Regulation of securities investment advisory business

China's securities investment advisory business is springing up rapidly following growth of the country's capital markets and the explosive development of its securities-related asset management business. Companies and financial institutions such as securities companies, fund managers, trusts and investment managers conduct such analysis, forecast and advice on securities investments (Advisory Business). Some of these have obtained the necessary qualifications by law while others are exempted from applying for the relevant qualifications. However, some other institutions do not have any qualifications.