Regulatory Alerts2025-03-27
Summary of Amendments to the Guidelines on Advertising for Capital Market Products and Related Services
The Securities Commission issued revised Guidelines on Advertising for Capital Market Products and Related Services on 27 March 2025 to address global and domestic advertising trends, including the rise of social media and financial influencers. The amendments introduce new definitions for advertisements and advertisers, prohibit advertising by unlicensed entities, and mandate that boards of directors maintain effective oversight of advertising policies and third-party providers. Additionally, the document imposes strict disclosure requirements regarding target audiences, conflicts of interest, risks, returns, and fees, while clarifying rules for social media usage and vulnerable investor protection.
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