New rules for mutual fund vendors

The China Banking Regulatory Commission set out new rules stipulating that trust companies get approvals ahead of launching new marketing schemes and also said trust companies had to submit reports within five days of winding up marketing campaigns. The commission set down other guidelines: one limits marketing to two cities outside the jurisdiction of the CBRC branch in charge of oversight of the trust company at its home-base city. Another stipulates that banks can accept only cash payments for fund units sold on the trust company's behalf.