Beijing Municipal Market Supervision and Administration releases guidelines on financial investment and wealth management advertisements

02/28/2023 11:38 • Tech Trends • 95 views

According to the report of the Beijing Business Daily, the Beijing Municipal Market Supervision and Administration recently issued the compliance guidelines for the release of financial investment and wealth management advertisements in Beijing, which mentioned that no advertising related to virtual currency (ICQ) and transactions should be released. The audience shall not be induced to accept inappropriate financial products and services.

Beijing Market Supervision and Administration Bureau: It is not allowed to publicize virtual currency and related transactions

Analysis based on this information:

The Beijing Municipal Market Supervision and Administration has recently issued guidelines for the release of financial investment and wealth management advertisements in Beijing. According to Beijing Business Daily, the guidelines emphasize the need to comply with relevant laws and regulations and ensure that advertisements do not induce the audience to accept inappropriate financial products and services.

One notable restriction included in the guidelines is the prohibition of advertising related to virtual currency, specifically mentioning ICQ. This ban is in line with the Chinese government’s repeated crackdowns on cryptocurrency trading and initial coin offerings (ICOs). Chinese regulators have cited concerns over fraud, economic instability, and the potential for illegal activities such as money laundering and terrorist financing.

The Beijing Municipal Market Supervision and Administration’s guidelines also stress the importance of providing accurate and comprehensive information in financial investment and wealth management advertisements. Advertisers are required to provide clear and legible disclosures of key terms and conditions, such as risks, costs, and rights.

Furthermore, the guidelines state that advertisements should not use exaggerated or false claims, nor should they make illicit comparisons with competitors or misrepresent regulatory approvals or endorsements. Advertisers are also expected to avoid using language that could confuse or mislead the audience, such as jargon, technical terms, or complex formulas.

Overall, the release of these compliance guidelines represents a significant effort by the Beijing Municipal Market Supervision and Administration to promote responsible advertising practices in the financial investment and wealth management sector. By targeting virtual currency-related advertising and emphasizing the need for accuracy, transparency, and fairness, the guidelines aim to protect consumers from potential harm and enhance the credibility and sustainability of the industry.

In summary, the Beijing Municipal Market Supervision and Administration’s guidelines for financial investment and wealth management advertisements are an essential step towards improving the regulation and protection of consumers in the financial industry. Advertisers must comply with these guidelines to ensure that they promote financial products in a responsible and transparent way, while protecting consumers from inappropriate and misleading marketing tactics.

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