Article 46 of the Measures for the Administration of Private Equity Assets of Securities and Futures Operating Institutions stipulates that securities and futures operating institutions shall earnestly perform their active management duties and shall not engage in the following acts: (1) Providing channel services for other institutions, individuals or asset management products to avoid regulatory requirements such as investment scope and leverage constraints; (2) The asset management contract stipulates that the client or a third party designated by it shall be responsible for due diligence or investment operation; (3) The asset management contract stipulates that the client or a third person designated by the client issues investment instructions or provides investment advice; (four) the asset management contract stipulates that the manager shall exercise the rights of the securities held in the asset management plan according to the opinions of the client or the third person designated by him; (5) Other acts prohibited by laws, administrative regulations and the China Securities Regulatory Commission.