The Jiangsu Securities Regulatory Bureau has issued a warning letter to Jiangsu Zijin Rural Commercial Bank as an administrative regulatory measure, citing multiple violations in its fund sales business. According to the decision, some personnel responsible for compliance risk reviews of cooperative institutions and product access for fund distribution had not obtained fund practitioner qualifications. The committee responsible for approving cooperative institutions and product access for fund distribution did not consistently include compliance personnel and product researchers among its members. When providing services for some investors purchasing funds, the bank failed to obtain information on investors' occupations, income sources, assets, debts, and other details as required. It also failed to submit filing materials for the appointment of the head of the fund sales business department and the departure audit report of the former head as stipulated. These actions violated multiple regulations, including the Measures for the Suitability Management of Securities and Futures Investors. Jiangsu Zijin Rural Commercial Bank was established in March 2011 with a registered capital of 3.661 billion yuan. It listed on the A-share main board on January 3, 2019, becoming the first A-share listed rural commercial bank from a provincial capital in China.
Jiangsu Zijin Rural Commercial Bank Co LtdReceived warning letter from Jiangsu Securities Regulatory Bureau for multiple violations in fund sales business.
