulations.
The noteworthy provisions of this article are:
1. When a financial institution entrusts a third-party Internet platform operator or uses the cyberspace business premises of the third-party Internet platform to carry out online marketing of financial products, it shall establish a prior evaluation mechanism;
2. Where a financial institution uses the cyberspace business premises of a third-party Internet platform, it shall prevent the third-party Internet platform from illegally cracking, intercepting and storing customer information and business data;
3. When a third-party Internet platform operator provides a cyberspace business place for a financial institution, it shall establish an access management mechanism and a business behavior monitoring mechanism;
4. Third party Internet platform operators in websites, mobile Internet applications, applets We use “finance”, “exchange”, “trading center”, “trust company”, “wealth management”, “wealth investment management”, “equity crowdfunding”, “loan”, “asset management”, “payment”, “clearing”, “credit investigation”, “credit rating”, “foreign exchange (exchange, settlement and sales of foreign exchange, currency exchange)” and other financial related words or contents in the name of the media, Corresponding financial business qualification or financial information service qualification shall be obtained.
key five: put forward regulatory measures and clarify the legal liability for violations
Clarify the supervision responsibilities of financial management, network information, telecommunications authorities, market supervision, intellectual property rights and other departments on the online marketing activities of financial products, as well as the legal responsibilities and punishment basis for financial institutions and Internet platform enterprises violating the provisions of the measures.
The financial management department shall, according to the division of responsibilities, implement the supervision and management of the online marketing activities of financial products of financial institutions by means of off-site or on-site inspection. Financial institutions, operators of third-party Internet platforms and their employees shall cooperate with the inspection of the financial management department, and the information and materials provided shall be timely, accurate and complete.
The online marketing of financial products carried out by private fund management institutions, credit rating agencies and local financial organizations established with the approval of local financial regulatory authorities in accordance with the law shall be implemented with reference to the relevant provisions of these measures.
(Financial Associated Press)
