China requires finance KOLs to hold licenses

China’s financial influencers are being pulled into the country’s licensing perimeter. Rules issued by the People’s Bank of China and seven other regulators will take effect on Sept. 30 and sharply narrow who can market financial products online. The measures cover public accounts, livestreams, short videos and other internet channels, and they put responsibility on licensed financial institutions for the content used there. They also bar organizations and individuals outside licensed institutions and authorized third-party platforms from carrying out, or disguising, financial product marketing online. ### Which rule changes the influencer business most directly? Article 2 of the new measures says financial institutions conducting online marketing, and third-party internet platforms entrusted by those institutions, fall within the rules. The same article says other organizations or individuals outside financial institutions and third-party platforms “must not conduct or conduct in disguised form” online financial product marketing. That language matters for finance KOLs because it removes the gray zone in which independent creators could promote products while presenting themselves as commentators or traffic providers. (gov.cn) A market summary by KuCoin, citing the new rules, said marketing through public accounts, livestreams or short videos must be done on self-operated platforms or authorized third-party accounts and by certified staff of financial institutions. ### What counts as “financial product” under the measures? Article 3 defines financial products broadly. The list includes deposits, loans, securities, asset-management products, insurance, precious metals excluding physical metals, foreign-exchange products, futures, derivatives, payment services and investment advisory or consulting services. The same article defines online financial product marketing as commercial promotion conducted through the internet, including displaying product information, introducing an institution’s business brand and providing links or transfer channels for consumers and investors to buy products. (kucoin.com) ### What do the rules say about scripts, claims and livestream content? Article 7 says financial institutions are responsible for the legality and compliance of online marketing content and must set up review, approval and record-keeping systems managed at headquarters level. (gov.cn) It also says third-party platforms must use content reviewed and approved by the financial institution and may not alter it without authorization. The same article says marketing personnel using public accounts, livestreams or short videos must use content approved by the financial institution. (gov.cn) Article 10 separately bans false or misleading statements, unverified data, promises of principal protection or guaranteed returns for investment products, and performance presentations that could mislead investors. ### How do the rules change the role of internet platforms? Article 5 says third-party internet platforms may provide online financial marketing services only after being lawfully entrusted by a financial institution and only within the scope of that mandate. (gov.cn) The article also bars platforms from re-delegating or disguising re-delegation of entrusted business to other institutions. The same provision says when a platform provides a transfer channel for consumers to buy a financial product, it must direct them to the financial institution’s own platform, not to another third-party marketing platform. (gov.cn) Before a user enters the purchase or service-use stage, the platform must provide a prominent warning and impose mandatory reading time. ### Which agencies issued the measures, and when? The rules were issued under 2026 Announcement No. 9 by eight agencies: the People’s Bank of China, the Ministry of Industry and Information Technology, the State Administration for Market Regulation, the National Financial Regulatory Administration, the China Securities Regulatory Commission, the China National Intellectual Property Administration, the Cyberspace Administration of China and the State Administration of Foreign Exchange. (gov.cn) The document is dated April 21 and was published April 24. Sept. 30, 2026 is the effective date regulators gave in the published text. Between now and then, the next formal reference point is the implementation of the “Measures for the Administration of Online Marketing of Financial Products,” which financial institutions, platforms and marketing staff will have to follow from that date. (gov.cn)